|
Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHRIRAM CHEMICALS |
|
|
|
|
Registered
Office : |
IS – 1208, Regent Chambers 208, Nariman Point, Mumbai – 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Year of Establishment : |
October 1996 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.584 Millions |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAAPM 5897R |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Trader and Importer of Pharmaceuticals, Drugs and Industrial
Chemicals. |
|
|
|
|
No. of Employees
: |
2 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established proprietory concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern 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.
INFORMATION PARTED BY
|
Name : |
Mr. Jayantilal |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9820046827 |
|
Date : |
30.03.2012 |
LOCATIONS
|
Registered Office : |
IS – 1208, Regent Chambers 208, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-23438986 / 23434781 |
|
Fax No.: |
91-22-23415581 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Jayantilal R. Mirani |
|
Designation : |
Proprietor |
|
Address : |
5, Dani Sadan, 113, |
|
Date of Birth/Age : |
75 Years |
|
Qualification : |
BSC Chem. |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Pharmaceuticals, Drugs and Industrial
Chemicals. |
|
|
|
|
Imports : |
|
|
Products : |
·
Pharmaceuticals ·
Drugs ·
Industrial Chemicals |
|
Countries : |
·
·
·
·
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C (90 days) |
|
|
|
|
Purchasing : |
L/C (90 days) |
GENERAL INFORMATION
|
Customers : |
Manufacturer ·
United Chemical Private Limited ·
Omkar Speciality Chemicals Private Limited ·
Tekken Chemicals |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
2 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Bank of |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Cash Credit – Rs.42.500 Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chetan Doshi and Company Chartered Accountants |
|
Address : |
207, Sujata Chambers, |
|
Tel. No.: |
91-22-2344 7187 |
|
Fax No.: |
91-22-23447187 |
|
|
|
|
Sister Concerns : |
·
Shriram INC Address: 14/391, Mahesh Chambers, 4th
Floor, ·
Shreyas Chemicals Address: 14/391, Mahesh Chambers, 4th
Floor, · Shreyas Enterprises ·
Born |
CAPITAL STRUCTURE
As on 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs.2.584 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.2.584
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor’s Capital |
2.584 |
31.622 |
5.170 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.584 |
31.622 |
5.170 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.627 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
18.042 |
5.293 |
4.796 |
|
|
TOTAL BORROWING |
21.669 |
5.293 |
4.796 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24.253 |
36.915 |
9.966 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.534 |
0.135 |
0.178 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
17.518 |
16.456 |
1.510 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.190 |
0.000 |
1.591 |
|
|
Sundry Debtors |
48.441 |
14.110 |
10.521 |
|
|
Cash & Bank Balances |
0.121 |
24.916 |
0.038 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
2.278 |
2.002 |
3.306 |
|
Total
Current Assets |
51.030 |
41.028 |
15.456 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
54.262 |
19.935 |
7.178 |
|
|
Other Current Liabilities |
0.000 |
0.000 |
0.000 |
|
|
Provisions |
0.567 |
0.769 |
0.000 |
|
Total
Current Liabilities |
54.829 |
20.704 |
7.178 |
|
|
Net Current Assets |
(3.799) |
20.324 |
8.278 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24.253 |
36.915 |
9.966 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
213.608 |
82.210 |
92.709 |
|
|
|
Delivery charges |
0.000 |
0.000 |
0.079 |
|
|
|
Interest Received |
2.367 |
1.522 |
1.095 |
|
|
|
Discount |
0.000 |
0.000 |
0.020 |
|
|
|
Fluctuation in Exchange |
0.431 |
0.315 |
0.418 |
|
|
|
Empty Cases |
0.000 |
0.000 |
0.224 |
|
|
|
Refund of Additional duty |
3.950 |
0.045 |
0.000 |
|
|
|
TOTAL |
220.356 |
84.092 |
94.545 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
201.336 |
76.032 |
84.445 |
|
|
|
Freight |
0.000 |
0.000 |
0.008 |
|
|
|
Annual Subscription |
0.000 |
0.000 |
0.001 |
|
|
|
Salary |
0.251 |
0.252 |
0.128 |
|
|
|
Bonus |
0.038 |
0.026 |
0.018 |
|
|
|
Commission Received |
0.548 |
2.468 |
3.083 |
|
|
|
Telephone and Fax Expenses |
0.114 |
0.119 |
0.101 |
|
|
|
Delivery Charges |
0.045 |
0.027 |
0.056 |
|
|
|
Conveyance |
0.157 |
0.073 |
0.088 |
|
|
|
Staff Welfare |
0.108 |
0.083 |
0.086 |
|
|
|
Postage and Courier |
0.006 |
0.007 |
0.005 |
|
|
|
Printing and Stationery |
0.038 |
0.029 |
0.026 |
|
|
|
Brokerage |
0.050 |
0.007 |
0.090 |
|
|
|
Gratuity |
0.000 |
0.000 |
0.048 |
|
|
|
Office Maintenance |
0.131 |
0.065 |
0.102 |
|
|
|
Diwali Expenses |
0.081 |
0.019 |
0.031 |
|
|
|
Audit Expenses |
0.066 |
0.066 |
0.055 |
|
|
|
Advertisement |
0.119 |
0.085 |
0.076 |
|
|
|
Godown Rent |
0.071 |
0.005 |
0.015 |
|
|
|
Bank Charges |
0.278 |
0.135 |
0.075 |
|
|
|
Bank Processing Charges |
0.120 |
0.051 |
0.000 |
|
|
|
Professional Fees |
0.000 |
0.000 |
0.013 |
|
|
|
Sales Promotions |
0.050 |
0.032 |
0.026 |
|
|
|
Car Maintenance and Petrol |
0.009 |
0.109 |
0.093 |
|
|
|
Freight Charges |
1.586 |
1.200 |
1.220 |
|
|
|
Travelling Expenses |
0.096 |
0.101 |
0.026 |
|
|
|
Repairs and Maintenance |
0.014 |
0.017 |
0.007 |
|
|
|
Car Insurance Taxes |
0.036 |
0.004 |
0.004 |
|
|
|
Interest Paid |
1.377 |
1.636 |
1.914 |
|
|
|
Vat Paid |
0.000 |
0.000 |
0.173 |
|
|
|
Bank Interest |
0.000 |
0.084 |
0.000 |
|
|
|
Discount |
0.045 |
0.085 |
0.000 |
|
|
|
Empty Cases |
0.000 |
0.020 |
0.000 |
|
|
|
Legal Charges |
0.011 |
0.080 |
0.000 |
|
|
|
Membership Fees |
0.001 |
0.000 |
0.000 |
|
|
|
TOTAL |
206.782 |
82.917 |
92.013 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
13.574 |
1.175 |
2.532 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.596 |
0.047 |
0.055 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
12.978 |
1.128 |
2.477 |
|
Expected Sales (2011-12) : Rs.218.000 Millions
The above information has been parted by Mr. Jayantilal.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.89
|
1.34 |
2.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.07
|
1.37 |
2.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.08
|
2.74 |
15.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
5.02
|
0.03 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
29.60
|
0.82 |
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
1.98 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sundry Creditors for Goods |
54.199 |
20.450 |
6.846 |
|
Sundry Creditors for Expenses |
0.063 |
(0.515) |
0.332 |
|
Total |
54.262 |
19.935 |
7.178 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
Note: The registered address
of the company has been shifted from 14/391, Mahesh Chambers, 4th
floor, Narsi Natha Street, Mumbai – 400009, Maharashtra, India to the present
address.
TRADE REFERENCES
·
United Chemical Private Limited
·
Omkar Speciality Chemicals Private Limited
·
Tekken Chemicals
FIXED ASSETS
·
Typewriter and Fax
Machine
·
Air Conditioner
·
Motor Car
·
Cellular Phone
·
Telephone Instruments
·
Furniture
·
Computer
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.51.16 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
44 |
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.