MIRA
INFORM REPORT
|
Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOLAR CHEMFERTS PRIVATE LIMITED . |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.02.1988 |
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Com. Reg. No.: |
11-046316 |
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Capital
Investment / Paid-up Capital : |
Rs.7.502 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1988PTC046316 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS21912C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Sulphur Powder for explosives, fireworks,
matches and other chemical industries. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [45] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 63000 |
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Status : |
Satisfactory |
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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 satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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/ Factory : |
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Tel. No.: |
91-251-2352995 |
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E-Mail : |
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Website : |
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Corporate Office : |
15, Amrit Keshav Nayak Marg, 3rd Floor, Near Empire Cinema,
Mumbai – 400001, |
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Tel. No.: |
91-22-22078850 |
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Fax No.: |
91-22-22074228 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Pragyakant Manglik |
|
Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
15.09.1962 |
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DIN : |
03302880 |
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Date of Appointment : |
28.07.2010 |
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Name : |
Mrs. Rajni Pareshkant Manglik |
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Designation : |
Director |
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Address : |
42, Jayshree, |
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Date of Birth/Age : |
28.11.1959 |
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DIN : |
01963738 |
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Date of Appointment : |
15.06.1996 |
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Name : |
Mr. Vandan Pareshkant Manglik |
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Designation : |
Director |
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Address : |
42, Jayshree, |
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Date of Birth/Age : |
14.07.1988 |
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DIN : |
01876760 |
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Date of Appointment : |
01.10.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Pareshkant Manglik |
|
10 |
|
Rajni Pareshkant Manglik |
|
75001 |
|
Piyushkant Manglik |
|
1 |
|
Piyushkant Manglik |
|
1 |
|
Rekha Manglik |
|
10 |
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Praghyakant Manglik |
|
1 |
|
Prem Manohar Manglik |
|
1 |
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Total |
|
75025 |
As on 30.09.2010
|
Category |
Percentage |
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|
|
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Directors or relatives of Directors |
100.00 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Sulphur Powder for explosives, fireworks,
matches and other chemical industries. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
UCO Bank, 1st Floor, UCO Bank Building, 359, Dr. D.N. Road,
Fort, Mumbai – 400001, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mehra and Sharma Associates Chartered Accountant |
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Address : |
503, Om Niketan, |
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Tel. No.: |
91-22-26706283 / 26701099 |
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Fax No.: |
91-22-26706283 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs.100/-each |
Rs.20.000
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
75,025 |
Equity Shares |
Rs.100/-each |
Rs.7.205
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.502 |
7.502 |
7.502 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.495 |
7.173 |
3.970 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15.997 |
14.675 |
11.472 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.192 |
9.293 |
10.971 |
|
|
2] Unsecured Loans |
2.306 |
9.779 |
3.365 |
|
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TOTAL BORROWING |
12.498 |
19.072 |
14.336 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.495 |
33.747 |
25.808 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.052 |
7.273 |
7.991 |
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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 |
17.480
|
7.639 |
12.423 |
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Sundry Debtors |
25.229
|
20.580 |
55.269 |
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Cash & Bank Balances |
0.570
|
0.564 |
0.162 |
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Deposit |
1.327 |
0.396 |
0.426 |
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Loans & Advances |
11.387
|
13.552 |
10.927 |
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Total
Current Assets |
55.993
|
42.731 |
79.207 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
32.081
|
15.731 |
47.770 |
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Other Current Liabilities |
1.817
|
0.000 |
13.063 |
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Provisions |
0.652
|
0.526 |
0.557 |
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Total
Current Liabilities |
34.550
|
16.257 |
61.390 |
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Net Current Assets |
21.443
|
26.474 |
17.817 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.495 |
33.747 |
25.808 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.94
|
2.41 |
6.60 |
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Current Ratio (Current Asset/Current Liability) |
|
1.62
|
2.63 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U99999MH1988PTC046316 |
|
Name of the
company |
SOLAR CHEMFERTS PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
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Type of charge |
|
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Particular of
charge holder |
UCO Bank, 1st Floor, UCO Bank Building, 359, Dr. D.N. Road,
Fort, Mumbai – 400001, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed Of
Hypothecation Dated 12/02/2008. |
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Date of
instrument Creating the charge |
12.02.2008 |
|
Amount secured by
the charge |
Rs.48.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 1. Cash Credit
Bplr +1.50% i.e 15.00% p.a at monthly rest. 2. Term Loan Bplr
+2.00% i.e 15.50% p.a at monthly rest. 3. Pre-Shipment
Credit Bplr -3.75% i.e 9.75% p.a at monthly rest. 4. Post Shipment
Credit, Bp and L/C As Per Bank's Rules. Terms of
Repayment – 1. Cash Credit - Sanctioned
For One Year. 2. Term Loan - 57
Emi Commencing From April, 2008 @101,000/- P.M. 3. Pre Shipment,
Post Shipment and L/C 120 Days. 4. Bills Purchase
As Per Bank's Rules/Guidelines From Time To Time. Margin – 1. Cash Credit -
25% On Stocks and 40% On Book Debts. 2. Term Loan -
25%. 3. Pre Shipment
and Post Shipment - 25%. 4. Lc Limits -
20% By Way Of Fdr. 5. Bills Purchase
As Per Bank's Rules/Guidelines From Time To Time. Extent and
Operation of the charge – The Charge Operates As Security For Repayment Of
The Credit Facilities Given To M/S Solar Chemferts Private Limited, Poona
Link Road, Netivali,Kalyan 421 306, District:Thane , (Maharashtra) India By
Uco Bank, 359, Dr. D. N. Road, Fort,Mumbai - 400 001. |
|
Short particulars
of the property charged |
1. Cash Credit -
First Charge By Way Of Hypothecation On Entire Stocks Of Inventory,
Receivables, Bills And Other Chargeable Current Stocks Of The Company. 2. Term Loan -
Hypothecation Of Plant and Machinery Of The Company Valued At Rs.4.500
millions Existing And Rs.5.700 millions To Be Purchased. 3. Pre Shipment
and Post Shipment- First Charge By Way Of Hypothecation On Entire Stocks Of
Inventory, Receivables, Bills And Other Chargeable Current Stocks Of The
Company. 4. Bp and L/C. -
As Per Ho Guidelines. |
As per website
Company Profile
The history of excellence in manufacturing at subject goes
back to the year 1970. The company which is strategically located in Kalyan a central
suburb of Mumbai - runs the operation unit of the chemical materials
production. Their principal activities include manufacturing, processing and
exporting a multitude of chemical products such as
Subject was founded by Shri Prem Manohar and is being currently managed by his
son Mr. Paresh Kant. The company was Awarded the title of "Export
Appreciation" by the Government of Maharashtra (
they being one of the largest Sulphur Powder manufacturers in
they manufacture
they have recently started manufacturing
they manufacture three grades of Basic Chrome Sulphate and it’s derivatives:
“Blue Diamond” and “ Solachrome A” ( Basic chromium sulphate)
“Solachrome SB” (self basifying basic chromium sulphate)
“Soltan H” (Chrome Syntan)
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.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.