MIRA
INFORM REPORT
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Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUPER SCIENTIFIC WORKS PRIVATE LIMITED |
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Registered Office : |
E-70/71, Sadar Estate, Ajwa Road, Baroda – 300 019, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.05.1995 |
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Com. Reg. No.: |
04-25900 |
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CIN No.: [Company
Identification No.] |
U74999GJ1995PTC025900 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS01253A |
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PAN No.: [Permanent
Account No.] |
AACCS9796C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceutical Glass Equipments. |
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 180000 |
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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 is a well established and reputed company meeting its normal commitments
timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Tushar Shah |
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Designation : |
Senior Manager in Accounts |
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Contact No.: |
91-9879204804 |
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Date : |
30.08.2008 |
LOCATIONS
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Registered Office : |
E-70/71, Sadar Estate, Ajwa Road, Baroda – 300 019, Gujarat, India |
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Tel. No.: |
91-265-2512088 / 2511271 / 2514633 |
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Mobile No.: |
91-9879204804 |
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Fax No.: |
91-265-2571550 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. ft. |
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Location : |
Owned |
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Factory : |
D 34, Sadar Estate, Ajwa Road, Baroda – 300 019, Gujarat, India |
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Area : |
5000 Sq. ft. |
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Location : |
Owned |
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Mumbai Office : |
Oberoi Garden Eatate, 1115, 1st Floor, C wing, Chandivli
Farm Road, Chandivli, Mumbai – 400 072, Maharashtra, India |
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Telfax No.: |
91-22-28579766 / 28579699 |
DIRECTORS
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Name : |
Mr. Naresh Vijaykumar Goel |
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Designation : |
Whole Time Director |
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Address : |
B/30, Shivashrsy Housing Complex, Near Raneshwar Temple, Saiyed Vasna
Road, Vadodara, Gujarat, India |
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Date of Birth/Age : |
15.04.1958 |
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Qualification : |
Undergraduate |
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Date of Appointment : |
16.05.1995 |
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Name : |
Mr. Sudesh Vijaykumar Goel |
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Designation : |
Whole Time Director |
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Address : |
A-11/12, Tulsidham Society, Opp. Harni Airport, Harni Road, Vadodara,
Gujarat, India |
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Date of Birth/Age : |
06.04.1955 |
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Qualification : |
Undergraduate |
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Date of Appointment : |
16.05.1995 |
KEY EXECUTIVES
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Name : |
M/s Daryani Naresh and Associates |
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Designation : |
Company Secretary |
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Address : |
309-A, Corner Point, Behind Hotel Express, Alkapuri, Baroda – 390 007,
Gujarat, India |
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Tel No.: |
91-265-2323790 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
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Naresh Vijaykumar Goel |
60900 |
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Sudesh Vijaykumar Goel |
36000 |
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Ashok Vijaykumar Goel |
13100 |
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Madhu Virendra Mangla |
29500 |
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Rajesh Jayprakash Singla |
17600 |
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Anita Sudesh Goel |
22000 |
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Pooja naresh Goel |
27500 |
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Virendra Gyanchand Mangla |
19100 |
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Suresh Vijaykumar Goel |
17400 |
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S C Bishnoi |
100 |
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Suresh Goel (HUF) |
3600 |
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Sudesh Goel (HUF) |
4100 |
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Virendra Mangla (HUF) |
4600 |
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Naresh Goel (HUF) |
6600 |
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Vijaykumar Goel |
100 |
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Lata Suresh Goel |
100 |
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Shantidevi Mangla |
100 |
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Total |
262400 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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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 Pharmaceutical Glass Equipments. |
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Exports : |
·
Borosilicate industrial glass equipment and complete process systems ·
Teflcline pipes and firttings ·
MS coupling and assembly systems |
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Countries : |
·
Israel ·
Iran |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
L/C – 50 days advance |
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Purchasing : |
L/C and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
60 |
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Bankers : |
·
HDFC Bank ·
ICICI Bank ·
State Bank of India ·
Citi Bank |
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Facilities : |
CC Rs.10.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R C Thakkar and Associates Chartered Accountants |
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Address : |
432, Paradise Complex, Near Kala Ghoda, Sayajigunj, Baroda – 390 005,
Gujarat, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
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 |
|
262400 |
Equity Shares |
Rs.10/- each |
Rs.2.624
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 |
2.624 |
2.624 |
2.624 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
32.461 |
27.414 |
23.254 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35.085 |
30.038 |
25.878 |
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LOAN FUNDS |
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1] Secured Loans |
8.192 |
6.424 |
5.190 |
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2] Unsecured Loans |
4.754 |
3.317 |
5.996 |
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TOTAL BORROWING |
12.946 |
9.741 |
11.186 |
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DEFERRED TAX LIABILITIES |
0.287 |
0.347 |
0.357 |
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TOTAL |
48.318 |
40.126 |
37.421 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.873 |
5.706 |
4.882 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.101 |
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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 |
15.407
|
16.956 |
11.712 |
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Sundry Debtors |
43.256
|
23.282 |
37.465 |
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Cash & Bank Balances |
2.349
|
3.103 |
3.017 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.232
|
1.789 |
4.555 |
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Total
Current Assets |
63.244
|
45.130 |
56.749 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.194
|
10.080 |
21.747 |
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Provisions |
0.606
|
0.631 |
2.567 |
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Total
Current Liabilities |
20.800
|
10.711 |
24.314 |
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Net Current Assets |
42.444
|
34.419 |
32.435 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
48.318 |
40.126 |
37.421 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
83.026 |
74.580 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
83.026 |
74.580 |
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Profit/(Loss) Before Tax |
|
8.335 |
7.131 |
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Provision for Taxation |
|
2.834 |
2.522 |
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Profit/(Loss) After Tax |
|
5.501 |
4.609 |
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Earnings in Foreign Currency : |
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FOB Value |
|
0.634 |
3.785 |
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Total Earnings |
|
0.634 |
3.785 |
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Imports : |
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CIF Value |
|
1.933 |
1.457 |
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Total Imports |
|
1.933 |
1.457 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
|
(0.606) |
(5.588) |
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Other Expenditure |
|
75.297 |
73.037 |
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Total Expenditure |
|
74.691 |
67.449 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.63
|
6.18 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
10.04
|
9.56 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.06
|
14.03 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.24 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
0.68 |
1.37 |
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Current Ratio (Current Asset/Current Liability) |
|
3.04
|
4.21 |
2.33 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Gwalior Chemicals – Madhya Pradesh
·
Ranbaxy
Web Details
Profile
Subject is the ISO 9001:2000 certified manufacturer of borosilicate industrial glass
equipments /process plants in India, meeting to stringent international
standards. All the glass equipment complies with ISO 3585/3586/3587 for
buttress ends DN 25 to DN 600 and find extensive use in the construction of
complete glass process plants / pilot plants in the Chemical Process Industry.
The propitious track records for on time delivery, strong adherence to BS and
DIN standards coupled with excellent after sales services, has earned them more than 40% of market share
in India.
With the world class quality and backed by the strong and sound management,
they have already entered into the
international markets and have received excellent response from
countries like Malaysia, Iran, New Zealand, Singapore, Jordan, Dubai and Israel
etc.
They provide necessary basic engineering and detailed engineering
services, required for the design, construction and operation of glass process
plants and systems where glass is an ideal material of construction. As
regards the quality and services offered ‘Super’ provide not only state of the
art equipment but also the services of installation, operation and maintenance
along with the expertise of the its technical team.
In the construction of glass process plants, PTFE as a material plays a crucial
role. They thus engaged in the manufacturing of PTFE components like
gaskets, `O' rings, bellows, bushes PTFE tube sheets (for glass shell and tube
heat exchanger), mechanical seals, PTFE Distributor etc. required for the
construction of glass process plants.
They also engaged in manufacturing complete range of Glass Plant supporting
structure parts like Bends, Brackets, Support, Cross, Base, Tee, Vessel Holders
etc. along with metal parts like Couplings, Chuck and Seal Assembly etc.
require for Glass Assemblies. This `Single Window' facility available
only with SUPER would enable to maintain a thorough and uniform quality control
at all levels
They are the only one from India; to manufacture
PTFE/ FEP lined pipelines and fittings along with regular glassware items.
This has been very helpful in providing single point solutions to all your
requirements. They also have excellent support from our strong technical and
RandD team for providing package solutions.
Achievements
Keeping the customer as the main focal point since inception, the
company has major strides in satisfying the diverse needs of the chemical
process industry. From a small company to a company of global standards,
the Super Scientific has traveled a long way. The journey has been
possible because of it’s focus on customer support and innovative RandD
efforts. They may mention below the few major break through achieved for first time in India.
1983-1984 India’s first
glass company to produce 150mm diameter Borosilicate Glass components followed
by 225mm
diameter glass components.
1984-1985 Fabricated 300mm
diameter glass components as import substitute.
1985-1986 Manufactured 100-liter
glass spherical flask as import substitute.
1986-1987 Manufactured 400mm
diameter glass components.
1987-1988 Designed,
developed and supplied 450mm diameter glass distillation Column with connecting
accessories and Internals.
1988-1989 Manufactured 225mm
diameter single pass shell & tube heat exchanger and also developed triple
pass shell and tube heat exchanger
1991-1992 Manufactured glass
components as import substitutes for ordnance factory.
1994-1995 Manufactured 600mm
diameter glass tower.
1995-1996 Manufactured 800
mm diameter glass column.
1998-1999 Manufactured 300
mm diameter glass agitated extraction column.
2000-2001 Participated in ‘ACHEMA -2000’ at Frankfurt, Germany as
the first borosilicate glass equipment manufacturer from India.
2001-2002 Successfully
implemented grass root project on turnkey
basis (concept to commissioning) for Bromine recovery plant from inland
sea bittern for the capacity of 300 TPA
2002-2003 Manufactured 450
mm diameter shell and tube Heat Exchanger.
2003-2004 Manufactured
500-Liter Borosilicate Glass Separator with Teflon Lined Stirrer & X-Proof
Motor & Exported to Israel
2004-2005 Manufactured
SS-304 Structure Fittings Matching to Schott design for 1 ¼” Nominal bore
SS-304 Pipe structure and Exported to Israel.
About Quality
Right from the inception of the company
about two decades back, ‘Super’ consistently following strict quality control
norms for both raw materials and finished products to meet the correct
requirements of their esteemed customers.
The increasing importance of borosilicate glass as a material for process plant
and piping in the chemical process industries has led to the establishment of
the following standards:
- DIN ISO 3585 - Borosilicate Glass 3.3 - Properties
- DIN ISO 3586 - General Rules for Testing, Handling and Use
- DIN IS0 3587 -
- DIN ISO 4704 - Glass Plant Components
All the Borosilicate (Type 3.3) Glass plants, pipelines and components
fabricated by ‘Super’ complies with the following international standards
equivalent to above and other relevant International Standards.
- BS EN
12585:1999 - Glass Plant, Pipeline and Fittings Compatibility and
Interchangeability.
- BS EN
1595:1997 - General rules for design, manufacturers and testing.
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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
52 |
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 |
|