MIRA
INFORM REPORT
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Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SSP PRIVATE LIMITED [w.e.f. 18.10.2001] |
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Formerly Known As : |
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Registered Office : |
13, Mile Stone, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.06.1985 |
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Com. Reg. No.: |
05- 021129 |
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Capital Investment
/ Paid-up Capital : |
Rs.433.904 Millions |
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CIN No.: [Company
Identification No.] |
U29219HR1985PTC021129 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer and Exporter of Dairy Food-Processing, Pharmaceutical,
Chemical Plants and Equipment. |
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No. of Employees
: |
650 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4740000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular 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
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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 PARTED BY
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Name : |
Mr. Bheem |
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Designation : |
Graphic Designer |
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Date : |
30.06.2011 |
LOCATIONS
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Registered / Corporate Office : |
13, Mile Stone, |
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Tel. No.: |
91-129-2277442 / 2275968 / 2277730 / 4183700 / 4183799 / 5275441 |
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Mobile No. : |
91-9350049778 [Mr. Syed Ahmed – General Manager] |
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Fax No.: |
91-129-2277441 / 4183777 / 6847665 |
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E-Mail : |
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Website : |
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Location : |
4500 sq. ft. [Owned] |
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Research and |
19 DLF, Industrial Area, Phase-II, 13/4, Mathura Road,
Faridabad-121003, Haryana ( |
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Tel. No.: |
91-129-2277730, 2275441 |
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Fax No.: |
91-129-2254956 |
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Factory 1 : |
Village Chandpur, Tehsil Vallabgarh, Dist. |
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Location : |
4000 sq. mtr. [Owned] |
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Factory 2 : |
B-109, MIDC Butibori, |
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Location : |
10000 sq. mtr. [Owned] |
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Factory 3: |
Plot No.149, Noida Special Economic Zone, |
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Location : |
Leased |
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Factory 4 : |
C-60A, |
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Location : |
Owned |
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Factory 5 : |
12/6 Mile Stone,
Gurukul, Faridabad-121 003, Haryana ( |
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Mumbai Office : |
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DIRECTORS
As on 27.09.2010
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Name : |
Mr. Rama Prasad Banerjee |
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Designation : |
Whole- Time Director |
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Address : |
219, Kailash Hills, |
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Date of Birth/Age : |
21.08.1930 |
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Date of Appointment : |
28.09.1990 |
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DIN : |
00250105 |
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Name : |
Mr. Tapas Chatterjee |
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Designation : |
Managing Director |
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Address : |
219, Kailash Hills, |
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Date of Birth/Age : |
25.03.1950 |
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Date of Appointment : |
01.10.1985 |
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DIN : |
00250010 |
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Name : |
Mrs. Rekha Banerjee |
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Designation : |
Whole- Time Director |
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Address : |
219, Kailash Hills, |
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Date of Birth/Age : |
26.02.1941 |
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Date of Appointment : |
01.10.1985 |
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DIN : |
00254055 |
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Name : |
Ms. Dola Chatterjee |
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Designation : |
Whole- Time Director |
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Address : |
219, Kailash Hills, |
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Date of Birth/Age : |
19.01.1958 |
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Date of Appointment : |
09.05.2001 |
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DIN : |
00253904 |
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Name : |
Mr. Gautam Banerjee |
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Designation : |
Whole- Time Director |
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Address : |
219, Kailash Hills, |
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Date of Birth/Age : |
28.10.1965 |
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Date of Appointment : |
24.09.2009 |
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DIN : |
00250277 |
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Name : |
Mr. Putul Banerjee |
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Designation : |
Whole- Time Director |
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Address : |
219, Kailash Hills, |
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Date of Birth/Age : |
21.08.1970 |
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Date of Appointment : |
24.09.2009 |
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DIN : |
00250374 |
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Name : |
Mr. Tanmoy Chatterjee |
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Designation : |
Director |
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Address : |
219, Kailash Hills, |
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Date of Birth/Age : |
11.11.1981 |
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Date of Appointment : |
24.09.2009 |
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DIN : |
00499800 |
KEY EXECUTIVES
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Name : |
Mr. Dwarkanath |
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Designation : |
Secretary |
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Address : |
CM – 311, Vasundhara Enclave, |
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Date of Birth/Age : |
01.01.1946 |
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Date of Appointment : |
01.04.2010 |
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Name : |
Mr. Bheem |
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Designation : |
Graphic Designer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
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Names of Shareholders |
No. of Shares |
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Directors and
Their Relatives |
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Tapas Chatterjee |
11920271 |
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Rekha Banerjee |
2488850 |
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Gautam Banerjee |
6870754 |
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Dola Chatterjee |
4594111 |
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Rama P. Banerjee |
4256948 |
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Putul Banerjee |
2856675 |
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Tanmoy Chatterjee |
2866526 |
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Deepanjan Banerjee |
1970690 |
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Shreya Banerjee |
1542053 |
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Piyal Chatterjee |
2010450 |
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Sohini Chaterjee |
1037526 |
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Ila Chaterjee |
176417 |
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Namita Chakraborty |
277862 |
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R. N. Chaterjee |
24960 |
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Gita Chaterjee |
16640 |
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Total A |
42910733 |
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Others |
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Deepak Banerjee |
41931 |
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Shymal Banerjee |
74880 |
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S K Chatterjee |
37115 |
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Shankar Chatterjee |
35581 |
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Falguni Banerjee |
47944 |
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Mita Chatterjee |
41561 |
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Lila Chatterjee |
34619 |
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Anil Chatterjee |
8320 |
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Ashok Kr. Mukherjee |
83200 |
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Amit Dey |
3250 |
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Debashis Dey |
3250 |
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Anup Mukherjee |
7150 |
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Swaraj Banerjee |
13000 |
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Ajay Chatterjee |
6500 |
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Saukat Ali |
6500 |
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Mahip Bhatia |
3250 |
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Chanda Sur |
31616 |
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Total B |
479667 |
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Total A + B |
43390400 |
As on 27.09.2010
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Equity Share
Breakup |
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Category |
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Percentage
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Directors or relatives of directors |
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98.89 |
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Other top fifty (50) shareholder (other than listed above) |
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1.11 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Dairy Food-Processing, Pharmaceutical,
Chemical Plants and Equipment. |
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Products : |
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Exports : |
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Products : |
Pharmaceutical and Chemical Plants and Equipment |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
650 [Approximately] |
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Bankers : |
State Bank of India, Commercial Branch Vardhman Trade Centre, Plot No.
3 and 4, 2nd Floor, DDA Building, Nehru Place, New Delhi - 110019, Delhi,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Senqupta Sharma Khanna and Company Chartered Accountant |
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Address : |
B-62, East of Kailash, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
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50,000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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Total |
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Rs. 505.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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43,390,400 |
Equity Shares |
Rs. 10/- each |
Rs. 433.904
Millions |
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[Out of which 38,442,854 nos. have been issued
for consideration other than cash]
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 |
433.904 |
433.904 |
46.000 |
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2] Share Application Money |
0.000 |
0.000 |
5.360 |
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3] Reserves & Surplus |
751.487 |
677.746 |
388.041 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1185.391 |
1111.650 |
439.401 |
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LOAN FUNDS |
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1] Secured Loans |
126.279 |
88.609 |
104.197 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
126.279 |
88.609 |
104.197 |
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DEFERRED TAX LIABILITIES |
3.356 |
2.518 |
1.489 |
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TOTAL |
1315.026 |
1202.777 |
545.087 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
765.347 |
673.584 |
188.635 |
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Capital work-in-progress |
11.603 |
30.043 |
0.000 |
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INVESTMENT |
0.035 |
0.035 |
0.035 |
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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 |
363.353
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331.189
|
158.891 |
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Sundry Debtors |
306.232
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260.162
|
199.924 |
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Cash & Bank Balances |
21.655
|
73.645
|
126.189 |
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Other Current Assets |
0.000
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0.000
|
0.000 |
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Loans & Advances |
62.538
|
65.106
|
64.976 |
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Total
Current Assets |
753.778
|
730.099
|
549.980 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
96.438
|
114.919
|
83.058 |
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Sundry Creditors |
90.265
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77.805
|
63.999 |
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Provisions |
29.034
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38.260
|
46.506 |
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Total
Current Liabilities |
215.737
|
230.984
|
193.563 |
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Net Current Assets |
538.041
|
499.115
|
356.417 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1315.026 |
1202.777 |
545.087 |
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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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SALES AND OTHER
INCOME |
758.913 |
906.030 |
848.619 |
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PROFIT BEFORE
TAX |
101.724 |
229.916 |
224.812 |
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Less |
TAX |
15.194 |
26.868 |
33.306 |
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PROFIT AFTER TAX
|
86.530 |
203.049 |
191.506 |
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EARNINGS IN
FOREIGN CURRENCY |
107.249 |
260.150 |
12.547 |
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IMPORTS |
24.918 |
27.777 |
NA |
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Earnings Per
Share (Rs.) |
1.99 |
4.92 |
4.95 |
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Particulars |
|
31.03.2011 |
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Sales Turnover [Approximately] |
|
880.000 |
The above information has been parted by Mr. Bheem [Graphic Designer]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
11.40
|
22.41
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22.57
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Net Profit Margin (PBT/Sales) |
(%) |
13.40
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25.38
|
26.49
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.70
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16.38
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30.44
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Return on Investment (ROI) (PBT/Networth) |
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0.08
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0.21
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0.51
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Debt Equity Ratio (Total Liability/Networth) |
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0.29
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0.29
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0.68
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Current Ratio (Current Asset/Current Liability) |
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3.49
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3.16
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2.84
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LOCAL AGENCY FURTHER INFORMATION
Note: The registered office
address of the company has been shifted from 19, DLF Industrial Area,13/4,
Financial Results
During
the year, as may be observed from the audited annual accounts summarized above,
the after effects of global recession have impacted the company's sales and
profitability. The sales mainly exports have slided down to Rs.85.100 millions against Rs.265.000 millions in the previous year. The
profit before taxation is lower by more than 55% and consequently the provision
for tax too is down by around 43% as also the profit after tax by approximately
57% over the previous year. While maintaining the company's overall expenditure
at almost the levels of the previous year
Business
Overview
The company
continues to create new and innovative solutions to the customers' need for
effluent treatment. Over a period the company has created an technological edge in effluent
treatment and evaporating plants. The company has been able to create a technology to have
efficient treatment solutions and the same has been recognized by overseas
customers as well. The company has been successful in showing its presence
in the international market as well. The Directors foresee a good growth pattern for the
company both in domestic and international market and aims to be the leader of
the market.
Future
Outlook
The
Company sees great future in the "Effluent Treatment" segments of the
turnover. They have already supplied
effluent solutions to many companies like Dr. Reddy's Lab, Nicholas Piramal,
CIPLA, Biocon Limited. So far they have supplied about 35 Effluent Treatment Plants for
zero discharge in distilleries, which are successfully working. This segment
will generate more revenue for the company.
Exports
The company
has participated in various international exhibitions and has received a good
response. The Directors
expect a good growth in exports as well.
SECURED LOANS
Term Loan for Sitarganj Unit is secured by first charge on entire fixed assets acquired out of bank finance and by equitable mortgage of certain fixed assets and current assets.
Working capital loan is secured by way of hypothecation of stocks, receivables and book debts and by equitable mortgage of certain fixed assets.
Vehicles loans are secured by hypothecation of the respective vehicles.
Contingent Liability
Contingent Liability outstanding as on 31.03.2010
Bank Guarantee – Rs.70.154 millions
Form 8:
|
Corporate
identity number of the company |
U29219HR1985PTC021129 |
|
Name of the
company |
S S P PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
19 DLF Industrial
Area 13/4mathura Road |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90033206 |
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Type of charge |
|
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Particular of charge
holder |
State Bank of India, Commercial Branch Vardhman Trade Centre, Plot No.
3 and 4, 2nd Floor, DDA Building, Nehru Place, New Delhi - 110019, Delhi,
India |
|
Nature of
description of the instrument creating or modifying the charge |
1. Agreement Of Loan For Hypothecation Of
Goods And Assets Dated 24th August 2009 For Rs. 347.500 millions. 2. Agreement Of
Loan Dated 24th August 2009 For Rs 347.500 millions. 3. Sanction
Letter Dated 12th August 2009 |
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Date of
instrument Creating the charge |
24.08.2009 |
|
Amount secured by
the charge |
Rs.347.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate Of Interest -
Working Capital - At Sbar Present Eff. Rate 11.75% P A, Term Loan-1-At Sbar
Present Eff Rate 11.75% P.A., Term Loan-2 -At Sbar Present Eff Rate 11.75%
P.A. Car Loan At 10% P.A. Terms Of
Repayment - Working Capital On Demand Term Loan-1, Term
Loan -2 And Car Loan As Per Sanctioned Letter No C and I/Adv/2009/10/236
Dated 12.08.2009 Margin Rm 25% Sip 25% FG 25% Receivables and Book Debts 40% Epc Stock 10% Letter Of
Credit 10% BG 10% Term Loan 33.33% Extent And
Operation Of The Charge - First Charge On The Company's Entire Stock Of Raw
Materials, Stores, Spares, Stock Of Raw Materials, Stores, Spares, Stock In
Process, Finished Goods Etc. Lying In Factory, Go Downs, Elsewhere And
Including Goods In Transit And All Present And Future Book-Debts /
Receivables And Second Charge On Fixed Assets. In Respect Of
Term Loan-1 And Term Loan-2 First Charge On
Entire Fixed Assets Of The Company, Present And Future Including Equitable
Mortgage And Second Charge On Current Assets |
|
Short particulars
of the property charged |
Euitable Mortgage
Of- 1. 2. 3. 4. 5. Plot No C-60a Phase -III, 6. |
|
Date of latest
modification prior to the present modification |
06.02.2007 |
|
Particulars of
the present modification |
Enhancement Of
Limit From Rs. 295.000 millions To Rs. 347.500 millions And Enhancement Of
Security By Deposit Of Title Deed Of Factory Land At Village Chandpur, Gharora
Chandpur Road, Teh. Ballabhgarh, |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Electrical Fittings
·
Car
·
Air Conditioner
·
Air Cooler
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Fire Extinguisher
·
Projector
·
Lab Equipments
AS PER WEBSITE
DETAILS
Profile
SSP is a leading manufacturer of machinery, plants and complete
processing lines for various industrial sectors. During its existence of more than
three decades, the name SSP embodies an entrepreneurial journey that has
spanned both 'old' and 'new' economics, building successful brick and mortar
business to exploring the new world of emerging technologies.
Today SSP is one of the most trusted engineering companies having four
manufacturing facilities to serve the needs of a huge list of satisfied clients
across the globe like P&G, Shaw Wallace, Wockhardt, Uniliver, Dr. Reddy's
Lab., Biocon... to name a few. To achieve customer satisfaction, they provide a
customized solution by carrying out extensive research in their pilot plants
situated at their R&D Centre, on the raw material and the ultimate product
till a solution is found. Based on the research they provide a turn-key project
including training in operations and management. Their quality solutions are
appreciated by their customers. Their after sales service is prompt, economical
and satisfactory.
Production
The company has four works complexes located at
The pull from market for their product is felt because of their
efficient time bound quality production. As per the need of industry and
delivery deadline, production department has been a floor of continuous
success.
The harmony between men, machine, and time is the atmosphere. To produce the
best is the commitment.
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.44.49 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.39 |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.