MIRA
INFORM REPORT
|
Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
RUCHI PESTO-CHEM INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
26/1/1/A, Kondhwa Budruk, Pune – 411048, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2008 |
|
|
|
|
Date of
Incorporation : |
23.09.1994 |
|
|
|
|
Com. Reg. No.: |
11-81426 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 0.369 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24249PN1994PTC081426 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNER05303E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR9948P |
|
|
|
|
Legal Form : |
Private limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer of a agro chemical, agro pesticides, defense chemicals. |
|
|
|
|
No. of
Employees: |
Approximately 30 (5 – In Office + 25 – In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 (GENERAL DETAILS)
|
Name : |
Mr. Sanjay |
|
Designation : |
Director |
|
Contact No.: |
91-9422304326 |
|
Date : |
15.11.2011 |
LOCATIONS
|
Registered Office : |
26/1/1/A, Kondhwa Budruk, Pune – 411048, |
|
Tel. No.: |
91-20-24268656 |
|
Mobile No.: |
91-9422304326 (Mr. Sanjay Parekh) |
|
Fax No.: |
91-20-24268656 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Off No. 39 and 40, Sumit Plaza, 1st Floor, Nisarg Mangal
Karyalaya, Market Yard, Pune – 411037, Maharashtra, India |
|
Tel. No.: |
91-20-24268656/24272162/668017511/10 |
|
Location : |
Owned |
DIRECTORS
As On 30.09.2011
|
Name : |
Mr. Sanjay Rasiklal Parekh |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
408 Gghorpadi Peth, |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
08.08.1963 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
23.09.1994 |
|||||||||||||||||||||||||||
|
DIN No. : |
00975918 |
|||||||||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Name : |
Mr. Rasiklal Harilal Parekh |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
408 Gghorpadi Peth, |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
20.11.1938 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
23.09.1994 |
|||||||||||||||||||||||||||
|
DIN No. : |
00976045 |
|||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rasiklal Harilal Parekh |
|
15920 |
|
Sanjay Rasiklal Parekh |
|
3360 |
|
Bhavesh Rasiklal Parekh |
|
4950 |
|
Bina Sanjay Parekh |
|
4800 |
|
Dinta Rasiklal Parekh |
|
7850 |
|
|
|
|
|
Total |
|
36880 |
Equity Share Breakup (Percentage of Total Equity)
As On 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of a agro chemical, agro pesticides, defense chemicals. |
||||||
|
|
|
||||||
|
Products : |
o Cleanacid (Liquid Acid Detergent) o Shineclean (Efficient Manual Cleaner) o Oxy-Clean (Liquid Alkaline Detergent) o Animal Healthcare Division
o Uppermethzin o Deltamethrin o Flumethrin o Amitraz o Fipronil Formulation o Saaf Teat (effective against Mastitis) o
|
||||||
|
|
|
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Cash and Credit |
||||||
|
|
|
||||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
Approximately 30 (5 – In Office + 25 – In Factory) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Rajendra Kumar Jain Chartered Accountant |
|
Address : |
|
|
Pan No. : |
ACXPJ3448A |
|
|
|
|
Other Related Parties: |
Sunrise Fine Chemical Ind |
|
|
|
|
Sister Concern : |
Address: Market Yard, Pune |
CAPITAL STRUCTURE
As On 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36880 |
Equity Shares |
Rs. 10/- each |
Rs. 0.369 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.369 |
0.369 |
0.369 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.901 |
0.781 |
|
|
4] (Accumulated Losses) |
[0.421] |
0.000 |
0.000 |
|
|
NETWORTH |
[0.052] |
1.270 |
1.150 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.789 |
5.412 |
1.095 |
|
|
2] Unsecured Loans |
2.256 |
1.525 |
1.942 |
|
|
TOTAL BORROWING |
7.045 |
6.937 |
3.037 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.011 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6.993 |
8.218 |
4.187 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.818 |
3.831 |
2.690 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.031 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.446
|
0.857 |
0.719 |
|
|
Sundry Debtors |
0.799
|
2.589 |
0.675 |
|
|
Cash & Bank Balances |
0.133
|
0.284 |
0.268 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.969
|
1.451 |
0.872 |
|
Total
Current Assets |
3.347
|
5.181 |
2.534 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
0.631 |
0.449 |
|
|
Other Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
0.233
|
0.187 |
0.636 |
|
Total
Current Liabilities |
0.485
|
0.818 |
1.085 |
|
|
Net Current Assets |
2.862
|
4.363 |
1.449 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.282 |
0.024 |
0.048 |
|
|
|
|
|
|
|
|
TOTAL |
6.993 |
8.218 |
4.187 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
6.011 |
3.529 |
|
|
|
Other Income |
|
0.142 |
0.005 |
|
|
|
TOTAL |
3.305 |
6.153 |
3.534 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
5.619 |
3.245 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
4.668 |
5.619 |
3.245 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(Including
Depreciation and Financial charges) |
0.534 |
0.289 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.319 |
0.265 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
[1.363] |
0.215 |
0.024 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
[0.041] |
0.095 |
0.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
[1.322] |
0.120 |
0.003 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.901 |
0.781 |
0.778 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[0.421] |
0.901 |
0.781 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[35.85] |
3.26 |
0.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
[40.00]
|
1.95 |
0.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.58 |
0.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[22.11]
|
2.39 |
0.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[26.21]
|
0.17 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[144.81]
|
6.11 |
3.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.90
|
6.33 |
2.34 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the firm |
Yes |
|
Constitutions of the firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
-- |
|
No. of Employees |
Yes |
|
Name of person Contacted |
Yes |
|
Designation of contact person |
Yes |
|
Turnover of firm for last year |
No |
|
Profitability for last three years |
No |
|
Reasons for Variation <> 20%` |
-- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
No |
|
Details of sister concern |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payment Terms |
Yes |
|
Export/ Import Details (If applicable) |
No |
|
Market Information |
-- |
|
Litigations that the firm/ Promoter involved in |
-- |
|
Banking Details |
Yes |
|
Banking Facility details |
-- |
|
Conduct of the banking account |
-- |
|
Buyer visit details |
-- |
|
Financials, fi provided |
No |
|
Incorporation details, if applicable |
-- |
|
Last accounts filed at ROC |
-- |
|
Major Shareholders , if available |
-- |
Nature of
Operation
Subject was incorporated on September, 23, 1994. The Company is
primarily engaged in the trading in chemicals.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10087887 |
|
Corporate
identity number of the company |
U24249PN1994PTC081426 |
|
Name of the
company |
RUCHI PESTO-CHEM INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
26/1/1/A Kondhwa
Bk, Pune - 411048, |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property Others (Stock) |
|
Particular of
charge holder |
Union Bank of India – Bhawanipeth Branch, Parwani Estates, 289/3 J. N.
Road. New Timber Market Bhavani Peth, Pune – 411042, Maharashtra, India Email: Chandra.despande59@gmail.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Agreement to SD-06 Hypothecation agreement executed to create a single charge
on all present and future current assets and the assets that would be created
out of loan facility extended by the bank. |
|
Date of
instrument Creating the charge |
28.05.2009 |
|
Amount secured by
the charge |
Rs. 2.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the sanction
letter duly acknowledged by the borrower company BPLR + 0.25% Terms of
Repayment DCC: on demand
the tenor would be 12 months. Margin As per the agreed
terms between bank and the company. Stock: 25% Debtors: 40% Extent and
Operation of the charge The Union Bank
Bhawani Peth Branch will have single charge on all present and future current
assets of the company. The company has offered the collateral security by way
of equitable mortgage of Flat no. 11 and 12 Shivganga Complex S.No. 12,
Kondhawa BK Taluka Haveli District Pune will be continued. All the directors
have stand by way of personal guarantee set against the repayment of loan. |
|
Short particulars
of the property charged |
The Union Bank Bhawani
Peth Branch will have single charge on all present and future current assets
of the company. The company has offered the collateral security by way of
equitable mortgage of flat no. 11 and 12 shivganga complex S.No. 12, Kondhawa
BK Taluka Haveli District Pune will be continued. All the Directors have
stand by way of Personal Guarantee set against the repayments of Loan for
which the records have been maintained at the Registered office of the
company. |
|
Particulars of
the present modification |
By this present
modification, the present limit of Rs. 1.300 Millions has been enhanced by
Rs. 0.700 Million making the total limit to Rs. 2.000 Millions (Rs. 2.000
Millions) |
|
Corporate
identity number of the company |
U24249PN1994PTC081426 |
||||||
|
Name of the
company |
RUCHI PESTO-CHEM
INDIA PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
26/1/1/A Kondhwa
Bk, Pune - 411048, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Floating Charge Stock of Agro chemicals, Chemicals Packing material |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Hypothecation
Agreement for Goods and Debts executed to create a single charge against all present
and future current assets and stock of the borrower company. |
||||||
|
Date of
instrument Creating the charge |
05.06.2009 |
||||||
|
Amount secured by
the charge |
Rs. 5.500
millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- BPLR + 1% p.a. Penal interest on default as per bank's terms and
conditions. Terms of
Repayment - DCC: On Demand the tenor would be of 12 months. Margin - 25% Extent and Operation
of the charge - The Union Bank of India Bhawani Peth Branch will have single
and exclusive charge on all the present and future current assets and stock
of the borrower company. The Company has extended the collateral security of
factory land and building at Gat No.26/1/1A/5/.Sarvshri Rasiklal H.Parekh /
Sanjay R.Parekh / Bhavesh R.Parekh / Sushri Bina S.Parekh and Renu Parekh has
extended the Personal Guarantee to set against the Loan facility extended by
the Bank. Others - The
Company, through its Directors by virtue of the Board Resolution has given
its assents to all the Terms and Conditions including those which has been
expressed in the annexure to the Main Agreement known as Loan Agreement. |
||||||
|
Particulars of
the property charged |
Stock situated at
the Registered Office and at the Shop Gowdown and at the Works of the
Company. |
||||||
|
Particulars of
the present modification |
By this
modification, the Present Limit of Rs.2.000 millions has been enhanced to
Rs.5.500 Millions. |
Fixed Assets:
- Plant and machinery
- Building
- Furniture and fixtures
- Office equipments
- Laboratory equipments
- Computer
- Flat
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.50.72 |
|
|
1 |
Rs.79.88 |
|
Euro |
1 |
Rs.68.46 |
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 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.