MIRA
INFORM REPORT
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Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
STERLING AUXILIARIES PRIVATE LIMITED |
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Registered Office : |
301 Marol Bhavan, Marol Co-Operative Industrial Estate, MV
Road, Andheri (East), Mumbai-400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.07.1985 |
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Com. Reg. No.: |
11 - 36959 |
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CIN No.: [Company
Identification No.] |
U74999MH1985PTC036959 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS42830E |
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PAN No.: [Permanent
Account No.] |
AAACS5916Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business to manufacturer, process, refine, manipulate, buy, sell, distribute, imports, export or otherwise deal in the complete range of chemical auxiliaries for cotton, synthetics and synthetic blends, paper, rubber, leather, paints industries. |
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 144068 |
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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 company having satisfactory track records. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payment 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 : |
301 Marol Bhavan, Marol Co-Operative Industrial Estate, MV Road, Andheri (East), Mumbai-400059, Maharashtra, India |
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Tel. No.: |
91-22-28507379 / 5695 2200 |
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Fax No.: |
91-22-8597892 / 28506972 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. L-3, Novapur Road, MIDC, Tarapur – 401506, Boisar, Maharashtra. |
DIRECTORS
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Name : |
Mr. Ajit K. Paretch |
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Designation : |
Director |
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Address : |
E. Asamit Bajaj Road, Vile Parle (West), Mumbai-56 |
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Date of Birth/Age : |
30/12/1949 |
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Date of Appointment : |
24/06/1986 |
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Name : |
Mr. Vishal S. Goenka |
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Designation : |
Director |
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Address : |
20, Vinayak Kunj, 12th Road, JVPD Scheme, Vile Parle (West), Mumbai – 49 |
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Date of Birth/Age : |
11/04/1972 |
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Date of Appointment : |
05/10/2000 |
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Name : |
Mr. Anish R. Goenka |
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Designation : |
Director |
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Address : |
20, Vinayak Kunj, 12th Road, JVPD Scheme, Vile Parle (West), Mumbai – 49 |
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Date of Birth/Age : |
04/06/1977 |
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Date of Appointment : |
05/10/2000 |
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Name : |
Mr. Beniprasad G. Goenka |
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Designation : |
Director |
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Address : |
20, Vinayak Kunj, 12th Road, JVPD Scheme, Vile Parle (West), Mumbai – 49 |
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Date of Birth/Age : |
05/10/1977 |
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Date of Appointment : |
05/10/2000 |
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Name : |
Mr. Amita Ajit Parekh |
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Designation : |
Director |
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Name : |
Mr. Premanjur R. Chola |
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Designation : |
Director |
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Name : |
Mr. Bhushan B. Parekh |
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Designation : |
Director |
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Name : |
VMR and Associates |
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Designation : |
Company Secretary |
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Address : |
Mumbai - 400090 |
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Name : |
Mr. Naresh Prakashchand Aggarwal |
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Designation : |
Additional Director |
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Address : |
Plot no. 20, Rajkamal Apartment Church Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra |
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Date of Birth/Age : |
28/03/1951 |
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Date of Appointment : |
22/01/2007 |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Bodies corporate |
45.00 |
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2 |
Directors or relative of directors |
29.95 |
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3 |
Other top fifty (50) shareholders |
25.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business to manufacturer, process, refine, manipulate, buy, sell, distribute, imports, export or otherwise deal in the complete range of chemical auxiliaries for cotton, synthetics and synthetic blends, paper, rubber, leather, paints industries. |
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Products : |
Surfact Active Agent (Ethylene Oxide Condensates) |
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PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Ethylene Oxide Condensates |
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5000 |
3392.389 |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
· Saraswat Co-Operative Bank Limited Fort Branch, Fort, Mumbai – 400001 · Bank of India Boisar Branch, Boisar – 401506 · Citi Bank Fort Branch, Fort, Mumbai – 400001 · Citi Bank Address: CITI Business, CITI Bank Centre, 2nd Floor, Bandra Kurla Complex Bandra (East), Mumbai – 51 Email: vindo.raghavan@citigroup.com |
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Facilities : |
· Saraswat Co-Operative Bank Limited Dr. D. B. Marge, Mumbai –400007 22/07/1992 Cash Credit : Rs. 0.465 millions (Hypothecation of movable property ) · Citi Bank Bandra (East), Mumbai – 51 Email: vindo.raghavan@citigroup.com 16/04/2001 Cash Credit: Rs. 2.500 millions (Hypothecation of Stocks, Book Debts, furniture, Plant and Machinery). |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Parikh and Shah Chartered Accountants |
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Address : |
Bhupati Chembers , 1st Floor, Mathew Road, Opera House, Mumbai-400004 |
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Tel. No.: |
91-22-23630259 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs. 100/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity shares |
Rs. 100/-
each |
Rs. 1.000
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
35.017 |
34.655 |
26.766 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.017 |
35.655 |
27.766 |
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LOAN FUNDS |
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1] Secured Loans |
33.937 |
0.000 |
11.747 |
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2] Unsecured Loans |
86.891 |
89.975 |
50.369 |
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TOTAL BORROWING |
120.828 |
89.975 |
62.116 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
156.845 |
125.630 |
89.882 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.846 |
20.558 |
16.127 |
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Capital work-in-progress |
0.000 |
0.000 |
4.167 |
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INVESTMENT |
0.030 |
0.030 |
0.030 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.771
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23.005 |
11.267
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Sundry Debtors |
98.456
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79.482 |
58.573
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Cash & Bank Balances |
3.847
|
3.413 |
2.302
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
29.327
|
19.651 |
15.738 |
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Total
Current Assets |
164.401
|
125.551 |
87.880 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
28.821
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|
18.322 |
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Provisions |
1.611
|
1.200 |
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Total
Current Liabilities |
30.432
|
20.509 |
18.322 |
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Net Current Assets |
133.969
|
105.042 |
69.558
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
156.845 |
125.630 |
89.882 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover
|
375.746 |
313.148 |
204.281 |
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Other Income
|
0.000 |
0.000 |
0.000 |
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Total Income
|
375.746 |
313.148 |
204.281 |
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Profit/(Loss) Before Tax
|
1.106 |
8.807 |
3.515 |
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Provision for Taxation
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0.000 |
0.000 |
0.280 |
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Profit/(Loss) After Tax
|
1.106 |
8.807 |
3.235 |
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Import Value
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0.000 |
0.000 |
21.880 |
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Export Value
|
15.723 |
16.866 |
5.680 |
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Expenditures : |
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Interest |
5.983 |
1.408 |
0.000 |
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Depreciation & Amortization |
1.434 |
1.201 |
0.000 |
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Other Expenditure |
367.223 |
301.732 |
0.000 |
Total Expenditure
|
374.640 |
304.341 |
200.766 |
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KEY RATIOS
PARTICULARS
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|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
|
0.29
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2.81
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1.58
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Net Profit Margin
(PBT/Sales) |
(%) |
0.29
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2.81
|
1.72
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
0.59
|
6.02
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3.37
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Return on Investment (ROI)
(PBT/Networth) |
|
0.03
|
0.24
|
0.13
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Debt Equity Ratio
(Total
Liability/Networth) |
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4.19
|
3.09 |
2.89
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Current Ratio
(Current
Asset/Current Liability) |
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5.40
|
6.12 |
4.80
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LOCAL AGENCY
FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U74999MH1985PTC036959 |
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Name of the company |
STERLING AUXILIARIES PRIVATE LIMITED |
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Address |
301 Marol Bhavan, Marol
Co-Operative Industrial Estate, MV Road, Andheri (East), Mumbai-400059,
Maharashtra, India |
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This Form is for |
Modification of charges |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
|
CITI Bank NA Address: CITI Business, CITI Bank Centre, 2nd Floor, Bandra Kurla
Complex, Bandra (East), Mumbai – 400 051, Maharashtra Email: vindo.raghavan@citigroup.com |
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Amount Secure by the charge |
Rs. 10.000 millions |
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Description of the property charge whether it is a charge on |
· Plant and machinery · Furniture and fixtures · Book debts · Stock in Trade |
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Modification charge Charge identification number of the charge to be modified |
90188961 |
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Date of instrument modifying the charge |
04.05.2006 |
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Name of the
company |
STERLING AUXILIARIES PRIVATE LIMITED |
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Presented
By |
Ajit K Parekh,
Whole time Director |
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1) Date and
description of instrument creating the change |
Goods Security
Agreement dated 13.04.2001 executed by M/s Sterling Auxiliaries Private
limited. (hereinafter referred to as Company) in favour of Citibank N.A
(hereinafter referred to as ‘the Lender’) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Cash Credit Facilities for Rs. 7.500
millions and Sight / Usance LC for Rs. 2.500 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
stocks, book debts, plant and machinery, computer, electric fittings, air
conditioners, furniture and fixtures forming part of its assets both present
and future. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
·
In
consideration of the lender having agrees to lend advance to the company,
Cash credit facilities and sight / Usance LCs under agreement and declaration
by the Company, interalia, as follows: ·
Convenant by
the company to repay the facility at above and pay interest and all other
monies in the manner set out in the goods Security Agreement between the
Company and the Lender and to comply with the terms and conditions of the
said goods Security Agreement. ·
The said
stocks, Book debts, Plant and machinery, computers, electric fittings, air
conditioners, furniture and fixtures hypothecated, to the Lender as and by
way of First charge as security for and be charged with the repayment of the
loan with all interest, liquidated, damages, premia on prepayment or on
redemption, costs, charges and other expenses payable by the company to the
lender in respect thereof. ·
The company
to keep the said goods in marketable and good condition and also insured as
provided therein. ·
Power of
entry, power to take charge and / or possession of seize, recover, receive,
appoint and sell , contract, dispatch fro realization or otherwise dispose of
deal with all or any part of the said goods, etc, as provided therein. |
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5) Name and
Address and description of the person entitled to the charge. |
CITI Bank NA Address: Bandra Kurla Complex, G – Block
Bandra (East), Mumbai – 400 051, Maharashtra |
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6) Date and brief description of instrument
modifying the charge |
Deed of Modification dated 18.11.2005 relating to increase in credit facilities. |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
· Deed of Modification dated 13.10.2003 for Rs. 17.000 millions · Deed of modification dated 25.11.2003 for Rs. 35.000 millions ·
Deed of Modification dated 23.11.2004 for Rs. 45.000
millions |
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8) Particular of
modification specifying the terms, conditions or the extent of operation of
the charge in which modification is made, and the details of the modification |
The Original Charge was created on 16.04.2001 fro securing Rs. 10.000 millions which was modified on 13.10.2003 for Rs. 17.000 millions which was further modified on 25.11.2003 for Rs. 35.000 millions which was further modified on 23.11.2004 for Rs. 45.000 millions hypothecated by way of first exclusive charge on stocks, book debts and plant and machinery forming part of current and movable fixed assets both present and future. The Bank has now extended additional the facilities to the Company and made a new deed of Modification dated 18.11.2005 to the extent of Rs. 65.000 millions Which is an increase of Rs. 20.000 millions against the said current and movable fixed assets (including stocks and book debts and plant and machinery) Hypothecated by way of First exclusive Charge to the Lender both present and future. All others terms and conditions as per original Goods Security Agreement remain unchanged. |
Fixed Assets:
· Leasehold land,
· Plant and Machinery,
· Furniture and Fixtures,
· Factory Building,
· Computers,
· Motor Car.
OTHER INFORMATION:
Company Profile
Incorporated in the year 1984, subject has grown to
become one of the modern and leading Producer of Speciality Chemicals in India.
The company started manufacturing activity in May 1984. Ever since, a wide
range of product have been manufactured and marketed successfully. Their
manufacturing facility is dedicated to the Production to the Production of
Ethylene Oxide condensates and Propylene Oxide condensates, producing
Emulsifiers and surfactants for varied industries like Metal
Finishing, Agro Industries, Textile
Industries, Leather chemicals, Pharma, Oil refineries and many more. A company
having installed capacity of over 10, 000 MT. per annum. The company has a most
modern and sophisticated EO/PO processing plant.
Their confidence is boosted by
customers like CLARIANT, ICI, COGNIS, BASF & ARTEK etc. With a modern
sophisticated Machinery, well equipped R&D and ethical aggressive marketing
they wish to attain leadership in their area.
Product Range
2. Pharmaceutical
Cosmetic And Food Industries
3. Paints,
Pigments And Ink Industries
5. Electroplating
- Metal Finishing & Anti Corrosion
7. Speciality
Emulsifiers & Wetting Agents
8. Anti - Oxydents
Technical
Capabilities
· Exthoxylation
·
Propoxylation
·
Phosphate
Esters
·
Sulphation
·
Sulphosuccinate
·
Epoxydation
·
Esterification
·
Polymerisation
·
Block
Co-Polymers
·
Glycol Ethers
·
Amides /
Imidazolins
Plant & Equipment
· Karl Fischer
· Auto Titrate
· Viscometers
· Gas Chromatography
· HPLC
· R.L
· UV
·
100 - 250 ml glass distillation units from 1 lts - 80
lts ( complete SS Reactors )
Industrial Capabilities
· Agro Pesticide Industry
· Textile
· Paint
· Pigment
· Printing Ink
· Paper & Pulp
· Petroleum
· Lubricant
· Perfumery
· Fertilizer
· Explosive
· Poultry
· Dyes
· Adhesive
· Auxiliary Chemical
· Mining
· Refinery
· Lub Additive
· Water Treatment
· Cosmetics & Personal Care
· Pharma
·
Other Industries
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.37 |
|
UK Pound |
1 |
Rs.81.82 |
|
Euro |
1 |
Rs.56.83 |
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 |
|