MIRA
INFORM REPORT
|
Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
BRITACEL
SILICONES LIMITED |
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Registered Office : |
F –18, Street No.
23, MIDC, Marol, Andheri (East), Mumbai – 400 093, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
15.10.1990 |
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Com. Reg. No.: |
11-58541 |
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CIN No.: [Company
Identification No.] |
U70101MH1990PLC058541 |
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IEC No.: |
0391153919 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11251C |
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PAN No.: [Permanent
Account No.] |
AABCB2289A |
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Legal Form : |
Closely held
public limited liability company |
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Line of Business : |
Manufacturers, Exporters,
Importers, Dealers, Wholesalers, Retailers, Processors and Agents of Textiles
Software Silicones. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 950000 |
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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 respectable,
experienced and having satisfactory means of their own. Their trade
relations are fair. Payments are reported as correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
F –18, Street No.
23, MIDC, Marol, Andheri (East), Mumbai – 400 093, |
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Tel. No.: |
91-22-28394002 (7
Lines) / 56901101 (4 Lines) |
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Mobile No.: |
91-9821010889 |
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Fax No.: |
91-22-28394003 |
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E-Mail : |
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Website : |
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Area : |
636 sq. mtrs. |
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Location : |
Owned |
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Administrative
Office : |
27A, 2nd
Floor, ‘C’ Wing, Raj Industrial Complex, |
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Tel. No.: |
91-22-28502001 (7
Lines) |
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91-9821010889 |
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Fax No.: |
91-22-28502003 |
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E-Mail : |
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PLANTS : |
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Unit 1 : |
F - 18, Street No. 23, MIDC, Marol, Andheri
[East], Mumbai – 400093, |
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Area : |
636 sq. mtrs. –
plot area 628.92 sq. mtrs.
– built up area |
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Unit 2 : |
Shed No. D-2/6, Plot
No. 192/F, Kundaim Industrial Estate, Kundaim, District Ponda, Goa – 403110, |
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91-832-2395104/2395105 |
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Fax No.: |
91-832-2395104 |
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Area : |
1423 sq. mtrs. –
plot area 250 sq. mtrs. –
built up area |
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Location: |
Owned |
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Unit 3 : |
Plot No. L – 125
& 126, |
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Tel. No. : |
91-832-2783939/2783940 |
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Fax No. : |
91-832-2782929 |
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E-mail : |
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Area : |
9672 sq. mtrs. –
plot area 1521 sq. mtrs. –
built up area |
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Location: |
Owned |
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Unit 4 : |
Plot No. L – 124,
Verna Industrial Estate, Phase III, Verna, Goa – 403 772, |
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91-832-2783939/ 2783940 |
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Fax No.: |
91-832-2782929 |
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E-mail : |
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Area : |
7125 sq. mtrs. –
plot area 849.88 sq. ft. –
built up area |
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Location: |
Owned |
DIRECTORS
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Name : |
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Designation : |
Chairman &
Managing Director |
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Address : |
Flat No. 49 A/B,
Yashodham, Plot No. 68, Gen. A. K. Vaidya Marg, Goregaon (East), Mumbai – 400
063, Maharashtra |
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Date of Birth/Age : |
11.12.1955 |
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Qualification : |
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Experience : |
24 years |
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Name : |
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Designation : |
Director
[Technical] |
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Address : |
Flat No. 49 A/B, Yashodham,
Plot No. 68, Gen. A. K. Vaidya Marg, Goregaon (East), Mumbai – 400 063,
Maharashtra |
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Date of Birth/Age : |
12.12.1965 |
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Qualification : |
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Experience : |
15 years |
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Name : |
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Designation : |
Executive
Director |
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Address : |
Flat No. 49 A/B,
Yashodham, Plot No. 68, Gen. A. K. Vaidya Marg, Goregaon (East), Mumbai – 400
063, Maharashtra |
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Date of Birth/Age : |
12.12.1965 |
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Qualification : |
B. Com. |
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Experience : |
15 years |
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Name : |
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Designation : |
Director |
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Address : |
403, Madhuban, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
46,100 |
16.92% |
|
|
39,500 |
14.50% |
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36,750 |
13.49% |
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43,650 |
16.02% |
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17,500 |
6.42% |
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|
43,900 |
16.12% |
|
Ms. Bhavana Desai |
45,000 |
16.52 % |
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Total |
2,72,400 |
100.00% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Exporters, Importers, Dealers, Wholesalers, Retailers, Processors and Agents of
Textiles Software Silicones. |
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Products : |
v
Silicone
Emulsions v
Flame
Retardants v
Micro
Amino Emulsions v
Amino
Silicone Elastomers v
Modified
Silicone Elastomers v
Silicone
Resins v
Silicone
Cationics v
Water
Repellants v
Defoamers v
Hydrophilic
Softeners v
Silicone
Elastomers v
Perfumed
Emulsions v
Exhaustible
silicone Softeners (New Introduction) |
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Exports : |
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Countries : |
Dubai, Pakistan,
Egypt, Tanzania, South Africa, Thailand, Malaysia, Israel, Philippines and Hong
Kong, Taiwan, Srilanka, Singapore (textiles software silicone) |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash or Credit [60/90/120
days] |
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Purchasing : |
Cash, Credit [60
days] and Other |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Textile Softners
(Silicones) |
MT |
|
7500 |
5372.87 |
|
Silicones |
MT |
|
6500 |
-- |
|
Textile Softners
(Unit I – Mumbai) |
MT |
|
1000 |
-- |
|
Textile Softners
(Unit II – Kundaim – |
MT |
|
1500 |
-- |
|
Textile Softners
(Unit III – |
MT |
|
4000 |
-- |
GENERAL INFORMATION
|
Suppliers : |
Tel. 91-33-24708384 Contact Person –
Tel. 91-22-56946868 Contact Person –
Tel. 91-22-22068106 Contact Person – Mr. Nimish /
66/E, Industrial Estate, Masat, Silvassa, Tel. 91-79-26734980 Contact Person –
Triveni, Tel. 91-22-28809535 Contact Person –
D 2 / 26, Bicholim Industrial Estate, Bicholim, – 403 529 Tel. 91-832- 2362337 / 2362898 |
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Customers : |
§
End
Users
Jekegram, Pokhran, Thane – 400 606, Tel. 91-22-5344191 Contact Person –
Trident Complex, Erial Rest, Tel. 91-2642-1679295251 Contact Person –
Survey No. 316, Contact Person – |
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No. of Employees : |
92 |
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Bankers : |
> State Bank of Backbay Reclamation Branch, Nariman Point, Mumbai – 400 021,
Maharahstra The company enjoys Credit Limits facility of Rs. 157.500 millions from
its’ bankers > Development Credit Bank Limited Tel. 91-22-22701871 / 72 / 73 (The company enjoys Credit Facilities of
Rs. 160.000 millions from it’s bankers) |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Rameshbhai R.
Shah & Company Chartered
Accountants |
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Address : |
A/307, Vertex
Vikas, |
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Tel. No.: |
91-22-28320733 |
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Associates/Subsidiaries : |
> Enpee Pharma Private Limited F-18, Street No. 23, MIDC Marol, Andheri (East), Mumbai – 400 093, Business – Carrying out job work for company (BSL), 100% subsidiary of
BSL > Count Fabri Fluidomatics Limited 29-C, Raj Industrial Complex, > Britacel Exports Private Limited 27-C, Raj Industrial Complex, Marol, Business - Trading in Textile Softners and Auxillaries > Count Fabri-Fluidomatics Limited 29-C, Raj Industrial Complex, Marol, > Britacel PCB Chemicals Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
272400 |
Equity Shares |
Rs. 100/- each |
Rs. 27.240 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
27.240 |
27.240 |
27.240 |
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2] Reserves &
Surplus |
209.489 |
175.326 |
150.914 |
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NETWORTH
|
236.729 |
202.566 |
178.154 |
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|
LOAN FUNDS |
|
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1] Secured Loans |
133.165 |
137.038 |
137.541 |
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2] Unsecured
Loans |
0.000 |
4.000 |
4.000 |
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TOTAL
BORROWING
|
133.165 |
141.038 |
141.541 |
|
|
DEFERRED TAX
LIABILITIES |
1.688 |
1.255 |
0.023 |
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TOTAL
|
371.582 |
344.859 |
319.718 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
49.755 |
36.040 |
32.576 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
24.281 |
24.282 |
19.230 |
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CURRENT ASSETS, LOANS & ADVANCES
|
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Inventories
|
|
|
70.532
|
|
|
Sundry Debtors
|
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|
170.828
|
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Cash & Bank Balances
|
388.017
|
378.975 |
12.046
|
|
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Other Current Assets
|
|
|
0.000
|
|
|
Loans & Advances
|
|
|
60.499
|
Total Current Assets
|
388.017
|
378.975 |
313.905
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions
|
90.615
|
94.618 |
46.061
|
Total Current Liabilities
|
90.615
|
94.618 |
46.061
|
|
Net
Current Assets
|
297.402
|
284.357 |
267.844
|
|
|
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|
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MISCELLANEOUS EXPENSES
|
0.144 |
0.180 |
0.068 |
|
|
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|
|
|
|
TOTAL
|
371.582 |
344.859 |
319.718 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
682.716 |
589.961 |
568.624 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
37.667 |
40.664 |
36.589 |
Provision for Taxation
|
3.000 |
10.460 |
10.023 |
Profit/(Loss) After Tax
|
34.667 |
30.204 |
26.555 |
|
|
|
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Export Value
|
110.274 |
89.445 |
55.872 |
|
|
|
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|
Import Value
|
73.635 |
94.203 |
114.065 |
|
|
|
|
|
Total Expenditure
|
645.049 |
549.405 |
538.805 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
5.07
|
5.12 |
4.67
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
5.51
|
6.89 |
6.43
|
|
|
|
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|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
8.15
|
9.25 |
11.65
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.16
|
0.20 |
0.20
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.95
|
2.17 |
0.25
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
4.28
|
4.00 |
6.81
|
LOCAL AGENCY FURTHER INFORMATION
The company’s registered
office was shifted from 403, Madhuban, S. V. Road, Goregaon (West), Mumbai –
400 062 to the above address.
History :
The company was
propounded by
Britacel Silicones
Private Limited was incorporated in 1990 with an aim of manufacturing exclusive
silicones of textiles finishing. At the time of incorporation on 15.10.1990,
there were only 2 Directors namely,
Manufacturing
activity of Silicones hitherto being conducted in the name of “Britacel” with
Subject has
established its credentials as manufacturers of speciality silicones with
excellent quality control. It is the largest supplier of speciality silicones
in
The company’s
product developments not only consist of ultra modern equipments but also a
product development team comprising of highly qualified and experienced
professionals. Its family includes Lab Chemists, Technical Executives,
Marketing Executives, Production Executives, Polymer Chemists, Sales Logistics Team and Financial
Executives.
The company’s
manufacturing facilities are at Mumbai and
The company started
its manufacturing activities in the year 1989 in Mumbai and after 1992 started
its manufacturing activities at Plot No. F-18, Street No. 23, MIDC Marol,
Andheri (East), Mumbai – 400 093, which was owned by Empee Pharma Private
Limited in order to expand its activities. BSPL started its 2nd unit
at Kundaim, Goa in November 1995 again further to cope-up with the increased
demand BSPL went for 3rd phase expansion at Verna, Goa in March,
1998 with the physical factory area more than 16000 sq. fts. by virtue of
turnover exceeding Rs. 300 millions, statutorily BSPL was converted into “Britacel Silicones Limited” a deemed Public
Limited Company U/S 43 (2A) of the companies Act, 1956.
Business :
The silicones
manufactured by the company meet the ever changing demands of the Textile
processing industries starting from Micro Emulsions for durability, softness
and superior bouncy effect, Silicone Elastomer for crease recovery and silky
feel, Defoamer for hot spinning and jet dyeing, Body Fillers, Water Repellants,
Printing aids to reactive dyes to name a few.
The company’s fixed
assets of important value include land leasehold, residential premises, factory
building, industrial units (shed I & II), plant & machinery, electrical
instruments, air conditioner, weighing scale, water tank, lab equipment, office
equipment, furniture & fixtures, computer, motor car, scooter, typewriters
and overhead projector.
As per Web
Details :
This principal has taken the company to the Enviable
heights in business & has imparted it an impressive presence in the
domestic as well as global market with an exclusive & wide range of
speciality silicones.
In the daring vision of
The product
developments not only consists of Ultra Modern equipments but also a product
development team comprising of highly qualified and experienced professionals.
The family includes :- Lab Chemists, Technical Executives, Marketing
Executives, Production Executives, Polymer Chemists, Sales Logistic Team &
Financial Executives.
The
Manufacturing facilities are at Mumbai
& Goa with total installed capacity of 2000 tons per
annum. The earnest efforts of the
organisation have yielded in a good range of speciality silicones that are
being manufactured & marketed by it.
The range covers ----Silicone Emulsions, Micro Amino Emulsions, Perfumed Amino Emulsions,
Silicone Elastomers, Amino Silicone Elastomers, Silicone Resins, Silicone Cationics, Water Repellants, Defoamers & Hydrophilic Softeners.
The persistent quest towards Globalization has resulted in acceptance of Britacel products in countries like
Achievements :
Ø
First
to introduce “MICRO EMULSION” in
Ø
First
to create a market for “SILICONE ELASTOMERS” in
Ø
First
to manufacture “HYDROPHILIC SILICONE” with Extra softness for TOWEL INDUSTRIES
Ø
The
largest supplier of “SILICONE EMULSION” in
Ø
First
to introduce : “SILICONE EXHAUSTIBLE SOFTNERS”.
Trade References:
- Wacker Chemie, GmbH
- O G Corporation
- Nahar Industrial Enterprises Limited
21st
Contact Person:
- Abhishekh Industry Limited
E-212,
Contact Person:
- Clariant (
Survey No. 316,
Contact Person:
- ICI (I) Limited
Post
Contact Person:
- Arvind Mills Limited
P O Khatraj,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.34 |
|
|
1 |
Rs.81.81 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
71 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/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 |
|