MIRA
INFORM REPORT
|
Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAI CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
8 - B, Part, Industrial Estate, Bhilai – 490021, Durg, Chhattisgarh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.09.1985 |
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Com. Reg. No.: |
10-003012 |
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Capital
Investment / Paid-up Capital : |
Rs. 11.664
Millions |
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CIN No.: [Company Identification
No.] |
U24117CT1985PTC003012 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JBPS04513F/ JBPS01243E |
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PAN No.: [Permanent Account No.] |
AADCS3777J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of all kind of Ferro Alloys. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 780000 |
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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 a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
|
Registered Office : |
8 - B, Part, Industrial Estate, Bhilai – 490021, Durg, |
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Tel. No.: |
91-788-2321901/ 2285017/ 4050815 |
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Fax No.: |
91-788-2211682 |
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E-Mail : |
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Factory : |
Village – Tedesara, District – Rajnandgaon, State - |
DIRECTORS
As on 08.09.2010
|
Name : |
Mr. Bachan Singh Sial |
|
Designation : |
Director |
|
Address : |
78/ A, Nehru Nagar, Bhilai - 491001, Durg, |
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Date of Birth/Age : |
02.08.1938 |
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Date of Appointment : |
04.09.1985 |
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DIN NO: |
01226301 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24117CT1985PTC003012 |
Sai Chemicals Private Limited |
Director |
04-09-85 |
04-09-85 |
- |
Active |
NO |
|
2 |
U27310CT1996PTC010494 |
SIAL ISPAT Private Limited |
Director |
13-02-96 |
13-02-96 |
- |
Active |
NO |
|
Name : |
Promila Bachan Sial |
|
Designation : |
Director |
|
Address : |
78/ A, Nehru Nagar, Bhilai - 491001, Durg, |
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Date of Birth/Age : |
05.08.1944 |
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Date of Appointment : |
04.09.1985 |
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DIN NO: |
01226440 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bachan Singh Sial |
|
20435 |
|
Promila Bachan Sial |
|
27005 |
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Hemant Sial |
|
17600 |
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Rahul Sial |
|
13800 |
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Surana Bhanwar Lal |
|
1000 |
|
Patwari Radha Kishan |
|
600 |
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Soni Archana |
|
500 |
|
Chawla Surendra |
|
500 |
|
Ashish Soni |
|
600 |
|
Padharia Ketan |
|
450 |
|
Verma Mahaveer Prasad |
|
450 |
|
Soni Tej Pal |
|
450 |
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Khandelwal Devi Sharda |
|
450 |
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Sial Ispat Private Limited, |
|
32740 |
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Tiwari Santosh |
|
10 |
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Tiwari Rajan |
|
10 |
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Soni Vikas |
|
10 |
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Soni Basanti |
|
10 |
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Tiwari Jyoti |
|
10 |
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Soni Shashi |
|
10 |
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Total |
|
116640 |
Equity Share Break up (Percentage of Total Equity)
AS ON 08.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
95.66 |
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Other top fifty shareholders |
4.34 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all kind of Ferro Alloys. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Silico Manganese |
M.T |
6000 |
6000 |
6760.098 |
|
Ferro Manganese Standari |
M.T |
7200 |
7200 |
0.000 |
|
Power Generation |
MWH |
63360 |
63360 |
42201.025 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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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 : |
B.M. Surana and Company Chartered Accountants |
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Address : |
Below Dena Bank, Surana Complex, |
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Tel. No.: |
91-788-2322784 (Residence) 91-788-2325216 (Office) |
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PAN No.: |
AJAPS5109D |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
149000 |
Equity Shares |
Rs. 100/- each |
Rs. 14.900 Millions |
|
1000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.100 Millions |
|
|
Total |
|
Rs. 15.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
116640 |
Equity Shares |
Rs. 100/- each |
Rs. 11.664
Millions |
After 08.09.2010
Authorised Capital: Rs. 15.000 Millions
Paid up Capital: Rs. 12.664 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.664 |
11.664 |
11.664 |
|
|
2] Share Application Money |
20.000 |
20.000 |
0.000 |
|
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3] Reserves & Surplus |
163.148 |
154.383 |
120.775 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
194.812 |
186.047 |
132.439 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
160.890 |
182.298 |
198.271 |
|
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2] Unsecured Loans |
2.194 |
0.081 |
4.190 |
|
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TOTAL BORROWING |
163.084 |
182.379 |
202.461 |
|
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DEFERRED TAX LIABILITIES |
24.169 |
12.525 |
1.085 |
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TOTAL |
382.065 |
380.951 |
335.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
300.007 |
341.913 |
316.230 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.200 |
0.200 |
0.200 |
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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 |
55.123
|
25.293 |
23.750 |
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Sundry Debtors |
41.365
|
20.835 |
20.977 |
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Cash & Bank Balances |
11.326
|
10.927 |
10.513 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
37.275
|
31.189 |
22.569 |
|
Total
Current Assets |
145.089
|
88.244 |
77.809 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
52.648
|
44.415 |
33.767 |
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
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Provisions |
10.583
|
4.991 |
24.487 |
|
Total
Current Liabilities |
63.231
|
49.406 |
58.254 |
|
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Net Current Assets |
81.858
|
38.838 |
19.555 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
382.065 |
380.951 |
335.985 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
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|
|
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Income |
444.447 |
389.607 |
324.187 |
|
|
|
Other Income |
24.396 |
1.709 |
1.973 |
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|
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TOTAL (A) |
468.843 |
391.316 |
326.160 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material |
215.029 |
164.320 |
105.972 |
|
|
|
Manufacturing Expenses |
175.349 |
128.339 |
185.167 |
|
|
|
Selling and Administrative Expenses |
23.042 |
36.602 |
10.417 |
|
|
|
TOTAL (B) |
413.420 |
329.261 |
301.556 |
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55.423 |
62.055 |
24.604 |
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|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
55.423 |
62.055 |
24.604 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.658 |
24.462 |
2.869 |
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PROFIT BEFORE
TAX (E-F) (G) |
8.765 |
37.593 |
21.735 |
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Less |
TAX (H) |
0.000 |
3.985 |
7.636 |
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PROFIT AFTER TAX
(G-H) (I) |
8.765 |
33.608 |
14.099 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
H C Silico Manganese (Export) |
44.517 |
34.993 |
16.335 |
|
|
|
H C Ferro Manganese (Export) |
0.000 |
8.320 |
7.492 |
|
|
TOTAL EARNINGS |
44.517 |
43.313 |
23.827 |
|
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|
|
|
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|
|
Earnings Per Share
(Rs.) |
0.00 |
0.00 |
0.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.86
|
8.58 |
4.32 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.97
|
9.64 |
6.70 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.96
|
8.73 |
5.51 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.20 |
0.16 |
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
1.24 |
1.96 |
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
1.78 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from S.M.10,
Pasamnabhar, Durg. C.G, Durg – 491001,
OPERATIONS:
The company’s working for the year ended on 31.03.2010
shows profit of Rs. 8.765 Millions after charging Deprecisation of Rs. 46.658
Millions.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24117CT1985PTC003012 |
|
Name of the
company |
SAI CHEMICALS PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
S.M.10, Pasamnabhar, Durg. C.G, Durg – 491001, Email: bmsurana2006@yahoo.co.in |
|
This form is for |
Modification of Charge |
|
Charge identification (ID) number of the charge to be
modified |
10001640 |
|
Type of charge |
|
|
Particular of
charge holder |
Punjab National Bank, Civic Centre, Bhilai – 490006, Email: bo0076@pnb.co.in |
|
Nature of
instrument creating charge |
Hypothecation of
goods and book debts to secure cash credit, book debts cash credit facility |
|
Date of
instrument Creating the charge |
19.09.2011 |
|
Amount secured by
the charge |
Rs. 268.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Cash Credit : BR+4.5%
P.A. Terms of Repayment: Repayable on
demand Margin: 25 % on stocks 40 % on book
debts Extent and Operation of the charge: 100% on all
assets of the company |
|
Short Particulars
of the property or assets charged |
Stocks of raw materials,
finished goods, semi finished goods, stocks in process viz Equitable
mortgage I.P. as per regd.
sale deed 6719 dated 01/04/2006, plot at Kh. no. 66/1, 66/2, 67/1, 67/2, at
village Tedesara, Rajnandgaon. total 4.95 acres. I.P. as per regd.
sale deed 6719 dt. 01/04/2006, plot at Kh. no. 3/3, 60/2, 61/2, 62/2, 64 and
65 at village Tedesara, Rajnandgaon.
total 1.57 acres. I.P. as per regd. sale deed 6719 dated
01/04/2006, plot at Kh. no. 3/6, 60/4, 61/4, 62/4, 64/4, 65/2, 66/3, 67/3,
68/2, 69/2, at village Tedesara, Rajnandgaon. total 5.39 acres. I.P. as per regd.
sale deed 6308 dated 23/02/2005, plot of land at Kh. no. 11/11, 33/2, 34/6 at
village Tedesara, Rajnandgaon. total 2.65 acres. I.P. as per regd.
sale deed 6308 dated 23/02/2005, plot of land at Kh. no. 99/3, 100/2, 102/2,
103/4, 103/5, 104/2, 104/3, 104/5, 105/5, 105/6 at village Tedesara,
Rajnandgaon. total 8.42 acres. I.P. as per regd.
sale deed 6331 dated 09/03/2005, plot of land at Kh. no. 99/1, 100/1, 103/1,
104/4, 103/2, 105/2, 105/4, 105/1, 106/1, 106/3, 107/1, 109/3 at village
Phulzhar, Rajnandgaon. 2.65 acres. I.P. as per regd.
sale deed 6331 dated 09/03/2005, plot of land at Kh. no. 11/10, 33/1, 34/3 at
village Bijehar, Rajnandgaon 8.41 acres I.P. as per regd.
sale deed 3289 dated 26/12/1983, plot of land at Kh. no. 63 at village
Tedesara, Rajnandgaon. total 3.49 acres. |
|
Date of Last Modification
prior to the present modification |
23.09.2010 |
|
Particulars of the present modification |
Cash Credit limit
of Rs. 40.000 Millions enhanced to Rs. 48.000 Millions and book debt limit is
Rs. 17.000 Millions within overall limit of cash credit of Rs. 48.000
Millions and lc and bg limit is 20.000
Millions, term loan is Rs. 200.000 Millions thereby total amount increased
from Rs. 26000.000 Millions to Rs. 268.000 Millions |
Fixed Assets:
- Building
- Plant and
Machinery
- Vehicles
- Computer
- Electrical
Installation
- Car
- Furniture and
Fixtures
- Hero Honda
- Computer
Software
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.50.90 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
|
|
--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 |
|
48 |
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.