MIRA INFORM REPORT
|
Report Date : |
24.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIGMA CHEMTRADE PRIVATE LIMITED |
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Registered
Office : |
Sigma House, 170/22, R.N.T Marg, Film Colony, Indore-452001, Madhya
Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.08.2007 |
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Com. Reg. No.: |
10-019722 |
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Capital Investment
/ Paid-up Capital : |
Rs.6.000
Millions |
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CIN No.: [Company Identification
No.] |
U24119MP2007PTC019722 |
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|
IEC No.: |
1107002893 |
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PAN No.: [Permanent Account No.] |
AALCS0614E |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Exporter and Importer of HDPE, Polymers, Rubber and Plastics
Chemicals. |
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|
|
No. of Employees
: |
19 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk
profile and low profitability levels of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BB- |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
10.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A4+ |
|
Rating Explanation |
Minimal degree of safety and highest credit risk. |
|
Date |
10.09.2013 |
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Nirmal Sancheti |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9425059333 |
|
Date : |
23.12.2014 |
LOCATIONS
|
Registered Office : |
Sigma House, 170/22, R.N.T Marg, Film Colony, |
|
Tel. No.: |
91-731-2529911 |
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Fax No.: |
91-731-2529901 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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|
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Warehouse 1 : |
17-A, Sector – 3, SEZ, Pithampur, Dhar, |
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Warehouse 2 : |
Shop No 3 547/4 (3), Opposite Gayatri Mandir, Shivani Complex, Amli, Silvassa Dadra & Nagar Haveli |
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Branch Office: |
Located at
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DIRECTORS
AS ON 20.09.2014
|
Name : |
Mr. Sanjay Goyal |
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Designation : |
Director |
|
Address : |
Sigma House, 170/22, R.N.T Marg, Film Colony, |
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Date of Birth/Age : |
04.01.1967 |
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Qualification: |
MS in Computer application ( |
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Date of Appointment : |
07.08.2010 |
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DIN No.: |
03180562 |
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|
|
|
Name : |
Mr. Rajesh Bansal |
|
Designation : |
Director |
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Address : |
35KH, Janki Nagar Main , |
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Date of Birth/Age : |
22.08.1967 |
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Qualification: |
M.Com |
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Date of Appointment : |
12.02.2011 |
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DIN No.: |
03420528 |
KEY EXECUTIVES
|
Name : |
Nirmal Sancheti |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Vijay Goyal |
200000 |
33.33 |
|
Sanjay Goyal |
203807 |
33.97 |
|
Nina Goyal |
196193 |
32.70 |
|
Total |
600000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 20.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of HDPE, Polymers, Rubber and Plastics
Chemicals. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Commodities |
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Countries : |
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Exports : |
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Products : |
Polymers Chemicals |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
OEM’s
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No. of Employees : |
16 (Approximately) (In Office :
10 + In Branch 6) |
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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 : |
K C Agrawal and Company Chartered Accountants |
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Address : |
401, Chetak Centre, 12/2, RNT Marg, Indore, Madhya Pradesh, India |
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Tel. No.: |
91-731-25299777/2520777 |
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E-Mail : |
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PAN No.: |
ABRPA2326H |
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Associate Enterprises : |
Address: 170/22, RNT Marg (Film Colony) Indore,
Madhya Pradesh, India
Address: 170/22, RNT Marg (Film Colony)
Indore, Madhya Pradesh, India
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
600000 |
Equity Shares |
Rs.10/- each |
Rs. 6.000
Millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
6.000 |
6.000 |
5.000 |
|
(b) Reserves & Surplus |
25.040 |
21.055 |
16.363 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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(2) Share Application money pending allotment |
0.000 |
3.500 |
2.600 |
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Total
Shareholders’ Funds (1) + (2) |
31.040 |
30.555 |
23.963 |
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
24.766 |
26.909 |
26.183 |
|
(b) Deferred tax liabilities (Net) |
0.183 |
0.392 |
0.015 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
24.949 |
27.301 |
26.198 |
|
|
|
|
|
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(4) Current Liabilities |
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|
|
|
(a) Short term
borrowings |
46.024 |
56.675 |
43.079 |
|
(b) Trade payables |
46.381 |
5.935 |
39.483 |
|
(c) Other current
liabilities |
0.451 |
0.508 |
0.662 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
92.856 |
63.118 |
83.224 |
|
|
|
|
|
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TOTAL |
148.845 |
120.974 |
133.385 |
|
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|
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
2.376 |
4.103 |
4.785 |
|
(ii) Intangible Assets |
0.005 |
0.009 |
0.014 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2.381 |
4.112 |
4.799 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
13.435 |
1.486 |
15.292 |
|
(c) Trade receivables |
53.487 |
14.767 |
46.038 |
|
(d) Cash and cash
equivalents |
34.243 |
32.439 |
13.601 |
|
(e) Short-term loans
and advances |
4.844 |
30.515 |
19.745 |
|
(f) Other current
assets |
40.455 |
37.655 |
33.910 |
|
Total Current Assets |
146.464 |
116.862 |
128.586 |
|
|
|
|
|
|
TOTAL |
148.845 |
120.974 |
133.385 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
268.829 |
532.713 |
468.928 |
|
|
|
Other Income |
0.576 |
0.279 |
3.039 |
|
|
|
TOTAL (A) |
269.405 |
532.992 |
471.967 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of stock in trade |
270.747 |
499.979 |
447.632 |
|
|
|
Changes in inventories of stock in trade |
(11.949) |
13.805 |
8.200 |
|
|
|
Employee benefit expenses |
2.050 |
3.451 |
3.283 |
|
|
|
Other Expenses |
2.583 |
3.058 |
4.089 |
|
|
|
Profit and loss of branches |
(6.539) |
0.613 |
0.000 |
|
|
|
TOTAL (B) |
256.892 |
520.906 |
463.204 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.513 |
12.086 |
8.763 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.572 |
7.093 |
3.172 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.941 |
4.993 |
5.591 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.276 |
0.752 |
0.752 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.665 |
4.241 |
4.839 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.681 |
1.149 |
1.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.984 |
3.092 |
3.483 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
9.088 |
Nil |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.64 |
5.13 |
NA |
|
Expected Sales (2014-2015) : Rs.700.000 Millions
The above information has been parted by Nirmal Sancheti (Chief
Executive Officer).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin |
(%) |
1.48 |
0.58 |
0.74 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
4.65 |
2.27 |
1.87 |
|
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|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.13 |
3.51 |
3.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.14 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.28 |
2.74 |
2.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
1.85 |
1.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
5.000 |
6.000 |
6.000 |
|
Reserves & Surplus |
16.363 |
21.055 |
25.040 |
|
Share Application money pending allotment |
2.600 |
3.500 |
0.000 |
|
Net worth |
23.963 |
30.555 |
31.040 |
|
|
|
|
|
|
long-term borrowings |
26.183 |
26.909 |
24.766 |
|
Short term borrowings |
43.079 |
56.675 |
46.024 |
|
Total borrowings |
69.262 |
83.584 |
70.790 |
|
Debt/Equity ratio |
2.890 |
2.736 |
2.281 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
468.928 |
532.713 |
268.829 |
|
|
|
13.602 |
(49.536) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
468.928 |
532.713 |
268.829 |
|
Profit |
3.483 |
3.092 |
3.984 |
|
|
0.74% |
0.58% |
1.48% |
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Sanjay Goyal S/o Satya Narayan Goyal |
6.454 |
15.851 |
|
Nin W/o Vijay Goyal |
11.751 |
6.438 |
|
Vijay Goyal S/o Satya Narayan Goyal |
6.561 |
3.412 |
|
Total |
24.766 |
25.701 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10104524 |
01/06/2011 * |
133,500,000.00 |
STATE BANK OF INDIA |
RM-ME, SALES HUB, SME BRANCH, 2ND FLOOR,
REGIONAL |
B15764699 |
Note: * Date of charge modification
CORPORATE
INFORMATION:
Company is engaged in the business wholesalers (traders) of chemicals and chemicals products.
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.63.45 |
|
|
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
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 |
|
34 |
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.