MIRA INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SONAL PLASRUB INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
3, Giri Kunj, M G kross Road, Extn. No. 4, Behind Patel Nagar, Kandivali ( West ), Mumbai – 400 067, Maharashtra |
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Country : |
India |
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Financials (as on) : |
30.09.2007 ( Provisional ) |
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Date of Incorporation : |
13.07.1987 |
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Com. Reg. No.: |
044045 |
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CIN No.: [Company
Identification No.] |
U51900MH1987PTC044045 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS39964B |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Unknown |
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Comments : |
Subject has substantial accumulated losses. It’s payments are slow and
delayed. It should be considered for any business dealings on safe and secured trade
terms and conditions. |
LOCATIONS
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Registered Office : |
3, Giri Kunj, M G kross Road, Extn. No. 4, Behind Patel Nagar, Kandivali ( West ), Mumbai – 400 067, Maharashtra |
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Tel. No.: |
91-22-28064278 / 28628777 |
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Fax No.: |
91-22-28092438 / 28623470 |
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E-Mail : |
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Website : |
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Factory 1 : |
L – 25, M.I.D.C., Tarapur Industrial Area, 65, Boisar – 401 506,
Maharashtra, India |
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Tel. No.: |
91-2525-273980 / 2703213 |
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Fax No.: |
91-2525-270324 |
DIRECTORS
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Name : |
Mr. Anil Manish Purecha |
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Designation : |
Director |
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Address : |
602/ A, Gokul Nagar, Behind Parekh Nagar, S V Road, Kandivali ( West
), Mumbai – 400 067, Maharashtra, India |
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Date of Birth/Age : |
30.10.1975 |
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Date of Appointment : |
30.03.1997 |
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Name : |
Mr. Prashant Keshavji Purecha |
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Designation : |
Director |
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Address : |
3, Girikunj, M S Cross Road No.- 4, Kandivali ( West ), Mumbai – 400
067, Maharashtra, India |
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Date of Birth/Age : |
19.12.1962 |
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Date of Appointment : |
30.03.1997 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mrs. Roopa P Purecha Mr. Prabodh K Purecha |
970 |
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Mr. Prabodh K Purecha Mrs. Roopa P Purecha |
1700 |
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Mrs. Bansari P Purecha Mr. Prashant K Purecha |
1000 |
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Mr. Prashant K Purecha Mrs. Bansari P Purecha |
1000 |
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Mr. Anil K Purecha Mrs. Minaxi A Purecha |
380 |
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Mr. Anil K Purecha Mr. Manish A Purecha |
500 |
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Mr. Anil k Purecha Mrs. Minaxi A Purecha |
1000 |
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Mr. Anil k Purecha Mrs. Minaxi A Purecha |
50 |
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Mr. Anil k Purecha Mrs. Minaxi A Purecha |
150 |
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Mr. Jigar Mahesh Torpani |
600 |
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Ms. Rakhee Prabodh Purecha |
600 |
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Priyanka Enterprises |
50 |
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Total |
8000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals |
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Exports : |
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Countries : |
v USA v France v Germany v China v Korea v Brazil |
GENERAL
INFORMATION
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No. of Employees : |
60 |
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Bankers : |
v The Kapol Co
Operative Bank Limited 1402/03, Dalamal
Tower 211, Nariman Point, Mumbai – 400 021 v UTI Bank N.A.
Mumbai v ICICI Bank
Mumbai |
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Auditors : |
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Name : |
J H Shetty and Company Chartered Accountants |
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Banking
Relations : |
Unknown |
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Associates/Subsidiaries : |
Carp Fine Chem Line of business : Manufacturer of Chemicals |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000 |
Equity Shares |
Rs. 100 each |
Rs. 0.800 Million |
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2000 |
Preference Shares |
Rs. 100 each |
Rs. 0.200 Million |
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Total |
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Rs. 1.000
Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000 |
Equity Shares |
Rs. 100 each |
Rs. 0.800
Million |
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Total |
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Rs. 0.800 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
01.04.2007 to
30.09.2007 ( Provisional) |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.800 |
0.800 |
0.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.015 |
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3] Reserves & Surplus |
2.844 |
2.844 |
2.844 |
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4] (Accumulated Losses) |
(18.366) |
(15.905) |
(10.632) |
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NETWORTH |
(14.722) |
(12.261) |
(6.973) |
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LOAN FUNDS |
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1] Secured Loans |
3.283 |
4.413 |
3.923 |
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2] Unsecured Loans 3] Bank Overdraft |
20.982 6.839 |
13.641 0.000 |
11.751 0.000 |
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TOTAL BORROWING |
31.104 |
18.054 |
15.674 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.382 |
5.793 |
8.701 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.440 |
9.226 |
3.694 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.102 |
0.101 |
0.102 |
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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 |
13.888
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10.245 |
6.804 |
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Sundry Debtors |
12.380
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8.267 |
6.875 |
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Cash & Bank Balances |
1.627
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0.877 |
0.080 |
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Deposits |
0.406
|
1.357 |
3.236 |
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Loans & Advances |
2.751
|
0.072 |
0.070 |
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Total
Current Assets |
31.052
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20.818 |
17.065 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities and Provisions |
31.403
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24.352 |
12.160 |
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Total
Current Liabilities |
31.403
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24.352 |
12.160 |
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Net Current Assets |
(0.315)
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(3.534) |
4.905 |
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MISCELLANEOUS EXPENSES |
0.155 |
0.000 |
0.000 |
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TOTAL |
16.382 |
5.793 |
8.701 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
01.04.2007 to
30.09.2007 ( Provisional) |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
29.460 |
49.866 |
23.721 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
29.460 |
49.866 |
23.721 |
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Profit/(Loss) Before Tax |
3.745 |
(5.287) |
(7.657) |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
3.745 |
(5.287) |
(7.657) |
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Expenditures : |
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Interest |
0.640 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.000 |
1.295 |
0.670 |
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Other Expenditure |
3.655 |
55.448 |
30.709 |
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Total Expenditure |
4.295 |
55.153 |
31.379 |
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KEY RATIOS
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PARTICULARS |
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01.04.2007 to
30.09.2007 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
12.71
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(10.60) |
(32.27) |
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Net Profit Margin (PBT/Sales) |
(%) |
12.71
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(10.60) |
(32.27) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.88
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(17.59) |
(36.88) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.25)
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(0.43) |
(1.09) |
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Debt Equity Ratio (Total Liability/Networth) |
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(2.13)
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(1.986) |
(1.74) |
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Current Ratio (Current Asset/Current Liability) |
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0.98
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0.11 |
1.40 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
M/S SONAL PLASRUB
INDUSTRIES PRIVATE LIMITESD |
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Presented
By |
Mr. Prashant
Keshavji Purecha |
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1) Date and description of instrument creating the change |
26.09.2003 Mortgage of land
and Factory building and Hypothecation of Plant and Machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000
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 |
As Per Agreement
of Hypothecation of movable Property, Book Debts and Tangible All movable
Property. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit and
book Debts against Stock and Sundry Debtors |
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5) Name and Address and description of the person entitled to the charge. |
The Kapol Co
Operative Bank Limited 1402/03 Dalamal
Towers 211, Nariman Point, Mumbai - 400 021 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
WEBSITE DETAILS ATTACHED:
About Them :
The subject was established in 1997..with the determination and positive approach of the Purecha Brothers the group established Maneksha Pharmachem in and then got an even better market hold with establishing Sonal Plasrub Industries Pvt.Ltd.
They specialize in Fine Chemicals, Specialty Chemicals and Bromination Compounds. As one of India's leading chemical manufacturing companies the subject Group has an excellent and modernly equipped R and D dept. Their company's future is one of leadership in a widening spectrum of Specialty market. Their goal is to continue to grow profitably through focused marketing, superior product and application development and unexcelled service.
At the subject they are banking for the future by achieving excellence and specialty today.
To meet the purchaser need in today's complex chemical market, their diverse services provide their customers with unparallel flexibility and responsiveness.
Their unique integrated manufacturing capabilities enable us to control every step of the manufacturing process, ensuring their customers a superior, high quality end product.
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 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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 39.37 |
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UK Pound |
1 |
Rs. 81.82 |
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Euro |
1 |
Rs. 56.83 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
1 |
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OPERATING SCALE |
1~10 |
1 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
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10 |
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. |
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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