MIRA INFORM REPORT
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Report No. : |
344804 |
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Report Date : |
12.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
STERLING AUXILIARIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 3/116, 1st Floor, Marol Cooperative Industrial
Estate, Off M.V. Road, Andheri (East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-40320202/ 40320000/ 01 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.07.1985 |
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Com. Reg. No.: |
11-036959 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.817
Million |
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|
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CIN No.: [Company Identification
No.] |
U74999MH1985PTC036959 |
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|
IEC No.: |
0392000814 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS42830E |
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PAN No.: [Permanent Account No.] |
AAACS5916Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Organic Chemicals and Surface Active Agents. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
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 : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985 engaged in production of
specialty chemicals. Its products include surfactants and emulsifiers, glycol
ethers, plastics additives and morphine derivatives. Available financial record of 2013, company has reported marginal
growth 3.90% in its revenue profile and maintained above average
profitability margins at 1.65% during the year under a review. Rating derive strength from experience of promoters in specialty
chemical industry support by long track record company’s operations and sound
operating efficiencies. Rating takes into account of company’s above average financial profile
along with sound networth base and moderate debt protection indicators. Trade relations are reported as fair. Payment terms are reported to be
usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. NOTE: 23 AC document for the financial year 2014 are not available from any
sources. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.: 91-22-40320000]
LOCATIONS
|
Registered Office : |
Plot No. 3/116, 1st Floor, Marol Cooperative Industrial Estate,
Off M.V. Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-40320202/ 40320000/ 01 |
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Fax No.: |
91-22-28597892 |
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E-Mail : |
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Website : |
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Branch Office : |
Plot No. 30/31, Marol Co-Operative Industrial Estate, Off. M. V. Road, Marol, Andheri (East), Mumbai - 400059, Maharashtra, India |
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Factory 1 : |
L-3, Navapur Road, M.I.D.C., Tarapur, Palghar – 401506, Maharashtra, India |
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Factory 2 : |
Plot No. 12/A-2, G.I.D.C., At Dahej, Taluka Vagre, Bharuch – 392130, Gujarat, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Anish Rajendrakumar Goenka |
|
Designation : |
Director |
|
Address : |
Plot No. 20, Vinayak Kunj, 12th Road, J.V.P.D. Scheme, Vile
Parle [West], Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1977 |
|
Qualification : |
B.B.A. Boston University |
|
Experience : |
16 Years |
|
Date of Appointment : |
05.10.2000 |
|
PAN No.: |
AABPG5555H |
|
DIN No.: |
00016688 |
|
|
|
|
Name : |
Mr. Prakash Pandurang Joshi |
|
Designation : |
Director |
|
Address : |
B-1/302, Rutu Park, Thane (West), Thane – 400601, Maharashtra, India |
|
Date of Birth/Age : |
02.06.1953 |
|
Date of Appointment : |
31.12.2012 |
|
DIN No.: |
01684072 |
|
|
|
|
Name : |
Mr. Gopalakrishnan Hariharan Sarma |
|
Designation : |
Director |
|
Address : |
Padmalochani CHS Limited, Flat 7, Pestom Sagar, Road No. 4, Near Tilak
Nagar Post Office, Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1958 |
|
Date of Appointment : |
12.05.2012 |
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DIN No.: |
05278285 |
|
|
|
|
Name : |
Mr. Avinash Sharad Misar |
|
Designation : |
Additional director |
|
Address : |
C-1, 501, Platinum City, Off Tumkur Road, Peenya, Bangalore – 560022,
Karnataka, India |
|
Date of Birth/Age : |
10.05.1963 |
|
Date of Appointment : |
22.10.2013 |
|
DIN No.: |
01515805 |
KEY EXECUTIVES
|
Name : |
Ms. Snehal |
|
Designation : |
Sales Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Sunilkumar Beniprasad Goenka |
|
657 |
|
Rajendrakumar Beniprasad Goenka |
|
1000 |
|
Anish Rajendrakumar Goenka |
|
9167 |
|
Anuj Sushilkumar Goenka |
|
8937 |
|
Rajendrakumar Beniprasad Goenka (HUF) |
|
6197 |
|
Amit Rajendrakumar Goenka |
|
9267 |
|
Artek Surfin Chemicals Limited, India |
|
15667 |
|
Anjanadevi Sushilkumar Goenka |
|
8913 |
|
Sushila Sushilkumar Goenka |
|
6167 |
|
Ajit Kantilal Parekh |
|
1 |
|
Asha Rajendrakumar Goenka |
|
6167 |
|
Saijal Vishal Goenka |
|
6496 |
|
Payal Amit Goenka |
|
6167 |
|
Smriti Anuj Goenka |
|
6161 |
|
Nishita Anish Goenka |
|
7203 |
|
|
|
|
|
Total |
|
98167 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
15.96 |
|
Directors
or relatives of directors |
39.70 |
|
Other
top fifty shareholders |
44.34 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Organic Chemicals and Surface Active Agents. |
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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 : |
Information declined by the management |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India · DBS Bank Limited DLF Capitol Point, Ground Floor and 1st Floor, Baba Kharak Singh Marg, Connaught Place, New Delhi - 110001, Delhi, India · HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel
West, Mumbai - 400013, Maharashtra, India · RBL Bank Limited Shahupuri, Kolhapur, Kolhapur - 416001,
Maharashtra, India ·
Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India ·
The Saraswat Cooperative Bank Limited |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
S.V. Ghatalia and Associates LLP Chartered Accountants |
|
Address : |
14Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFS6921Q |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
·
Omtech Chemical Industries Private Limited
[U24110MH1990PTC059064] ·
Perfecto Textil Chemicals Private Limited
[U24247MH2002PTC136494] ·
AG Technologies Private Limited
[U72100MH1999PTC121051] ·
Triumph Non Ionics Private Limited
[U24100MH1987PTC044811] ·
Texport Syndicate (India) Limited
[U18100MH2005PLC152440] ·
Artek Exports LLP ·
Artek Surfin Chemicals Limited
[U29190MH1990PLC055269] ·
Sterling Vinnyl Additives LLP ·
Divija Enterprise |
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Subsidiary Company
: |
Kawaken Sterling Surfactants Private Limited
[U24296MH2007PTC175631] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
98,167 |
Equity Shares |
Rs. 100/- each |
Rs. 9.817
Million |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.817 |
9.817 |
9.817 |
|
(b) Reserves & Surplus |
403.551 |
356.467 |
287.160 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
413.368 |
366.284 |
296.977 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
210.196 |
11.153 |
12.287 |
|
(b) Deferred tax liabilities (Net) |
40.036 |
37.546 |
29.678 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.986 |
1.114 |
0.000 |
|
Total
Non-current Liabilities (3) |
251.218 |
49.813 |
41.965 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
592.511 |
833.399 |
640.428 |
|
(b)
Trade payables |
167.242 |
180.599 |
154.505 |
|
(c)
Other current liabilities |
44.799 |
70.034 |
77.989 |
|
(d)
Short-term provisions |
5.722 |
6.349 |
7.734 |
|
Total
Current Liabilities (4) |
810.274 |
1090.381 |
880.656 |
|
|
|
|
|
|
TOTAL |
1474.860 |
1506.478 |
1219.598 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
399.991 |
254.057 |
248.509 |
|
(ii)
Intangible Assets |
1.048 |
1.534 |
2.021 |
|
(iii)
Capital work-in-progress |
39.537 |
89.908 |
98.750 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
47.638 |
47.594 |
29.902 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
148.229 |
109.081 |
60.692 |
|
(e)
Other Non-current assets |
5.028 |
7.950 |
16.041 |
|
Total
Non-Current Assets |
641.471 |
510.124 |
455.915 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
316.952 |
297.107 |
227.625 |
|
(c)
Trade receivables |
430.885 |
532.097 |
399.944 |
|
(d)
Cash and cash equivalents |
13.199 |
36.534 |
3.831 |
|
(e)
Short-term loans and advances |
72.340 |
130.335 |
132.126 |
|
(f)
Other current assets |
0.013 |
0.281 |
0.157 |
|
Total
Current Assets |
833.389 |
996.354 |
763.683 |
|
|
|
|
|
|
TOTAL |
1474.860 |
1506.478 |
1219.598 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
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|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
2705.990 |
2635.545 |
2135.447 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
2524.799 |
1955.944 |
|
|
|
|
|
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|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[Including Financial
and Depreciation Expenses] |
[Including
Financial and Depreciation Expenses] |
179.503 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
34.751 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
144.752 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
12.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
75.439 |
110.746 |
132.063 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
27.207 |
39.728 |
41.813 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.232 |
71.018 |
90.250 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
317.806 |
253.999 |
170.598 |
|
|
|
|
|
|
|
|
|
Less |
CAPITALIZED FOR ISSUE
OF BONUS ISSUE |
0.000 |
0.000 |
0.138 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
5.500 |
5.000 |
|
|
|
Dividend |
0.982 |
1.472 |
1.472 |
|
|
|
Tax on Dividend |
0.167 |
0.239 |
0.239 |
|
|
BALANCE CARRIED
TO THE B/S |
364.889 |
317.806 |
253.999 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1007.383 |
1040.362 |
908.562 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
491.33 |
723.44 |
919.35 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
0.957 |
0.728 |
0.694 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
190.123 |
(50.621) |
(9.313) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.44 |
8.09 |
12.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.30 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.94 |
2.31 |
2.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
0.91 |
0.87 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
9.817 |
9.817 |
9.817 |
|
Reserves & Surplus |
287.160 |
356.467 |
403.551 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
296.977 |
366.284 |
413.368 |
|
|
|
|
|
|
Long-term borrowings |
12.287 |
11.153 |
210.196 |
|
Short term borrowings |
640.428 |
833.399 |
592.511 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
0.694 |
0.728 |
0.957 |
|
Total
borrowings |
653.409 |
845.280 |
803.664 |
|
Debt/Equity ratio |
2.200 |
2.308 |
1.944 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
2135.447 |
2635.545 |
2705.990 |
|
|
|
23.419 |
2.673 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
2135.447 |
2635.545 |
2705.990 |
|
Profit |
90.250 |
71.018 |
48.232 |
|
|
4.23% |
2.69% |
1.78% |
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 |
10547910 |
15/01/2015 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C42895086 |
|
2 |
10497211 |
08/12/2014 * |
300,000,000.00 |
RBL BANK LIMITED |
SHAHUPURI,
KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA |
C38947958 |
|
3 |
10444500 |
18/07/2013 |
150,000,000.00 |
DBS BANK LIMITED |
DLF CAPITOL POINT,
GR FLOOR & 1ST FLOOR, BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI,
DELHI |
B82820382 |
|
4 |
10197221 |
08/06/2015 * |
310,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI,
MAHARASHTRA - |
C57861163 |
|
5 |
10115272 |
06/01/2012 * |
275,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
52/60, MAHATMA GANDHI
ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B29191418 |
|
6 |
10098700 |
07/02/2008 |
55,000,000.00 |
CITIBANK N. A. |
CITIBUSINESS,
CITIBANK CENTRE, 2ND FLOOR, BANDRA |
A36094092 |
|
7 |
90188961 |
08/12/2009 * |
238,500,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA |
A75829317 |
|
8 |
90186846 |
25/11/2003 * |
7,500,000.00 |
CITI BANK NA |
BANDRA KURALA
COMPLEX, G- BLOCK BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
9 |
90238116 |
23/11/2004 * |
10,000,000.00 |
CITI BANK N A |
CITI GROUP COMPLEX
BANDRA KURLA COMPLEX, G BLOCK |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
210.106 |
10.955 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
89.547 |
329.006 |
|
|
|
|
|
Total |
299.653 |
339.961 |
CORPORATE INFORMATION
Subject
is a private company domiciled in India and incorporated under the provisions
of the Companies Act, 1956. The company is engaged in the manufacturing of
chemicals and is one of the preferred supplier of APEO free Surfactants,
Ethylene and Propylene Oxide Condensates, EO-PO Block Co-Polymers, Alkanol
Amines and derivatives, P.E.Gs, Glycol Ethers, Phosphated Esters, Antioxidants,
Speciality Chemicals, etc. The company caters to both domestic and
international markets.
JOINT VENTURE WITH
KAWAKEN FINE CHEMICALS CO., LIMITED AND FORMATION OF SUBSIDIARY COMPANY
The Company has a Joint Venture Company named as Kawaken Sterling Surfactants Private Limited having a total authorised capital of Rs. 150.000 Million divided in to 1,50,00,000 equity shares of Rs.10/- each. As on 31-03-2013 Company has contributed Rs. 46.800 Million being 60% of the Total Paid up capital in the Joint venture and Kawaken Fine Chemicals Co. Limited (Japan) has contributed Rs. 31.200 Million being 40% of the total paid-up capital of Kawaken Sterling Surfactants Private Limited.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
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. 64.78 |
|
|
1 |
Rs. 99.54 |
|
Euro |
1 |
Rs. 73.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
41 |
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.