MIRA INFORM REPORT
|
Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIDDHI MARGARINE SPECIALITIES LIMITED |
|
|
|
|
Registered
Office : |
A, 3rd Floor, Oberoi Garden Estate, Chandivali Farms Road, Chandivali,
Andheri (East), Mumbai-400072, Maharashtra |
|
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|
|
Country : |
India |
|
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|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.12.2003 |
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Com. Reg. No.: |
11-143656 |
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Capital Investment
/ Paid-up Capital : |
Rs. 6.320 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U15200MH2003PLC143656 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
Manufacturer and Marketing of Margarine Product |
|
|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 110000 |
|
|
|
|
Status : |
Moderate |
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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 a moderate track record. It
has incurred loss from its operations. However, trade relations are reported as fair. Business is active.
Payments terms are slow but correct. The company can be considered for business dealings with some caution. |
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Shailesh Patel |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-2717-650255 |
|
Date : |
21.12.2012 |
LOCATIONS
|
Registered Office : |
A, 3rd Floor, Oberoi Garden Estate, Chandivali Farms Road,
Chandivali, Andheri (East), Mumbai-400072, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
|
Factory : |
Survey No. 240, Behind Bhagyodaya Hotel, Sarkhej-Bawla Highway,
Changodar, Ahmedabad-382210, Gujarat, India |
|
Tel. No.: |
91-2717-650255 / 250110 |
|
Fax No.: |
91-2717-250237 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Markand Virendra Parikh |
|
Designation : |
Managing Director |
|
Address : |
7, 3rd Floor, Asha Complex, Behind NVP Police Chowki,
Navrangpura, Ahmedabad-380009, Gujarat, India |
|
Date of Birth/Age : |
14.06.1956 |
|
Date of Appointment : |
24.12.2003 |
|
DIN No.: |
00140954 |
|
|
|
|
Name : |
Mr. Jay Markand Parikh |
|
Designation : |
Director |
|
Address : |
506, Kalasagar Society, Jodhpur Char Rasta, Satellite,
Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
19.08.1986 |
|
Date of Appointment : |
24.12.2003 |
|
DIN No.: |
00141146 |
|
|
|
|
Name : |
Ms. Minaxiben Markandbhai Parikh |
|
Designation : |
Director |
|
Address : |
7, 3rd Floor, Asha Complex, Behind NVP Police Chowki,
Navrangpura, Ahmedabad-380009, Gujarat, India |
|
Date of Birth/Age : |
25.11.1959 |
|
Date of Appointment : |
24.12.2003 |
|
DIN No.: |
00146091 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
Note: Shareholders details file attached.
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
31.65 |
|
Directors or relatives of Directors |
30.06 |
|
Others |
38.29 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketing of Margarine Product |
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Products : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
31.03.2011 |
|
|
|
|
|
Licensed Capacity |
MTPA |
6500 |
|
Installed Capacity |
MTPA |
6500 |
|
Actual Production |
MTPA |
871758 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Tel No.: 91-79-26406062 |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ashokkumar S Gupta and Company Chartered Accountant |
|
Address : |
203/1, New Cloth Market, O/s Raipur Gate, Ahmedabad-380002, Gujarat,
India |
|
PAN No.: |
AANPG4519P |
|
|
|
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Sister Concern : |
Siddhi Power Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
632000 |
Equity Shares |
Rs.10/- each |
Rs. 6.320
Millions |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.320 |
6.320 |
6.320 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.055 |
23.418 |
23.742 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
29.375 |
29.738 |
30.062 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.917 |
17.390 |
11.692 |
|
|
2] Unsecured Loans |
14.556 |
10.479 |
0.671 |
|
|
TOTAL BORROWING |
28.473 |
27.869 |
12.363 |
|
|
DEFERRED TAX LIABILITIES |
3.527 |
2.914 |
2.288 |
|
|
|
|
|
|
|
|
TOTAL |
61.375 |
60.521 |
44.713 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
35.280 |
33.610 |
28.920 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.893
|
16.726 |
15.240 |
|
|
Sundry Debtors |
10.454
|
7.672 |
7.384 |
|
|
Cash & Bank Balances |
1.102
|
1.112 |
0.922 |
|
|
Other Current Assets |
5.508
|
5.443 |
0.000 |
|
|
Loans & Advances |
6.362
|
6.430 |
4.604 |
|
Total
Current Assets |
39.319
|
37.383 |
28.150 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.509
|
2.750 |
6.810 |
|
|
Other Current Liabilities |
8.946
|
7.015 |
6.192 |
|
|
Provisions |
0.769
|
0.707 |
0.687 |
|
Total
Current Liabilities |
13.224
|
10.472 |
13.689 |
|
|
Net Current Assets |
26.095
|
26.911 |
14.461 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
OTHERS |
0.000 |
0.000 |
1.332 |
|
|
|
|
|
|
|
|
TOTAL |
61.375 |
60.521 |
44.713 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
63.435 |
27.248 |
76.563 |
|
|
|
Other Income |
3.026 |
2.231 |
2.951 |
|
|
|
TOTAL (A) |
66.461 |
29.479 |
79.514 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
43.737 |
17.139 |
|
|
|
|
Employee Benefits Expenses |
6.690 |
6.144 |
|
|
|
|
Other Expenses |
6.656 |
4.413 |
|
|
|
|
Changes in Inventories |
3.472 |
(2.396) |
|
|
|
|
TOTAL (B) |
60.555 |
25.300 |
74.624 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.906 |
4.179 |
4.890 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.754 |
2.275 |
1.297 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.152 |
1.904 |
3.593 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.840 |
1.584 |
1.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
0.312 |
0.320 |
1.894 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.675 |
0.645 |
0.352 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(0.363) |
(0.325) |
1.542 |
|
|
|
|
|
|
|
|
|
Less |
Provision for
Deferred Tax Liabilities |
0.000 |
0.000 |
(0.530) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
0.050 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
1.062 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.57 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(0.55)
|
(1.10) |
1.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.49
|
1.17 |
2.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.42
|
0.45 |
3.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
1.39 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.97
|
3.57 |
2.06 |
LOCAL AGENCY FURTHER INFORMATION
NOTES
- Experience of the bank with the co. –
Banker [Oriental Bank of Commerce] has reported that the subject maintains
proper and satisfactory relation with the bank.
- Assets classification as on 31.03.2012
– Mentioned in the Balance sheet
- Associate Concurrence – Mentioned on
page no. 6
- Payment condition - Cash/ Credit
- Capital detail – Mentioned on page no.
6
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FORM 8
|
Corporate
identity number of the company |
U15200MH2003PLC143656 |
|
Name of the
company |
SIDDHI MARGARINE
SPECIALITIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
A, 3rd Floor, Oberoi Garden Estate, Chandivali Farms Road, Chandivali, Andheri (East), Mumbai-400072, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10024317 |
|
Type of charge |
|
|
Particular of
charge holder |
Oriental Bank of Commerce, G-2, Samedh, Near Associated Petrol Pump, C
G Road, Ahmedabad-380006, Gujarat, India |
|
Nature of
instrument creating charge |
Term Loan
Agreement dated 07.02.11 for plant and machinery and DOC 13 for charge over current assets of the
company. |
|
Date of
instrument Creating the charge |
07.02.2011 |
|
Amount secured by
the charge |
Rs. 38.300
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BR+4%(present BR
of the bank is 8.50%), which at present work out at 12.50%p.a. with monthly rates,
subject to change in BR/Spread announced by the bank from time to time. Terms of repayment In 60 months
principal and interest to be serviced as and when applied in TL. FOR CC one year. Margin 25% Extent and operation of the charge Term Loan - II
(against hypothecation of Plant and Machinery, Stock and Book debts) |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
raw material, stock in process, finished goods, and book debts all moveable assets
including plant and machinery |
|
Date of
instrument modifying the charge |
07.02.2011 |
|
Particulars of
the present modification |
Total Charge
Amount after such modification is Rs. 38.300 Millions with included 6.300
Millions Term Loan - II limit. |
FIXED ASSETS
- Land
- Factory
Building
- Plant and
Machinery
- Air Condition
- Lab
Equipments
- Office
Equipments
- Computer
- Vehicle
electrification
- Furniture and
Fixtures
- Erection and
Commission
- Development
Charges
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 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. 55.08 |
|
|
1 |
Rs. 89.53 |
|
Euro |
1 |
Rs. 72.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.