MIRA INFORM REPORT
|
Report No. : |
307789 |
|
Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUNDAR CHEMICALS
PRIVATE LIMITED |
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|
|
|
Registered
Office : |
6G, Century Plaza, 560-562, Anna Salai, Chennai – 600018, Tamilnadu |
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|
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Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2009 |
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|
|
Date of
Incorporation : |
05.02.1987 |
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|
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Com. Reg. No.: |
18-013986 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 4.538 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U24294TN1987PTC013986 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Cattle Feed and Poultry Feed Supplement and Sweets. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 rack. Management of the company has failed to file its financials with
government department after FY 2008-2009. As per Registrar of companies the date of balance sheet i.e. financials
filed is shown as 31st March, 2014 but the documents related to
the financials for the year 2014 is not available from any source. As per indirect source (i.e. ICRA) the company has fair profit margin
during FY2012. As per registrar of companies business is active. Payment terms 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
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 |
ICRA |
|
Rating |
Long Term Rating = “B+” |
|
Rating Explanation |
Risk prone credit quality and carries very high credit risk. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
March 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 DECLINED
Management non co-operative (91-44-24335073)
LOCATIONS
|
Registered Office : |
6G, Century Plaza, 560-562, Anna Salai, Chennai – 600018, Tamilnadu,
India |
|
Tel. No.: |
91-44-24349230 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 26.09.2014
|
Name : |
Mr. Krishnamachari Ramu |
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Designation : |
Director |
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Address : |
New No. 10, Old No. 26C, Malony Road, T. Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
22.10.1936 |
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Date of Appointment : |
05.12.1987 |
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DIN No.: |
01306326 |
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Other Directorship :
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Name : |
Mr. Ramu. Sundarvalli |
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Designation : |
Director |
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|
Address : |
New No. 10, Old No. 26C, Malony Road, T. Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
14.04.1946 |
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Date of Appointment : |
19.08.1988 |
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DIN No.: |
01306352 |
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Other Directorship :
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Name : |
Mr. Ramu Krishnan |
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Designation : |
Director |
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Address : |
New No. 9 A, Parameswari Nagari Street, Adayar, Chennai – 600020,
Tamilnadu, India |
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Date of Birth/Age : |
28.08.1970 |
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Date of Appointment : |
30.01.1995 |
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DIN No.: |
01228606 |
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Other Directorship :
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Name : |
Mr. N. Ranaganathan |
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Designation : |
Director |
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Address : |
501, 5th Floor, Sai Siddhi Plot 220, 11th Road, Chembur,
Mumbai – 400071, Maharashtra, India |
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Date of Birth/Age : |
19.04.1937 |
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Date of Appointment : |
22.08.1988 |
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DIN No.: |
01843133 |
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Name : |
Ms. Ramu. Lavanya |
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Designation : |
Director |
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|
Address : |
New No. 10, Old No. 26C, Malony Road, T. Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
12.01.1980 |
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Date of Appointment : |
16.03.2006 |
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DIN No.: |
01307328 |
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Other Directorship :
|
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MAJOR SHAREHOLDERS
As on 26.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
K. Ramu-HUF |
|
15840 |
|
K.Rami-Individual |
|
7620 |
|
R. Sundaravalli |
|
9610 |
|
R. Krishna |
|
8760 |
|
Lavanya R. |
|
3550 |
|
|
|
|
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Total |
|
45380 |
As on 26.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Cattle Feed and Poultry Feed Supplement and Sweets. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
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Name : |
K S Jagannath and Comapny Chartered Accountant |
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Address : |
No. 10, 2nd Floor, Bharati Nagar, 2nd Street, T.
Nagar, Chennai – 600017, Tamilnadu, India |
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PAN No.: |
AAEFK0647F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 26.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45380 |
Equity Shares |
Rs.100/-
each |
Rs. 4.538
Millions |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.538 |
4.538 |
4.538 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.695 |
19.111 |
17.533 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
26.233 |
23.649 |
22.071 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
41.200 |
35.468 |
23.178 |
|
|
TOTAL BORROWING |
41.200 |
35.468 |
23.178 |
|
|
DEFERRED TAX LIABILITIES |
2.200 |
2.122 |
2.129 |
|
|
|
|
|
|
|
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TOTAL |
70.433 |
61.239 |
47.378 |
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|
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
44.438 |
14.343 |
14.251 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.200 |
0.200 |
0.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17.341
|
28.601 |
25.184 |
|
|
Sundry Debtors |
8.965
|
10.197 |
4.385 |
|
|
Cash & Bank Balances |
0.626
|
9.835 |
4.570 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
25.613
|
23.972 |
21.727 |
|
Total
Current Assets |
52.545
|
72.605 |
55.866 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
6.431
|
7.540 |
4.464 |
|
|
Provisions |
20.319
|
18.369 |
18.475 |
|
Total
Current Liabilities |
26.750
|
25.909 |
22.939 |
|
|
Net Current Assets |
25.796
|
46.696 |
32.927 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
70.433 |
61.239 |
47.378 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SALES |
|
|
|
|
|
Income |
211.980 |
160.113 |
140.777 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL
(A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL
(B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
26.167 |
19.553 |
19.883 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.120 |
7.115 |
8.185 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.047 |
12.438 |
11.698 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1.097 |
1.151 |
1.624 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
14.950 |
11.287 |
10.074 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
5.550 |
4.359 |
3.221 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
9.400 |
6.928 |
6.853 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
207.14 |
152.67 |
151.01 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.43 |
4.33 |
4.87 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
12.34 |
12.21 |
14.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.42 |
12.98 |
14.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.57 |
0.48 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.57 |
1.50 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96 |
2.80 |
2.44 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2007 |
31.03.2008 |
31.03.2009 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4.538 |
4.538 |
4.538 |
|
Reserves & Surplus |
17.533 |
19.111 |
21.695 |
|
Net
worth |
22.071 |
23.649 |
26.233 |
|
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
23.178 |
35.468 |
41.200 |
|
Total
borrowings |
23.178 |
35.468 |
41.200 |
|
Debt/Equity
ratio |
1.050 |
1.500 |
1.571 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2007 |
31.03.2008 |
31.03.2009 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
140.777 |
160.113 |
211.980 |
|
|
|
13.735 |
32.394 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2007 |
31.03.2008 |
31.03.2009 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
140.777 |
160.113 |
211.980 |
|
Profit |
6.853 |
6.928 |
9.400 |
|
|
4.87% |
4.33% |
4.43% |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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
(Rs.
In Million)
|
Particulars |
As
on 31.03.2009 |
As
on 31.03.2008 |
|
|
|
|
|
From directors |
41.200 |
35.468 |
|
|
|
|
|
Total |
41.200 |
35.468 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90307620 |
22/05/1997 * |
850,000.00 |
STATE BANK OF INDIA |
SIRUTHUZAHIL BRANCH,
MADRAS, Tamil Nadu - 600034, |
- |
|
2 |
90306249 |
22/05/1997 * |
2,000,000.00 |
STATE BANK OF INDIA |
SIRUTHUZAHIL BRANCH, MADRAS, Tamil Nadu - 600034, |
- |
|
3 |
90307482 |
15/05/1997 * |
2,000,000.00 |
STATE BANK OF INDIA |
SIRUTHUZAHIL BRANCH, MADRAS, Tamil Nadu - 600034, |
- |
|
4 |
90305989 |
20/08/1990 |
600,000.00 |
STATE BANK OF INDIA |
SIRUTHUZAHIL BRANCH, 160 ; VILLAGE ROAD, MADRAS, |
- |
|
5 |
90303526 |
17/03/1989 |
4,980,000.00 |
STATE BANK OF INDIA |
SIRUTHUZAHIL BRANCH, MADRAS, Tamil Nadu - 600034, |
- |
|
6 |
90307120 |
30/06/2008 * |
35,000,000.00 |
STATE BANK OF INDIA |
SIRUTHOZHIL BRANCH,, NUNGAMBAKKAM HIGH ROAD, CHEN |
A43452911 |
|
7 |
90303509 |
17/08/2000 * |
4,500,000.00 |
STATE BANK OF INDIA |
SIRUTHUZAHIL BRANCH, MADRAS, Tamil Nadu - 600034, |
- |
|
8 |
90305830 |
22/05/1997 * |
4,500,000.00 |
STATE BANK OF INDIA |
SIRUTHUZAHIL BRANCH, MADRAS, Tamil Nadu - 600034, |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Factory Building
- Furniture
- Plant and Machinery
- Vehicle
- Computer
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.62.24 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUM |
|
|
|
|
Analysis Done by
: |
PRT |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.