MIRA
INFORM REPORT
|
Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
SATYEN POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
307, A TO Z Industrial Premises, G. K.
Marg, Lower Parel, Mumbai, 400013, Maharashtra. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2007 |
|
|
|
|
Date of
Incorporation : |
20.03.2006 |
|
|
|
|
Com. Reg. No.: |
160571 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24300MH2006PTC160571 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Importer of U P Resin |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 510 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Name : |
Mr. Jitendra Vora |
|
Designation : |
Director |
|
Contact No.: |
91-9821147851 |
LOCATIONS
|
Registered Office : |
307, A TO Z Industrial Premises, G. K. Marg, Lower Parel, 400013,
Mumbai, India |
|
Tel. No.: |
91-22-66605711/12/13/14, 30405676 |
|
Mobile No.: |
91-9821147851 |
|
Fax No.: |
91-22-24911262 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2007 Sq.ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey No. 678/ 1/3, Plot No.6,
Village Naroli, Bhilad, Silvassa, 396230, |
|
Area : |
4000 Sq. mtr. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Jitendra Vora |
|
Designation : |
Director |
|
Address : |
B – 402, |
|
Date of Birth/Age : |
62 Years |
|
Qualification : |
Chemical Engineers |
|
Experience : |
29 Years |
|
|
|
|
Name : |
Mrs. Devyani Vora |
|
Designation : |
Director |
|
Address : |
B – 402, |
|
Date of Birth/Age : |
59 Years |
|
Qualification : |
B.A. |
|
|
|
|
Name : |
Mr. Falguni Jitendra Vora |
|
Designation : |
Director |
|
Address : |
B – 402, |
KEY EXECUTIVES
|
Name : |
Mr. R Raghavan |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of U P Resin |
|
|
|
|
Products : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials (Petro Chemicals) |
|
Countries : |
v
v
v
v
Europe v
v
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Credit (60 - 90 days) |
|
|
|
|
Purchasing : |
L/C, Credit ( Above 90 days) |
GENERAL INFORMATION
|
Customers : |
v
Wholesalers v
End Users v Insituform
Technologies, INC. v Aban
Constructions Private Limited v Angerlehner
Composites Private Limited , v Per Aarsleff A/S v Strategic Engineering
Private Limited v Chemical Process
Equipments Private Limited v Tech-Force
Compsites Private Limited v Polyplast Chemi
Plants Private Limited |
|
|
|
|
No. of Employees : |
60 Employees |
|
|
|
|
Bankers : |
v
HDFC Bank, HDFC Bank House, Senapati Bapat Marge,
Lower Parel (West), Mumbai – 400013, v
Citi Bank, Citigroup Centre, Bandra Kurla
Complex, G Block Bandra East, Mumbai – 400051, v
Dena Bank, Thane Branch, Shanta Sadan, v
Federal Bank Limited, Minson house, Opp. Crowford
Market, 400003, Mumbai, |
|
|
|
|
Facilities : |
Rs. 70.000 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Jayant Shah and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Memberships : |
CAPEXIL |
|
|
|
|
Subsidiaries : |
v
|
|
|
Line of Business |
|
|
Manufacture of Synthetic rubber, Polyurethane adhesives and coatings. |
|
|
Line of Business |
|
|
v
Marketing International |
|
|
|
|
|
The Product Consultancy and Turnkey Projects in Overseas Countries. |
CAPITAL STRUCTURE
AS ON 12.09.2007
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10200 |
Equity Shares |
Rs. 10/- Each |
Rs.0.102
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.102 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.102 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.102 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.102 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.102 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.000 |
|
|
Net Current Assets |
|
|
0.102 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.102 |
|
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
This form is for |
Creation of
charge |
||||||
|
Corporate
identity number of the company |
U24300MH2006PTC160571 |
||||||
|
Name of the
company |
SATYEN POLYMERS PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
307, A TO Z Industrial Premises, G. K. Marg, Lower Parel, Mumbai,
400013, Maharashtra. |
||||||
|
Type of charge |
Book Debts Movable Property
(Not Being Pledge) Floating Charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of description
of the instrument creating or modifying the charge |
Letter of Hypothecation |
||||||
|
Date of
instrument Creating the charge |
08.09.2008 |
||||||
|
Amount secured by
the charge |
Rs.25.000
Millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the bank from time to time. Terms of
Repayment On Demand Margin Company Shall at
all times during the continuance of this security maintain the said debts of
a sufficient amount to provide the margin of security as may from time to
time advised by the bank. Extent and
Operation of the charge Hypothecation by
way of first charge on company’s stock and book debts to secure as a
continuing security for repayment of monies due and payable by the borrower
to the bank. Others The charge
created herein favour of HDFC Bank Limited shall pari passu with the charge
created in favour of Citi Bank. |
||||||
|
Short particulars
of the property charged |
1) Hypothecation
by way first charge on (a) all the stock in trade both present and future
consisting of raw materials, finish goods, goods in process of manufacturing
and other merchandise, fixed assets and whatsoever being movable properties;
(b) all present and future book debts – as per annexure attached |
OPERATION
During the year the company has not made any business transactions.
Since is the first financial year previous year are not available.
DIVIDENT
No dividends are recommended by the directors as there is no business
transactions during the period.
Website Details
Attached:
The manufacturing plant is located at Silvassa, Union
Territory of Dadra and Nagar Haveli, on the
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,
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
SP operates satellite offices in
About Us
They have developed this site with a two goals in mind – one, to supply you with information on their range of products and two, to provide you with knowledge on how to use these products to enhance the end products.
At Satyen Polymers their objective is not only to sell
quality unsaturated polyester resin (UPR) at reasonable prices but also to
provide exceptional service and technical expertise to enhance the end
products. They continue to strive to create value for their customers by
investing in people, processes and systems. Over the past few years they have
increased capacity at their plant in
These are exciting times at Satyen Polymers. They are growing in terms of both production capacity and products. Their growth is primarily due to their clients’ continued commitment to their products and their exceptional team of people, who interact and work with their clients on daily basis.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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] 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
|
|
1 |
Rs. 75.54 |
|
Euro |
1 |
Rs. 63.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|