MIRA
INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SHIVANI POLY URETHANE AND CHEMICALS PRIVATE LIMITED |
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Registered Office : |
18/ 6 and 18/ 7, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.03.1997 |
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Com. Reg. No.: |
55-085977 |
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CIN No.: [Company
Identification No.] |
U24134DL1997PTC085977 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS11371D |
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PAN No.: [Permanent
Account No.] |
AABCS3370F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pigments, Lacquers, Releasing agents and P.U Soles. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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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 55000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
LOCATIONS
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Registered Office : |
18/ 6 and 18/ 7, |
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Tel. No.: |
91-11-23947420/ 65904826/23946420 |
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Fax No.: |
91-11-23946420 |
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E-Mail : |
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Website : |
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Area : |
1 Acre (Owned) |
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Factory : |
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Tel. No.: |
91-130-2381411/2381412 |
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E-Mail : |
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Website: |
DIRECTORS
As on 30.09.2010
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Name : |
Ms. Alka Aggarwal |
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Designation : |
Director |
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Address : |
18/ 6 and 18/ 7, |
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Date of Birth/Age : |
15.03.1965 |
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Date of Appointment : |
19.03.1997 |
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Name : |
Ms. Shivani Aggarwal |
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Designation : |
Director |
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Address : |
18/ 6 and 18/ 7, |
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Date of Birth/Age : |
17.03.1984 |
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Date of Appointment : |
15.04.2002 |
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Name : |
Mr. Raghav Aggarwal |
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Designation : |
Director |
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Address : |
18/ 6 and 18/ 7, |
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Date of Birth/Age : |
27.07.1987 |
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Qualification : |
Chemical Engineers |
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Date of Appointment : |
27.07.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Alka Aggarwal |
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170000 |
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Raghav Aggarwal |
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430000 |
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Ravin Kumar Aggarwal HUF |
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150000 |
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Total |
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750000 |
As on 30.09.2010
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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 |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pigments, Lacquers, Releasing agents and P.U Soles. |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
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Chemicals |
Metric Ton |
750 |
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PU Soles |
In Pairs |
96000 |
GENERAL INFORMATION
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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 : |
J P Chawla and Company Chartered Accountants |
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Address : |
43, Daryaganj, New Delhi-110002, |
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Tel. No.: |
91-11-23243456/23261010/23276542 |
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Fax No.: |
91-11-23289314 |
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E-Mail : |
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Website: |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
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 |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.398 |
5.533 |
3.542 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.898 |
13.033 |
11.042 |
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LOAN FUNDS |
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1] Secured Loans |
12.985 |
10.113 |
11.348 |
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2] Unsecured Loans |
24.673 |
21.329 |
18.787 |
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TOTAL BORROWING |
37.658 |
31.442 |
30.135 |
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DEFERRED TAX LIABILITIES |
0.812 |
1.108 |
1.229 |
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TOTAL |
52.368 |
45.583 |
42.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.917 |
24.713 |
23.866 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
14.041
|
14.033 |
11.307 |
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Sundry Debtors |
30.679
|
17.021 |
12.332 |
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Cash & Bank Balances |
1.094
|
0.167 |
0.279 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.932
|
5.192 |
4.668 |
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Total
Current Assets |
52.746
|
36.413 |
28.586 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
16.853
|
7.971 |
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Other Current Liabilities |
0.967
|
4.154 |
7.290 |
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Provisions |
4.475
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3.418 |
2.656 |
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Total
Current Liabilities |
22.295
|
15.543 |
9.946 |
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Net Current Assets |
30.451
|
20.870 |
18.640 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
52.368 |
45.583 |
42.506 |
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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 |
92.273 |
68.755 |
59.266 |
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Other Income |
0.093 |
0.002 |
2.760 |
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TOTAL |
92.366 |
68.757 |
62.026 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
87.051 |
64.244 |
54.562 |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
87.051 |
64.244 |
54.562 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.315 |
4.513 |
7.464 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.884 |
3.472 |
4.076 |
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PROFIT BEFORE
TAX |
1.431 |
1.041 |
3.388 |
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Less |
TAX |
0.567 |
0.556 |
1.228 |
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PROFIT AFTER TAX
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0.864 |
0.485 |
2.160 |
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IMPORTS |
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Goods for Processing / Resale |
0.878 |
0.744 |
0.216 |
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Earnings Per
Share (Rs.) |
1.15 |
0.65 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.94
|
0.71 |
3.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.55
|
1.51 |
5.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.92
|
1.70 |
6.46 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.08 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.31
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3.60 |
3.63 |
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Current Ratio (Current Asset/Current Liability) |
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2.37
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2.34 |
2.87 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Company is
engaged in manufacturing of Pigments, Lacquers, Releasing agents and P.U Soles.
The company during the year has achieved a turnover of Rs. 92.273 millions
(Previous Year Rs. 68.755millions).
FUTURE PROSPECTS
The directors are
of the opinion that Company will continue with the same strategies ahead, but
with more aggressiveness for the year 2010-11.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24134DL1997PTC085977 |
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Name of the
company |
SHIVANI POLY
URETHANE AND CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
18/ 6 and 18/ 7, |
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Type of charge |
Book Debts Others |
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Particular of
charge holder |
The Royal Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation on Movable Assets dated 08.06.2010 |
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Date of
instrument Creating the charge |
08.06.2010 |
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Amount secured by
the charge |
Rs.18.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest / such
other rate as may be prescribed by the bank from time to time. Terms of
Repayment As per Sanction
terms of the facilities sanctioned. Margin The company shall
maintain such margin as may be specified by the bank from time to time. Extent and
Operation of the charge 100 % |
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Short particulars
of the property charged |
First Exclusive
Charge on Borrower's entire Current Assets including book debts/ receivables
both present and future. |
Fixed Assets:
- Goodwill
- Plant and Machinery
- Computer
- Furniture and Fixture
- Car
- Intercom
- Refrigerator
- Air Conditioner
- Electric Installation
- Fittings and Fans
- Generators
- Typewriter
- Fax Machine
- Scooter
- Motor Cycle
- Electrical Equipments
- Truck
- Television
AS PER WEBSITE DETAILS:
COMPANY PROFILE:
Subject has been a leading Indian\manufacturer of Pigments, Lacquers and Release Agents or Polyurethane, TPR, PVC and Rubber or over 10 years. With outstanding growth in their manufacturing capability, they offer a diverse range of products for many market sectors.
Through this long experience they have
gathered a great deal of application knowledge and a broad understanding of
clients requirements in the Polyurethane colouration industry and other related
sectors as mentioned above. They introduce new products regularly to meet an
expanding market need. And in addition to their comprehensive product range,
they offer a bespoke and toll manufacturing capability.
Subject Provides solid working
partnership, a basic attribute, which has to be at the core of any good
business relationship from the start. They also place a heavy emphasis on
continuous product improvement, combined with their ability to innovate towards
market and environmental requirements. Dynamism, innovation and the obsession
to succeed are factors that drive the company.
With a wealth of technical expertise in the colouration field, their philosophy
is to provide quality products and a professional service aimed at guaranteeing
customer satisfaction at all times. Customer feedback and participation is
encouraged at all important development stages and in the after sales process.
The production of bespoke products to meet a customer's specific requirement is
a growing part of their business. They offer a toll manufacturing facility for
their business partners where confidentiality is assured throughout all their operations.
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.45.21 |
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|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.