MIRA INFORM REPORT
|
Report No. : |
351521 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHEMPLAST SANMAR LIMITED [w.e.f.28.09.1995] |
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Formerly Known
as : |
CHEMICALS AND PLASTICS INDIA LIMITED [w.e.f.15.05.1992] URETHANES INDIA LIMITED |
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Registered
Office : |
9, Cathedral Road, Chennai - 600086, Tamilnadu |
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Tel. No.: |
91-44-28128500/ 28128722 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.03.1985 |
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Com. Reg. No.: |
18-011637 |
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Capital
Investment / Paid-up Capital : |
Rs. 800.000
Million |
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CIN No.: [Company Identification
No.] |
U24230TN1985PLC011637 |
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IEC No.: |
0488016452 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACC3000F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Polyvinyl Chloride (PVC)
Resin, PVC Resin, Chemicals, etc. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Sanmar Holdings Limited. It was
incorporated in the year 1985. It has satisfactory track record. For the financial year ended 2014, the company has achieved decent top
line growth of 18.8%. However, it has incurred some losses from its
operations. The company has healthy financial base marked by adequate networth
position. Trade relations are fair. Business is active. Payments are usually
correct. The company can be considered 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-44-28128500]
LOCATIONS
|
Registered Office : |
9, Cathedral Road, Chennai - 600086, Tamilnadu, India |
|
Tel. No.: |
91-44-28128500/ 28128722 |
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Fax No.: |
91-44-28111902/ 28112627 |
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E-Mail : |
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Website : |
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Factory 1 : |
Mettur Dam RS, Salem District - 636402, Tamilnadu, India |
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Tel. No.: |
91-4298-222304 |
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Fax No.: |
91-4298-230394 |
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Factory 2 : |
Raman Nagar PO, Mettur Dam - 636403, Tamilnadu, India |
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Tel. No.: |
91-4298-231980 |
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Fax No.: |
91-4298-231986 |
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E-Mail : |
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Factory 3 : |
SIPCOT Industrial Complex Phase II, Semmankuppam, Cuddalore - 607005, Tamilnadu, India |
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Tel. No.: |
91-4142-239280 |
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Fax No.: |
91-4142-239281 |
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Factory 4 : |
Melavanjore Village, T.R. Pattinam Panchayat, Nagore - 611002, Pondicherry [U.T.], India |
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Tel. No.: |
91-4365-256475 |
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Fax No.: |
91-4365-256473 |
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Factory 5 : |
Kadampuliyur PO, Panruti Taluk, Cuddalore District - 607103, Tamilnadu, India |
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Tel. No.: |
91-4142-249101 |
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Fax No.: |
91-4142-249102 |
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Factory 6 : |
Sethu Rastha, Vedaranyam - 614810, Tamilnadu, India |
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Tel. No.: |
91-4369-250228 |
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Fax No.: |
91-4369-250418 |
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Sales/ Branch Offices : |
Located at: · Hyderabad · Mumbai · New Delhi · Kochi · Pune · Kolkata |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Mr. Radhakrishnan Manachanallur Naryanaswamy |
|
Designation : |
Director |
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Address : |
New No.27, Old No.12, Besant Avenue, Adyar, Chennai - 600020, Taminadu, India |
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Date of Birth/Age : |
03.08.1943 |
|
Qualification : |
Mechanical Engineer |
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Date of Appointment : |
30.07.2015 |
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DIN No.: |
00011091 |
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Name : |
Lavanya Venkatesh |
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Designation : |
Director |
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Address : |
Old No 16C, New No 13 Ranjith Road, Kotturpuram, Chennai - 600085, Tamilnadu, India |
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Date of Birth/Age : |
25.11.1970 |
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Date of Appointment : |
31.03.2015 |
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DIN No.: |
07191585 |
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Name : |
Krishnaswamy Parthasarathy |
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Designation : |
Director |
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Address : |
New No.348/8, Old No.243/8, Ttk Road, Chennai - 600018, Tamilnadu, India |
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Date of Birth/Age : |
31.01.1939 |
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Qualification : |
B Com |
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Date of Appointment : |
29.07.2004 |
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DIN No.: |
00022559 |
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Name : |
Sankara Venkitasubra Mony |
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Designation : |
Director |
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Address : |
B-201, "The Atrium", 149 Kalakshetra Road, Thiruvanmiyur, Chennai - 600041, Tamilnadu, India |
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Date of Birth/Age : |
06.10.1937 |
|
Qualification : |
B Sc (Hons) FCII (London) |
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Date of Appointment : |
16.01.2006 |
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DIN No.: |
00013645 |
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Name : |
Pavatta Kubi Sundaresan Jayaraman |
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Designation : |
Whole-time director |
|
Address : |
Flat No.B-2, "Ashok Aishwaryam", New No.13 (Old No.3), Habibullah Road, T. Nagar, Chennai - 600017, Tamilnadu, India |
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Date of Birth/Age : |
08.05.1950 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
01.09.2000 |
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PAN No.: |
AANPJ1076E |
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DIN No.: |
00011108 |
KEY EXECUTIVES
|
Name : |
Mr. Mahadevan Raman |
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Designation : |
Secretary |
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Address : |
Flat No.8/2, 19 Moosa Street, T. Nagar, Chennai - 600017, Tamilnadu, India |
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Date of Appointment : |
31.10.2007 |
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PAN No.: |
AAEPR5253Q |
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|
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Name : |
Mr. Raman Krishnan |
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Designation : |
Chief Financial Officer |
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Address : |
Flat No.309, Ramaniyam Katti, 148 Pilliyar Koil Street, Thoraipakkam, Chennai - 600096, Tamilnadu, India |
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Date of Birth/Age : |
20.08.1960 |
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Date of Appointment : |
31.03.2015 |
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PAN No.: |
AAIPK6981A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Sanmar Holdings Limited, India |
|
1593 |
|
Sanmar Holdings Limited, India |
|
1 |
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N Sankar Nominees of Sanmar Holdings Limited, India |
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1 |
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Vijay Sankar Nominees of Sanmar Holdings Limited, India |
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1 |
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P S Jayaraman Nominees of Sanmar Holdings Limited, India |
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1 |
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S Sankaran Nominees of Sanmar Holdings Limited, India |
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1 |
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N Muralidharan Nominees of Sanmar Holdings Limited, India |
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1 |
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V S Ramesh Nominees of Sanmar Holdings Limited, India |
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1 |
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Total |
|
1600 |
AS ON 26.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyvinyl Chloride (PVC)
Resin, PVC Resin, Chemicals, etc. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Indian Overseas Bank Commercial and Industrial Credit Branch, 98A Dr Radhakrishnan Salai, Chennai - 600004, Tamilnadu, India · Standard Chartered Bank 19 Rajaji Salai, Chennai - 600001, Tamilnadu, India · State Industries Promotion Corporation of Tamilnadu Limited 19-A,
Marshalls Road, Egmore, Madras - 600008, Tamilnadu, India ·
Lakshmi Vilas Bank Limited Cathedral
Road Branch, 70 Cathedral Road, Chennai - 600086, Tamilnadu, India · State Bank of Hyderabad 1st
Floor 45 Second Line Beach, Chennai - 600001, Tamilnadu, India · Andhra Bank Mowbrays
Road Branch 265 Ttk Road, Alwarpet, Chennai - 600018, Tamilnadu, India · Bank of India Chennai
Corporate Banking Branch IV Floor, Tarapore Towers 826 Anna Salai, Chennai -
600002, Tamilnadu, India · Bank of Baroda 21
Gopalakrishna Street, T Nagar, Chennai - 600017, Tamilnadu, India · State Bank of Mysore Industrial
Finance Branch Ii Floor M O H Building, 576 Anna Salai, Chennai -
600006, Tamilnadu, India · Central Bank of India International
Business Branch, 48/49 Montieth Road Egmore, Chennai - 600008, Tamilnadu,
India · Axis Bank Limited 192
Anna Salai, Karumuthu Milayam, Chennai - 600002, Tamilnadu, India · IDBI Bank Limited 115
Anna Salai, Saidapet, Chennai - 600015, Tamilnadu, India · State Bank of India CAG
Branch Sigapi Achi Buildinig, 18/3 Rukmini Lakshmipati Salai Egmore, Chennai
- 600008, Tamilnadu, India · Standard Chartered Bank 19
Rajaji Salai, Chennai - 600001, Tamilnadu, India · Indian Overseas Bank Commercial And Industrial Credit Branch, 98A Radhakrishnan Salai, Chennai - 600004, Tamilnadu, India
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
·
IDBI Trusteeship Services Limited Asian Building Ground Floor, R Kamani Marg
Ballard Estate, Mumbai - 400001, Maharashtra, India ·
IDFC Limited ·
IFCI Limited |
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Auditors : |
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|
Name : |
S.R Batliboi and Associates Chartered Accountants |
|
Address : |
Tidel Park 6th and 7th Floor, A Block (Module 601 701-702) No 4, Rajiv Gandhi Salai, Taramani, Chennai - 600113, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFS3421N |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
Sanmar Holdings Limited [U65993TN1979PLC007711] |
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Associates : |
· Sanmar Engineering Services Limited [U30006TN1996PLC034869] · Cabot Sanmar Limited [U93090TN1996PLC034761] · Cathedral Corporate Finance · Flowserve Sanmar Limited [U18209TN1987PLC014838] · Kalamkriya Limited [U22121TN1991PLC020589] · Sanmar Foundries Limited [U33112TN1983PLC009911] · Xomox Sanmar Limited [U28999TN2001PLC047056] · Mowbrays Corporate Finance · Sanmar Shipping Limited [U63090TN1994PLC028616] · Tyco Sanmar Limited [U51909TN1998PLC041556] · SHL Property Holdings Limited [U45201TN1999PLC043396] · Stargate Realty Private Limited [U65993TN1995PTC030443] · Sanmar Group Corporate Finance · Sanmar Consolidations Limited [U29199TN2001PLC047307] · BS & B Safety Systems (India) Limited [U33111TN1980PLC008499] · Matrix Metals LLC |
|
|
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|
Fellow Subsidiary
company : |
· Sanmar Speciality Chemicals Limited [U24299TN1982PLC009443] · TCI Sanmar Chemicals S.A.E. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,000 |
Equity Shares |
Rs. 500000/- each |
Rs. 2000.000 Million |
|
3,500,000 |
Preference Shares |
Rs. 100/- each |
Rs. 350.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 2350.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,600 |
Equity Shares |
Rs. 500000/- each |
Rs. 800.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
800.000 |
799.699 |
799.699 |
|
(b) Reserves & Surplus |
470.252 |
544.753 |
425.226 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
1250.000 |
1250.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2520.252 |
2594.452 |
1224.925 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1722.594 |
3124.094 |
4687.336 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
387.344 |
261.378 |
277.237 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2109.938 |
3385.472 |
4964.573 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
222.772 |
2465.101 |
2983.497 |
|
(b)
Trade payables |
11528.757 |
7671.478 |
6954.063 |
|
(c)
Other current liabilities |
2107.556 |
2973.132 |
2951.437 |
|
(d)
Short-term provisions |
82.048 |
86.431 |
103.492 |
|
Total
Current Liabilities (4) |
13941.133 |
13196.142 |
12992.489 |
|
|
|
|
|
|
TOTAL |
18571.323 |
19176.066 |
19181.987 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12059.706 |
12235.071 |
13599.303 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
66.440 |
614.300 |
72.383 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
7.500 |
7.500 |
17.800 |
|
(c) Deferred tax assets
(net) |
834.600 |
818.400 |
813.700 |
|
(d) Long-term Loan
and Advances |
175.689 |
191.145 |
153.173 |
|
(e)
Other Non-current assets |
22.200 |
29.796 |
48.016 |
|
Total
Non-Current Assets |
13166.135 |
13896.212 |
14704.375 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1946.221 |
1812.267 |
1499.981 |
|
(c)
Trade receivables |
1373.823 |
921.453 |
1308.334 |
|
(d)
Cash and cash equivalents |
454.149 |
728.777 |
62.165 |
|
(e)
Short-term loans and advances |
1582.163 |
1757.161 |
1478.009 |
|
(f)
Other current assets |
48.832 |
60.196 |
129.123 |
|
Total
Current Assets |
5405.188 |
5279.854 |
4477.612 |
|
|
|
|
|
|
TOTAL |
18571.323 |
19176.066 |
19181.987 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
26453.035 |
22432.236 |
21296.976 |
|
|
|
Other Income |
322.128 |
129.534 |
107.209 |
|
|
|
TOTAL (A) |
26775.163 |
22561.770 |
21404.185 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
17121.045 |
13765.625 |
12960.507 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
115.757 |
(88.919) |
226.984 |
|
|
|
Employees benefits expense |
723.875 |
927.595 |
910.189 |
|
|
|
Other expenses |
6320.436 |
5399.164 |
5459.977 |
|
|
|
TOTAL (B) |
24281.113 |
20003.465 |
19557.657 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2494.050 |
2558.305 |
1846.528 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1674.191 |
1504.555 |
1613.619 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
819.859 |
1053.750 |
232.909 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
914.780 |
938.923 |
933.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(94.921) |
114.827 |
(701.001) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(16.200) |
(4.700) |
(181.518) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(78.721) |
119.527 |
(519.483) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB Basis] |
107.994 |
185.425 |
205.589 |
|
|
|
Other Earnings |
6.148 |
284.676 |
386.555 |
|
|
TOTAL EARNINGS |
114.142 |
470.101 |
592.144 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
15737.137 |
13356.675 |
11791.184 |
|
|
|
Components and spare parts |
1841.004 |
1200.611 |
1438.279 |
|
|
|
Capital Goods |
4.566 |
210.446 |
11.798 |
|
|
TOTAL IMPORTS |
17582.707 |
14767.732 |
13241.261 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(49212.37) |
0.15 |
(0.65) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Term Loans |
1451.921 |
2043.330 |
2127.308 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
5758.245 |
2927.029 |
2327.955 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.30) |
0.53 |
(2.44) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.43 |
11.40 |
8.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.54) |
0.65 |
(3.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
0.04 |
(0.57) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35 |
2.94 |
8.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39 |
0.40 |
0.34 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
799.699 |
799.699 |
800.000 |
|
Reserves & Surplus |
425.226 |
544.753 |
470.252 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
1250.000 |
1250.000 |
|
Net
worth |
1224.925 |
2594.452 |
2520.252 |
|
|
|
|
|
|
Long-term borrowings |
4687.336 |
3124.094 |
1722.594 |
|
Short term borrowings |
2983.497 |
2465.101 |
222.772 |
|
CURRENT MATURITIES OF TERM LOANS |
2127.308 |
2043.330 |
1451.921 |
|
Total
borrowings |
9798.141 |
7632.525 |
3397.287 |
|
Debt/Equity ratio |
7.999 |
2.942 |
1.348 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
21296.976 |
22432.236 |
26453.035 |
|
|
|
5.331 |
17.924 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
21296.976 |
22432.236 |
26453.035 |
|
Profit/ (Loss) |
(519.483) |
119.527 |
(78.721) |
|
|
(2.44%) |
0.53% |
(0.30%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10548296 |
10/02/2015 |
3,200,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING GROUND FLOOR, R KAMANI MARG
BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C43125756 |
|
2 |
10484059 |
14/05/2014 * |
3,318,600,000.00 |
STATE INDUSTRIES PROMOTION CORPORATION OF
TAMILNAD |
19-A ,MARSHALLS ROAD,, EGMORE, MADRAS, TAMI
NADU - 600008, INDIA |
C04058236 |
|
3 |
10384634 |
14/05/2014 * |
730,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
CATHEDRAL ROAD BRANCH, 70 CATHEDRAL ROAD,
CHENNAI, TAMILNADU - 600086, INDIA |
C05588900 |
|
4 |
10212383 |
14/05/2014 * |
1,050,000,000.00 |
STATE BANK OF HYDERABAD |
1ST FLOOR 45 SECOND LINE BEACH, CHENNAI,
TAMILNADU - 600001, INDIA |
C05646880 |
|
5 |
10210540 |
14/05/2014 * |
820,000,000.00 |
ANDHRA BANK |
MOWBRAYS ROAD BRANCH 265 TTK ROAD, ALWARPET,
CHENNAI, TAMILNADU - 600018, INDIA |
C05772561 |
|
6 |
10210123 |
14/05/2014 * |
120,000,000.00 |
BANK OF INDIA |
CHENNAI CORPORATE BANKING BRANCH IV FLOOR,
TARAPORE TOWERS 826 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
C05888607 |
|
7 |
10210120 |
14/05/2014 * |
515,000,000.00 |
BANK OF INDIA |
CHENNAI CORPORATE BANKING BRANCH IV FLOOR,
TARAPORE TOWERS 826 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
C05890199 |
|
8 |
10199773 |
14/05/2014 * |
550,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH II FLOOR M O H
BUILDING, 576 ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA |
C05885694 |
|
9 |
10191413 |
05/10/2012 * |
500,000,000.00 |
BANK OF BARODA |
21 GOPALAKRISHNA STREET, T NAGAR, CHENNAI,
TAMILNADU - 600017, INDIA |
B60937745 |
|
10 |
10191414 |
14/05/2014 * |
1,050,000,000.00 |
BANK OF BARODA |
21 GOPALAKRISHNA STREET, T NAGAR, CHENNAI,
TAMILNADU - 600017, INDIA |
C06054167 |
|
11 |
10179439 |
26/09/2012 * |
200,000,000.00 |
IDBI BANK LIMITED |
115 ANNA SALAI, SAIDAPET, CHENNAI,
TAMILNADU - 600015, INDIA |
B60953882 |
|
12 |
10176122 |
28/09/2012 * |
500,000,000.00 |
CENTRAL BANK OF INDIA |
INTERNATIONAL BUSINESS BRANCH, 48/49,
MONTIETH ROAD, EGMORE, CHENNAI, TAMILNADU - 600008, INDIA |
B60954278 |
|
13 |
10178040 |
14/05/2014 * |
1,150,000,000.00 |
CENTRAL BANK OF INDIA |
INTERNATIONAL BUSINESS BRANCH, 48/49
MONTIETH ROAD EGMORE, CHENNAI, TAMILNADU - 600008, INDIA |
C05582911 |
|
14 |
10128440 |
14/05/2014 * |
500,000,000.00 |
AXIS BANK LIMITED |
192 ANNA SALAI, KARUMUTHU MILAYAM, CHENNAI,
TAMILNADU - 600002, INDIA |
C05519400 |
|
15 |
10128922 |
14/05/2014 * |
1,390,000,000.00 |
IDBI BANK LIMITED |
115 ANNA SALAI, SAIDAPET, CHENNAI,
TAMILNADU - 600015, INDIA |
C05356746 |
|
16 |
10039067 |
28/09/2012 * |
3,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, NEW NO.64, GREAMS
ROAD, CHENNAI, TAMILNADU - 600006, INDIA |
B61104329 |
|
17 |
10037782 |
05/10/2012 * |
900,000,000.00 |
CANARA BANK |
SPENCER TOWERS I, GROUND FLOOR, 770, ANNA
SALAI, |
B61104246 |
|
18 |
10027400 |
11/09/2012 * |
900,000,000.00 |
IDFC LIMITED |
KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON
ROAD, CHETPET, CHENNAI, TAMIL NADU - 600031, INDIA |
B60516713 |
|
19 |
80015835 |
14/05/2014 * |
1,500,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH SIGAPI ACHI BUILDINIG, 18/3
RUKMINI LAKSHMIPATI SALAI EGMORE, CHENNAI, TAMILNADU - 6000 |
C06052906 |
|
20 |
80015839 |
14/05/2014 * |
110,000,000.00 |
STANDARD CHARTERED BANK |
19 RAJAJI SALAI, CHENNAI, TAMILNADU -
600001, INDIA |
C05782206 |
|
21 |
80015833 |
14/05/2014 * |
2,100,000,000.00 |
INDIAN OVERSEAS BANK |
COMMERCIAL AND INDUSTRIAL CREDIT BRANCH,
98A RADH |
C05883970 |
|
22 |
80019615 |
20/07/2009 * |
250,000,000.00 |
IL&FS FINANCIAL SERVICES LIMITED |
II & FS FINANCIAL CENTREPLOT NO C-22 G
BLOCK, BAN |
A67469148 |
* Date of charge modification
OPERATIONS
PVC Business
During
the year domestic demand for Suspension Resin was affected by a combination of
factors - extended monsoon, Telangana agitation, reduced government spending in
an election year, tight liquidity etc. Prices fluctuated with quotes for imported
material, India continuing to attract many international producers as one of
the largest and fastest growing PVC markets in the world. Rupee depreciation,
and the increase in Polymer duties from 5% to 7.5% in May 2013, helped
stabilize prices to some extent. Paste Resin prices dropped significantly
during the year due to very low imported quotes consequent on the economic
slowdown in Europe.
Unfortunately,
this coincided with the company increasing its capacity to 66,000 MT per annum
by fully converting its Mettur facility into an exclusive Paste plant. However,
the company was able to smoothly place the additional production in the
domestic markets, albeit at the lower prices ruling in the market.
Chlorochemical Business
Caustic
Soda prices started recovering during the year as Chlorine values were limited,
also helped by the depreciation of the Rupee. The commissioning of the
expansion in the company’s salt farm resulted in increased production and
enabled the company to completely avoid salt purchase.
The
falling price trend for Chloromethane products in Europe continued into the
first half of the current year, with consequent impact on India. European
Methylene Dichloride being dumped in India at very low prices put enormous
pressure on domestic prices. An Anti Dumping investigation was initiated by the
Government of India on such dumped imports from EU and Korea, and after
verification Anti Dumping Duty was imposed. Consequently, Methylene Dichloride
prices started recovering a bit in the latter part of the year, helped also by
the peaking of international Methanol prices.
HCFC
22 demand in India was normal while international demand remained weak. With
export prices turning unviable, the Company had to scale down its operating
rate to match with its domestic sale.
FINANCE
The
company has established a good track record with the bankers and financial
institutions, thereby enjoying their full confidence. The auditors in their report
have expressed an opinion with regard to creation of deferred tax asset. They
have also commented that the company’s accumulated losses at the end of the
financial year are more than fifty percent of its net worth after considering
the reversal of creation of deferred tax asset in line with their opinion.
Consistent with the practice, which was followed in earlier years, the company
has created net deferred tax assets in respect of depreciation and carry
forward losses in the current year also. The net deferred tax asset for the
year 2013-14 is Rs. 16.200 Million, bringing the total net deferred tax asset
to Rs 834.600 Million as of 31st March 2014. Considering the income it expects
to generate from its installed asset base in future years, the company believes
that the requirements of the Accounting Standard 22-Accounting for Taxes on
Income relating to the creation of deferred tax asset are satisfied. The
company’s accumulated losses at the end of financial year are less than fifty
percent of its net worth after considering the creation of deferred tax asset.
The
funds amounting to Rs 8546.042 Million raised on short term basis by way of
working capital have been used for long term investment in non-current assets
and funding of losses”.
Given
the nature of its operations, the company is able to generate cash surplus from
working capital. Because of the continuous nature of its operations, this cash
surplus is expected to remain as a long term fund in the company and hence the
company believes that its utilization for investment in non-current assets and
funding of losses will not result in tenor mismatch. The amount of Rs 8546.042
Million mentioned by the auditors represents the cumulative position as on 31st
March 2014.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer software
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. 66.55 |
|
|
1 |
Rs. 100.64 |
|
Euro |
1 |
Rs. 70.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.