MIRA
INFORM REPORT
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Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
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Name : |
STERLING AUXILIARIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 30/31 Marol Bhavan, Marol Co-Operative Industrial
Estate, M. V. Road, Andheri (East), Mumbai-400059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
25.07.1985 |
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Com. Reg. No.: |
11-036959 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.100
Million |
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CIN No.: [Company Identification
No.] |
U74999MH1985PTC036959 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS42830E |
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PAN No.: [Permanent Account No.] |
AAACS5916Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Chemical Auxiliaries |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (38) |
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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 470000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Latest
financial of the company are missing from the government departments. However,
trade relations are reported as fair. Business is active. Payments terms are
unknown. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Niren |
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Designation : |
Chief Accountant |
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Contact No.: |
91-22-40320200 |
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Date : |
30.07.2011 |
LOCATIONS
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Registered Office : |
Plot No. 30/31 Marol Bhavan, Marol Co-Operative Industrial Estate, M.V. Road, Andheri (East), Mumbai-400059, Maharashtra, India |
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Tel. No.: |
91-22-28507379 / 66952200 / 40320200 -206/ 207/ 40320000 / 4032 0201/
28597891/ 40320205/ 66921909/ 28505242 |
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Fax No.: |
91-22-28597892 / 28506972 / 28597823 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Plot No. L-3, |
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Tel No.: |
91-2525-325557 |
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Fax No.: |
91-2525-271317 |
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Factory 2 : |
M.I.D.C.,
Tarapur-401506, |
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Factory 3 : |
Plot No. 12/A-2,
GIDC, at P O Dahej Taluka Vagra, District Bharuch – 392 1230, |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Anish Rajendra Goenka |
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Designation : |
Director |
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Address : |
20, Vinayak Kunj, 12th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
04.06.1977 |
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Date of Appointment : |
05.10.2000 |
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DIN No.: |
00016688 |
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Name : |
Mr. Ajit Kantilal Parekh |
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Designation : |
Director |
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Address : |
E. Asamit Bajaj Road, Vile Parle (West), Mumbai-400 056, Maharashtra, India |
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Date of Birth/Age : |
30.12.1949 |
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Date of Appointment : |
24.06.1986 |
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DIN No.: |
00163710 |
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Name : |
Mr. Sandeep Omprakash Chokhani |
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Designation : |
Whole Time Director |
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Address : |
24, Chandanbala, |
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Date of Birth/Age : |
03.05.1972 |
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Date of Appointment : |
17.01.2010 |
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DIN No.: |
02346782 |
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Name : |
Mr. Naresh Prakashchand Aggarwal |
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Designation : |
Additional Director |
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Address : |
Plot no. 20, Rajkamal Apartment Church Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra , India |
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Date of Birth/Age : |
28.03.1951 |
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Date of Appointment : |
22.01.2007 |
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Date of Ceasing: |
01.01.2010 |
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DIN No.: |
01737940 |
KEY EXECUTIVES
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Name : |
Mr. Niren |
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Designation : |
Chief Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Beniprasad Gangabux Goenka |
591 |
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Rajendra Beniprasad Goenka |
7547 |
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Anish Rajendra Goenka |
9167 |
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Anuj Sushil Goenka |
8937 |
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Rajendra Beniprasad Goenka (H.U.F.) |
6197 |
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Amit Rajendra Goenka |
9267 |
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Artek Surfin Chemicals Limited, |
15667 |
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Anjanadevi Sunil Goenka |
8913 |
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Sushila Sushil Goenka |
6167 |
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Ajit Kantilal Parekh |
1 |
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Asha Rajendra Goenka |
6167 |
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Sejal Vishal Goenka |
6167 |
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Payal Amit Goenka |
6167 |
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Smriti Anuj Goenka |
5833 |
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Total |
96788 |
AS ON 30.09.2010
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Category |
Percentage |
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Bodies corporate |
16.19 |
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Directors or relatives of Directors |
40.20 |
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Other top fifty shareholders |
43.61 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemical Auxiliaries |
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Products : |
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PRODUCTION STATUS (As on 31.03.2009):-
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Oxide Condensates |
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20000 |
30000 |
15731.884 |
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GENERAL INFORMATION
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Customers : |
·
OEM’s |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Royal Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
ASL and Company Chartered Accountant |
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Address : |
102,Gauresh Apartments, Agarkar Chowk, Old Police Lines,
Andheri East, Mumbai-400069, |
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Tel No. : |
91-22-26841173/ 26838557/ 26830558/ 26838038 |
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Fax No.: |
91-22-26842206 |
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E mail: |
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Subsidiaries : |
Kawaken Sterling Surfactants Private Limited CIN No.: U24296MH2007PTC175631 |
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Associates : |
·
Artek Surfin Chemicals Limited ·
Artek Home Care Private Limited ·
Omtech Chemical Industries Private Limited ·
Triumph Non Ionics Private Limited |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity shares |
Rs. 100/- each |
Rs. 50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11000 |
Equity shares |
Rs. 100/-
each |
Rs. 1.100
Million |
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As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 100/- each |
Rs. 50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
96788 |
Equity shares |
Rs. 100/-
each |
Rs. 9.679
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.100 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
94.000 |
94.000 |
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3] Reserves & Surplus |
116.930 |
43.104 |
36.472 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
118.030 |
138.104 |
131.472 |
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LOAN FUNDS |
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1] Secured Loans |
318.885 |
237.434 |
64.396 |
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2] Unsecured Loans |
124.822 |
138.711 |
118.354 |
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TOTAL BORROWING |
443.707 |
376.145 |
182.750 |
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DEFERRED TAX LIABILITIES |
20.217 |
9.497 |
0.000 |
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TOTAL |
581.954 |
523.746 |
314.222 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
280.229 |
255.568 |
97.104 |
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Capital work-in-progress |
1.406 |
7.488 |
1.491 |
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INVESTMENT |
11.130 |
0.030 |
0.030 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
91.430
|
166.412
|
71.735
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Sundry Debtors |
203.720
|
187.469
|
123.127
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Cash & Bank Balances |
17.313
|
8.158
|
2.890
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Other Current Assets |
0.000
|
0.000
|
0.000
|
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Loans & Advances |
144.471
|
106.167
|
67.770
|
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Total
Current Assets |
456.934
|
468.206
|
265.522
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
71.755
|
76.919
|
46.684
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Other Current Liabilities |
92.629
|
130.627
|
0.000
|
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Provisions |
3.361
|
0.000
|
3.241
|
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Total
Current Liabilities |
167.745
|
207.546
|
49.925
|
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Net Current Assets |
289.189
|
260.660
|
215.597
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
581.954 |
523.746 |
314.222 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
|
921.809 |
519.051 |
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Other Income |
|
2.687 |
3.444 |
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TOTAL (A) |
1790.767 |
924.796 |
522.495 |
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Less |
EXPENSES |
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Administrative Expenses |
1689.672 |
951.536 |
512.816 |
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Advertising Expenses |
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Increase/ Decrease in Stock |
|
(76.622) |
(10.215) |
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Labour Charges |
|
6.768 |
3.178 |
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TOTAL (B) |
1689.672 |
881.682 |
505.779 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including |
43.114 |
16.716 |
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|
depreciation |
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Less |
FINANCIAL
EXPENSES (D) |
and financial |
19.577 |
10.270 |
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|
expenses) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
23.537 |
6.446 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
4.559 |
2.254 |
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PROFIT BEFORE
TAX (E-F) (G) |
101.095 |
18.978 |
4.192 |
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Less |
TAX (I) |
30.669 |
12.347 |
2.730 |
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PROFIT AFTER TAX
(G-I) (J) |
70.426 |
6.631 |
1.462 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
814.060 |
210.713 |
63.380 |
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TOTAL EARNINGS |
814.060 |
210.713 |
63.380 |
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IMPORTS |
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Raw Materials |
221.072 |
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Commission |
8.305 |
0.000 |
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Sales Promotion |
0.396 |
0.000 |
45.454 |
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Books and Periodicals |
0.154 |
0.000 |
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|
Conference Expenses |
0.012 |
0.000 |
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TOTAL IMPORTS |
229.939 |
106.151 |
45.454 |
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Earnings Per
Share (Rs.) |
6844.14 |
-- |
-- |
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Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
2700.000 |
2200.000 |
Expected Sales (2011-2012) : Rs. 3500.000 Millions
The above information has been parted by Mr. Niren (Chief Accountant)
KEY RATIOS
PARTICULARS
|
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
PAT / Total Income
|
(%)
|
3.93
|
0.72
|
0.28
|
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|
Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
2.06
|
0.81
|
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
13.71
|
2.60
|
1.16
|
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Return on Investment (ROI)
(PBT/Networth) |
|
0.86
|
0.14
|
0.03
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Debt Equity Ratio
(Total
Liability/Networth) |
|
5.18 |
4.27 |
1.77
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Current Ratio
(Current
Asset/Current Liability) |
|
2.72 |
2.26 |
5.32
|
LOCAL AGENCY FURTHER INFORMATION
change of Address:
The Registered Office of the company has been shifted from 301 Marol Bhavan, Marol Industrial Estate,
Mumbai-400059,
FINANCIAL RESULTS:
The company has earned a Profit before tax of Rs. 101.095 Millions and
Profit after tax of Rs. 70.426 Millions. No amount was transferred to General
Reserve.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2009 Rs.
in Millions |
|
Letter of Credit Outstanding (secured by pledge of fixed deposit receipts of Rs. 0.462 Million) |
25.587 |
|
Counter guarantee given to Bank against their bank guarantee (secured by pledge of Fixed Deposit receipts of Rs. 0.495 Million) |
4.954 |
|
Claims not acknowledged as debts |
11.430 |
|
Estimated amount of contracts remaining to be executed on capital account
not provided for (Net of Advance) Rs. 1.700 Millions (Previous year Rs. Nil) |
-- |
FORM 8
|
Corporate
identity number of the company |
U74999MH1985PTC036959 |
|
Name of the
company |
STERLING
AUXILIARIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. 30/31 Marol Bhavan, Marol Co-Operative Industrial
Estate, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
· Book Debts · Movable Property (not being pledge) · Floating charge |
|
Particular of
charge holder |
Royal Bank of |
|
Nature of
instrument creating charge |
Deed of
Hypothecation of Movable Assets |
|
Date of
instrument Creating the charge |
19.05.2011 |
|
Amount secured by
the charge |
Rs. 100.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest: As Agreed by and
with the Bank from time to time Terms of
repayments; As Agreed by and
with the Bank from time to time . Margin: AS applicable if
any. Extent and
operation of charge The bank is having
first pari passu charge on the security given by the company. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by
way of first pari passu charge on a) Entire current assets (Stocks and book
debts) of the borrower both present and future. b) Entire movable
fixed assets of the borrower, both present and future |
Fixed Assets:
· Leasehold land
· Plant and Machinery
· Furniture and Fixtures
·
· Computers
· Electric Fittings
· Air Conditioner
· Vehicles
· Motor Car
additional information:-
Joint Venture with Kawaken Fine Chemicals
Company, Limited and Formation of Subsidiary Company.
The Company has
entered in to a joint venture agreement with Kawaken Fine Chemicals Company Limited (Japan), Manufacturers of Surfactants,
Catalysis and Speciality Chemicals,
Accordingly a Joint Venture Company named as Kawaken Sterling Surfactants
Private Limited has been incorporated with total authorised capital of
Rs.19.000 Millions divided in to 19,00,000 equity shares of Rs.101- each.
Initial subscribed and paid up capital of the Company is Rs.0.100 Million out
of which Shares subscribed by the Company are worth Rs.60,000/- divided in to
6000 equity shares of Rs. 101- each (60% of the paid up capital of the joint
venture company) and that of Kawaken Fine Chemicals Co. Limited is Rs.40,0001-
divided in to 4,000 equity shares of Rs. 101- each (40% of the paid up Capital
of the joint venture company). Thus the joint venture company is formed as a
subsidiary of the Company (Sterling Auxiliaries Private Limited).
The joint venture is
subject to the necessary statutory approvals and it has been set up for
manufacture, Exports or other wise deal in domestic and international brands of
specialty chemicals, surfactants, auxiliaries and allied chemicals and chemical
products. The Company has provided its plot at Dahej Gujarat for setting up of
a manufacturing unit of Kawaken Sterling Surfactants Private Limited.
Environment Management and Pollution Control
The company has
consciously achieved and maintained high standards in environment safety and
continues to preserve the same. Stringent norms and technological initiatives
to improvise the environment, safety and security have been harnessed among all
the level of human resources.
The required
pollution control measures and study to make the environment more clean and
healthy are regularly carried out.
WEB SITE DETAILS
PROFILE
Incorporated in the year 1984, subject has grown to become one of the modern
and leading Producer of Specialty Chemicals in India. The company started
manufacturing activity in May 1984. Ever since, a wide range of product have
been manufactured and marketed successfully. Their manufacturing facility is
dedicated to the Production to the Production of Ethylene Oxide condensates and
Propylene Oxide condensates, producing Emulsifiers and surfactants for varied
industries like Metal
Finishing, Agro
Industries, Textile Industries, Leather chemicals, Pharma, Oil refineries and
many more. A company having installed capacity of over 40, 000 MT. per annum.
The company has a most modern and sophisticated EO/PO processing plant.
Their confidence
is boosted by customers like CLARIANT, CRODA (ICI), COGNIS, BASF and CIBA etc.
With a modern sophisticated Machinery, well equipped R and D and ethical
aggressive marketing they wish to attain leadership in their area.
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. 44.04 |
|
|
1 |
Rs. 72.40 |
|
Euro |
1 |
Rs. 63.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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.