MIRA
INFORM REPORT
|
Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAI SURFACTANTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
21, Princep Sreet, Kolkata - 700072, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.11.1989 |
|
|
|
|
Com. Reg. No.: |
21-047923 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.158 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24241WB1989PTC047923 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporters of Detergent Powder. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 460000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Even though the company has reported a slight increase in the sales turnover,
there appear a drastic dip in the net profitability during 2012. However, the
position of reserves seems to be decent. Trade relations are fair. Business is active. Payment terms are
usually correct. 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Letter of credit : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
15.05.2012 |
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.
LOCATIONS
|
Registered Office : |
21, Princep Sreet, Kolkata - 700072, West |
|
Tel. No.: |
91-33-22633849 / 22363055 |
|
Fax No.: |
91-33-22257689 / 24785014 / 22219145 |
|
E-Mail : |
DIRECTORS
As on : 29.09.2012
|
Name : |
Mr. Kamalesh Mondal |
|
Designation : |
Director |
|
Address : |
2/2, Sudha Sindhu, Banerjee Lane, Kolkata – 700053, West |
|
Date of Birth/Age : |
07.04.1954 |
|
Date of Appointment : |
11.06.2009 |
|
DIN No.: |
01199098 |
|
|
|
|
Name : |
Mr. Sanjeev Fogla |
|
Designation : |
Director |
|
Address : |
38, Shibnath Sastri, Sarani, New Alipore, Kolkata – 700053, West |
|
Date of Birth/Age : |
10.05.1968 |
|
Date of Appointment : |
27.11.1989 |
|
DIN No.: |
00534212 |
|
|
|
|
Name : |
Mr. Anand Jeloka |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
16.02.1975 |
|
Date of Appointment : |
01.04.1995 |
|
DIN No.: |
00498028 |
|
|
|
|
Name : |
Mr. Vishnu Kumar Fogla |
|
Designation : |
Director |
|
Address : |
788, Block – E, New Alipore, Kolkata – 700053, West |
|
Date of Birth/Age : |
09.06.1949 |
|
Date of Appointment : |
01.03.2001 |
|
DIN No.: |
00270779 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
Equity Share Break up (Percentage of Total Equity)
As on : 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
87.00 |
|
Directors or relatives of Directors |
6.00 |
|
Other top fifty shareholders |
7.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporters of Detergent Powder. |
PRODUCTION STATUS (31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
HDPE/PP Woven Sacks |
Pcs |
NA |
NA |
34.155 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
v
HDFC Bank Limited, Stephen House Branch v United bank of v Allahabad Bank,
Red Cross Place Branch, 7, Red Cross Place, Kolkata - 700001, West Bengal,
India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Auditors : |
|
|
Name : |
Kay and Kay Associates Chartered Accountants |
|
Address : |
21, Hemanta Basu Sarani, 5th Floor, Room No 501, Kolkata –
700001, West Bengal, |
|
Tel. No.: |
91-33-22105006 |
|
Fax No.: |
91-33-22105006 |
|
E-Mail : |
|
|
PAN No.: |
ADSPG3393B |
|
|
|
|
Associates : |
v Sai Sulphonates Private Limited v Sai Industries Private Limited v Rishi Securities and Finance Private Limited v
Rama
Laminators v Bhagirathi
Packaging Private Limited v
Kamakhya
( v Kamakhya Packaging Private Limited v Happy Suppliers Private Limited |
CAPITAL STRUCTURE
As on : 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41580 |
Equity Shares |
Rs. 100/- each |
Rs. 4.158 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
4.158 |
4.158 |
|
(b) Reserves & Surplus |
|
112.437 |
109.907 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
116.595 |
114.065 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.035 |
0.150 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
0.035 |
0.150 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
43.715 |
62.209 |
|
(b)
Trade payables |
|
14.387 |
27.401 |
|
(c)
Other current liabilities |
|
0.583 |
0.341 |
|
(d) Short-term
provisions |
|
1.500 |
10.074 |
|
Total Current Liabilities (4) |
|
60.185 |
100.025 |
|
|
|
|
|
|
TOTAL |
|
176.815 |
214.240 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
23.405 |
26.471 |
|
(ii)
Intangible Assets |
|
0.633 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
5.768 |
4.768 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.020 |
0.032 |
|
Total Non-Current Assets |
|
29.826 |
31.271 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
33.896 |
50.979 |
|
(c)
Trade receivables |
|
83.761 |
71.903 |
|
(d) Cash
and cash equivalents |
|
2.310 |
0.691 |
|
(e)
Short-term loans and advances |
|
27.022 |
59.396 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
146.989 |
182.969 |
|
|
|
|
|
|
TOTAL |
|
176.815 |
214.240 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
3.892 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
85.765 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
89.657 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
40.115 |
|
|
2] Unsecured Loans |
|
|
3.860 |
|
|
TOTAL BORROWING |
|
|
43.975 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.374 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
134.006 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
26.722 |
|
|
Capital work-in-progress |
|
|
1.363 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.558 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
31.759 |
|
|
Sundry Debtors |
|
|
38.940 |
|
|
Cash & Bank Balances |
|
|
0.599 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
52.809 |
|
Total
Current Assets |
|
|
124.107 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
9.599 |
|
|
Other Current Liabilities |
|
|
0.315 |
|
|
Provisions |
|
|
10.874 |
|
Total
Current Liabilities |
|
|
20.788 |
|
|
Net Current Assets |
|
|
103.319 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.044 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
134.006 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
354.481 |
|
|
|
|
|
Other Income |
0.929 |
|
|
|
|
|
Changes in Inventories |
6.369 |
|
|
|
|
|
TOTAL |
361.779 |
327.607 |
349.593 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
321.667 |
329.842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
5.940 |
19.751 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
1.875 |
4.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
4.065 |
15.082 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
29.554 |
35.475 |
23.083 |
|
|
TOTAL IMPORTS |
29.554 |
35.475 |
23.083 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
98.00 |
381.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
1.24 |
4.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.25 |
15.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.05 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.55 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.44
|
1.83 |
5.97 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
two 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 |
No |
|
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 |
No |
|
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 |
Yes |
UNSECURED LOANS :
(Rs in Millions)
|
PARTICULARS |
31.03.2012
|
31.03.2011
|
|
Short term
borrowings : |
|
|
|
From Bodies
Corporate |
16.694 |
4.095 |
|
Total |
16.694 |
4.095 |
INDEX OF CHARGE :
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10360567 |
11/05/2012 |
248,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL
W, MUMBAI, Maharashtra - 400013, |
B41611195 |
|
2 |
10251230 |
24/09/2010 |
80,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, |
A98739469 |
|
3 |
10082867 |
20/12/2007 |
100,000,000.00 |
UNITED BANK OF |
|
A30147888 |
|
4 |
10033110 |
14/05/2010 * |
40,000,000.00 |
UNITED BANK OF |
OLD COURT HOUSE STREET BRANCH, 11, HEMANTA
BASU SARANI, KOLKATA, West Bengal - 700001, INDIA |
A87331468 |
|
5 |
90253658 |
14/02/2000 * |
8,000,000.00 |
ALLAHABAD BANK |
RED CROSS PLACE BRANCH, 7; RED CROSS PLACE, CALCUTTA, West Bengal - 700001,
INDIA |
- |
FIXED ASSETS :
v Land
v
v Plant and Machinery
v Air conditioner
v Generator
v Motor Car
v Electric Installation
v Office Equipments
v Other Equipments
v Furniture and Fixtures
v Computer
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 proeeding 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. 60.80 |
|
|
1 |
Rs. 94.21 |
|
Euro |
1 |
Rs. 81.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.