MIRA
INFORM REPORT
|
Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALTIS FINECHEM PRIVATE LIMITED |
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Formerly Known
As : |
DHRUV INTERMEDIATES PRIVATE LIMITED |
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Registered
Office : |
F 72/73, 1st Floor, Akashganga Complex, Near S T Bus Stand,
Himatnagar 383001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.12.2004 |
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Com. Reg. No.: |
04-045152 |
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CIN No.: [Company Identification
No.] |
U24110GJ2004PTC045152 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD02878B |
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PAN No.: [Permanent Account No.] |
AACCD0786H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer, Manufacturer and Trader of Bulk Drugs of Quinine Sulphate
and Quinine Dihydrochloride, 3 Nitro Phthalic Acid. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 46000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. Trade relations are fair. Business is active.
Payments are reported to be slow but correct. 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ratilal Patel |
|
Designation : |
Director |
|
Contact No.: |
91-7698044794 |
|
Date : |
11.03.2011 |
LOCATIONS
|
Registered Office : |
F 72/73, 1st Floor, Akashganga Complex, Near S T Bus Stand,
Himatnagar 383001, |
|
Tel. No.: |
91-2770-240713 |
|
Fax No.: |
91-2770-240713 |
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E-Mail : |
|
|
Area : |
400 sq.ft |
|
Location : |
Owned |
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|
|
|
Factory : |
Near Katwad Patya, Behind VRN Ceramic Ltd. At. Dalpur, Taluka Prantij,
Himatnagar 383120, |
|
Tel. No.: |
91-2770-240713 |
|
Area : |
17500 sq. Meter |
|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Ratilal K Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
27.04.1968 |
|
Date of Appointment : |
01.01.2005 |
|
|
|
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Name : |
Mr. Dinesh Kumar A Patel |
|
Designation : |
Director |
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Date of Birth/Age : |
1966 |
|
Date of Appointment : |
15.12.2004 |
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|
|
|
Name : |
Mr. Girish Kumar K Patel |
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Designation : |
Director |
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Date of Birth/Age : |
30.06.1972 |
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Date of Appointment : |
15.12.2004 |
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|
|
|
Name : |
Mr. Pravinbhai P Patel |
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Designation : |
Director |
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Date of Birth/Age : |
30.04.1957 |
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Date of Appointment : |
15.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Dinesh Kumar A Patel |
28100 |
|
Girish Kumar K Patel |
79500 |
|
Amrutbhai P Patel |
6950 |
|
Pravinbhai P Patel |
71950 |
|
Anjanaben P Patel |
52600 |
|
Bhagwatiben M Patel |
34500 |
|
Bharatbhai M Patel |
22600 |
|
Chetanaben D Patel |
7450 |
|
Chetanaben K Patel |
10350 |
|
Dineshbhai A Patel |
8350 |
|
Dineshbhai A Patel - HUF |
46050 |
|
Girishbhai K Patel – HUF |
28700 |
|
Hansaben P Patel |
17000 |
|
Harshadbhai N Patel |
7650 |
|
Hasmukhbhai K Patel |
7400 |
|
Jigar D Patel |
9000 |
|
Jyotsanaben G Patel |
17300 |
|
Kantibhai M Patel |
17900 |
|
Ketanbhai A Patel |
7900 |
|
Krishnaben D Patel |
16300 |
|
Khemibem K Patel |
20400 |
|
Krishnaben R Patel |
19600 |
|
Mahendeabhai A Patel – HUF |
64300 |
|
Manibhai D Patel |
30000 |
|
Mukeshbhai D Patel |
23700 |
|
Mukeshbhai V Patel |
7750 |
|
Naresskumar M Patel |
20000 |
|
Neelamben H Patel |
21550 |
|
Neerupaben P Patel |
19890 |
|
Neetaben N Patel |
21750 |
|
Privinbhai P Patel – HUF |
16200 |
|
Rajenrakumar S Patel |
38200 |
|
Ratibhai K Patel – HUF |
48200 |
|
Rekhaben R Patel |
16100 |
|
Sanjaybhai k Patel |
22900 |
|
Shantaben A Patel |
17350 |
|
Vandanaben H Patel |
7500 |
|
Vasantbhai V Patel |
19200 |
|
Ashokbhai K Patel |
4065 |
|
Vasantbhai H Patel |
21000 |
|
Ratibhai K Patel |
25000 |
|
Yoginiben A Patel |
4065 |
|
Total |
986270 |
AS ON 29.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer, Manufacturer and Trader of Bulk Drugs of Quinine Sulphate
and Quinine Dihydrochloride, 3 Nitro Phthalic Acid. |
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Products : |
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Exports : |
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Countries : |
African Countries |
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Imports : |
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Products : |
Cinchona Bark |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
32 Approximately |
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Bankers : |
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||||||||||||||||||||||||||||||||||||
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K K Patel and Associates Chartered Accountant |
|
Address : |
F 51, 2nd Floor, Akash Ganga Complex, Near S T Stand,
Himatnanag 383001, |
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|
|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10 each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
986270 |
Equity Shares |
Rs. 10 each |
Rs.9.862 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 |
9.863 |
9.863 |
9.863 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.645 |
0.716 |
0.579 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.508 |
10.579 |
10.442 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.740 |
9.660 |
12.297 |
|
|
2] Unsecured Loans |
6.727 |
5.273 |
4.270 |
|
|
TOTAL BORROWING |
14.467 |
14.933 |
16.567 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25.975 |
25.512 |
27.009 |
|
|
|
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
13.309 |
13.525 |
17.015 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.486
|
8.406 |
9.053 |
|
|
Sundry Debtors |
13.168
|
3.101 |
5.738 |
|
|
Cash & Bank Balances |
0.944
|
1.084 |
0.362 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
2.958
|
4.647 |
1.357 |
|
Total
Current Assets |
25.556
|
17.238 |
16.510 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.629
|
5.358 |
7.102 |
|
|
Other Current Liabilities |
0.491
|
0.102 |
0.000 |
|
|
Provisions |
1.199
|
0.327 |
0.054 |
|
Total
Current Liabilities |
13.319
|
5.787 |
7.156 |
|
|
Net Current Assets |
12.237
|
11.451 |
9.354 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.429 |
0.536 |
0.640 |
|
|
|
|
|
|
|
|
TOTAL |
25.975 |
25.512 |
27.009 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
58.477 |
47.676 |
20.538 |
|
|
|
Other Income |
5.824 |
5.665 |
0.985 |
|
|
|
TOTAL (A) |
64.301 |
53.341 |
21.523 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
60.891 |
50.612 |
18.896 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
60.891 |
50.612 |
18.896 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.410 |
2.729 |
2.627 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.830 |
1.914 |
1.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.580 |
0.815 |
0.887 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.481 |
0.644 |
0.659 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.099 |
0.171 |
0.228 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.170 |
0.035 |
0.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.929 |
0.136 |
0.193 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.94 |
0.14 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.44
|
0.25 |
0.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.87
|
0.35 |
1.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.82
|
0.55 |
0.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.02 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.41
|
1.95 |
2.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
2.97 |
2.30 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
The name of the company was changed to Altis Finechem Private Limited
w.e.f. 3rd July, 2010. the Director pleased to inform the that as
compared to the previous year. The turnover of the company during the year
under the review increased from Rs. 47.676 millions to Rs. 58.477 millions.
During the year under the review the company has earned net profit Rs. 0.929
million as against Rs. 0.136 million in the previous year. Barring unforeseen
circumstances the directors expect to get better financial result in the coming
years.
NOTE:
Registered office of the company has been shifted from C 1,
5520, Phase III, GIDC Vatva, Near Trikampura Patia, Ahmedabad 382445,
FIXED ASSETS:
- Electrical
Installation
- Building and
Contraction
- Plant and
Machinery
- Mobile
Instrument
- Computer
Peripherals
- E T Plant
- Furniture and
Fixtures
- Laboratory
Equipment
- Land Purchase
- Tools
- R O Plant
- Weight Seal
Machine
- Fire Fitting
Equipments
- Air
conditioner
FORM 8
|
Corporate
identity number of the company |
U24110GJ2004PTC045152 |
|
Name of the
company |
ALTIS FINECHEM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F 72/73, 1st Floor, Akashganga Complex, Near S T Bus Stand,
Himatnagar 383001, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Central Bank of Email: bmahme1389@centralbank.co.in |
|
Nature of
instrument creating charge |
Extension of
Memorandum of Entry. |
|
Date of
instrument Creating the charge |
13.03.2009 |
|
Amount secured by
the charge |
Rs. 9.742
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest A. Term Loan -
BPLR plus 0.50%. B. Cash Credit
Hypos : BPLR. C. Sub Limit
ODBD- BPLR plus 1%. D. Foreign LC (DA)
: As per CO Guideline. Terms of repayment A. Term Loan -
The existing repayment schedule has to continue. B. Cash Credit
Hypos : On demand subject to yearly renewal. C. Sub Limit
ODBD- On demand subject to yearly renewal. D. Foreign LC (DA)
On demand subject to yearly renewal. Margin A. Term Loan
- 25% on Plant and Machinery and Electrification. B. Cash Credit
Hypos : 25% on Stocks of RM, WIP, FG and Stores & Spares. C. Sub Limit
ODBD- 50%. D. Foreign LC
(DA) : 25% Extent and operation of the charge All the
securities as described in below shall be the securities to secure the
various credit facilities of Rs. 9.742
millions as reduced from Rs. 19.000 millions
on renewal of Credit facilities by Central Bank of India plus
interest, commission, costs, charges, expenses and other monies payable by
the Company to the Bank. This charge
operates as first Charge. |
|
Short particulars
of the property charged (Including location of the property) |
A) All that piece
and parcel of B) An Industrial
NA Land admeasuring about 9712 Sq. mtrs. bearing Survey No. 192 paiki 1,
Village Dalpur, Taluka, Prantij, Dist. Sabarkatha together with construction
standing thereon adms. about 185-80 Sq. mtrs., situate, lying and being at
Revenue Survey No.192/1, Mouje Dalpur, Taluka, Prantij. |
|
Particulars of
the present modification |
Original Charge
being Memorandum of Entry dated 26/07/2005,
now modified as on Renewal of Credit facilities by the Bank, the
Company has offered Additional Collateral securities i.e. An Industrial NA
Land admeasuring about 9712 Sq. mtrs. bearing Survey No. 192 paiki 1, Village
Dalpur, Taluka, Prantij, Dist. Sabarkatha together with construction standing
thereon adms. about 185-80 Sq. mtrs., situate, lying & being at Revenue
Survey No.192/1, Mouje Dalpur, Taluka, Prantij, Dist. Sabarkantha. |
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.