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MIRA
INFORM REPORT
|
Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SETCO CHEMICALS (INDIA) PRIVATE LIMITED |
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Registered Office : |
Sr. No. 72, Plot No. 64 to 73, Dewan and Shah Industrial Estate, Naliv
Pada, Vasai (East), Thane – 401 208, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.06.1985 |
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Com. Reg. No.: |
11-36470 |
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CIN No.: [Company
Identification No.] |
U26933MH1985PTC036470 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS28661D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of plants for Printing Inks, Resins, Paints and Adhesives |
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 210000 |
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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 : |
Mr. Selvan of the company declined business and financial details. Subject is a well established company having satisfactory track.
Financial position is satisfactory. Trade relations are fair. Payments are
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Selvan |
|
Date : |
18.09.2008 |
LOCATIONS
|
Registered Office/Factory : |
Sr. No. 72, Plot No. 64 to 73, Dewan and Shah Industrial Estate, Naliv
Pada, Vasai (East), Thane – 401 208, Maharashtra, India |
|
Tel. No.: |
91-250-3294750 / 51 / 3094750 |
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Fax No.: |
91-250-2480806 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Jayant Hariprasad Solanki |
|
Designation : |
Director |
|
Address : |
25A, Nalanda Building, 62, Peddar Road, Mumbai – 400 026, Maharashtra,
India |
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Date of Birth/Age : |
28.04.1943 |
|
Date of Appointment : |
01.04.1998 |
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|
|
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Name : |
Mr. Yogesh Hariprasad Solanki |
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Designation : |
Director |
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Address : |
C/302, Ashish Building, Tirupati Apartments, Bhulabhai Desai Road,
Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
20.02.1949 |
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Date of Appointment : |
01.05.1998 |
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|
|
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Name : |
Mrs. Sangeeta Jayant Solanki |
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Designation : |
Director |
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Address : |
25A, Nalanda Building, 62, Peddar Road, Mumbai – 400 026, Maharashtra,
India |
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Date of Birth/Age : |
17.10.1945 |
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Date of Appointment : |
01.12.2000 |
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|
|
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Name : |
Mrs. Rekha Yogesh Solanki |
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Designation : |
Director |
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Address : |
C/302, Ashish Building, Tirupati Apartments, Bhulabhai Desai Road,
Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
06.06.1952 |
|
Date of Appointment : |
01.12.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Tapan Jayant Solanki Joint with Sangeeta Jayant Solanki |
100 |
|
Tapan Jayant Solanki Joint with Vandana Tapan Solanki |
16200 |
|
Jayant Hariprasad Solanki Joint with Sangeeta Jayant Solanki |
16500 |
|
Sangeeta Jayant Solanki Joint with Tapan Jayant Solanki |
100 |
|
Sangeeta Jayant Solanki Joint with Jayant Hariprasad Solanki |
10680 |
|
Vandana Tapan Solanki Joint with Tapan Jayant Solanki |
5670 |
|
Jayant Hariprasad Solanki HUF |
750 |
|
Yogesh Hariprasad Solanki Joint with Rekha Yogesh Solanki |
16500 |
|
Rekha Yogesh Solanki Joint with Yogesh Hariprasad Solanki |
16000 |
|
Reshma Yogesh Solanki Joint with Rekha Yogesh Solanki |
7600 |
|
Grishma Yogesh Solanki Joint with Yogesh Hariprasad Solanki |
7900 |
|
Yogesh Hariprasad Solanki HUF |
2000 |
|
|
|
|
Total |
100000 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of plants for Printing Inks, Resins, Paints and
Adhesives. |
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|
|
|
Products : |
·
Rotogravure and
Flexographic Printing Inks ·
Industrial
and Decorative Paints ·
Laminating
Adhesives ·
Synthetic
Resins |
GENERAL
INFORMATION
|
No. of Employees : |
150 |
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|
|
|
Bankers : |
Bassien Catholic Co-Bank Operative Limited Manickpur Branch, Vasai, Thane – 401 202, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
·
B M Jhaveri and Company Chartered Accountants Address : 6/13, Tardeo Air
Conditioned Market Building, Tardeo, Mumbai – 400 034, Maharashtra, India ·
M M Jhaveri and Company Chartered Accountants Address : a-5, Apsara Building, Road No.
5, Daulat Nagar, Borivali (East), Mumbai – 400 066, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000
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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
32.555 |
22.742 |
15.410 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42.555 |
32.742 |
25.410 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27.508 |
19.189 |
29.952 |
|
|
2] Unsecured Loans |
18.262 |
23.012 |
24.823 |
|
|
TOTAL BORROWING |
45.770 |
42.201 |
54.775 |
|
|
DEFERRED TAX LIABILITIES |
0.581 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
88.906 |
74.943 |
80.185 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
51.315 |
46.044 |
53.274 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
9.129 |
0.200 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.367
|
19.218 |
21.608 |
|
|
Sundry Debtors |
47.975
|
43.117 |
52.211 |
|
|
Cash & Bank Balances |
5.477
|
8.402 |
2.254 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
22.197
|
9.813 |
6.034 |
|
Total
Current Assets |
94.016
|
80.550 |
82.107 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
49.652
|
43.524 |
55.296 |
|
|
Provisions |
15.902
|
8.327 |
0.000 |
|
Total
Current Liabilities |
65.554
|
51.851 |
55.296 |
|
|
Net Current Assets |
28.462
|
28.699 |
26.811 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
88.906 |
74.943 |
80.185 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
231.635 |
195.493 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
231.635 |
195.493 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
19.954 |
15.564 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
19.954 |
15.564 |
|
|
|
|
|
|
|
|
Export Turnover |
|
17.503 |
13.275 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Interest |
|
2.203 |
1.888 |
|
|
Depreciation & Amortization |
|
4.920 |
3.706 |
|
|
Other Expenditure |
|
204.558 |
174.335 |
|
Total Expenditure |
|
211.681 |
179.929 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.61
|
7.96 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.61
|
7.96 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.73
|
12.29 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.48 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.62
|
2.87 |
4.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.55 |
1.48 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered office of the company has been shifted from Plot No. 24/I,
Shangrilla Industrial Estate, Chinchpada, Vasai (East), District: Thane – 401
208, Maharashtra, India to the present address w.e.f. 15.01.2005.
HISTORY
Subject has come a long way since its modest beginning in 1994,
having its registered office and manufacturing facilities located in Vasai, at
Thane District - 60 Kms from Mumbai. It has two manufacturing plants for
Printing Inks, Resins, Paints and Adhesives, located at Vasai and Vapi. Over
the years the company has significantly changed its product mix from that of
paint and printing inks to resins, coatings and speciality products. The credit
of the company rapid progress is largely attributed to the most valued
customers for patronizing the products and the unprecedented support given by
all the employees of the company.
Initiatives in R and D has propelled the company as an innovator in modern resins and coatings technologies providing a significant leverage over its competitors. They provide the right solution for surface treatment problems, offering outstanding combinations of physical and chemical properties.
The prestigious client roster has an array of high profile companies. The product range under the brand name Rotodur, Acrothane and others are all well preferred in the Indian market.
To provide an array of products equating international quality, is the challenge that, a manufacturer faces while competing in the present market scenario. In the market of Printing Inks, Resins, Paints and Adhesives, Setco Chemicals has created a niche for itself by meeting this challenge successfully.
Although the products are used in myriad industries, they all carry one feature in common. Quality par global standards.
With so many achievements already in it's credit, Subject is committed to develop and serve the Surface Coating Industry better, as it has always done from the past decade.
The company boasts of well-equipped quality control and development laboratories. Sophisticated manufacturing and testing equipments employed by the company has enabled it to offer world class products for architectural as well as industrial use. The company also offers custom-made products to meet specific requirements of the customers.
At Subject, the business is tailoring our products to deliver high performance in adhesives and coatings.
Form No. 8
|
Name of the company |
SETCO CHEMICALS (INDIA) PRIVATE LIMITED |
|
Presented By |
Bassein Catholic
Co-Op Bank Limited, Manickpur Branch, Vasai |
|
1) Date and description of instrument creating the change |
Hypothecation of Tangible
Movable Property dated 16.11.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 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 |
Stock of raw
material semi finished and finished products, both present and future, lying
at the premises machinery hereabove and /or at any other place / places. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
: 13.5% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Bassien Catholic Co-Bank Opp. Limited Manickpur Branch, Vasai, Thane – 401 202, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
|
Corporate
identity number of the company |
U26933MH1985PTC036470 |
|
Name of the
company |
SETCO CHEMICALS (INDIA) PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Sr. No. 72, Plot No. 64 to 73, Dewan and Shah Industrial Estate, Naliv
Pada, Vasai (East), Thane – 401 208, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Bassien Catholic Co-Bank Opp. Limited Manickpur Branch, Vasai, Thane – 401 202, Maharashtra, India |
|
Nature of
instrument creating charge |
Hypothecation of
Machinery |
|
Date of
instrument Creating the charge |
20.08.2008 |
|
Amount secured by
the charge |
Rs.4.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest @ 11.5% p.a. ·
Terms of
repayment On demand repayable by way of installment 78 monthly / yearly
installments from today. ·
Margin 25% ·
Extent and
operation of the charge The charge will operate to the extent of Rs.4.500 millions on the
security offered by the Company. |
|
Particulars of the
property charged |
The Borrowers
Doth/Do Hypothecation hereby all machinery of the company such as 3000 LIT.
S.S. Reactor, Ms Jacket for resin manufacturing double catridge mechanical
seals complete set of ink manufacturing peripherals for the imported machinery
15 Ltrs. Chilled water unit vaccum pump with motor high vaccum pump. |
Web Details
Projects
|
PAINTS |
DESCRIPTION |
|
|
|
|
|
|
Decosil |
Interior & Exterior speciality paints based on selected acrylic
polymers. |
Technical Literature. |
|
Neoprime |
It is a two pack polyester polyurethane primer system, capable of
providing highly durable coating systems for serve exposure conditions. |
Technical
Literature. |
|
Neotex |
This is used in protective and decorative applications of paints on
wooden surface in Texturised and Smooth finishes for interior applications. |
Technical
Literature. |
|
Polyurethane Coating System (Two Pack) |
Two pack Polyurethane Clear & Pigmented Coating used in decorative
application and top coat finish. |
Technical
Literature. |
|
Woodlux Melamine Wood Finish |
It is a two pack systems applied on wooden substrates to produce
glossy, semi-glossy, matt finishes that enhance the life of wood to a great extent.
|
Technical
Literature. |
|
Wood Prime |
It is a two component solvent based penetration primer developed for
wood and wood substrates. |
Technical
Literature. |
|
Polyurethane Coating System (Two Pack) - Weatherthane |
Two component Polyurethane Clear & Pigmented Coating used in
protective & decorative application and top coat finish. |
Technical
Literature. |
|
Polyurethane Coating Systems (Two Pack) - Neolux |
Two component Polyurethane Clear & |
Technical
Literature. |
|
|
Pigmented Coating used in protective & decorative application. |
|
|
Polyurethane Coating Systems (Two Pack) -Acrothane |
Two component Polyurethane. Clear & Pigmented Coating used in
protective & decorative application and top coat |
Technical Literature. |
|
|
finish. |
|
|
Microseptic |
A Anti-Bacterial Hygiene Coating. It provides a bacteria and fungus
free, monolithic, jointless coating on interior walls and continues to
provide bacteria and fungus free surface throughout its service life. It is
practically odour-free and is water-based, non-toxic to human contact. |
Technical
Literature. |
|
Thermshield |
A Reflective Insulating Coatings. It is an innovative answer to keep interiors
cool and comfortable as well as prolong the life of the substrate on which
they are used. It uses an innovative technology of reflecting major portion
of the Sun's heat and UV light allowing only a small portion to pass through
the coating to the substrate. |
Technical
Literature. |
|
Clear Sanding Sealer (One Pack and Two Pack) |
It is used on wood and wood substrates to fill up minor pores &
rectify minor unevenness of surface. One pack comes in paste form and Two
pack comes in liquid form. |
Technical
Literature. |
|
Polyurethane One Pack Clear and Pigmented System |
It is a oil modified polyester polyurethane paints supplied in clear
finish and pigmented system. |
Technical
Literature. |
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.46.71 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.66.98 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
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 |
|