MIRA
INFORM REPORT
|
Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAJJAN INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
SAJJAN IMPEX LIMITED |
|
|
|
|
Registered
Office : |
Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg,
Lower Parel, Mumbai – 400 013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.09.1983 |
|
|
|
|
Com. Reg. No.: |
11-030874 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.40.691
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1983PLC030874 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS42160G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS6498M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company mainly deals in Dye Intermediates and other chemicals and in Power Generation. |
|
|
|
|
No. of Employees
: |
295 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13424000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine 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. Profit and loss account of the company for the current year is not
available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management non-cooperative
LOCATIONS
|
Registered/ Head Office : |
Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg,
Lower Parel, Mumbai – 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-24974400/ 24974401/ 24975700/ 2497570/ 24974400 |
|
Fax No.: |
91-22-24950588/ 24951098 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. 6117-19, GIDC, Ankleshwar – 393 003, District
Bharuch, |
|
Tel. No.: |
91-2646-22180/ 52181 |
|
Fax No.: |
91-2646-52181 |
|
|
|
|
Warehouse: |
Located at: v
Bhiwandi – 55 Kms from Mumbai, Thane, v
Dhongri, Greater |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Kartikeya Kamalesh Kumar Maheshwari |
|
Designation : |
Director |
|
Address : |
Maheshwari House, 36 L Jagmohandas Marg, Mumbai – 400 036, |
|
Date of Birth/Age : |
28.10.1974 |
|
Date of Appointment : |
12.08.2004 |
|
DIN No.: |
00078494 |
|
|
|
|
Name : |
Mr. Madhav Prasad Aggarwal |
|
Designation : |
Director |
|
Address : |
15-B, |
|
Date of Birth/Age : |
21.09.1962 |
|
Date of Appointment : |
25.12.1997 |
|
DIN No.: |
00109434 |
|
|
|
|
Name : |
Mr. Raj Kumar Seksaria |
|
Designation : |
Whole-time Director |
|
Address : |
A-3, HImbndu, Sector 10, Navi Mumbai – 400 703, |
|
Date of Birth/Age : |
12.12.1951 |
|
Date of Appointment : |
16.03.2009 |
|
DIN No.: |
02604654 |
|
|
|
|
Name : |
Mr. Nandkishore Motilal Agrawal |
|
Designation : |
Whole-time Director |
|
Address : |
20-A, Pankaj Mansion, Opposite Poddar Hospital, Dr. A.B. Road, Worli,
Mumbai – 400 018, |
|
Date of Birth/Age : |
01.03.1932 |
|
Date of Appointment : |
25.12.1999 |
|
Date of Ceasing: |
22.03.2009 |
|
DIN No.: |
00201818 |
MAJOR SHAREHOLDERS
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Eshita M. Agrawal |
|
53500 |
|
Priyanka M. Agarwal |
|
11000 |
|
M. P. Agarwal HUF |
|
955400 |
|
Sushama M. Agarwal |
|
124000 |
|
Priyata International, |
|
700000 |
|
Om International, |
|
364000 |
|
Sajjan Overseas Private Limited, |
|
140000 |
|
Agarwal Marketing Private Limited, |
|
977200 |
|
Manisha Saraf |
|
10 |
|
Madhav Prasad Aggarwal |
|
743990 |
|
Total |
|
4069100 |
As on 30.09.2009
|
Equity Share
Breakup |
|
Percentage
of Holding |
|
Category |
|
|
|
Bodies Corporate |
|
27.46 |
|
Directors or relatives of directors |
|
72.54 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company mainly deals in Dye Intermediates and other chemicals and in Power Generation. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2010)
Licensed and installed capacity (in MT):
|
|
As
on 31.03.2010 |
|
i) Licensed Capacity |
16179 |
|
ii) Installed Capacity |
9200 |
|
Particulars |
Production
|
|
Chemical Intermediates |
*35,34,536 |
|
|
|
* Production and Sales Quantity excluding Power Generation units from
CPP 1,30,62,700.00 KWh
GENERAL INFORMATION
|
No. of Employees : |
295 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
v
ABN Ambro Bank N.V., 74, Sakhar
Bhavan, 7th Floor, Nariman Point, Mumbai – 400 021, v
Standard Chartered Bank, 90, v
Oriental Bank of Commerce, Overseas Branch, v Citibank N.A. v
Bank of |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sankarlal Jain And Associates Chartered Accountants |
|
Address : |
12, |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFS6967Q |
|
|
|
|
Memberships : |
Basic Chemicals Pharmaceuticals and Cosmetics Export Promotion Council |
|
|
|
|
Subsidiary Company
: |
Agrasen Impex
Private Limited, CIN No.: U51900MH2007PTC170918 Date of Incorporation: 17th May, 2007 Sajjan Specialty
Limited, CIN No.: U24233MH2007PLC170668 Date of Incorporation: 8th May 2007 Agrasen Dyes and
Intermediates Private Limited, CIN No.: U24233MH2010PTC198856 Date of Incorporation: 13th January, 2010 |
|
|
|
|
Associate
Concern : |
v
Sajjan Overseas Private Limited v
Sajjan Chemicals Private Limited v
v
Priyata Intercontinental |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4069100 |
Equity Shares |
Rs.10/- each |
Rs.40.691
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 |
40.691 |
40.691 |
40.691 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3315.432 |
2948.595 |
2804.226 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3356.123 |
2989.286 |
2844.917 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
128.960 |
94.628 |
343.896 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
128.960 |
94.628 |
343.896 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3485.083 |
3083.914 |
3188.813 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
662.780 |
678.572 |
626.889 |
|
|
Capital work-in-progress |
17.120 |
8.368 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1646.869 |
1266.637 |
1516.999 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
615.097
|
664.677
|
713.489
|
|
|
Sundry Debtors |
348.732
|
376.342
|
476.005
|
|
|
Cash & Bank Balances |
18.777
|
35.947
|
27.352
|
|
|
Export Incentive Receivables |
1.618
|
7.107
|
0.687
|
|
|
Loans & Advances |
425.486
|
249.109
|
194.989
|
|
Total
Current Assets |
1409.710
|
1333.182
|
1412.522 |
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
197.444 |
172.275 |
341.599 |
|
|
Other Current Liabilities |
53.952
|
30.570
|
25.998
|
|
|
Provisions |
0.000
|
0.000
|
0.000
|
|
Total
Current Liabilities |
251.396
|
202.845
|
367.597
|
|
|
Net Current Assets |
1158.314
|
1130.337
|
1044.925
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3485.083 |
3083.914 |
3188.813 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
2476.921 |
1564.329 |
|
|
|
Other Income |
|
238.606 |
94.285 |
|
|
|
TOTAL |
NA |
2715.527 |
1658.614 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
2363.214 |
1207.023 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
2363.214 |
1207.023 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
352.313 |
451.591 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
131.529 |
141.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
220.784 |
310.406 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
76.355 |
33.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
366.895 |
144.429 |
276.906 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
1802.039 |
2232.355 |
1470.335 |
|
|
TOTAL EARNINGS |
1802.039 |
2232.355 |
1470.335 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
316.232 |
562.540 |
567.083 |
|
|
TOTAL IMPORTS |
316.232 |
562.540 |
567.083 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
90.17 |
35.49 |
68.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA |
5.32
|
16.70
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
8.91
|
19.84
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
10.97
|
15.22
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.07
|
0.11
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.11 |
0.10
|
0.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.61 |
6.57
|
3.84
|
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) |
|
Sundry Creditors |
197.444 |
172.275 |
341.599 |
|
|
|
|
|
FORM 8:
|
Corporate identity
number of the company |
U51900MH1983PTC030874 |
|
Name of the
company |
SAJJAN INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India E-Mail: mehta@sajjan.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Standard Chartered Bank, 90, E-Mail: Kaveri.Das@sc.com |
|
Nature of description
of the instrument creating or modifying the charge |
Unattested Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
15.10.2009 |
|
Amount secured by
the charge |
Rs.150.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Credit Facilities Interest /
Commission – As agreed by and with the bank from time to time Terms of
Repayment: As agreed by and
with the bank from time to time Margin: As applicable if
any Extent and
Operation of the charge: The bank is
having first pari passu charge on the security given by the company. |
|
Short particulars
of the property charged |
Hypothecation by way
of first pari passu charge on all present and future book debts outstanding
moneys receivables, claims and bills Hypothecation by
way of first charge on all present and future stock in trade consisting of
raw materials, finished goods, goods in process of manufacturing and other
merchandise |
|
Name of the company |
SAJJAN INDIA LIMITED |
||||||||
|
Presented By |
Oriental Bank of Commerce Overseas Branch, Dalamal Towers,
Nariman Point, Mumbai – 400 021, Maharashtra, India |
||||||||
|
1) Date and description of instrument creating the change |
28th
January, 2003 Agreement of Hypothecation of Assets. |
||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.150.000
millions |
||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
At the request of
the Borrower, the bank has sanctioned following limit:
To secure the due
repayment of the aforesaid limits, the borrower hereby hypothecate to the bank
by way of first charge on all book debts (including present and future book
debts, outstandings, decrees, money receivable, claims, bills, contracts,
engagement, securities, investments bank deposits right) and all other
movables of the borrower including unencumbered plant and machinery,
documents of title to the goods and other assets, together with interest
thereon at the agreed rates and rests as mentioned in this agreement and all
costs, charges, expenses, incidental expenses, legal charges etc. and other
money payable in respect of the said facilities and more clearly mentioned
the aforesaid agreement. |
||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest at
the rate of 3.00 % p. a. over the Prime Lending Rate of the bank with minimum
of 15.00 % p.a. to be calculated on the daily balance and charged on monthly
rests or at such other rates as may be determined by the scribed by Reserve
Bank of India and for all costs, charges, premium, penal interest, etc.
Borrower agrees to pay penal interest of 2.00% p.a. with the agreed rate in
case of default. |
||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce Overseas Branch, Dalamal Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India |
||||||||
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
i) Sales Tax demand disputed by the Company (Net of advance CY Rs. NIL) |
NIL |
|
ii) Corporate
guarantee / Lien of Investment on behalf of the Om Intercontinental and
Priyata Intercontinental |
277.500 |
|
iii) Estimated amount
of Capital contracts remaining to be executed (Net of advances CY
Rs.38.451 millions) |
174.777 |
|
iv) Income Tax demand being disputed and under appeal |
80.864 |
FIXED ASSETS:
v Goodwill
v
v Plot at Lonawala
v
v
v Bungalow and Flats
v
v Lab Premises
v Plant and Machinery
v Plant and Machinery (CPP)
v Electrical Installations
v Laboratory Equipment
v Office Equipment
v Computer
v Furniture and Fixture
v Vehicles
v Cycles
v
Club Membership
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.44.72 |
|
|
1 |
Rs.71.95 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.