MIRA
INFORM REPORT
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Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SUPRAVENI CHEMICALS PRIVATE LIMITED |
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Registered Office : |
‘SURAM’ 11th Cross, Street Anthony’s School Road End, Ramamurthy
Nagar, Bangalore– 560016, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.11.2003 |
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Com. Reg. No.: |
08-32925 |
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CIN No.: [Company
Identification No.] |
U02411KA2003PTC032925 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS18803B |
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Legal Form : |
Private Limited Liability Company.
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Line of Business : |
Manufacturer, exporter and supplier of Industrial Chemicals like Battery
Chemicals, Laboratory Chemicals and Pharma Industry Chemicals. |
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 21000 |
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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 experience 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 : |
‘SURAM’ 11th Cross, St. Anthony’s School Road End, Ramamurthy
Nagar, Bangalore– 560016, Karnataka, India
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E-Mail : |
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Corporate Office : |
Plot No. 8C1, II Cross, KIADB Industrial Area, Kadugodi, |
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Tel. No.: |
91-80-28455690 / 28455692 |
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Fax No.: |
91-80-28455691 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. V. Somasundaram |
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Designation : |
Director |
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Address : |
‘SURAM’ 11th Cross, St. Anthony’s School Road End,
Ramamurthy Nagar, Bangalore, Karnataka – 560016 |
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Date of Birth/Age : |
13.03.1951 |
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Date of Appointment : |
27.11.2003 |
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Name : |
Mrs. Sugadha Somasundaram |
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Designation : |
Director |
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Address : |
‘SURAM’ 11th Cross, St. Anthony’s School Road End,
Ramamurthy Nagar, Bangalore, Karnataka – 560016 |
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Date of Birth/Age : |
11.02.1962 |
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Date of Appointment : |
27.11.2003 |
KEY EXECUTIVES
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Name : |
Mr. R Parthasarathi |
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Designation : |
Company Secretary |
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Tel No. : |
91-80-22266266 |
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Fax No. : |
91-9341219203 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. V. Somasundaram |
500 |
50.00 |
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Mrs. Sugadha Somasundaram |
500 |
50.00 |
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Total |
1000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, exporter and supplier of Industrial Chemicals like Battery
Chemicals, Laboratory Chemicals and Pharma Industry Chemicals. |
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Products : |
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PRODUCTION STATUS
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Particulars |
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Production
Capacity Per Mth |
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Chemicals for
lead acid batteries: |
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1. Sulphuric acid |
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900 MT |
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2. Sodium Sulphate |
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20 MT |
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3. Barium Sulphate |
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20 MT |
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Chemicals for
Nickel Cadmium Batteries: |
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1. Nickel nitrate |
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20 MT |
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2. Nickel Sulphate |
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10 MT |
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3. Nickel hydroxide |
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3 MT |
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4. Cadmium Nitrate |
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10 MT |
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5. Cadmium hydroxide |
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3 MT |
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6. Cadmium oxide |
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5 MT |
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7. Cobalt nitrate |
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1 MT |
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8. Cobalt Sulphate |
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1 MT |
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9. Barium Hydroxide |
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10 MT |
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10. Lethium Carbonate |
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2 MT |
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11. Lethium Nitrate |
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2 MT |
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12. Lethium Chlorides / Solution |
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2 MT |
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13. Lethium Hydroxide Paste |
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2 MT |
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Chemicals for
Electroplating and PCB industries: |
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1.Nickel Sulphate |
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10 MT |
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2. Nickel chloride |
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1 MT |
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3. Nickel carbonate |
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1 MT |
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4. Sodium potassium tart rate |
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5 MT |
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5. Ammonium per Sulphate |
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2 MT |
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6. Silver Potassium cyanide |
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100 kg |
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7. Silver cyanide |
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100 kg |
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Chemicals for
Laboratories, research and electronic industries: |
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1. Isopropyl alcohol |
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10,000 liters |
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2. Acetone |
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10,000 liters |
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3. methanol |
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10,000 liters |
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4. Trichloro Ethane |
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5,000 liters |
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5. Methylene Chloride |
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5,000 liters |
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6. Cyclo hexanone |
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5,000 liters |
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7. Xylene |
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5,000 liters |
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8. Toluene |
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5,000 liters |
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9. Hydrochloric acid |
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10 MT |
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10. Sulphuric acid |
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5 MT |
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11. Nitric acid |
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10 MT |
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12. Hydrofluoric acid |
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1 MT |
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Chemicals for
Pharma industries: |
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1. Potassium Sulphate |
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15 MT |
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2. Zinc Sulphate |
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15 MT |
GENERAL INFORMATION
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Bankers : |
Canara Bank SSI Branch, |
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Facilities : |
Secured Loans as on 31.03.2006 – Rs. 9.786 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S M Chandrashekar Chartered Accountant |
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Address : |
186 / 8, 1 floor, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs. 100.00
each |
Rs. 0.100
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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3.850 |
0.100 |
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2] Share Application Money |
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0.200 |
0.000 |
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3] Reserves & Surplus |
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1.224 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
[0.011] |
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NETWORTH |
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5.274 |
0.089 |
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LOAN FUNDS |
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1] Secured Loans |
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9.786 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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9.786 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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15.060 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.396 |
0.000 |
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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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3.276 |
0.000 |
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Sundry Debtors |
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9.650 |
0.000 |
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Cash & Bank Balances |
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0.058 |
0.000 |
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Other Current Assets |
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1.929 |
0.068 |
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Loans & Advances |
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1.288 |
0.000 |
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Total
Current Assets |
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16.201 |
0.068 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.086 |
0.000 |
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Provisions |
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1.477 |
0.008 |
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Total
Current Liabilities |
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5.563 |
0.008 |
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Net Current Assets |
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10.638 |
0.060 |
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MISCELLANEOUS EXPENSES |
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0.026 |
0.029 |
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TOTAL |
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15.060 |
0.089 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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48.084 |
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Total Income |
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48.084 |
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Profit/(Loss) Before Tax |
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2.289 |
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Provision for Taxation |
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1.054 |
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Profit/(Loss) After Tax |
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1.235 |
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Total Expenditure |
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45.795 |
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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2.56 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.76 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.11 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.43 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.87 |
0.09 |
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Current Ratio (Current Asset/Current Liability) |
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2.91 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
SUPRAVENI
CHEMICALS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
12.01.2006 Deed of
Hypothecation re: Machinery Agreement re:
Collaeral Security : Machinery; Vehicles Cash Credit
Agreement Hypothecation
Agreement of goods and Book Debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.500
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 |
Hypothecation of
machinery proposed to be purchased viz., SS tankar, Attlement Treatment Plant
and existing machinery as per list to Deed of Hypothecation Re: machinery; Hypothecation of
machinery proposed to be purchased viz., SS Tankar, Effluent Treatment Plant;
Office Furniture and fixtures and existing machinery as per list to Agreement
Re: Collateral Security: machinery vehicles; Whole of the
present and future stocks of raw materials, goods in process of manufacture
and all finished and manufactured goods and articles such as Industrial
Articles, chemicals etc. All present and
future book debts, outstanding monies, receivables, claims, bills etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
@ 9.50 % p.a. for OCC; 9.75% p.a. for TL Repayable of TL 32 monthly
installments of Rs. 0.045 millions and last installments of Rs. 0.044
millions first of such installment shall commence from April 2006. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank SSI Branch, |
WEBSITE DETAILS ATTACHED:
Subject was started in the year 1990 by Mrs. Sugadha Somasundaram with
the help of her husband Mr. V. Somasundaram, and since then they have been
crossing milestones of success and scaling new heights. The firm started as a manufacturer of special
Paint remover and Chemicals for PCB assemblies later started manufacturing
material like Nickel Cadmium and Cobalt Salts used in manufacture of Nickel
Cadmium Batteries.
During 1994, Mr. V. Somasundaram started new organization naming it Mr.
Surveni Chemicals to dilute and supply battery grade sulfuric acid to lead acid
battery manufacturers. During the course
various chemicals like sodium Sulphate and Barium Sulphate used in lead acid
batteries were developed and marketed by M/s Suprachem Industries. The sales of M/s Suprachem Industries and M/s
Surveni Chemicals together crossed sale of Rs.50.00 millions during the year
2004-05. Then they decided to merge this
Organization to form a Private Limited Company under the name of the concern.
Mr. V. Somasundaram was appointed as Chairman and Executive Director and
Mrs. V. Somasundaram as managing Director of company and started functioning
from 15.04.2005 manufacturing various chemicals, which was hither to
manufacture by M/s Suprachem Industries and m/s Surveni Chemicals.
Competitive Edge:
Their prime focus is on providing best quality to their clients. The economical approach along with the
excellent quality of their industry specific chemicals like leas acid
batteries, Nickel Cadmium Batteries, Electroplating and PCB industries,
laboratories, research and electronic industries, Pharma industries, has given
us credibility and long-term relationship in the market. They are synonymous to
the word Perfect! When it comes to cost
and quality at the same time, M/s Suprachem Industries is the name to bank
upon.
Product Details:
- Chemicals for lead acid batteries: They are
specialized in chemicals used in Battery Industries. They supply the
chemicals like Sulphuric acid, Sodium Sulphate, Barium Sulphate to Lead
Acid manufacturers.
- Chemicals for Nickel Cadmium Batteries: The
nickel-cadmium battery and Lethium batteries are popular rechargeable
batteries using the salts like Nickel (Ni) and Cadmium (Cd) as the active
materials. They are sometimes used as
a replacement for primary cells, such as heavy duty or alkaline. In addition, especially NiCd batteries
have a niche market in the area of cordless and wireless telephones
emergency lighting, as well as power tools. Due to their beneficial weight
/ energy ratio as compared to lead based technologies and good service
lifetimes, nickel-cadmium batteries of large capacities with a wet
electrolyte (wet Ni Cds) are used for electric cars and as start batteries
for aero planes.
- Chemicals for Electroplating and PCB
industries
- Chemicals for Laboratories, research and
electronic industries.
- Chemicals for Pharma industries
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. 40.93 |
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|
1 |
Rs. 81.20 |
|
Euro |
1 |
Rs. 55.42 |
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 |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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 |
|
|
>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 |
|