MIRA
INFORM REPORT
|
Report Date : |
25.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SWAPNIL ORGANICS PRIVATE LIMITED |
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Registered Office : |
Plot No. 6306, 4th Phase, GIDC, Vapi-396195, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.01.2003 |
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Com. Reg. No.: |
04-41845 |
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CIN No.: [Company
Identification No.] |
U24114GJ2003PTC041845 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Dyes Intermediates |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 21000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 6306, 4th Phase, GIDC, Vapi-396195, Gujarat, India |
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Tel. No.: |
91-260-2453091 |
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Fax No.: |
91-260-2453091 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Bharatkumar Manubhai Shah |
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Designation : |
Director |
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Address : |
A-4, Mayurpark, Part-2, Opposite Madhav Tower, Atmajyoti Ashram Road, Subhanpura,
Vadodara-390007, Gujarat, India |
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Date of Birth/Age : |
29.11.1962 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mr. Bhikhabhai Kodarlal Patel |
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Designation : |
Director |
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Address : |
A/5, Suryoday Park Society, Behind T.B. Hospital, Amin Party Plot,
Gotri, Vadodara-390021, Gujarat, India |
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Date of Birth/Age : |
01.05.1953 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mr. Parag Sureschandra Doshi |
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Designation : |
Director |
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Address : |
B/305, Rajhans Complex, Charwada Road, Vapi-396191, Gujarat, India |
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Date of Birth/Age : |
12.11.1972 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mr. Rambhai Kodarbhai Patel |
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Designation : |
Director |
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Address : |
A, 10, Bhanukunj Society, Opposite Gunjan Garden, Chikuwadi,
Vapi-396195, Gujarat, India |
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Date of Birth/Age : |
10.10.1961 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mr. Jayantlal Devabhai Patel |
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Designation : |
Director |
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Address : |
Sahjand Park, Adarsh Nagar, Mahavir Nagar, Himat Nagar-383001,
Gujarat, India |
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Date of Birth/Age : |
13.01.1956 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mr. Dwarkadas Haribhai Patel |
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Designation : |
Director |
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Address : |
Haikrupa, 11-A- Panna Park, Mahavir Nagar, Himat Nagar -383001,
Gujarat, India |
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Date of Birth/Age : |
30.09.1942 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mr. Gautambhai Doshi |
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Designation : |
Director |
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Address : |
Labdi, Mangalam Street, Mahavir Nagar, Himat Nagar-383001, Gujarat,
India |
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Date of Birth/Age : |
03.12.1954 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mr. Girishkumar Doshi |
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Designation : |
Director |
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Address : |
Astha, Manglam Street, Mahavir Nagar, Himat Nagar-383001, Gujarat,
India |
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Date of Birth/Age : |
16.12.1954 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mr. Vipulkumar Dahybhai Oatal |
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Designation : |
Director |
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Address : |
At and Post Netramli, Idar, Sabrkantha-383430, Gujarat, India |
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Date of Birth/Age : |
04.07.1972 |
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Date of Appointment : |
15.01.2003 |
KEY EXECUTIVES
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Name : |
Vasant Patel and Associates |
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Designation : |
Company Secretary |
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Address : |
402, Shaily Complex, Opposite, Loha Bhavan, Near Old High Courtg,
Navrangpura, Ahmedabad-380009, Gujarat, India |
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Tel No.: |
91-27543056/ 27546194/ 26852133 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.9.2005
|
Names of Shareholders |
|
No. of Shares |
|
Gautam Doshi |
|
3600 |
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Bharat Manubhai Shah |
|
9000 |
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Bhikhabhai Kodarbhai Patel |
|
9000 |
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Parag Sureshchandra Doshi |
|
7200 |
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Rasikbhai Sankalchand Doshi |
|
3000 |
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Ramanbhai Patel |
|
6000 |
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Vipulkumar Dahyabhai Patel |
|
6000 |
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Girish Doshi |
|
6000 |
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Jayantibhai Patel |
|
9000 |
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Dhawarkadas Patel |
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9000 |
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Sureshchandra Jayantilal Doshi |
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9000 |
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Sejal Doshi |
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3000 |
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Hasmukh Jayantilal Doshi |
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6000 |
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Chirag Hasmukhbhai Doshi |
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3600 |
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Rundaben Gautambhai Doshi |
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3000 |
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Rahul Doshi |
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3000 |
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Kaushikumar Doshi |
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3000 |
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Nutanben Doshi |
|
6600 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Dyes Intermediates |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Desai Gajjar and Company Chartered Accountant |
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Address : |
201/202, Roayal Arcrade Second Floor, Near G.I.D.C Office, Char Rasta,
Vapi-396195, Gujarat, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 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 |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.312 |
0.384 |
0.192 |
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4] (Accumulated Losses) |
0.000 |
[0.604] |
[0.881] |
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NETWORTH |
4.312 |
2.780 |
2.311 |
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LOAN FUNDS |
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1] Secured Loans |
4.674 |
7.335 |
6.822 |
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2] Unsecured Loans |
11.118 |
10.036 |
9.285 |
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TOTAL BORROWING |
15.792 |
17.371 |
16.107 |
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DEFERRED TAX LIABILITIES |
0.112 |
0.140 |
0.165 |
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TOTAL |
20.216 |
20.291 |
18.583 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.751 |
11.564 |
12.388 |
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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 |
0.197 |
0.000 |
0.170 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.397
|
4.057 |
3.546 |
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Sundry Debtors |
10.622
|
8.652 |
5.296 |
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Cash & Bank Balances |
0.155
|
0.135 |
0.072 |
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Other Current Assets |
4.475
|
1.220 |
0.387 |
|
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Loans & Advances |
0.932
|
1.155 |
2.356 |
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Total
Current Assets |
22.581
|
15.219 |
11.657 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
12.713
|
6.655 |
5.760 |
|
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Provisions |
0.728
|
0.050 |
0.000 |
|
Total
Current Liabilities |
13.441
|
6.705 |
5.760 |
|
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Net Current Assets |
9.140
|
8.514 |
5.897 |
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MISCELLANEOUS EXPENSES |
0.128 |
0.213 |
0.128 |
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TOTAL |
20.216 |
20.291 |
18.583 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
56.007 |
35.969 |
24.163 |
|
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
56.007 |
35.969 |
24.163 |
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Profit/(Loss) Before Tax |
1.820 |
0.327 |
0.328 |
|
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Provision for Taxation |
0.481 |
0.050 |
0.000 |
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Profit/(Loss) After Tax |
1.339 |
0.277 |
0.328 |
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Earnings in Foreign Currency : |
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FOB Value |
18.558 |
7.440 |
0.000 |
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Imports : |
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CIF Value |
4.224 |
7.563 |
0.000 |
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Expenditures : |
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|
Financial charges |
2.013 |
1.760 |
0.682 |
|
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Depreciation & Amortization |
0.948 |
1.113 |
1.159 |
|
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Other Expenditure |
51.226 |
32.769 |
21.994 |
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Total Expenditure |
54.187 |
35.642 |
23.835 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.39
|
0.77 |
1.36 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.25
|
0.91 |
1.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.46
|
1.22 |
1.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.12 |
0.14 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
6.78
|
8.66 |
9.46 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
2.27 |
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SWAPNIL ORGANICS PRIVATE LIMITED |
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Presented By |
Mr. Rambhai K
Patel |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement dated 5th May, 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
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
all the Borrower’s Stock of Raw Materials, Semi-finished, finished goods such
as Dye Intermediates, DNCB, Soda Ash, Caustic Lye, HCL, NaSH, 4-NAP, 2
Pyridone, Consumable stores ect. Book-debts and plant and machinery both
present and future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1. Rate of
interest : 0.50 over BPLR p.a. present ROI is 11% with monthly rest. 2. Margin: Stock
25% and Book –debts :40% 3. The Company
had created the security above mentioned at column No. 3 to secure the due repayment
and discharge by the Company to the Bank Cash Credit (Hypothecation and
Book-Debts) of Rs. 5.000 Millions together with interest, commission, costs,
charges and expenses etc. and this charge shall operate as first charge. 4. Period: To be
renew yearly. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
Industrial Branch, Vapi-396195, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
Agreement dated 13th April 2005 |
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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. |
All the
securities described in column No. 3 hereinafter hypothecated and charged to
the bank by hypothecation agreement dated 5th May 2004 shall now
also security for Additional Credit Facility namely inland/ Foreign Letter of
Credit DA/ DP ( 90 Days) of rs. 2.500 Millions sanctioned and granted by the
Bank to the Company over present Cash Credit Limit ( Hypothecation of Stock
and Book-Debts) of Rs. 5.000 Millions aggregating to Rs. 7.500 Millions
together with interest, additional interest, penal interest, costs,
commission, charges, expenses and other monies payable by the borrower to the
bank Other term and
Conditions
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80041568 |
|
Corporate identity
number of the company |
U24114GJ2003PTC041845 |
|
Name of the
company |
SWAPNIL ORGANICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Vapi-396195,
Gujarat, India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of Baroda, Vapi Industrial Estate, SSI Branch, C/M-14, G.I.D.C
P.B. No. 13, Near Char Rasta, Vapi-396195, Gujarat, India |
|
Nature of description
of the instrument creating or modifying the charge |
Supplimental
Composite Agreement of Hypothecation of Goods, Book-debts, Movable Machinery
and vehicles dated 8th January, 2008 executed by M/s Swapnil
Organics Private Limited in Favour of Bank of Baroda |
|
Date of
instrument Creating the charge |
08.01.2008 |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
3. PC/ FBP :- 3.5% below BPLR Terms of
Repayment 12 Months subject
to Annual Review OR on Demand Margin
Extent and
Operation of the charge All the
securities Described in Column No. 14 herein below are further Hypothecation
and charged to the bank for securing further Packing Credit cum FBP/ UFBP
limit of Rs. 2.500 Millions over Existing Credit facilities of Rs. 7.500
Millions aggregating to Rs. 10.000 Millions plus interest, commission, costs,
charges, expenses and other monies payable by the Company to the Bank |
|
Short particulars
of the property charged |
Hypothecation of all
the Borrower’s Stock of Raw Materials, Semi-finished, finished goods such as
Dye intermediates, DNCB, Soda Ash, Caustic Lye, HCL, NaSH, 4-NAP, 2 Pyridone,
Consumable stores et, Book- Debts and Machinery both present and future
situated or to situated at Plot No. 6306, 4th Phase, GIDCI,
Vapi-396195, Gujarat, India |
|
Date of latest
modification prior to the present modification |
13.04.2005 |
|
Particulars of
the present modification |
All the
Securities as described in Column No. 14 hereinafter and charged by Original
Charge dated 05.05.2004 for Rs. 5.000 which was further modified on
13.04.2005 to secure enhanced credit facilities up to Rs. 7.500 Millions
shall now also be a security for securing further Packing Credit cum FBP/
UFBP limit of Rs. 2.500 Millions aggregating to Rs. 10.000 Millions plus
interest, commission, costs, charges, expenses and other monies payable by
the Company to the Bank |
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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|