MIRA
INFORM REPORT
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Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SACHEE FRAGRANCES AND CHEMICALS LIMITED |
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Registered Office : |
S-244, Greater Kailash Part- I, New Delhi-110048 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.09.1982 |
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Com. Reg. No.: |
55-14363 |
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CIN No.: [Company
Identification No.] |
U74899DL1982PLC014363 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS23997B |
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PAN No.: [Permanent
Account No.] |
AABC8577Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Perfumery Compound |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 27000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow by average 30 days |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Sales and
profit are low against sizable paid up capital. The company’s payments are reported as slow but correct. It can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rakesh Upadiya |
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Designation : |
Account Assistant |
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Name : |
Ms. Poonam Mehta |
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Contact No.: |
91-9811592121 |
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Date : |
24.06.2008 |
LOCATIONS
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Registered Office : |
S-244, Greater Kailash Part- I, New Delhi-110048, India |
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Tel No. : |
91-11-26383404 |
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E-Mail : |
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Website : |
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Factory : |
D-11-12, Sector 2, Noida-201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-2536111/ 2536222/ 2520134 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft ( Owned) |
DIRECTORS
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Name : |
Mr. Rakesh Arora |
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Designation : |
Director |
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Address : |
S-244, Greater Kailash – I, New Delhi-110048, India |
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Date of Birth/Age : |
55 Years |
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Qualification : |
Post Graduate |
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Date of Appointment : |
17.09.1982 |
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Name : |
Mr. Bharat Arora |
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Designation : |
Director |
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Date of Birth/Age : |
25 Years |
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Qualification : |
Post Graduate |
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Name : |
Mrs. Sangeeta Arora |
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Designation : |
Director |
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Address : |
S-244, Greater Kailash – I, New Delhi-110048, India |
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Date of Birth/Age : |
45 Years |
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Qualification : |
Post Graduate |
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Date of Appointment : |
10.08.1999 |
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Name : |
Mr. Mohinder Paul Khanna |
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Designation : |
Director |
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Address : |
C-182, Sarvodaya Elclaves, New Delhi-110048, India |
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Date of Birth/Age : |
06.02.1929 |
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Date of Appointment : |
18.01.1999 |
KEY EXECUTIVES
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Name : |
Mr. Rakesh Upadiya |
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Designation : |
Account Assistant |
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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Rakesh Arora |
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363950 |
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Rama Seth |
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100 |
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Sangeeta Arora |
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35550 |
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Kanchan Khanna |
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100 |
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Satya Rani Arora |
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100 |
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Dinesh Khanna |
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100 |
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Vidhi Arora |
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100 |
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Total |
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400000 |
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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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Perfumery Compound |
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Products : |
Cosmetic
Products
Alcoholic Fragrances
Hair Products
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Exports : |
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Products : |
Perfumer Compounds |
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Countries : |
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Terms : |
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Selling : |
Advance Payment |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
50 |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Alok Mittal and Associates Chartered Accountant |
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Address : |
X-13, Haus Khas, New Delhi-110016, India |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.412 |
2.135 |
1.421 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.412 |
6.135 |
5.421 |
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LOAN FUNDS |
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1] Secured Loans |
4.023 |
3.871 |
0.029 |
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2] Unsecured Loans |
3.785 |
2.947 |
2.744 |
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TOTAL BORROWING |
7.808 |
6.818 |
2.773 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.160 |
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TOTAL |
13.220 |
12.953 |
8.354 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.683 |
6.690 |
4.979 |
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Capital work-in-progress |
6.949 |
2.050 |
0.725 |
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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 |
4.223
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2.230 |
2.047 |
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Sundry Debtors |
7.817
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9.429 |
5.603 |
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Cash & Bank Balances |
1.354
|
0.926 |
0.756 |
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Other Current Assets |
3.933
|
0.446 |
3.123 |
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Loans & Advances |
0.606
|
2.452 |
1.606 |
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Total
Current Assets |
17.933
|
15.483 |
13.135 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.897
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10.494 |
10.178 |
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Provisions |
0.448
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0.776 |
0.307 |
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Total
Current Liabilities |
18.345
|
11.270 |
10.485 |
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Net Current Assets |
[0.412]
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4.213 |
2.650 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.220 |
12.953 |
8.354 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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36.601 |
26.790 |
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Other Income |
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0.023 |
2.742 |
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Total Income |
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36.624 |
29.532 |
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Profit/(Loss) Before Tax |
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0.999 |
[0.249] |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.999 |
[0.249] |
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Expenditures : |
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Depreciation & Amortization |
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0.657 |
0.621 |
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Other Expenditure |
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34.968 |
29.160 |
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Total Expenditure |
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35.625 |
29.781 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
N.A
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2.72 |
[0.84] |
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Net Profit Margin (PBT/Sales) |
(%) |
N.A
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2.72 |
[0.93] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
N.A
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4.51 |
[1.37] |
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Return on Investment (ROI) (PBT/Networth) |
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N.A
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0.16 |
[0.04] |
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Debt Equity Ratio (Total Liability/Networth) |
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4.83
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2.95 |
2.45 |
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Current Ratio (Current Asset/Current Liability) |
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0.98
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1.37 |
1.25 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal
Acceptance Chart
|
Parameters |
Details |
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Existance
Verification |
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Name |
Rakesh Upadiya Poonam Mehta |
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Phone/ Mobile Numbers |
9811592121 (Poonam Mehta) |
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Statutory
Approvals |
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Name of Bank |
ICICI Bank Limited |
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Current Account Number |
CC79 |
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Account Since |
25 Years |
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Credibility
Factors |
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IndiaMART Client Since |
10 Years |
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Year of Establishment |
1983 |
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Turn Over |
Rs. 50.000 Millions |
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Turn Over |
Rs. 60.000 Millions |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74899DL1982PLC014363 |
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Name of the
company |
SACHEE FRAGRANCES AND CHEMICALS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
S-244, Greater Kailash Part- I, New Delhi-110048, India |
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Type of charge |
Movable Property
(not being pledge) |
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Particular of
charge holder |
Oriental Bank of Commerce Limited, South Extension Branch, New
Delhi-110049, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of Term
Loan (Loan Doc-5) |
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Date of
instrument Creating the charge |
17.10.2006 |
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Amount secured by
the charge |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
@PLR-1%, i.e. 10.50% Terms of Repayment Repayment in 36
monthly installments of Rs. 0.097 Millions per month with effect the next month
from the date of first release Margin 25% Extent and Operation of the charge Hypothecation of
machine GCMS Chemicals Machine No. 1942 N with all the accessories costing
Rs. 5.160 Millions |
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Short particulars
of the property charged |
Hypothecation of
machine GCMS Chemical Machine No. 1942 N with all the accessories costing Rs.
5.160 Millions |
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Name of the company |
SACHEE FRAGRANCES AND CHEMICALS LIMITED |
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Presented By |
Manager, Oriental
Bank of Commerce, South Extension- I |
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1) Date and description of instrument creating the change |
Hypothecation of
Goods Agreement dated 02.08.1994 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
Millions Cash Credit |
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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
Stock of chemicals components assure goods and other monthly and
hypothecation of plant and machinery, fixed assets and book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of
interest shall be 6.5% p.a. with minimum of 18.5% p.a. payable quarterly
monthly 30% |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce Limited, South Extension Branch, New
Delhi-110049, India |
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6) Date and brief description of instrument modifying the charge |
Supplement
Agreement dated 05.08.2004 |
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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. |
The above limits
of Rs. 1.500 Millions for best additional secured by deposir of the deeds of
the B-12 Sector-2, Noida |
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.42.95 |
|
UK Pound |
1 |
Rs.85.62 |
|
Euro |
1 |
Rs.67.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
36 |
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 |
|