MIRA
INFORM REPORT
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Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
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Name : |
SIDDHARTH CARBOCHEM PRODUCTS LIMITED |
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Registered Office : |
6/3, Khandesh Mill Shopping Complex, Jalgaon – 425001, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
30.04.1975 |
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Com. Reg. No.: |
11-028168 |
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Paid-up Capital : |
Rs. 2.500 Millions |
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CIN No.: [Company
Identification No.] |
U24110MH1982PLC028168 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Specialty Chemicals, Methyl Salicylate
and Bulk Drugs. |
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No. of Employees
: |
100 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit: |
USD 100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Latest
financials of the company are missing from the government departments.
However, trade relations are reported as fair. Business is active. Payment
terms are unknown. The company can be considered for business dealings with some caution.
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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
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Name : |
Mr. Manoj |
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Designation : |
Accounts Manager |
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Contact No.: |
91-257-2242312 |
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Date : |
30.05.2011 |
LOCATIONS
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Registered Office : |
6/3, Khandesh Mill Shopping Complex, Jalgaon – 425001, |
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Tel. No.: |
91-257-2242312/2226658/2226659/2229558 |
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Fax No.: |
91-257-2243313/2226657 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
E- 3, MIDC Area, Jalgaon – 425001, |
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Tel. No.: |
91-257-2210831/ 2/ 3 |
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Area : |
5 Acre |
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Location : |
Owned |
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Branch Office : |
4th Floor, |
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Tel. No.: |
91-22-40370000/ 25633115/ 40370247 |
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Fax No.: |
91-22-22047101/ 40370250/ 40370100 |
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E-Mail : |
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Location : |
Rented |
DIRECTORS
As On 28.09.2010
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Name : |
Mrs. Madhu Rameshkumar Jain |
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Designation : |
Director |
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Address : |
Mumbai, |
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Date of Birth/Age : |
01.05.1952 |
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Date of Appointment : |
06.09.1982 |
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DIN No.: |
01458572 |
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Name : |
Mr. Ashesh Rameshkumar Jain |
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Designation : |
Executive Director |
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Address : |
Mumbai, |
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Date of Birth/Age : |
17.07.1974 |
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Date of Appointment : |
22.06.2005 |
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DIN No.: |
01763020 |
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Name : |
Mr. Rishabh Rameshkumar Jain |
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Designation : |
Director |
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Address : |
Mumbai, |
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Date of Birth/Age : |
12.08.1980 |
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Date of Appointment : |
04.01.2007 |
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DIN No.: |
01474843 |
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Name : |
Mr. Ramesh Jain |
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Designation : |
Director |
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Address : |
Mumbai, |
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Date of Birth/Age : |
26.01.19445 |
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Date of Appointment : |
30.10.1982 |
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DIN No.: |
02274801 |
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Name : |
Mr. Ishwarchand Pratapchand Modi |
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Designation : |
Additional Director |
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Address : |
8, Ajtha Hsg Society, Khedi, Jalgao – 424201, |
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Date of Birth/Age : |
18.03.1933 |
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Date of Appointment : |
06.05.2010 |
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DIN No.: |
01474759 |
KEY EXECUTIVES
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Name : |
Mr. Manoj |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
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Names of Shareholders |
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No. of Shares |
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PTCPL |
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154304 |
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RRPL |
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95690 |
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Sangeeta Jain |
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1 |
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Riddhi Jain |
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2 |
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Ruchi Kalantri |
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1 |
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Shaurya Jain (Minor through natural guardian Mrs. Sangeeta Jain) |
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1 |
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Tanvi Jain (Minor through natural guardian Mrs. Sangeeta Jain) |
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1 |
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Total |
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250000 |
As On 28.09.2010
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Category |
Percentage |
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Bodies corporate |
99.99 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Specialty Chemicals, Methyl Salicylate
and Bulk Drugs. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As On 31.03.2008)
Licensed and Installed Capacity:
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Particulars |
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Unit |
31.03.2008 |
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Salicylic Acid |
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M.T |
240 |
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Flocculants Powder |
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M.T |
215 |
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Methyl Salicylate |
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M.T |
240 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Kamani and Company Chartered Accountant |
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Address : |
62/C/C, |
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Tel No.: |
91-22-23891624 |
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Mobile No.: |
91-9821635565 |
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Email : |
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Pan No.: |
AACPK1734H |
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Group Companies : |
Mumbai – (Manufacturer of Specialty Chemicals)
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CAPITAL STRUCTURE
As On 28.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
The 2009 Balance Sheet
Figures are not available
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.779 |
20.198 |
17.417 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.279 |
22.698 |
19.917 |
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LOAN FUNDS |
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1] Secured Loans |
22.932 |
10.826 |
8.922 |
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2] Unsecured Loans |
0.127 |
0.000 |
0.000 |
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TOTAL BORROWING |
23.059 |
10.826 |
8.922 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
50.338 |
33.524 |
28.839 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.719 |
6.067 |
3.435 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.451 |
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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 |
30.153
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15.130 |
10.097 |
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Sundry Debtors |
24.982
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39.393 |
27.237 |
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Cash & Bank Balances |
6.851
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0.843 |
0.730 |
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Other Current Assets |
17.687
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23.095 |
2.456 |
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Loans & Advances |
0.233
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1.747 |
0.207 |
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Total
Current Assets |
79.906
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80.208 |
40.727 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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37.949 |
13.907 |
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Other Current Liabilities |
39.339
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12.711 |
0.256 |
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Provisions |
2.949
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2.092 |
1.611 |
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Total
Current Liabilities |
42.288
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52.752 |
15.774 |
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Net Current Assets |
37.618 |
27.456 |
24.953 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
50.338 |
33.524 |
28.839 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SALES |
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Income |
263.306 |
186.818 |
178.370 |
139.780 |
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Other Income |
0.494 |
4.188 |
1.295 |
4.190 |
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TOTAL (A) |
263.800 |
191.006 |
179.665 |
143.970 |
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Less |
EXPENSES |
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Cost of Goods Sold |
204.072 |
151.275 |
145.353 |
122.743 |
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Manufacturing Expenses |
19.037 |
9.887 |
9.973 |
10.683 |
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Administrative Expenses |
18.744 |
7.731 |
11.483 |
2.784 |
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Selling Expenses |
5.419 |
5.850 |
5.230 |
2.376 |
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Sales tax Paid |
3.514 |
3.688 |
0.000 |
0.000 |
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TOTAL (B) |
250.786 |
178.431 |
172.039 |
138.586 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
13.014 |
12.575 |
7.626 |
5.384 |
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Less |
FINANCIAL
EXPENSES (D) |
4.493 |
4.404 |
2.479 |
0.618 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.521 |
8.171 |
5.147 |
4.766 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.306 |
1.184 |
0.460 |
0.542 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.215 |
6.987 |
4.687 |
4.224 |
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Less |
TAX
(I) |
2.460 |
2.420 |
1.906 |
1.077 |
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PROFIT AFTER TAX
(G-I) (J) |
4.755 |
4.567 |
2.781 |
3.147 |
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BALANCE CARRIED
TO THE B/S |
4.755 |
4.567 |
2.781 |
3.147 |
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Particulars |
|
31.03.2011 |
31.03.2010 |
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Sales Turnover (approximately) |
|
370.000 |
310.000 |
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Expected Sales (2011-12) : Rs. 400.000 Millions
The above information has been parted by Mr Manoj
KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.39
|
1.55 |
2.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.74
|
2.34 |
3.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.54
|
4.83 |
9.57 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.18 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.40
|
2.80 |
1.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.89
|
1.52 |
2.58 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The company was incorporated on 30.04.1975 in Madhya Pradesh at that time the company registration number was U24117MP1975PLC001332. In the year 1982 [06.09.1982] the registered office of the company was shifted to Jalgaon. At the present the date of registration as per Government Records is 30.04.1975 and the registration number is U24110MH1975PLC028168.
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sundry Creditors |
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Sundry Creditors – Raw Materials |
NA |
36.493 |
12.468 |
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Sundry Creditors – Services and Expenses |
NA |
0.661 |
1.223 |
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Sundry Creditors – Packing Materials |
NA |
0.054 |
0.045 |
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Sundry Creditors – Others |
NA |
0.741 |
0.171 |
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Total |
NA |
37.949 |
13.907 |
FUTURE PLAN:
The company is planning to increase its exports in the business in the
near future. It is already in talk with potential customer like Wrigley’s Pfizer,
Procter and Gamble and Cadbury.
The company is currently marketing its products to flavour and fragrance
companies who are supplying to smaller customers. It is planning to increase
this activity in future.
The research and development department of the company has developed the
production process for Aspirin (in which salicylic acid is a key ingredient).
The company is currently offering this product in the powder form. The granule
from of the products is under development and will be available for sale in the
first quarter of 2009.
PRODUCTS PROFILE
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NAME OF THE
PRODUCTS |
APPLICATION |
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Salicylic Acid – 50% |
Antifungal Ointments and Powders. Raw materials in the manufacturer of
Aspirin as well as other Salicylate derivatives. |
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Methyl Salicylate – 47% |
Flavouring Agents in oral care products. Analgesic Ointments. |
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Simethicone – 1% |
Defoamer for the Pharmaceutical industry. |
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Aspirin – 2% |
For manufacturing Pharmaceutical formulation. |
INDUSTRY OVERVIEW:
Since SCPL caters to the drug industry, any changes in the domestic drug
market are likely to affect fortunes of the company.
The growth in the elderly population and changes in lifestyle have
contributed to the rise in the number of people suffering from chronic
ailments. Medications for high school blood pressure, elevated cholesterol
levels, and depression are a few examples. Globally, this trend is growing
rapidly as compared to the gradual rise in
Chronic conditions require a daily schedule of maintenance therapy, thus
offering stable sales opportunities. Players such as Sun Pharma, Sanofi
Aventis, Cipla and Zydus-Cadila Have a significantly high proportion of chronic
therapy sales in their overall sales mix. Of these, players such as Sanofi
Aventis who derive a substantial proportain of sales from power brands (with a
significant share of power brands in the chronic category) are expected to grow
faster than others in the longer term.
The significant growth in key therapy segments (Such as alimentary tract
and metabolism), cardiovascular (CVS), Central nervous systems (CNS) and
respiratory segment, coupled with one time issues such as implementation of VAT
in Q4 2004-2005 (Which pushed sales at the stockiest level in Q1 2005-06) and a
substantial growth in the usually stagnant/ slow growing anti-infective segment
propelled overall formulation sales by 11 per cent (Y-o-Y) in HI 2005-2006.
However, one-time issues like VAT and monsoons are not expected to impact sales
in the subsequent quarters and therefore, the overall domestic formulation segment
will be driven by the performance of the key therapy segments mentioned above.
FORM 8:
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Corporate identity number of the company |
U24110MH1982PLC028168 |
|
Name of the
company |
SIDDHARTH CARBOCHEM PRODUCTS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
6/3, Khandesh Mill Shopping Complex, Jalgaon – 425001, |
|
This form is for |
Modification of charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Corporation Bank Overseas Branch, 1st Floor, Earnest House, Nariman Point,
Mumbai – 400021, |
|
Nature of
instrument creating charge |
Memorandum Of
Deposit Of Title Deeds Dated 09.08.2010 |
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Date of
instrument Creating the charge |
09.08.2010 |
|
Amount secured by
the charge |
Rs 95.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests: As stipulated by
Bank in Sanction Letter and subject to change from time to time. Terms of
Repayment: As stipulated by
Bank in Sanction Letter. Margin: 10% Extent and
operation of the charge: All that pieces
of land known as plot no. E-3 in the addl. Jalgaon Industrial Area within
village limits of Mehrun Taluka and registration sub district Jalgaon
district and registration district Jalgaon containing by admeasurement 20700
square meters or thereabouts and bounded as follows- On or towards the
North by- On or towards the
South by- Plot No. E-5 On or towards the
East by- Plot No. E-2 On or towards the
West by- Plot No. E-4 |
|
Particulars of
the property charged |
All the pieces of
land known as Plot No. E-3 in the Addl Jalgaon Industrial Area admeasuring
20700 Square |
|
Date of last
modification prior to the present modification |
19.03.2010 |
|
Particulars of
the present modification |
The Company has
enhanced the charge limit by modifying the existing charge from Rs.75.000
Millions to Rs.95.000 Millions on the same security of- pieces of land known
as Plot No. E-3 in the Addl Jalgaon Industrial Area admeasuring 20700 Square
Meters- On or towards the
North by- On or towards the
South by- Plot No. E-5 On or towards the
East by- Plot No. E-2 On or towards the
West by- Plot No. E-4 |
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.44.89 |
|
|
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.