MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SATYEN POLYMERS PRIVATE LIMITED |
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Registered Office : |
307, A TO Z Industrial Premises, G. K. Marg, Lower Parel, Mumbai,
400013, Maharashtra. |
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Country : |
India |
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Date of Incorporation : |
20.03.2006 |
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Com. Reg. No.: |
160571 |
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CIN No.: [Company
Identification No.] |
U24300MH2006PTC160571 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of U P Resin |
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 4080 |
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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 has taken over the running business of the erstwhile
Proprietory concern Satyen Polymers w.e.f. 01.04.2008 Trade relations are
fair. Business is active. Payments are reported as usually correct and as per
commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Jitendra Vora |
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Designation : |
Director |
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Contact No.: |
91-9821147851 |
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Date : |
04.06.2008 |
LOCATIONS
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Registered Office : |
307, A TO Z Industrial Premises, G. K. Marg, Lower Parel, 400013,
Mumbai, India |
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Tel. No.: |
91-22-66605711/12/13/14, 30405676 |
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Mobile No.: |
91-9821147851 |
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Fax No.: |
91-22-24911262 |
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E-Mail : |
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Website : |
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Area : |
2007 Sq.ft. |
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Location : |
Owned |
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Factory : |
Survey No. 678/ 1/3, Plot
No.6, Village Naroli, Bhilad, Silvassa, 396230, Gujarat, India |
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Area : |
4000 Sq. mtr. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Jitendra Vora |
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Designation : |
Director |
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Date of Birth/Age : |
62 Years |
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Qualification : |
Chemical Engineers |
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Experience : |
29 Years |
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Name : |
Mrs. Devyani Vora |
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Designation : |
Director |
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Date of Birth/Age : |
59 Years |
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Qualification : |
B.A. |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of U P Resin |
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Imports : |
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Products : |
Raw Materials (Petro Chemicals) |
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Countries : |
· China · Singapore · Dubai · Europe · Korea · U.S. |
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Terms : |
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Selling : |
L/C, Credit (60 - 90 days) |
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Purchasing : |
L/C, Credit ( Above 90 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · End Users · Insituform
Technologies Inc. · Aban
Constructions Private Limited · Angerlehner
Composites Private Limited , India · Per Aarsleff A/S · Strategic
Engineering Private Limited · Chemical Process
Equipments Private Limited · Tech-Force
Compsites Private Limited · Polyplast Chemi
Plants Private Limited |
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No. of Employees : |
60 Employees |
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Bankers : |
· HDFC · City Bank, Fort
Branch · Dena Bank Thane Branch, Shanta Sadan, Gokhale Road, Thane, Maharashtra, India · Federal Bank
Limited Minson house, Opp. Crowford Market, 400003, Mumbai, Maharashtra,
India. |
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Facilities : |
Rs. 70.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jayant Shah and Company Chartered Accountants |
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Address : |
Vile Parle, 400057, Mumbai, India |
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Memberships : |
CAPEXIL |
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Subsidiaries : |
· Krishna
Adhesives and Coatings Private Limited |
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Line of Business |
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Manufacture of Synthetic rubber, Polyurethane adhesives and coatings. |
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Line of Business |
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Marketing International |
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The Product Consultancy and Turnkey Projects in Overseas Countries. |
CAPITAL STRUCTURE
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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102000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.020
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.020 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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1.020 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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1.020 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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1.020 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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1.020 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.000 |
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Net Current Assets |
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1.020 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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1.020 |
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PROFIT & LOSS
ACCOUNT
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Particulars |
31.03.2008 |
31.03.2007 |
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Sales Turnover (Estimated) |
750.000 |
650.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.00 |
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Current Ratio (Current Asset/Current Liability) |
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0.00 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details
Attached:
The manufacturing plant is located at Silvassa, Union Territory of Dadra and Nagar Haveli, on the Mumbai-Ahmedabad Highway 175kms from Mumbai.
It is one of the largest domestic producers of industrial resins and specialty products in Peninsular India. The original plant named Satyen Chemical Industries (SCI) commenced production in the year 1976. For additional production, a new plant was commissioned in March 1998.
The plant is totally self-sufficient and provides its own utility of generated Electric power, DM plant, Fresh Water, Cooling Tower with circulation pumps and Thermic Fluid heater. The quality assurance apparatus consists of state of the art equipment for the testing of Chemical, Physical, and Mechanical and Thermal properties of liquid resins, cast resins and laminates. Specifically, the laboratory equipment consists of a Computerized Universal Testing machine (CUTM), a HDT, a Brookfield Viscometer, Mpt/Bpt Apparatus, an Electric Oven, Electronic balances and a Wet Analysis Kit (WAK).
The plant has a capacity of 7500 MT per annum and covers all the product lines manufactured in separate reactor/blender equipment. Additional capacity of over 7500 MT per annum will be commissioned in the 3rd Quarter of 2006.
Each resin batch is manufactured in separate automated stainless steel reactor vessels using state of art technology. All raw materials received are supplied by ISO certified companies, and are tested before being used. The raw materials are charged into the reactors and the process is monitored periodically by experienced chemists and technicians for process parameters like temperature and pressure with the help of electronic hardware. Every batch/grade undergoes a strict process test in the laboratory and must confirm to the high quality standards and specifications before being approved for delivery and shipment.
Facilities
The head office is located in Mumbai, the financial capital of India. The office is completely networked. The head office is connected to the factory to monitor factory operations and product dispatch.
SP operates satellite offices in Bangalore and Hyderabad
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] Cthet 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 :
The 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.
The 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.53 |
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UK Pound |
1 |
Rs. 83.44 |
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Euro |
1 |
Rs. 66.18 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, they have no basis upon which to
recommend credit dealings |
No Rating |
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