MIRA
INFORM REPORT
|
Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAVITA POLYMERS LIMITED |
|
|
|
|
Registered Office : |
66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
10.03.1992 |
|
|
|
|
Com. Reg. No.: |
11-65826 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999MH1992PTC065826 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS16468E |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturer and Supplier of Cable Filling Compound. |
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 1900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are 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. Marvin |
|
Designation : |
Accounts Manager |
|
Date : |
16.10.2008 |
LOCATIONS
|
Registered Office : |
66/67, Nariman Bhavan, Nariman Point, Mumbai – 400021, India |
|
Tel. No.: |
91-22-22883061/2/3/4 |
|
Fax No.: |
91-22-22029364 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory 1 : |
A-2/1, MIDC Industrial Estate, Mahad, District Raigad – 402301, Maharashtra, India |
|
|
|
|
Factory 2 : |
54-A, Piparia Industrial Estate, Silvassa – 396230, Union Territory |
|
|
|
|
Branches : |
· Central Region 190, Bharat Nagar, J. K. Road, P. O. Piplani, Bhopal – 462021, Madhya Pradesh, India Fax. No. 91-755-2757987 · Eastern Region 209, Acharya Jagdish Chandra Bose Road, Kamani Estate, 4th Floor, Kolkata – 700017, West Bengal, India Fax. No. 91-33-22471872 E-Mail: savitacorp@vsnl.com · Southern Region Plot No. 7, P and T, Colony, Trimulgherry Post, Hyderabad – 500015, Andhra Pradesh Fax. No. 91-40-27747880 · Nothern Region 1004, Akash Deep, Barkhamba Road, New Delhi – 110001, India Fax. No. 91-11-23312447 |
DIRECTORS
|
Name |
Mr. N K Mehra |
|
Designation |
Chairman |
|
|
|
|
Name |
Mr. Gautam N. Mehra |
|
Designation |
Director |
|
Address |
121, Silver Arc, Neapeon Sea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth |
05.08.1961 |
|
Date of Appointment |
10.03.1992 |
|
|
|
|
Name |
Mr. Swaraj N. Mehra |
|
Designation |
Director |
|
Date of Birth |
12.10.1936 |
|
Address |
121, Silver Arc, Neapeon Sea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Appointment |
08.04.1993 |
|
|
|
|
Name |
Mr. Vasant D. Narkar |
|
Designation |
Director |
|
Date of Birth |
15.07.1941 |
|
Address |
72, Orchids, 73 Palli Hill, Mumbai – 400050, Maharashtra, India |
|
Date of Appointment |
17.07.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Uday C. Rege |
|
Designation : |
Company Secretary |
|
Address : |
23/1, Marathan Bhuwan, Near Ram Mandir, Subhash Road, Vile Parle, Mumbai 400057, India |
|
Date of Birth/Age : |
23.12.1965 |
|
Date of Appointment : |
01.08.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Savita Chemicals Limited |
10000 |
|
Khatri Investment Private Limited |
23100 |
|
Mansukhmal Investment Private Limited |
23100 |
|
Swaraj N. Mehra |
480000 |
|
Gautam N. Mehra |
73600 |
|
Reshma G Mehra |
100 |
|
Khatri Investment Private Limited |
77000 |
|
Naved Investment Private Limited |
100 |
|
Mansukhmal Investment Private Limited |
77000 |
|
Swaraj N. Mehra |
1600000 |
|
Gautam N. Mehra |
246000 |
|
|
|
|
Total |
2610000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
|
Category |
Percentage |
|
Bodies Corporate |
9.23 |
|
Directors or relatives of directors |
90.77 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Cable Filling Compound. |
||||||||
|
|
|
||||||||
|
Products : |
· Additives for Lubricating · Crude and Fuel Oils including Dispersants · Corrosion and Oxidation · Cetane Improvers · Multifunctioner and Cepp Additions · Crude Flow Improvers · Pour Point Depressants · Viscosity Index Improvers · Additive Packages · Intergediaters · Cable Filling Compound · Micro Crystalline Waxes · Petroleum Jelly
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Countries : |
·
African Countries ·
European Countries ·
Middle East ·
Asian Countries |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Material |
||||||||
|
Countries : |
· Asian Countries · European Countries |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C, Cash and Credit (30 days / 60 days / 90 days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C, Cash and Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
|
|
|
|
|
Filling Compounds |
MT |
45450 |
27150 |
|
Micro Crystalline |
MT |
36000 |
30900 |
|
Flow Improvers |
MT |
5000 |
1500 |
|
Speciality Oils |
KL |
77500 |
12000 |
GENERAL
INFORMATION
|
No. of Employees : |
80 |
|
|
|
|
Bankers : |
· Union Bank of India, Nariman Point, Mumbai – 400021, India · State Bank of India · Corporation Bank, Mumbai – 400001, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Bansal and Associates Chartered Accountants |
|
Address : |
2, Rajendra Chambers, Nanbhai Lane, Fort, Mumbai – 400001,
Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
· Savita Chemicals Limited Refineries: Address : 17-A, Thane-Belapur Road, P. O. – Vashi, Navi Mumbai – 400703, Maharashtra, India Address : Plot No. 10/2, Kharadpada, P. O. – Naroli, Silvassa – 396230, India E-Mail: savitacorp@vsnl.com · Lubes Division Address : 71, Maker Chamber VI, Nariman Point, Mumbai – 400021, India Tel. No. 91-22-22027452/228500092 |
CAPITAL STRUCTURE
(As on 30.09.2006)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000
millions |
|
3000000 |
Preference Shares |
Rs.10/- each |
Rs.30.000
millions |
|
|
Total |
|
Rs.50.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
610000 |
Equity Shares |
Rs.10/- each |
Rs.6.100 millions |
|
2000000 |
Preference Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.26.100 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
26.100 |
26.100 |
26.100 |
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
354.537 |
348.394 |
339.800 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
NETWORTH
|
380.637 |
374.494 |
365.900 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
4.333 |
1.504 |
0.300 |
|
2] Unsecured Loans |
7.175 |
10.551 |
17.400 |
TOTAL BORROWING
|
11.508 |
12.055 |
17.700 |
|
DEFERRED TAX LIABILITIES |
4.657 |
7.777 |
0.000 |
|
|
|
|
|
TOTAL
|
396.802 |
394.326 |
383.600 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
87.874 |
92.306 |
109.400 |
|
Capital work-in-progress |
0.796 |
0.802 |
0.000 |
|
|
|
|
|
|
INVESTMENTS |
61.005 |
99.444 |
78.400 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
139.630 |
119.471 |
144.100 |
|
Sundry Debtors |
92.286 |
77.201 |
71.100 |
|
Cash & Bank Balances |
4.597 |
7.153 |
6.800 |
|
Loans & Advances |
56.587 |
35.182 |
67.900 |
|
Total
Current Assets |
293.100 |
239.007 |
289.900 |
Less:
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
Current Liabilities |
41.532 |
32.216 |
91.600 |
|
Provisions |
4.441 |
5.017 |
2.500 |
Total Current Liabilities
|
45.973 |
37.233 |
94.100 |
|
Net Current Assets |
247.127 |
201.774 |
195.800 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
|
396.802 |
394.326 |
383.600 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
392.118 |
313.242 |
480.800 |
|
|
Other Income |
43.807 |
35.866 |
0.000 |
|
|
Total Income |
435.925 |
349.108 |
480.800 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
7.463 |
5.407 |
7.700 |
|
|
Provision for Taxation |
10.390 |
13.625 |
0.000 |
|
|
Profit/(Loss) After Tax |
(2.927) |
(8.218) |
7.700 |
|
|
|
|
|
|
|
|
Export Value |
0.000 |
0.000 |
2.712 |
|
|
|
|
|
|
|
|
Imports Value |
0.000 |
0.000 |
157.138 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
332.353 |
279.370 |
|
|
|
Salaries, Wages, Bonus, etc. |
18.203 |
14.127 |
|
|
|
Payment to Auditors |
0.066 |
0.067 |
|
|
|
Interest |
0.088 |
0.099 |
|
|
|
Insurance Expenses |
3.089 |
2.232 |
|
|
|
Power & Fuel |
12.502 |
7.394 |
|
|
|
Depreciation & Amortization |
6.897 |
8.166 |
|
|
|
Other Expenditure |
55.264 |
32.246 |
|
|
Total Expenditure |
428.462 |
343.701 |
473.100 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
(0.67) |
(2.35) |
1.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.90 |
1.73 |
1.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.96 |
1.63 |
1.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.15 |
0.14 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.38 |
6.42 |
3.08 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Phinolex Cables Limited
·
Uniflex Cables Limited
Form No. 8
Bankers Charges
Report as per Registry
|
Name of the company |
SAVITA POLYMERS
LIMITED |
|
Presented By |
UNION BANK OF
INDIA – INDUSTRIAL FINANCE BRANCH |
|
1) Date and description of instrument creating the change |
Agreement of Goods, Debts and Assets dated 7.03.1994. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 16.000
Millions |
|
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 |
[a] Hypothecation
of raw materials, stock in progress, fished goods stores and spares which
shall include all product goods and moveable property of any kind now or at
the disposal of the borrower and which are now stored or being stored or
which hereafter may from time to time be brought into or stored or be in or
about the borrower a premises or godowns at A-2/a, 2/2, MIDC Industrial
Estate, Mahad, Raigad 402 301 or wherever else the same may be. [b] hypothecation
of the borrower book debts, outstanding, monies, receivables, claims and
bills which are now due and owing or which may be at any time hereafter
during the continuance of this security becoming due and owing to the
borrower in the course of its business by any person or party including any
government or any local or public body or authority. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 4% per annum over RBI rate for demand loans from time to time with a minimum
of 16% per annum or any rate as may from time to time be fixed by the bank. Margin : 25% |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Industrial
Finance Branch, Union Bank Bhavan, 1st floor, 239, Vidhan Bhavan
Marg, Nariman Point, Bombay 400 021. |
|
6) Date and brief description of instrument modifying the charge |
Hypothecation
Agreement of goods, debts and assets Dated 23.05.1996 |
|
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 original
charge dated 07.03.1994 for Rs. 16.000 Millions is hereby modified by
granting am additional sum of Rs. 2.000 Millions thereby enhancing the limit
form Rs. 16.000 Millions to Rs. 18.000 Millions against the same security as
stated in column no. 3 above. Interest at the
rate of 6.75% per annum above the RBI rate for Demand loans from time to time
with a minimum rate of 18.75% per
annum or at any rate as may from time to time be fixed by the bank. Margin : 25% |
Web Details
Savita (Sanskrit: Sa-vi-ta) means the Sun: the gravitational centre
and source of life to the planetary system: a great luminary... the supreme
source of energy.
It is this energy that is the driving force behind Savita
Group's constant endeavour at quality upgradation through world class R and D
and latest technology which has helped it proactively meet the ever-changing
needs of its diverse customers.
The sun never sets. It moves on in its untiring endeavour to
satisfy the needs.
It is the same philosophy that they follow at the Savita
group. They too, like the sun, aspire to reach out and fulfill needs across the
globe, for a long time to come.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.43 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.65.91 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|