MIRA
INFORM REPORT
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Report Date : |
29.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SANG-FROID CHEMICALS PRIVATE LIMITED |
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Registered Office
: |
301, 302, 304, Swastik Chamber, Opposite Garediya Kuwa, Sanganwa
Chowk, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.12.2002 |
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Com. Reg. No.: |
04-041756 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U24231GJ2002PTC041756 |
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IEC No.: |
2411000464 |
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PAN No.: [Permanent Account No.] |
AAHCS6612C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer,
Exporter and Trader of Chemicals
Like Methyl Ethyl Ketone Peroxide, Magnesium Sulphate Hepta Hydrate,
Magnesium Oxide, Magnesium Chloride, etc. |
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No. of Employees
: |
33 [In Office 3 + 30 In Factory] Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B [27] |
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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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USD 1500 |
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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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Subject is an
established company having moderate track. Trade relations are reported as
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Gaurang Bhatt |
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Designation : |
Director |
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Contact No.: |
91-9925015995 |
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Date : |
28.11.2011 |
LOCATIONS
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Registered Office : |
301, 302, 304, Swastik Chamber, Opposite Garediya Kuwa, Sanganwa Chowk,
Rajkot – 360001, Gujarat, India |
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Tel. No.: |
91-281-2230692 / 2239573 |
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Mobile No.: |
91-9925015995 [Mr. Gaurang Bhatt] |
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Fax No.: |
91-281-2239573 / 2230692 |
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E-Mail : |
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Website : |
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Area : |
250 Sq.ft. |
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Location : |
Owned |
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Location : |
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Factory : |
Survey No.1442, Patadi-Kharragodha State Highway, Taluka Patadi,
District Surendranagar, Gujarat, India |
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Fax No.: |
91-281-2239573 |
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E-Mail : |
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Area : |
150,000 Sq.ft. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Gaurangbhai Jayantbhai Bhatt |
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Designation : |
Director |
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Address : |
Om Upasna, 2-Dharam Nagar, 150 Feet Ring Road, Raiya Road, Rajkot –
360007, Gujarat, India |
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Date of Birth/Age : |
30 Years |
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Qualification : |
B.Com. |
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Experience : |
9 Years |
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Date of Appointment : |
26.12.2002 |
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DIN : |
02124245 |
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Other Directorship : |
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Name : |
Mr. Kishankumar Jayantkumar Bhatt |
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Designation : |
Director |
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Address : |
Om Upasna, 2-Dharam Nagar, 150 Feet Ring Road, Raiya Road, Rajkot –
360007, Gujarat, India |
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Date of Birth/Age : |
38 Years |
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Qualification : |
BSC |
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Experience : |
16 Years |
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Date of Appointment : |
26.12.2002 |
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DIN : |
02163672 |
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Other Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Gaurangbhai Jayantbhai Bhatt |
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2500 |
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Kishankumar Jayantkumar Bhatt |
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2500 |
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E. Pushparaj |
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2500 |
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P. Padmavathi |
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2500 |
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Total |
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10000 |
As on 30.09.2009
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Equity Share
Break Up Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Trader of Chemicals
Like Methyl Ethyl Ketone Peroxide, Magnesium Sulphate Hepta Hydrate,
Magnesium Oxide, Magnesium Chloride, etc. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Credit [30 Days] |
PRODUCTION STATUS As on 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Magnesium Chloride |
MT |
15000 |
12000 |
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Bromine |
MT |
800 |
200 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
33 [In Office 3 + 30 In Factory] 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 : |
Dasani and Associates Chartered Accountants |
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Address : |
404-A, Pramukh Arcade, 4th Floor, A-Wing, Malaviya Chowk, |
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Tel. No.: |
91-281-2236517 |
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Mobile No.: |
91-9724001007 |
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E-Mail : |
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PAN : |
ADGPD3108D |
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Sister Concern : |
Fair Trade Corporation Address : 302, Swastik
Chamber, Opposite Garediya Kuwa, Sanganwa Chowk, Activity : Exports Jupiter Bromochem Private Limited Address : 302, Swastik
Chamber, Opposite Garediya Kuwa, Sanganwa Chowk, Activity : Production and
Exports Adithya Chemicals Activity :Production and
Exports |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
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As on 30.09.2010
Authorised Capital : Rs.2.500 millions
Issued, Subscribed & Paid-up Capital : Rs.0.100 million
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.276 |
0.007 |
0.008 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.376 |
0.107 |
0.108 |
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LOAN FUNDS |
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1] Secured Loans |
4.451 |
5.128 |
3.442 |
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2] Unsecured Loans |
7.624 |
1.628 |
2.379 |
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TOTAL BORROWING |
12.075 |
6.756 |
5.821 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.451 |
6.863 |
5.929 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.518 |
9.146 |
2.144 |
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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 |
3.811
|
0.175 |
0.249 |
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Sundry Debtors |
4.220
|
0.895 |
0.056 |
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Cash & Bank Balances |
0.077
|
0.044 |
0.658 |
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Other Current Assets |
0.000
|
1.461 |
0.007 |
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Loans & Advances |
0.047
|
0.000 |
3.967 |
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Total
Current Assets |
8.155
|
2.575 |
4.937 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.107
|
4.815 |
1.152 |
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Other Current Liabilities |
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0.000 |
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Provisions |
0.115
|
0.043 |
0.000 |
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Total
Current Liabilities |
3.222
|
4.858 |
1.152 |
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Net Current Assets |
4.933
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[2.283] |
3.785 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.451 |
6.863 |
5.929 |
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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 |
14.287 |
2.198 |
3.990 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
14.287 |
2.198 |
3.990 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
11.193 |
2.260 |
3.870 |
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Advertising Expenses |
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TOTAL (B) |
11.193 |
2.260 |
3.870 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.094 |
[0.062] |
0.120 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1.306 |
1.436 |
0.119 |
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PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
1.788 |
[1.498] |
0.001 |
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Less |
TAX (H) |
0.103 |
0.000 |
0.000 |
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PROFIT / [LOSS] AFTER
TAX (G-H) (I) |
1.685 |
[1.498] |
0.001 |
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Earnings/[Loss]
Per Share (Rs.) |
168.50 |
[149.80] |
0.10 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover [Approximately] |
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|
18.000 |
Expected Sales (2011-2012) : Rs.25.000 millions
The above information has been parted by Mr. Gaurang Bhatt [Director]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.79
|
[68.15] |
0.02 |
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(PBT/Sales) |
(%) |
12.51
|
[68.15] |
0.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.41
|
[12.78] |
0.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
4.75
|
[14.00] |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
40.68
|
108.54 |
64.56 |
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Current Ratio (Current Asset/Current Liability) |
|
2.53
|
0.53 |
4.28 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
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Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Construction
of the firm |
Yes |
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Premises
details |
Yes |
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Type
of Business |
Yes |
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Line
of Business |
Yes |
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Promoters
background |
- |
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No.
of Employees |
Yes |
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Name
of Person Contacted |
Yes |
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Designation
of contact person |
Yes |
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Turnover
of firm for last two years |
Yes |
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Profitability
for last three years |
No |
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Reasons
for variation <> 20% |
- |
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Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
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Major
Suppliers |
No |
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Major
Customers |
No |
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Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
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Market
Information |
- |
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Litigations
that the firm / promoter involved in |
- |
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Banking
Details |
Yes |
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Banking
Facility Details |
No |
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Conduct
of the banking account |
- |
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Buyer
visit details |
- |
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Financials,
if provided |
No |
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Incorporation
details, if applicable |
- |
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Last
accounts filed at ROC |
- |
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Major
Shareholders, if applicable |
- |
Performance of the
Company
The production cycle of the company is now going on regularly and
gradually company is increasing its turnover; however, due to current economic
climate
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24231GJ2002PTC041756 |
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Name of the
company |
SANG-FROID
CHEMICAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
304, Swastik
Chamber, Opposite Garedia Kuva, Sanganwa Chowk, |
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Type of charge |
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Particular of
charge holder |
Central Bank of Email : rccrajkro@centralbank.co.in |
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Nature of description
of the instrument creating or modifying the charge |
1.Memorandum of
Entry 2. Letter
Hypothecation |
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Date of
instrument Creating the charge |
26.03.2008 |
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Amount secured by
the charge |
Rs.4.900 millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- BPLR - 1.50% p.a., subject to change from time to time, or such other rate
as may be prescribed by the Bank from time to time. Terms of
Repayment - Equal Monthly installment of Rs. 0.108 million, the first
installment shall be paid on the 31st day of October, 2008, subsequent
installments on the 30th day of November, 2008 and so on. Margin - 30% on Machinery Extent and
Operation of the charge - The Charge shall remain in operation till full
repayment of all outstanding dues to the Bank with interest and other
charges, if any. Others - Nature
of Facility : Term Loan |
|
Short particulars
of the property charged |
- Memorandum of Entry
in respect of all that piece and
parcel of land or ground situated at PATDI lying and being Plot at Survey No. 1442/P/1 paikee, addmn.
14164.00 sq. mtrs. / sq. feet, at Industrial Area, within the village limit
of Patdi, Tal. Dasada, District Surendranagar,
-Hypothecation of
all movable machinery and spare parts, present and or future. |
FIXED ASSETS :
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
- Laptop
- Office
Equipments
- Electrical
Weight Scale
- T.V.
- Tools
- Electrical
Fittings
- Air Conditioner
- Mobile Phones
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.51.98 |
|
|
1 |
Rs.80.58 |
|
Euro |
1 |
Rs.69.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.