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MIRA
INFORM REPORT
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Report Date : |
27.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
STANVAC
CHEMICALS INDIA LIMITED |
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Registered Office : |
Lower
Ground Floor 18-19, D-15, South Extension II, New Delhi 110049 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.05.1994 |
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Com. Reg. No.: |
55-58997 |
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CIN No.: [Company
Identification No.] |
L74899DL1994PLC058997 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS22778A |
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PAN No.: [Permanent
Account No.] |
AAACS4129F |
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Legal Form : |
Closely Held Public Limited Liability
Company. |
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Line of Business : |
Dealers in Industrial Maintenance Products
(Lubricants, Greases, Aerosols, Insulation Coatings, Cleaners, Descalers,
Rust Removers and Welding Electrodes). |
RATING & COMMENTS
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MIRAs 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 : |
USD100000 |
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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. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Lower
Ground Floor 18-19, D-15, South Extension II, New Delhi 110049 |
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Tel. No.: |
91-11-24647252
/ 24647199 |
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Fax No.: |
91-11-24623826
/ 24633847 |
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E-Mail : |
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Website : |
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Area : |
Owned
Commercial |
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Location : |
500
Sq. ft. |
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Administrative
Office / Ware House : |
15-16, Old Sewa Nager Market, P.O. Lodhi
Road, New Delhi 110 003 |
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Tel.
No.: |
91-11-24647252/24647199/24638360 |
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Fax
No.: |
91-11-24623826/24633847 |
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E-Mail
: |
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Website : |
DIRECTORS
|
Name : |
Mr. Vinod Kumar Mehra |
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Designation : |
Whole Time Director |
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Address : |
N 90, Greater Kailash, Part I, New Delhi 110 048 |
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Date of Birth/Age : |
24.01.1933 |
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Date of Appointment : |
12.05.1994 |
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Name : |
Mr. Sanjay Kumar Mehra |
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Designation : |
Whole Time Director |
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Address : |
N 90, Greater Kailash, Part I, New Delhi 110 048 |
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Date of Birth/Age : |
24.02.1963 |
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Date of Appointment : |
12.05.1994 |
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Name : |
Mr Ram
Rachhpal Sabharwal |
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Designation : |
Whole Time Director |
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Address : |
K-54, B K Duti Colony, P O Lodi Road, New Delhi 110 003 |
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Date of Birth/Age : |
17.01.1929 |
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Date of Appointment : |
12.05.1994 |
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Name : |
Mr. Sharad Mehra |
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Designation : |
Whole Time Director |
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Address : |
N 90, Greater Kailash, Part I, New Delhi 110 048 |
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Date of Birth/Age : |
11.07.1971 |
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Date of Appointment : |
12.05.1994 |
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Name : |
Ms. Archana Mehra |
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Designation : |
Whole Time Director |
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Address : |
N 90, Greater Kailash, Part I, New Delhi 110 048 |
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Date of Birth/Age : |
28.03.1976 |
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Date of Appointment : |
01.08.1999 |
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Name : |
Ms. Gouri Mehra |
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Designation : |
Whole Time Director |
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Address : |
N 90, Greater Kailash, Part I, New Delhi 110 048 |
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Date of Birth/Age : |
16.09.1970 |
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Date of Appointment : |
01.08.1999 |
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr. Ram Rachhpal Sabharwal |
10 |
0.02 |
|
Mr. Vinod Kumar Mehra |
20020 |
40.04 |
|
Mr. Sanjay Mehra |
12960 |
25.92 |
|
Ms. Rita Sabharwal |
10 |
0.02 |
|
Mr Sharad Mehra |
12960 |
25.92 |
|
Ms. Gouri Mehra |
4010 |
8.02 |
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Ms. Archana Mehra |
30 |
0.06 |
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Total |
50000 |
100.00 |
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BUSINESS DETAILS
|
Line of Business : |
Dealers in Industrial Maintenance
Products (Lubricants, Greases, Aerosols, Insulation Coatings, Cleaners, Descalers,
Rust Removers and Welding Electrodes). |
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Products : |
Its products range include:- · Maintenance Aerosols · Epoxies and Sealants · Engineered Adhesives and Sealants · Synthetic Lubricants · Protective Coatings · Synthetic Food Grade Lubricants · Cold/Hot welding compounds/electrodes · Electrical insulation coatings · Tapes for HT & Limited Insulation · Polyurethane Foam Sealants · Industrial Adhesives and Sealants · Welding Electrodes · Safety Products Ψ Eye and Face protection Ψ Respiratory Protection Ψ Hearing protection Ψ Head Protection Generic Name of Principal Product / Service of the company is as under : Ψ Chemical Products |
PRODUCTION
STATUS
|
Particulars |
Unit |
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|
Actual Production |
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Industrial Maintenance Chemical Products |
Litres |
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|
463,412 |
GENERAL
INFORMATION
|
No. of Employees : |
180 |
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Bankers : |
· Punjab National Bank · State Bank of Saurashtra, |
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Banking Relations : |
Good |
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Auditors : |
Arora
Associates Chartered
Accountants |
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Address : |
705, Meghdoot
94, Nehru Place, New Delhi - 110019 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity
Shares |
Rs 10/- each |
Rs 0.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity
Shares |
Rs 10/- each |
Rs 0.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.491 |
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
23.553 |
16.844 |
10.795 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH |
24.053 |
17.344 |
11.286 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
0.000 |
0.881 |
0.750 |
|
2] Unsecured Loans |
0.720 |
1.033 |
0.836 |
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TOTAL BORROWING |
0.720 |
1.914 |
1.586 |
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DEFERRED TAX LIABILITIES |
1.531 |
1.236 |
0.807 |
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TOTAL |
26.304 |
20.494 |
13.679 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.377 |
13.169 |
9.350 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.524
|
6.785
|
7.911 |
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Sundry Debtors |
2.422
|
3.566
|
2.077 |
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Cash & Bank Balances |
4.525
|
4.302
|
6.186 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
18.229
|
10.997
|
4.208 |
|
Total Current Assets |
37.700
|
25.650
|
20.382 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
18.209
|
12.826
|
14.303 |
|
Provisions |
7.565
|
5.500
|
1.750 |
|
Total Current Liabilities |
25.774
|
18.326
|
16.053 |
|
Net Current Assets |
11.928
|
7.326
|
4.330 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26.303 |
20.495 |
13.680 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other
income] |
155.677 |
159.145 |
109.566 |
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Profit/(Loss)
Before Tax |
10.811 |
10.214 |
5.197 |
|
Provision
for Taxation |
3.465 |
4.179 |
1.911 |
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Profit/(Loss)
After Tax |
7.346 |
6.035 |
3.286 |
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Import
Value |
NA |
16.498 |
12.496 |
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Total
Expenditure |
144.865 |
148.930 |
104.368 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
4.71
|
3.79 |
2.99 |
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Net
Profit Margin(PBT/Sales) |
|
6.94
|
6.41 |
4.74 |
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Return
on Total Assets(PBT/Total Assets} |
|
20.75
|
26.31 |
17.47 |
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Return
on Investment (ROI)(PBT/Networth) |
|
0.45 |
0.58 |
0.46 |
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Debt
Equity Ratio(Total Liability/Networth) |
|
1.10
|
1.16 |
1.56 |
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Current
Ratio(Current Asset/Current Liability) |
|
1.46
|
1.39 |
1.26 |
LOCAL AGENCY
FURTHER INFORMATION
History
Stanvac Chemicals India Ltd. was established in 1994 with the
express objective of making the highest quality maintenance consumables
available to indian industry.
Today Stanvac imports over 300, world class products from
over 20 U.S & Europe-based global market leaders- truly the widest and
finest range of industrial maintenance consumables available anywhere in the
world today.
Presently the range comprises of 8 product segments ranging
from maintenance aerosols to protective epoxy coatings.
India's largest sales and services network of over120 sales
personnel and over 250 stocking dealers supports
Operational Performance
During
the year under review the sales have gone up from Rs 109.390 Millions to rs 158.394
Millions thereby registering a growth of 45%. The profit before tax has gone up
from Rs 5.198 Millions to Rs 10.224 Millions
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LOAN FUNDS |
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SECURED LOANS |
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|
1]
Overdraft a/c with PNB (CC-20) (Secured
against Bank Fixed Deposits) |
0.257 |
0.750 |
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2]
Overdraft with PNB (1186) (Secured
against Bank Fixed Deposits) |
0.117 |
--- |
|
3]
Overdraft with State Bank of Saurashtra (213) (Secured
against Bank Fixed Deposits) |
0.464 |
-- |
|
4] Overdraft
with State Bank of Saurashtra (223) (Secured
against Bank Fixed Deposits) |
0.042 |
-- |
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|
0.881 |
0.750 |
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UNSECURED LOANS |
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|
From
Directors |
1.033 |
0.836 |
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|
1.033 |
0.836 |
Fixed Assets
- Bicycle
- Computer
- Epabx
- Generator
- Machinery
- Air Conditioner
- Furniture
- Electrical Fitting
- Car
- Projector
- Scooter
- Telephone
- Photocopier
- Building
- Pagers
- Aquaguard
- Fire Fighting Equipment
- Water Cooler
- Elevator
- Land
- Television
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Name of the company |
STANVAC
CHEMICALS INDIA LIMITED |
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Presented By |
MR S K MODI (SENIOUR MANAGER), PUNJAB
NATIONAL BANK FOR BARGH |
|
1) Date and description of instrument creating the change |
Deed
of Hypothecation dated 31.10.1997 for Rs 2.000 Millions and Rs 3.000 Millions
in favour of Punjab National bank for Bagh, New Delhi |
|
2) Amount secured by the charge/amount owing on the securities of charge |
1] Rs
2.000 Millions 2] Rs
3.000 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 |
1]
Stock in Trade of company 2]
House property at N-904,1, New Delhi 110048, Date of Acquisition
24.05.1965 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation
of Assets as described in Col.3. as are or may at any time be in possession
of the to secure Cash Credit of rs 2.000 Millions and Foreign Letter of credit upto Rs 3.000 Millions with
interest as per RBI guidelines issued from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab
National Bank For Bagh, New Delhi |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
|
Name of the company |
STANVAC CHEMICALS INDIA LIMITED |
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Presented By |
Mr SANJAY MEHRA |
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1) Date and description of instrument creating the change |
24.05.2003,
Letter of Guarantee |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs
20.000 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 |
Present
and future movable and immovable assets of the company situated at 255, Udyog
Vihar, Phase IV, Gurgaon, Haryana |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Period
: Year subject to general from time to time Commission
: as per bank guidelines from time to time |
|
5) Name and Address and description of the person entitled to the charge. |
State
bank of Saurashtra, Kasturba Nagar,New Delhi |
|
6) Date and brief description of instrument modifying the charge |
10.02.2004,
Letter of Guarantee, extended to safdaying Motors. |
|
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. |
The
letter of Guarantee enhanced from Rs 20.000 Millions to Rs 30.000 Millions
further for 1 year. Other terms and conditions are same. |
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 Intl 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
companys 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.44.24 |
|
UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SCs 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 |
|