MIRA
INFORM REPORT
|
Report Date : |
09.03.2013 |
IDENTIFICATION DETAILS
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Name : |
A R SULPHONATES PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.09.2004 |
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Com. Reg. No.: |
21-99677 |
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CIN No.: [Company
Identification No.] |
U24111WB2004PTC099677 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
of Liner Alkyl Denzene Sulphonic Acid and Spent Acid. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 830000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
LOCATIONS
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Registered Office/ Factory : |
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Tel. No.: |
91-33-22363056/ 40166100 |
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Fax No.: |
91-33-22219145/ 40166147 |
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E-Mail : |
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Website : |
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Administrative Office : |
9, Hemanta Basu Sarani, (20, |
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Tel. No.: |
91-33-22487239/ 1866 |
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Fax No.: |
91-33-22138732 |
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E-Mail : |
DIRECTORS
As on 27.08.2010
|
Name : |
Mr. Sandeep Fogla |
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Designation : |
Director |
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Address : |
38 Shibnath Sastri, Sarani, Kolkata – 700 053, West |
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Date of Birth/Age : |
31.08.1965 |
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Date of Appointment : |
06.09.2004 |
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Election Commission/ Pan Identity Card No.: |
AADPF9584F |
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DIN No.: |
00473202 |
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Name : |
Mr. Sanjeev Fogla |
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Designation : |
Director |
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Address : |
38 Shibnath Sastri, Sarani, Kolkata – 700 053, West |
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Date of Birth/Age : |
10.05.1968 |
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Date of Appointment : |
06.09.2004 |
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Election Commission/ Pan Identity Card No.: |
AADPF5791N |
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DIN No.: |
00534212 |
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Name : |
Mr. Rishi Fogla |
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Designation : |
Director |
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Address : |
38 Shibnath Sastri, Sarani, Kolkata – 700 053, West |
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Date of Birth/Age : |
25.06.1986 |
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Date of Appointment : |
06.09.2004 |
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Election Commission/ Pan Identity Card No.: |
AAIPF3647G |
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DIN No.: |
00532906 |
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Name : |
Mr. Narendra Sharma |
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Designation : |
Director |
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Address : |
Block D, North Brook, Jute Mills, Po Champadani, Hooghly-712222, West |
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Date of Birth/Age : |
04.11.1967 |
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Date of Appointment : |
10.04.2008 |
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Election Commission/ Pan Identity Card No.: |
AKRPS9771R |
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DIN No.: |
00681952 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2010
|
Names of Shareholders |
|
No. of Shares |
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Sandeep Fogla |
|
10000 |
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Sanjeev Fogla |
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50000 |
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Rishi Fogla |
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10000 |
|
Sai Sulphonates Private Limited, |
|
380000 |
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Starlite Vyapaar Private Limited, |
|
100000 |
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Usha Shree Modi |
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25000 |
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Udhav Modi |
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20000 |
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Diksha Modi |
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5000 |
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Narendra Sharma |
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20000 |
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Uma Devi Fogla |
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10000 |
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Vishnu Kumar Fogla (HUF) |
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110000 |
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Priyanka Golgla |
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10000 |
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Vishnu Kumar Fogla |
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100000 |
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Rishi Securities and Fin Private Limited, |
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150000 |
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Total |
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1000000 |
As on 27.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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63.00 |
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Directors
or relatives of directors |
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32.00 |
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Other
top fifty shareholders |
|
5.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Liner Alkyl Denzene Sulphonic Acid and Spent Acid. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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LABSA |
72000 |
72000 |
37904 |
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Spent |
58000 |
58000 |
30051 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.K. Bandyopadhyay Chartered Accountant |
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Address : |
AE 23, Sector -1, 2nd Floor, |
CAPITAL STRUCTURE
As on 27.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
199.558 |
144.714 |
71.287 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
209.558 |
154.714 |
81.287 |
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LOAN FUNDS |
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1] Secured Loans |
188.891 |
142.620 |
213.256 |
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2] Unsecured Loans |
0.000 |
6.760 |
18.858 |
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TOTAL BORROWING |
188.891 |
149.380 |
232.114 |
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DEFERRED TAX LIABILITIES |
5.256 |
4.460 |
1.172 |
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TOTAL |
403.705 |
308.554 |
314.573 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
74.797 |
73.328 |
62.374 |
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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 |
218.485
|
60.124
|
87.712
|
|
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Sundry Debtors |
235.765
|
312.803
|
187.405
|
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Cash & Bank Balances |
18.028
|
119.905
|
47.463
|
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Other Current Assets |
0.600
|
1.744
|
0.747
|
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Loans & Advances |
105.179
|
29.803
|
68.354
|
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Total
Current Assets |
578.057
|
524.379
|
391.681
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
173.173
|
225.869 |
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Other Current Liabilities |
50.748
|
45.713 |
135.014 |
|
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Provisions |
25.228
|
17.603 |
4.532 |
|
Total
Current Liabilities |
249.149
|
289.185
|
139.546
|
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Net Current Assets |
328.908
|
235.194
|
252.135
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.032 |
0.064 |
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TOTAL |
403.705 |
308.554 |
314.573 |
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%2009-Mar-2013_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
1649.194 |
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Other Income |
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|
22.361 |
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Stock of Trading Material |
|
|
5.611 |
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TOTAL (A) |
2032.180 |
2337.500 |
1677.166 |
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Less |
EXPENSES |
|
|
|
|
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Raw Material Consumed |
|
|
1455.845 |
|
|
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Trading Purchases |
|
|
44.530 |
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|
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Salaries, Wages, Bonus, etc. |
|
|
7.589 |
|
|
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Manufacturing Expenses |
1968.915 |
2244.654 |
36.759 |
|
|
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Selling Expenses |
|
|
89.445 |
|
|
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Managerial Remuneration |
|
|
6.300 |
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|
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Increase/(Decrease) in Finished Goods |
|
|
(19.236) |
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TOTAL (B) |
1968.915 |
2244.654 |
1621.232 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
55.934 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
19.745 |
|
|
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
92.846 |
36.189 |
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
3.060 |
2.310 |
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PROFIT BEFORE
TAX (E-F) (G) |
63.265 |
89.786 |
33.879 |
|
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Less |
TAX (H) |
8.420 |
16.359 |
3.480 |
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PROFIT AFTER TAX
(G-H) (I) |
54.845 |
73.427 |
30.399 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
40.888 |
|
|
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BALANCE CARRIED
TO THE B/S |
NA |
NA |
71.287 |
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|
Earnings Per
Share (Rs.) |
54.84 |
73.43 |
30.40 |
|
%2009-Mar-2013_files/image002.gif){kind=small}
%2009-Mar-2013_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.70
|
3.14 |
1.81 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
2.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.69
|
15.02 |
7.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.58 |
0.42 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.09
|
23.83 |
4.57 |
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Current Ratio (Current Asset/Current Liability) |
|
2.32
|
1.81 |
2.81 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10032225 |
|
Corporate
identity number of the company |
U24111WB2004PTC099677 |
|
Name of the
company |
A R SULPHONATES
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Standard Chartered Bank, 19, Netaji Subhas Road, Kolkata-700001, West |
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Email |
|
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Nature of
description of the instrument creating or modifying the charge |
Supplemental to
unattested memorandum of hypothecation. |
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Date of
instrument Creating the charge |
29.12.2010 |
|
Amount secured by
the charge |
Rs.300.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per facility
advice letter dated 03.05.2010 to be amended from time to time. Terms of
Repayment As per facility
advice letter dated 03.05.2010 to be amended from time to time. Margin As per facility
advice letter dated 03.05.2010 to be amended from time to time. Extent and
Operation of the charge Pari passu
charge. |
|
Short particulars
of the property charged |
Hypothecation by
way of first pari passu charge over all present and future stocks and book debts
of the company and second pari passu charge over all present and future fixed
assets of the company. |
|
Date of latest
modification prior to the present modification |
18.06.2008 |
|
Particulars of
the present modification |
Bank's first pari
passu charge over all present and future stocks and book debts of the company
and second pari passu charge over all present and future fixed assets of the
company, already Regd. For Rs. 200.000 Millions shall stand enhanced to Rs.
300.000 Millions. |
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Computer
·
Motor Car and Bike
·
Furniture and Fixture
·
Office Equipments
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 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.54.40 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.