MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANTOSH STARCH PRODUCTS LIMITED |
|
|
|
|
Registered Office : |
3rd and 4th Floor, Santosh Tower, Opposite Suvidha
Shopping Centre, Near Parimal Underbridge, Paldi, Ahmadabad – 380007, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
15.04.1983 |
|
|
|
|
Com. Reg. No.: |
04-006099 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8.800 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24299GJ1983PLC006099 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS01521C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCS0483R |
|
|
|
|
Legal Form : |
A Closely held
Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of Maize Starch Powder, Glucose Liquid. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
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. Apexa |
|
Designation : |
Export Department |
|
|
|
|
Date : |
Mr. Ashish |
|
Designation : |
Accounts Department |
|
Date : |
05.08.2011 |
LOCATIONS
|
Registered Office / Factory 1 : |
3rd and 4th Floor, Santosh Tower, Opposite Suvidha
Shopping Centre, Near Parimal Underbridge, Paldi, Ahmadabad – 380007,
Gujarat, India |
|
Tel. No.: |
91-79-25710072 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
201, Karma Complex, Near |
|
Tel. No.: |
91-79-26651819 / 20 / 21 |
|
Fax No.: |
91-79-26651822 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Santosh Maize and Industries Limited Santosh Nagar, Post Mangalapuram-636202, Taluka
Rasipuram, District Namakkal, |
|
Tel. No.: |
91-4287-245601 / 2 / 3 |
|
Fax No.: |
91-4287-245254 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Santosh Starch Products (Unit of Santosh Securities
Limited) |
|
Tel. No.: |
91-2837-285564 / 285564 / 285879 |
|
Fax No.: |
91-2837- 285880 |
|
E-Mail : |
|
|
|
|
|
Branch 1 : |
Mumbai Office : 76/37, 10th Floor,
Navjivan Society, |
|
Tel fax No.: |
91-22-23083283 |
|
E-Mail : |
|
|
|
|
|
Branch 2 : |
Santosh Complex, 21, |
|
Tel. No.: |
91-427-2213801 / 02 |
|
Fax No.: |
91-427-2213804 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
Santosh Europe Carlsmindevej 8, Denmark-2840, Holte |
|
Tel. No.: |
91-45-70-277 899 |
|
Fax No.: |
91-45-4580 5308 |
|
E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Sohanlal L. Chowdhary |
|
Designation : |
Director |
|
Address : |
3B, Mahaveer Society, Paldi, Ahmedabad-380007, |
|
Date of Birth/Age : |
19.01.1937 |
|
Date of Appointment : |
15.07.1985 |
|
|
|
|
Name : |
Mr. Gautam S. Chowdhary |
|
Designation : |
Director |
|
Address : |
13 Mahaveer Society, Paldi, Ahmedabad-380007, |
|
Date of Birth/Age : |
25.12.1957 |
|
Date of Appointment : |
15.07.1985 |
|
|
|
|
Name : |
Mr. Mahaveer S. Chowdhary |
|
Designation : |
Director |
|
Address : |
3B, Mahaveer Society, Paldi, Ahmedabad-380007, |
|
Date of Birth/Age : |
12.07.1963 |
|
Date of Appointment : |
01.08.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Sohanlal L. Chowdhary |
|
8395 |
|
Gulabdevi Chowdhary |
|
5560 |
|
Gautam S. Chowdhary |
|
6075 |
|
Ranidevi Chowdhary |
|
8395 |
|
Mahaveer S. Chowdhary |
|
7220 |
|
Manjudevi Chowdhary |
|
9145 |
|
Shreyans Chowdhary |
|
9630 |
|
Sumnath M. Chowdhary |
|
9920 |
|
Sambhav G. Chowdhary |
|
10960 |
|
Mahaveer S. Chowdhary (Karta of Mahaveer Chowdhary HUF) |
|
5475 |
|
Sohanlal L. Chowdhary (Karta Sohanlal of Chowdhary HUF) |
|
3950 |
|
Shreekant Chowdhary |
|
3275 |
|
|
|
|
|
Total |
|
88000 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Maize Starch Powder, Glucose Liquid. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Exporter : |
|
||||||
|
Country : |
Masqat |
||||||
|
|
|
||||||
|
Importer : |
|
||||||
|
Product : |
Raw Material |
||||||
|
Country : |
Thailand |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
L/C, Cash and Credit (30 / 60 days) |
||||||
|
|
|
||||||
|
Purchasing : |
L/C, Cash and Credit (30 / 60 days) |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End users ·
OEM’s |
|
|
|
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
Karur Vysya Bank, |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Financial
Institution : |
3i Infotech Trusteeship Services Limited, 3rd to 6th
Floor, International Infotech Park, Tower No. 5, Vashi Railway Station
Complex, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Nahta Jain and Associates Chartered Accountant |
|
Address : |
211, New Cloth Market, Ahmedabad-380002, |
|
|
|
|
Associates/Subsidiaries : |
Sandoz Ploymers Private Limited, Ahmedabad Line of Business: Merchant Exporter of Starch products |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Share |
Rs.100/- Each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
88000 |
Equity Share |
Rs.100/- Each |
Rs.8.800
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.800 |
8.800 |
8.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16.112 |
13.247 |
11.095 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
24.912 |
22.047 |
19.895 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
7.710 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
7.710 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.044 |
0.063 |
|
|
|
|
|
|
|
|
TOTAL |
24.912 |
29.801 |
19.958 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.546 |
1.374 |
1.799 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
15.738 |
15.076 |
15.202 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.654
|
0.291 |
1.179
|
|
|
Sundry Debtors |
0.000 |
0.000 |
2.005
|
|
|
Cash & Bank Balances |
0.157
|
0.228 |
0.363
|
|
|
Other Current Assets |
10.404 |
1.113 |
0.000
|
|
|
Loans & Advances |
6.616
|
12.297 |
1.279
|
|
Total
Current Assets |
19.831
|
13.929 |
4.826
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.527
|
0.231 |
0.702
|
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000
|
|
|
Provisions |
1.676
|
0.347 |
1.167
|
|
Total
Current Liabilities |
11.203
|
0.578 |
1.869
|
|
|
Net Current Assets |
8.628
|
13.351 |
2.957
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24.912 |
29.801 |
19.958 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42.736 |
57.714 |
5.207 |
|
|
|
Other Income |
3.175 |
2.821 |
4.906 |
|
|
|
TOTAL (A) |
45.911 |
60.535 |
10.113 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
42.099 |
55.816 |
5.046 |
|
|
|
Administrative, Selling, other
Expenses |
1.271 |
0.832 |
0.691 |
|
|
|
Variation in Stock |
(2.231) |
0.889 |
(1.085) |
|
|
|
TOTAL (B) |
41.139 |
57.537 |
4.652 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.772 |
2.998 |
5.461 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.131 |
0.175 |
0.947 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.641 |
2.823 |
4.514 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.161 |
0.258 |
0.308 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.480 |
2.565 |
4.206 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.605 |
0.328 |
0.280 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.875 |
2.237 |
3.926 |
|
|
|
|
|
|
|
|
|
|
EXCESS/ SHORT
PROVISION OF TAXATION PREVIOUS YEAR |
0.016 |
0.084 |
0.029 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.247 |
11.095 |
7.963 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.880 |
0.000 |
0.704 |
|
|
|
Tax on Dividend |
0.146 |
0.000 |
0.120 |
|
|
BALANCE CARRIED TO
THE B/S |
16.112 |
13.247 |
11.095 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
44.03 |
- |
- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
110.000 |
The above information has been parted by Ms. Apex.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.76 |
3.70 |
38.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.48
|
4.24 |
88.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.99
|
16.76 |
63.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.12 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.45
|
0.38 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
24.10 |
2.58 |
LOCAL AGENCY FURTHER INFORMATION
Note : The registered office address is shifted from 55/78, NIDC Estate,
Lambha Road, Narol, Ahmadabad – 382405, Gujarat, India to 3rd and 4th
Floor, Santosh Tower, Opposite Suvidha Shopping Centre, Near Parimal
Underbridge, Paldi, Ahmadabad – 380007, Gujarat.
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
9.527
|
0.231 |
0.702
|
|
|
|
|
|
BUSINESS PERFORMANCE:
The company’s turnover, during the year decrease from Rs.57.714 Millions to Rs.42.736 Millions resulting decrease of 25.95% as compared to previous year.
FORM : 8
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24299GJ1983PLC006099 |
|
Name of the
company |
SANTOSH STARCH PRODUCTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
55/78, NIDC Estate, |
|
Charge
identification number of the modified |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
3i Infotech Trusteeship Services Limited, 3rd to 6th
Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex,
Vashi, Navi Mumbai-400703, Maharashtra, India Email ID: raman.jayaraman@3i-itsl.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
entry-first time mortagage by a third party by deposit of title deeds with
security trustee acting as a security trustee for the lender i.e. ICICI Bank
Limited |
|
Date of
instrument Creating the charge |
08.10.2009 |
|
Amount secured by
the charge |
Rs. 60.000
Millions |
|
Short particulars
of the property charged |
Immovable
property being land |
TRADE REFERENCES :
·
ITC
·
NETSIE
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Office Equipment
- Electrical Equipment
- Furniture
- Vehicles
- Computer
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. 44.80 |
|
|
1 |
Rs. 72.85 |
|
Euro |
1 |
Rs. 63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.