MIRA
INFORM REPORT
|
Report Date : |
11.08.2007 |
IDENTIFICATION DETAILS
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Name : |
D S V CHEMICALS PRIVATE LIMITED |
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Registered Office : |
27, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.09.1980 |
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Com. Reg. No.: |
11-23091 |
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CIN No.: [Company
Identification No.] |
U24220MH1980PTC023091 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09629E |
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PAN No.: [Permanent
Account No.] |
AAACD4605J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Natural polymers and modified natural polymer. |
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 80000 |
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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 satisfactory track
records. Trade relations are fair.
Financial position is good. Payments are usually correct and as per
commitments. The company is doing well. Nothing adverse reported. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
27, |
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Tel. No.: |
91-22-55020942 |
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Fax No.: |
91-22-55020944 |
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E-Mail : |
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Website : |
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Sales Office : |
37 / 40, |
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Tel. No.: |
91-22-2611 3000 / 01 / 02 |
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Fax No.: |
91-22-6702 0944 |
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E-Mail : |
For For Exports |
DIRECTORS
|
Name : |
Mr. Dhananjay Madhusudan Sathaye |
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Designation : |
Director |
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Address : |
Vinayak, |
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Date of Birth/Age : |
26.04.1951 |
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Date of Appointment : |
01.11.1980 |
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Name : |
Mrs. Swati Dhananjay Sathaye |
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Designation : |
Director |
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Address : |
Vinayak, |
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Date of Birth/Age : |
23.11.1957 |
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Date of Appointment : |
01.09.1981 |
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Name : |
Mr. Vijay Madhusudan Sathaye |
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Designation : |
Director |
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Address : |
Vinayak, |
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Date of Birth/Age : |
26.08.1961 |
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Date of Appointment : |
01.11.1980 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Equity
Shareholders: |
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Mr. Dhananjay Madhusudan Sathaye |
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2675 |
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Mr. Vijay Madhusudan Sathaye |
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200 |
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Mr. Gaurav D. Sathaye |
|
1000 |
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Ms. Meghna D. Sathaye |
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1000 |
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Mrs. Swati D. Sathaye |
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2700 |
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D. M. Sathaye (HUF) |
|
1425 |
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D M Sathaye Family Trust |
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500 |
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S D Sathaye Family Trust |
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500 |
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Total |
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10000 |
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Preference
Shareholders: |
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Mr. Govind D. Kelkar |
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10 |
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Mrs. Sudha G. Kelkar |
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10 |
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G D Kelkar (HUF) |
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10 |
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Mrs. Mangala R. Mishra |
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1 |
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Pamapati Mishra (HUF) |
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1 |
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Mr. Dattatraya S. Bhate |
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1 |
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Mr. Shiv Gorowara |
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1 |
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Mr. Sunil Khilnani |
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1 |
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MR. Haresh Khilnani |
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1 |
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Mrs. Kanta S. Gorowara |
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1 |
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Total |
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37 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Natural polymers and modified natural
polymer. |
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Products : |
v
Rosin Derivatives v
Phenolic Resins v
Alkyd Resins v
Polyamide Resins v
Amino Resins Butylated v
Esterfied Rosin Derivatives v
Epoxy Ester v
Oil Free Polyester Resin v
Acrylic Resins v
Polyurathane Resins v
Ketonic Resins v
Resinates |
GENERAL INFORMATION
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Bankers : |
v
The
Saraswat Co-operative Bank Limited Vile Parle Branch, Mumbai – 400 057, v
Shamrao
Vithal Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
D. V. Chinchwadkar Chartered Accountants |
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Address : |
1202/17 E, Dream Residency, Shivajinagar, Off |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000 |
Equity Shares |
Rs. 100.00 each |
Rs. 4.900 millions |
|
1000 |
Preference Shares |
Rs. 100.00 each |
Rs. 0.100 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100.00 each |
Rs. 1.000
million |
|
37 |
Preference Shares |
Rs. 100.00 each |
Rs. 0.004
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.004 |
1.004 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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19.192 |
13.686 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
20.196 |
14.690 |
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LOAN FUNDS |
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1] Secured Loans |
|
38.857 |
46.333 |
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2] Unsecured Loans |
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32.044 |
30.307 |
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TOTAL BORROWING |
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70.901 |
76.640 |
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DEFERRED TAX LIABILITIES |
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26.737 |
26.737 |
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TOTAL |
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117.834 |
118.067 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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44.717 |
47.562 |
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Capital work-in-progress |
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0.173 |
0.192 |
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INVESTMENT |
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0.110 |
0.606 |
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DEFERREX TAX ASSETS |
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0.093 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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50.837 |
32.322 |
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Sundry Debtors |
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105.929 |
84.685 |
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Cash & Bank Balances |
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2.893 |
1.537 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
19.674 |
14.506 |
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Total
Current Assets |
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179.333 |
133.050 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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102.430 |
60.542 |
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Provisions |
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4.162 |
2.801 |
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Total
Current Liabilities |
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106.592 |
63.343 |
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Net Current Assets |
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72.741 |
69.707 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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117.834 |
118.067 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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261.474 |
211.273 |
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Total Income |
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261.474 |
211.273 |
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Profit/(Loss) Before Tax |
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6.113 |
4.142 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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6.113 |
4.142 |
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Expenditures : |
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Interest |
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9.071 |
8.142 |
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Depreciation & Amortization |
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5.196 |
4.604 |
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Other Expenditure |
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241.094 |
194.385 |
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Total Expenditure |
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255.361 |
207.131 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.34 |
1.96 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.34 |
1.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.73 |
2.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.79 |
9.53 |
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Current Ratio (Current Asset/Current Liability) |
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1.68 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
D S V CHEMICALS PRIVATE LIMITED |
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Presented By |
SARASWAT
CO-OPERATIVE BANK LIMITED Vile Parle
Branch, Mumbai, |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Movable Property dated 04.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all the stock, debtors, tangible movable property (both present and future) belonging
to the borrower and lying and being at the Borrowers place of business at
103, Yash Laxmi, Subhash Road, Vile Parle (East), Mumbai – 400 057, or
wherever else the same may be held. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I: 14% p.a.
such other percentage as the bank may from time to time fix. This is adhoc
Cash Credit Facility. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-operative Bank Limited Vile Parle
Branch, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number (CIN) Foreign company registration number |
U24220MH1980PTC023091 |
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Name of the
Company |
D S V CHEMICALS
PRIVATE LIMITED |
|
Address |
27, |
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This form is for |
Modification of
Charge |
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Type of Charge |
A charge on: v
Book
Debts v
Movable
property (not being pledge) v
Floating
Charge |
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Particulars of
the charge holder |
The Saraswat
Co-operative Bank Limited (Lead Bankers) Vile Parle
Branch, Vile Parle (East), Mumbai – 400 057, E-Mail: njbhatia@rediffmail.com |
|
Amount secured by
the charge |
Rs. 72.500
millions |
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Nature or
description of the instrument(s) creating or modifying the charge |
Third
Supplemental Joint Deed of Hypothecation Third
Supplemental Working Capital Consortium Agreement |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest As determined by
the bank from time to time. (b) Terms of
payment: As determined by
the bank from time to time. (c) Margin: As determined by
the bank from time to time. (d) Extent and
operation of the charge: Saraswat Bank:
Rs. 45.750 millions CC: Rs. 30.000
millions (additional Rs. 12.500 millions) L/C inland Rs.
8.000 millions (additional Rs. 3.500 millions) L/C import Rs.
2.500 millions (New) BG Rs. 5.250
millions (New) Shamrao Vithal
Bank: Rs. 26.750 millions CC: Rs. 20.000
millions (additional Rs. 8.000 millions) L/C inland Rs.
4.500 millions (additional Rs. 0.750 million) BG Rs. 2.250
millions (New) (e) Others: This is a
consortium facility. The Saraswat Co-operative bank Limited are the Lead
Bankers Cc Limit of
Saraswat Bank enhanced by Rs, 12.500 millions making CC limit Rs. 30.000
millions, L/C inland facility enhanced by Rs. 3.500 millions making L/C
inland to Rs. 8.000 millions, additional Import L/C of Rs. 2.500 millions and
BG of Rs, 5.250 millions Granted. CC limit of Shamrao Vithal Bank enhanced by
Rs. 8.000 millions making CC limit to Rs. 20.000 millions L/C import enhanced
by Rs. 0.750 million making L/C limit to Rs. 4.500 millions additional BG of
Rs. 2.250 millions granted. |
|
Short particulars
of the property charged |
Hypothecation of all
the assets including stocks, plant and machinery, goods, stores, raw
material, semi finished and finished goods, stores and spares, bills,
receivables, book debts, both present and future plant and machinery more
particularly described in schedule attached herewith. |
|
Date of
Instrument |
18.04.2007 |
|
Particular of the
present modification |
The present
limits are Saraswat Bank: Cash Credit Rs. 30.000 millions, L/C inland: Rs.
8.000 millions, L/C Import Rs.2.500 millions, BG: Rs. 5.250 millions Shamrao Vithal
Bank: Cash Credit Rs. 20.000 millions; LC inland Rs. 4.500 millions; BG Rs.
2.250 millions; The Overall limit is Rs. 72.500 millions (Saraswat Bank
Rs. 45.750 millions and Shamrao Vithal Rs. 26.750 millions) |
Website details attached:
Subject is a manufacturer and exporters of synthetic resins and has established itself as a dependable supplier of synthetic resins in the Indian and international market.
Subject offers a wide selection of products for the surface coating industry
covering decorative and industrial paints, protective coatings, printing inks
and adhesives.
Subject works in a close partnership with its customers offering tailor-made
solutions to meet their specific requirements.
Subject has two manufacturing units located in the vicinity of Mumbai, equipped with state-of-the-art pilot plants, and stainless steel reactors varying from 2 MT to 10 MT capacities. It has well-equipped Research and Development and Application laboratories at the corporate office in Mumbai with highly qualified and trained staff committed to quality assurance and technical support.
Subject is now an proud holder of ISO 9001-2000 certificate issued by SGS
Subject manufactures the following range of products:
ROSIN DERIVATIVES
Maleic modified rosin derivatives
Phenol modified rosin derivatives
PHENOLIC RESINS
ALKYD RESINS
v Long oil length alkyd resins
v Medium oil length alkyd resins
v Short oil length alkyd resins
POLYAMIDE RESINS
v Non reactive polyamide resin (co-solvent soluble)
v Non reactive polyamide resin(alcohol soluble)
AMINO RESINS BUTYLATED
ESTERFIED ROSIN DERIVATIVES
EPOXY ESTER
OIL FREE POLYESTER RESIN
ACRYLIC RESINS
v Thermoplastic acrylic resins
v Thermosetting acrylic resins
POLYURATHANE RESINS
KETONIC RESINS
RESINATES
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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. 40.67 |
|
|
1 |
Rs. 82.12 |
|
Euro |
1 |
Rs. 55.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
63 |
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 |
|