MIRA
INFORM REPORT
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Report Date : |
11.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SAJJAN INDIA PRIVATE LIMITED |
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Registered Office : |
Matulya Centre 2,
Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra |
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Country : |
INDIA |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17-09-1983 |
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Registration No. : |
11-30874 |
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CIN No.: [Company
Identification No.] |
U51900MH1983PTC030874 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS42160G |
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PAN No.: [Permanent
Account No.] |
AAACS6498M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Selling of Dye Intermediates and Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 8000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Directors are reported as experienced, respectable and resourceful industrialists. Their trade relations are reported as fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Matulya Centre 2, Ground Floor, Senapati Bapat Marg, Lower
Parel, Mumbai – 400 013, Maharashtra, India |
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Tel. No.: |
91-22-2497 4400 / 2497 4401 / 2497 5700 / 2497 570 |
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Fax No.: |
91-22-2495 0588 / 2495 1098 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 6117-19, GIDC, Ankleshwar – 393 003, District Bharuch, Gujarat |
DIRECTORS
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Name : |
Mr. Madhav Prasad Agarwal |
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Designation : |
Director |
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Address : |
6,Sudhakar, N.D. Road, Mumbai – 400 006, Maharashtra, India |
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Date of Birth/Age : |
21.09.1962 |
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Date of Appointment : |
25.12.1997 |
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Name : |
Mr. Nandkishore Agrawal |
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Designation : |
Director |
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Address : |
401-A, Vyapaar Street, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
01.03.1932 |
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Date of Appointment : |
25.12.1999 |
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Name : |
Mr. Kartikeya Maheshwari |
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Designation : |
Director |
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Address : |
36 L Jagmohandas Magr, Mumbai – 400 036, Maharashtra, India |
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Date of Birth/Age : |
28.10.1974 |
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Date of Appointment : |
13.08.2004 |
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Name : |
Mr. Satyanarain Agarwal |
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Designation : |
Director |
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Name : |
Mr. Shyamsunder Agrawal |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Ms. Eshita M. Agrawal |
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53500 |
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Ms. Priyanka M. Agarwal |
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11000 |
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Mr. M. P. Agarwal |
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955400 |
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Ms. Sushama M. Agarwal |
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124000 |
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Priyata International held in the name of Shri M. P. Agarwal |
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700000 |
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Om International held in the name of
Smt. Sushma Agarwal |
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364000 |
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Sajjan Overseas Private Limited |
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140000 |
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Agerwal Marketing Private Limited |
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977200 |
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Smt. Manisha Saraf |
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10 |
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Shri. Madhav Prasad Agarwal |
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743990 |
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Total |
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4069100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Selling of Dye Intermediates and
Chemicals. |
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Products : |
· Dyes · Dye Intermediates · Other Chemicals |
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Exports : |
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Countries : |
Europe, Asia and
America |
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Imports : |
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Countries : |
China, France, UK
and USA |
GENERAL
INFORMATION
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No. of Employees : |
295 |
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Bankers : |
ABN Ambro Bank N.V. Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, Nariman Point, Mumbai – 400 021 Tel No. 91-22- 22852720 Credit Rs. 202.500 millions Citibank N.A. Tel No.91-22-24174459 Credit Rs. 227.500 millions Bank of India, B & C Wing, Mittal Tower, Nariman Point, Mumbai-400021, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sankarlal Jain And Associates. Chartered Accountant |
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Address : |
12, Engineering Building, 265 Princess Street, Mumbai – 400 002,
Maharashtra |
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Memberships : |
Basic Chemicals Pharmaceuticals & Cosmetics Export Promotion Council |
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Associates : |
v Sajjan Impex
Private Limited v Sajjan Overseas
Private Limited v Om International v Priyata
International v Sajjan Chemical
& Investment Private Limited v MENT Private
Limited v Sajjan Chemical
Private Limited v Sajjan
Europe Limited, United Kingdom |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- Each |
100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4069100 |
Equity Shares |
Rs.10/- Each |
Rs.40.691
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
40.691 |
40.691 |
42.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2036.163 |
1803.224 |
1568.541 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2076.854 |
1843.915 |
1610.541 |
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LOAN FUNDS |
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1] Secured Loans |
135.717 |
119.602 |
78.944 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.082 |
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TOTAL BORROWING |
135.717 |
119.602 |
79.026 |
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DEFERRED TAX LIABILITIES |
0.000 |
5.305 |
5.911 |
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TOTAL |
2212.571 |
1968.822 |
1695.478 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
424.923 |
352.836 |
358.205 |
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Capital work-in-progress |
254.046 |
73.165 |
57.378 |
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INVESTMENT |
993.155 |
1173.540 |
802.293 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
491.370
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465.863 |
305.034 |
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Sundry Debtors |
198.792
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164.366 |
137.332 |
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Cash & Bank Balances |
4.484
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16.186 |
72.286 |
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Other Current Assets |
6.858
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7.134 |
10.049 |
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Loans & Advances |
85.642
|
74.563 |
116.315 |
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Total
Current Assets |
787.146
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728.112 |
641.016 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
246.699
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358.831 |
95.114 |
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Provisions |
0.000
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0.000 |
68.300 |
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Total
Current Liabilities |
246.699
|
358.831 |
163.414 |
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Net Current Assets |
540.447
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369.281 |
477.602 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
2212.571 |
1968.822 |
1695.476 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
1111.337 |
973.195 |
823.663 |
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Other Income |
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52.897 |
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Total Income |
1111.337 |
973.195 |
907.790 |
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Profit/(Loss) Before Tax |
240.228 |
287.848 |
323.467 |
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Provision for Taxation |
-- |
-- |
8.567 |
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Profit/(Loss) After Tax |
240.228 |
287.848 |
314.900 |
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Earnings in Foreign Currency : |
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Export Earnings |
924.371 |
815.818 |
NA |
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Total Earnings |
924.371 |
815.818 |
NA |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
87.458 |
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Administrative Expenses |
0.000 |
0.000 |
49.407 |
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Raw Material Consumed |
0.000 |
0.000 |
342.547 |
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Purchases made for re-sale |
0.000 |
0.000 |
46.845 |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
44.205 |
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Depreciation & Amortization |
72.650 |
75.830 |
70.802 |
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Other Expenditure |
871.109 |
685.348 |
0.000 |
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Total Expenditure |
943.759 |
761.178 |
641.264 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
21.62
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29.58 |
34.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
21.62
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29.58 |
39.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.82
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26.63 |
32.37 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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0.16 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.18
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0.25 |
0.15 |
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Current Ratio (Current Asset/Current Liability) |
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3.19
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2.02 |
3.92 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Asset :
Ø
Goodwill
Ø
Lease Hold Land
Ø
Factory building
Ø
Bungalow & Flats
Ø
Ads in Building
Ø
Lab Praises
Ø
Plant & Machinery
Ø
Electrical Installations
Ø
Laboratory Equipment
Ø
Office Equipment
Ø
Computer
Ø
Furniture & Fixture
Ø
Vehicles
Ø
cycles
Ø
Club Membership
From No. 8
- Date and
description of the instrument creating the charge : Dated : 14.06.2004
Facility–cum
Hypothecation Agreement .
2. Amount
security by the charge / amount owing on security of the charge : INR Rs.202.500 Millions
3. Short Particulars of property charged.
If the property acquired is subject to charge date of
acquisition of property should be given. :
Hypothecation of all the book-debts of the borrower and all other
movable assets of the borrower and all other tangible movable properties of the
Borrower such as raw materials, stocks,
spares, semi- finished and finished goods, goods in process of manufacturer and
all goods manufactured there from , all such tangible movable properties belonging to the Borrower which now are or
hereafter from time to time during the subsistence of the security hereby
created be brought in or stored in or about the Borrower’s factories, premises,
warehouses and godowns, including any such goods in the course of transit or
delivery and goods lying with third parties belonging to the Borrower.
4. Gist of the terms and conditions and
extent and operation of the charge : a) The above assets hypothecated by
way of first charge as security for the payment by the borrower to the bank of
all the moneys that may be due and payable by the Borrower to the bank under
the credit facilities of INR 202.500 /- with all interest, charges, costs and
expenses payable to and incurred by the Bank shown hereunder :
Sr. No. Description
of Facilities Amount
of Interest
Facilities ( In Millions )
1.
Export Packing Credit (EPC)\ Post Rs.150.000 As Per RBI
Shipment Credit (PSC) Guidelines
2. Letter
of Credit Rs.
52.500
3. Performance Guarantee (15.000 ) (Sub-Limit of L/C )
________________________
Total Rs. 202.500
b) The Borrower Further agrees that the Hypothecated Assets shall also
be security for all other monies that may be due and payable by the Borrower to
the Bank on any account whatsoever, whether present or future, including the
liability of the Borrower as a surety or co-obligant along with any other person.
c) The Borrower shall pay all rents, rates, taxes outgoing and other
charges in respect of godown and other premises in which the Hypothecated
Assets are stored or may be kept.
5. Names, addresses and description of the person entitled to charge.
: ABN AMBRO BANK N.V.
9th Floor, Sakhar
Bhavan, Nariman Point, Mumbai – 400 021
6. Date and brief descriptions of instrument modifying the charge.
: N. A.
7. Particulars of modifications specifying the terms and conditions or
the extent or operation of the
charge in which
modification is made and the details of the modification. : N. A.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.88 |
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UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
60 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|