MIRA
INFORM REPORT
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Report Date : |
07.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SBM CHEMICALS AND INSTRUMENTS PRIVATE LIMITED |
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Registered Office : |
701 Poonam Chambers Shivsagar Industrial Estate Worli, Mumbai :400018, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.09.2004 |
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Com. Reg. No.: |
11-016984 |
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CIN No.: [Company
Identification No.] |
U24110MH2004PTC016984 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS35389E |
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PAN No.: [Permanent
Account No.] |
AABCS4417M |
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Legal Form : |
Private Limited Liability company |
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Line of Business : |
Manufacturing
of Rubber and Plastic Goods, Rubber Compounds, Chemicals, Testing of
Instruments, Rubber and Plastic Machinery.
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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 249664 |
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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 a 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 : |
701 Poonam Chambers Shivsagar Industrial Estate worli, Mumbai :400018, |
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Tel. No.: |
91-22-24920913 |
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Fax No.: |
91-22-24950339 |
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E-Mail : |
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Website : |
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Area : |
Medium sized |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Vishnu Shamdas Malaney |
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Designation : |
Chairman cum Managing Director |
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Address : |
311, Samundra Mahal, |
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Date of Birth/Age : |
31.10.1929 |
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Date of Appointment : |
03.11.1973 |
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Name : |
Mrs. Snehlata Vishnu Malaney |
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Designation : |
Director |
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Address : |
311, Samundra Mahal, |
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Date of Birth/Age : |
09.02.1943 |
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Date of Appointment : |
02.08.1974 |
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Name : |
Mr. Ronil Vishnu Malaney |
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Designation : |
Managing Director |
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Address : |
G-2, Palacimo Silver Oaks Estate Bhulabhai Desai road, Mumbai:400036, |
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Date of Birth/Age : |
01.09.1968 |
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Date of Appointment : |
09.11.1994 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Bhagat Manohar Manhar |
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248 |
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Vishnu Shamdad Malaney |
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8283 |
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Snehlata Vishnu Malaney |
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7783 |
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Manisha Trading Investments |
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124 |
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Babubhai Purushottam Darikh |
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124 |
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Ronil Vishnu Malaney |
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1812 |
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Ashesh Vishnu Malaney |
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6126 |
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Hardayal Tolaram Dembla |
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1 |
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Sheila Mithu Malaney |
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1 |
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Sanjeev Suvir Vikram Malaney |
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1 |
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Ronil Vishnu Malaney |
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1 |
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Asheesh Vishnu Malaney |
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1 |
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Advani Hasmatrai Advani |
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1 |
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Pushpa Hardayal Dembla |
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2 |
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Nijay Atmaram Advani |
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1 |
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Amilytru Malaney Shamdas Vishnu |
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1 |
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Sonal Vijay Advani |
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1 |
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Avinash Vijay Advani |
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1 |
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Sandesh Vijay Advani |
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1 |
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Malaney Karta Shamdas Vishnu |
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1 |
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Patricia Ram Malaney |
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1 |
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Draupati Atmaram Advani |
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1 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Rubber and Plastic Goods, Rubber Compounds,
Chemicals, Testing of Instruments, Rubber and Plastic Machinery. |
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Products : |
Chemicals |
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GENERAL INFORMATION
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Customers : |
Apollo Tyres
Balakrishnan Tyres
Birla Tyres Bridgestone
CEAT Kelani
Dewan
Falcon
Goodyear
Govind Tyre
JKI
Metro
Monotona Tyre
MRF Tyres
SATL
Sri Chakra Tyre
Vikrant Tyre Limited
Anand Nishikawa
Atlas Tyres BTR Gates
Hilton Roulounds
Metro
Ralson Aksh ARM Birla Ericsson BWL CCI CMI Finolex HCL HFCL Lucent
RPG
Sterlite
Ankur Overseas Limited Century Enka Garware Wall Ropes Limited Indian Organic Chemicals Limited Indo Rama Synthetic ( Microsynth Fabrics(I) Limited NRC Ltd, Mohone / Kalyan Rajasthan Petrosynthetics Reliance Industries Limited Sanghi Polyesters Limited SRF Limited
Suraj Filaments
Tashikent Oil Company Limited Welspun India Limited Zenith Fibres Limited
Advance Paints Limited Akzo Nobel Coatings ( American Paints Limited Asian Paints India Limited BASF India Limited Berger Paints India Limited Bombay Paints Limited Coats of India Limited Creative Polymers Private Limited E. I. Dupont India Limited Esdee Paints Limited Goodlass Nerolac Paints Limited Hard Castle & Waud Mfg. Co. Limited ICI India Limited Jenson & Nicholson ( MRF Limited Speciality Coating Division Chennai Rajdoot Paints Limited Shalimar Paints Limited Snowcem India Limited Southfield Powders Limited Special Paints Limited
Bajaj Auto Limited Bajaj Tempo Limited Escorts Yamaha Motors Limited Ford (I) Limited General Motors Limited Hero Honda Limited Hindustan Motors Limited Honda Siel Cars ( Hyundai Motors Limited LML Limited Mahindra & Mahindra Maruty Suzuki Limited Telco |
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No. of Employees : |
About 100 |
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Bankers : |
United Bank of 25, Facility: 12.09.1977-Rs. 0.150 millions–The whole of the company’s stock consisting of stock of various chemicals. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M.B. Hussain Chartered Accountant |
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Address : |
102, New Sterling Apartment, 2nd Hasnabad Lane Santacruz,
Mumbai:400054, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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24500 |
Equity Shares |
Rs.10/- each |
Rs.2.450 Millions |
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500 |
Preference Shares |
Rs.100/- each |
Rs.0.050 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24500 |
Equity Shares |
Rs.100/-
each |
Rs.2.450
Millions |
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16 |
Preference Shares |
Rs.100/-
each |
Rs.0.001 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.451 |
2.451 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
59.965 |
44.829 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
62.416 |
47.280 |
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LOAN FUNDS |
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1] Secured Loans |
37.170 |
10.000 |
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2] Unsecured Loans |
6.074 |
1.390 |
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TOTAL BORROWING |
43.244 |
11.390 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
105.661 |
58.671 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.583 |
2.434 |
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Capital work-in-progress |
0.000 |
0.0000 |
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INVESTMENT |
11.832 |
3.338 |
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DEFERREX TAX ASSETS |
0.306 |
0.087 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.670 |
1.557 |
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Sundry Debtors |
15.382 |
11.342 |
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Cash & Bank Balances |
19.721 |
24.824 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
36.454 |
30.082 |
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Total
Current Assets |
74.227 |
67.807 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.964 |
1.482 |
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Provisions |
21.324 |
13.517 |
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Total
Current Liabilities |
28.288 |
14.999 |
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Net Current Assets |
45.939 |
52.809 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
105.661 |
58.671 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
57.599 |
40.395 |
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Other Income |
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Total Income |
57.599 |
40.395 |
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Profit/(Loss) Before Tax |
23.335 |
11.042 |
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Provision for Taxation |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
23.335 |
11.042 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
28.095 |
28.421 |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Insurance Expenses |
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Power & Fuel |
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Other Expenditure |
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Interest |
2.502 |
0.301 |
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Depreciation & Amortization |
3.667 |
0.631 |
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Total Expenditure |
34.264 |
29.353 |
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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 |
(%) |
40.51
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27.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
40.51
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27.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.15
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15.72 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37
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0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.45 |
0.31 |
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Current Ratio (Current Asset/Current Liability) |
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2.62 |
4.52 |
LOCAL AGENCY FURTHER INFORMATION
Website Details:
Organisation Profile
Subject is a group of three
companies - Polymer Products Corporation, the company and Ronash Corporation.
Since their inception in 1972, the concern have catered to the
needs of the Indian Rubber, Plastics, Optical & Power Cable, Synthetic
Fibres, Petrochemicals, Pharmaceuticals, and Paint Industries. They
represent some of the world's most renowned manufacturers, and have
amongst the widest product
portfolios.
Infrastructure
The company are headquartered in
Mumbai (
Raw Materials
There experienced team is regularly deputed for training to Principals overseas facilities, thereby ensuring that their skill set is always current, and state of the art. Their technical service personnel include a senior rubber technologist (LPRI), who has had extensive experience and training at Monsanto and Michelin, Clermont Ferrand. He has also been trained by their various principals to effect technical service in India.Their technical capabilities include the expeditious introduction of high technology,state of the art products; joint product trials; advice to customers with respect to their own product development; and problem solving.
Instruments
The company also employ electronics engineers, instrumentation service engineers, who have been trained at leading instrument manufacturers including Klaxon, Sheen, Testometric and Wallace, to effect all aspects of technical services including installation, commissioning, calibration, and repair of a very wide range of Instruments.
Machinery
The company’s senior mechanical
engineer has had extensive experience in the tyre, cement and synthetic fibre
industries. He has also been trained by Berstoff (Mannesmann group) and
Its’ partners are :-
Akzo Nobel,
APS Polymers,
Berstorff
Collmann Gmbh & Co.
Spezialmaschinenbau KG,
Doli Elektronik GMBH
DSM,
Fiberline INC,
Fontijne,
Gauder,
H.W. Wallace & Co.,
Hans Barbe,
Hoffmann Mineral,
Jet Laser,
Kettlitz Chemie
Klaxon Ltd.,
N.V. Bekaert SA,
Pelmar Engineering Ltd.,
Sheen Instruments Limited,
The Testometric Co. Limited,
TKH,
Twentsche(
Zschimmer and Schwarz
press release
Rubber
Mr. Enrique Bolanos, CEO, Flexsys.
"They have the best rubber
chemical agent in India, Polymer Products Corporation, who is also representing
leading companies of many rubber and tyre ingredients. Insoluble
Mr. Graeme Donald, Business Director Europe,
Allied Signal Industrial Fibers (Now
Vice President of the Performance Fibers Group)
"They chose Polymer Products
Corporation, because of its extensive experience in and outstanding knowledge
of the Indian rubber industry and particularly the tyre industry".
"In terms of technical capabilities and management skills, PPC is an excellent strategic fit with Allied Signal's objective to be a premier global supplier of quality industrial fibers" Donald added.
IRJ, May - June 1995"
Mr. Henri Vansweevelt, Vice President
Marketing, Bekaert MBU Steel Cord
"In this context, I also
would stress the fact that they have an existing support function in
Berstorff News Magazine - December 1999.
"Since end October Messrs.
SBM Chemicals & Instruments are officially the new representation for
Berstorff's equipment for rubber processing. Enquiries are already followed up
for months.
Company founder and Managing
Director Mr. Vishnu Malaney is representing leading raw material machinery and
testing equipment suppliers for the rubber processing industry since 1967 and
has been leading his own company for more than 25 years. Mr. Vishnu Malaney
worked for Bayer for 17 years, and at the time of leaving was in charge of all
Marketing and Sales, and technical service for the Indian subcontinent.
Due to this long lasting,
successful work SBM is well known in the rubber and tyre industry. In order to
supply their customers even more service, SBM founded the new department
machines and plants, which is still growing but already represents well known
suppliers like Comerio Ercole, Calemard and VMI only to mention some.
The new department is being led by
the son of the company founder, Mr. Ronil Malaney who is well prepared for this
job by totally 10 years study and work in
Mr. Jo Reinart, Vice President Asia Pacific,
Flexsys
"They are also satisfied with
their local Sales network through the excellent performance and good customer
interface by their Agent, Polymer Products Corporation, which gives us the
appropriate Sales and Technical support needed to best serve their Indian
customers".
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.40.55 |
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1 |
Rs.80.89 |
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Euro |
1 |
Rs.54.89 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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45 |
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 |
|
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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 |
|
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 |
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