MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SANIKA CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
212, The Great Eastern Chambers, Plot No.28, Sector – 11, C.B.D.
Belapur, Navi Mumbai – 400 614, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.12.1998 |
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Com. Reg. No.: |
11-117399 |
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CIN No.: [Company Identification
No.] |
U24110MH1998PTC117399 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of active pharmaceutical
ingredients, intermediates and speciality chemicals. |
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 264000 |
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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 |
INFORMATION DECLINED BY
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Name : |
Mr. Kadve |
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Designation : |
Operator |
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Date : |
11.01.2011 |
LOCATIONS
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Registered/ Head Office : |
212, The Great Eastern Chambers, Plot No.28, Sector – 11, C.B.D.
Belapur, Navi Mumbai – 400 614, |
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Tel. No.: |
91-22-27570607/ 27572545 |
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Tele Fax No.: |
91-22-27573316 |
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E-Mail : |
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Website : |
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Factory : |
Located at: ·
Taloja · Mahad |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rajan Gopinath Thakur |
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Designation : |
Chairman cum Managing Director |
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Address : |
E-1/0-2, Sector – 1, Vashi, Navi Mumbai – 400 703, |
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Date of Birth/Age : |
31.07.1965 |
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Date of Appointment : |
09.12.1998 |
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DIN No.: |
00442477 |
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Name : |
Ms. Savita Rajan Thakur |
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Designation : |
Director |
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Address : |
E-1/0-2, Sector – 1, Vashi, Navi Mumbai – 400 703, |
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Date of Birth/Age : |
22.09.1969 |
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Date of Appointment : |
09.12.1998 |
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DIN No.: |
00460270 |
KEY EXECUTIVES
|
Name : |
Mr. Kadve |
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Designation : |
Operator |
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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Rajan Gopinath Thakur |
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60000 |
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Savita Rajan Thakur |
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26500 |
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Smita Bhagwan Patil |
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13500 |
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Total
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100000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of active
pharmaceutical ingredients, intermediates and speciality chemicals. |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Singavi, Oturkar and Kelkar Chartered Accountants |
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Address : |
Nirvelli Apartment, 1st Floor, Near Malhar Talkies, Swami
Vivekanand Marg, Off |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
7.500 |
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2] Share Application Money |
5.695 |
3.661 |
6.071 |
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3] Reserves & Surplus |
51.954 |
58.479 |
58.826 |
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4] (Accumulated Losses) |
(1.586) |
0.000 |
(12.764) |
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NETWORTH |
66.063 |
72.140 |
59.633 |
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LOAN FUNDS |
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1] Secured Loans |
67.569 |
78.538 |
68.335 |
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2] Unsecured Loans |
2.982 |
3.182 |
4.372 |
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TOTAL BORROWING |
70.551 |
81.720 |
72.707 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
4.310 |
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TOTAL |
136.614 |
153.860 |
136.650 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
97.753 |
98.222 |
105.520 |
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Capital work-in-progress |
0.026 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
0.800 |
0.800 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
40.252
|
31.161 |
29.605 |
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Sundry Debtors |
34.406
|
53.375 |
29.811 |
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Cash & Bank Balances |
0.464
|
3.103 |
1.641 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.852
|
10.136 |
6.969 |
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Total
Current Assets |
80.974
|
97.775 |
68.026 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
37.889
|
37.602 |
34.835 |
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Other Current Liabilities |
0.000
|
0.702 |
0.028 |
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Provisions |
5.260
|
4.985 |
2.525 |
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Total
Current Liabilities |
43.149
|
43.289 |
37.388 |
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Net Current Assets |
37.825
|
54.486 |
30.638 |
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MISCELLANEOUS EXPENSES |
0.205 |
0.347 |
0.487 |
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TOTAL |
136.614 |
153.860 |
136.650 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
65.616 |
NA |
NA |
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Other Income |
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TOTAL |
65.616 |
NA |
NA |
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Less |
EXPENSES |
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70.507 |
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NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
70.507 |
NA |
NA |
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PROFIT BEFORE
TAX |
(4.891) |
NA |
NA |
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Less |
TAX |
0.000 |
NA |
NA |
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PROFIT AFTER TAX
|
(4.891) |
16.069 |
(0.206) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
49.793 |
138.095 |
51.904 |
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TOTAL EARNINGS |
49.793 |
138.095 |
51.904 |
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Earnings Per
Share (Rs.) |
(48.91) |
160.69 |
(2.74) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(7.45)
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.74)
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.07)
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.72
|
1.73 |
1.85 |
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Current Ratio (Current Asset/Current Liability) |
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1.88
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2.26 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Sundry Creditors |
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|
- For Goods and
Expenses |
37.889
|
37.602 |
34.835 |
Note:
The registered office of the company has been shifted from E-1 O 2, Sector I, Vashi, Navi Mumbai – 400 703, Maharashtra to the present address w.e.f. 07.12.2007.
FINANCIAL RESULTS:
During the year,
the Company has suffered a loss of Rs.4.891 millions and the same has been
transferred to Profit and Loss Account. The Directors are hopeful of making
reasonable profits in the next year.
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Corporate
identity number of the company |
U24110MH1998PTC117399 |
|
Name of the
company |
SANIKA CHEMICALS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
212, The Great Eastern Chambers, Plot No.28, Sector – 11, C.B.D.
Belapur, Navi Mumbai – 400 614, E-Mail: sanikachem@vsnl.net |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90149747 |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Union Bank of India, Kapurbavdi Branch, Dhanlaxmi Industrial Estate,
Gokul Nagar, Old Agra Road, Thane (West), Thane – 400 601, Maharashtra, India
|
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Nature of
description of the instrument creating or modifying the charge |
Extension of
memorandum of equitable mortgage by deposit of title deeds. |
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Date of
instrument Creating the charge |
27/08/2009 |
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Amount secured by
the charge |
Rs.88.829
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge: Equitable
mortgage by deposit of title deeds of factory land and building situated at
Plot No. 81 in new MIDC Area, Taloja industrial area and commercial premises
being Office No. 212, Great Eastern Chamber premises situated at Plot No.28,
Sector 11, CBD Belaplur, Navi Mumbai subject to maximum of Rs.88.829
millions. |
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Short particulars
of the property charged |
Equitable mortgage
in respect of all that piece and parcel of land known as Plot No.81, in New
MIDC Area, Taloja industrial Area, Taloja, District Raigad, by admeasuring
600 sq. mts. All that piece
and parcel of land is known as Plot No. E-28, MIDC Area, Mahad, Taluka Mahad,
District Raigad, by admeasuring 10300 sq. mts. Commercial
premises being Office No.212, 2nd Floor, Great Eastern Chambers
Premises, Plot No.28, Sector 11, CBD Belapur, Navi Mumbai by admeasuring 1068
sq. ft. |
|
Date of latest
modification prior to the present modification |
10/01/2008 |
|
Particulars of
the present modification |
Original charge
created on 3rd November 1999 for Rs.4.488 millions By 1st
modification on 31.08.05 charge has been enhanced from Rs.4.488 millions to Rs.42.643
millions By 2nd
modification as on 19.03.06 charge has been enhanced from Rs.42.643 millions
to Rs.67.035 millions By 3rd modification charge has been reduced from
Rs.67.035 millions to 60.422 millions By 4th
modification charge has been enhanced from Rs.60.422 millions to 94.422
millions By present
modification charge is reduced from Rs.94.422 millions to 88.829 millions. |
FIXED ASSETS:
·
Land
·
·
Warehouse
·
Office Renovation
·
Plant and Machinery
·
Air Conditioner
·
Fax Machine
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Lab Equipment
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Telephone
·
Electrical Installation
·
Books
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EPABX
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Office Equipments
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Furniture
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Vehicles
·
Computer
WEBSITE DETAILS:
PROFILE:
After the devotion and hardwork of five years at the first
unit at Taloja near Mumbai in
The facility at Mahad is designed to handle any reactions. It is supposed with
the latest technology and instrumentation, with detailed engineering. The plant
is designed to handle multiple reactions at a time. Some part of the plant is
also planned to be devoted for typical reactions and products.
The plant is designed in consideration with Quality Systems to maintain non-polluted
and Healthy Environment with best possible R and D and Q.A.
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
|
--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 |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.