MIRA
INFORM REPORT
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Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SOVIKA CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
B/2, Parekh Mahal, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.09.1980 |
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Com. Reg. No.: |
11-023118 |
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Capital
Investment / Paid-up Capital : |
Rs.2.000
Millions |
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CIN No.: [Company Identification
No.] |
U24100MH1980PTC023118 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUM536884B |
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PAN No.: [Permanent Account No.] |
AAACS5390N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Dealer of Chemicals. |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 320000 |
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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.
INFORMATION PARTED BY
|
Name : |
Mr. Harshad Shah |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9867411139 |
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Date : |
18.07.2011 |
LOCATIONS
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Registered Office : |
B/2, Parekh Mahal, |
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Tel. No.: |
91-22-22048200 / 22833332 / 2048107 |
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Mobile No.: |
91-9867411139 (Mr. Harshad Shah) |
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Fax No.: |
91-22-22028198 |
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E-Mail : |
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Website : |
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Area : |
300 sq. ft (Owned) |
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Branch: |
They have one more office in same premises on ground floor. |
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Area: |
300 sq. ft. (Owned) |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Shirish Khushalchand Desai |
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Designation : |
Director |
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Address : |
204, |
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Date of Birth/Age : |
18.09.1956 |
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Date of Appointment : |
23.10.1984 |
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Name : |
Mrs. Sudha S. Mehta |
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Designation : |
Director |
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Address : |
23, New Blue Gardenia, |
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Date of Birth/Age : |
19.04.1952 |
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Date of Appointment : |
12.09.1980 |
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Name : |
Mr. Sohan Chhotalal Mehta |
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Designation : |
Director |
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Address : |
23, New Blue Gardenia, |
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Date of Birth/Age : |
06.03.1951 |
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Date of Appointment : |
12.09.1980 |
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Name : |
Mr. Sahil S Mehta |
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Designation : |
Director |
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Address : |
23, New Blue Gardenia, |
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Date of Birth/Age : |
07.09.1976 |
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Date of Appointment : |
20.04.1994 |
KEY EXECUTIVES
|
Name : |
Mr. Harshad Shah |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
|
Sahil S Mehta |
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2701 |
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Hiraben C Mehta |
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4150 |
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Shirish Khushalchand Desai |
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1244 |
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Sohan Chhotalal Mehta |
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4505 |
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Sudha S. Mehta |
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5550 |
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Mansi S Mehta |
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1450 |
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Sohan Chhotalal Mehta HUF |
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400 |
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Total |
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20000 |
As on 29.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Dealer of Chemicals. |
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Products : |
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Terms : |
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Selling : |
Cash (60 days / 90 days) |
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Purchasing : |
Credit (60 days) |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.C. Ghadiali and Company Chartered Accountant |
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Address : |
206 Arun Chambers, |
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Tel. No.: |
91-22-43335000 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000
Millions |
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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
78.080 |
64.028 |
49.204 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.080 |
66.028 |
51.203 |
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LOAN FUNDS |
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1] Secured Loans |
38.616 |
36.476 |
37.437 |
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2] Unsecured Loans |
23.237 |
0.287 |
0.287 |
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TOTAL BORROWING |
61.853 |
36.763 |
37.724 |
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DEFERRED TAX LIABILITIES |
0.159 |
0.185 |
0.230 |
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TOTAL |
142.092 |
102.976 |
89.157 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.619 |
6.188 |
5.393 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
15.142 |
23.598 |
22.113 |
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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 |
7.510
|
9.331
|
15.913 |
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Sundry Debtors |
167.957
|
247.451
|
176.024 |
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Cash & Bank Balances |
36.517
|
65.582
|
29.416 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
118.542
|
83.531
|
33.314 |
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Total
Current Assets |
330.526
|
405.895
|
254.667 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
189.178
|
310.797
|
179.156 |
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Other Current Liabilities |
0.000
|
0.851
|
0.850 |
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Provisions |
26.017
|
21.057
|
13.010 |
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Total
Current Liabilities |
215.195
|
332.705
|
193.016 |
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Net Current Assets |
115.331
|
73.190
|
61.651 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
142.092 |
102.976 |
89.157 |
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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 |
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Income |
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Other Income |
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TOTAL |
1121.848 |
1689.305 |
1165.027 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
1102.863 |
1666.479 |
1146.842 |
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Advertising Expenses |
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TOTAL |
1102.863 |
1666.479 |
1146.842 |
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PROFIT BEFORE
TAX |
18.985 |
22.826 |
18.185 |
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Less |
TAX |
4.924 |
8.011 |
6.477 |
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PROFIT AFTER TAX
|
14.061 |
14.815 |
11.708 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
64.019 |
49.204 |
37.378 |
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PRIOR
PERIOD ADJUSTMENT |
0.000 |
0.000 |
0.118 |
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BALANCE CARRIED
TO THE B/S |
78.080 |
64.019 |
49.204 |
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Earnings Per
Share (Rs.) |
703.05 |
740.76 |
585.42 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
|
|
1040.000 (Slow down due
to china market) |
The above information has been parted by Mr. Harshad Shah.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.25
|
0.88 |
1.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.55
|
5.54 |
6.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.35 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.46
|
5.60 |
4.50 |
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Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.22 |
1.32 |
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 |
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|
Sundry Creditors
for Trade |
165.791 |
277.692 |
154.461 |
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Sundry Creditors
for Expenses |
3.206 |
3.822 |
5.750 |
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Sundry Creditors
for Transporters |
20.181 |
29.283 |
18.945 |
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Total |
189.178 |
310.797 |
179.156 |
PERFORMANCE:
The Company’s has
managed to continue with its increasing trend in terms higher turnover. The
Company has managed to increase its profitability as well. The Directors hope
to continue this upward trend in the coming years.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24100MH1980PTC023118 |
|
Name of the
company |
SOVIKA CHEMICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B/2, Parekh Mahal, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Union Bank of |
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Email |
|
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Nature of
description of the instrument creating or modifying the charge |
Extension of
Equitable Mortgage |
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Date of instrument
Creating the charge |
02.07.2010 |
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Amount secured by
the charge |
Rs.57.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Together with
interest compound interest additional interest in case of default exchange
fluctuations costs charges expenses etc for facilities granted to Sovika
Aviation Services Private Limited Terms of
Repayment Cash credit
(Hypothecation) Book-Debts and Letter of Guarantee on Demand and Term Loan in
installments for facilities granted to Sovika Aviation Services Private Limited Margin As per sanction
terms for facilities granted to Sovika Aviation Services Private Limited Extent and
Operation of the charge To secure various
facilities aggregating to Rs.57.500 Millions
granted by the Bank to Sovika Aviation Services Private Limited
as under :- 1. Bank Guarantee
Rs.40.000 Millions 2. Term Loan
Rs.15.000 Millions 3. Cash Credit
(Hypothecation) Rs.2.500 Millions Total Aggregating
Rs.57.500 Millions |
|
Short particulars
of the property charged |
I)
Extension/Creation
of Equitable Mortgage by Deposit of Title Deeds in respect of Company's
Immovable Property viz All that Industrial/Office Premises admeasuring about
1915 Sq. ft built up on (cont) II)
The
2nd Floor of the building known as "Gurunanak Industrial Estate"
situated on |
TRADE REFERENCES:
- Hindustan Unilever Limited
- Godrej Industries Limited
FIXED ASSETS:
- Tanker Lorries
- Air Conditioner
- Office Equipment
- Furniture and Fixtures
- Computer
- Electrical Installation
- Refrigerator
- Fax Machine
- Motor Car
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.44.57 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
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|
--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 |
|
46 |
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.