MIRA
INFORM REPORT
|
Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAAHIL ORGANICS PRIVATE LIMITED |
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Formerly Known As : |
SAAHIL MARKETING
PRIVATE LIMITED |
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Registered Office : |
“Harikrupa” Near
Shailesh Park, Behind L D Engineer College, Polytechnic, Ahmedabad 380 015,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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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 Limited Liability Company |
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Line of Business : |
Manufacturers of
Paints and Plasticizers |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 31000 |
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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,
established and reputed company having moderate track. Its profitability is
improving and expected to wipe – off previous losses soon. Trade relations
are fair. Payments are reported as slow but correct. The company can
be considered good for small to mediocre business dealings. |
LOCATIONS
|
Registered Office : |
“Harikrupa” Near
Shailesh Park, Behind L D Engineering Hostel College, Polytechnic, Ahmedabad
380 015, Gujarat, India |
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Tel. No.: |
91-79 -26304572 /
26302901 |
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Mobile No.: |
91-9825932000 /
9824032000 / 9825800720 |
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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 : |
8-P, New Survey
No.189-A Village, Vasna-Eyava, Tal. Sanand District, Ahmedabad - 380 015,
Gujarat, India |
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Tel. No.: |
91-2717-274387 |
DIRECTORS
|
Name : |
Mr. Jaydeep
Nalinbhai Patel |
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Designation : |
Managing Director |
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Address : |
Harikrupa Near
Shailesh Park, Behind L D Eng. College, Polytechnic, Ahmedabad 380 015,
Gujarat |
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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
Shailesh Park, Behind L D Eng. College, Polytechnic, Ahmedabad 380 015,
Gujarat |
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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, Sayeed Vad,
Jordan Road, Danapur, Ahmedabad – 380 001, Gujarat, India |
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Date of Appointment : |
01.08.2005 |
KEY EXECUTIVES
|
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, Gujarat, India |
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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
|
Names of Shareholders (As on 31.03.2007) |
No. of Shares |
|
Mr. Jaydeep
Nalinbhai Patel |
740010 |
|
Ms Jayaben Nalinbhai
Patel |
50010 |
|
Ms K Subudhdhiben
Patel |
20010 |
|
Total |
810030 |
Equity Share Breakup (Percentage of Total Equity):- [As on 31.03.2007]
|
Category |
Percentage |
|
Directors or relative of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Paints and Plasticizers |
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Products : |
v
Textile Gums v
Textile
Auxiliaries and Chemicals v
Guar Gum v
Tamarind
Kernel Powder |
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Exports : |
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Countries : |
African and European Countries |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
v
Bank of
India, Paldi Branch, Paldi, Ahmedabad-380 015, Gujarat, India v
Surat
People’s Co-operative Bank Limited |
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Banking
Relations : |
----- |
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Auditors : |
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Name : |
Parikh and
Majmudar Chartered
Accountants |
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Address : |
204-5-6, Harsh
Avenue, Opposite Old High Court, Navjeevan Press Road, Ahmedabad - 380 014, Gujarat, India |
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Group Companies : |
· Saahil Organics Private Limited · Pari Chem (India). |
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Associates/Subsidiaries : |
v Pari Chem
(India) v Tex Chem
Industries v Citron Gum
Industries v Eshaani
Embroideries v
Eshaani Barriers |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10.00 Each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
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
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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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 |
4.439 |
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|
3] Reserves & Surplus |
0.643 |
0.643 |
0.643 |
|
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4] (Accumulated Losses) |
[7.132] |
[10.085] |
[7.075] |
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NETWORTH |
6.050 |
3.097 |
6.107 |
|
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.204 |
0.457 |
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2] Unsecured Loans |
9.846 |
12.936 |
12.149 |
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TOTAL BORROWING |
9.846 |
13.140 |
12.606 |
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DEFERRED TAX LIABILITIES |
1.198 |
2.589 |
0.000 |
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TOTAL |
17.094 |
18.826 |
18.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.257 |
9.143 |
9.384 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.587 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.853
|
3.556
|
1.367 |
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Sundry Debtors |
9.310
|
10.053
|
6.985 |
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Cash & Bank Balances |
0.199
|
2.047
|
0.503 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
0.473
|
0.756
|
0.787 |
|
Total
Current Assets |
12.835
|
16.412
|
9.642 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Current Liabilities |
4.966
|
6.683
|
3.008 |
|
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Provisions |
0.032
|
0.078
|
0.000 |
|
Total
Current Liabilities |
4.998
|
6.761
|
3.008 |
|
|
Net Current Assets |
7.837
|
9.651
|
6.634 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.032 |
0.108 |
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TOTAL |
17.094 |
18.826 |
18.713 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
34.190 |
36.812 |
11.288 |
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Other Income |
0.000 |
0.065 |
0.273 |
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Total Income |
34.190 |
36.877 |
11.561 |
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Profit/(Loss) Before Tax |
1.585 |
2.215 |
[2.168] |
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Provision for Taxation |
[1.368] |
[5.252] |
[0.712] |
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Profit/(Loss) After Tax |
2.953 |
[3.037] |
[2.880] |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
NA |
[0.463] |
0.279 |
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Financial Charges |
NA |
0.390 |
0.454 |
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Depreciation & Amortization |
0.760 |
0.720 |
0.647 |
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Other Expenditure |
31.845 |
34.015 |
12.349 |
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Total Expenditure |
32.605 |
34.662 |
13.729 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.64
|
[8.24] |
[24.91] |
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Net Profit Margin (PBT/Sales) |
(%) |
4.64
|
6.02 |
[19.21] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.17
|
8.67 |
[10.03] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.72 |
[0.36] |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.45
|
6.43 |
2.56 |
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Current Ratio (Current Asset/Current Liability) |
|
2.68
|
2.43 |
3.21 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:-
|
Name of the company |
SAAHIL ORGANICS PRIVATE LIMITED |
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Presented By |
Mr. 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 India Paldi Branch,
Paldi, Ahmedabad - 380 015, Gujarat, India |
||||||||||||||
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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
|
|
Name of the company |
SAAHIL MARKETING
PRIVATE LIMITED |
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Presented By |
Mrs. Jayaben N Patel, Director |
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1) Date and description of instrument creating the change |
Deed of
hypothecation of tangible movables properties dated 21.04.1997 (A copy of which
is enclosed) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
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 |
Hypothecation of
company stock in trade including raw materials, work in progress, finished
goods, consumables stores and spares such as paints and plasticisers. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
: 18.75% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Paldi Branch, Ahmedabad - 380 015, Gujarat, India |
WEBSITE DETAILS:-
Company Profile
Subject is the flagship company of the Saahil Group based at Ahmedabad
in the State of Gujarat, India. Founded in 1964, the group is in manufacturing
and marketing wide range of products, which include Textile Auxiliaries,
Finishing Agents and Softners, Food Additives, Pretreaent-Wetting Agents and
Dyeing Auxiliaries, Printing Auxiliaries and Thickners, Textile gums and
related products. The founder promotor Shri Nalin Patel is a successful
entrepreneur having a sound business background and experience of over 37 years
and has laid a strong foundation for the group activities. In 1981-82, he was
further straightened by his well qualified sons viz. Bhavesh N. Patel (a
management graduate.) and Jaydeep N. Patel (a chemical engineer ) who took up
the reigns of business The activities were further consolidated in the form of
broad. Basing the product set up and strengthening of the marketing set up by
starting the Surat Division in the year 1991 and the Silvaasa division in the
1997. Today the group, manufacturer a vast range of the above products and has
earned the position of prominence in the respective end user segments.
Group Companies
Under the Saahil banner, the following group of companies are in
operation.
Infrastructure And Facilities
The Group has, in aggregate 2 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 Ahmedabad and one plants is located at the Union
Territory of Silvassa, which is at a distance of about 10 Kms. away from Vapi
in South Gujarat.
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 investments is virtually self financed though ploughing back of the
profits and internal generations over the years.
Products
On a consolidated basis, the present manufacturing capacities of various
product groups are given below.
· Textile Auxiliaries and Chemicals
· Guar Gum
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
34 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|