MIRA
INFORM REPORT
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Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
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Name : |
SAM FINECHEM LIMITED |
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Registered Office : |
Shyam Villa, Sapta Sindhu Compound, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
13.09.2005 |
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Com. Reg. No.: |
11-156021 |
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CIN No.: [Company
Identification No.] |
U24111MH2005PLC156021 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS49509F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Pneumatic and Textile Spares |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 259000 |
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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 an established 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 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 |
LOCATIONS
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Registered Office : |
Shyam Villa, Sapta Sindhu Compound, |
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Tel. No.: |
91-22-28900066/ 77/ 88 |
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Fax No.: |
91-22-28900055 |
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E-Mail : |
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Website : |
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Factory : |
Survey No.47, Hadamtala Industrial Area, Gondal Road, |
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Tel. No.: |
91-2827-270591/ 92/ 93/ 94 |
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Fax No.: |
91-2827-270595 |
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E-Mail : |
DIRECTORS
AS ON : 30.09.2010
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Name : |
Mr. Harish N. Mehta |
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Designation : |
Director |
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Address : |
701, Lata Palace, 7th Floor, |
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Date of Birth/Age : |
02.03.1950 |
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Date of Appointment : |
13.09.2005 |
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Name : |
Mr. Sudhir N. Mehta |
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Designation : |
Director |
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Address : |
Block No.3, Ground Floor, |
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Date of Birth/Age : |
19.04.1955 |
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Date of Appointment : |
13.09.2005 |
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Name : |
Mr. Deepak N. Mehta |
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Designation : |
Director |
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Address : |
B/3, |
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Date of Birth/Age : |
12.01.1959 |
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Date of Appointment : |
13.09.2005 |
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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Mr. Deepak N. Mehta |
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78910 |
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Mr. Harish N. Mehta |
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10300 |
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Mr. Sudhir N. Mehta |
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17459 |
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Mr. Pinkesh P. Mehta |
|
5000 |
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Mr. Prashant H. Mehta |
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9100 |
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Mr. Sameet D. Mehta |
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5800 |
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Mrs. Bharti D. Mehta |
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3600 |
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Mr. Deepak N. Mehta HUF |
|
500 |
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Mr. Harish N. Mehta HUF |
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12500 |
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Mrs. Harsha S. Mehta |
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4000 |
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7000 |
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Mrs. Shefail P. Mehta |
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8750 |
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Miss. Shruti D. Mehta |
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1750 |
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M/s. Sam organics Limited, Mumbai |
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45000 |
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M/s Transpek Industry Limited, |
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100001 |
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M/s Shipra Trading And Finance Private Limited, Mumbai |
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83250 |
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Total |
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392920 |
(Cumulative Non-Convertible Redeemable 15% Preference Shares)
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Names of Shareholders |
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No. of Shares |
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Sam International, Mumbai |
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75000 |
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M/s. Sam Organics Limited, Mumbai |
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75000 |
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Total |
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150000 |
AS ON : 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
58.09 |
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Directors or relatives of Directors |
41.91 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Pneumatic and Textile Spares |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Mumbai Samachar Marg
Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023,
1402/1403 |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Purvesh and Associates Chartered Accountant |
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Address : |
B/3, Lancelot Building Opposite Shastri Nagar, S. V. Road, Borivali
(West), Mumbai – 400092, Maharashtra, India |
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CAPITAL STRUCTURE
As on : 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
345320 |
Equity Shares |
Rs.10/- each |
Rs.3.453
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 |
3.453 |
1.728 |
1.100 |
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2] Share Application Money |
39.760 |
25.000 |
0.000 |
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3] Reserves & Surplus |
21.988 |
6.464 |
1.620 |
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4] (Accumulated Losses) |
(0.469) |
(2.566) |
(12.696) |
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NETWORTH |
64.732 |
30.626 |
(9.976) |
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LOAN FUNDS |
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1] Secured Loans |
144.440 |
41.951 |
41.287 |
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2] Unsecured Loans |
13.978 |
35.831 |
57.483 |
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TOTAL BORROWING |
158.418 |
77.782 |
98.770 |
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DEFERRED TAX LIABILITIES |
6.143 |
4.773 |
1.968 |
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TOTAL |
229.293 |
113.181 |
90.762 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
146.289 |
76.133 |
51.779 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.506 |
0.005 |
0.005 |
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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 |
66.500
|
28.675
|
24.994 |
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Sundry Debtors |
48.090
|
34.741
|
22.592 |
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Cash & Bank Balances |
3.437
|
1.234
|
0.840 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
30.734
|
18.214
|
8.078 |
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Total
Current Assets |
148.761
|
82.864
|
56.504 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
64.175
|
44.148
|
17.452 |
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Provisions |
2.088
|
1.673
|
0.074 |
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Total
Current Liabilities |
66.263
|
45.821
|
17.526 |
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Net Current Assets |
82.498
|
37.043
|
38.978 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
229.293 |
113.181 |
90.762 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
117.650 |
128.507 |
67.338 |
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Other Income |
4.180 |
3.400 |
0.728 |
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TOTAL (A) |
121.830 |
131.907 |
68.066 |
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Less |
EXPENSES |
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Cost of Goods Sold |
74.393 |
86.005 |
47.814 |
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Administrative Expenses |
36.536 |
29.504 |
21.343 |
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Auditor’s Remuneration |
0.100 |
0.100 |
0.060 |
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TOTAL (B) |
111.029 |
115.609 |
69.217 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.801 |
16.298 |
(1.151) |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.801 |
16.298 |
(1.151) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.844 |
1.765 |
4.836 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.957 |
14.533 |
(5.987) |
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Less |
TAX (I) |
1.860 |
4.404 |
0.945 |
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PROFIT AFTER TAX
(G-I) (J) |
2.097 |
10.129 |
(6.932) |
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BALANCE CARRIED
TO THE B/S |
2.096 |
10.129 |
(6.932) |
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EARNINGS IN
FOREIGN CURRENCY |
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Fob Value Of Export |
47.181 |
76.947 |
NA |
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TOTAL EARNINGS |
47.181 |
76.947 |
NA |
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Earnings Per
Share (Rs.) |
6.07 |
29.33 |
(20.07) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.72 |
7.68
|
(10.18) |
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Net Profit Margin (PBT/Sales) |
(%) |
3.36 |
11.31
|
(8.89) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.41 |
9.14
|
(5.53) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.47
|
(0.60) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.47 |
4.04
|
11.66 |
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Current Ratio (Current Asset/Current Liability) |
|
2.24 |
1.81
|
3.22 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
- Land
- Computers
- Refrigerator
- Motor Car
- Electricity
Equipment
- Electricity
Fitting
- Furniture and
Fixture
- Air
Conditioner
- Software
- Lab Equipment
- Plant and
Machinery
- D. G. Sets
- Television
BUSINESS :
The company concentrated on its Exports. Due to global recession the company could not achieve its Sales target. The Directors are investing aggressively in Plant and Machinery and research and development of various products. Fruits of these investment, They all will get in years to come.
WEBSITE DETAILS:
INTRODUCTION
Subject (An ISO 9001:2000, ISO 14001:2004, OHSAS 18001: 1999 Certified
Company) established in year 2005 has started a state of art manufacturing
facility at
Form : 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24111MH2005PLC156021 |
|
Name of the
company |
SAM FINECHEM
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Shyam Villa, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Union Bank Of
India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai
– 400023, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
(Goods) Agreement (Sd-03) |
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Date of instrument
Creating the charge |
16/08/2008 |
|
Amount secured by
the charge |
Rs. 20.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest : Interest As Usual
With Monthly Rests Or At Such Other Revised Rate/S As May Be Prescribed By
The Bank From Time To Time. Terms of Repayment : On Demand Margin : As per sanction
terms. Extent and Operation of the Charge : To Secure The
Inland / Import Lc (Dp / Da) Limit Of Rs.20.000 millions Granted By The Bank
To The Company. Others : Nil |
|
Short particulars
of the property charged |
The Borrower
Hypothecates In Favour Of The Bank All Raw Materials, Semi Finished &
Finished Goods, Products And Movable Property Of Any Kind Belonging To The
Borrower And Stored At
Their Premises Or Godown/S At Survey No.47, Hadamtala, Dist. |
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. 45.18 |
|
|
1 |
Rs. 73.04 |
|
Euro |
1 |
Rs. 61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.