|
Report Date : |
07.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUPARNA CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
54, A, Mittal Tower, Nariman Point, Mumbai – 400 021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.03.1980 |
|
|
|
|
Com. Reg. No.: |
11-022332 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 45.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1980PLC022332 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37272E |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer of Specialty Chemicals |
|
|
|
|
No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company having satisfactory track.
The company is progressing. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct and as per commitments. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Rudrappa K |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-251-2620313 |
|
Date : |
06.06.2012 |
LOCATIONS
|
Registered Office : |
54, A, Mittal Tower, Nariman Point, Mumbai – 400 021, |
|
Tel. No.: |
91-22-22027446 / 47 / 48 / 49 |
|
Fax No.: |
91-22-22830212 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
W-9, Chemical Zone, MIDC,
Ambernath-421 501, |
|
Tel. No.: |
91-251-2610612 |
|
Fax No.: |
91-251-2610893 |
|
|
|
|
Factory 2 : |
Plot No. N-63, MIDC, Additional Ambernath (East), Thane-421506,
Maharashtra, India |
|
Tel. No.: |
91-251-2610125 |
|
Fax No.: |
91-251-2610893 |
|
|
|
|
Factory 3: |
Plot 656, |
|
Tel. No.: |
91-260-2452207 |
|
Fax No.: |
91-260-2453132 |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Ms. Suparna D Mandal |
|
Designation : |
Director |
|
Address : |
Geetanjali, Plot 582, Kher Section, Ambernath, Thane – 421 501, |
|
Date of Birth/Age : |
28.11.1978 |
|
Date of Appointment : |
01.04.1998 |
|
DIN No.: |
00156553 |
|
|
|
|
Name : |
Mrs. Sandhya R Mandal |
|
Designation : |
Director |
|
Address : |
Geetanjali, Plot 582, Kher Section, Ambernath, Thane – 421 501, |
|
Date of Birth/Age : |
26.09.1948 |
|
Date of Appointment : |
12.03.1980 |
|
DIN No.: |
00156758 |
|
|
|
|
Name : |
Mr. Ramnath Mandal |
|
Designation : |
Director |
|
Address : |
Geetanjali, Plot 582, Kher Section, Ambernath, Thane – 421 501, |
|
Date of Birth/Age : |
17.08.1940 |
|
Date of Appointment : |
12.03.1980 |
|
DIN No.: |
00156820 |
KEY EXECUTIVES
|
Name : |
Mr. Rudrappa K |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
Sandhya R Mandal |
1525005 |
|
R N Mandal – HUF |
949995 |
|
Sumona Chatterjee |
49845 |
|
Suparna R Mandal |
250005 |
|
Tusharknti U Das |
150 |
|
Ramnath Mandal |
1800000 |
|
TOTAL
|
4575000 |
AS ON 29.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialty Chemicals |
GENERAL INFORMATION
|
No. of Employees : |
Information not given by the management |
|||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
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Bankers : |
State Bank of India, Backbay Reclamation Branch, Raheja Chamber, Nariman
Point, Mumbai – 400 021, Maharashtra, India
|
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
CPM and Associates Chartered Accountant |
|
Address : |
32, Nityanand Nagar III, |
|
Tel. No.: |
91-22-56778880 / 26835877 |
|
Fax No.: |
91-22-26830037 |
|
E-Mail : |
|
|
Pan No.: |
AAAFC3592K |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4575000 |
Equity Shares |
Rs.10/- each |
Rs. 45.750
Millions |
|
|
|
|
|
Note
1525000 shares out of the issued and
subscribed share capital were allotted as Bonus Shares by capitalization of
Reserves
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.750 |
28.100 |
27.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2342.649 |
58.666 |
36.109 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2388.399 |
86.766 |
63.409 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
183.893 |
205.768 |
225.074 |
|
|
2] Unsecured Loans |
1.377 |
0.872 |
0.794 |
|
|
TOTAL BORROWING |
185.270 |
206.640 |
225.868 |
|
|
DEFERRED TAX LIABILITIES |
13.850 |
9.985 |
6.010 |
|
|
|
|
|
|
|
|
TOTAL |
2587.519 |
303.391 |
295.287 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2478.691 |
211.406 |
229.096 |
|
|
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 |
64.461
|
75.057
|
55.372 |
|
|
Sundry Debtors |
81.789
|
41.454
|
78.049 |
|
|
Cash & Bank Balances |
7.998
|
5.093
|
9.226 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
29.603
|
46.159
|
22.472 |
|
Total
Current Assets |
183.851
|
167.763 |
165.119 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
58.936
|
66.140
|
85.768
|
|
|
Other Current Liabilities |
7.190
|
7.643
|
12.241 |
|
|
Provisions |
10.390
|
4.179
|
3.997 |
|
Total
Current Liabilities |
76.516
|
77.962 |
102.006 |
|
|
Net Current Assets |
107.335
|
89.801
|
63.113 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.493 |
2.184 |
3.078 |
|
|
|
|
|
|
|
|
TOTAL |
2587.519 |
303.391 |
295.287 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
317.572 |
233.071 |
310.358 |
|
|
|
Other Income |
3.223 |
4.989 |
4.263 |
|
|
|
TOTAL (A) |
320.795 |
238.060 |
314.621 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
106.542 |
71.027 |
102.666 |
|
|
|
Cost Materials- traded Goods |
34.249 |
39.615 |
54.051 |
|
|
|
Consumables |
23.117 |
18.030 |
26.476 |
|
|
|
Manufacturing and other Expenses |
29.701 |
27.265 |
30.808 |
|
|
|
Payments to and provisions for employees |
13.699 |
20.141 |
24.580 |
|
|
|
Administrative and Other Expenses |
14.467 |
13.947 |
19.244 |
|
|
|
Selling and Distribution Expense |
12.496 |
12.809 |
15.500 |
|
|
|
Prior Period Adjustment |
(3.122) |
0.069 |
0.000 |
|
|
|
Increase/ (Decrease) in Stock |
13.023 |
(26.350) |
(5.012) |
|
|
|
TOTAL (B) |
244.172 |
176.553 |
268.313 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
76.623 |
61.507 |
46.308 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.436 |
29.619 |
22.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
46.187 |
31.888 |
23.786 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.141 |
19.343 |
19.198 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.046 |
12.545 |
4.588 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.349 |
3.975 |
2.213 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
21.697 |
8.570 |
2.375 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
OF INCOME TAX RITTEN BACK |
0.000 |
0.000 |
0.091 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
38.103 |
29.533 |
27.067 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
59.800 |
38.103 |
29.533 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.74 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.76
|
3.60 |
0.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.83
|
5.38 |
1.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.05
|
3.31 |
1.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.14 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.12
|
3.40 |
5.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
2.15 |
1.62 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions 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 |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
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 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
SUNDRY CREDITORS
|
|
|
|
|
For Supply of Materials |
46.889 |
54.354 |
51.298 |
|
For Capital Goods and Others |
12.047 |
11.786 |
34.470 |
|
TOTAL |
58.936 |
66.140 |
85.768 |
OPERATIONS:
During the year
the Company has achieved gross turnover of Rs.307.771 Millions as compared to Rs. 264.410 Millions for the previous year. The Company has reported
profit after taxation of Rs. 21.697 Millions
as Compared to Rs.8.569 Millions
in the previous year. The Profit before depreciation and Interest has gone up
during the financial year.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Lab Equipments
·
Furniture and Fixture
·
Vehicles
·
Office Equipments
·
Factory Equipments
·
Electrical Installation
·
Cylinders
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. 55.49 |
|
|
1 |
Rs. 85.57 |
|
Euro |
1 |
Rs. 69.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.