MIRA
INFORM REPORT
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Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SUDAY MINERALS AND CHEMICALS PRIVATE LIMITED (w.e.f. 06.05.2008) |
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Formerly Known As : |
EDEN POLYMERS PRIVATE LIMITED |
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Registered Office : |
F-283, Bhamasha Industrial Area, Kalabwas, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.08.2005 |
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Com. Reg. No.: |
17-021144 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.320 Millions |
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CIN No.: [Company
Identification No.] |
U25191RJ2005PTC021144 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHS08946A |
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PAN No.: [Permanent
Account No.] |
AALCS9434N |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of minerals and chemicals |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 29000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. Profitability of the
company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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. Gopal Agarwal |
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Designation : |
Director |
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Date : |
06.08.2011 |
LOCATIONS
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Registered Office : |
F-283, Bhamasha Industrial Area, Kalabwas, |
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Mobile No.: |
91-9829044395 / 9414156395 [Mr. Gopal Agarwal] |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. [Owned] |
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Factory 1 : |
T-5, Panoramic Apartment, |
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Tel. No.: |
91-294-2526615 / 2420395 / 2650266 / 2650267 |
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E-Mail : |
91-294-2490659/ 2525515 |
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Area : |
1500 sq. ft. [Owned] |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Gopal Agarwal |
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Designation : |
Director – Chief Executive Officer |
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Address : |
T-5, Panaromic Apartment, Dewali, |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
27.03.2008 |
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Din No.: |
01036973 |
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Name : |
Mr. Sunil Chhajed |
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Designation : |
Director |
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Address : |
26-27/4, New Fatehpura, |
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Date of Birth/Age : |
45 Years |
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Qualification : |
Graduate |
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Date of Appointment : |
27.03.2008 |
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Din No.: |
01600483 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Gopal Agarwal |
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5000 |
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Sunil Chhajed |
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5000 |
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Total |
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10000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of minerals and chemicals |
Production Status : (As on : 31.03.2010)
Installed Capacity : 12000 MT
Actual Production : 0 MT
GENERAL INFORMATION
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Customers : |
Manufacturer and OEM’s |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H.S. Nenawati Chartered Accountants |
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Address : |
Nenawati and Associates, Dhanmandi, Udaipur – 313001, Rajasthan, India
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Sister Concern : |
Deepak Minerals and Grinder Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :;
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
Million |
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Share Application Money |
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Rs. 5.220
Millions |
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Total |
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Rs. 5.320 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
6.450 |
5.220 |
0.000 |
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3] Reserves & Surplus |
0.644 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.194 |
5.320 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
13.836 |
3.852 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.135 |
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TOTAL BORROWING |
13.836 |
3.852 |
1.135 |
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DEFERRED TAX LIABILITIES |
0.043 |
0.000 |
0.000 |
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TOTAL |
21.073 |
9.172 |
1.235 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.763 |
6.905 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.095
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0.174
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0.000 |
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Sundry Debtors |
11.131
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0.000
|
0.000 |
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Cash & Bank Balances |
1.556
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0.000
|
0.000 |
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Other Current Assets |
0.000
|
1.885
|
1.210 |
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Loans & Advances |
0.777
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0.000
|
0.000 |
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Total
Current Assets |
13.559
|
2.059
|
1.210 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.736
|
0.402
|
0.003 |
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Provisions |
0.000
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0.000
|
0.000 |
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Total
Current Liabilities |
10.736
|
0.402
|
0.003 |
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Net Current Assets |
2.823
|
1.657
|
1.207 |
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MISCELLANEOUS EXPENSES |
0.487 |
0.610 |
0.028 |
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TOTAL |
21.073 |
9.172 |
1.235 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
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SALES |
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46.366 |
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TOTAL INCOME |
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46.366 |
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Less |
EXPENSES |
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Raw Material Consumed |
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29.598 |
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Manufacturing Expenses |
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7.826 |
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Administrative and Selling Expenses |
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4.491 |
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TOTAL |
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41.915 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
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|
4.451 |
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Less |
FINANCIAL
EXPENSES |
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1.362 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
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3.089 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
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2.277 |
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PROFIT BEFORE
TAX |
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0.812 |
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Less |
TAX |
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0.167 |
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PROFIT AFTER TAX
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0.645 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
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NA |
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Earnings Per
Share (Rs.) |
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-- |
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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30.000 |
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Expected Sales ( 2011-2012): Rs. 35.000 millions
The above information has been parted by Mr. Gopal.
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.39
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-- |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.75
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-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.59
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-- |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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-- |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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3.41
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0.80
|
11.38 |
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Current Ratio (Current Asset/Current Liability) |
|
1.26
|
5.12
|
403.33 |
LOCAL AGENCY FURTHER INFORMATION
Note :
As confirmed by Mr. Sunil Chhajed (Director), company has been
established in 2005 and the activities has been stated in 2009.
OPERATIONS
The company has
completely set up the mineral processing unit and commenced production. The
company achieved good target of sales and earned handsome profit.
FORM : 8
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U25191RJ2005PTC021144 |
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Name of the
company |
Suday Minerals And
Chemicals Private Limited |
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Address of the
registered office or of the principal place of business in |
F-283,Bhamasha Industrial Area, Kaladwas, |
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Type of charge |
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Particular of
charge holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
01. letter of
arrangement 02. Agreement of
loan cum hypothecation 03. letter for
creation of mortgage by deposit of tital deed. |
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Date of
instrument Creating the charge |
13/12/2008 |
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Amount secured by
the charge |
Rs. 16.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest at par with SBBJ
BPLR rising and falling therewith at monthly rest present effective rate
13.25 p.a. Terms of Repayment Term Loan :- In
83 monthly installments of Rs 0.190
Million each and last instalment of 190575 starting , with
period of w.e.f 1.10.2009 Margin As proposed in
project Extent and Operation of the charge 01. Hypothecation of Plant and machinery and
assets created out of term loans. 02. First charge on entire present and future
current and fixed assets of the company. . 03 Equitable mortgage of factory land and
building plot no. F- 293 and F-294, MIA. |
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Short particulars
of the property charged |
01. Hypothecation of Plant and machinery and
assets created out of term loans. 02. First charge on entire present and future
current and fixed assets of the company. . 03 Equitable mortgage of factory land and
building plot no. F- 293 and F-294, MIA. |
TRADE REFERENCES :
·
Ashirwad Minerals
·
Mavad Minerals and
Chemicals
AS PER WEBSITE DETAILS
Subject was incorporated as a private limited
company to prospecting, exploring, mining, manufacturing, processing, trading, importing
and exporting of Pure Mineral Powder and Chemicals. The company has nos of
units at Mewar Industrial Area and at Bhamashah Industrial Area Kaladwas
Udaipur.
They are highly known for their super snow white and ultra fine Natural
Mineral Powder namely Talc powder, Soapstone powder, Calcite, Calcium Carbonate
powder, china clay powder, Dolomite, Quartz powder. They have also become one
of the upcoming Talc Powder Exporters and Suppliers in
Promoters
The Promoters of the company are engaged in business since the age of 20 years.
He has incorporated in 1984 a company Ketki Polytex Private Limited for
manufacturing of HDPE/PP woven bags. He is Managing Director of Deepak Mineral
Grinders Private Limited Situated at F-27, Road No. 4 M.I.A,
Locational Advantages
All mines of calcite, dolomite, talc and soapstone from where the raw material
is being procured are located within 65km from their proposed processing units.
It gives us benefit of low cost of transportation, easy availability of raw
material. Our factory is situated very near to national highway No. 8 which
facilitates transportation to all destinations of
Infrastructure :
Land and Building
The company has six numbers of units at very
prime location of
Plant and Machinery
The plant and machinery comprises of nine numbers of Jaw Crusher, screening
and washing systems, impector, conveying systems, Hopper, screw feeder,
Pulverisors, Raymond mills, Ball mills and classifier. Laboratory equipments,
Fire fighting Equipments.
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. 45.36 |
|
|
1 |
Rs. 74.55 |
|
Euro |
1 |
Rs. 65.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.