MIRA INFORM REPORT
|
Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASTRA CHEMTECH PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
S. S. ASTRA FORMULATIONS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
306-Nav-Vivek Industrial Premises Co-Operative Society, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
22.02.2000 |
|
|
|
|
Com. Reg. No.: |
11-124394 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24117MH2000PTC124394 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37549B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAGCA4209G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Dealers, Suppliers and Manufacturers of grinding
abrasives, polishing abrasives, finishing abrasives, abrasives products such as abrasive rollers, rice abrasive rollers, triangular
polishing blocks, rubbing bricks, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some caution. Profit and loss Account of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
306, Nav-Vivek Industrial Premises Co-Operative Society, |
|
Tel. No.: |
91-22-24442379 / 24472469 |
|
Fax No.: |
91-22-24442696 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located at – v Ahmadabad v v v v Sivakasi v v Chennai v Gawhati v v v v Kerala v Kolkata |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Farid Ibrahim Sorathiya |
|
Designation : |
Director |
|
Address : |
B-9, Two Rose Co-Operative Housing Society Limited, Plot No. 5, Bandra
(West), Mumbai-400050, |
|
Date of Birth/Age : |
29.10.1973 |
|
Date of Appointment : |
22.02.2000 |
|
DIN No.: |
00205928 |
|
|
|
|
Name : |
Mr. Rashid Ibrahim Sorathiya |
|
Designation : |
Director |
|
Address : |
C-1, Shanti Niketan, |
|
Date of Birth/Age : |
24.01.1970 |
|
Date of Appointment : |
22.02.2000 |
|
DIN No.: |
00206034 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rashid Ibrahim Sorathiya |
|
92850 |
|
Farid Ibrahim Sorathiya |
|
91100 |
|
Sorathiya Ibrahim Mohammed |
|
28980 |
|
Sorathiya Halima Ibrahim |
|
13470 |
|
Sorathiya Irum Rashid |
|
63950 |
|
Sorathiya Rafiq Ibrahim |
|
3200 |
|
Sorathiya Farina Farid |
|
6450 |
|
Total |
|
300000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealers, Suppliers and Manufacturers of grinding
abrasives, polishing abrasives, finishing abrasives, abrasives products such as abrasive rollers, rice abrasive rollers,
triangular polishing blocks, rubbing bricks, etc. |
|
|
|
|
Products : |
v Powder Coating Gun v Core Laying Machine v Investment Casting v Butterfly Valve v Rotavtor v Blind Rivets Nuts v Impeller v Oxygen - Nitrogen Plants v Flower Pot |
GENERAL INFORMATION
|
Bankers : |
v Canara Bank,
Ground Floor, dawn Co-Operative Society, S. B. Marg, Mahim Railway Station,
Mahim (West), Mumbai-400016, v ICICI
Bank Limited v State
Bank of v Bank
of v Citi
Bank |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Tata Capital Housing Finance Limited, One Forbes, Dr. V. B. Gandhi
Marg, Fort, Mumbai-400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Chirag Varaiya and Company Chartered Accountants |
|
Address : |
9, Jatia shaker Dossa Sopping Centre (Shanti Bhavan), 1st
Floor, Mulund (West), Mumbai-400080, |
|
Tel. No.: |
91-22-22936568 |
|
Fax No.: |
91-22-25613553 |
|
E-Mail : |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.000 |
25.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.868 |
16.396 |
9.419 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
53.868 |
41.396 |
34.419 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
82.595 |
87.239 |
88.174 |
|
|
2] Unsecured Loans |
24.624 |
18.402 |
14.049 |
|
|
TOTAL BORROWING |
107.219 |
105.641 |
102.223 |
|
|
DEFERRED TAX LIABILITIES |
5.762 |
4.636 |
4.055 |
|
|
|
|
|
|
|
|
TOTAL |
166.849 |
151.673 |
140.697 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
81.326 |
61.596 |
54.934 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.030 |
0.010 |
0.010 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
47.370
|
41.635
|
34.627 |
|
|
Sundry Debtors |
115.771
|
104.886
|
104.349 |
|
|
Cash & Bank Balances |
2.777
|
3.187
|
2.129 |
|
|
Other Current Assets |
7.308
|
4.699
|
2.053 |
|
|
Loans & Advances |
7.902
|
0.500
|
0.763 |
|
Total
Current Assets |
181.128
|
154.907 |
143.921 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
92.371
|
61.015
|
57.119 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
3.333
|
3.916
|
1.163 |
|
Total
Current Liabilities |
95.704
|
64.931 |
58.282 |
|
|
Net Current Assets |
85.424
|
89.976
|
85.639 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.069 |
0.091 |
0.114 |
|
|
|
|
|
|
|
|
TOTAL |
166.849 |
151.673 |
140.697 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
EXPORT VALUE |
NA |
14.608 |
5.941 |
|
|
|
|
|
|
|
|
IMPORTS VALUE |
NA |
7.946 |
9.550 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.87 |
4.73 |
4.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89 |
2.39 |
2.47 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U24117MH2000PTC124394 |
|
Name of the
company |
ASTRA CHEMTECH PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
306, Nav-Vivek Industrial Premises Co-Operative Society, Mogul Lane,
Mahim (West), Mumbai-400016, Maharashtra, Indias |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Tata Capital Housing Finance Limited, One Forbes, Dr. V. B. Gandhi
Marg, Fort, Mumbai-400001, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum
Recording Past Transactions of Creation of Mortgage by Deposit of Title Deeds
dated 31.01.2011 for Rs. 1.923 millions Memorandum
Recording Past Transactions of Creation of Mortgage by Deposit of Title Deeds
dated 31.01.2011 for Rs. 1.923 millions Memorandum
Recording Past Transactions of Creation of Mortgage by Deposit of Title Deeds
dated 31.01.2011 for Rs. 2.007 millions Aggregating
to Rs. 5.853 millions |
|
Date of
instrument Creating the charge |
31.01.2011 |
|
Amount secured by
the charge |
Rs. 5.853 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest
@ 10.50% per annum Terms of
repayment Principal
amount to be repaid in 180 Monthly installments of Rs 0.065 million Extent and operation
of the charge The
loan together with all interest, costs, fees and expenses and all monies
payable in terms of this Agreements is secured by equitable mortgage of the
properties |
|
Short particulars
of the property charged (Including location of the property) |
Flat
No 21, Bldg No A2-a5, New Heaven, Chillar Road, Betagaon, Boisar
(East),Thane-401 501 Flat
No 22, Bldg No A2-a-10, New Heaven, Chillar Road, Betagaon, Boisar
(East),Thane-401 501 Flat
No 13, Bldg No A-6, a-10, New Heaven, Chillar Road, Betagaon, Boisar
(East),Thane-401501 |
FIXED
ASSETS :
v
Land and Building
- Land at Boisar
- Office Premises
v
Plant and Machinery
- Telephone
Equipment
- Lab
Equipments
- Air
Conditioner
- Mobile Instruments
- Water
Purifier
- Water Pump
- Fire
Extinguisher
- Euroair
Processor
- Inverter
v
Motor Vehicles
- Commercial
Vehicle
- Non-
Commercial Vehicle
v
Furniture and Fixtures
- Electrical
Fittings
- Furniture
- Office
Automation
v Computer
v Printer
AS PER WEB-DETAILS :
PROFILE :
Subject
was incorporated in the year 2000 as an manufacturing company with a single
minded commitment to provide excellent products and services to its customers. The
company was founded by a team of young dynamic technocrats from various fields
having immense vision and commitments to give value driven services. No wonder
today in a very short span it has emerged as an fastest growing company and a
force to reckon with in its field.
The
company makes products mainly for fast growing packaging, health and hygiene,
textiles, paints, construction and interior decoration industry. The products
are distributed through a very well connected network of depots, distribution,
dealers from Kashmir to Kanyakumari and from Mumbai to Assam covering the
entire length and the breath of the country. The company exports its products
to Kingdom of Saudi Arabia, U.A.E., Qatar, Srilanka, Bangladesh, U.K., etc. and
is in process of exploring new export avenues.
Their vision is to create world class facility in the field of R and D
in terms of talent and equipments to enhance our knowledge and drive ourselves
to become a preferred and the best supplier in our field of work.
Subject – Technology with Care : –
This underlines our goal to make products innovative and eco-friendly with our
expertise in technologies and make our brands more popular and user-friendly.
Subject,
headquartered in MUMBAI , the financial capital of INDIA has team of scientists,
engineers and technocrats and is among the fastest growing company in the field
of application polymers and fine chemicals.
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 |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.