|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIECHEM TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
26/27, Errabalu Chetty Street, Madras – 600 001, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.05.1994 |
|
|
|
|
Com. Reg. No.: |
18-027463 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 35.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52599TN1994PTC027463 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES17212G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter, Manufacturer, Wholesaler and Distributor of Cable jointing kits,
electron beamed elastomeric cables UL/ ETA / CSA standards cables, power
cable etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 570000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Unknown |
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|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established
company having a moderate track record. The management have failed to file
its latest financial with the government department. As per previous year’s, the company performance seems to be good.
Trade relations are reported to be fair. Business is active. Payments are
reported to be unknown. The company can be considered for business 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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 : |
26/27, Errabalu Chetty Street, Madras – 600 001, Tamilnadu, India |
|
Tel. No.: |
91-44-25226141 / 25220859 |
|
Mobile No.: |
91-44-25222871 |
|
Fax No.: |
sales@siechem.com rgco1972@gmail.com
m |
|
|
|
|
Factory : |
RS 104/8 & 105/7 Sedarapet Main Road Pondicherry – 605101 India |
DIRECTORS
As on: 30.09.2011
|
Name : |
Ms. Padma Damodaran |
|
Designation : |
Director |
|
Address : |
1‐A,Samarpn,No.21,9th Street, Dr. Radhakrishnan Salai,
Mylapore, Chennai‐600004, Tamilnadu, India |
|
Date of Appointment : |
04.05.1994 |
|
DIN No.: |
01231089 |
|
|
|
|
Name : |
Mr. Damodaran Pondy |
|
Designation : |
Managing director |
|
Address : |
1‐A,Samarpn,No.21,9th Street, Dr.
Radhakrishnan Salai, Mylapore, Chennai‐600004, Tamilnadu, India |
|
Date of Appointment : |
04.05.1994 |
|
DIN No.: |
01231809 |
|
|
|
|
Name : |
Mr. Arun Kumar Gummidipundi Muthukumar |
|
Designation : |
Director |
|
Address : |
C‐48, VSNL Quarters, 21, Nungambakkam High
Road, Chennai‐600034, Tamilnadu, India |
|
Date of Appointment : |
25.04.2008 |
|
DIN No.: |
02605343 |
MAJOR SHAREHOLDERS
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Padma Damodaran |
|
1850000 |
|
Pondy Damodaran |
|
2650000 |
|
TOTAL |
|
4500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter, Manufacturer, Wholesaler and Distributor of Cable jointing kits,
electron beamed elastomeric cables UL/ ETA / CSA standards cables, power
cable etc. |
|
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||
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|
||||||||||||||||||
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No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda, E. C Street Branch, No.5, Errabalu Chetty Street, Chennai-600001, Tamil Nadu, India |
||||||||||||||||||
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|
||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. Gopalakrishnan and Company Chartered Accountants |
|
Address : |
No.13, Old No.7, |
|
Tel. No.: |
91-44-24342714 |
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E-Mail : |
|
|
PAN No.: |
AADFR4789C |
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Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 30.09.2011
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000
millions |
|
|
|
|
|
As on: 31.03.2012
Authorised Capital :
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
35.000 |
25.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
107.929 |
102.678 |
99.952 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
142.929 |
127.678 |
124.952 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
323.010 |
233.938 |
138.955 |
|
|
2] Unsecured Loans |
78.847 |
89.227 |
103.643 |
|
|
TOTAL BORROWING |
401.857 |
323.165 |
242.598 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
544.786 |
450.843 |
367.550 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
312.747 |
310.264 |
292.593 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
88.998
|
59.562 |
44.394 |
|
|
Sundry Debtors |
145.455
|
71.898 |
52.482 |
|
|
Cash & Bank Balances |
31.816
|
28.234 |
24.450 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
32.932
|
31.628 |
24.460 |
|
Total
Current Assets |
299.201
|
191.322 |
145.786 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
64.727
|
50.239 |
70.599 |
|
|
Other Current Liabilities |
0.957
|
0.504 |
0.000 |
|
|
Provisions |
1.478
|
0.000 |
0.230 |
|
Total
Current Liabilities |
67.162
|
50.743 |
70.829 |
|
|
Net Current Assets |
232.039
|
140.579 |
74.957 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
544.786 |
450.843 |
367.550 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
355.939 |
217.637 |
247.060 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5.159 |
3.229 |
0.950 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.14 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.81
|
2.53 |
1.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.45
|
3.77 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last 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 |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
FINANCIAL RESULTS:
The turnover of the company for the
year was Rs. 355.939 Millions and has resulted in a net profit of Rs. 5.159
Millions.
REVIEW OF OPERATIONS:
The company's performance during the
year is satisfactory considering the point that this being the first full year
of operation. The management of the company is focusing on operational efficiencies,
reduction of cost at all levels and better working capital management in the
current financial year.
During the year, the Company has
expanded its operations by venturing into new product line and is in the
process of further expansion.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
|
|
|
|
Loans from Directors / Shareholders |
78.847 |
89.227 |
|
|
|
|
|
Total |
78.847 |
89.227 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U52599TN1994PTC027463 |
|
Name of the
company |
SIECHEM TECHNOLOGIES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
26/27, Errabalu Chetty Street, Madras – 600 001, Tamilnadu, India e-mail: rgco1972@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80022730 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Baroda, E. C Street Branch, No.5, Errabalu Chetty Street,
Chennai-600001, Tamil Nadu, India e-mail: ecstre@bankofbaroda.com
|
|
Nature of description
of the instrument creating or modifying the charge |
1. Composite
Hypothecation Agreement (for stocks / Book Debts / Vehicles / Movable
Machinery) 2. Supplemental
Composite Agreement of Hypothecation of Goods, Book Debts, Movable Machinery
and Vehicles with List of Machinery. 3. Supplemental
Memorandum of Entry. |
|
Date of
instrument Creating the charge |
17.12.2012 |
|
Amount secured by
the charge |
Rs. 955.300
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of Repayment WC : Repayable on
Demand TL - II:
Repayable in 38 monthly installments. 37 monthly installments of Rs. 0.500
Millions each and 38th installment of Rs. 0.300 Millions commencing from
November 2012. TL - III:
Repayable in 24 monthly installments of Rs. 2.000 Millions each commencing
from September 2012. TL - IV:
Repayable in 60 monthly installments. 59 monthly installments of Rs. 0.710
Millions each and 60th installment of Rs. 0.610 Millions commencing from Apr
2015. DL: Rs. 25.000
Millions, Repayable in Bullet Payment after six months Margin CC: 25% Stocks
and 25% on Book debts upto 120 days. Packing Credit:
25% Letter of Credit:
10% Term Loan - II:
25% Term Loan - III:
Nil Term Loan - IV:
Cash Margin of Rs. 17.500 Millions + 10% Margin on Rs. 42.500 Millions Demand Loan: 25% Guarantee: 10% |
|
Short particulars
of the property charged |
The existing
charge on the Current Assets, Plant and Machineries belonging to the Company,
shall continue to secure the present enhanced limit. The existing
charge on the Lease Hold Rights of the immovable properties of the Company
shall continue to secure the present enhanced limit. Other existing
securities remain same. |
|
Date of latest
modification prior to the present modification |
07.01.2012 |
|
Particulars of
the present modification |
By the present
modification, the overall limit has been enhanced to Rs. 955.300 Millions and
secured by the Current Assets, Plant and Machineries and Lease Hold Rights of
the immovable properties belonging to the Company Other existing
securities remain same. |
FIXED ASSETS
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.54.34 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
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 |
|
27 |
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.