MIRA INFORM REPORT
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Report Date : |
03.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SANG-DEEP ACID - CHEM PRIVATE LIMITED |
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Registered Office : |
23, Ambalal Doshi Marg, Hamam Street, Mumbai-400023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
17.08.1993 |
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Com. Reg. No.: |
11-73488 |
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CIN No.: [Company
Identification No.] |
U24110MH1993PTC073488 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS19453A |
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PAN No.: [Permanent
Account No.] |
AAACS7935B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Distillers of premium
quality organic solvents and chemicals including I.P.A. (Isopropyl Alcohol),
D.M.F. (Dimethylformamide), T.H.F. (Tetrahydrofuran), Acetone, Ethyl Acetate,
Acetic Acid, etc. |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 80000 |
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Status : |
Improving |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a pretty old and established company. It has improved its
performance and has been successful in wiping – off all its previous losses.
Trade relations are fair. No complaints have been heard against the subject
so far. The company can be considered for business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Krutarth A Shah |
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Designation : |
Director |
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Date : |
01.11.2008 |
LOCATIONS
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Registered Office : |
23, Ambalal Doshi Marg, Hamam Street, Mumbai-400023, Maharashtra,
India |
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Tel. No.: |
91-22-24303067 |
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Fax No.: |
91-22-27680344 |
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E Mail : |
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Website: |
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Administrative Office : |
E/12, Dinath Wadi, L J Road, Opposite City Light Cinema, Mahim,
Mumbai-400018, Maharashtra, India |
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Tel. No.: |
91-22-4303067/ 4371601 |
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Fax No.: |
91-22-4371609 |
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Factory : |
C-126, TTC Industrial Area, Old Pawne MIDC, Thane-Belapir Road, Navi
Mumbai-400709, Maharashtra, India |
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Tel. No.: |
91-22-7680344/ 7617331 |
DIRECTORS
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Name : |
Mrs. Sangeeta S Shah |
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Designation : |
Director |
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Address : |
E/11, Dinath Wadi, L J Road, Mahim, Mumbai-400018, Maharashtra |
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Date of Birth/Age : |
17.11.1961 |
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Date of Appointment : |
17.08.1993 |
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Name : |
Mr. Atul R Shah |
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Designation : |
Director |
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Address : |
A-1203, Balaji Garden, Sector 11, Kopedrkhairne, Navi Mumbai-400709,
Maharashtra, India |
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Date of Birth/Age : |
21.05.1952 |
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Date of Appointment : |
11.07.1994 |
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Tel No.: |
91-22-27548165 |
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Name : |
Mr. Ramanlal M Doshi |
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Designation : |
Director |
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Name : |
Mr. Krutarth A Shah |
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Designation : |
Director |
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Address : |
A-1203, Balaji Garden, Sector 11, Koperkhairane, Navi Mumbai-400709,
Maharashtra, India |
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Date of Birth/Age : |
01.08.1979 |
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Date of Appointment : |
18.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Sangeeta S Shah |
1010 |
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Sandeep J Shah |
1500 |
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Sangeeta J Shah |
12500 |
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Atul R Shah |
10 |
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J M Shah (HUF) |
15000 |
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Neel S Shah |
1000 |
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Sagar S Shah |
1000 |
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Sejal S Parikh |
1000 |
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Total |
33020 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Distillers of premium
quality organic solvents and chemicals including I.P.A. (Isopropyl Alcohol),
D.M.F. (Dimethylformamide), T.H.F. (Tetrahydrofuran), Acetone, Ethyl Acetate,
Acetic Acid, etc. |
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Products: |
·
I.P.A ( Ispropyl Alcohol) ·
D.M.F. (Dimethylformamide) ·
T.H.F. (Tetrhydroufuran) ·
Acetone ·
Pyridine ·
Acetonitrile ·
Ethyl Acetate |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Distilled Chemicals (Finished goods) |
Kgs. |
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381657 |
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Distilled Chemicals (Job work) |
Kgs. |
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213707 |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Nargis Z Attree Chartered Accountant |
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Address : |
Shehnaaz Villa, 2nd Floor, Azad Road, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
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Associates/Subsidiaries : |
K V Industries A-1203, Balaji Garden, Sector 11, Koperkhairane, Navi Mumbai-400709,
Maharashtra, India |
CAPITAL STRUCTURE
As On 15.09.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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33020 |
Equity Shares |
Rs.10/- each |
Rs.0.330 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.330 |
0.330 |
0.330 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.755 |
6.155 |
1.260 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[4.981] |
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NETWORTH |
16.085 |
6.485 |
[3.391] |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
9.990 |
13.915 |
12.539 |
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TOTAL BORROWING |
9.990 |
13.915 |
12.539 |
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DEFERRED TAX LIABILITIES |
0.063 |
0.118 |
0.000 |
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TOTAL |
26.138 |
20.518 |
9.148 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.284 |
7.207 |
3.647 |
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Capital work-in-progress |
0.000 |
0.000 |
1.959 |
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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 |
19.733 |
4.023 |
2.201 |
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Sundry Debtors |
28.931 |
22.756 |
3.397 |
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Cash & Bank Balances |
5.682 |
0.613 |
0.414 |
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Other Current Assets |
3.158 |
2.404 |
2.304 |
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Loans & Advances |
0.000 |
0.000 |
0.000 |
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Total
Current Assets |
57.504 |
29.796 |
8.316 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
38.650 |
16.485 |
4.782 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
38.650 |
16.485 |
4.782 |
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Net Current Assets |
18.854 |
13.311 |
3.534 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.008 |
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TOTAL |
26.138 |
20.518 |
9.148 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.02 |
4.69 |
[5.11] |
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Current Ratio (Current Asset/Current Liability) |
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1.49 |
1.81 |
1.74 |
LOCAL AGENCY FURTHER
INFORMATION
Financial Results:
During the year, the company has achieved turnover of Rs.10.958 millions
as against turnover of Rs.7.577 millions in the previous year. Consequently the
company has earned cash profit of Rs.0.378 millions. After making provision fro
interest and depreciation charges, the net result is a loss of Rs.0.380
millions as against loss of Rs.1.512 millions in the previous year.
Fixed Assets :
v Land
v Building
v Electrical Installation
v Plant and Machinery
v Testing Equipment
v Mobile Telephone
v Furniture and Fixture
AS PER WEBSITE
Profile:
Leveraging on the sourcing capabilities, in-depth industry
knowledge, impeccable quality and technological excellence, they, "Sangdeep Acid Chem Private Limited",
have created exemplary benchmarks in the chemical business. With a moderate
beginning in the year 1993, they have grown with fast pace to become one of the
leading Manufacturers and Distillers of
various organic solvents and chemicals such as I.P.A. (Isopropyl Alcohol), D.M.F. (Dimethylformamide), T.H.F.
(Tetrahydrofuran), Acetone, Pyridine, Acetic Acid, Acetonitrile, Ethyl Acetate,
etc.
They are a pool of scientists, researchers, chemical
engineers and other industry professionals who are expert in their respective
fields and work in close co-ordination to yield the optimum results. Besides,
they also exploit the latest manufacturing and testing techniques to achieve
global competence. They have created a position of excellence in the industry
through the management capabilities, positive intentions, financial capacities
and an uncompromising endeavor towards total customer satisfaction.
Fueled by the desire to be the most competitive company in the
global market, they are geared to meet the global challenges with total
commitment and dedication. The efficiency and productivity levels set by them
have created new and critical standards for the competitors on the lines of
quality, reliability and cost competitiveness.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available information exist that suggest that
subject or any of its principals have been formally charged or convicted by a
competent governmental authority for any financial crime or under any formal
investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists to suggest that any
director or indirect owners, controlling shareholders, director, officer or
employee of the company is a government official or a family member or close
business associate of a Government official.
9] Compensation Package :
Our market survey revealed that the amount
of compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No press reports /
filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit |
Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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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38 |
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/normal. |
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, we have no basis upon which to
recommend credit dealings |
No Rating |
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