MIRA
INFORM REPORT
|
Report Date : |
19.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
STERLING CHEMICALS AND ALCOHOLS PRIVATE LIMITED |
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Registered
Office : |
15-A, Bhale Estate, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
04.07.1991 |
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Com. Reg. No.: |
11-062354 |
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Capital
Investment / Paid-up Capital : |
Rs. 16.499 Millions |
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CIN No.: [Company Identification
No.] |
U24116MH1991PTC062354 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Alcohols. |
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No. of Employees
: |
14 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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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 113000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There
appears slight dip in sales. Profit margin seems to be low. The external
borrowing appears to be huge. 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 normal dealings with some caution. |
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) |
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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 |
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. Manoj Kumar Naidu |
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Designation : |
Accounts Department |
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Contact No.: |
91-20-25542659 |
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Date : |
12.07.2013 |
LOCATIONS
|
Registered Office : |
15-A, Bhale Estate, |
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Tel. No.: |
91-20-25542659/25541772 |
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Fax No.: |
91-20-25541771 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Gate No. 943/1A/1 Sanaswadi, Taluka Shirur, District Pune – 412208, |
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Tel. No.: |
91-2137-252496/252901 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Jayant Shamrao Arbatti |
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Designation : |
Managing Director |
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Address : |
59, Aishwarya Apartments, 2nd Floor, United Western Bank
Colony, Karvenagar, Pune – 411052, |
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Date of Birth/Age : |
31.08.1965 |
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Date of Appointment : |
04.07.1991 |
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DIN No.: |
00810089 |
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Other Directorship:
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Name : |
Mr, Ajit Shamrao Arbatti |
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Designation : |
Director |
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Address : |
Arbatti Banglow, Saraswati Colony, Shrirampur, Ahmedabad – 431709, |
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Date of Birth/Age : |
30.08.1957 |
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Date of Appointment : |
04.07.1991 |
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DIN No.: |
00810107 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Manoj Kumar Naidu |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
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Jayant Shamrao Arbatti |
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78309 |
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Dilip Shamrao Arbatti |
|
2043 |
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Ajit Shamrao Arbatti |
|
2043 |
|
Sneha Jayant Arbatti |
|
62000 |
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Shankarrao Ramchandra Nikam |
|
737 |
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Pradeep Shankarrao Nikam |
|
603 |
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Prakash Shankarrao Nikam |
|
603 |
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Sunita Dilip Arbatti |
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1340 |
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Anjali Ajit Arbatti |
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1340 |
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Shrihari Vaman Kulkarni |
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1340 |
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Hemlata Shrihari Kulkarni |
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1340 |
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Hemlata Prakash Kulkarni |
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1340 |
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Sudhakar Gangadhar Wangikar |
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4019 |
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Sarojini Sudhakar Wangikar |
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4019 |
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Sindhu Shamrao Arbatti |
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3919 |
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Total |
|
164995 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
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Directors or relatives of Directors |
91.52 |
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Other top fifty shareholders |
8.48 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Alcohols. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (As on 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity (
Per Annum) |
Installed
Capacity (Per
Day) |
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Spirit |
B.L. |
1650000 |
30000 |
GENERAL INFORMATION
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Customers : |
Manufacturing Companies |
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No. of Employees : |
14 (Approximately) |
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Bankers : |
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Facilities : |
* Prime Security : i)
Pari Pasu Charge by way of registered mortgage on
properties at Pune. Collateral Security : i)
Pari Pasu Charge by way of Hypothecation on Stock
Plus debtors than submitted to Canbank factors as reduced by Creditors. ii)
Pari Pasu Charge by way of Hypothecation on
existing plant and machinery iii)
Personal guarantee of all Directors |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.K. Naredi and Company Chartered Accountants |
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Address : |
Flat No. 310, |
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PAN No.: |
AAMPN0137O |
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Enterprises in which KMP/ Relatives of KMP can exercise Significant
influence : |
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CAPITAL STRUCTURE
After 29.09.2012
Authorised Capital : Rs. 20.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 17.299
Millions
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
164995 |
Equity Shares |
Rs. 100/- each |
Rs. 16.499 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
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16.499 |
15.585 |
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(b) Reserves & Surplus |
|
11.840 |
8.928 |
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(c) Money
received against share warrants |
|
0.000 |
0.000 |
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(2) Share Application money pending allotment |
|
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
28.339 |
24.513 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
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59.434 |
14.184 |
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(b) Deferred tax liabilities (Net) |
|
0.188 |
0.753 |
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(c) Other long term liabilities |
|
0.000 |
0.000 |
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(d) long-term provisions |
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2.486 |
1.500 |
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Total Non-current Liabilities (3) |
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62.108 |
16.437 |
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(4) Current Liabilities |
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(a) Short term borrowings |
|
39.596 |
38.608 |
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(b) Trade payables |
|
7.585 |
7.571 |
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(c) Other current
liabilities |
|
7.168 |
15.167 |
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(d) Short-term provisions |
|
1.842 |
4.340 |
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Total Current Liabilities (4) |
|
56.191 |
65.686 |
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TOTAL |
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146.638 |
106.636 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
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28.291 |
12.060 |
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(ii) Intangible Assets |
|
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
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0.000 |
0.000 |
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(iv)
Intangible assets under development |
|
0.000 |
0.000 |
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(b) Non-current Investments |
|
21.279 |
43.509 |
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(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
|
9.445 |
9.729 |
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(e) Other Non-current assets |
|
0.000 |
0.000 |
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Total Non-Current Assets |
|
59.015 |
65.298 |
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(2) Current assets |
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|
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(a) Current investments |
|
0.000 |
0.000 |
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(b) Inventories |
|
32.935 |
3.426 |
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(c) Trade receivables |
|
21.958 |
23.527 |
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(d) Cash and cash
equivalents |
|
2.931 |
0.419 |
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(e) Short-term loans and
advances |
|
19.687 |
7.141 |
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(f) Other current assets |
|
10.112 |
6.825 |
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Total Current Assets |
|
87.623 |
41.338 |
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TOTAL |
|
146.638 |
106.636 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
11.633 |
|
|
2] Share Application Money |
|
|
0.000 |
|
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3] Reserves & Surplus |
|
|
10.512 |
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4] (Accumulated Losses) |
|
|
0.000 |
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NETWORTH |
|
|
22.145 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
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|
37.979 |
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2] Unsecured Loans |
|
|
14.184 |
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TOTAL BORROWING |
|
|
52.163 |
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DEFERRED TAX LIABILITIES |
|
|
(0.420) |
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TOTAL |
|
|
73.888 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
12.373 |
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Capital work-in-progress |
|
|
0.000 |
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|
|
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INVESTMENT |
|
|
44.259 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
9.096 |
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|
Sundry Debtors |
|
|
10.243 |
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Cash & Bank Balances |
|
|
0.397 |
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Other Current Assets |
|
|
0.000 |
|
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Loans & Advances |
|
|
15.538 |
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Total
Current Assets |
|
|
35.274 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
|
|
4.011 |
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Other Current Liabilities |
|
|
10.090 |
|
|
Provisions |
|
|
0.917 |
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Total
Current Liabilities |
|
|
15.018 |
|
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Net Current Assets |
|
|
17.256 |
|
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
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TOTAL |
|
|
73.888 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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Income |
198.096 |
231.099 |
141.027 |
|
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Other Income |
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|
NA |
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TOTAL
|
198.096 |
231.099 |
NA |
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TOTAL EXPENSES |
194.378 |
226.266 |
NA |
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PROFIT BEFORE
TAX |
3.718 |
4.833 |
3.405 |
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|
TAX |
1.492 |
2.465 |
2.362 |
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PROFIT AFTER TAX
|
2.226 |
2.368 |
1.459 |
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EARNINGS IN
FOREIGN CURRENCY (FOB value of Export |
83.063 |
140.187 |
1.968 |
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Earnings Per
Share (Rs.) |
13.49 |
15.20 |
22.90 |
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Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
210.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.12
|
1.02 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
2.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.83
|
9.46 |
7.15 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.19 |
0.15 |
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Debt Equity Ratio (Total Debt /Networth) |
|
3.49
|
2.15 |
0.64 |
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Current Ratio (Current Asset/Current Liability) |
|
1.56
|
0.63 |
2.35 |
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 |
Yes |
|
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 |
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 |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Sales Tax
Deferrment Loan (The company has
availed sales tax incentive by way of Sales Tax Deferral benefit Rs. 14.184
Millions and same is payable from 2013-14 in five equal installments.) |
14.184 |
14.184 |
|
Total |
14.184 |
14.184 |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate identity number of the company |
U24116MH1991PTC062354 |
|
Name of the company |
STERLING CHEMICALS AND ALCOHOLS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
15-A, Bhale Estate, Email ID : sterling@pn2.vsnl.in |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Others (Corporate Guarantee) |
|
Particular of charge holder |
Vidya Sahakari Bank Limited, Sr No. 1355, Shukrawar Peth, Through Its Email ID : sutar@vidyabank.com |
|
Nature of instrument creating charge |
1) Guarantee Agreement 2) Mortgage Deed Both dated 19th August 2012. |
|
Date of instrument Creating the charge |
19.08.2012 |
|
Amount secured by the charge |
Rs. 8.500 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 15% p.a. (Monthly Rest) Terms of Repayment Repayable on demand Margin as per the sanction letter Extent and Operation of the charge 1. Sanction letter 2. Guarantee Agreement 3. Mortgage Deed Others Vidya Sahakari Bank Limited sanctioned cash credit of Rs. 8.500
Millions to Snehjyot Corporation which is sister concern of Sterling
Chemicals and Alcohols Private Limited against the property of M/S Sterling
Chemicals and Alcohols Private Limited and Corporate Guarantee |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
All the piece and parcel of the property at Mouje Baner, being Plot and
land admeasuring about 0H 10R from and out of land bearing Survey No. 150,
Hissa No. 5/1 totally admeasuring about 0H 46R, all the piece and parcel land
admeasuring about 0H 8.5R from and out of land bearing Gat No. 943, Hissa No.
1A/1 of village Sanaswadi, Within the Registration District of Pune, all the
piece and parcel land admeasuring about 0H 90R from and out of land bearing
Gat No. 943, Hissa No. 1A/1/2 of village Sanaswadi, lands are Within the
Registration District of Pune, sub registration Taluka Shirur and within the
Limits of Pune Zilla Parishad Panchayat Taluka Samiti Shirur |
|
Whether any of the property or interest therein under reference is not
registered in the name of the company |
Snehjyot Corporation |
FIXED ASSETS:
- Land
- Building
- Compound Wall
- Computers
- Electrical
Installation
- Furniture
- Internal
Roads
- Laboratory
Equipments
- Office
Equipments
- Plant and
Machinery
- Vehicle
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 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. 59.71 |
|
|
1 |
Rs. 90.59 |
|
Euro |
1 |
Rs. 77.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.