MIRA
INFORM REPORT
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Report Date : |
03.01.2012 |
IDENTIFICATION DETAILS
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Name : |
SIGMA SOLVENTS PRIVATE LIMITED |
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Registered
Office : |
1502, Adonis, Raheja Acropolis ll, Behind Telecom Factory, Deonar,
Mumbai – 400088, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.04.1988 |
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Com. Reg. No.: |
11-047155 |
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Capital
Investment / Paid-up Capital : |
Rs.12.000 Millions |
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CIN No.: [Company Identification
No.] |
U240100MH1988PTC047155 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS08346C |
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PAN No.: [Permanent Account No.] |
AAACS0672D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
of Chemicals |
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No. of Employees
: |
Not Available |
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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Maximum Credit Limit : |
USD 51000 |
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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 record. The
company has incurred a loss in the current year. 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.
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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A1 |
A1 |
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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 |
LOCATIONS
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Registered Office : |
1502, Adonis, Raheja Acropolis ll, Behind Telecom Factory, Deonar,
Mumbai – 400088, |
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Tel. No.: |
91-22-25584840 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Reach Out Location : |
Plot No.A-39/40, MIDC Phase – 1, Dombivli (East), District – Thane –
421203, |
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Tel. No.: |
91-251-2471367 |
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Fax No.: |
91-251-2424277 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Salim Dawood Memon |
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Designation : |
Managing Director |
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Address : |
G-1, Dattaguru Co-operative Housing Society, Deonar, Mumbai – 400088, |
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Date of Birth/Age : |
06.12.1946 |
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Date of Appointment : |
26.04.1988 |
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DIN No.: |
00903766 |
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Name : |
Mr. Suresh Anant Pai |
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Designation : |
Director |
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Address : |
Plot No.23, Middle Class Housing Society, Panvel, Raigad – 410203, |
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Date of Birth/Age : |
22.04.1954 |
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Date of Appointment : |
31.03.2000 |
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DIN No.: |
01029920 |
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Other Directorship:
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Name : |
Mrs. Sanam Salim Memon |
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Designation : |
Additional Director |
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Address : |
G-1, Dattaguru Co-operative Housing Society, Deonar, Mumbai – 400088, |
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Date of Birth/Age : |
23.03.1958 |
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Date of Appointment : |
09.07.2008 |
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DIN No.: |
02252598 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Salim Dawood Memon |
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504520 |
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Sanam Salim Memon |
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501080 |
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Saad Salim Memon |
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42600 |
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Benazir Salim Memon |
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108160 |
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43640 |
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TOTAL |
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1200000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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
of Chemicals |
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Products : |
PRODUCTION STATUS
As on 31.03.2011
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Short Chain |
MT |
NA |
900 |
170.83 |
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Specialty/ Fine Chemicals |
MT |
NA |
120 |
0.00 |
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Industrial Bye Products |
MT |
NA |
NA |
144.77 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
Sicom Investments and Finance Limited Address : 442, Solitaire Corporate Park, Building No.4, Chakala,
Andheri (East), Mumbai – 400093, |
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Auditors : |
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Name : |
M.J. Kapadia and Company Chartered Accountant |
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Address : |
E/21, |
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Tel. No.: |
91-22-23436462/ 23449373 |
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Fax No.: |
91-22-23436461 |
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E-Mail : |
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PAN.: |
AACPK1522H |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs.12.000
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 |
12.000 |
12.000 |
12.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.843 |
3.270 |
2.895 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.843 |
15.270 |
14.895 |
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LOAN FUNDS |
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1] Secured Loans |
0.619 |
4.999 |
4.685 |
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2] Unsecured Loans |
8.567 |
7.014 |
8.191 |
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TOTAL BORROWING |
9.186 |
12.013 |
12.876 |
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DEFERRED TAX LIABILITIES |
1.110 |
1.332 |
1.421 |
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TOTAL |
23.139 |
28.615 |
29.192 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.707 |
10.408 |
11.034 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.598 |
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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 |
12.333
|
10.519 |
9.773 |
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Sundry Debtors |
13.119
|
10.115 |
12.093 |
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Cash & Bank Balances |
0.089
|
0.244 |
0.120 |
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Other Current Assets |
0.000
|
0.000 |
0.044 |
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Loans & Advances |
2.737
|
2.200 |
2.004 |
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Total
Current Assets |
28.278
|
23.078 |
24.034 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.091
|
4.116 |
5.718 |
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Other Current Liabilities |
0.054
|
0.054 |
0.054 |
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Provisions |
0.702
|
0.702 |
0.702 |
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Total
Current Liabilities |
14.847
|
4.872 |
6.474 |
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Net Current Assets |
13.431
|
18.206 |
17.560 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.139 |
28.615 |
29.192 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
38.739 |
48.036 |
43.890 |
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Processing Charges |
0.000 |
0.000 |
0.016 |
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Other Income |
0.060 |
0.013 |
0.017 |
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TOTAL (A) |
38.799 |
48.049 |
43.923 |
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Less |
EXPENSES |
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|
|
|
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|
Cost of Good Sold |
35.056 |
41.721 |
38.225 |
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Administrative Expenses |
4.306 |
3.812 |
2.240 |
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Advertising Expenses |
0.282 |
0.199 |
0.340 |
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Miscellanies Expenses |
0.268 |
0.155 |
0.116 |
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TOTAL (B) |
39.912 |
45.887 |
40.921 |
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Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.113) |
2.162 |
3.002 |
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|
0.755 |
0.535 |
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Less |
FINANCIAL
EXPENSES (D) |
0.204 |
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|
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1.137) |
1.407 |
2.467 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.512 |
1.120 |
1.122 |
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|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(2.649) |
0.287 |
1.345 |
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Less |
TAX (H) |
0.222 |
(0.089) |
(0.376) |
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|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(2.428) |
0.376 |
1.721 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.690 |
2.314 |
0.593 |
|
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|
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|
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|
BALANCE CARRIED
TO THE B/S |
0.262 |
2.690 |
2.314 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export of FOB Basis |
3.573 |
8.991 |
5.309 |
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Earnings Per
Share (Rs.) |
(2.02) |
0.31 |
1.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(6.26)
|
0.78 |
3.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
(6.84)
|
0.60 |
3.06 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(6.97)
|
0.86 |
3.84 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21)
|
0.02 |
0.09 |
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87
|
1.11 |
1.30 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
4.74 |
3.71 |
LOCAL AGENCY FURTHER INFORMATION
NOTES:
The refgistered office address has been changed from A-701, Kukreja
Residency, W.T. Marg, Chembur – 400071,
FINANCIAL AND
OPERATIONAL PERFORMANCE
The gross income earned by the company during the year was Rs.38.799 as
against Rs.48.036 in the previous year. After accounting for the expenditure of
Rs.41.448 millions (Previous Year Rs.47.762 Millions) the company incurred a
loss of Rs.2.649 as against profit of Rs.0.287 millions in the previous year.
FORM 8
|
Corporate
identity number of the company |
U24100MH1988PTC047155 |
|
Name of the
company |
SIGMA SOLVENTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1502, Adonis, Raheja Acropolis ll, Behind Telecom Factory, Deonar,
Mumbai – 400088, Email: salim@sigmasolvents.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Sicom Investments and Finance Limited, 442, Solitaire Corporate Park,
Building No.4, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India Email: ahvora@sifl.in |
|
Nature of
instrument creating charge |
Loan Agreement
Dated 5th July, 2011. |
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Date of
instrument Creating the charge |
05.07.2011 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
25% Terms of
Repayment: Medium Term Loan
(MTL) of Rs.10.000 millions to be utilized by the Borrower Company for meeting
its capital expenditure requirements to the extend of Rs.500.000 millions and
for repayment of debt of the Borrower Company to extent of Rs.5.000 millions
The tenure of the MTL would be for a period of 3 1/2 years. The repayment
would commence at the end of 18 months from the date of first disbursement in
8 equal quarterly installments of Rs.1.250 millions each. Margin: As per Bank rate Extent and
operation of charge: First charge |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First legal
mortgage of the existing and future assets of the Borrower Company comprising
of the land, building, plant and machinery ( both fixed and moveable) situate
at Plot Nos. A-39/40, MIDC Phase I, Dombivli, District Thane in the State of First
Hypothecation/charge by way of hypothecation of whole of current assets of
the Borrower Company, both present and future, and including, but not limited
to its stocks of raw materials, work-in-process, semi finished goods,
finished goods, packing materials, stores etc. and all the book debts and
receivables of the Borrower Company. Work-in-process, semi finished goods, finished goods, packing
materials, stores etc. and all the book debts and receivables of the Borrower
Company. |
FIXED ASSETS
- Land
- Goodwill
- Plant and Machinery
- Air Conditioner
- Office Equipment
- Furniture and Fixture
- Computers
- Motor Car
- Scooter
- Cycle
WEBSITE DETAILS
Subject is a SME operating in niche markets. They manufacture selected chemicals for
identified end users in :
* Dyestuff
* Pigments
* Mining
They have achieved leadership position in our chosen areas leading to import substitution and exports. They command a share of more than 80% in many of the Products in Local Market.
* Attention to Stringent Quality
* Identifying with the Customer
* Dedicated Customer Service
OUR
It
is our
Our Commitment to Performance motivates us to encourage learning within the
Organization, providing room for Personal Growth and Achievement. All training
is focused to ensure that our Team is technically updated and in tune with
latest Research and Development in the International field.
They
stay competitive at all times by Innovation, Research, Productivity, Quality
Control and Motivation.
.
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.53.30 |
|
|
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.68.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--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.