MIRA INFORM REPORT
|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
A R SULPHONATES PRIVATE LIMITED |
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Registered
Office : |
21, Princep Street, 2nd Floor, Kolkata – 700 072, West
Bengal |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.09.2004 |
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Com. Reg. No.: |
21-099677 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 millions |
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CIN No.: [Company Identification
No.] |
U24111WB2004PTC099677 |
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PAN No.: [Permanent Account No.] |
AAECA8617Q |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject engaged in the business of manufacture and sale of chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1136000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part
of ‘FOGLA GROUP’. It is an established
company having a satisfactory track record. There appears slight dip in
profitability during the current year. However, general
financial position of the company deems to be good. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can
be considered for normal business dealings at usual trade terms and
condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
November, 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/ Factory : |
21, Princep Street, 2nd Floor, Kolkata – 700 072, West
Bengal, India |
|
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, Old Court House) Street, Cooke and Kelvey
Building, 2nd Floor, Kolkata – 700 001, West Bengal, India |
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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 29.09.2012
|
Name : |
Mr. Vishnu Kumar Fogla |
|
Designation : |
Director |
|
Address : |
38, Shibnath Shastri, Sarani, Block - E, New Alipore, Kolkata – 700
053, West Bengal, India |
|
Date of Birth/Age : |
09.06.1949 |
|
Date of Appointment : |
20.06.2011 |
|
DIN No.: |
00270779 |
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PAN No.: |
AADPF7445D |
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|
|
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Name : |
Mr. Sanjeev Fogla |
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Designation : |
Director |
|
Address : |
38, Shibnath Shastri, Sarani, Block - E, New Alipore, Kolkata – 700
053, West Bengal, India |
|
Date of Birth/Age : |
10.05.1968 |
|
Date of Appointment : |
06.09.2004 |
|
DIN No.: |
00534212 |
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PAN No.: |
AADPF3791N |
|
|
|
|
Name : |
Mr. Rishi Fogla |
|
Designation : |
Director |
|
Address : |
38, Shibnath Shastri, Sarani, Block - E, New Alipore, Kolkata – 700
053, West Bengal, India |
|
Date of Birth/Age : |
25.06.1986 |
|
Date of Appointment : |
06.09.2004 |
|
DIN No.: |
00532906 |
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PAN No.: |
AAIPF3647G |
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|
|
|
Name : |
Mr. Narendra Kumar Sharma |
|
Designation : |
Director |
|
Address : |
Block D, North Brook, Jute Mills, Po Champadani, Hooghly – 712 222, West
Bengal, India |
|
Date of Birth/Age : |
04.11.1967 |
|
Date of Appointment : |
10.04.2008 |
|
DIN No.: |
00681952 |
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PAN No.: |
AKRPS9771R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vishnu Kumar Fogla |
|
100000 |
|
Sanjeev Fogla |
|
550000 |
|
Rishi Fogla |
|
10000 |
|
Narendra Kumar Sharma |
|
20000 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
15.00 |
|
Directors
or relatives of directors |
|
74.00 |
|
Other
top fifty shareholders |
|
11.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the business of manufacture and sale of chemicals. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
LABSA |
72000 |
72000 |
35574 |
|
Spent |
58000 |
58000 |
27343 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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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 : |
Rajneesh Agarwal and Company Chartered Accountants |
|
Address : |
Suite 4C, 34A,
Metcalfe Street, Kolkata – 700 013, West Bengal, India |
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PAN No.: |
ACZPA7405L |
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Enterprise owned
or significantly influenced by group of individuals or their relatives who have
control or significant influence over the Company : |
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CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
273.909 |
243.851 |
199.558 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
283.909 |
253.851 |
209.558 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
357.117 |
296.444 |
188.891 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
357.117 |
296.444 |
188.891 |
|
|
DEFERRED TAX LIABILITIES |
6.211 |
5.568 |
5.256 |
|
|
|
|
|
|
|
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TOTAL |
647.237 |
555.863 |
403.705 |
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
82.466 |
72.866 |
74.797 |
|
|
Capital work-in-progress |
1.562 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
41.600 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
124.240
|
211.828
|
218.485
|
|
|
Sundry Debtors |
355.485
|
337.525
|
235.765
|
|
|
Cash & Bank Balances |
37.717
|
15.388
|
18.028
|
|
|
Other Current Assets |
3.484
|
1.631
|
0.600
|
|
|
Loans & Advances |
51.806
|
94.010
|
105.179
|
|
Total
Current Assets |
572.732
|
660.382
|
578.057
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
39.316
|
166.545 |
173.173
|
|
|
Other Current Liabilities |
8.358
|
9.257 |
50.748
|
|
|
Provisions |
3.449
|
1.583 |
25.228
|
|
Total
Current Liabilities |
51.123
|
177.385
|
249.149
|
|
|
Net Current Assets |
521.609
|
482.997
|
328.908
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
647.237 |
555.863 |
403.705 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
New Turnover |
2662.242 |
2189.579 |
2026.647 |
|
|
|
Other Income |
NA |
NA |
5.533 |
|
|
|
TOTAL |
NA |
NA |
2032.180 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
NA |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
NA |
NA |
1968.915 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
48.936 |
51.355 |
63.265 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.878 |
7.062 |
8.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
30.058 |
44.293 |
54.845 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1831.567 |
1523.773 |
1340.177 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.06 |
44.29 |
54.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA |
NA |
2.70
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.84 |
2.35 |
3.12
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.47 |
7.00 |
9.69
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.20 |
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.26 |
1.17 |
0.90
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.20 |
3.72 |
2.32
|
LOCAL AGENCY FURTHER INFORMATION
|
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 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 |
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 |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
PERFORMANCE REVIEW
During the year, Turnover
of the company has increased from 2189.578 millions to 2662.242 millions and
there by registered growth of 21.58 % over previous year 2010-11 although
quantity of sales (including exports) has come down to 34713 MT. from 35334 MT.
in previous year. Exports of the company would have been much higher and
company would have been able to exceed previous year quantitative turnover but
because of frequent strike at Mumbai Port and more importantly due to
imposition of import duty on labsa import in Pakistan, export of company to
Pakistan has got severally affected. It has adversely affected overall exports
of company during F.year 2011-12.
Profit margin of
the company has come down from 2.02% in previous year to 1.13 % in F.yr. 2011 –
12 because of significant increase in prices of raw material as well as keen
and cut throat competition both in local and overseas market from suppliers
bcz. of which export realization has come down rather has not increased in
proportion to increase in cost of raw material / cost of goods sold.
However, the
company is confident not only to maintain its profit margin rather to increase
the same. For this company has taken various steps such as – Development of new
markets / customers (where realization is better and thus margin). Apart from
this, company has also undertaken various cost reduction measures. Hopefully
all these steps will have positive impact and will help in improving not only
profit margin of company but also overall profitability of company.
FUTURE OUTLOOK
Keeping in view
various stapes taken by company such as development of new customers, new
market, various cost deduction excises, company expect better sales and
profitability during the coming year.
FIXED ASSETS:
·
Land
·
Buildings
·
Factory Building
·
Plant and Equipment
·
Factory Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computer Equipment
·
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 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.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.