MIRA INFORM REPORT
|
Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SURU CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C/3, Sona Udyog, Parsi Panchayat Road, Andheri (East), Mumbai –
400069, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.02.1975 |
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|
|
|
Com. Reg. No.: |
11-018178 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.4.620 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1975PTC018178 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37890G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS4459H |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer,
Importer and Exporter of Raw Material used in Cosmetic Industry and Pharma
Industries. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory
track record. 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.
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. Hitesh Shah |
|
Designation : |
Director |
|
Contact No.: |
91-9820533818 |
|
Date : |
18.05.2013 |
LOCATIONS
|
Registered Office/ Corporate Office : |
C/3, Sona Udyog, Parsi Panchayat Road, Andheri (East), Mumbai –
400069, Maharashtra, India |
|
Tel. No.: |
91-22-28378500 / 67353637 |
|
Mobile No. : |
91-9820533818 (Mr. Hitesh Shah) |
|
Fax No.: |
91-22-28376321 |
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E-Mail : |
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|
Website : |
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|
Area : |
800 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
N-72, MIDC,
Tarapur, Boisar, District Thane – 401506, Maharashtra, India |
|
Area : |
20000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Administrative Office : |
11, Sona Udyog Parsi,
Panchayat Road, Andheri (West), Mumbai - 400069, Maharashtra, India |
|
Tel. No.: |
91-22-67353637 |
|
Fax No.: |
91-22-28377634 |
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E-Mail : |
|
|
Area : |
1200 Sq. ft |
|
Location : |
Owned |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr.
Jashwant Manilal Shah |
|
Designation : |
Managing Director |
|
Address : |
701, Nippon No. 1, Behind King’s Hotel, Juhu, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
03.08.1936 |
|
Qualification : |
B. Pharma |
|
Date of Appointment : |
18.03.1975 |
|
DIN No.: |
00034173 |
|
|
|
|
Name : |
Mrs.
Surekha Jaswant Shah |
|
Designation : |
Managing Director |
|
Address : |
701, Nippon No. 1, Behind King’s Hotel, Juhu, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
23.07.1940 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
30.04.2011 |
|
DIN No.: |
00034201 |
|
|
|
|
Name : |
Mr.
Rajesh Jashwant Shah |
|
Designation : |
Director |
|
Address : |
701, Nippon No. 1, Behind King’s Hotel, Juhu, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
29.03.1964 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.07.1987 |
|
DIN No.: |
00034226 |
|
|
|
|
Name : |
Mr.
Hitesh Jashwant Shah |
|
Designation : |
Director |
|
Address : |
701, Nippon No. 1, Behind King’s Hotel, Juhu, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
25.04.1969 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.07.1988 |
|
DIN No.: |
00034254 |
|
|
|
|
Name : |
Mr.
Jitesh Jashwant Shah |
|
Designation : |
Director |
|
Address : |
701, Nippon No. 1, Behind King’s Hotel, Juhu, Mumbai -
400049, Maharashtra, India |
|
Date of Birth/Age : |
27.05.1970 |
|
Qualification : |
ICWA |
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Date of Appointment : |
01.07.1988 |
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DIN No.: |
00034267 |
KEY EXECUTIVES
|
Name : |
R Ganesh and
Associates |
|
Designation : |
Company Secretary
|
|
Address : |
|
|
Tel No.: |
91-22-22619189 /
22664841/ 30601108 |
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Fax No.: |
91-22-22619189 |
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E-mail : |
|
|
Website : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Surekha
Jaswant Shah |
|
8250 |
|
Jashwant Manilal Shah |
|
29450 |
|
Hitesh Jashwant Shah |
|
8150 |
|
Dimple Hitesh Shah |
|
300 |
|
Vijaj Hitesh Shah |
|
50 |
|
|
|
|
|
Total |
|
46200 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importer and Exporter of Raw Material used in Cosmetic Industry and Pharma
Industries. |
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Exports : |
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Products : |
·
Lanolin
·
Lanolin Derivatives |
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Countries : |
·
European Countries ·
Middle East |
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Imports : |
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Products : |
Raw
Materials |
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Countries : |
·
China ·
Japan ·
Korea |
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Terms : |
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Selling : |
L/C, Cash
and Credit (30 days) |
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Purchasing : |
L/C,
Cash and Credit (30 days) |
PRODUCTION
STATUS (As on:
31.03.2010)
|
Particulars |
Unit |
Actual Production |
|
Lanolin and its
derivatives |
Kgs. |
297808 |
|
Pentasol and Other |
Kgs. |
57084 |
Note:
1) Since the licensing requirement does not apply to the company, Licensed
Capacity is not started.
2) Installed capacity for manufacture of LANOLIN as on the balance sheet
date is 520000KG per annum. Being a technical
matter, the installed capacity as certified by the management is relied upon by
the Auditors.
GENERAL INFORMATION
|
Customers : |
Wholesalers,
End Users and Retailers |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Dena
Bank, Vile Parle (West) Branch, Manoj Villa, Dashrathlal Joshi Road, Mumbai –
400056, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
Notes: Secured short term borrowings of Rs.5.064 Millions (Previous year Rs.5.177 Millions) are personally guaranteed by directors of the Company |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
PHD and Associates Chartered Accountants |
|
Address : |
Radha Chambers, Level
3, Telli Park Lane, Andheri (East), Mumbai – 400 069, Maharashtra, India |
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Tel. No.: |
91-22-26820083 |
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Fax No.: |
91-22-26830824 |
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E-Mail : |
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Website : |
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PAN No.: |
AALFP4587E |
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Associates/Subsidiaries : |
Name: Suru International Private
Limited Address: D-11, Sona Udyog, P. P. Road,
Andheri (East), Mumbai - 400069 Maharashtra, India Name: HRJ Surgicals Address: D-10 Sona Udyog, P. P. Road,
Andheri (East), Mumbai - 400069 Maharashtra, India HRJ Suru Chemicals |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46200 |
Equity Shares |
Rs.100/- each |
Rs.4.620 Millions |
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|
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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 |
4.620 |
4.620 |
4.620 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.339 |
19.982 |
14.531 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
30.959 |
24.602 |
19.151 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.281 |
7.095 |
10.689 |
|
|
2] Unsecured Loans |
3.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
10.281 |
7.095 |
10.689 |
|
|
DEFERRED TAX LIABILITIES |
0.918 |
0.907 |
0.927 |
|
|
|
|
|
|
|
|
TOTAL |
42.158 |
32.604 |
30.767 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
12.096 |
11.029 |
10.275 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.544 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.656
|
14.602 |
11.562
|
|
|
Sundry Debtors |
11.747
|
5.575 |
4.104
|
|
|
Cash & Bank Balances |
3.916
|
2.039 |
8.653
|
|
|
Other Current Assets |
8.563
|
9.083 |
0.000
|
|
|
Loans & Advances |
2.949
|
5.070 |
4.518 |
|
Total
Current Assets |
34.831
|
36.369 |
28.837 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.763
|
3.166 |
5.414
|
|
|
Other Current Liabilities |
1.574
|
8.388 |
0.446
|
|
|
Provisions |
0.976
|
3.240 |
2.485
|
|
Total
Current Liabilities |
5.313
|
14.794 |
8.345 |
|
|
Net Current Assets |
29.518
|
21.575 |
20.492
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
42.158 |
32.604 |
30.767 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
122.492 |
102.003 |
87.404 |
|
|
|
Other Income |
0.742 |
0.879 |
0.627 |
|
|
|
TOTAL |
123.234 |
102.882 |
88.031 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
112.272 |
94.779 |
83.357 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
10.962 |
8.103 |
4.674 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.543 |
1.469 |
1.648 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
9.419 |
6.634 |
3.025 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.062 |
1.184 |
0.978 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.357 |
5.450 |
2.047 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6.226 |
14.846 |
8.523 |
|
|
TOTAL EARNINGS |
6.226 |
14.846 |
8.523 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12.278 |
20.926 |
25.292 |
|
|
TOTAL IMPORTS |
12.278 |
20.926 |
25.292 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
137.60 |
117.97 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.16 |
5.30 |
2.33
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.69 |
6.50 |
3.46
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.08 |
14.00 |
7.73
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.27 |
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.33 |
0.29 |
0.56
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.56 |
2.46 |
3.46
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Trade Payable |
2.763
|
3.166 |
5.414
|
|
|
|
|
|
|
Total
|
2.763
|
3.166 |
5.414
|
|
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 |
Yes |
|
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 |
No |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
PERFORMANCE:
The company has posted total sales of Rs. 122.492 Millions as compared to Rs. 102.003 Millions in the previous year. The company shall follow the same upward trend which it has been following from past many years.
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
Loan from a Directors |
3.000 |
0.000 |
|
|
|
|
|
Total |
3.000 |
0.000 |
FIXED ASSETS
·
Land
- Office Premises
- Factory Premises
- Plant and Machinery
- Furniture and fixture
- Office Equipments
- Air Conditioners
- Computer
- Vehicles
- Dies and Moulds
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.89 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
|
46 |
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.