MIRA
INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SOMOCHEM INDIA PRIVATE LIMITED [w.e.f. 19.07.2011] |
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Formerly Known
As : |
SOMOTEX IMPORT AND EXPORT PRIVATE LIMITED |
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Registered
Office : |
75 Nariman Bhavan, Nariman
Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.04.1996 |
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Com. Reg. No.: |
11-098923 |
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Capital
Investment / Paid-up Capital : |
Rs.7.408 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1996PTC098923 |
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PAN : |
AACCS2461C |
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IEC No. : |
0398041946 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter of Merchandisers Engineering Items |
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No. of Employees
: |
9 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B [31] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 50000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre business dealings
on a secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Ms. Shobhana |
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Designation : |
Accountant |
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Contact No.: |
91-22-67564900 |
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Date : |
02.08.2011 |
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Name : |
Sundaram Nilakantan |
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Designation : |
General Manager |
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Contact No.: |
91-98200 81716 |
LOCATIONS
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Registered Office : |
75 Nariman Bhavan, Nariman
Point, Mumbai – 400021, |
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Tel. No.: |
91-22-67564900 / 67564999 |
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Fax No.: |
91-22 - 67564911 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq.ft. |
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Location : |
Owned |
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Corporate Office : |
501, Xtrium, #291, Andheri Kurla Road, Next To Holy Family Church,
Chakal, Andheri – East, Mumbai, Maharashtra, India |
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Area : |
1500 Sq.ft. |
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Location : |
Rented |
DIRECTORS
As on 08.09.2010
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Name : |
Mr. Uttam Tulsiani |
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Designation : |
Director |
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Address : |
22-B, Embassy Apts., 46, |
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Date of Birth/Age : |
10.12.1962 |
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Date of Appointment : |
17.04.1996 |
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DIN : |
00023931 |
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Name : |
Mr. Sunil Mohinani |
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Designation : |
Director |
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Address : |
121, |
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Date of Birth/Age : |
31.07.1966 |
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Date of Appointment : |
17.04.1996 |
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DIN : |
00919208 |
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Name : |
Mr. Ram Mohinani |
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Designation : |
Director |
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Address : |
121, |
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Date of Birth/Age : |
10.03.1935 |
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Date of Appointment : |
17.04.1996 |
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DIN : |
00968813 |
KEY EXECUTIVES
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Name : |
Ms. Shobhana |
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Designation : |
Accountant |
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Name : |
Sundaram Nilakantan |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2010
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Names of Shareholders |
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No. of Shares |
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Ramchand Mohinani |
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37025 |
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Sunil Mohinani |
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37025 |
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Uttam Tulsiani |
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10 |
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Ashok Mohinani |
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10 |
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Sheela Mohinani |
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10 |
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Total |
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74080 |
As on 08.09.2010
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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 : |
Exporter of Merchandisers Engineering Items |
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Products : |
1)
Machinery – Sidel, Lohia, Ferromatic, Pelican. 2)
Inks – Micro 3)
Adhesives – Bostik 4)
Wires and Cables-Polycab 5)
Transformers – Kotsons 6)
Distribution Boards and Switchgears – Havells 7)
Compressors – AF, Atlas Copco, Ingersoll Rand
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Agencies Held : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
9 [Approximately] |
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Bankers : |
UCO Bank, Nariman Point Branch, 1st Floor, Mafatlal Centre, Nariman Point, Mumbai – 21, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jayant Salian and Company Chartered Accountant |
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Address : |
701, B Wing, Ameya House, Opposite Sony Mony Electronics, Andheri (W)
Mumbai 400 058, |
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Mobile No.: |
91-99673 55557 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs.100/-each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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74,080 |
Equity Shares |
Rs.100/-each |
Rs.7.408 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.408 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
4.908 |
0.000 |
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3] Reserves & Surplus |
5.252 |
2.559 |
3.467 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.660 |
9.967 |
5.967 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
15.184 |
15.184 |
15.184 |
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TOTAL BORROWING |
15.184 |
15.184 |
15.184 |
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DEFERRED TAX LIABILITIES |
0.125 |
0.159 |
0.000 |
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TOTAL |
27.969 |
25.310 |
21.151 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.497 |
1.060 |
1.256 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.547 |
5.061 |
10.310 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.282 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.679
|
2.613 |
0.315 |
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Sundry Debtors |
34.333
|
54.041 |
52.366 |
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Cash & Bank Balances |
2.647
|
0.470 |
1.776 |
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Other Current Assets |
0.150
|
1.014 |
1.070 |
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Loans & Advances |
18.901
|
6.475 |
6.608 |
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Total
Current Assets |
61.710
|
64.613 |
62.135 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.151
|
13.591 |
18.253 |
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Other Current Liabilities |
25.491
|
29.630 |
33.047 |
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Provisions |
4.143
|
2.203 |
1.532 |
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Total
Current Liabilities |
39.785
|
45.424 |
52.832 |
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Net Current Assets |
21.925
|
19.189 |
9.303 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.969 |
25.310 |
21.151 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
143.553 |
112.628 |
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Other Income |
9.197 |
7.530 |
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TOTAL (A) |
152.750 |
120.158 |
114.700 |
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Less |
EXPENSES |
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Cost of Sales |
126.015 |
97.307 |
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Freight, Clearing / Forwarding and other Expenses |
7.792 |
6.994 |
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Insurance |
0.075 |
0.080 |
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Administrative & Other Expenses |
10.510 |
6.476 |
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Loss on |
0.166 |
5.190 |
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Loss on |
0.233 |
0.000 |
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TOTAL (B) |
144.791 |
116.047 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.959 |
4.111 |
-- |
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Less |
FINANCIAL
EXPENSES (D) |
2.575 |
3.464 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.384 |
0.647 |
-- |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.189 |
0.204 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
5.195 |
0.443 |
[1.208] |
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Less |
Diminution in Value of Investments |
0.481 |
0.239 |
0.000 |
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Less |
TAX (I) |
2.021 |
1.112 |
0.411 |
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PROFIT AFTER TAX
(G-I) (J) |
2.693 |
[0.908] |
[0.797] |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.559 |
3.467 |
4.264 |
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BALANCE CARRIED
TO THE B/S |
5.252 |
2.559 |
3.467 |
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Earnings Per
Share (Rs.) |
78.80 |
[36.33] |
[31.88] |
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Particulars |
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|
31.03.2011 |
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Sales Turnover [Approximately] |
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170.000 |
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Expected Sales (2011-2012) : Rs.250.000 millions
The above information has been parted by Ms. Shobhana [Accountant]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.76
|
[0.75] |
[0.69] |
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Net Profit Margin (PBT/Sales) |
(%) |
3.62
|
0.39 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.35
|
0.67 |
[1.90] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.04 |
[0.20] |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.34
|
6.08 |
11.40 |
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Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.42 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
Trade References :
- Poly Products
Ghana Limited
- Polycab
Limited
- Micro Inks
Limited
- Sidel Limited
- Bostik
Adhesives Limited
Financial Highlights
The company’s export turnover this year has increased by 27%
over last year. This is mostly due to increase in sale of electrical items.
SUNDRY
CREDITORS DETAILS (Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors
|
10.151
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13.591 |
18.253 |
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Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51900MH1996PTC098923 |
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Name of the
company |
SOMOTEX IMPORT
AND EXPORT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
75 Nariman Bhavan, Nariman Point, Mumbai –
400021, |
|
This form is for |
Modification
of Charge |
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Charge
identification (ID) number of the charge to be modified |
90240645 |
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Type of charge |
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Particular of
charge holder |
Uco Bank, Nariman Point Branch, 1st Floor, Mafatlal Centre, Nariman Point, Mumbai – 21, Maharashtra, India |
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Nature of
instrument creating charge |
1.agreement for
packing credit 2.agreement for
extension of charge by way of hypothecation over current assets to secure
non-fund based facilities 3.agreement re: inland/foreign
bills purchased and advance against bills in course of collection 4.agreement of
goods to secure a demand cash credit 5.agrement for
hypothecation and book debts to secure demand cash-credit (all the above
entries are constituted a single charge) |
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Date of
instrument Creating the charge |
04.07.2011 |
|
Amount secured by
the charge |
Rs.80.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- as stipulated by bank from time to time Terms of
repayment - as stipulated by bank from time to time Margin - as
stipulated by bank from time to time Extent and
Operation of the charge - first charge(present and future)-total limit
Rs.80.000 millions (packing credit =Rs. 29.200+ 5.800 millions (stand by gold
card scheme) and foreign bills purchase==Rs. 29.200 + 5.800 millions (stand
by gold card scheme), and ILC/FLC=Rs.10.000 millions) And/or as
stipulated by bank from time to time Others - as
stipulated by bank from time to time and as per agreement attached and as per
sanction letter of the bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First
charge(present and future) on following assets:-(1)hypothecation of all goods/stock/inventories/products
kept at borrower place/premises/factories/godown etc and/or wherever else
and/or in transit Brought under
PCL/bank finance/ILC/FLC kept at borrower place/premises/factories/godown etc
or wherever else or in transit. (2)hypothecation
of all book debts and receivables including hypothecation of export
documentary bills (3) hypothecation
of all current and movable assets (4) hypothecation
of all assets purchased out of bank finance |
|
Particulars of
the present modification |
By this
modification limit enhanced to Rs.80.000 millions (packing credit =Rs. 29.200
+ 5.800 millions (stand by gold card scheme) and foreign bills
purchase==Rs.292.00 millions + 5.800 millions (stand by gold card scheme),
and ILC/FLC=Rs.10.000 millions),securities are continued as given by original
charge as well as by modifications, terms and conditions as per sanction
letter of the bank |
FIXED ASSETS :
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Motor
Car
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.37 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.62.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
31 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.