MIRA INFORM REPORT
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Report
Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SCHEVARAN LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
No. 427-B, Hebbal Industrial Area, Mysore-570016,
Karnataka, India |
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Country
: |
India |
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Financials
(as on) : |
31.03.1998 |
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Date
of Incorporation : |
04.07.1986 |
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Com.
Reg. No.: |
08-7680 08/16/7617/PMI/SSI/KNSI/08/16/--/FNL |
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CIN
No.: [Company
Identification No.] |
U24240KA1986PTC007680 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
BLRS15557D |
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PAN
No.: (Permanent
Account No.) |
AACCS5479E |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturers of speciality (Environmental Friendly)
cleaning products for Water treatment, House keeping / Sanitation, Personal
and Industrial Hygene, Hospitals etc. Has collaboration from World Trade Company, INC. USA and
Water wise INC, USA |
RATING & COMMENTS
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MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
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Maximum
Credit Limit : |
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Status
: |
Satisfactory
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Payment
Behaviour : |
Usually
correct |
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Litigation
: |
Clear |
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Comments
: |
In absence of latest Business and Financial details, it is
very difficult to ascertain company’s performance and financial status. It’s web details signifies that subject is a well
established company. It can be considered normal for business dealings at usual
trade terms on merits. |
LOCATIONS
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Registered
Office/ Factory
: |
No. 427-B, Hebbal Industrial Area, Mysore-570016,
Karnataka, India |
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Tel.
No.: |
91-821-2417455/2512453/5282115/5280182 |
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Mobile
No.: |
91-9845113542 |
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Fax
No.: |
91-821-2512515 |
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E-Mail
: |
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Website
: |
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Area : |
7500 sq. ft. |
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Location : |
Lasted and Owned |
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Branches
: |
Located At: Delhi, Mumbai, Hyderabad, Calcutta, Mangalore,
Cochin, Chennai |
DIRECTORS
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Name : |
Mr. K. O. Cherian |
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Designation
: |
Chairman and Managing Director |
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Name : |
Mr. S. C. Vasudevan |
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Designation
: |
Managing Director |
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Name : |
Mr. Thomas Verghese |
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Designation
: |
Director |
KEY EXECUTIVES
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Name : |
Mr. M. S.
Vasudevan |
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Designation
: |
Manager –
Commercial |
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Name : |
Mr. madhy
Kumar |
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Designation
: |
Marketing
Manager |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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V Eapen |
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10 |
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K T
Alexander |
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1010 |
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K D
Cherian |
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40350 |
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Thomas Varghese |
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24500 |
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M V
Alexander |
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35500 |
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George
Joseph Milechachalil |
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4500 |
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Shanthama
Alex |
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9000 |
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Josh
Cherian |
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10000 |
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Aley
Alexander |
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1000 |
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A
Alexander |
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2500 |
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E
Varghese |
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5000 |
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Miriam
Cherian |
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2500 |
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Annamma
Alexander |
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2000 |
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Oomen
Varky |
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1500 |
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Jolly
Titus |
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1000 |
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Susan
Varky |
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1500 |
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K G
Alexander |
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4082 |
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TOTAL |
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145952 |
BUSINESS DETAILS
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Line
of Business : |
Manufacturers of speciality (Environmental Friendly)
cleaning products for Water treatment, House keeping / Sanitation, Personal
and Industrial Hygene, Hospitals etc. Has collaboration from World Trade Company, INC. USA and
Water wise INC, USA |
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Product
: |
Chemicals for water treatment Coagulants and flocculants for water treatment Emulsifying agents, effluent treatment Biological products for treating sewage and industrial
effluent Oil spill and slick eliminating chemicals Clarifying chemicals for water Water softening chemical |
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Imports
from : |
Chemicals and Raw Materials from own USE, USA and Europe |
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GENERAL INFORMATION
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No. of
Employees : |
35 |
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Bankers
: |
State Bank of India, SKS Branch, Mysore |
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Facilities : |
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Banking Relations : |
-- |
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Auditors
: |
Rau and Nathan Chartered Accountants Mysore |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
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No. of
Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No. of
Shares |
Type |
Value |
Amount |
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147452 |
Equity shares |
Rs. 10/- each |
Rs. 1.475 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
No financial are available since 1998.
Management has been approached several times to up date old
financials.
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.1998 |
31.03.1997 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
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1.475 |
1.475 |
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2]
Advance Share |
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0.970 |
0.970 |
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3]
Reserves & Surplus |
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1.088 |
1.088 |
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4]
(Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH
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3.533 |
3.533 |
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LOAN
FUNDS |
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1]
Secured Loans |
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10.368 |
9.270 |
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2]
Unsecured Loans |
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0.961 |
0.629 |
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TOTAL
BORROWING
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11.329 |
9.899 |
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DEFERRED
TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL
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14.862 |
13.432 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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4.382 |
4.642 |
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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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0.006 |
0.006 |
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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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0.000 |
0.000 |
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Sundry Debtors
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0.000 |
0.000 |
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Cash & Bank Balances
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0.000 |
0.000 |
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Other Current Assets
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7.876 |
7.385 |
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Loans & Advances
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0.597 |
0.460 |
Total Current Assets
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8.473 |
7.845 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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6.394 |
6.506 |
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Provisions
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Total Current Liabilities
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6.394 |
6.506 |
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Net
Current Assets
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2.079 |
1.339 |
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MISCELLANEOUS EXPENSES
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8.395 |
7.445 |
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TOTAL
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14.862 |
13.432 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.1998 |
31.03.1997 |
Sales Turnover [including other income]
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3.063 |
NA |
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Total Expenditure
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5.412 |
NA |
KEY
RATIOS
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PARTICULARS |
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31.03.1998 |
31.03.1997 |
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Debt Equity Ratio
(Total
Liability/Networth) |
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5.02 |
4.64 |
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Current Ratio
(Current
Asset/Current Liability) |
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1.33 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
4th July, 1986, As “SCHEVARAN CHEMICALS PRIVATE LIMITED”
Name changed to Present from 31st May, 1993
BUSINESS
Cleaning and Maintenance chemicals, also products for House
Keeping, Hospital Hygiene, Pharma Industry Food Industry, Institutional Maintenance,
Water Treatments, Industrial Maintenance And Laundry
Also deal in Surface Cleaners, House Keeping Chemicals,
Disinfectant Cleaners and Sanitizers.
Quality Assessment
ISO 9001 : 2000
Sales
Turnover for March 2003 Rs. 98.980 Millions
Issued
Share Capital : 64000 [USD]
AS PER WEBSITE
Schevaran Laboratories Private Limited appeared on the Indian
scene 14 years ago, when there was hardly any tangible scientific or practical
system available for household or institutional cleaning and sanitation.
Schevaran has to be thus regarded as the pioneer in this enterprise in the
Indian sub continent.
Over the years it has built up a sizeable market share in the
manufacture and sale of around 50 branded world-class chemical formulations
applicable for housekeeping, hospital hygiene, pharma and food industry, water
treatment and institutional and industrial maintenance. All formulations are
Eco-friendly and user friendly. They undergo stringent quality assurance and
safety tests.
The company has its manufacturing facility complete with quality
assurance and R&D laboratories at the princely city of Mysore, in Karnataka
State. The manufacturing operations have been designed and constructed to the
specifications developed jointly with the United States collaborators - Water
Wise Inc and H.H World Trade Co. Inc.
Schevaran is the very first company manufacturing cleaning
chemical formulations to get approval from the Ministry of Scientific and
Industrial Research, Government of India, for foreign collaboration.
The former President of India and the
then Minister of State for Science and Technology, Mr. K.R. Narayanan, laid the
foundation stone of the plant at Mysore on December 18, 1988.
MANAGEMENT
Schevaran is a
closely held, professionally managed company. Each function is managed by
professionally qualified personnel.
The management
lays great emphasis on Quality assurance, Research & Development as the
method for continuous growth and success.
The management
of the company is extremely forward in their thinking and positive in their
approach.
VISION
The company’s
vision is “Clean Technologies in Tune with Green Trends”.
The overall
vision is a clean nation using such technologies that are safe, effective and that
do not interfere with or cause disturbance to the environment.
“Green”
symbolizes processes and materials that are natural, refreshing and efficient.
MISSION
The Mission is
to produce state-of-the-art chemistry and cleaning technology for Industrial and
Institutional cleaning, Industrial water treatment and household sanitation.
The company
plans to guarantee this by continued assessment of specific target market and
develop new products to meet stated Industry needs.
Its cleaning
chemical formulations are to be rendered unique in being Eco-friendly and
user-friendly, non-toxic, safe and pleasant to use.
JOINT
VENTURES
The
manufacturing operations have been designed and constructed to the
specifications developed jointly with the United States collaborators; M/s
Water Wise Inc and H.H World Trade Co. Inc.
Schevaran continues to have active
collaboration with these companies in terms of resource and technical inputs.
SOCIAL
CONSCIOUSNESS
The Company is
keenly inclined to render service to the community. To start with it has
initiated a program of support and defrayal medical expenses for girl-child
patients who are from poor economic background at local Mission Hospital.
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. 44.17 |
|
UK Pound |
1 |
Rs. 86.10 |
|
Euro |
1 |
Rs. 57.26 |
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 |
5 |
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OPERATING
SCALE |
1~10 |
4 |
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FINANCIAL
CONDITION |
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--BUSINESS
SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT
LINES |
1~10 |
8 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER
MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
40 |
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 |
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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |