MIRA
INFORM REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SINGHAL COMMODITIES PRIVATE LIMITED |
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Registered
Office : |
220/A, Oshiwara Industrial Centre, New |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.06.1991 |
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Com. Reg. No.: |
11-062252 |
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Capital
Investment / Paid-up Capital : |
Rs.4.000 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH1991PTC062252 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS16788C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Zinc Sulphate |
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No. of Employees
: |
120 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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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Maximum Credit Limit : |
USD 37000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appear
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Mohan |
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Designation : |
Manager |
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Contact No.: |
91-9819808255 |
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Date : |
10.04.2012 |
LOCATIONS
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Registered Office : |
220/A, Oshiwara Industrial Centre, New |
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Tel. No.: |
91-22-67829000 / 15 / 28767762 |
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Fax No.: |
91-22-67829024 |
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E-Mail : |
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Website : |
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Factory : |
47/1/1/1, 2 and 3, |
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Tel. No.: |
91-260-3295011 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Pawan Singhal |
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Designation : |
Director |
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Address : |
A-210, Shakti Apartment, Cardinal Gracious Road, Andheri (East),
Mumbai -400099, |
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Date of Birth/Age : |
27.05.1952 |
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Date of Appointment : |
17.04.2008 |
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DIN No.: |
00786806 |
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Name : |
Mr. Anil Kumar Singhal |
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Designation : |
Director |
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Address : |
A-210, Shakti Apartment, Cardinal Gracious Road, Andheri (East),
Mumbai -400099, |
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Date of Birth/Age : |
19.11.1954 |
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Date of Appointment : |
13.01.1995 |
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DIN No.: |
02130375 |
KEY EXECUTIVES
|
Name : |
Mr. Mohan |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Anil Kumar Singhal |
|
42000 |
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Nidhi Singhal |
|
11000 |
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Ashwini Kumar Singhal |
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15000 |
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Sunita Singhal |
|
20475 |
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Abhishek Kumar S. Singhal |
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9500 |
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Akhilesh Kumar Singhal |
|
4050 |
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Akshita Kumar Singhal |
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21300 |
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Gitijka Kumar Arora |
|
2500 |
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Suman Singhal |
|
46000 |
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Santosh Arora |
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2600 |
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Diwanchand Tara Chand |
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4500 |
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Diwan Chand Sham Lal |
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4600 |
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Rajendra Prasad Chaudhary |
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7100 |
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Animesh Singhal |
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50 |
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Ritesh Singhal |
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100 |
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Pawan Singhal |
|
5000 |
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Smt. Pushpa Devi Singhal |
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200 |
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Shri Saligram Nand Kishore |
|
4025 |
|
Nandkishor Agarwal |
|
10000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
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Bodies corporate |
18.00 |
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Directors or relatives of Directors |
36.94 |
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Other top fifty shareholders |
45.06 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Zinc Sulphate |
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Products : |
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Exports : |
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Products : |
Zinc Sulphate |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C / 50% Advance / CAD |
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Purchasing : |
L/C / CAD |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers
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No. of Employees : |
120 (Approximately) |
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Bankers : |
Punjab National Bank, Mid Corporate Branch, Brady House,
V.N.Road, Fort, Mumbai - 400023, |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Finances Institutes : |
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Auditors : |
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Name : |
Mittal and Associates Chartered Accountants |
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Address : |
105, M K Bhavan 300, |
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PAN.: |
AAAFM9559Q |
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Sister Concerns ; |
Address :222, Oshiwara Industrial Centre, New
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CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
2.500 |
3.000 |
0.000 |
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3] Reserves & Surplus |
8.009 |
8.009 |
8.009 |
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4] (Accumulated Losses) |
(5.126) |
(6.567) |
(16.374) |
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NETWORTH |
9.383 |
8.442 |
(4.365) |
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LOAN FUNDS |
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1] Secured Loans |
46.249 |
49.279 |
35.959 |
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2] Unsecured Loans |
32.775 |
25.576 |
23.358 |
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TOTAL BORROWING |
79.024 |
74.855 |
59.317 |
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DEFERRED TAX LIABILITIES |
0.459 |
0.000 |
0.000 |
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TOTAL |
88.866 |
83.297 |
54.952 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.295 |
47.840 |
49.107 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
0.000 |
0.714 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
33.073
|
24.168 |
6.086 |
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Sundry Debtors |
3.775
|
6.921 |
3.187 |
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Cash & Bank Balances |
0.069
|
0.040 |
0.081 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.355
|
13.081 |
6.389 |
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Total
Current Assets |
51.272
|
44.210 |
15.743 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
8.325 |
5.633 |
9.127 |
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Other Current Liabilities |
0.945
|
2.618 |
0.701 |
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Provisions |
1.456
|
1.241 |
0.095 |
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Total
Current Liabilities |
10.726
|
9.492 |
9.923 |
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Net Current Assets |
40.546
|
34.718 |
5.820 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.866 |
83.297 |
54.952 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
111.845 |
63.681 |
9.945 |
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Other Income |
0.094 |
0.106 |
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TOTAL |
111.939 |
63.787 |
9.945 |
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Less |
EXPENSES |
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Expenses |
115.519 |
61.660 |
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Increase in Stock |
(10.180) |
(11.723) |
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TOTAL |
105.339 |
49.937 |
23.375 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.600 |
13.850 |
(13.430) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.886 |
3.580 |
2.264 |
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PROFIT BEFORE
TAX |
2.714 |
10.270 |
(15.694) |
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Less |
TAX |
1.273 |
0.463 |
(0.037) |
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PROFIT AFTER TAX
|
1.441 |
9.807 |
(15.657) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6.567) |
(16.374) |
(0.717) |
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BALANCE CARRIED
TO THE B/S |
(5.126) |
(6.567) |
(16.374) |
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Earnings Per
Share (Rs.) |
3.60 |
24.52 |
-- |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
220.000 |
Expected Sales (2012-13): Rs.400.000 Millions
The above information has been parted by Mr. Mohan
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.29
|
15.37 |
(157.81) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.43
|
16.12 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.73
|
11.16 |
(24.20) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
1.22 |
3.60 |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.57
|
9.99 |
(15.86) |
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Current Ratio (Current Asset/Current Liability) |
|
4.78 |
1.27 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
s
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last two years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors – Staff |
0.000 |
0.168 |
0.163 |
|
Sundry Creditors – Expenses |
2.950 |
1.478 |
1.956 |
|
Sundry Creditors - Capital Goods |
2.032 |
2.949 |
3.750 |
|
Sundry Creditors - Raw Material |
3.343 |
1.038 |
3.258 |
|
Total |
8.325 |
5.633 |
9.127 |
TRADE REFERENCES:
- Garage
Industries
- Mittal
Trading Company
- Yogi Dye
Chem, Ghatkopar
- Snight
Extrusion
- Indian
Smelting, Vikroli
- Bansal
Chemicals
- Morgan
Crossing
- United Phosphorus
Limited
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U51900MH1991PTC062252 |
|
Name of the
company |
SINGHAL COMMODITIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
220/A, Oshiwara Industrial Centre, New |
|
This form is for |
Creation
of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Punjab National Bank, Mid Corporate Branch, Brady House,
V.N.Road, Fort, Mumbai - 400023, |
|
Nature of
instrument creating charge |
Hypothecation of
goods and book debts to secure cash credit facility for Rs.49.500 Millions (
enhanced from Rs.36.000 Millions) |
|
Date of instrument
Creating the charge |
15.06.2011 |
|
Amount secured by
the charge |
Rs.49.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BR+4.5% P.A. Terms of Repayment Working capital limit
(Cash credit limit) is subject to revision at annually and may be repaid on
demand Margin Stocks – 25% Book
debts – 40% Extent and Operation of the charge Rs.49.500
Millions and operation of first charge on entire current assets including
book debts and stocks a detailed in the above document. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge on entire
current assets including book debts and stocks a detailed in the above
document |
FIXED ASSETS:
- Land
- Building
- Electrical Installation
- Plant and Machinery
- Laboratory / Testing Equipment
- Factory Equipment
- Vehicle
- Furniture and Fixtures
- Computer
- Office Equipment
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.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.