MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SAAHIL ORGANICS PRIVATE LIMITED |
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Formerly Known As : |
SAAHIL MARKETING
PRIVATE LIMITED |
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Registered Office : |
“Harikrupa” Near |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.07.1991 |
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Com. Reg. No.: |
04-15992 |
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CIN No.: [Company
Identification No.] |
U51909GJ1991PTC015992 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers of
Paints & Plasticizers |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 12000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old
company having moderate track. Company’s profitability is under server pressure.
It has some accumulated losses. Payments are reported as slow and delayed. The company can
be considered for any business dealings on fully safe and secured trade terms
and conditions. |
LOCATIONS
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Registered Office : |
“Harikrupa” Near |
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Tel. No.: |
91-79-26304572,
26302901 |
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Mobile No.: |
91-9825932000,
9824032000 |
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Fax No.: |
91-79-26307108 |
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E-Mail : |
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Website : |
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Factory 1 : |
8-P, New Survey No.189-A
Village, Vasna-Eyava, Tal. Sanand District, Ahmedabad, |
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Tel. No.: |
91-2717-274387 |
DIRECTORS
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Name : |
Mr. Jaydeep
Nalinbhai Patel |
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Designation : |
Managing Director |
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Address : |
Harikrupa Near |
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Date of Birth/Age : |
20.09.1966 |
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Date of Appointment : |
01.09.2000 |
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Name : |
Ms. Jayaben
Nalinbhai Patel |
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Designation : |
Director |
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Address : |
Harikrupa Near |
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Date of Birth/Age : |
26.09.1936 |
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Date of Appointment : |
18.07.1991 |
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Date of Ceasing: |
01.08.2005 |
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Name : |
Mr. Mayank
Vasantlal Makwana |
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Designation : |
Director |
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Address : |
B-103, Alap
Appartment, Bhaikakanagar, Thaltej, Ahmedabad 380 059 |
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Date of Birth/Age : |
10.10.1974 |
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Date of Appointment : |
21.07.2003 |
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Name : |
Mr. Himanshu
Jagdishbhai Patel |
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Designation : |
Director |
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Address : |
I/2, Vimal Apartment,
Near Azad Society, Ambawadi, Ahmedabad 380 015 |
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Date of Birth/Age : |
17.06.1976 |
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Date of Appointment : |
21.07.2003 |
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Name : |
Mr. Chandresh
Lajibhai Rathod |
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Designation : |
Director |
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Address : |
3, Shrinath Dwara
Society, Near Krishnanagar, Opp. Rambharose Hotel, Nava Vadaj, Ahmedabad |
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Date of Birth/Age : |
10.10.1973 |
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Date of Appointment : |
21.07.2003 |
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Name : |
Mr. Yunus Shaikh |
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Designation : |
Director |
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Address: |
3402, |
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Date of Appointment : |
01.08.2005 |
KEY EXECUTIVES
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Name : |
Ashish C Doshi |
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Designation : |
Company Secretary |
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Address : |
10, Tripura Society, Opposite Bhavan Nagar’s Tekro, Paldi, Ahmedabad –
380 007, |
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Tel. No.: |
91-79-26588848 |
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Mobile No.: |
91-9825064740 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Jaydeep
Nalinbhai Patel |
740,009 |
91.36 |
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Ms Jayaben
Nalinbhai Patel |
50,010 |
6.17 |
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Ms K Subudhdhiben
Patel |
20,010 |
2.47 |
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Mr. Himanshu
Nalinbhai Patel |
1 |
0.00 |
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Total |
810,030 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Paints & Plasticizers |
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Products : |
v
Textile
Gums v
Textile
Auxiliaries & Chemicals v
Guar
Gum v
Tamarind
Kernel Powder |
GENERAL INFORMATION
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No. of Employees : |
30 |
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Bankers : |
v
Bank
of v
Surat
People’s Co-operative Bank Limited |
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Facilities : |
- |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Parikh and
Majumdar Chartered
Accountants |
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Address : |
204-5-6, Harsh
Avenue, Harsh Avenue, |
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Associates/Subsidiaries : |
v
Pari Chem ( v
v
Citron Gum Industries v
Eshaani Embroideries v
Eshaani Barriers |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,000,000 |
Equity Shares |
Rs. 10.00 Each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
810030 |
Equity Shares |
Rs. 10.00 Each |
Rs. 8.100 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.100 |
8.100 |
8.100 |
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2] Share Application Money |
4.439 |
4.439 |
6.389 |
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3] Reserves & Surplus |
0.643 |
0.643 |
0.643 |
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4] (Accumulated Losses) |
(10.112) |
(7.075) |
(4.195) |
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NETWORTH |
3.070 |
6.107 |
10.937 |
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LOAN FUNDS |
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1] Secured Loans |
0.203 |
0.457 |
4.956 |
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2] Unsecured Loans |
12.935 |
12.149 |
0.000 |
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TOTAL BORROWING |
13.138 |
12.606 |
4.956 |
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DEFERRED TAX LIABILITIES |
2.590 |
0.000 |
0.000 |
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TOTAL |
18.798 |
18.713 |
15.893 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.143 |
9.384 |
9.026 |
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Capital work-in-progress |
0.000 |
.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
2.587 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.556
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1.367 |
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Sundry Debtors |
10.052
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6.985 |
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Cash & Bank Balances |
2.047
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0.503 |
6.682 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
0.725
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0.787 |
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Total
Current Assets |
16.380
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9.642 |
6.682 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.683
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3.008 |
0.000 |
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Provisions |
0.074
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0.000 |
0.000 |
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Total
Current Liabilities |
6.757
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3.008 |
0.000 |
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Net Current Assets |
9.623
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6.634 |
6.682 |
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MISCELLANEOUS EXPENSES |
0.032 |
0.108 |
0.185 |
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TOTAL |
18.798 |
18.713 |
15.893 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
36.812 |
11.288 |
7.737 |
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Other Income |
0.065 |
0.273 |
0.000 |
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Total Income |
36.877 |
11.561 |
7.737 |
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CHANGE IN STOCK |
0.463 |
(0.279) |
0.000 |
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Profit/(Loss) Before Tax |
2.214 |
(2.169) |
(2.442) |
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Provision for Taxation |
5.251 |
0.719 |
0.000 |
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Profit/(Loss) After Tax |
(3.037) |
(2.880) |
(2.442) |
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Expenditures : |
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Total Expenses |
34.016 |
12.350 |
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Financial Charges |
0.390 |
0.454 |
10.179 |
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Depreciation |
0.720 |
0.647 |
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Total Expenditure |
35.126 |
13.451 |
10.179 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(8.24)
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(24.91) |
(20.96) |
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Net Profit Margin (PBT/Sales) |
(%) |
(6.01)
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(25.51) |
(31.56) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.67
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11.40 |
(8.07) |
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Return on Investment (ROI) (PBT/Networth) |
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0.72
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(0.36) |
(10.72) |
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Debt Equity Ratio (Total Liability/Networth) |
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6.48
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2.56 |
0.33 |
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Current Ratio (Current Asset/Current Liability) |
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2.42
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3.21 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
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Name of the company |
SAAHIL ORGANICS PRIVATE LIMITED |
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Presented By |
Jayaben N. Patel |
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1) Date and description of instrument creating the change |
Deed of Hypothecation
of assets and Plant and machinery dated 13.08.1996 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.100
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Whole of the
movable machineries of the company including company’s movable plant and
charged machineries equipments and other movables situated at sub plot No. 7
and 8, Survey No. 189/A part at village Vasna – Iyara, Taluka Sanad, District
– Ahmedabad |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The term loan
would be secured by way of first charge over the assets of the Company as
mentioned in point 3 above. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Paldi Branch,
Paldi, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Equitable Mortgage
was created by deposit of title deed on 19th September, 1997. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Equitable
Mortgage was created over all the piece and parcel of land admeasuring about
12,000 Sq. yards equivalent to 10,023 Sq. Mtrs. Situate at Plot No. 7 and 8
of Survey No. 189/A/Part at Village Vasna-Iyava, Taluka – Sanad, District –
Ahmedabad belonging to Sahil Organics (A division of Sahil marketing
(Private) Limited) to secure the following limits of Bank of India
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Incorporated on
18.07.1991 the subject is engaged in the business of Manufacturing Paints &
Plasticizers, Textile Gums, Textile Auxiliaries & Chemicals and Guar Gum.
Subject is
The group has, in aggregate 6 manufacturing plants, of which
three are located at Sanad, which is at a distance of about 25 Kms from
Ahmedabad. Two are located within the city of
All the plants have adequate equipment and utilities and are designed keeping in view the optimum production and productivity. The aggregate capital investment in fixed assets is in the region of Rs. 32 million. However, the entire investment is virtually self financed though ploughing back of the profits and internal generations over the years.
Company Profile
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Business Type |
Exporter , Manufacturer |
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Export Turnover |
Approx 30.000 Millions to 40.000 Millions crore |
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Capital in Dollars |
Rs. 20.000 Millions |
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Export Percentage |
5 to 10% |
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Sales Volume |
Approx 30.000 Millions to 40.000 Millions |
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No of Staff |
30 |
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Year of Establishment |
The company was established in the year 1964. |
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Export Markets |
African and European markets. |
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Investment on Manufacturing Equipment |
Approx 15.000 Millions to 20.000 Millions |
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Production Type |
Manufacturer. |
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No of Engineers |
1 |
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Monthly Production Capacity |
13800 tonnes |
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Credit Rated |
No |
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Textile Gums, Plasticizers, Paints Additives, Textiles
Chemicals and Auxiliaries, Food Additives Tamarind Guar, Ladies Garment &
Exclusive Sarees. |
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Website |
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 records 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 |
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US Dollar |
1 |
Rs. 41.01 |
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|
1 |
Rs. 81.39 |
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Euro |
1 |
Rs. 55.30 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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