MIRA
INFORM REPORT
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Report Date : |
31.08.2007 |
IDENTIFICATION DETAILS
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Name : |
VICTORY CHEMICALS PRIVATE LIMITED |
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Registered Office : |
63 – A, New Road Street, Sivakasi - 626 123, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.06.1993 |
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Com. Reg. No.: |
18-025332 |
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CIN No.: [Company
Identification No.] |
U24294TN1993PTC025332 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIV00329A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Industrial Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 69096 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
63 – A, New Road Street, Sivakasi
- 626 123, |
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Tel. No.: |
91-4562-279733 |
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Mobile No.: |
91-9443363827 |
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Fax No.: |
91-4142-239327 |
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E-Mail : |
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Corporate Office : |
A – 14/C, Sipcot Industrial Complex, Cuddalore 607 005, |
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Tel. No.: |
91-4142-239526 |
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Fax No.: |
91-4142-239237 |
DIRECTORS
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Name : |
Mr. K K Karunakaran |
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Designation : |
Managing Director |
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Address : |
41, |
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Date of Birth/Age : |
07.01.1965 |
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Date of Appointment : |
11.07.1991 |
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Name : |
Mr C Subhasingh |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
07.12.1945 |
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Date of Appointment : |
11.07.1991 |
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Name : |
Mr. S Kalidasan |
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Designation : |
Director |
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Address : |
41, |
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Date of Birth/Age : |
08.05.1936 |
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Date of Appointment : |
11.07.1991 |
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Name : |
Mr. A Tenzing |
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Designation : |
Director |
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Address : |
174 – A, Pioneer House, |
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Date of Birth/Age : |
17.06.1953 |
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Date of Appointment : |
11.07.1991 |
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Name : |
Mr. Yennarkay R Rajarathinam |
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Designation : |
Director |
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Address : |
Standard Match Industries, Post Box No. 27, |
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Date of Birth/Age : |
28.10.1966 |
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Date of Appointment : |
11.07.1991 |
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Other Directorship: |
Name of the Company: Mepco Investments Limited CIN no.: U65992TN1984PLC011160 Name of the Company: Standard Chlorates Private Limited CIN No.: U24119TN1980PTC008127 Name of the Company: Hind Matches Private Limited CIN No.:U24291TN1948PTC000897 Name of the Company: Selvarathnam Matches Private Limited CIN No.:U65993TN1983PTC010138 Name of the Company: Chiranjeevi Rathnam Matches Private Limited CIN No.:U65993TN1983PTC010139 Name of the Company: Rajarathnam Matches Private Limited CIN No.:U65993TN1983PTC010140 Name of the Company: United Match Timber and Chemicals Private Limited CIN No.:U24291TN1977PTC007397 Name of the Company: Bell Pyrotechnics Private Limited CIN No.: U24292PY1988PTC000611 Name of the Company: Standard Spinning and Weaving Mills Limited CIN No.: U17111TN2001PLC046531 Name of the Company: Standard Match Industries Private Limited CIN No.:U24291TN1979PTC007821 Name of the Company: Standard Fire Works Private Limited CIN No.:U24292TN1977PTC007319 Name of the Company: Standard Paper Containers Private Limited CIN No.: U22121TN1968PTC005639 Name of the Company: Aluminium Powder Company Limited CIN No.: U27203TN1983PLC009916 Name of the Company: Sree Syyanar Spinning and Weaving Mills Limited CIN No.: L17111TN1962PLC004842 Name of the Company: Yennarkay Printers Private Limited CIN No.: U22110TN1979PTC008065 |
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Other Partnership: |
Name of the Company: Standard Granites Address: Standard Match Complex, Opposite Bus Stand, Sivakasi 626 123,
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Name : |
Mr S K Karthikeyan |
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Designation : |
Director |
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Address : |
41, |
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Date of Birth/Age : |
28.12.1969 |
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Date of Appointment : |
11.07.1991 |
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Name : |
Mr. A N Shenbagamurthy |
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Designation : |
Director |
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Name: |
Mr. Yennarkay R Ravindran |
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Designation: |
Managing Director |
KEY EXECUTIVES
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Name : |
Mr. J John Ohilvi |
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Designation : |
Company Secretary |
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Address : |
No. 26 / 1 – 77D, Opposite Bishop’s House, Nesamoney Nagar, Nagercoil
629 001, |
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Name : |
Mr. C Subhasingh |
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Designation : |
Chairman |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. C Subhasingh |
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11 |
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Mr. S Kalidassan |
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50011 |
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Mr. A Tenzing |
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11 |
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Mr. K Karunakaran |
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55011 |
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Mr N R K R Rajarathnam |
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11 |
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Mr S K Karthikeyan |
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55011 |
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Mr. A N Shengabamurthi |
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10 |
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Mr. G Jayasankar |
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5000 |
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Mr G Ramamorthy |
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5000 |
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Mr. B Parthasarathy |
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5000 |
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Mr. K Sankar |
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1500 |
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Mr. K Senthil Kumar |
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2000 |
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Mr. R Vijaysunder (Minor) |
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2000 |
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Mr. S S A Ravindran |
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1500 |
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Mr S S A Baskaran |
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1000 |
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Mr B Deepak Amaranth (Minor) |
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2500 |
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Mr P Krishnamoorthy |
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2375 |
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Mrs S Ponnulakshmi |
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2375 |
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Mrs. S Bagyalakshmi |
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2375 |
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Mrs. P Prema |
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2375 |
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Mr. V A Kodiswaran |
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5000 |
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Mr. G Abiruban |
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2500 |
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Mr. G Athipathy |
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2500 |
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Standard Fireworks Limited |
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60000 |
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100000 |
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Sri Kaliswari Fireworks Private Limited |
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35000 |
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Total |
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400076 |
Equity share capital breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
40.00 |
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2 |
Bodies corporate (not mentioned above) |
49.00 |
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3 |
Others top 50 shareholders (other than those
listed above) |
11.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Industrial Chemicals. |
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Products : |
Ř
Barium Carbonate Ř
Barium Nitrate Ř
Sodium Sulphide |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr S Chandrasekaran Chartered Accountants |
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Address : |
1 / 3, |
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Tel. No.: |
91-4560-274375 |
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Associates/Subsidiaries
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Ř
Mepco Investments Limited Ř
Standard Chlorates Private Limited Ř
Hind Matches Private Limited Ř
Selvarathnam Matches Private Limited Ř
Chiranjeevi Rathnam Matches Private Limited Ř
Rajarathnam Matches Private Limited Ř
United Match Timber and Chemicals Private Limited Ř
Bell Pyrotechnics Private Limited Ř
Standard Spinning and Weaving Mills Limited Ř
Standard Match Industries Private Limited Ř
Standard Fire Works Private Limited Ř
Standard Paper Containers Private Limited Ř
Aluminium Powder Company Limited Ř
Sree Syyanar Spinning and Weaving Mills Limited Ř
Yennarkay Printers Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
400076 |
Equity shares |
Rs. 10/-
each |
Rs. 4.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.001 |
4.001 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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13.273 |
12.678 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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17.274 |
16.679 |
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LOAN FUNDS |
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1] Secured Loans |
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33.565 |
31.614 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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33.565 |
31.614 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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50.839 |
48.293 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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28.159 |
15.527 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.014 |
0.014 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.798 |
7.879 |
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Sundry Debtors |
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23.919 |
28.292 |
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Cash & Bank Balances |
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2.205 |
6.300 |
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Other Current Assets |
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0.837 |
0.586 |
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Loans & Advances |
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1.529 |
2.449 |
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Total
Current Assets |
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37.288 |
45.506 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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12.722 |
11.890 |
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Provisions |
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1.900 |
0.864 |
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Total
Current Liabilities |
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14.622 |
12.754 |
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Net Current Assets |
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22.666 |
32.752 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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50.839 |
48.293 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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161.438 |
139.264 |
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Other Income |
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0.270 |
0.296 |
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Total Income |
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161.708 |
139.560 |
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Profit/(Loss) Before Tax |
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4.376 |
4.248 |
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Provision for Taxation |
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3.324 |
0.000 |
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Profit/(Loss) After Tax |
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1.052 |
4.248 |
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FOB Value: |
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12.520 |
16.431 |
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Expenditures : |
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Financial Charges |
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0.758 |
1.297 |
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Depreciation & Amortization |
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2.957 |
2.635 |
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Other Expenditure |
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149.902 |
127.448 |
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Total Expenditure |
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153.617 |
131.380 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.65 |
3.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.71 |
3.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.68 |
6.96 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.78 |
2.66 |
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Current Ratio (Current Asset/Current Liability) |
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2.55 |
3.56 |
LOCAL AGENCY FURTHER INFORMATION
Nil
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.41.04 |
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1 |
Rs.82.76 |
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Euro |
1 |
Rs.56.07 |
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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
54 |
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. |
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 |
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