MIRA
INFORM REPORT
|
Report Date : |
20.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPR CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
B-5 and C-6, Pushpa Bhawan, Alaknanda Commercial Complex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.04.1999 |
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Com. Reg. No.: |
099346 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.252
million |
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CIN No.: [Company Identification
No.] |
U24139DL1999PTC099346 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS29152E |
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PAN No.: [Permanent Account No.] |
AAECS5090B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Chemicals and Packaging Materials Chemical, etc. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having moderate track. There
appears some accumulated losses recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for 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.
ECGC Country Risk Classification List – April 1, 2010
|
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 |
|
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
|
Name : |
Mr. Rajesh Savlani |
|
Designation : |
Director |
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Contact No.: |
91-9810238760 |
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Date : |
12.08.2011 |
LOCATIONS
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Registered Office : |
B-5 and C-6, Pushpa Bhawan, Alaknanda Commercial Complex, |
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Tel. No.: |
91-11-26021163/ 26024059 |
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Mobile No.: |
91-9810238760 (Mr. Rajesh) |
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Fax No.: |
91-11-26021801 |
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E-Mail : |
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Website : |
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Area : |
500 sq ft |
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Location : |
Owned |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Rajesh Savlani |
|
Designation : |
Director |
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Address : |
E-368, First Floor, Greater Kailash – II, |
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Date of Birth/Age : |
14.09.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
16.04.1999 |
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DIN No.: |
01160347 |
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Name : |
Suparna Anand |
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Designation : |
Additional Director |
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Address : |
K 228, Lane No.12, |
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Date of Birth/Age : |
02.01.1972 |
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Date of Appointment : |
08.12.2010 |
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DIN No.: |
03163975 |
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Name : |
Mr. Goverdhan Pribhdas Savlani |
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Designation : |
Director |
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Address : |
E-368, First Floor, Greater Kailash – II, |
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Date of Birth/Age : |
05.11.1939 |
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Qualification : |
LLB |
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Date of Appointment : |
16.04.1999 |
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Date of Ceasing : |
24.12.2010 |
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DIN No.: |
01089202 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
G.P. Savlani |
|
2510 |
|
Rajesh Savlani |
|
10 |
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Total |
|
2520 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Chemicals and Packaging Materials Chemical, etc. |
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Products : |
v Foam, Rexine and PU Products v Adhesive Tapes v
Plastic Packaging Materials |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
v
Vijaya Bank, Greater Kailash – II Branch, Greater
Kailash – II, v
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gulati and Malik Chartered Accountants |
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Address : |
D-33, Basement, Anand Niketan, |
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Tel. No.: |
91-11-41036296 |
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Mobile No.: |
91-
9810174641 |
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E-Mail : |
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Website : |
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PAN No.: |
ABJFS7759Q |
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Associates/Subsidiaries : |
v
Ganpati Roadlines v
STR Enterprises v
Savlani Associates v
Properties Exchange v
Shyam Polypacks |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2520 |
Equity Shares |
Rs.100/- each |
Rs.0.252
million |
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|
|
|
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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 |
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|
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|
1] Share Capital |
0.252 |
0.252 |
0.252 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.204 |
0.147 |
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4] (Accumulated Losses) |
(0.644) |
0.000 |
0.000 |
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NETWORTH |
(0.392) |
0.456 |
0.399 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
2.633 |
2.968 |
3.480 |
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2] Unsecured Loans |
0.715 |
0.280 |
0.000 |
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TOTAL BORROWING |
3.348 |
3.248 |
3.480 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.275 |
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TOTAL |
2.956 |
3.704 |
4.154 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.997 |
1.437 |
2.207 |
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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 |
0.255 |
0.187 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.237
|
0.599 |
0.026 |
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Sundry Debtors |
0.690
|
0.832 |
1.028 |
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Cash & Bank Balances |
0.230
|
0.479 |
0.436 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.301
|
2.323 |
1.722 |
|
Total
Current Assets |
3.458
|
4.233 |
3.212 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
Sundry Creditors |
0.367
|
1.292 |
0.223 |
|
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Other Current Liabilities |
1.387
|
0.831 |
0.649 |
|
|
Provisions |
0.000
|
0.030 |
0.393 |
|
Total
Current Liabilities |
1.754
|
2.153 |
1.265 |
|
|
Net Current Assets |
1.704
|
2.080 |
1.947 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.956 |
3.704 |
4.154 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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GROSS INCOME |
14.936 |
21.021 |
24.511 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(0.406) |
0.365 |
0.791 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.494 |
0.768 |
0.353 |
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PROFIT/ (LOSS)
BEFORE TAX |
(0.900) |
(0.403) |
0.438 |
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Less |
TAX |
(0.053) |
(0.460) |
0.548 |
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PROFIT/ (LOSS)
AFTER TAX |
(0.847) |
0.057 |
(0.110) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.203 |
0.146 |
0.256 |
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BALANCE CARRIED
TO THE B/S |
(0.644) |
0.203 |
0.146 |
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Earnings Per
Share (Rs.) |
(336.11) |
NA |
NA |
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
15.000 |
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Expected Sales (2011-2012): Rs.20.000 millions
The above information has been parted by Mr. Rajesh (Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.20)
|
(7.11) |
8.08 |
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Return on Investment (ROI) (PBT/Networth) |
|
2.30
|
(0.88) |
1.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.02
|
11.84 |
11.89 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.97
|
1.97 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
During the
financial year ended 31.03.2010, the Gross Receipts of the Company is Rs.14.936
millions as against Rs.21.021 millions in the previous year. The main reason
for the fall in the turnover during the year ended 31.03.2010 is on account of
the fact that the price of principal product , Acetic Acid produced by their
principal company in India for whom the Company is indenting agent was
expensive as compared to the imported product, hence fall in turnover.
The loss before
tax and depreciation is Rs.0.406 million as compared to profit of Rs.0.365 million
in the previous year. The loss after tax and depreciation is Rs.0.847 million
as against profit of Rs.0.057 million in previous year.
The Directors are putting their best efforts for the growth of the
company in the ensuing year.
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24139DL1999PTC099346 |
|
Name of the
company |
SPR CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-5 and C-6, Pushpa Bhawan, Alaknanda Commercial Complex, E-Mail: spr@vsnl.com |
|
Type of charge |
Immovable
Property Movable Property Floating Charge Others (Stocks) |
|
Particular of
charge holder |
Vijaya Bank, Greater Kailash – II Branch, Greater Kailash – II, E-Mail: gselvam.ganesan@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Overdraft
Agreement, Hypothecation Agreement |
|
Date of
instrument Creating the charge |
10.03.2011 |
|
Amount secured by
the charge |
Rs.2.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: B.R.+5.75%
=9.50%+5.75%=15.25% Terms of
Repayment: Limit for 12
months repayable on demand Margin: As per bank norms Extent and
Operation of the charge: First charge on
stocks and EMDTD of commercial amalgamated Flat No.B-5 and 6 on First Floor
Pushpa Bhawan, G-3, Kalkaji Alaknanda, |
|
Short particulars
of the property charged |
First charge on
stocks and EMDTD of commercial amalgamated Flat No.B-5 and 6 on First Floor
Pushpa Bhawan, G-3, Kalkaji Alaknanda, |
TRADE REFERENCES:
v
SPL Industries
v
Samtech International
CONTINGENT
LIABILITY (As on 31.03.2010)
v
Capital Commitment net of Advances – Rs.0.750
million.
FIXED ASSETS:
v
Vehicle – Tanker
v
v
Air Conditioner
v
Computer
v
Fire Extinguisher
v
Hot Air Brush
v
Electronic Weighing Scale
v
Furniture and Fixture
v
Car
v
Cycle
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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.