MIRA
INFORM REPORT
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Report Date : |
06.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MALPRO SILICA PRIVATE LIMITED |
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Registered Office : |
16/17, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.07.1985 |
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Com. Reg. No.: |
18-1649 |
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CIN No.: [Company
Identification No.] |
U14107TZ1985PTC001649 |
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IEC No.: |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBM04961F |
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PAN No.: [Permanent
Account No.] |
AACFM6318F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Sodium Silicate and Potassium Silicate. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
USD 2000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however
reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
16/17, |
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Tel. No.: |
91-424-2293474/ 2293484 |
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Mobile No.: |
91-9443039000 (Mr. Prem Siva Kumar) |
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Fax No.: |
91-424-2293894 |
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E-Mail : |
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Website : |
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Head Office : |
400, Bhavani, |
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Tel. No.: |
91-424-2293474/ 2293484 |
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Fax No.: |
91-424-2293894 |
DIRECTORS
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Name : |
Mr. K Sivakumar |
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Designation : |
Chairman |
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Address : |
400, Bhavani, |
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Date of Birth/Age : |
25.11.1950 |
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Date of Appointment : |
29.07.1985 |
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Name : |
Mr. S Premnarayan |
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Designation : |
Director |
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Address : |
400, Bhavani, |
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Date of Birth/Age : |
24.12.1973 |
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Date of Appointment : |
31.08.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. K Sivakumar |
1600 |
34.78 |
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Mr. S Premnarayan |
1500 |
32.61 |
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Ms. S Umamaheshwari |
1400 |
30.43 |
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Ms. Lavanya Prem |
100 |
2.17 |
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Total |
4600 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Sodium Silicate and Potassium Silicate. |
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Products : |
Silica |
GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
Not Available |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4600 |
Equity Shares |
Rs.100/-
each |
Rs.0.460 million |
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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0.460 |
0.460 |
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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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0.127 |
0.080 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.587 |
0.540 |
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LOAN FUNDS |
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1] Secured Loans |
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4.598 |
4.080 |
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2] Unsecured Loans |
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6.060 |
5.986 |
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TOTAL BORROWING |
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10.658 |
10.066 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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11.245 |
10.606 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.189 |
1.318 |
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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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0.000 |
0.000 |
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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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5.835 |
4.884 |
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Sundry Debtors |
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3.976 |
3.809 |
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Cash & Bank Balances |
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0.150 |
0.271 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.819 |
0.557 |
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Total
Current Assets |
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10.780 |
9.521 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.700 |
0.137 |
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Provisions |
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0.024 |
0.096 |
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Total
Current Liabilities |
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0.724 |
0.233 |
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Net Current Assets |
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10.056 |
9.288 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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11.245 |
10.606 |
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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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3.175 |
4.657 |
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Other Income |
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0.731 |
0.743 |
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Total Income |
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3.906 |
5.400 |
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Profit/(Loss) Before Tax |
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0.047 |
0.080 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.047 |
0.080 |
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Expenditures : |
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Interest |
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0.550 |
0.114 |
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Other Expenditure |
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2.759 |
5.092 |
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Total Expenditure |
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3.309 |
5.206 |
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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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1.20 |
1.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.48 |
1.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.39 |
0.74 |
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Return on Investment (ROI) (PBT/Networth) |
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8.01 |
14.81 |
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Debt Equity Ratio (Total Liability/Networth) |
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18.16 |
18.64 |
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Current Ratio (Current Asset/Current Liability) |
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14.89 |
40.86 |
LOCAL AGENCY FURTHER INFORMATION
Website Details :
Subject was incorporated in 1986 to achieve industry's best quality
standards in the field of manufacturing Sodium
Silicate and Potassium Silicate.
Their presence and commitment to people affiliated with them over couple of
decades is still the same, the quality eminence of their product is still the
same and many of their current customers in the field of Soap and Detergent manufacturing, Foundries, Precipitated
Silica, Silica Gel, Paper manufacturing, Waste waster treatment, Textile
processing, Zeolite manufacturing, Additives and Mining have become
patrons who express a sense of satisfaction.
Their outlay of expertise in Sodium
Silicate Manufacturing and Installation
And Commissioning Of Silicate Plants On Turnkey Basis with Subject’s
Technology during these years of operation have coagulated them with
realization in spearing and redefining the existing technology to cost
structured and result oriented output. The freedom, commitment and practical
indulgence of Subject’s research team bestow further insights to Technology,
Process Expertise, Design & Consultancy, Plant Engineering, Turn Key Project Execution Ranging From 10 To
300 Metric Tons / Day, Human Resource & Training, And Contract
Servicing.
Because of their specialization in the field of Sodium Silicate
manufacturing through Furnace Process
And Hydrothermal Process and total commitment to all customers with
relentless pursuit of a quality product, Subject is having many successful
supplier partnerships and Technological tie-ups with companies of all sizes in
many countries of the world.
They at Subject are doing
their best to make Sodium silicate and its manufacturing concept a fundamental
and essential part of everyday, modern life.
Subject was founded and promoted by Late Shri. Kaveri Mudliar and have
been manufacturing Silicates for the last couple of decades. The company was then
taken over by his son Mr. Kaveri Sivakumar as Managing Director and assisted by
Mr Prem Sivakumar as Executive Director and team of office bearers.
Ventured as a family business in a small town, Erode with a capacity of
1000Metric tons/annum has now extended its capacity to 30000 Metric tons/annum
with the most advanced technology and complete facilities to manufacture and
process and market through distributors operating from many parts of the world.
Subject has been in the lime light in thes recent years for being the
only unit in
Key Figures
K SIVAKUMAR BSE,
DCE Managing Director
Born and brought up by a family of industrialists, SIVAKUMAR joined his family
business in the year 1971. Since then his contribution and commitment till
date, to the manufacture of Sodium Silicate industry has been exceptional. His
teen-age enthusiasm in the field of textiles and subsequent owning a textile
manufacturing unit for more than 20 years, made his meritorious career.
After proving his credibility in the field of Textile manufacture, he then
diversified his business notion to venture in Sodium Silicate manufacturing.
Today, with his aspiration to make the company a market leader in the Global
trade environment and to achieve the goals in a stipulated epoch, his efforts
towards the company’s performance and growth is taken through with a team of
Office bearers who feel conceited to have him as a leader.
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PREM SIVAKUMAR HDSE, M.COM, MBA Executive
Director
A charismatic youngster, joined this company with an intendment to aggrandize
the company in the global market. Having proven his eminence in the field of
Marketing at
STAFF
The board is well assisted by a group Office Staff including Marketing Manager,
Production Manager, Manager Admin, Public Relation Officer, Collection Agents
and Personal Secretaries.
VALUE &
CUSTOMER CARE
They are dedicated to the concept of total customer service, and in all
their years of operation they have never experienced a labor / Staff inducted
work stoppage. Their company has been regarded as a reliable, stable company
who will be there when you need them- tomorrow, next week, or next year. Their
reputation as a service leader in this industry is well known.
ETHICAL CODE
An ethical code has been formally adopted, setting out the standards and
conduct expected of all employees, both in their work and in the communities in
which they live.
Joint Ventures
They at subject form strategic business venture partnerships in order to
demonstrate at an international level, the most efficient and cost structured
way to manufacture Sodium Silicate when compared with other manufacturers.
They also acknowledge that it is a confront to gain market acceptance of
their new modulation in the manufacturing process because of their realization
from relentless research, the most efficient fuel burning devices and energy
conservation on the organization of motion of gas flows for ensuring the
optimal conditions of heat transfer unlike other conventional methods.
Low Investment cost is the added feature that empowers their technology.
It has been an achievement and intrinsic to their research team to evolve their
manufacturing technology with a very low investment edge.
Therefore they actively seek collaboration with companies and
institutions that will facilitate the introduction of their process to gain a
niche in the market and maximize these business opportunities by the formation
of innovative structures that benefit both parties.
They welcome business alliances that include:
v
Clustering of synergistic technologies
v
Joint-ventures
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Formation of networks
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License and Royalty agreements
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.46 |
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1 |
Rs.81.29 |
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Euro |
1 |
Rs.54.96 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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36 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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