MIRA
INFORM REPORT
|
Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SILVASSA LUBRICANTS PRIVATE LIMITED |
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Registered Office : |
604, Blue Mountain Building, Yogi Hills, Mulund (West), Mumbai – 400
080, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.06.1994 |
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Com. Reg. No.: |
11-78705 |
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CIN No.: [Company
Identification No.] |
U67120MH1994PTC078705 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS50431D |
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PAN No.: [Permanent
Account No.] |
AABCB3676K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Lubricants, Oils, Greases, Brake Fluid, Gear Oils,
Mobil and Coolants. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 200000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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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. Nothing adverse reported. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
604, Blue Mountain Building, Yogi Hills, Mulund (West), Mumbai – 400
080, Maharashtra, India |
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E-Mail : |
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Corporate Office : |
Building A, Sr. No. 245/1/2/3, Village, Silvassa – 396230, Gujarat,
India |
DIRECTORS
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Name : |
Mr. Sabhajit Singh |
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Designation : |
Director |
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Address : |
Indira Gandhi Colony, Opp. “C” Blosk Road, Camp No. 75, Ulhas Nagar, Thane
– 421 001, Maharashtra, India |
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Date of Birth/Age : |
20.07.1962 |
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Date of Appointment : |
10.10.2002 |
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Name : |
Mr. Shambhu Kumar Agarwal |
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Designation : |
Director |
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Address : |
C/O Bhagwandas Ballabram, Lal Bazar, P. O. Jharia, Dhanbad, Jharkhand
– 828 111, Maharashtra, India |
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Date of Birth/Age : |
18.12.1952 |
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Date of Appointment : |
10.02.2005 |
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Name : |
Mr. Ramesh Ganeriwal |
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Designation : |
Director |
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Address : |
604, Blue Mountain Building, Yogi Hills, Mulund (West), Mumbai – 400
080, Maharashtra, India |
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Date of Birth/Age : |
19.08.1968 |
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Date of Appointment : |
28.08.2004 |
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Name : |
Mr. Krishnanivas Srinivas Chowdry |
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Designation : |
Director |
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Address : |
801, Glen Heights, Hirannadani Gardens, Powai, Mumbai – 400 076,
Maharashtra, India |
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Date of Birth/Age : |
20.08.1962 |
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Date of Appointment : |
01.08.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.08.2005)
|
Names of Shareholders |
No. of Shares |
|
Vijay Kumar Garodia S/o Ishwarlal Garodia |
94100 |
|
Shambhu Kumar Agarwal S/o Late Ramjilal Agarwal |
11000 |
|
Ishwarlal Garodia HUF |
53320 |
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Nandlal Garodia HUF |
51580 |
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Vinay Garodia HUF |
22000 |
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Total |
232000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Lubricants, Oils, Greases, Brake Fluid, Gear Oils,
Mobil and Coolants. |
GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
State Bank of India Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Randhir Jhunjhunwala and Company Chartered Accountants |
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Address : |
9/11, Poddar Mansion, 2nd Floor, Vanka Mohalla, Dr. M. B.
Velkar Street, Mumbai – 400 002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
281400 |
Equity Shares |
Rs.10/- each |
Rs.2.814
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 |
2.814 |
2.320 |
2.320 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
44.272 |
27.761 |
16.399 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.086 |
30.081 |
18.719 |
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LOAN FUNDS |
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1] Secured Loans |
72.031 |
27.595 |
0.000 |
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2] Unsecured Loans |
2.457 |
0.000 |
0.000 |
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TOTAL BORROWING |
74.488 |
27.595 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.086 |
0.042 |
0.030 |
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TOTAL |
121.660 |
57.718 |
18.749 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.901 |
3.775 |
3.861 |
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Capital work-in-progress |
0.414 |
0.000 |
0.000 |
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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 |
52.268
|
26.340 |
4.914 |
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Sundry Debtors |
78.566
|
59.520 |
16.850 |
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Cash & Bank Balances |
10.631
|
10.314 |
10.599 |
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Other Current Assets |
0.000
|
0.000 |
0.056 |
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Loans & Advances |
22.636
|
12.460 |
14.590 |
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Total
Current Assets |
164.101
|
108.634 |
47.009 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
47.948
|
52.484 |
30.973 |
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Provisions |
2.826
|
2.207 |
1.148 |
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Total
Current Liabilities |
50.774
|
54.691 |
32.121 |
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Net Current Assets |
113.327
|
53.943 |
14.888 |
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MISCELLANEOUS EXPENSES |
0.018 |
0.000 |
0.000 |
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TOTAL |
121.660 |
57.718 |
18.749 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
421.440 |
293.802 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
421.440 |
293.802 |
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Profit/(Loss) Before Tax |
|
5.321 |
12.435 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
5.321 |
12.435 |
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Expenditures : |
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Depreciation & Amortization |
|
0.667 |
0.424 |
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Other Expenditure |
|
415.452 |
280.943 |
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Total Expenditure |
|
416.119 |
281.367 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.26
|
4.23 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.26
|
4.23 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.09
|
11.06 |
- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
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0.41 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.66
|
2.74 |
1.72 |
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Current Ratio (Current Asset/Current Liability) |
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3.23
|
1.99 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
Form
No. 8
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Name of the company |
SILVASSA LUBRICANTS PRIVATE LIMITED |
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Presented By |
State Bank of
India Overseas Branch,
Mumbai – 400 005 |
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1) Date and description of instrument creating the change |
1.
Agreement of
Loan for Overall Limit 2.
Agreement of
Hypothecation of Goods and Assets 3.
Letter Reg.
Grant of Individual Limits with in the Overall Limit All dated
05.10.2005 creating a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.130.000
millions (C/C Rs.30.000
millions; L/C Rs.100.000 millions; B/G (within L/C Rs.20.000 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 |
All present and future
goods, book-debts and all other movable assets including documents of title
to goods, outstanding moneys, receivables including receivables by way of
cash assistance and / or cash incentives under the cash Incentive Scheme or
any other scheme, claims including claims by way of refund of customs /
excise duties under the Duty Drawback Credit Scheme, bills, invoices,
documents, contracts, policies guarantees, engagements, securities,
investments and rights and present and all future machineries belonging to or
under the control of the company, wherever lying, stored and kept whether in
India or elsewhere including such goods and other movable assets ion course
of transit / shipment / delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
Interest As prescribed by the Bank from time to tim; presently: 0.75% below
SBAR minimum 9.5% p.a. with monthly rest. ·
Margin As determined by Bank from time to time R/Ms stocks 25%; Receivables
30%; L/C 10%; B/G upto 18 months 10%; 18 months to 36 months 25% above 36
months 100% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U67120MH1994PTC078705 |
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Name of the
company |
SILVASSA LUBRICANTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
604, Blue Mountain Building, Yogi Hills, Mulund (West), Mumbai – 400
080, Maharashtra, India |
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This form is for |
Modification of
chage |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
State Bank of India Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005,
Maharashtra, India |
|
Nature of
instrument creating charge |
1.
Supplemental
Agreement of Hypothecation of Goods
and Assets for Increase in the Overall Limit 2.
Letter Regarding
Grant of Individual Limits within the Overall Limit |
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Date of
instrument Creating the charge |
20.03.2008 |
|
Amount secured by
the charge |
Rs.650.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
Interest As determined by the Bank from time to time. ·
Terms of
repayment Working Capial : On demand Term Loan of Rs.30.000 millions in 32 installments of Rs.1.100
millions each, to begin w.e.f. March, 2008. ·
Margin As prescribed by the Bank from time to time Presently: Stocks 25%, Receivables 30% and LC/BG 10% ·
Extent and
operation of the charge First charge |
|
Particulars of
the property charged |
All present and
future goods, book-debts and all other movable assets including documents of
title to goods, outstanding moneys, receivables, claims, bills, invoices,
documents, contracts, insurance policies, guarantees, engagements,
securities, investments, rights and present and all future machinery in
possession or under control of the Company wherever lying, stored and kept
(including all such goods, other movable assets as may be in course of
shipment/transit/delivery). |
|
Particulars of
the present modification |
Additional credit
facilities of Rs.370.000 millions granted. Hence, amount of charge increased
from Rs.280.000 millions to Rs.650.000 millions (C/C Rs.120.000 millions,
EPC/Export Bills Rs.600 within C/C limit, Term Loan Rs.30.000 millions, L/C
Rs.500.000 millions and B/G Rs.20.000 millions within L/C limit. |
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.43.27 |
|
UK Pound |
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.24 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
TOTAL |
|
54 |
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 |
|