1. Summary Information
|
|
|
Country |
India |
|
|
Company Name |
SARAF CHEMICALS
LIMITED |
Principal Name 1 |
Mr. Ashok Mahavirprasad Saraf |
|
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Naresh Mahavirprasad Saraf |
|
|
|
|
Registration # |
11-033486 |
|
|
Street Address |
501/ 502, |
|||
|
Established Date |
20.07.1984 |
SIC Code |
-- |
|
|
Telephone# |
91-22-42184218 |
Business Style 1 |
Manufacturer |
|
|
Fax # |
91-22-42184350 |
Business Style 2 |
Exporter |
|
|
Homepage |
Not Available |
Product Name 1 |
Chemicals |
|
|
# of employees |
200
(Approximately) |
Product Name 2 |
Dyes |
|
|
Paid up capital |
Rs. 63,100,000/- |
Product Name 3 |
-- |
|
|
Shareholders |
Bodies
corporate- 4.91 % Directors or relatives of Directors – 95.09% |
Banking |
Bank of Baroda |
|
|
Public Limited Corp. |
NO |
Business Period |
30 Years |
|
|
IPO |
NO |
International Ins. |
- |
|
|
Public |
NO |
Rating |
Ba
(48) |
|
|
Related
Company |
||||
|
Relation
|
Country
|
Company
Name |
CEO |
|
|
Subsidiary : |
-- |
Quexst Solutions Private Limited |
-- |
|
|
Note |
- |
|||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
371,695,000 |
Current Liabilities |
411,459,000 |
|
Inventories |
69,631,000 |
Long-term Liabilities |
328,987,000 |
|
Fixed Assets |
663,308,000 |
Other Liabilities |
79,675,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
820,121,000 |
|
Invest& other Assets |
7,563,000 |
Retained Earnings |
228,976,000 |
|
|
|
Net Worth |
292,076,000 |
|
Total Assets |
1,112,197,000 |
Total Liab. & Equity |
1,112,197,000 |
|
Total Assets (Previous Year) |
1,081,102,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales/ Total Income |
1,211,394,000 |
Net Profit |
63,159,000 |
|
Sales(Previous yr)/ Total Income |
1,127,241,000 |
Net Profit(Prev.yr) |
44,697,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SARAF CHEMICALS LIMITED (w.e.f 20.7.1984) |
|
|
|
|
Formerly Known
As : |
SARAF CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
501/ 502, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.07.1984 |
|
|
|
|
Com. Reg. No.: |
11-033486 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 63.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1984PLC033486 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS8425M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Chemicals and Dyes. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered for normal business dealing 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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. Narayana |
|
Designation : |
Export Import Department |
|
Contact No.: |
91-22-42184218 |
|
Date : |
14.04.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
501/ 502, |
|
Tel. No.: |
91-22-42184218 |
|
Fax No.: |
91-22-42184350 |
|
E-Mail : |
|
|
Website : |
|
|
Locality : |
Owned |
|
|
|
|
Factory : |
Plot No. N 129, N130, N131, N132, N232, MIDC, Tarapur – 401 506, Maharashtra, India |
DIRECTORS
As on 24.09.2013
|
Name : |
Mr. Ashok Mahavirprasad Saraf |
|
Designation : |
Whole Time Director |
|
Address : |
“Kiran” Plot No. 12, N S Road –
8, JVPD Scheme, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
18.03.1956 |
|
Date of Appointment : |
20.07.1984 |
|
DIN No.: |
01627873 |
|
|
|
|
Name : |
Mr. Naresh Mahavirprasad Saraf |
|
Designation : |
Whole Time Director |
|
Address : |
“Kiran” Plot No. 12, N S Road –
8, JVPD Scheme, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
11.06.1957 |
|
Date of Appointment : |
31.12.1984 |
|
DIN No.: |
00479251 |
|
|
|
|
Name : |
Mr. Prakash Mahavirprasad Saraf |
|
Designation : |
Whole Time Director |
|
Address : |
“Kiran” Plot No. 12, N S Road – 8,
JVPD Scheme, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
17.09.1962 |
|
Date of Appointment : |
31.12.1984 |
|
DIN No.: |
00479252 |
|
|
|
|
Name : |
Mr. Naresh S. Salgiya |
|
Designation : |
Director |
|
Address : |
Building No.16, Flat No.201, Saibaba Nagar, Boisar – 401
501, |
|
Date of Birth/Age : |
09.12.1957 |
|
Date of Appointment : |
06.11.2007 |
|
DIN No.: |
01914141 |
KEY EXECUTIVES
|
Name : |
Mr. Narayana |
|
Designation : |
Export Import Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Mahavirprasad G. Saraf |
|
900000 |
|
Ashok M. Saraf |
|
280000 |
|
Ashok M. Saraf (HUF) |
|
1110000 |
|
N. A. Trust, India |
|
125000 |
|
Dr. Naresh M. Saraf Jointly with Renu N. Saraf |
|
280000 |
|
Naresh M Saraf HUF in the name of Karta NMS |
|
838500 |
|
Priyanka Trust in the name of trustee NMS |
|
90000 |
|
Shilpa P. Saraf Jointly with PMS |
|
124000 |
|
Niharika Trust in the name of trustee NMS |
|
188500 |
|
Prakash M. Saraf Jointly with Shilpa |
|
280000 |
|
Prakash M. Saraf HUF in the name of Karta pms |
|
686000 |
|
Neera A. Saraf Jointly with Ashok M Saraf |
|
185000 |
|
Renu N. Saraf jointly with Naresh M Saraf |
|
303000 |
|
Yash Trust In the name trustee PMS, India |
|
334000 |
|
Aashna Trust in the name of trustee PMS, India |
|
276000 |
|
Real GEM Building Private Limited, India |
|
310000 |
|
Total |
|
6310000 |
As on 24.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
4.91 |
|
Directors or relatives of Directors |
95.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Chemicals and Dyes. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Finished Goods |
||||||||
|
Countries : |
·
Sri Lanka ·
Nigeria ·
USA |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Materials |
||||||||
|
Countries : |
China |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C / Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Indian Overseas Bank, Mumbai Worli Branch, Kakad Chamber 132, A B Road, Worli Mumbai – 400 018, Maharashtra, India · Central Bank of India, Mumbai · Union Bank of India, Mumbai · ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda – 390015, Gujarat, India · Bank of Baroda, Worli Branch office No. 13, Vaswani Chambers, Opp. Old Pass Port office, Dr. A.B. Road, Worli, Mumbai – 400030, Maharashtra, India · IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · Standard Chartered Bank, Mumbai Branch, 90, M.G. Road,Fort,, Mumbai - 400001, Maharashtra, India ·
Axis Trustee Services Limited, Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai -
400025, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr, |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Subsidiary : |
Quexst Solutions Private Limited |
CAPITAL STRUCTURE
As on 24.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6310000 |
Equity Shares |
Rs.10/- each |
Rs. 63.100
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
63.100 |
63.100 |
|
(b) Reserves & Surplus |
|
228.976 |
169.508 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
292.076 |
232.608 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
193.041 |
288.128 |
|
(b) Deferred tax liabilities (Net) |
|
74.428 |
56.465 |
|
(c) Other long term liabilities |
|
19.911 |
31.002 |
|
(d) long-term provisions |
|
1.362 |
1.332 |
|
Total Non-current Liabilities (3) |
|
288.742 |
376.927 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
135.946 |
89.829 |
|
(b) Trade payables |
|
274.734 |
261.554 |
|
(c) Other current
liabilities |
|
116.814 |
115.655 |
|
(d) Short-term provisions |
|
3.885 |
4.529 |
|
Total Current Liabilities (4) |
|
531.379 |
471.567 |
|
|
|
|
|
|
TOTAL |
|
1112.197 |
1081.102 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
657.734 |
675.845 |
|
(ii) Intangible Assets |
|
5.574 |
6.308 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
7.563 |
7.563 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
48.379 |
38.974 |
|
(e) Other Non-current assets |
|
5.783 |
4.562 |
|
Total Non-Current Assets |
|
725.033 |
733.252 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
69.631 |
84.306 |
|
(c) Trade receivables |
|
247.639 |
224.783 |
|
(d) Cash and cash
equivalents |
|
0.971 |
2.456 |
|
(e) Short-term loans and
advances |
|
68.899 |
36.147 |
|
(f) Other current assets |
|
0.024 |
0.158 |
|
Total Current Assets |
|
387.164 |
347.850 |
|
|
|
|
|
|
TOTAL |
|
1112.197 |
1081.102 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
63.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
128.480 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
191.580 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
517.398 |
|
|
2] Unsecured Loans |
|
|
42.668 |
|
|
TOTAL BORROWING |
|
|
560.066 |
|
|
DEFERRED TAX LIABILITIES |
|
|
45.465 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
797.111 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
707.480 |
|
|
Capital work-in-progress |
|
|
0.867 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
7.383 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
76.753 |
|
|
Sundry Debtors |
|
|
218.989 |
|
|
Cash & Bank Balances |
|
|
3.241 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
73.541 |
|
Total
Current Assets |
|
|
372.524 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
263.982 |
|
|
Other Current Liabilities |
|
|
20.603 |
|
|
Provisions |
|
|
6.558 |
|
Total
Current Liabilities |
|
|
291.143 |
|
|
Net Current Assets |
|
|
81.381 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
797.111 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1211.394 |
1126.141 |
897.200 |
|
|
|
Other Income |
2.981 |
1.100 |
1.029 |
|
|
|
TOTAL (A) |
1214.375 |
1127.241 |
898.229 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
762.177 |
752.226 |
616.625 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
13.740 |
3.984 |
4.96 |
|
|
|
Employee benefit expense |
77.476 |
58.138 |
55.487 |
|
|
|
Other expenses |
187.214 |
172.799 |
121.378 |
|
|
|
TOTAL (B) |
1040.607 |
987.147 |
798.450 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
173.768 |
140.094 |
99.779 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
49.651 |
49.560 |
54.799 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
124.117 |
90.534 |
44.980 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
34.694 |
34.787 |
34.825 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
89.423 |
55.747 |
10.155 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
26.264 |
11.050 |
(2.528) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
63.159 |
44.697 |
12.683 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
51.257 |
12.227 |
3.723 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
2.000 |
3.155 |
|
|
|
Dividend |
3.155 |
3.155 |
0.524 |
|
|
|
Tax on Dividend |
0.536 |
0.512 |
0.500 |
|
|
BALANCE CARRIED
TO THE B/S |
105.725 |
51.257 |
12.227 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods FOB (cash basis) |
659.097 |
642.767 |
391.352 |
|
|
TOTAL EARNINGS |
659.097 |
642.767 |
391.352 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
81.853 |
79.030 |
60.755 |
|
|
|
Capital Goods |
0.000 |
0.500 |
0.000 |
|
|
TOTAL IMPORTS |
81.853 |
79.530 |
60.755 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.01 |
7.08 |
2.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.20 |
3.97 |
1.13
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.38 |
4.95 |
1.14
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.10 |
5.19 |
2.73
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.24 |
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.13 |
1.62 |
2.92
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.74 |
1.28
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
63.100 |
63.100 |
|
Reserves & Surplus |
169.508 |
228.976 |
|
Net
worth |
232.608 |
292.076 |
|
|
|
|
|
long-term borrowings |
288.128 |
193.041 |
|
Short term borrowings |
89.829 |
135.946 |
|
Total
borrowings |
377.957 |
328.987 |
|
Debt/Equity
ratio |
1.625 |
1.126 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
897.200 |
1126.141 |
1211.394 |
|
|
|
25.517 |
7.570 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
897.200 |
1126.141 |
1211.394 |
|
Profit |
12.683 |
44.697 |
63.159 |
|
|
1.41% |
3.97% |
5.21% |
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 |
No |
|
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 |
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 |
Yes |
|
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 |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/1196/2009 |
Failing Date:- |
11/05/2009 |
Reg. No.:- |
ITXA/2411/2009 |
Reg. Date:- |
16/09/2009 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
SARAF CHEMICALS LIMITED |
||||
|
Petn.Adv:- |
SURESH KUMAR (0) |
Resp. Adv.: |
FEDERAL AND RASHMIKANT (0) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
FOR HEARING AND FINAL DISPOSAL |
||||
|
Last Date:- |
08/04/2013 |
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE SHRI JUSTICE M.S. SANKLECHA |
||||||
TURNOVER
The gross revenue during the year is Rs.1312.179 Millions as against Rs.1213.820 Millions in the previous year, indicating a growth of 8.10 % over the previous year. The division wise sales are discussed below.
TEXTILE CHEMICALS AND
DYES (Sarex Chemical Division)
Turnover of Textile chemicals is Rs.791.970 Millions as against Rs.720.140 Millions in the previous year indicating an increase of 9.97% over the previous year. The year was very challenging year on account of global uncertainty and unfavorable investment climate at domestic front. The Company is only chemical Company in India having Marks and Spencer UK accreditation for Textile R&D Center. With the New R&D Center, the Company's focus on exports market and boost the confidence of customers and provide assurance on quality of products. This division of the Company has also approached to get accreditation from National Accreditation Board for Testing and Calibration Laboratories (NABL).
FINE CHEMICALS AND
INTERMEDIATES (Sarex Overseas Division)
The turnover of Fine Chemicals and Bulk Intermediates products have remained to Rs.508.611 Millions as against Rs.484.858 Millions in last year indicating an increase of 4.89%. The Company was successful in reducing the material cost through yield improvement and solvent recovery for the key products. Now all the thrust is on productivity improvement and high cost areas for cost reduction.
EXPANTION CUM
MODERNISATION OF FINE CHEMICALS AND PHARMA INTERMIDIATE MANUFACTURING FACILITY
Major capital expenditure done in last year was for up gradation and productivity improvements. The directors are proud to convey that all the manufacturing set up is accredited with ISO 9000, ISO 14001 and OHSAS18001in the year.
R&D CENTRE
State of Art R&D centre is in place to carryout experiments and develop new molecules in house right from literature search. Ultramodern equipments and other infrastructures created to strengthen various developmental activities. R&D has played key role in reducing cost of key products and developed new products.
NEW DEVELOPMENT
LABORATORY
Bbout successful commissioning of the New development Marks and Spencer - UK Approved Lab for textile application, which has enhanced the company's image and intrinsic strength.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Deferred sales tax loan |
30.565 |
36.357 |
|
Total |
30.565 |
36.357 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10463887 |
10/10/2013 |
150,000,000.00 |
ING VYSYA BANK LIMITED |
PATEL CHAMBERS, GROUND FLOOR, SANDHURST BRIDGE, OPERA HOUSE, MUMBAI, MAHARASHTRA - 400007, INDIA |
B90997461 |
|
2 |
10431577 |
10/01/2014 * |
50,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B95651352 |
|
3 |
10175515 |
20/08/2009 |
5,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A69538551 |
|
4 |
80035542 |
05/09/2007 * |
56,500,000.00 |
INDIAN OVERSEAS BANK |
KAKAD CHAMBERS, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
A22505705 |
|
5 |
90235388 |
08/12/2012 * |
532,900,000.00 |
INDIAN OVERSEAS BANK |
C 201, WATERFORD BUILDING, JUHU LANE, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400058, INDIA |
B64254493 |
|
6 |
90239379 |
12/12/2005 * |
100,000.00 |
INDIAN OVERSES BANK |
WORLIBRANCH; KAKAD CHEMBER; 132DR. A.B. ROAD;, MUMBAI, MAHARASHTRA - 400018, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
·
Vehicles
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.60.33 |
|
|
1 |
Rs.101.40 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
48 |
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.