MIRA
INFORM REPORT
|
Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SATYAJIT CHEMICALS PRIVATE LIMITED |
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Registered Office : |
A-713, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400 709, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
05.09.1979 |
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Com. Reg. No.: |
11-00021661 |
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Capital
Investment/ Paid-up Capital: |
Rs.0.100 million |
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CIN No.: [Company
Identification No.] |
U24230MH1979PTC021661 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Speciality Chemicals |
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No. of Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 45000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
LOCATIONS
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Registered Office : |
A-713, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400 709, |
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Tel. No.: |
91-22-27801134 / 39 / 27780707 / 27610707 |
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Fax No.: |
91-22-27801754/ 27780451 |
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E-Mail : |
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Website : |
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Admin Office : |
306, Devarata, Sector 17, Vashi, Navi Mumbai-400703, |
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Tel. No.: |
91-22-61331900 |
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Fax No.: |
91-22-61331999 |
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E-Mail : |
DIRECTORS
As on 25.09.2010
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Name : |
Mr. Rajesh Jagdish Diwanji |
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Designation : |
Managing Director |
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Address : |
1301/A, Govind Complex, Sector – 14, Vashi, Navi Mumbai – 400 703, |
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Date of Birth/Age : |
16.01.1947 |
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Date of Appointment : |
05.09.1979 |
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DIN No.: |
00297538 |
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Name : |
Mr. Purvish Diwanji |
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Designation : |
Director |
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Address : |
A1301, Govind Complex, Sector – 14, Vashi, Navi Mumbai – 400 703, |
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Date of Birth/Age : |
25.06.1977 |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
02338626 |
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Name : |
Mr. Dhaivat Rajesh Diwanji |
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Designation : |
Director |
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Address : |
A1301, Govind Complex, Sector – 14, Vashi, Navi Mumbai – 400 703, |
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Date of Birth/Age : |
21.12.1979 |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
023386554 |
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Name : |
Mrs. Asha Rajesh Diwanji |
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Designation : |
Director |
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Address : |
1301/A, Govind Complex, Sector – 14, Vashi, Navi Mumbai – 400 703, |
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Date of Birth/Age : |
14.10.1954 |
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Date of Appointment : |
05.09.1979 |
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Date of Ceasing: |
17.08.2009 |
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DIN No.: |
00297742 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Rajesh J Diwanji |
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200 |
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Asha R Diwanji |
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600 |
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Purvish R Diwanji |
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60 |
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Kala P Diwnaji |
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40 |
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Dhaviat R Diwanji |
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60 |
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Payal D Diwanji |
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40 |
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Total |
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1000 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2010)
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Speciality Chemicals |
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Products : |
·
Agri Business METACLAW (EDTA) Humic Acid Phospites ·
Industrial Business The EDTA NTA DTPA HEDTA PDTA EDDHA ·
Pharma Business Mono Chloro
Acetic Acid Sodium Benzoate Sodium Mono
Chloro Acetate Acetyl Chloride ·
Water Business Aquasoft Microbiocides Phosphates |
GENERAL INFORMATION
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat
Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
ICICI Bank Limited ·
State Bank of ·
Barclays Bank ·
Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B D Desai and Company Chartered Accountant |
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Address : |
3, Kanti Mahal, |
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Tel No.: |
91-22-26821041 |
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Memberships : |
·
Chemexcil ·
Indian Micro - Fertilizers Manufacturers
Association ·
Indian Speciality Chemical Manufacturers
Association ·
Thane - Belapur Industries Association ·
University Department of Chemical Technology |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.064 |
9.079 |
4.713 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.164 |
9.179 |
4.813 |
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LOAN FUNDS |
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1] Secured Loans |
15.526 |
13.809 |
3.505 |
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2] Unsecured Loans |
0.598 |
2.557 |
2.171 |
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TOTAL BORROWING |
16.124 |
16.366 |
5.676 |
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DEFERRED TAX LIABILITIES |
0.361 |
0.356 |
0.356 |
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TOTAL |
27.649 |
25.901 |
10.845 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.177 |
7.733 |
4.101 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.744 |
0.000 |
0.000 |
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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 |
39.941
|
31.034 |
13.403 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.844
|
2.689 |
0.096 |
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Other Current Assets |
0.103
|
0.082 |
0.082 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
40.888
|
33.805 |
13.581 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
21.156
|
13.798 |
5.151 |
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Other Current Liabilities |
0.660
|
0.660 |
0.000 |
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Provisions |
1.344
|
1.179 |
1.686 |
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Total
Current Liabilities |
23.160
|
15.637 |
6.837 |
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Net Current Assets |
17.728
|
18.168 |
6.744 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.649 |
25.901 |
10.845 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
125.599 |
144.512 |
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PROFIT BEFORE
TAX |
|
2.980 |
3.766 |
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Less |
TAX |
|
0.992 |
0.650 |
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PROFIT AFTER TAX
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|
1.988 |
3.116 |
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Earnings Per
Share (Rs.) |
|
1988 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.37
|
2.61 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.20
|
9.07 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.41 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.52
|
3.49 |
2.60 |
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Current Ratio (Current Asset/Current Liability) |
|
1.77
|
2.16 |
1.99 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24230MH1979PTC021661 |
|
Name of the
company |
SATYAJIT CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-713, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400 709, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80046450 |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, |
|
Nature of
instrument creating charge |
a) Supplemental
Memorandum relating to Hypothecation of Stocks, Book Debts and Machinery and b) Memorandum
recording past transactions of creation of Mortgage by Delivery of Title
Deeds (Collectively constitute a single charge for Rs. 19.900 Millions) |
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Date of
instrument Creating the charge |
30.11.2009 |
|
Amount secured by
the charge |
Rs. 19.900
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
as may be communicated by the bank from time to time Terms of
Repayment On Demand Margin As maybe
stipulated by the bank from time to time Extent and
Operation of the charge a) Hypothecation by way of first charge on
Company’s stock, book debts, machinery to secure as a continuing security. b) The company accorded and gave oral consent
to bank to continue to hold and retain the title deeds (by way of
constructive delivery) in respect of its immovable properties, as security for
repayment of Rs. 19.900 Millions by the company, together with principal,
interest, liquidated damages, costs, charges and expenses. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge over the stocks and book debts and machinery of the
company. Immovable
property bearing at: A-713, TTC Industrial Area, MIDC, Mahape, Navi
Mumbai-400709 |
|
Particulars of
the present modification |
The charge shall
stand increased from Rs. 12.500 Millions to Rs. 19.900 Millions (comprising:
Letter of Credit of Rs. 19.900 Millions, cash credit (sub limit) of Rs.
15.000 Millions). In favour of the Bank. |
|
Corporate
identity number of the company |
U24230MH1979PTC021661 |
|
Name of the
company |
SATYAJIT CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-713, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400 709, |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, |
|
Nature of
instrument creating charge |
·
Supplemental
memorandum relating to Hypothecation of Stocks, Book debts and machinery and ·
Memorandum
recording transaction of creation of equitable mortgage by deposit of title
deeds by Constructive Delivery. (Collectively
constitute a single charge for Rs.12.500 millions) |
|
Date of
instrument Creating the charge |
04.04.2008 |
|
Amount secured by
the charge |
Rs.12.500
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest Interest at the rate as may be communicated by the bank from time to
time. ·
Terms
of repayment On Demand ·
Margin Company shall at all times during the continuance of this security
maintain the said debts of a sufficient amount to provide the margin of
security as may from time to time advised by the Bank. ·
Extent
and operation of the charge a
Hypothecation
by way of first charge on stocks, book dents and machinery, to secure as a
Continuity Security; and b
The
Company accorded and gave oral consent to Bank to continue to hold and retain
the title deeds (by way of constructive delivery) in respect of its immovable
properties as mentioned under Item No. 14 as security for repayment of
Rs.12.500 millions, together with principal, interest, liquidated damages,
costs, charges and expenses etc. ·
Others Nil |
|
Particulars of
the property charged |
·
Hypothecation
of stocks book debts and machinery and ·
Immovable
properties lying and situated at : A-713, TTC Industrial Area, MIDC, Mahape,
Navi Mumbai – 400 709. |
Fixed Assets
·
Land
·
Factory
·
Plant and Machinery
·
Lab Equipment
·
Furniture and Fixture
·
Office Equipment
·
Motor Car
·
Motor Cycle
·
Air Conditioner
·
Computer
·
Commercial Vehicle
Web Details
Profile
Subject a family
owned business was established in 1979 under the visionary Mr. Rajesh Diwanji
to fulfil the needs of quality conscious agrochemical consumers with prime
focus on product innovation and cost effective applications.
It is said in the
Ancient Indian Vedas that any living thing survives on the following five
natural elements :
·
Water
·
Land
·
Sun
·
Air Fire
Leaving Sun, Air
and Fire over which humans hardly have any say; the Earth and Water have been
to a large extent modified to suit its applications. Earth, meaning agriculture
is the base industry on which
The focal policies
on which the organization is based is the name :
Satya - Truth
(right) and Jit - Victory (win)
In a broad sense to offer the customers :
Right Product .....
Right Quality .....
Right Price .....
Right Technical Advice .....
and thereby Winning against competition!!!
Today, the company
is the largest manufacturer-exporter in many of its product lines for the
agriculture and speciality water treatment chemicals and the only company in
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.44.37 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.96 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
49 |
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.