MIRA INFORM REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ARIES ORGANICS PRIVATE LIMITED |
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Registered Office : |
Plot No.441, Phase – II, GIDC, Vatva, Ahmedabad – 382445, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.03.1995 |
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Com. Reg. No.: |
04-24832 |
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CIN No.: [Company
Identification No.] |
U24117GJ1995PTC024832 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Organic Dyes |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is well established company having satisfactory track.
Financial position of the company is satisfactory. Trade relations are fair.
Business is active. Payments are usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory : |
Plot No.441, Phase – II, GIDC, Vatva, Ahmedabad – 382445, |
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Tel. No.: |
91-79-25833164/ 25891164 |
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Mobile No. : |
91-9825345536 (Mr. Arish Patel) |
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Fax No.: |
91-79-25830535 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Kantilal Ishwarlal Patel |
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Designation : |
Director |
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Address : |
10-11, Manichandra Society, Memnagar, Ahmedabad – 380052, |
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Date of Appointment : |
01.03.1995 |
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Name : |
Mr. Arish Kantilal Patel |
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Designation : |
Director |
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Address : |
10-11, Manichandra Society, Memnagar, Ahmedabad – 380052, |
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Date of Appointment : |
20.11.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Kantilal Ishwarlal Patel |
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45000 |
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Taraben Kantilal Patel |
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90000 |
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Arish Kantilal Patel |
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150000 |
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Patel Kantilal Ishwarlal HUF |
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15000 |
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Total |
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300000 |
(As on 30.09.2010)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Organic Dyes |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking Relations
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- |
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Auditors : |
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Name : |
Prahlad L Patel and Company Chartered Accountant |
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Address : |
2nd Floor, Sun Complex, Near |
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Tel No.: |
91-79-26562070 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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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 |
151.105 |
97.857 |
54.502 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
154.105 |
100.857 |
57.502 |
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LOAN FUNDS |
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1] Secured Loans |
37.467 |
0.000 |
11.566 |
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2] Unsecured Loans |
19.743 |
50.447 |
78.606 |
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TOTAL BORROWING |
57.210 |
50.447 |
90.172 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
211.315 |
151.304 |
147.674 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.898 |
23.971 |
27.226 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.006 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.717
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31.074 |
28.161
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Sundry Debtors |
175.714
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81.343 |
103.566
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Cash & Bank Balances |
14.791
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18.646 |
2.544
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Other Current Assets |
8.163
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4.807 |
0.787
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Loans & Advances |
16.406
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8.190 |
10.315
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Total
Current Assets |
238.791
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144.060 |
145.373 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
39.942
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11.631 |
20.514
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Provisions |
9.437
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5.101 |
4.417
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Total
Current Liabilities |
49.379
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16.732 |
24.931
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Net Current Assets |
189.412
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127.328 |
120.442
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
211.315 |
151.304 |
147.674 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
407.480 |
NA |
308.166 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
352.339 |
NA |
269.231 |
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PROFIT BEFORE
TAX (A-B) (C) |
55.141 |
NA |
38.935 |
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Less |
TAX (D) |
1.894 |
NA |
4.375 |
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PROFIT AFTER TAX
(C-D) (E) |
53.247 |
NA |
34.560 |
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Earnings Per
Share (Rs.) |
150.54 |
-- |
81.87 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
13.07
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-- |
11.21
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.15
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-- |
22.56
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Return on Investment (ROI) (PBT/Networth) |
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0.36
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-- |
0.68
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Debt Equity Ratio (Total Liability/Networth) |
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0.69
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0.67 |
2.00
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Current Ratio (Current Asset/Current Liability) |
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4.83
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8.61 |
5.83
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LOCAL AGENCY FURTHER INFORMATION
FORM 8 :
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U24117GJ1995PTC024832 |
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Name of the
company |
ARIES ORGANICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No.441, Phase – II, GIDC, Vatva, Ahmedabad – 382445, |
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Type of charge |
Book Debts Movable Property Immovable
property Others |
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Particular of
charge holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
a) Agreement of loan-cum-hypothecation
(SME-2) dated 11.02.2008. b) Memorandum for recording creation of
mortgage by deposit of title deeds (SME - 5), dated 11.02.2008. c) Letter of arrangement (SME-1), dated
11.02.2008. |
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Date of
instrument Creating the charge |
11.02.2008 |
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Amount secured by
the charge |
Rs.52.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Working Capital:
interest at 2.90% above SBAR (SBAR=12.50%) with a minimum of 9.60% p.a.
rising or falling therewith on daily products with monthly rests, linked to
SBAR/at SBAR which is subject to change from time to time. Terms of
Repayment : Working
Capital : repayable on demand. Margin : Raw materials
(imported) - 25% Raw materials
(indigenous) - 25% Semi finished
goods - 40% Finished goods -
25% EPC - 10% of the
fob value of order LC and BG - 20% Extent and
Operation of the charge : The credit
facilities of Rs.52.500 Millions
secured against hypothecation
of entire stocks of RM, SF, FG, Consumable Spares and parts, book-debt,
receivables, other current assets and hypothecation of all other plant and
machinery, equipments of the company both present and future. Individual limits within overall limits as
under : (i) EPC / FBD : Rs. 37.500 Millions
(ii) LC :Rs.15.000 Millions (iii) BG (within LC)-Rs.(5.000) Millions. Making Overall
Aggregate Credit Facilites Rs.52.500 Millions Others : Simultaneously,
the credit facilities of Rs. 52.500 Millions also secured by memorandum for
recording creation of mortgage by deposit of title deeds (i.e equitable mortgage)
on the immovable properties of the company viz. Land and Building situated at
Plot no. 441,of survey no. 358, Paiki, admeasuring 2997 sq.mtr., Phase - II, GIDC, Vatva,
Ahmedabad - 382445. |
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Short particulars
of the property charged |
a) Hypothecation of entire stocks of RM, SF,
FG, Consumable Spares and Parts, Book-Debts, Receivables, Other current assets
and hypothecation of all other plant& machinery, equipments of the
company both present and future. b) Land and Building situated at Plot no. 441,
of S.No.358, Paiki, admeasuring 2997 sq.mtr., Phase-II, GIDC, Vatva,
Ahmedabad-382445. |
FIXED ASSETS :
- Computer
Machine
- Furniture
- Electric
Fittings
- Factory Plot
- Generator
- Machinery
- Vehicle Car
- Worklift
- Laboratory
Equipment
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
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Indian Rupees |
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US Dollar |
1 |
Rs.44.27 |
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1 |
Rs.72.07 |
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Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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49 |
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 |
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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 |
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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.