MIRA INFORM REPORT

 

 

Report Date :

09.08.2011

 

IDENTIFICATION DETAILS

 

Name :

AVID ORGANICS PRIVATE LIMITED (11.11.2009)

 

 

Formerly Known As :

SHREEJEE TRACO (INDIA) PVT LTD

 

 

Registered Office :

B-5AB, Madhu Vihar, 2nd Floor, Street No. 13, I P Extension, Delhi 110092

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

03.04.2000

 

 

Com. Reg. No.:

104955

 

 

Capital Investment / Paid-up Capital :

Rs. 2.155 millions

 

 

CIN No.:

[Company Identification No.]

U74999DL2000PTC104955

 

 

TIN No.:

07180231427

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturing, Exporting and Supplying of Pharmaceutical chemical, acids, glycolic acid, diglycolic acid, thio glycolic acid, thio diglycolic acid, esters: butyl glycolate, dibutyl diglygolate

 

 

No. of Employees :

16 Approximately

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 23048

 

 

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 small to mediocre 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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Surender Kumar Jain

Designation :

Director

Contact No.:

91-11-22236828

Date :

09.08.2011

 

 

LOCATIONS

 

Registered Office :

B-5AB, Madhu Vihar, 2nd Floor, Street No. 13, I P Extension, Delhi 110092, India

Tel. No.:

91-11-22235750/22236828

Mobile No.:

91-9909019381 (Mr. Deeraj Jain)

Fax No.:

91-11-43027288

E-Mail :

shreejee@hotmail.com

Website :

http://www.avidorganics.co.in

Area :

Owned

 

 

Factory  :

Located At:

Ankleshwar, Gujarat, India

Location :

Rented

 

 

DIRECTORS

 

Name :

Mr. Surendra Kumar Jain

Designation :

Director

 

 

Name :

Mrs. Sneh Jain

Designation :

Director

 

 

Name :

Mrs. Shivani Jain

Designation :

Director

 

 

Name :

Mr. Dheeraj Jain

Designation :

Director

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Supplying of Pharmaceutical chemical, acids, glycolic acid, diglycolic acid, thio glycolic acid, thio diglycolic acid, esters: butyl glycolate, dibutyl diglygolate

 

 

Terms :

 

Selling :

L/C, Cash, Credit

 

 

Purchasing :

L/C, Cash, Credit

 

 

 

 

GENERAL INFORMATION

 

Customers :

·         Wholesaler

·         Retailers

 

 

No. of Employees :

16 Approximately

 

 

Bankers :

·         Bank of India, Plot No. 10, L.S.C.-2, Savitri Plaza-2, Opp.- Aja nta Apartments, I.P. Extensin, Patparganj, New Delhi, Delhi - 110092, India

·         ICICI Bank

 

 

Facilities :

Rs. In Millions

 

SECURED LOAN

31.03.2010

 

31.03.2009

 

ICICI Bank (Car Loan)

0.061

0.117

Bank of India – Working Capital Loan

1.092

8.994

Bank of India – Car Loan

0.167

0.200

(Loan from bank of India is secured by hypothecation of fixed assets, stock, receivable, other current assets and immovable propriety of directors of the company and personal guarantee of all the directors.

Vehicle loan from ICICI bank is secured by hypothecation of vehicle finance by them.)

 

 

Total

1.320

9.311

 

 

 

UNSECURED LOAN

 

 

From Shareholder

0.000

0.065

Total

0.000

0.065

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Ravindra Jain and Associates

Chartered Accountant

Address :

106, Prakash House, 4379/4B, Ansari Road, Darya Ganj, Delhi – 110002, India

 

 

Associates/Subsidiaries :

Nil

 

 

 

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

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

 

 

 

 

215500

Equity Shares

Rs. 10 each

Rs. 2.155 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

2.155

1.667

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

3.607

1.772

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

5.762

3.439

LOAN FUNDS

 

 

 

1] Secured Loans

 

1.320

9.311

2] Unsecured Loans

 

0.000

0.065

TOTAL BORROWING

 

1.320

9.376

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

7.082

12.815

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

1.000

0.842

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.020

0.003

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

4.327

3.598

 

Sundry Debtors
 

4.329

11.748

 

Cash & Bank Balances
 

1.161

1.231

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

2.790

6.049

Total Current Assets
 

12.607

22.626

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

4.211

4.974

 

Other Current Liabilities
 

1.816

4.185

 

Provisions
 

0.518

1.499

Total Current Liabilities
 

6.545

10.658

Net Current Assets
 

6.062

11.968

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.002

 

 

 

 

TOTAL

 

7.082

12.815

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2010

 

 

 

 

 

 

SALES (Approximately)

 

 

30.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2010

31.03.2009

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.36

5.82

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.92

2.12

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Fixed Assets:

·         Machinery

·         Fax Machine

·         Computer

·         Cycle

·         Car

·         Scooter

·         Furniture

·         Invetor

·         Mobile Phone

·         Air Conditioner

 

 

FORM 8

 

Corporate identity number of the company

U74999DL2000PTC104955

Name of the company

AVID ORGANICS PRIVATE LIMITED (11.11.2009)

Address of the registered office or of the principal place of  business in India of the company

B-5AB, Madhu Vihar, 2nd Floor, Street No. 13, I P Extension, Delhi 110092, India

This form is for

Creation of charge

Type of charge

Immovable property

Particular of charge holder

Reliance home Finance Private Limited, 570, Rectifier House, 3rd Floor, Naigaum Cross Road, Wadala, Mumbai 400031, Maharashtra, India

Nature of instrument creating charge

First and exclusive charge on said property

Date of instrument Creating the charge

28.04.2010

Amount secured by the charge

Rs. 5.020 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

9.75 % Floating (RHFL' PLR IS 14.75 % and your interest rate is RHFL PLR - 5% (Margin) which is 9.75 %)

 

Terms of repayment

180 Monthly Installment (EMI) Started From 1st June 2010 To 5th May 2025.

 

Margin

As Per Sanction Letter

 

Extent and operation of the charge

First and exclusive charge on said property

 

Short particulars of the property charged (Including location of the property)

B-25, Vishranti Heritage, Opp. Haverest Residency, Opp. Yash Complex, Gotri, Vadodara (Gujarat)

 

 

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.44.96

UK Pound

1

Rs.73.94

Euro

1

Rs.64.56

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--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

 

28

 

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

 

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.