MIRA
INFORM REPORT
|
Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPECIALITY SILICA PRIVATE LIMITED |
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Registered
Office : |
204, Manjusha Chambers, Saini Enclave, |
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Country : |
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Financials (as
on) : |
31.03.2008 |
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Date of Incorporation
: |
13.09.2004 |
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Com. Reg. No.: |
55-129002 |
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Capital
Investment / Paid-up Capital : |
Rs.65.469 millions |
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CIN No.: [Company Identification
No.] |
U24249DL2004PTC129002 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Rubber Products, Spray Dried Silica,
Precipitated Silica. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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 a company having moderate track. The management has not filed
the financials of the company with the government departments after the year
2008 and also denied to disclose any information about the company. Payments
are unknown. The company can be considered for business dealings on a secured 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Ritu |
|
Designation : |
Key Executive |
|
Date : |
10.11.2011 |
LOCATIONS
|
Registered Office : |
204, Manjusha Chambers, Saini Enclave, |
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Tel. No.: |
91-11-22374549 / 50 / 51 |
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Fax No.: |
91-11-22373318 / 22247078 |
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E-Mail : |
DIRECTORS
As on 29.09.2008
|
Name : |
Mr. Ravi Soni |
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Designation : |
Director |
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Address : |
71, Aakriti Apartments, 62, Patparganj, I P Extension, |
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Date of Birth/Age : |
22.06.1961 |
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Date of Appointment : |
13.09.2004 |
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DIN No.: |
00412971 |
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|
|
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Name : |
Mrs. Mamta Soni |
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Designation : |
Director |
|
Address : |
71, Aakriti Apartments, 62, Patparganj, I P Extension, |
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Date of Birth/Age : |
18.04.1962 |
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Date of Appointment : |
13.09.2004 |
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DIN No.: |
00417356 |
KEY EXECUTIVES
|
Name : |
Ms. Ritu |
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Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
|
|
441270 |
|
Mamta Soni |
|
50100 |
|
Ashoka Industrial Resources Limited, |
|
940000 |
|
Ashok Kumar Surana |
|
50000 |
|
Blabir Singh |
|
100000 |
|
Bhavni Mishra |
|
330000 |
|
Chotti Leasing and Finance Private Limited, |
|
50000 |
|
|
|
690000 |
|
Devender Goel |
|
563000 |
|
Ranjeet Singh |
|
75000 |
|
Doon Vanijya Limited, |
|
75000 |
|
LNR Exports Private Limited, |
|
50000 |
|
Moderate Credit Co-Operative Limited, |
|
350000 |
|
Mohan Singh Gusain |
|
50000 |
|
Naryan Mandal |
|
330000 |
|
Mohit Kumar |
|
230000 |
|
Primerose Tracon Private Limited, |
|
50000 |
|
Ram Niwas Gupta |
|
160000 |
|
Ravnet Solution Private Limited, |
|
100000 |
|
Sachin Singhal |
|
165000 |
|
Sam Portfolio Private Limited, |
|
50000 |
|
Satish Kapoor |
|
170000 |
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S G Portfolio Private Limited, |
|
210000 |
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Sifcon Services (Private) Limited, |
|
390000 |
|
Surana Investment and Financial Consultancy Services, |
|
522500 |
|
Jeevan Singh Rawat |
|
50000 |
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United Proteins Limited, |
|
140000 |
|
Vipin Singhal |
|
165000 |
|
Total |
|
6546870 |
List of Allotment (As on 29.03.2011)
|
Names of (Equity) Allottees |
|
No. of Shares |
|
Mamta Soni |
|
53000 |
|
|
|
7000 |
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Total |
|
60000 |
As on 29.09.2008
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
47.27 |
|
Directors
or relatives of directors |
|
7.51 |
|
Other
top fifty shareholders |
|
45.22 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Rubber Products, Spray Dried Silica,
Precipitated Silica. |
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|
|
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Product Description : |
Precipitated Silica |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
State Bank of Commercial Branch, M-47, Connaught Circus, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mehra Wadhwa and Company Chartered Accountants |
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Address : |
26/25, Bazar Marg, Old Rajinder Nagar, |
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Tel. No.: |
91-11-25739582 / 25813730 |
CAPITAL STRUCTURE
After 29.09.2008
Authorised Capital : Rs.85.000
millions
Issued, Subscribed & Paid-up Capital : Rs.80.189 millions
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6546870 |
Equity Shares |
Rs.10/- each |
Rs.65.469
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
65.469 |
0.200 |
0.200 |
|
|
2] Share Application Money |
10.000 |
51.394 |
24.194 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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|
4] (Accumulated Losses) |
(0.100) |
(0.033) |
0.000 |
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|
NETWORTH |
75.369 |
51.561 |
24.394 |
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|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
100.624 |
43.694 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
100.624 |
43.694 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
175.993 |
95.255 |
24.394 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
142.657 |
44.318 |
11.019 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.002 |
0.002 |
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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|
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Inventories |
0.883
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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|
Cash & Bank Balances |
0.615
|
3.115 |
8.003 |
|
|
Other Current Assets |
0.025
|
0.024 |
0.022 |
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|
Loans & Advances |
13.605
|
39.930 |
3.394 |
|
Total
Current Assets |
15.128
|
43.069 |
11.419 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.631
|
0.692 |
0.365 |
|
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Other Current Liabilities |
0.552
|
0.400 |
0.152 |
|
|
Provisions |
0.040
|
0.033 |
0.000 |
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Total
Current Liabilities |
8.223
|
1.125 |
0.517 |
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Net Current Assets |
6.905
|
41.944 |
10.902 |
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MISCELLANEOUS EXPENSES |
26.429 |
8.991 |
2.473 |
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TOTAL |
175.993 |
95.255 |
24.394 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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PROFIT/LOSS
AFTER TAX |
|
0.067 |
(0.033) |
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Earnings /(Loss)
Per Share (Rs.) |
|
0.01 |
(1.65) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.44
|
0.87 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
|
1.84
|
38.28 |
22.09 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The Company has not started any business during the period.
FORM 8
|
Corporate identity number of the company |
U24249DL2004PTC129002 |
|
Name of the company |
SPECIALITY SILICA PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
204, Manjusha Chambers, Saini Enclave, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10005332 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others o
Stocks |
|
Particular of charge holder |
State Bank of Commercial Branch, M-47, Connaught Circus, |
|
Nature of instrument creating charge |
i) Agreement of Hypothecation of goods and Assets Form C-2 (ii) Letter Regarding the grant of Individual Limits within the
overall limit Form- C-5 (iii) Copy of Recital Enhancement |
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Date of instrument Creating the charge |
12.01.2011 |
|
Amount secured by the charge |
Rs.169.800 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Interest CC @6.75% above Base Rate present effective rate 14.75% p.a. Term Loan: and @6%above BR,
present effective rate 14.00% p.a. Term Loan: II @6.50% above BR, present effective rate 14.50%p.a. Terms of Repayment As per existing terms. Margin Rate Materials -25%, Stocks in process-50%, Finished goods-25%, Book
Debts/Receivables(upto120 days)-30% and LC-20% Extent and Operation of the charge 100% Others The above is to secure the Credit facilities of Rs.169.800 millions i.e.
Cash Credit (Stocks) Rs.30.000 millions, Term Loan -I(Outstanding) Rs.88.000
millions, Term Loan -II (Outstanding) Rs.15.800 millions, Term Loan -III
(Outstanding) Rs.31.000 millions and LC Rs.5.000 millions, granted by the
Bank to the company. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Primary Security: WC : Hypothecation of current assets. Term Loan : Hypothecation charge over fixed assets of the company
including Equitable Mortgage of factory land and buildings at B-534,B-538 and
B-539, (M.I.A. South Extension), Alwar (Rajasthan) in the name of company. Collateral : WC : (i) Extension charge over fixed assets (including
Equitable Mortgage of the Land and Building in the name to company). |
|
Particulars of the present modification |
Total Credit Facilities revised to Rs.169.800 millions as under :- C/C Stocks - Rs.30.000
millions Term Loan -I Rs.88.000 millions Term Loan -II - Rs.15.800
millions Term Loan -III - Rs.31.000
millions LC
Rs.5.000 millions Total
Rs.169.800 millions Other terms and conditions remain the same. |
FIXED ASSETS
·
Land
·
Plant and Machinery
·
Electrical Fittings and
Fixtures
·
Computer and Printers
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
·
Building under
Construction
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.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.82 |
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.