MIRA
INFORM REPORT
|
Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAYONA COLORS PRIVATE LIMITED |
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Formerly Known
As : |
SENCIENT INDIA EXPORT PRIVATE LIMITED |
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Registered
Office : |
201, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.04.2007 |
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Com. Reg. No.: |
04-50683 |
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CIN No.: [Company Identification
No.] |
U74900GJ2000PTC050683 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS17464G |
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PAN No.: [Permanent Account No.] |
AAKCS8327F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Food Colors and Proposed to Manufacture Detergents and
Detergent Cakes. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1142700 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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 |
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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 DENIED BY
|
Name : |
Mr. Ramesh Mistry |
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Designation : |
Accounts Department |
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Date : |
28.12.2010 |
LOCATIONS
|
Registered Office : |
201, |
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Tel. No.: |
91-79-66314147 |
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Fax No.: |
91-79-66314146 |
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E-Mail : |
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Website : |
http:// www.sayonagroup.com |
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Area : |
1350 Sq. Fts |
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Location : |
Owned |
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Factory : |
161/162, GIDC Phase – II, Naroda, Ahmedabad, |
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Area : |
Approximately 4000 Sq. Yard |
|
Location : |
Leased |
DIRECTORS
AS ON 20.08.2010
|
Name : |
Mr. Pareshbhai Dayalji Patel |
|
Designation : |
Director |
|
Address : |
3, Vimal Complex, Memnagar, Ahmedabad – 380053, |
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Date of Birth/Age : |
12.05.1969 |
|
Qualification : |
B. Sc |
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Date of Appointment : |
27.04.2007 |
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Other Directorship : |
Shamrock Chemie Private Limited (CIN No. U24232GJ2007PTC049872) |
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|
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Name : |
Mrs. Nipanben Paresh Patel |
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Designation : |
Director |
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Address : |
3, Vimal Complex, Memnagar, Ahmedabad – 380053, |
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Date of Birth/Age : |
30.04.1972 |
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Qualification : |
B. Com |
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Date of Appointment : |
27.04.2007 |
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Other Directorship : |
Shamrock Chemie Private Limited (CIN No. U24232GJ2007PTC049872) |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh Mistry |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2010
|
Names of Shareholders |
No. of Shares |
|
Pareshbhai Dayalji Patel |
1898000 |
|
Nipanben Paresh Patel |
2000 |
|
TOTAL |
1900000 |
AS ON 20.08.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Food Colors and Proposed to Manufacture Detergents and
Detergent Cakes. |
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Exports : |
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Products : |
Food Colors |
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Countries : |
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Imports : |
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Products : |
Chemicals |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
|
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No. of Employees : |
Approximately 140 ( In Office – 15, In Factory – 125) |
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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 : |
Hiren Buch and Associates Chartered Accountant |
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Address : |
2/A, Ravi Villa, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs. 10 each |
Rs.75.000 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7100000 |
Equity Shares |
Rs. 10 each |
Rs.71.000
millions |
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|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
71.000 |
19.000 |
19.000 |
|
|
2] Share Application Money |
0.000 |
95.339 |
11.471 |
|
|
3] Reserves & Surplus |
214.691 |
9.308 |
2.827 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
285.691 |
123.647 |
33.298 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
87.725 |
31.993 |
18.390 |
|
|
2] Unsecured Loans |
71.500 |
21.392 |
5.222 |
|
|
TOTAL BORROWING |
159.225 |
53.385 |
23.612 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
444.916 |
177.032 |
56.910 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
124.370 |
59.506 |
1.719 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
216.651
|
69.091
|
26.520 |
|
|
Sundry Debtors |
200.062
|
46.828
|
34.001 |
|
|
Cash & Bank Balances |
5.951
|
5.894
|
4.674 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.00 |
|
|
Loans & Advances |
4.261
|
2.227
|
3.873 |
|
Total
Current Assets |
426.925
|
124.040 |
69.068 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
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|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
0.000
|
0.000
|
0.659 |
|
Total
Current Liabilities |
107.106
|
6.744 |
14.136 |
|
|
Net Current Assets |
319.819
|
117.296 |
54.932 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.727 |
0.230 |
0.259 |
|
|
|
|
|
|
|
|
TOTAL |
444.916 |
177.032 |
56.910 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Gross Sales) |
1144.246 |
432.074 |
|
|
|
|
Other Income |
NA |
NA |
|
|
|
|
TOTAL (A) |
NA |
NA |
287.265 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
282.520 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
|
282.520 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
34.231 |
12.625 |
4.745 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.071 |
3.493 |
1.121 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.160 |
9.132 |
3.624 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.527 |
2.651 |
0.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.633 |
6.481 |
3.299 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.472 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
20.633 |
6.481 |
2.827 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.308 |
2.827 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
29.941 |
9.308 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
236.930 |
187.357 |
NA |
|
|
TOTAL EARNINGS |
236.930 |
187.357 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.90 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
--
|
-- |
0.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
-- |
1.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.74
|
3.53 |
4.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.05 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.93
|
0.49 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.98
|
18.39 |
4.89 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS NOT AVAILABLE
OPERATION AND
SALES
The company financial position is improving better over the years. The company
has achieved a Gross Sale of Rs.432.074 millions including Export Sales of
Rs.236.930 millions. (Previous year Rs.432.074 millions) including Export Sales
of Rs.236.930 millions (Previous year Rs.187.357 millions) during the year
2009-10. The company could increase the Gross Sales in view of the fact that it
had fully implemented the expansion programme for capacity increase upto 15000
mtpa in the Food Colors Segment. The company has achieved Net Profit of
Rs.20.633 millions (Previous Year Rs.6.481 millions) during the year 2009-10.
The Company has achieved performance level in the Gross Sales of 93.42%
against the Estimated Gross Sales of Rs.1224.793 millions for the year 2009-10.
Similarly, the company has achieved performance level in the Net Profit of
96.20% against the Estimated Net Profit
of Rs.21.448 millions for the year 2009-10. The minor shortfall in the
performance level is attributed in the
fact that the company has taken part in the 15th Golf Food Hotel and
Equipment Exhibition and Salon Culinare Dubai International Convention and
Exhibition Centre which was held at Dubai World Trade Centre,
FORM 8
|
This form is for |
Modification of charge |
|
Charge identification
number of the modified |
10162728 |
|
Corporate
identity number of the company |
U74900GJ2007PTC050683 |
|
Name of the
company |
SAYONA COLORS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
201, |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
1)
Memorandum Of Extension Relating To
Deposit Of Title Deeds. 2) Supplementary
Agreement Of Hypothecation Of Goods And Assets For Increase In The Overall Limit. |
|
Date of
instrument Creating the charge |
12.05.2010 |
|
Amount secured by
the charge |
Rs.350.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The Rate Of
Interest Will Be 0.25% Below Bplr Present Effective Rate 12.00% P.A. The
Interest Will Be Applied With Monthly Rests. Terms of
Repayment 12 Months Margin 1) Rm /Sip/ Fg/
Stores And Spares-25 % 2) Book Debts
(Not Exceeding 120 Days) 50% 3) Export
Preshipmnt Stocks -10 % 4) Lc Limit - 20
% (By Way Of Cash/Bank Own Tdrs Duly Discharged Against Bank Lien) 5) Bank Gurantee
- Performance Gurantee 100 % (Of Which Minimum 25 % Will Be In Cash) Financial Guarantee 20 % Extent and
Operation of the charge Operate As
Continiing Security For All Moneys Indebtedness |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
01.07.2009 |
|
Particulars of
the present modification |
Overall Credit
Facilities Revised From Rs 100.000 millions To Rs 3.500 millions. |
WEBSITE DETAILS
PROFILE
Subject is a leading global manufacturer and marketer of food colors and FMCG products along with other wide range of products employing technologies to develop specialty food and beverage systems, cosmetics and pharmaceutical systems, inkjet and specialty inks and colors.
All of the products are also approved and registered with US
FDA, WHO GMP, HACCP and ISO 9001 – 2008. They have the multi production plant
for various colorants and products at Ahmedabad
Subject has become a global leader in food and beverage color products and technologies. Sayona Food Colors long-standing expertise delivers unique opportunities and distinctive solutions. A focus on safety, security, and purity, creatively fused with brilliant color, allows them to consistently create memorable sensory experiences for any food or beverage application across the world.
The goal is not only to supply the customers with the highest quality products, but also to partner with the customers in creating world class products.
Through constant progressive idealization, up-gradation and adoption of cutting-edge technologies, they have maintained a leadership stance in providing innovative solutions and future-ready products to the ever-widening base of global clients. The endeavor has always been to continuously invest in ideas and personnel who will propel us towards the motto of: Total Customer Satisfaction. A philosophy that they believe will always keep them ahead, in dynamic and challenging markets globally.
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.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.