MIRA
INFORM REPORT
|
Report Date : |
13.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ROHIT SURFACTANTS PRIVATE LIMITED |
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Formerly Known As : |
Shri mahadeo soap
industries private limited |
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Registered Office : |
117/H-2/202 Pandu Nagar, Kanpur 208 005, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.06.1988 |
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Com. Reg. No.: |
20-009771 |
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CIN No.: [Company
Identification No.] |
U15111UP1988PTC009771 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPS01923F |
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PAN No.: [Permanent
Account No.] |
AADCS7820A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Ghari Detergent Cake and Fodder Powder and washing soaps |
RATING &
COMMENTS
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MIRAs 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 7600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as 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. Raj Narayan |
|
Designation : |
Head Accountants |
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Contact No.: |
91-512-2241829 |
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Date : |
11.09.2008 |
LOCATIONS
|
Registered Office : |
117/H-2/202 Pandu Nagar, Kanpur 208 005, Uttar Pradesh, India |
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Fax No.: |
91-512-2295576 / 2217650 / 2215680 / 2241829 / 2223606 / 2242452 |
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Mobile No: |
91-512-2217650 / 2215680 / 2295576 / 2295576 / 2241707 |
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E-Mail : |
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Websites : |
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Area : |
1000 yards |
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Location : |
Owned |
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Branches : |
Arzi No.475, Village Mallau, Choubeypur, Kanpur, Uttar Pradesh, India |
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Area : |
1.5 acre |
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Head Office : |
122/623, Shastri Nagar, Kanpur 208 005, Uttar Pradesh, India |
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Tel No.: |
91-512-3205834 |
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Fax No.: |
91-512-2242581 |
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Factory : |
Khasara No. 65/2 Shabad, Daulatpur, Delhi 110 042, India |
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Tel No.: |
91-11-27291162 |
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Other located at : |
· Ghaziabad · Kanpur · Indore |
DIRECTORS
|
Name : |
Mr. Bimal Kumar |
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Designation : |
Managing Director |
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Address : |
7/189 Swaroop Nagar, Kanpur 208 002, Uttar Pradesh, India |
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Date of Birth : |
20.07.1960 |
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Date of Appointment : |
11.10.1995 |
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|
Name : |
Mr. Laxman. Das |
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Designation : |
Director |
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Address : |
Pandav Nagar, Kanpur-208005, India |
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Date of Birth : |
02.09.1945 |
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Name : |
Mrs. Aradhana . Dutta |
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Designation : |
Director |
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Address : |
Flat-No. 102-A, Tarun Tower, Lakhanpur, Kanpur-208024, India |
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Date of Birth/Age : |
19.09.1978 |
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Name : |
Mr. Bansilal Gyanchandani |
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Designation : |
Director |
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Address : |
G-544, 127, H I G , M I G, Plot Kanpur 208 027, Uttar Pradesh, India
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Date of Birth/Age : |
01.01.1933 |
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Date of Appointment : |
23.06.2005 |
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Name : |
Mr. Tara Chand |
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Designation : |
Director |
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Address : |
Village Mallau, Chaubepur , Kanpur, Uttar Pradesh, India |
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Date of Birth/Age : |
09.07.1956 |
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Date of Appointment : |
23.06.2005 |
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Name : |
Mr. Manoj Kumar Gyanchandani |
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Designation : |
Director |
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Address : |
7/189 Swaroop Nagar, Kanpur 208 002, Uttar Pradesh, India |
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Date of Birth/Age : |
22.10.1972 |
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Date of Appointment : |
11.03.2008 |
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Name : |
Mr. Murli Dhar |
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Designation : |
Chairman |
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Address : |
7/189, Swaroop Nagar, Kanpur 208 002, Uttar Pradesh, India |
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Date of Birth/Age : |
20.11.1946 |
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Date of Appointment : |
27.09.1995 |
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Name : |
Mr. Rahul Gyanchandani |
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Designation : |
Director |
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Address: |
7/189 Swaroop Nagar, Kanpur 208 002, Uttar Pradesh, India |
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Date of Birth/Age : |
10.04.1984 |
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Date of Appointment : |
04.02.2005 |
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Name : |
Mr. Rajinder Pal Singh |
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Designation : |
Director |
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Date of Birth/Age : |
19.01.1952 |
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Date of Appointment : |
08.08.2006 |
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Name : |
Mr. Rohit Gyanchandani |
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Designation : |
Director |
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Address: |
7/189, Swaroop Nagar, Kanpur 208 002, Uttar Pradesh, India |
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Date of Birth/Age : |
10.04.1984 |
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Date of Appointment : |
04.02.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Amitabh Paliwal |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Sanjay. Mishra |
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Designation : |
Chief Executive Officer |
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Tel No.: |
(0758) 2286264 |
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Name : |
Ms. Rekha Kejriwal |
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Designation : |
Company Secretary |
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Address : |
123/709 Gazalganj, Kanpur 208 012, Uttar Pradesh, India |
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Tel No.: |
91-512-2235613 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Ghari Industries Private Limited |
24839 |
|
Ms. Laxmi Devi |
1 |
|
Total
|
24840 |
|
Names of Allottees |
No. of Shares |
|
Mr. Bimal Kumar |
4012 |
|
Mr. Murli Dhar |
4073 |
|
Mr. Kamla Devi |
818 |
|
Mr. Manoj Kumar |
1943 |
|
Mr. Rahul Gyanchandani |
1478 |
|
Mr. Rohit Gyanchandani |
2241 |
|
Mrs. Rajani
Gyanchandani |
125 |
|
Mrs. Laxmi Devi |
4880 |
Equity Share Breakup (Percentage of Total Equity):-
|
Category (As on 31.03.2007) |
Percentage |
|
Bodies Corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Ghari Detergent Cake and Fodder Powder and washing soaps |
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Imports : |
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Products : |
Chemicals |
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Countries : |
Germany, China |
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Terms : |
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Selling : |
Cash or Credit (30 days) |
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Purchasing : |
L/C or Credit (Sight days ) |
PRODUCTION STATUS
|
Particulars |
Actual Production |
|
Detergent Powder |
66000 M.T. |
|
Detergent Cake |
20000 M.T. |
|
Acid Slurry |
17500 M.T. |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
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No. of Employees : |
300 |
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Bankers : |
· State Bank of India, Industrial Estate Branch, Kanpur-208 012, Uttar Pradesh, India · Syndicate Bank · Yes Bank Limited · Standard Chartered Bank · ICICI Bank Limited · Punjab National Bank · Union Bank of India |
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Auditors : |
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|
Name : |
Manglick and Associates |
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Address : |
Flat No.3, Mahamaya Apartment, 2A / 233, Azad Nagar, Kanpur-208002, Uttar Pradesh, India |
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Tel No.: |
91-512-2562762 / 2562761 |
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Fax No.: |
91-512-2561206 |
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Holding Company : |
Ghari Industries Private Limited CIN:
U29304UP1993PTC014997 |
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Associates/Subsidiaries : |
· Shri Mahadev Soap India Private. Limited · Ghari Industries Private Limited · Rohit Chemicals and Soaps. Private Limited Now all concerns merged in Rohit Surficants Private Limited · Calcutta Detergents Private Limited CIN: U24231UP1986PTC029862 · Poonam Developers and Infrastructure India Private Limited CIN : U45202UP2005PTC030986 |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
425000 |
Equity Shares |
Rs. 100/- each |
Rs. 42.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24840 |
Equity Shares |
Rs.
100/-each |
Rs. 2.484
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.484 |
2.484 |
2.484 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1505.615 |
1346.604 |
1079.394 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
1508.099 |
1349.088 |
1081.878 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
1521.012 |
559.327 |
89.685 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
1521.012 |
559.327 |
89.685 |
|
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DEFERRED TAX LIABILITIES |
44.441 |
49.298 |
41.846 |
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TOTAL |
3073.552 |
1957.713 |
1213.409 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
976.570 |
786.062 |
760.548 |
|
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Capital work-in-progress |
680.515 |
137.711 |
21.183 |
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|
|
|
|
|
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INVESTMENT |
1.125 |
1.125 |
11.525 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
721.658
|
416.800 |
357.774 |
|
|
Sundry Debtors |
306.402
|
418.249 |
96.480 |
|
|
Cash & Bank Balances |
400.386
|
241.100 |
80.815 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
483.785
|
388.382 |
358.345 |
|
Total
Current Assets |
1912.231
|
1464.531 |
893.414 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
476.018
|
421.397 |
454.693 |
|
|
Provisions |
20.871
|
10.319 |
18.568 |
|
Total
Current Liabilities |
496.889
|
431.716 |
473.261 |
|
|
Net Current Assets |
1415.342
|
1032.815 |
420.153 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3073.552 |
1957.713 |
1213.409 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
7582.234 |
5986.247 |
6061.970 |
|
|
Other Income |
25.450 |
6.039 |
10.433 |
|
|
Total Income |
7607.684 |
5992.286 |
6072.403 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
206.963 |
334.170 |
307.120 |
|
|
Provision for Taxation |
47.385 |
66.393 |
41.775 |
|
|
Profit/(Loss) After Tax |
159.578 |
267.777 |
265.345 |
|
|
|
|
|
|
|
|
Import Value |
637.022 |
423.720 |
390.044 |
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|
|
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Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
63.091 |
54.830 |
34.675 |
|
|
Other Expenditure |
7337.630 |
5603.286 |
5730.608 |
|
Total Expenditure |
7400.721 |
5658.116 |
5765.283 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.10
|
4.47 |
4.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.73
|
5.58 |
5.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.79
|
13.98 |
18.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.25 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
0.73 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.85
|
3.39 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
Name of the company |
ROHIT SURFACTANTS PRIVATE LIMITED |
|
Presented By |
Shri Bimal Kumar Managing Director |
|
1) Date and description of instrument creating the change |
07.05.2005,
Agreement for hypothecation of goods and
assets |
|
2) Amount secured by the charge/amount owing on the securities of charge |
· Cash Credit (stocks) of Rs. 19.000 millions · Letter of Credit of Rs. 20.000 millions · Bank Guarantees of Rs. 40.000 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 |
· Hypothecation of entire current assets present and future viz., stocks of raw material, stock in process, finished goods, stores, spares, book debts / receivables of the Chaubeypur unit of the company, situated at village Mallau, Chaubepur, G T Road, Kanpur (Uttar Pradesh). · Equitable mortgage of the factory land and building situated at Chaubeypur and Alwar Units of the company. · Hypothecation of plant and machinery of Chaubeypur and Alwar Units of the Company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 1.5% above SBAR i.e. presently 11.75% per annum presently. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Industrial Estate Branch, Kanpur, Uttar Pradesh, India |
|
Corporate
identity number of the company |
U15111UP1988PTC009771 |
|
Name of the
company |
ROHIT SURFACTANTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
117/H-2/202 Pandu Nagar, Kanpur 208 005, Uttar Pradesh, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
· Book Debts · Movable property |
|
Particular of
charge holder |
State Bank of
India, Industrial Estate Branch, Fazal Ganj, Kanpur 208 012, Uttar Pradesh,
India E-Mail: jkscoknp@gmail.com |
|
Nature of
instrument creating charge |
· Supplemental agreement of hypothecation of goods and assets in the overall limit · Letter regarding the grant of individuals limits within the overall |
|
Date of
instrument Creating the charge |
29.01.2008 |
|
Amount secured by
the charge |
Rs. 1681.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Cash Credit - @
0.75% below SBAR , Present effective rate 12.00% p.a with monthly rests On sublimit short
term loan - @ 8.25% per annum Term Loan I and
II - @ 1.50% below SBAR present effective rate 11.25 % p.a with monthly rests Term Loan III @
1.25% SBAR. Present effective rate 11.50% p.a monthly rests or such other(s)
as may be notified by the bank to the borrower from time to time. Terms of Repayment : Working Capital
Repayable on demand Term Loan I and
II As per existing repayment schedule. Term Loan III of
Rs. 336.000 millions shall be repayable in 20 quarterly installment of Rs. 16.800
millions each commencing from 30.09.2008 on the last day of quarter. Margin : 25% on Raw
material 35% on Stock in
process 25% on finished
goods 100% on Stores
and spares 100% on Book
Debts / Receivables 10% on LC 44% on plant and
Machinery (Term Loan I) 40% on Term Loan I 30% on Term Loan
III 10% on BG Extent and Operation of the charge : The Company
properties as mentioned in column No.14 hereunder are hypothecated to secure
following credit facilities granted by the bank. CC (Stocks) Rs.
650.000 millions (sun limit: Short T/L within CC (Stocks) Rs. 500.000
millions. T/L- I Rs. 70.000
millions T/L II Rs.
225.000 millions T/L - III Rs.
336.000 millions LC (1/1)* Rs.
250.000 millions (Sub limit of LC
Buyers Credit Rs. 150.000 millions) BG Rs. 150.000
millions Total Rs.
1681.000 millions Both way
interchangeability upto Rs. 50.000 millions between LC and BG Limits. |
|
Short Particulars
of the property charged |
Hypothecation of
entire current assets (both present and future) of the 20 units of the
company including all stocks of raw
materials, stock in process, finished goods, store spares, book debts receivables documents of title to goods,
counter guarantee of the company and first charge over entire fixed assets of
the first 14 units of the company
(more particularly described. |
|
Particulars of
the present modification |
Bank has granted
a Term Loan III (new) Rs. 336.000. However, other credit facilities remain
same. Therefore, total amount of
charge secured against hypothecation of entire current assets, fixed assets,
etc as per detail mentioned in column No. 14 above and have been enhanced
have now enhanced From Rs. 1345.000 millions
to Rs. 1681.000 millions |
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 Intl
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 companys 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.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SCs 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 |
|