MIRA
INFORM REPORT
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Report Date : |
09.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUPRAVENI CHEMICALS PRIVATE LIMITED |
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Registered Office : |
‘SURAM’ 11th Cross, St. Anthony’s School Road End,
Ramamurthy Nagar, Bangalore-560016, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
27.11.2003 |
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Com. Reg. No.: |
08-032925 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.979
millions |
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CIN No.: [Company
Identification No.] |
U02411KA2003PTC032925 |
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IEC No.: |
0705002837 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS18803B |
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PAN No.: [Permanent
Account No.] |
AAICS8472K |
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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 : |
50 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 59000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company with satisfactory track. The profit
of the company is improving. Trade relations are fair. Business is active.
Payments are reported to be usually correct. The company can be considered good for normal business dealings under
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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION PARTED BY
|
Name : |
Ms. Ratan |
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Designation : |
Relation Executive |
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Contact No.: |
91-80-28455692 |
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Date : |
24.04.2012 |
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LOCATIONS
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Registered Office : |
‘SURAM’ 11th Cross, St. Anthony’s School Road End, Ramamurthy
Nagar, Bangalore-560016, |
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Mobile No.: |
91-9845036309 (Mr. Somasundaram) |
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E-Mail : |
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Website : |
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Area : |
1500 Sq. Ft. |
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Location : |
Owned |
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Factory: |
Plot No. 8C1, II Cross, KIADB Industrial Area, Kadugodi,
Bangalore-560067, |
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Tel. No.: |
91-80-28455690 / 28455692 |
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Fax No.: |
91-80-28455691 |
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E-Mail : |
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Area : |
6300 Sq. ft. |
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Location : |
Owned |
DIRECTORS
AS ON : 30.09.2011
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Name : |
Mr. V. Somasundaram |
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Designation : |
Chairman |
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Address : |
‘SURAM’ 11th Cross, St. Anthony’s School Road End,
Ramamurthy Nagar, |
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Date of Birth/Age : |
13.03.1951 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
01.12.2006 |
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DIN No : |
00430716 |
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Name : |
Mrs. Sugadha Somasundaram |
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Designation : |
Managing Director |
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Address : |
‘SURAM’ 11th Cross, St. Anthony’s School Road End,
Ramamurthy Nagar, |
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Date of Birth/Age : |
11.02.1962 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
27.11.2003 |
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DIN No : |
00430711 |
KEY EXECUTIVES
|
Name : |
Ms. Ratan |
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Designation : |
Relation Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
V. Somasundaram |
59616 |
|
Sugadha Somasundaram |
40176 |
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Total |
99792 |
AS ON : 30.09.2011
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 : |
·
Chemicals for lead acid batteries ·
Chemicals for Nickel Cadmium Batteries ·
Chemicals for Electroplating and PCB industries ·
Chemicals for Laboratories, research and
electronic industries ·
Chemicals for Pharma Industries |
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Imports : |
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Products : |
Chemicals |
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Countries : |
Austria |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
Starlight Industries Limited, Kerla |
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Customers : |
·
End Users ·
Wholesalers ·
Retailers ·
Bharat Electric Limited |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
·
Canara
Bank, Specialised SME Branch, Mahadevapura, Whitefield Road,
Bangalore-560048, Karnataka, India. ·
Standard Chartered Bank ·
HDFC Bank ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S M Chndrashekar Chartered Accountant |
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Address : |
186/8, 1st Floor, |
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Tel. No.: |
91-80-23313578/23449197 |
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Mobile No.: |
91-9448456493 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON : 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
83160 |
Equity Shares |
Rs. 100/- each |
Rs.8.316
millions |
|
16632 |
Bonus Shares |
Rs. 100/- each |
Rs. 1.663
millions |
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|
Total |
|
Rs. 9.979 millions |
NOTE :
of the above:
37500 Equity Shares of Rs. 100 each were allotted
as fully paid up pursuant to a contract without payment being received in cash.
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 |
9.979 |
11.316 |
10.930 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.976 |
3.481 |
1.885 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.955 |
14.797 |
12.815 |
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LOAN FUNDS |
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1] Secured Loans |
31.227 |
27.960 |
27.892 |
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2] Unsecured Loans |
2.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
33.227 |
27.960 |
27.892 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
48.182 |
42.757 |
40.707 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.816 |
14.472 |
7.811 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
7.328
|
5.377
|
5.331
|
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Sundry Debtors |
37.308
|
28.421
|
21.597
|
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Cash & Bank Balances |
0.115
|
0.158
|
10.028
|
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Other Current Assets |
4.943
|
12.055
|
6.118
|
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Loans & Advances |
3.292
|
1.264
|
1.943
|
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Total
Current Assets |
52.986
|
47.275
|
45.017 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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Provisions |
4.436
|
1.920
|
1.289
|
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Total
Current Liabilities |
23.630
|
19.003
|
12.137 |
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Net Current Assets |
29.356
|
28.272
|
32.880
|
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MISCELLANEOUS EXPENSES |
0.010 |
0.013 |
0.016 |
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TOTAL |
48.182 |
42.757 |
40.707 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TURNOVER |
154.821 |
118.700 |
114.713 |
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EXPENDITURE |
149.856 |
NA |
112.545 |
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PROFIT BEFORE
TAX |
4.964 |
4.517 |
2.168 |
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PROFIT AFTER TAX |
3.159 |
NA |
1.350 |
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EARNING PER
SHARE |
0.08 |
-- |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
3.20
|
3.81
|
1.90
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.91
|
7.32
|
4.10
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.31
|
0.17
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Debt Equity Ratio (Total Liability/Networth) |
|
3.80
|
3.17
|
3.12
|
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Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.49
|
3.71
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL
RESULTS
During the year, the Company had increase turnover of Rs. 153.700
millions as against the turnover of Rs. 118.700 millions in the previous year.
Accordingly the company earned a net profit of Rs. 4.964 millions as against
the profit of Rs. 4.517 millions in the previous year. The profits would have
been higher but for the fact that there was pressure in margin due to increases
raw material cost and increase in depreciation. Based on the orders on hand and
current performance, The Directors are hopeful of further improving the
performance in the current year.
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80029195 |
|
Corporate
identity number of the company |
U02411KA2003PTC032925 |
|
Name of the company
|
SUPRAVENI
CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
‘SURAM’ 11th Cross, St. Anthony’s School Road End,
Ramamurthy Nagar, Bangalore-560016, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
Canara Bank, SSI
Branch, Whitefield Road, Dyavasandra Industrial Estate, Mahadevapura,
Bangalore-560048, Karnataka, India. |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Common
Hypothecation Agreement |
|
Date of
instrument Creating the charge |
21.05.2008 |
|
Amount secured by
the charge |
Rs.37.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OCC/ODBD -
11..75% p.a. TL - 12% p.a. Terms of
Repayment OCC/ODBD -
Running account repayable on demand TL Rs.3.500
Millions - Repayable in 60 months with 3 months initial repayment holiday
comprising 59 installments of Rs.66700/- and last installment of Rs.64700/- Margin OCC/ODBD - 25% on
stocks; 40% on book debts TL - 33% LC - 25% Extent and
Operation of the charge The charge shall
operate to the extent of Rs.37.500 Millions plus interest, commission, costs,
expenses and other charges thereon. Others The said amount
of Rs.37.500 Millions comprises OCC/ODBD Rs.24.000 Millions; LC Rs.2.752
Millions (rounded to Rs.2.700 Millions); DPG/TL I Rs.3.500 Millions;
Guarantee/LC Rs.3.000 Millions; Canmobile Rs.0.800 Millions; TL II Rs.3.500
Millions. |
|
Short particulars
of the property charged |
Hypothecation by way
of first charge on stocks of raw materials, semi finished/finished goods and
other inventories, book debts, receivables, plant, machineries, vehicles and
other fixed assets both present and future stored/installed at No.8C/1, II
Cross, KIADB Industrial Area, Kadugodi, Bangalore or at any other place. |
|
Particulars of
the present modification |
By the above, the
charge on stocks, book debts, plant, machineries, vehicles and other movables
shall cover the present modified limits aggregating Rs.37.500 Millions. |
FIXED ASSETS
· Building
· Plant and machinery
· Generator
· Electrical fittings
· Computers
· Furniture and fixtures
· Office equipments
TRADE REFERENCE
·
Binani Zinc Limited
·
Bee Chemical Industries
|
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 |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
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7) Promoter's background |
Yes |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
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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 |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
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 |
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.52.85 |
|
|
1 |
Rs.85.44 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.