1.
Summary Information
|
|
|
Country |
|
|
Company Name |
SIECHEM TECHNOLOGIES PRIVATE LIMITED |
Principal Name 1 |
Mrs. Padma Damodaran |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Damodaran Pondy |
|
|
|
Registration # |
55-027463 |
|
Street Address |
26/27, |
||
|
Established Date |
04.05.1994 |
SIC Code |
-- |
|
Telephone# |
91-91-44-25226141 / 25220859 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-25222871 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Cable Jointing Kits |
|
|
# of employees |
-- |
Product Name 2 |
Power Cable |
|
Paid up capital |
Rs.25,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
-- |
Banking |
Bank of |
|
Public Limited Corp. |
No |
Business Period |
17 years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (48) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2.
Summary Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
131,760,000 |
Current Liabilities |
38,291,000 |
|
Inventories |
59,562,000 |
Long-term Liabilities |
335,617,000
|
|
Fixed Assets |
310,264,000 |
Other Liabilities |
0 |
|
Deferred Assets |
-- |
Total Liabilities |
373,908,000 |
|
Invest& other Assets |
-- |
Retained Earnings |
102,678,000 |
|
|
|
Net Worth |
127,678,000 |
|
Total Assets |
501,586,000 |
Total Liab. & Equity |
501,586,000 |
|
Total Assets (Previous Year) |
509,208,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
217,637,000 |
Net Profit |
-- |
|
Sales(Previous yr) |
247,060,000 |
Net Profit(Prev.yr) |
-- |
MIRA
INFORM REPORT
|
Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIECHEM TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
26/27, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.05.1994 |
|
|
|
|
Com. Reg. No.: |
55-027463 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52599TN1994PTC027463 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES17212G |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Exporter, Manufacturer, Wholesaler and Distributor of Cable jointing
kits, electron beamed elastomeric cables UL/ ETA / CSA standards cables,
power cable etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 510000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
26/27, |
|
Tel. No.: |
91-44-25226141 / 25220859 |
|
Fax No.: |
91-44-25222871 |
|
E-Mail : |
DIRECTORS
As On : 29.09.2010
|
Name : |
Mrs. Padma Damodaran |
|
Designation : |
Director |
|
Address : |
1-A, Samarpn, No.21, |
|
Date of Appointment : |
04.05.1994 |
|
DIN No : |
01231089 |
|
|
|
|
Name : |
Mr. Pranab Rajan Mukherjee |
|
Designation : |
Director |
|
Address : |
104, Sujay Flats, Near Shraddha Petrol Pump, Bodadkev, Ahmedabad-380054,
Gujarat, Tamil |
|
Date of Appointment : |
25.04.2008 |
|
Date of Resignation : |
30.01.2010 |
|
DIN No : |
00240758 |
|
|
|
|
Name : |
Mr. Damodaran Pondy |
|
Designation : |
Director |
|
Address : |
1-A, Samarpn, No.21, |
|
Date of Appointment : |
04.05.1994 |
|
DIN No : |
01231809 |
|
|
|
|
Name : |
Mr. Arun Kumar Gummidipundi Muthukumar |
|
Designation : |
Director |
|
Address : |
C-48, VSNL Quraters, 21, |
|
Date of Appointment : |
25.04.2008 |
|
DIN No : |
02605343 |
|
|
|
|
Name : |
Mr. Ramesh Balasubramanian |
|
Designation : |
Director |
|
Address : |
No.3, 3rd J. Apartments, 35/12, |
|
Date of Appointment : |
19.06.2009 |
|
Date of Resignation : |
30.01.2010 |
|
DIN No : |
02690589 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Damodaran Pondy |
|
1500000 |
|
Mrs. Padma Damodaran |
|
2000000 |
|
|
|
|
|
Total |
|
3500000 |
AS ON 29.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter, Manufacturer, Wholesaler and Distributor of Cable jointing
kits, electron beamed elastomeric cables UL/ ETA / CSA standards cables,
power cable etc. |
GENERAL INFORMATION
|
Bankers : |
Ø Bank of |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. Gopalakrishnan and Company Chartered Accountant |
|
Address : |
No.13, Old No.7, |
|
Tel. No.: |
91-44-24342714 |
|
E-Mail : |
rgco1972@gmailcom |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 millions |
|
|
|
|
|
As On : 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 millions |
|
|
|
|
|
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 |
|
|
|
|
|
1] Share Capital |
25.000 |
25.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
102.678 |
99.952 |
99.232 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
127.678 |
124.952 |
124.232 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
233.939 |
138.955 |
152.459 |
|
|
2] Unsecured Loans |
101.678 |
103.643 |
100.621 |
|
|
TOTAL BORROWING |
335.617 |
242.598 |
253.080 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
463.295 |
367.550 |
377.312 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
310.264 |
292.593 |
252.093 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.562
|
44.394 |
28.738 |
|
|
Sundry Debtors |
71.898
|
52.482 |
51.783 |
|
|
Cash & Bank Balances |
28.234
|
24.450 |
101.325 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
31.628
|
24.460 |
18.363 |
|
Total
Current Assets |
191.322
|
145.786 |
200.209 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
37.788
|
70.599 |
73.803 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.503
|
0.230 |
1.187 |
|
Total
Current Liabilities |
38.291
|
70.829 |
74.990 |
|
|
Net Current Assets |
153.031
|
74.957 |
125.219 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
463.295 |
367.550 |
377.312 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
217.637 |
247.060 |
|
|
|
Other Income |
|
4.795 |
8.970 |
|
|
|
TOTAL |
|
222.432 |
256.030 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
148.862 |
183.790 |
|
|
|
Establishment Expenses |
|
10.668 |
6.343 |
|
|
|
Selling and Distribution Expenses |
|
2.704 |
6.272 |
|
|
|
Depreciation and Other Expenses |
|
30.583 |
41.290 |
|
|
|
Administrative Expenses |
|
6.487 |
4.678 |
|
|
|
Financial Expenses |
|
19.899 |
12.707 |
|
|
|
TOTAL |
|
219.203 |
255.080 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
3.229 |
0.950 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.48
|
0.38 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.64
|
0.22 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.01 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.93
|
2.51 |
2.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.00
|
2.06 |
2.67 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The turnover of the company for the year was Rs.217.637 millions and has
resulted in a net profit of Rs.3.229 millions.
OPERATIONS
The company’s performance during the year is satisfactory considering
the point that this being the first full year of operations. The management of
the company is focusing on operational efficiencies, reduction of cost at all
levels and better working capital management in the current financial year.
During the year Audit, the company has expanded its operations by
venturing into new product line and is in the process of further expansion and
the capital expenditure on the same as on the balance sheet dated is Rs.252.667
millions.
FORM 8
|
Corporate
identity number of the company |
U52599TN1994PTC027463 |
|
Name of the
company |
SIECHEM
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
26/27, |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others |
|
Particular of charge
holder |
Bank of |
|
Nature of
instrument creating charge |
1.
Composite Hypothecation Agreement (for Stocks/Book Debts/Vehicles/Movable
Machinery) 2. Extension
of Mortgage by deposit of title deeds. |
|
Date of
instrument Creating the charge |
10.06.2010 |
|
Amount secured by
the charge |
Rs.465.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of repayment Working
Capital: Repayable on Demand Term
Loan: 30 months i.e. 10 quarterly installments of Rs.9.000 millions from the
quarter ending March 2010. Margin Cash
Credit : 25% on Stock and
25% on Book Debts Term
Loan : 36% (As per the
Original Sanction) Letter
of Credit : 10% Cash Margin Bank
Guarantee : 10% Cash Margin Other Nature
of Facilities Rs. in. millions Cash
Credit 235.000 Term
Loan 90.000 Letter
of Credit (110.000) Bank
Guarantee 140.000 ------------- Total 465.000 |
|
Short particulars
of the property charged (Including location of the property) |
The
existing charge on the Current Assets belonging to the Company. The existing
charge on the Lease Hold Rights of the immovable properties of the Company. |
|
Charge
identification number of the charge to be modified |
80022730 |
|
Date of
instrument modifying the charge |
05.03.2009 |
|
Particulars of
the present modification |
By
the present modification, the overall limit has been enhanced to Rs.465.000
millions and secured by the existing charge on the Current Assets and Lease
Hold Rights of the immovable properties of the Company |
FIXED ASSETS
·
Plant and Machinery
·
Moulds and Dies
·
Office Equipments
·
Electrical Installations
·
Building
·
Computers
·
Furniture
·
Land Lease Hold
·
Testing Equipments
WEB SIDE DETAILS
PROFILE
Subject
commenced its operations during March 2002. The company is engaged in manufacturing
Wires and Cables for Power, Control, Instrumentation, Aerial Bunched, Switch
board, Building, Submersible, Industrial, Solar, Rolling Stock, Wind Energy,
Aerospace, Firm-alarm, Automotive, Appliance, Signaling, Quad, Networking,
Telecom, Jelly filled, PCM, Welding, Battery, Submarine, Shipbuilding,
Elastomeric and other specialized applications.
The company has installed modern and State-of-the-Art, high speed
machines, electron beam irradiation facility, R and D Centre, Compounding facility and fully equipped
laboratory, which can stand comparison with the best in the world. The factory
is spread around 100,000sq.ft. Built-up area amidst environment-friendly
surroundings abounding in natural greenery. Siechem’s products meet ROHS
norms as per European standards.
Company has ISI certificates for the different types of
wires and cables and ISO: 9001 certification
and prestigious AERB, Mumbai approval for the world class Electron Beam
Irradiation facility. The company also specializes in design, development and
manufactures any type of cable and accessories as per customer’s specific
requirements, however complex it may be besides offering technical support,
installation and provide heat shrinkable cable jointing and termination
solutions up to 35 KV.
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.45.20 |
|
|
1 |
Rs.73.16 |
|
Euro |
1 |
Rs.61.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48DF |
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.