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MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SEPULCHRE BROTHER ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.05.1941 |
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Com. Reg. No.: |
003338 |
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CIN No.: [Company
Identification No.] |
U51109MH1941PTC003338 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS38942B |
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PAN No.: [Permanent
Account No.] |
AAACS5307D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject act as an indenting agent |
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 127324 |
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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.
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 : |
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Tel. No.: |
91-22-22071871/2/3 |
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Fax No.: |
91-22-22073176 |
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E-Mail : |
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Website : |
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Chennai Office : |
Vanguard House, 48 Second Line Beach, |
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Tel. No.: |
91 – 44 - 2534 2046 /1830 |
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Fax No.: |
91 - 44-2534 2478 |
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E-Mail : |
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Kolkata Office : |
171/D, |
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Tel. No.: |
91 - 33 - 2440 9310 /11 |
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Fax No.: |
91 - 33 - 2440 9309 |
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E-Mail : |
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308, Padma Tower I, 5, Rajendra Place, Pusa Road, New Delhi - 110 008. |
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Tel. No.: |
91 - 11 - 2571 0733, 2575 2504 |
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Fax No.: |
91 - 11 - 2575 2141 |
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E-Mail : |
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Tel. No.: |
91 - 80 - 2509 2011 |
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Fax No.: |
91 – 80 -2666 0718 |
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E-Mail : |
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DIRECTORS
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Name : |
MR. Govind H. Mathrani |
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Designation : |
Director |
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Address : |
Orchids Co – Op Hsg Society, Flat A 5, |
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Date of Birth/Age : |
18.09.1926 |
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Date of Appointment : |
29.12.1989 |
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Name : |
Mr. Pooran G. Tahilramaney |
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Designation : |
Director |
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Address : |
301, White House Off: |
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Date of Birth/Age : |
14.04.1928 |
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Date of Appointment : |
25.01.1966 |
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Name : |
Mr. Anil P. Tahilramaney |
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Designation : |
Director |
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Address : |
301, White House Off: |
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Date of Birth/Age : |
16.03.1962 |
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Date of Appointment : |
02.09.1996 |
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Name : |
Mr. Ravindra Kak |
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Designation : |
Director |
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Address : |
18 – A/ 12, Manish Nagar, Four Bungalows, Andheri (West), Mumbai –
400053, |
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Date of Birth/Age : |
15.03.1939 |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Harish Shankerlal Shah |
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Designation : |
Director |
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Address : |
11, Mayuri, 22, |
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Date of Birth/Age : |
17.01.1957 |
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Date of Appointment : |
06.11.2004 |
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Name : |
Mr. Madhav Krishna Soman |
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Designation : |
Director |
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Address : |
Chaitanya, Plot No. 90, National Co – Op. Housing Society, Baner Road,
Aundh, Pune – 411007, Maharashtra |
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Date of Birth/Age : |
29.05.1931 |
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Date of Appointment : |
09.11.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Anil P. Tahilramaney |
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3600 |
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Mrs. Mona P. Tahilramaney |
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9600 |
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Mrs. Jyoti P. Tahilramaney |
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8100 |
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Category |
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Percentage of
Holding |
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Director of Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject act as an indenting agent |
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GENERAL INFORMATION
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Bankers : |
Not Applicable |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sridhar and Santhanam Chartered Accountants |
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Address : |
406, Madhava, Bandra Kurla Complex, Bandra (East), Mumbai – 400001, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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240000 |
Equity Shares |
Rs.10/- each |
Rs.2.400
millions |
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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2.400 |
2.400 |
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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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29.431 |
28.461 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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31.831 |
30.861 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.038 |
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TOTAL |
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31.831 |
30.899 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.104 |
3.227 |
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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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10.179 |
6.019 |
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DEFERREX TAX ASSETS |
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0.118 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.366 |
3.981 |
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Sundry Debtors |
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7.743 |
6.204 |
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Cash & Bank Balances |
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14.820 |
17.185 |
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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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3.938 |
4.295 |
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Total
Current Assets |
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28.867 |
31.665 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.017 |
7.275 |
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Provisions |
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3.420 |
2.737 |
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Total
Current Liabilities |
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11.437 |
10.012 |
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Net Current Assets |
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17.430 |
21.653 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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31.831 |
30.899 |
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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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80.000 |
60.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.35 |
0.32 |
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Current Ratio (Current Asset/Current Liability) |
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2.52 |
3.16 |
LOCAL AGENCY FURTHER INFORMATION
Company profile:
Subject is, a multi-locational professionally managed marketing organization was
incorporated in 1941, as an Indo-Belgian joint venture by Subject Freres of Belgium with Indian
partners.
Subject role in marketing
highly specialized polymers and performance elastomers over decades has been
its strongest feature, making it one of the leading players in the rubber and
plastic industry.
Subject long-standing technical expertise and
exceptional service to the industry has helped it develop many strategic global
and local principals along with a large customer base.
As indenting agents they market high quality products, assist our end-users to
choose the right products and also provide them with the necessary after sales
service. A wide range of products coupled with dedicated competent team, they
are committed to strive relentlessly in improving ourselves keeping in touch
with the constant changes that occur in the industry.
The company’s reputation for honest and professional ethics, built over
decades, is time tested and proven in all our business transactions. They
keenly strive to be the one stop shop for all our customer’s needs.
History
For years they
represented many large multi-nationals for marketing various industrial
raw-materials like Polysar SA,
In Process Technology Transfers they represented Haldor Topsoe S.A., Holland
for technology transfer and setting up of ammonia based fertilizer plants; Oxy
Vinyls Lisencing Divn.
(Erstwhile B.F. Goodrich and thereafter Geon
Company,
For Polysar SA, Switzerland they handled Butyl Rubber, Halobutyl Rubber, etc
for 40 years out of the company’s existence of 45 years before it was taken
over by Bayer AG worldwide and did annual sales in the region of US$ 18.9
million for Butyl Rubber, US$ 3 million for Nitrile Rubber and US$ 0.3 million
for Halobutyl Rubber during our last few years of representation. Our
principal’s share at that time was the largest in the region of around 65%. Subject also
did annual sales in the region
of US$ 15 million for Union Miniere and
US$12 million for Gecamines Commerciale during our last few years of
representation.
Applications
Automative
The hot and hostile operating environment of today's hotter running vehicles
has created real performance challenges that Dyneon™ Flouroelastomers are commonly used in fuel
systems applications because of their excellent permeation resistance and chemical
resistance to a broad variety of fuels and long-term durability. Processing
additives from Performance Additives and MT Black from Cancarb are used in tyre
and tube application.
Oil and Gas
Dyneon™ offers a variety
of sealing and containment solutions for aggressive environment in oil and gas
down hole applications.
Aerospace
Over the year Dyneon™ Flouroelastomers have led the way in
aerospace applications where reliability, maximum temperature stability and
excellent chemical and compression set resistance are very important
.
Chemical Processing
Dyneon™ Flouroelastomers
and BREs are used in the chemical industry predominantly for sealing and
packing providing long term protection against high temperature and corrosive
chemicals.
Electrical and Electronic
Engineering
Dyneon™ PTFE and
Fluorothermoplastics are having excellent electric constant, high thermal
stability and flame resistance properties are used in the Electical and
Electronic Engineering industry in a big way.
Semiconductor
Dyneon™ TEM PTFE and PFA
are well suited for use in manufacturing equipments for semiconductor industry
due to its ultra smooth surfaces enabling reduced wash, rinse and dry cycles
and exceptionally low ion extratables
Principles
¨ Dyneon
¨ Cancarb
¨ Nantex
¨ Zhenjiang Wholemark Fine Chemical Co.Ltd.
¨ Montech
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.40.53 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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51 |
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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