MIRA
INFORM REPORT
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Report Date : |
25.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SABOO COATINGS LIMITED |
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Formerly Known As : |
SABOO BRALAC LABORATORIES LIMITED |
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Registered Office : |
SCO 88, 89 Sector 8 C, Madhya Marg, Chandigarh-160018, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.09.1994 |
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Com. Reg. No.: |
53-15100 |
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CIN No.: [Company
Identification No.] |
L24231CH1994PLC015100 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers of coatings
paints lacquers industrial coatings |
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 96000 |
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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. Trade relations are
fair. Business is active. The company hard incurred a loss FY2006-07 but this
does not scan to feet its financial position. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
SCO 88, 89 Sector 8 C, Madhya Marg, Chandigarh-160018, Haryana, India |
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Tel. No.: |
91-172-2548223/ 24/ 27/ 2544378/ 79 |
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Fax No.: |
91-172-548302 |
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E-Mail : |
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Factory : |
Haibatpur Road, Derabassi-140507, Punjab, India |
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Tel. No.: |
91-1762-522111/ 522101/ 522107 |
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Fax No.: |
91-1762-285953/ 522110 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Subhash Chandra |
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Designation : |
Whole-time Director |
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Address : |
Flat No. 42, GH-7, Mansa Devi Complex, Sector-5, Panchkula-134109,
Haryana, India |
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Date of Birth/Age : |
16.07.1942 |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr. Kesavaram Srinivasaiah Booravalli |
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Designation : |
Whole-time Director |
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Address : |
Flat No. 404, GH-13, Mansa Devi Complex, Sector-5, Panchkula-134109,
Haryana, India |
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Date of Birth/Age : |
15.11.1954 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Rajendra Kumar Saboo |
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Designation : |
Director |
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Address : |
House No. 1, Sector-5, Chandigarh-160008, Haryana, India |
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Date of Birth/Age : |
11.08.1934 |
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Date of Appointment : |
10.03.2005 |
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Name : |
Mr. Lalit Mohan Suri |
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Designation : |
Director |
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Address : |
Kothi No. 36, Sector-9A, Chandigarh-160001, Haryana, India |
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Date of Birth/Age : |
16.12.1933 |
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Date of Appointment : |
17.04.2001 |
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Name : |
Mr. Rohit Khanna |
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Designation : |
Director |
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Address : |
B-52, Hill View Apartments, Vasant Vihar-110057, Delhi, India |
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Date of Birth/Age : |
13.10.1958 |
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Date of Appointment : |
25.08.2003 |
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Name : |
Mr. Yashovardhan Saboo |
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Designation : |
Director |
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Address : |
House No. 1, Sector-5, Chandigarh-160008, Haryana, India |
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Date of Birth/Age : |
24.08.1958 |
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Date of Appointment : |
17.05.2003 |
KEY EXECUTIVES
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Name : |
Mr. Sushil Kumar Kapoor |
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Designation : |
Secretary |
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Address : |
3718, Sector 46-C, Chandigarh-160047, Haryana, India |
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Date of Birth/Age : |
12.07.1958 |
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Date of Appointment : |
01.12.2006 |
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Tel No.: |
91-172-2606370 |
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Fax No.: |
91-176-2522111 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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R. K Saboo |
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95490 |
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Y. Saboo |
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156400 |
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Anuradha Saboo |
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24000 |
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Jaivardhan Saboo |
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390400 |
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R. K. Saboo |
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2500 |
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Pallabi Saboo |
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111000 |
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Himachal Fine Blank Limited |
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150000 |
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Lalit Mohan Suri |
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10 |
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Rohit Khanna |
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100 |
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Dinesh Agarwal |
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100 |
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Krypton Outstanding Limited |
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100000 |
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Pranav Shankar Saboo |
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10000 |
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Inslavo GmbH |
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100000 |
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Usha Devi Saboo |
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10000 |
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Total |
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1150000 |
Equity Share Breakup (Percentage of total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign companie(s),
Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or Others |
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6.00 |
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Bodies corporate ( not mentioned above) |
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9.00 |
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Directors or relatives of directors |
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83.00 |
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Others |
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2.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of coatings
paints lacquers industrial coatings |
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Products : |
Spray Paints and Lacquers
Electrophoretic Lacquers Clear, Colored, Opaque, Dyes, Solvent Lead-Free Clear, Colored, Opaque |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chitranjan and Associates Chartered Accountant |
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Address : |
H No. 116, Sector-18-A, Chandigarh-160018, Punjab, India |
CAPITAL STRUCTURE
As on 21.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 20.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
13.800 |
11.500 |
10.000 |
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2] Share Application Money |
0.000 |
2.300 |
0.000 |
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3] Reserves & Surplus |
5.452 |
8.684 |
4.332 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.252 |
22.484 |
14.332 |
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LOAN FUNDS |
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1] Secured Loans |
73.918 |
46.652 |
18.560 |
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2] Unsecured Loans |
4.579 |
3.024 |
1.573 |
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TOTAL BORROWING |
78.497 |
49.676 |
20.133 |
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DEFERRED TAX LIABILITIES |
1.567 |
2.348 |
1.836 |
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TOTAL |
99.316 |
74.508 |
36.301 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.315 |
48.000 |
13.067 |
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Capital work-in-progress |
1.535 |
0.000 |
2.682 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
25.442
|
18.640 |
13.327 |
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Sundry Debtors |
43.959
|
26.292 |
15.870 |
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Cash & Bank Balances |
0.516
|
0.227 |
0.191 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.803
|
3.103 |
2.320 |
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Total
Current Assets |
72.720
|
48.262 |
31.708 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
33.254
|
20.599 |
10.753 |
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Provisions |
0.000
|
1.155 |
0.403 |
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Total
Current Liabilities |
33.254
|
21.754 |
11.156 |
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Net Current Assets |
39.466
|
26.508 |
20.552 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.316 |
74.508 |
36.302 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
167.887 |
137.419 |
90.425 |
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Other Income |
0.192 |
0.152 |
0.188 |
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Total Income |
168.079 |
137.571 |
90.613 |
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Profit/(Loss) Before Tax |
[3.457] |
8.458 |
5.579 |
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Provision for Taxation |
[0.225] |
[3.146] |
2.429 |
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Profit/(Loss) After Tax |
[3.232] |
5.312 |
3.150 |
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Earnings in Foreign Currency : |
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Export Earnings |
2.382 |
0.811 |
NA |
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Expenditures : |
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Raw Material Consumed |
102.073 |
78.264 |
47.725 |
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Consumption of stores and spares parts |
3.171 |
2.261 |
2.083 |
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Increase/(Decrease) in Finished Goods |
[4.202] |
[1.228] |
0.137 |
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Salaries, Wages, Bonus, etc. |
21.338 |
15.264 |
6.658 |
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Managerial Remuneration |
2.666 |
1.116 |
0.598 |
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Payment to Auditors |
0.075 |
0.059 |
0.061 |
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Interest |
6.150 |
3.131 |
1.692 |
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Insurance Expenses |
0.000 |
0.020 |
0.097 |
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Power & Fuel |
1.445 |
0.865 |
0.499 |
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Depreciation & Amortization |
2.652 |
1.343 |
0.792 |
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Other Expenditure |
36.168 |
28.018 |
24.692 |
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Total Expenditure |
171.536 |
129.113 |
85.034 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
[1.92]
|
3.86 |
3.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
[2.06]
|
6.15 |
6.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[2.63]
|
8.79 |
12.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.18]
|
0.38 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.80
|
3.18 |
2.18 |
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Current Ratio (Current Asset/Current Liability) |
|
2.19
|
2.22 |
2.84 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SABOO COATINGS LIMITED |
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Presented By |
Mr. Subhash
Chandra, Executive Director |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation of Plant and Machinery dated 18.06.1999 1st Modification
was registered on 31.01.2002 IInd Modification
i.e. sanctioned letter of the Bank dated 24.10.2003 registered on 21.11.2003 IIIrd
Modification was registered on 30.07.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Collateral
Security Amounting to Rs. 5.000 Millions CC (Stocks) : Rs.
3.500 Million CC ( Book-Debts)
: Rs. 2.500 Million Maximum : Rs.
5.000 Millions LC : Rs. 0.050
Million Bank Guarantee :
Rs. 0.050 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
all Movable Plant and Machinery together with accessories relating therto. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
4% above BOI PLR subject to a Maximum of 16% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Sector 32, Chandigarh |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of
tangible movable machinery and plant dated 17.03.2005 |
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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. |
Overall limit
increase to Rs. 44.000 Millions from Rs. 16.000 Millions Term Loan : Rs.
20.500 Millions LC : Rs. 0.050
Million Inland Bank
Guarantee : 0.050 Million Cash credit Limit
: Rs. 22.500 Millions All tangible
movable machinery and plant (both present and future) whether installed or
not any whether lying loose or in transit at the borrower pramises godown at
SI Industrial area Phase – II, Chandigarh and /or elsewhere and other items
lacquers, thimers, paints, pigments parts and premises etc. Repayable on
demand Rate of interest
11.75% p.a. with monthly rest. |
|
This form is for |
Creation of
charge |
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Corporate identity
number of the company |
L24231CH1994PLC015100 |
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Name of the
company |
SABOO COATINGS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
SCO 88, 89 Sector 8 C, Madhya Marg, Chandigarh-160018, Haryana, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Centurion Bank of
Punjab Limited, SCO 46-47, Sector 9 D, Chandigarh-160009, Haryana, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of goods, Vehicle, Plant and Machinery, Stocks and Book Debts |
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Date of
instrument Creating the charge |
04.04.2007 |
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Amount secured by
the charge |
Rs. 48.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.75% below PLR
i.e. 11.75% (p.a. compounded monthly) Terms of
Repayment Term Loan of Rs. 10.000
Millions (Fresh) : 54 equal monthly installments of Rs. 0.185 Million
starting after six months from the date of first documents. Working capital
Term Loan of Rs. 17.500 Millions : 36 equal Monthly installments of Rs. 0.486
Million. Starting for the date of disbursal of limits. Margin 25% on Term Loam 25% on Stocks 30% on Debts 10% Margin on
Letter of Credit and Bank Guarantee Extent and
Operation of the charge Till the
respective loans are fully repaid with interest on the charge Others Nature of
facilities: FUND BASED: WCDL : 12.500
Millions WCTL : 17.500
Millions Tern Loan (Fresh)
: 10.000 Millions CMS Facility: Rs.
3.000 Millions Non Fund Based: Inland Foreign
LC/ Bank Guarantee : 5.000 Millions |
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Short particulars
of the property charged |
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AS PER WEBSITE
Profile:
Subject is a
speciality coatings unit of Saboo Business Group manufacturing various products
with swiss technology. The Saboo Business Group has diversified operations for light
precision components manufacturing, distribution, finance and information
technology. It has seven manufacturing plants in India and offices in India,
Hong-Kong, Switzerland and the United States of America.
SCL has been in business since 1994. It is a board-managed
company. The Chairman Mr. R. K. Saboo is a well-known industrialist and
entrepreneur. He has been the President of several industry organizations and
has also served as the Worldwide President of Rotary International. All the
Directors and members of the management team are highly qualified professionals
in the chosen field.
SCL was originally started as a trading venture. Today, it
has expanded considerably from that humble beginning, with a national sales footprint
and its own research laboratory. SCL continues to produce new and innovative
products to expand its product range. SCL Coatings are environmentally friendly
as well as applicator and user friendly.
The SCL manufacturing facility is located in "Derabassi"
(Near Chandigarh, popularly known as India's "City Beautiful".)
Market
Segments
Automobiles and Auto Accessories
- Bathroom Fittings
- Brass and Silverwares
- Door Locks and Hardware
- FRP
- Glass
- Imitation Jewellery
- Plastic (ABS, PP, PC, Nylon 6, etc.)
- Spectacle Frames
- Watch Dials and Accessories
- Wood and Interior Decoration
- Writing Instruments
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Name and Address
of Dealers: |
Aggarwal Traders, Chowk Dandi Swami, Civil Lines, Ludhiana |
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Contact
Person : |
Mr. Sudharshan Aggarwal |
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Tel
No. : |
91-161-2450371/ 2443962/ 3441197 |
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Name and Address
of Dealers: |
Aligarh Plants and Harware Mart, Madar Gate Aligarh-202001 |
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Contact
Person : |
Aligarh Plants Hardware Mart |
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Tel
No. : |
91-571-2402832/ 2409178 |
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Name and Address
of Dealers: |
Amex Traders, 5235, Shora Kothi, Basant Road, Paharganj,
New Delhi-110055 |
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Contact
Person : |
Mr. S.K Sharma |
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Tel
No. : |
91-11-23521428 |
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Name and Address
of Dealers: |
Amit Paints, Bayshop No. 723, NAC, Manimajra |
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Contact
Person : |
Mr. Amit Kapila |
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Tel
No. : |
91-172-898908/ 373708 |
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Name and Address
of Dealers: |
Acros Incorporation, 2/ B, Gohale Colony, Behind Dinesh
Mills, Baroda-390020 |
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Contact
Person : |
Mrs. Hetal Shah |
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Tel
No. : |
91-265-2336480 |
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E
Mail: |
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Name and Address
of Dealers: |
Balaji Solutions, A-20, ADA Colony, Pala Road, Aligarh |
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Contact
Person : |
Mr. Maheshwari |
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Tel
No. : |
91-571-2401156 |
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Name and Address
of Dealers: |
Gora Paints, 25/49, Shakti Nagar, New Delhi-110007 |
|
Contact
Person : |
Mr. I.J. Manocha |
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Tel
No. : |
91-11-27213000/ 27252947 |
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E
Mail: |
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Name and Address
of Dealers: |
Gurandittamal Sant, RAM, Near Campacola, Chownk,
Ludhiana-140003 |
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Contact
Person : |
Mr. Sudhir Sayal |
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Tel
No. : |
91-161-2538367/ 2534509 |
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E
Mail: |
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Name and Address
of Dealers: |
Haveli Ram Bansilal, Gill Road, Ludhiana |
|
Contact
Person : |
Mr. Ashwin Nagpal |
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Tel
No. : |
91-161-254989/ 988 |
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E
Mail: |
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Name and Address
of Dealers: |
Junejha Paints and chemicals, 1, Avas Vikas, Civil Lines,
Moradabad-244001 |
|
Contact
Person : |
Mr. Sohan Juneja |
|
Tel
No. : |
91-591-2416977/ 2425945 |
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E
Mail: |
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Name and Address
of Dealers: |
Lawrence Enterprises, 115, Netaji Subhas Road, (Top Floor)
Kolkata-700001 |
|
Contact
Person : |
Mr. Chitta Ghosh |
|
Tel
No. : |
91-33-22705597 |
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E
Mail: |
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Name and Address
of Dealers: |
Naresh H/W Paint Store, Gaushala Bazar, Hoshiarpur |
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Tel
No. : |
91-1882-223668/ 227120 |
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E
Mail: |
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Name and Address
of Dealers: |
Pindi Prime Products, Opposite Laxmi Cinema, New Railway
Road, Jalandhar-144001 |
|
Contact
Person : |
Mr. Ashok Wadhera |
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Tel
No. : |
91-186-2220426 |
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Name and Address
of Dealers: |
Singla Cement Store, Opposite M.C. Office, Disttrict,
Sangrur, Bhadaur-148102 |
|
Contact
Person : |
Mr. Rajinder Kumar |
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Tel
No. : |
91-167-23974787 |
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Name and Address
of Dealers: |
Surya Paints and Haridware Store, Opposite Government Inter
College, Begum Bridge Road, Meerut -250001 |
|
Contact
Person : |
Col S. Dhawan |
|
Tel
No. : |
91-121-2402817/ 2522127 |
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E
Mail: |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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. |
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 |
|