MIRA
INFORM REPORT
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Report Date : |
29.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SALVI CHEMICAL INDUSTRIES LIMITED |
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Registered
Office : |
214, Blue Rose Industrial Estate, Western Express Highway, Borivali
(E), Mumbai – 400066, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.10.2005 |
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Com. Reg. No.: |
11-156633 |
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Capital
Investment / Paid-up Capital : |
Rs. 77.170
millions |
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CIN No.: [Company Identification
No.] |
U24230MH2005PLC156633 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Exporter of Chemical and Pharmaceutical
Products. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 590000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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.
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 |
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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. Mani |
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Designation : |
Account Manager |
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Contact No.: |
91-22-28701438 |
LOCATIONS
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Registered Office : |
214, Blue Rose Industrial Estate, Western Express Highway, Borivali
(E), Mumbai – 400066, Maharashtra, India |
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Tel. No.: |
91-22-28701438 |
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Mobile No.: |
91-9322272321 (Mr. Vijayan) |
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Fax No.: |
91-22-28703656 |
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E-Mail : |
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Website : |
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Area : |
700 Sq. Fts |
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Location : |
Owned |
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Unit 1 : |
E – 93/94, MIDC, Tarapur, Boisar, |
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Tel. No.: |
91-2525-728585 |
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Area : |
5000 Sq. Meters |
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Location : |
Owned |
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Unit 2 : |
E – 90, MIDC, Tarapur, Boisar, |
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Tel. No.: |
91-2525-728585 |
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Area : |
5000 Sq. Meters |
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Location : |
Owned |
DIRECTORS
As On: 30.09.2010
|
Name : |
Mr. Kantilal. N. Salvi |
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Designation : |
Director |
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Address : |
B 108, Ashoka Tower, Kulupwadi Road,
Borivali (E), Mumbai – 400066, Maharashtra, India |
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Date of Birth/Age : |
11.03.1945 |
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Qualification : |
B. Sc |
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Date of Appointment : |
10.10.2005 |
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DIN No : |
00535466 |
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Name : |
Mr. Sudhir Salvi |
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Designation : |
Director |
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Address : |
B 108, Ashoka Tower, Kulupwadi Road,
Borivali (E), Mumbai – 400066, Maharashtra, India |
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Date of Birth/Age : |
11.10.1940 |
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Qualification : |
Technical Director |
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Date of Appointment : |
01.09.2009 |
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DIN No : |
02574458 |
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Name : |
Mr. Nirav Salvi |
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Designation : |
Director |
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Address : |
B 108, Ashoka Tower, Kulupwadi Road,
Borivali (E), Mumbai – 400066, Maharashtra, India |
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Date of Birth/Age : |
30.03.1974 |
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Qualification : |
B. Sc |
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Date of Appointment : |
10.10.2005 |
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DIN No : |
00535510 |
KEY EXECUTIVES
|
Name : |
Mr. Mani |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Kantilal. N. Salvi |
2588250 |
|
Mr. Nirav Salvi |
2195025 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Chemical and Pharmaceutical
Products. |
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Products : |
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Exports : |
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Products : |
Chemicals and Pharmaceuticals |
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Countries : |
·
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Imports : |
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Products : |
Chemicals |
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Countries : |
·
European Countries ·
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Terms : |
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Selling : |
L/C, Cash, Credit, D/P |
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Purchasing : |
L/C, Cash, Credit, D/P |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
·
The Saraswat Cooperative Bank Limited (Lead
Banker), SME Vile Parle Branch, Bholanath Cooperative Housing Society, ·
Bank of |
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Facilities : |
Note: All the above loans are secured by hypothecation of company’s plant and
machinery for which term loan is taken and the cash credit is secured against
the inventories and receivables. The aforesaid secured loans are personally
guaranteed by the directors. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patel and Kruup Chartered Accountant |
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Address : |
6, Cresent Chambers, 1st Floor, Tamrind Lane, Fort, Mumbai
– 400023, |
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Tel. No.: |
91-22-22670815 |
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Sister Concern : |
Nutra Care International Limited Address : Borivali – (W), Mumbai, Line of Business : Manufacturer and Exporter of Chemicals and
Pharmaceuticals Products |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Share |
Rs. 10 /- each |
Rs. 75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7497000 |
Equity Share |
Rs. 10 /- each |
Rs. 74.970
Millions |
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|
Share Application Money- From Promoters |
|
Rs. 2.200
millions |
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Total |
|
Rs. 77.170 millions |
Notes:
Of the above 7497000 Equity Shares of Rs. 10
/- each fully paid up, 2590000 Equity Shares were issued and allotted pursuant to
the Business Purchase Agreement dated 01.08.2006 and 994000 Shares were issued
and allotted by conversion of Unsecured Loan without payment being received in
cash in Financial Year 2006-07 to the erstwhile partners of Salvi Chemicals
Industries and their family member.
As on 30.09.2010
Authorised Capital : Rs.100.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.79.432
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
77.170 |
71.400 |
66.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
71.995 |
34.715 |
28.623 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
149.165 |
106.115 |
94.623 |
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LOAN FUNDS |
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1] Secured Loans |
169.727 |
119.990 |
63.697 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
169.727 |
119.990 |
63.697 |
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DEFERRED TAX LIABILITIES |
7.575 |
4.117 |
0.922 |
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TOTAL |
326.467 |
230.222 |
159.242 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
121.877 |
76.496 |
26.199 |
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Capital work-in-progress |
4.525 |
7.213 |
16.783 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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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 |
99.128
|
116.009
|
71.191 |
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Sundry Debtors |
309.693
|
207.123
|
119.811 |
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Cash & Bank Balances |
1.334
|
6.147
|
5.016 |
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Other Current Assets |
13.465
|
3.519
|
18.404 |
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Loans & Advances |
45.505
|
43.030
|
30.104 |
|
Total
Current Assets |
469.125
|
375.828
|
244.526 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
240.504 |
207.761 |
111.038 |
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Other Current Liabilities |
6.237
|
5.672
|
3.298 |
|
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Provisions |
22.703
|
16.415
|
14.591 |
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Total
Current Liabilities |
269.444
|
229.848
|
128.927 |
|
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Net Current Assets |
199.681
|
145.980
|
115.599 |
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MISCELLANEOUS EXPENSES |
0.359 |
0.508 |
0.636 |
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TOTAL |
326.467 |
230.222 |
159.242 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
615.541 |
550.298 |
349.238 |
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Other Income |
35.984 |
18.118 |
12.144 |
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TOTAL (A) |
651.525 |
568.416 |
361.382 |
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Less |
EXPENSES |
|
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|
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|
Manufacturing Expenses |
29.059 |
18.428 |
14.559 |
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Administrative Expenses |
13.478 |
13.375 |
11.382 |
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Raw Material Consumed |
514.284 |
460.130 |
282.217 |
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Other Manufacturing Expenses |
6.317 |
3.573 |
2.652 |
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Export Expenses |
8.305 |
8.425 |
6.695 |
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Increase/(Decrease) in Finished Goods |
(5.172) |
0.567 |
(3.125) |
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Selling Expenses |
8.384 |
5.475 |
6.611 |
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Loss doe to fire and Explosion Goods |
0.000 |
0.000 |
1.378 |
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Loss doe to fire and Explosion Fixed Assets |
0.000 |
0.000 |
2.889 |
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Prior Period Adjustment |
0.000 |
5.564 |
0.000 |
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Foreign Exchange Fluctuation |
0.000 |
15.444 |
0.000 |
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TOTAL (B) |
574.655 |
530.981 |
325.258 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
76.870 |
37.435 |
36.124 |
|
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|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
18.292 |
18.728 |
7.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
58.578 |
18.707 |
28.148 |
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.377 |
4.047 |
1.709 |
|
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PROFIT BEFORE
TAX (E-F) (G) |
51.201 |
14.660 |
26.439 |
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Less |
TAX (H) |
9.746 |
5.152 |
9.423 |
|
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PROFIT AFTER TAX
(G-H) (I) |
41.455 |
9.508 |
17.016 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.714 |
23.206 |
7.190 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.000 |
1.000 |
1.000 |
|
|
|
Dividend Tax Paid |
0.605 |
0.000 |
0.000 |
|
|
|
Interim Dividend Paid |
3.570 |
|
|
|
|
BALANCE CARRIED
TO THE B/S |
66.994 |
31.714 |
23.206 |
|
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EXPORT VALUE |
NA |
150.079 |
153.024 |
|
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|
Earnings Per
Share (Rs.) |
|
1.33 |
2.58 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.36
|
1.67
|
4.71 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.32
|
2.66
|
7.57 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.66
|
3.24
|
9.77 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.14
|
0.28 |
|
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|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.99
|
3.30
|
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.64
|
1.90 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from B 108, Ashoka Tower Skulupwadi Road,
Borivali (East), Mumbai – 400 066,
Maharashtra, India to the present address w.e.f. 01.08.2006
NOTE : company was
actually started in 1978 as a partnership concern with Name “ Savi Chemical
Industries”. Mr. Kantilal N. Salvi was one of the partner of that firm. In year
10th October 2005. This company was formed and taken over that
partnership firm and company started activity from 01.08.2006
Form 8
|
Corporate identity
number of the company |
U24230MH2005PLC156633 |
|
Name of the
company |
SALVI
CHEMICAL INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
214, Blue Rose Industrial Estate, Western Express Highway, Borivali
(E), Mumbai – 400066, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
The Saraswat Cooperative Bank Limited (Lead Banker), SME Vile Parle
Branch, Bholanath Cooperative Housing Society, |
|
Nature of instrument
creating charge |
Second
Supplemental Joint Deed of Hypothecation Memorandum of Deposit for Creation
of Further Charge for Term Loan/ Overall limit (where the initial charge
created by way of Mortgage by Deposit of Title Deeds) |
|
Date of instrument
Creating the charge |
19.06.2010 |
|
Amount secured by
the charge |
Rs. 332.801 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Saraswat
Bank:14% p. a., Bank of or at
such rate as maybe determined by the consortium bankers from time to time Terms of
repayment Term
Loan: 66 months or as determined by the consortium bankers from time to time Cash
Credit: On demand or as determined by the consortium bankers from time to
time Margin 25%
or as determined by the consortium bankers Extent and
operation of the charge Saraswat
Bank: Rs 17,79,01,000( cash credit : Rs 35.000 millions, standby limit of
credit: Rs 3.500 millions, Term loan I Rs 0.479 million, Term Loan II Rs 1.176
millions, Term loan III: Rs 2.065 millions, Term loan IV: Rs 1.806 millions, Term
loan New: Rs 0.075 million, Term Loan New Rs 1.125 millions, Term
loan new : Rs 11.500 millions, Bank Guarantee: Rs 0.500 million, L/ C Rs
120.000 millions) Bank
of Other The
Saraswat Co-op Bank Limited are the lead bankers. Saraswat Bank and Bank of India
have pari passu charge . |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
by way of first charge on pari passu basis all the current assets of the
borrower namely stocks for Raw materials, stock in process, semi finished and
finished goods bills
receivables book debts and all other movable both present and future at Plot
no E90,93,94 and 95 and 131 MIDC Tarapur Boisar Dist at
Plot no E90,93,94 and 95 and 131 MIDC Tarapur Boisar Dist Mortgage
by deposit of title deed all that piece or parcel of factory land and
building situated on E-90,E-93, E-94, E-95 at MIDC, Tarapur Boisar Thane
District solely belonging to the company |
|
Charge
identification number of the charge to be modified |
10082737 |
|
Date of
instrument modifying the charge |
25.03.2009 |
|
Particulars of
the present modification |
The
present limit is Rs 33,28,01,000/-(Saraswat Bank: Rs 177901000( cc Rs 35.000
millions, standby limit of credit: Rs 3.500 millions, TLI Rs 0.479 million, TL
II Rs 1.176 millions, TL III: Rs 2.065 millions, TL IV:Rs 1.806 millions, TL
New: RS 0.075 millions, TL New Rs 1.125 millions, TL new : Rs 11.500
millions, Bank Guarantee: Rs 0.500 millions, L/C Rs 120.000 millions) Bank of
India: Rs 154.900 millions (cc: Rs25.000 millions, TL I: Rs 38.300 millions,
TL II Rs 16.600 millions, L/CRs 75.000 millions) |
Fixed Assets:
- Land
- Plant and
Machinery
- Furniture and
Fixtures
- Laboratory
Equipment
- Computer
- Motor Cycle
- Scooter
- Air Conditioner
- Tata 407
- Cycle
- Office
Equipment
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.46.05 |
|
|
1 |
Rs.75.20 |
|
Euro |
1 |
Rs.66.47 |
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.