|
Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHILPA CHEMSPEC INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
406, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.12.2005 |
|
|
|
|
Com. Reg. No.: |
11-157937 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8.850
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24117MH2005PTC157937 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS50710C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Importer of Chemicals, Papers, Resins, Laminates, Photo
Voltaic Panel Components etc. |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 85000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
financial position seems to be moderate. The profit margin appears to be low.
However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
Note: As per the Government Registry the name of the subject company is
“SHILPA CHEMSPEC INTERNATION PRIVATE LIMITED” but Mr. Divyesh S. Sanghvi
(Director) has confirmed that the correct name of the company is “SHILPA
CHEMSPEC INTERNATIONAL PRIVATE LIMITED”. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
NSIC - SE 3B |
|
Rating Explanation |
Financial strength seems to be moderate and performance capacity is
moderate. |
|
Date |
October, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Divyesh S. Sanghvi |
|
Designation : |
Director |
|
Contact No.: |
91-22-66312622 |
|
Date : |
15.07.2013 |
LOCATIONS
|
Registered Office : |
406, Adamji Building, 4th Floor, 413, Narsi Natha Street,
Mumbai – 400 009, Maharashtra, India |
|
Tel. No.: |
91-22-43402121/ 66312622/ 23432133 |
|
Fax No.: |
91-22-23442703 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Divyesh Shashikant Sanghvi |
|
Designation : |
Director |
|
Address : |
43, Suraj Bolton, 274, |
|
Date of Birth/Age : |
25.03.1974 |
|
Date of Appointment : |
09.12.2005 |
|
DIN No.: |
00728665 |
|
|
|
|
Name : |
Mr. Mehul Shashikant Sanghvi |
|
Designation : |
Director |
|
Address : |
43, Suraj Bolton, 274, |
|
Date of Birth/Age : |
30.12.1977 |
|
Date of Appointment : |
09.12.2005 |
|
DIN No.: |
00728699 |
|
|
|
|
Name : |
Ms. Bharti Shashikant Sanghvi |
|
Designation : |
Director |
|
Address : |
43, Suraj Bolton, 274, |
|
Date of Birth/Age : |
16.11.1947 |
|
Date of Appointment : |
09.12.2005 |
|
DIN No.: |
00728725 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Mehul Shashikant Sanghvi |
|
127500 |
|
Divyesh Shashikant Sanghvi |
|
127498 |
|
Bharti Shashikant Sanghvi |
|
254499 |
Names of Shareholders (Preference Shares) – Not Available
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Chemicals, Papers, Resins, Laminates, Photo
Voltaic Panel Components etc. |
|
|
|
|
Products : |
· Tetrahydrofuran · Ethyl Chloroformate · Hydroquinone · Iodine Flakes · Lithium Aluminum Hydride · Methane Sulphonic Acid · Methane Sulphonyl Chloride · Methyl Chloroformate · N.N. Dicyclohexylcarbodiimide · Phenyl Chloroformate · Resorcinol · Sodium Borohydride · Thiophenol · Iodine Prilled · Solar Backsheet · Solar Cells · Thioglycolic Acid · Laminated Materials · PVB Film · EVA Encapsulation Film |
|
|
|
|
Imports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
USA ·
Taiwan ·
Korea ·
Australia, etc. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash, Credit and Depend |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
20 (Approximately) |
|
|
|
|
Bankers : |
Union Bank of India,
Bazargate Street Branch, 266, Perin Nariman Street, Fort, Mumbai – 400 001, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vejani and Katakia Chartered Accountants |
|
Address : |
257/165, Narshi Natha Street, 213/2, New Anant Bhuvan, Bhat Bazar,
Mumbai – 400 009, Maharashtra, India |
|
Tel. No.: |
91-22-23754840 |
|
E-Mail : |
|
|
PAN No: |
AAHFV7310F |
|
|
|
|
Associates/Subsidiaries : |
Shilpa International |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500 millions |
|
90000 |
Preference Shares |
Rs.100/- each |
Rs.9.000 millions |
|
|
Total |
|
Rs.14.500
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
510000 |
Equity Shares |
Rs.10/- each |
Rs.5.100
millions |
|
37500 |
Preference Shares |
Rs.100/- each |
Rs.3.750
millions |
|
|
Total |
|
Rs.8.850 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 |
|
8.850 |
8.850 |
|
(b) Reserves & Surplus |
|
8.504 |
8.103 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
4.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
21.354 |
16.953 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.070 |
0.062 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.070 |
0.062 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2.531 |
2.271 |
|
(b)
Trade payables |
|
12.262 |
15.961 |
|
(c)
Other current liabilities |
|
2.049 |
2.195 |
|
(d) Short-term
provisions |
|
0.380 |
0.000 |
|
Total Current Liabilities
(4) |
|
17.222 |
20.427 |
|
|
|
|
|
|
TOTAL |
|
38.646 |
37.442 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
0.354 |
0.391 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
0.354 |
0.391 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
7.756 |
6.994 |
|
(c)
Trade receivables |
|
19.881 |
18.785 |
|
(d) Cash
and cash equivalents |
|
9.669 |
8.919 |
|
(e)
Short-term loans and advances |
|
0.986 |
2.353 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
38.292 |
37.051 |
|
|
|
|
|
|
TOTAL |
|
38.646 |
37.442 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
8.850 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
7.299 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
16.149 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
2.568 |
|
|
TOTAL BORROWING |
|
|
2.568 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
18.732 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.700 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3.892 |
|
|
Sundry Debtors |
|
|
13.783 |
|
|
Cash & Bank Balances |
|
|
1.987 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
10.653 |
|
Total
Current Assets |
|
|
30.315 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
11.231 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
1.054 |
|
Total
Current Liabilities |
|
|
12.285 |
|
|
Net Current Assets |
|
|
18.030 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.002 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
18.732 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
TURNOVER |
105.433 |
104.976 |
78.576 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
NA |
NA |
NA |
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
100.000 |
|
|
|
|
|
The above information has been parted by Mr. Divyesh S. Sanghvi
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12
|
0.13 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.22
|
1.81 |
2.47 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current
Maturities of Long Term Debt: Not Available
|
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 |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last four years |
Yes |
|
12) Profitability for last three years |
No |
|
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) |
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 |
|
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 Loan |
As
on 31.03.2012 (Rs.
in Millions) |
As
on 31.03.2011 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable
on demand |
|
|
|
- From other parties |
2.531 |
2.271 |
|
Total
|
2.531 |
2.271 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24117MH2005PTC157937 |
|
Name of the
company |
SHILPA CHEMSPEC INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
406, Adamji Building, 4th Floor, 413, Narsi Natha Street,
Mumbai – 400 009, Maharashtra, India E-Mail: ashvinvejani@hotmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Union Bank of India,
Bazargate Street Branch, 266, Perin Nariman Street, Fort, Mumbai – 400 001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
Vehicles Agreement |
|
Date of
instrument Creating the charge |
26.06.2013 |
|
Amount secured by
the charge |
Rs.0.500 million |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 10.70% per annum
with Monthly rests or at such other rate/s as may be prescribed by the Bank
from time to time Terms of
Repayment: Vehicle Loan
(Term Loan) under Union Miles Scheme
shall be repayable in 36 Equated Monthly Installment of Rs.0.016 million
commencing from July 2013 Margin: As per sanction
terms Extent and
Operation of the charge: To Secure Vehicle
Loan (Term Loan) under Union Miles Scheme facility of Rs.0.500 million
granted by the Bank to the Company. |
|
Short particulars
of the property charged |
Hypothecation by
way of First Charge in favour of the Bank : Vehicle ERTIGA ZXI |
FIXED ASSETS:
·
Air Condition
·
Cellular Phone
·
Computer
·
Fax Machine
·
Motor Car
·
Motor Cycle
·
Furniture
·
Refrigerator
·
Type Writer
·
Water Cooler
·
Xerox Machine
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 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.60.05 |
|
|
1 |
Rs.90.71 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.