MIRA
INFORM REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SILVO LIACAL CHEMICALS LIMITED |
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Registered Office : |
Pream Estate, 2nd Floor, Mustafa Bazar, Sant Savata Cross Road
No – 1, Opp. Union Bank of India, Mazgaon, Mumbai – 400 010, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.03.1983 |
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Com. Reg. No.: |
029454 |
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CIN No.: [Company
Identification No.] |
U24110MH1983PTC029454 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS43547A |
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PAN No.: [Permanent
Account No.] |
AABCS1312H |
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Legal Form : |
A Closely held Public Limited Company |
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Line of Business : |
Manufacturer of Chemicals (Antistic Oils, E.O. Condensates and
Speciality Chemicals etc.) |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 156910 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Unknown |
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Comments : |
Subject is an established company having moderate track. The company
has incurred substantial loss in 2005-06, as per last available/ obtainable
financial. The company appear to be slightly, poor in Corporate Governance as
it’s March 2007 financials are not yet field with Statutory Authority. The company’s payments are slow and delayed. Hence, the company can be considered for any business dealings on safe
and secured trade terms and conditions, only. |
LOCATIONS
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Registered / Head Office : |
Pream Estate, 2nd Floor, Mustafa Bazar, Sant Savata Cross
Road No – 1, Opp. Union Bank of India, Mazgaon, Mumbai – 400 010,
Maharashtra, India |
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Tel. No.: |
91-22-23702690 |
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E-Mail : |
silvosales@silvoliacal.com |
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Head Office : |
708/709, Vikas Deep Bldg, Lakshmi Nagar, District Centre, Vikas Marg,
New Delhi – 110 092. |
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Tel. No.: |
91-11-2209562/ 2249131 |
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Fax No.: |
91-11-2209562 |
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Factory 1 : |
43, M.I.D.C, Industrial Area, Village P. O. Dhatav, Roha (Maharashtra) |
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Tel. No.: |
91-2194-62124/ 62185 |
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Factory 2 : |
31-35, Industrial Area, Poanta Sahib – 173 025, Simour (Himachal
Pradesh) |
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Tel. No.: |
91-17041-5325653 |
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Fax No.: |
91-1704-22572 |
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Branches : |
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Ahmedabad : |
1st Floor, Ganesh Bhawan, Opp. Coil Mill Compound,
Ahmedabad Dairy Road, Kankaria Road, Ahmedabad-380 022 |
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Tel. No.: |
91-79-5325653 |
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Hyderabad : |
336/A, 3rd Floor AI-Karim Trade Centre, Rani Ganj, M. G.
Road, Secundarabad-3 (Andhra Pradesh) |
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Tel No : |
91-40-860728 |
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Chennai : |
7 Powder Mill Road, Bahsin Bridge, Chennai-600 012 |
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Tel No : |
91-44-5323378 |
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Calcutta : |
42/1, B. B. Ganguly Street, Calcutta-700 012 |
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Tel No : |
91-33-271833 |
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Fax No.: |
91-33-2611468 |
DIRECTORS
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Name : |
Mr. R. H. Meghani |
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Designation : |
Chairman |
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Name : |
Mr. H. I. Dawoodani |
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Designation : |
Director |
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Address : |
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Name : |
Mr. N. E.Bharwani |
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Designation : |
Director |
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Name : |
Mr. Sachin Patil |
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Designation : |
Admin . Mgr |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ahmed Hussain Dawoodani |
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188500 |
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Hussain Ismile Dawoodani |
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343000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals (Antistic Oils, E.O. Condensates and
Speciality Chemicals etc.) |
GENERAL
INFORMATION
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Bankers : |
Bank of Baroda, Corporate Financial Services Branch, Fort, Mumbai-400
023 |
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Facilities : |
-- |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
V.M.D and Company Chartered Accountant |
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Address : |
AVMS Premises, Shreenivas House, 27, HS. Marg, Mumbai – 400 001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount (Rs.in million) |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount (Rs.in million) |
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2571500 |
Equity Shares |
Rs.10/- each |
Rs.25.715
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.715 |
20.400 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.667 |
5.688 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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31.382 |
26.088 |
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LOAN FUNDS |
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1] Secured Loans |
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60.733 |
66.202 |
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2] Unsecured Loans |
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41.180 |
19.641 |
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TOTAL BORROWING |
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101.913 |
85.843 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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133.295 |
111.931 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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27.576 |
21.406 |
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Capital work-in-progress |
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0.000 |
9.291 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.612 |
0.184 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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65.313 |
60.500 |
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Sundry Debtors |
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56.269 |
58.766 |
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Cash & Bank Balances |
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1.473 |
0.463 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.606 |
6.385 |
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Total
Current Assets |
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127.661 |
126.114 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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45.192 |
43.398 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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45.192 |
43.398 |
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Net Current Assets |
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82.469 |
81.050 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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133.295 |
111.931 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales |
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244.815 |
294.882 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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244.815 |
294.882 |
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Profit/(Loss) Before Tax |
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(23.001) |
2.535 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(23.001) |
2.535 |
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Expenditures : |
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Interest |
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14.896 |
7.951 |
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Depreciation & Amortization |
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6.497 |
5.808 |
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Other Expenditure |
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246.423 |
277.978 |
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Total Expenditure |
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267.816 |
291.737 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(9.39)
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0.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(9.39) |
0.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.81 |
1.71 |
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Return on Investment (ROI) (PBT/Networth) |
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0.73 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.68 |
4.95 |
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Current Ratio (Current Asset/Current Liability) |
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0.94 |
0.87 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the
company |
Silvo Liacal
Chemicals Limited |
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Address of the
registered office or of the principal place of business in India of the company |
Pream Estate, 2nd Floor, Mustafa Bazar, Sant Savata Cross
Road No – 1, Opp. Union Bank of India, Mazgaon, Mumbai – 400 010,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Bank of Baroda,
Corporate Financial Services Branch, Fort, Mumbai-400 023. |
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Date of
instrument Creating the charge |
Indenture of Mortgage
dated 09.07.2004 |
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Amount secured by
the charge |
Rs.2,00,00,000/-
(Rupees Two Crores Only), comprising Rs.1,00,00,000/- for Term Loan and
Rs.1,00,00,000/- for Corporate Loan |
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Short particulars
of the property charged |
Details of Land: Leasehold rights
in respect of the piece of land known as Plot No.A-16, situated in the Mahad
Industrial Area, within the village limits of kamble Taluka and Registration
Sub-District, Raigad, containing by admeasuring 34164 Square meters or
thereabouts bounded as follows, thate is to say: On or towards the
north by :Road and MIDC Land On or towards the
South by :Plot No.A-17 and A-18 On or towards the
East by :River and On or towards the
West by :Road Details of
Building Utility Shed – 225
sq mtrs, Auxillaries Plant – 316.50 sq mtrs, Finished Product Store – 300 sq
mtrs, Raw Material Store – 884.67 sq mtrs, Canteen and Changing room – 90.90
sq mts, CABS Plant – 200 sq mts, Pilot Plant- 101.65 sq mts And all immoveable and moveable Plant and
Machinery, stock of raw materials, packing materials, stock in process,
finished goods stores and spares book debts and other moveable both present
and future belonging to the Company. |
Company Profile
Silvo Liacal
Chemicals Limited is a Public Limited Company of the Lime Chemicals Group of
Companies. The Group is committed to Production, Marketing & Development of
a wide range of Industrial Chemicals. The Company was registered with the
Directorate General of Technical Development (DGTD) in June 1983 and commenced
production in January 1985.
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.46.25 |
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UK Pound |
1 |
Rs.85.92 |
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Euro |
1 |
Rs.68.11 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
1 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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20 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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