MIRA
INFORM REPORT
|
Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
D S V CHEMICALS PRIVATE LIMITED |
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Registered Office : |
27, Tejpal Scheme Road No.5, Vile Parle (East), Mumbai – 400 057, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.09.1980 |
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Com. Reg. No.: |
11-23091 |
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CIN No.: [Company
Identification No.] |
U24220MH1980PTC023091 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09629E |
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PAN No.: [Permanent
Account No.] |
AAACD4605J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Natural polymers and modified natural
polymer. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 110000 |
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Status : |
Good |
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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. Trade
relations are fair. Financial position
is good. Payments are usually correct and as per commitments. The company is
doing well. Nothing adverse reported. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
27, Tejpal Scheme Road No.5, Vile Parle (East), Mumbai – 400 057,
Maharashtra, India |
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Tel. No.: |
91-22-55020942 |
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Fax No.: |
91-22-55020944 |
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E-Mail : |
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Website : |
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Sales Office : |
37 / 40, Subhash Road, Near AFL Courier, Vile Parle (East), Mumbai –
400 057, Maharashtra, India |
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Tel. No.: |
91-22-2611 3000 / 01 / 02 |
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Fax No.: |
91-22-6702 0944 |
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E-Mail : |
For India For Exports |
DIRECTORS
|
Name : |
Mr. Dhananjay Madhusudan Sathaye |
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Designation : |
Director |
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Address : |
Vinayak, 27 Tejpal Scheme Road No. 5, Vile Parle (East), Mumbai – 400
057, Maharashtra, India |
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Date of Birth/Age : |
26.04.1951 |
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Date of Appointment : |
01.11.1980 |
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Name : |
Mrs. Swati Dhananjay Sathaye |
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Designation : |
Director |
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Address : |
Vinayak, 27 Tejpal Scheme Road No. 5, Vile Parle (East), Mumbai – 400
057, Maharashtra, India |
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Date of Birth/Age : |
23.11.1957 |
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Date of Appointment : |
01.09.1981 |
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Name : |
Mr. Vijay Madhusudan Sathaye |
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Designation : |
Director |
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Address : |
Vinayak, 27 Tejpal Scheme Road No. 5, Vile Parle (East), Mumbai – 400
057, Maharashtra, India |
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Date of Birth/Age : |
26.08.1961 |
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Date of Appointment : |
01.11.1980 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Equity
Shareholders: |
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Mr. Dhananjay Madhusudan Sathaye |
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2675 |
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Mr. Vijay Madhusudan Sathaye |
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200 |
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Mr. Gaurav D. Sathaye |
|
1000 |
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Ms. Meghna D. Sathaye |
|
1000 |
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Mrs. Swati D. Sathaye |
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2700 |
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D. M. Sathaye (HUF) |
|
1425 |
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D M Sathaye Family Trust |
|
500 |
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S D Sathaye Family Trust |
|
500 |
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Total |
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10000 |
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Preference
Shareholders: |
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Mr. Govind D. Kelkar |
|
10 |
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Mrs. Sudha G. Kelkar |
|
10 |
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G D Kelkar (HUF) |
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10 |
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Mrs. Mangala R. Mishra |
|
1 |
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Pamapati Mishra (HUF) |
|
1 |
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Mr. Dattatraya S. Bhate |
|
1 |
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Mr. Shiv Gorowara |
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1 |
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Mr. Sunil Khilnani |
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1 |
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MR. Haresh Khilnani |
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1 |
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Mrs. Kanta S. Gorowara |
|
1 |
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Total |
|
37 |
Equity Share Breakup
(Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage
of Holding |
|
Directors or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Natural polymers and modified natural
polymer. |
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Products : |
v Rosin
Derivatives v Phenolic Resins v Alkyd Resins v Polyamide Resins v Amino Resins
Butylated v Esterfied Rosin
Derivatives v Epoxy Ester v Oil Free
Polyester Resin v Acrylic Resins v Polyurathane
Resins v Ketonic Resins v Resinates |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
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Taloja (Resins_ |
MT |
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|
2000 |
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Essambe (Resins , P.I.M and Inks) |
MT |
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|
3600 |
GENERAL
INFORMATION
|
Bankers : |
v
The Saraswat
Co-operative Bank Limited Vile Parle Branch, Phatak
Building, 66 Nehru Road, Vile Parle (East),
Mumbai – 400 057, Maharashtra,
India v Shamrao Vithal Bank |
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Facilities: |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
P.P Kulkarni Partner of G.D Apte and Company Chartered Accountant |
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Address : |
1202/17 E, Dream Residency, Shivajinagar, Off Apte Road, Pune – 411
004, Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49000 |
Equity Shares |
Rs. 100.00 each |
Rs. 4.900 millions |
|
1000 |
Preference Shares |
Rs. 100.00 each |
Rs. 0.100 million |
|
|
Total |
|
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100.00 each |
Rs. 1.000
million |
|
37 |
Preference Shares |
Rs. 100.00 each |
Rs. 0.004
million |
|
|
Total |
|
Rs. 1.004 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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|
|
|
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1] Share Capital |
1.004 |
1.004 |
1.004 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.013 |
19.192 |
13.686 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.017 |
20.196 |
14.690 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
53.464 |
38.857 |
46.333 |
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2] Unsecured Loans |
39.126 |
32.044 |
30.307 |
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TOTAL BORROWING |
92.590 |
70.901 |
76.640 |
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DEFERRED TAX LIABILITIES |
2.740 |
26.737 |
26.737 |
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DEFERRED SALES TAX |
26.737 |
0.000 |
0.000 |
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TOTAL |
144.084 |
117.834 |
118.067 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.612 |
44.717 |
47.562 |
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Capital work-in-progress |
1.852 |
0.173 |
0.192 |
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INVESTMENT |
0.110 |
0.110 |
0.606 |
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DEFERREX TAX ASSETS |
0.000 |
0.093 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
46.772
|
50.837 |
32.322 |
|
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Sundry Debtors |
157.553
|
105.929 |
84.685 |
|
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Cash & Bank Balances |
1.284
|
2.893 |
1.537 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
10.420
|
19.674 |
14.506 |
|
Total
Current Assets |
216.029
|
179.333 |
133.050 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
119.394
|
102.430 |
60.542 |
|
|
Provisions |
1.125
|
4.162 |
2.801 |
|
Total
Current Liabilities |
120.519
|
106.592 |
63.343 |
|
|
Net Current Assets |
95.510
|
72.741 |
69.707 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
144.084 |
117.834 |
118.067 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
413.255 |
306.123 |
211.273 |
|
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Other Income |
0.000 |
0.000 |
|
|
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Total Income |
413.255 |
306.123 |
211.273 |
|
|
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Profit/(Loss) Before Tax |
5.549 |
6.113 |
4.142 |
|
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Provision for Taxation |
3.648 |
1.337 |
-- |
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Profit/(Loss) After Tax |
1.901 |
4.776 |
4.142 |
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Expenditures : |
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Interest and Financial Charges |
9.735 |
9.071 |
8.142 |
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Depreciation & Amortization |
5.191 |
5.196 |
4.604 |
|
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Other Expenditure |
392.780 |
285.743 |
194.385 |
|
Total Expenditure |
407.706 |
300.010 |
207.131 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.46
|
1.56 |
1.96 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.34
|
1.99 |
1.96 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.11
|
2.73 |
2.29 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.30 |
0.28 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
9.68
|
8.79 |
9.53 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
1.68 |
2.10 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporate
identity number of the company |
U24220MH1980PTC023091 |
|
Name of the
company |
D S V CHEMICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
27, Tejpal Scheme
Road No. 5, Vile Parle (East), Mumbai – 400 057, Maharashtra, India |
|
This form is for |
Modification |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
The Saraswat
Co-operative Bank Limited (Lead Bankers) Vile Parle
Branch, Vile Parle (East), Mumbai – 400 057, Maharashtra, India E-Mail: njbhatia@rediffmail.com |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Particulars of
the property charged |
Hypothecation of
all goods imported under L/C, tangible movable property including stocks of
time being whether, new or manufactured or in process of manufacturing and
every tangible movable goods. (Present and future as and when imported or
procured by Company and lying at Company’s place of business at 27, Tejpal
Scheme Road No. 5, Vile Parle (East), Mumbai-400057 |
|
Charge
identification number of the charge to be modified |
90163723 |
|
Brief description
of the instrument modifying the charge under section 135 |
Deed of
hypothecation of Enhancement of D/A L/C limit (Supplementary Deed) Letter |
|
Date of
instrument modifying the charge |
10.04.2006 |
|
Particulars of
the present modification |
The limit has
been reduce by Rs. 8.000 Millions and enhanced by Rs. 2.500 Millions making
total L/C limit to Rs. 4.500 Millions |
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U24220MH1980PTC023091 |
|
Name of the
company |
D S V CHEMICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
27, Tejpal Scheme
Road No. 5, Vile Parle (East), Mumbai – 400 057, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
The Saraswat
Co-operative Bank Limited (Lead Bankers) Vile Parle
Branch, Vile Parle (East), Mumbai – 400 057, Maharashtra, India E-Mail: njbhatia@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Movable Property |
|
Date of
instrument Creating the charge |
13.03.2008 |
|
Amount secured by
the charge |
Rs. 8.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR + 3% i.e. 16%
or at such rate as maybe determined by the bank form time to time. Terms of
Repayment On Demand Margin As determined by
bank from time to time. Extent and
Operation of the charge This is cash
credit facility |
|
Short particulars
of the property charged |
Hypothecation of
stock tangible movable property (both present and future) belonging to the
borrower and lying and bien at Plot Nos. W10, 13, 14, MIDC Taloja, District
Raigad, Maharastra – 410208 and Plot No. 10. Village Essambe, Post Maigaon,
Taluka Khalapur, District Raigad, Maharasthra-410220 or whereverelse the same
maybe. Hypothecation of all the bookdetbs, monies, receivables, claims and
bills. |
Fixed Assets:
·
Freehold Land
·
Leasehold Land
·
Factory Building
·
Factory Administration Building
·
Plant and Machinery
·
Electrical Installations
·
Vehicles
·
Computers
·
Furniture and Fixtures
·
Air Conditioners
·
Fire Control Systems
Website details attached:
Subject is a manufacturer and exporters of synthetic resins and has established itself as a dependable supplier of synthetic resins in the Indian and international market.
Subject offers a wide selection of products for the surface coating industry
covering decorative and industrial paints, protective coatings, printing inks
and adhesives.
Subject works in a close partnership with its customers offering tailor-made
solutions to meet their specific requirements.
Subject has two manufacturing units located in the vicinity of Mumbai, equipped with state-of-the-art pilot plants, and stainless steel reactors varying from 2 MT to 10 MT capacities. It has well-equipped Research and Development and Application laboratories at the corporate office in Mumbai with highly qualified and trained staff committed to quality assurance and technical support.
Subject is now an proud holder of ISO 9001-2000 certificate issued by SGS
Subject manufactures the following range of products:
ROSIN DERIVATIVES
- Maleic modified rosin derivatives
- Phenol modified rosin derivatives
PHENOLIC RESINS
v Pure phenolic resins
ALKYD RESINS
v Long oil length alkyd resins
v Medium oil length alkyd resins
v Short oil length alkyd resins
v Chain stopped alkyd resins
v Modified alkyd resins
POLYAMIDE RESINS
v Non reactive polyamide resin (co-solvent soluble)
v Non reactive polyamide resin(alcohol soluble)
v Reactive polyamide resins
AMINO RESINS BUTYLATED
v Urea formaldehyde
v Melamine formaldehyde
ESTERFIED ROSIN DERIVATIVES
v Estergum (Penta)
v Estergum (Glycerine)
EPOXY ESTER
- Epoxy ester resins
OIL FREE POLYESTER RESIN
v Oil free polyester resin
ACRYLIC RESINS
v Thermoplastic acrylic resins
v Thermosetting acrylic resins
v Acrylic polyols
POLYURATHANE RESINS
- Polyurethane resins
KETONIC RESINS
- Ketonic resins
RESINATES
- Resinates
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. 48.71 |
|
UK Pound |
1 |
Rs. 72.85 |
|
Euro |
1 |
Rs. 64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
PRIVATE & CONFIDENTIAL : This information is provided to you at
your request, you having employed MIPL for such purpose. You will use the
information as aid only in determining the propriety of giving credit and
generally as an aid to your business and for no other purpose. You will hold
the information in strict confidence, and shall not reveal it or make it known
to the subject persons, firms or corporations or to any other. MIPL does not
warrant the correctness of the information as you hold it free of any liability
whatsoever. You will be liable to and indemnify MIPL for any loss, damage or
expense, occasioned by your breach or non observance of any one, or more of
these conditions