MIRA
INFORM REPORT
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Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
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Name : |
GRAND ORGANICS PRIVATE LIMITED |
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Registered Office : |
Plot No.D-2/26, Bicholim Industrial Estate, Bicholim - 403529, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.04.1994 |
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Com. Reg. No.: |
24-001573 |
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Paid-up Capital : |
Rs. 30.000 Millions |
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CIN No.: [Company
Identification No.] |
U24119GA1994PTC001573 |
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IEC No.: |
1795000660 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG03681G |
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PAN No.: [Permanent
Account No.] |
AABCG0794K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemicals |
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No. of Employees
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115 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 490000 |
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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 an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal 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.
INFORMATION DECLINED BY
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Name : |
Mr. Uttam |
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Designation : |
Audit Department |
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Contact No.: |
91-9822125358 |
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Name : |
Mr. Dev Anand |
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Designation : |
Account Department |
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Contact No.: |
91-832-2362337 / 2362898 |
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Date : |
23.11.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No.D-2/26, Bicholim Industrial Estate, Bicholim – 403529, |
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Tel. No.: |
91-832-2362175 / 2362184 / 2362337 / 2362865 |
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Mobile No.: |
91-9822125358 (Mr. Uttam K. Parab) |
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Fax No.: |
91-832-6613290 / 2362257 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Corporate Office : |
Hari Nivas, 1st Floor, 19, |
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Tel. No.: |
91-22-23630466 / 23630466 / 23610523 |
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Fax No.: |
91-22-23644285 |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Zubin Keki Gandhi |
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Designation : |
Director |
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Address : |
1-2M, H No. 19, Harniwas Mathwer Marg, Mumbai – 400004, |
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Date of Birth/Age : |
30.11.1968 |
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Qualification : |
B. A. Philosophy |
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Date of Appointment : |
05.10.2006 |
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DIN No.: |
00664632 |
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Other Directorship : |
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Name : |
Mr. Amol Ashok Walke |
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Designation : |
Director |
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Address : |
D-29, Sushila Housing Board Colony, Mapusa, Bardez – 403507, |
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Date of Birth/Age : |
31.10.1983 |
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Qualification : |
PHD Chemicals |
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Date of Appointment : |
21.01.2002 |
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DIN No.: |
00664315 |
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Other Directorship : |
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KEY EXECUTIVE
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Name : |
Mr. Uttam |
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Designation : |
Audit Department |
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Name : |
Mr. Dev Anand |
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Designation : |
Account Department |
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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Zubin K. Gandhi |
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150000 |
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Anjali A Walke |
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135000 |
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Amol Walke |
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15000 |
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Total |
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300000 |
As On 30.09.2010
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Equity Share
Break Up Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals |
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PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
Unit |
Actual Production |
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Ethylene Oxide |
Kgs. |
554026 |
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Grand – 137 |
Kgs. |
246580 |
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Grand – CDHC |
Kgs. |
400180 |
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Grand – TD – 55 |
Kgs. |
175800 |
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Grand – M – 8 |
Kgs. |
148600 |
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Product – GSA – 644 |
Kgs. |
117600 |
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Grand – SS – 3160 |
Kgs. |
126450 |
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Grand – OC/48-AF |
Kgs. |
78920 |
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Products – GOX-60 (Lutensol-To-6) |
Kgs. |
90310 |
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Products – GOX-50 |
Kgs. |
82000 |
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Product – H |
Kgs. |
78200 |
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GA-42 |
Kgs. |
72000 |
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Grand – 22-T.M (2 SUR TMP 22) |
Kgs. |
85400 |
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Grand – PHFL |
Kgs. |
72490 |
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Softner – C |
Kgs. |
87275 |
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Grand – 320 |
Kgs. |
50100 |
GENERAL INFORMATION
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No. of Employees : |
115 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
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-- |
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Financial Institutions : |
SBI Global Factors Limited – 6th Floor, |
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Auditors : |
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Name : |
Y. K. Desai and Company Chartered Accountants |
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Address : |
106, Prospect Chambers, 317/321, |
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Tel. No.: |
91-22-22045015 |
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Fax No.: |
91-22-22840569 |
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Email : |
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Pan No.: |
AACPD2467L |
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Associates/Subsidiaries (As On 31.03.2009) : |
·
Esteem Industries Private Limited Plot No.76-77, Pissurlem Industries Estate, Pissurlem-Sattari – (Manufacturer of Chemicals) ·
Venus Ethoxyethers Private Limited Plot No.109-111, Bicholim Industrial Estate, Bicholim – 403529, (Manufacturer of Chemicals) ·
VIC Industries Plot No.76, Pissurlem Industrial Estate, (Manufacturer of Chemicals) |
CAPITAL STRUCTURE
As On 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300,000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300,000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 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 |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
93.177 |
78.259 |
75.966 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
123.177 |
108.259 |
105.966 |
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LOAN FUNDS |
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1] Secured Loans |
158.508 |
180.460 |
180.933 |
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2] Unsecured Loans |
15.365 |
16.060 |
25.216 |
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TOTAL BORROWING |
173.873 |
196.520 |
206.149 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
297.050 |
304.779 |
312.115 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.071 |
43.197 |
38.768 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
6.559 |
3.257 |
4.070 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
87.354 |
152.142 |
129.784 |
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Sundry Debtors |
187.996 |
160.666 |
178.101 |
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Cash & Bank Balances |
21.649 |
20.159 |
16.347 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
67.332 |
63.791 |
46.042 |
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Total
Current Assets |
364.331
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396.758
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370.274 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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118.412 |
82.812 |
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Other Current Liabilities |
89.714 |
0.000 |
0.000 |
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Provisions |
20.197 |
20.022 |
18.185 |
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Total
Current Liabilities |
109.911
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138.434
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100.997 |
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Net Current Assets |
254.420 |
258.324 |
269.277 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
297.050 |
304.779 |
312.115 |
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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 |
685.708 |
718.019 |
609.412 |
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Other Income |
4.803 |
1.446 |
6.090 |
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TOTAL (A) |
690.511 |
719.465 |
615.502 |
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Less |
EXPENSES |
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Cost of Goods Sold |
554.321 |
585.794 |
491.965 |
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Employees Remuneration |
20.053 |
17.408 |
16.098 |
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Operating and Establishment Expenses |
47.604 |
51.007 |
47.761 |
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Selling and Distribution Expenses |
9.394 |
5.575 |
0.000 |
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TOTAL (B) |
631.372 |
659.784 |
555.824 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
59.139 |
59.681 |
59.678 |
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Less |
FINANCIAL EXPENSES (D) |
32.645 |
48.253 |
37.865 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.494 |
11.428 |
21.813 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.705 |
6.483 |
5.721 |
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PROFIT BEFORE
TAX (E-F) (G) |
18.789 |
4.945 |
16.092 |
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Less |
TAX (H) |
3.699 |
2.653 |
6.453 |
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PROFIT AFTER TAX
(G-H) (I) |
15.090 |
2.292 |
9.639 |
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Less |
SHORT PROVISION
OF INCOME TAX IN EARLIER YEARS |
0.172 |
0.000 |
3.393 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
75.953 |
73.661 |
67.415 |
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BALANCE CARRIED
TO THE B/S |
90.871 |
75.953 |
73.661 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NA |
66.818 |
41.645 |
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TOTAL EARNINGS |
NA |
66.818 |
41.645 |
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IMPORTS |
NA |
175.407 |
173.471 |
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Earnings Per
Share (Rs.) |
50.30 |
7.64 |
32.13 |
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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 |
(%) |
2.19 |
0.32 |
1.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.74 |
0.69 |
2.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.69 |
1.12 |
3.93 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
0.05 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.30 |
3.09 |
2.90 |
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Current Ratio (Current Asset/Current Liability) |
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3.31 |
2.87 |
3.67 |
LOCAL AGENCY FURTHER INFORMATION
SUNDARY CREDITORS
DETAILS
Rs
in Millions
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PARTICULAS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Creditors for goods |
NA |
75.469 |
64.923 |
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Creditors for Expenses |
NA |
18.142 |
17.148 |
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Creditors for others |
NA |
24.801 |
0.741 |
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Total |
NA |
118.412 |
82.812 |
Form 8:
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Name of the
company |
Grand Organics Private
Limited |
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Presented By |
State Bank of Backbay
Reclamation Branch, Nariman Point, Mumbai-400021, |
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1) Date and description of instrument creating the change |
a) General Agreement
for the grant of small industrial advances and hypo. of movable, book debts
and other assets (e.c.f.) b)Ancillary
Agreement No. 1 c) Ancillary
Agreement No. 4 d) Ancillary
Agreement No. 6 All the above
agreement’s are dated 06.12.2002 and executed for the creation of a single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.62.500
Millions Cash Credit
against hypothecation of stocks and book debts Rs.30.00 Millions General Hypo.
(SMB Plus) Rs.2.500 Millions Letter of Credit
and Guarantees Rs.30.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future goods book debts movable and other assets of the borrower including
such as outstanding moneys, receivables, claims, bills, invoices, documents,
contracts, engagements, securities, investments and rights and the present
and all future machinery. Company’s entire stocks of raw materials, semi
finished and finished goods, receivables and book debts, general hypo. And
Letter of credit and guarantees. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : 2.10%
over the SBAR i.e. 13.10%p.a. Margin : Raw Materials 25% book debts
(Retention period 90 days) 35% Stock in process
Finished Goods 30% Letter of credit
15% Guarantees 15% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Backbay
Reclamation Branch, Nariman Point, Mumbai-400021, |
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6) Date and brief description of instrument modifying the charge |
Supplemental
General Agreement For the grant of small Industrial advances and hypothecation
of goods, book debts and other assets (w.e.f.) dt. 11.07.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge was created on 06.12.2002 for Rs.62.500 Millions 1stly modified on
07.03.2003 the company offered an additional collateral security. 2ndly
modified 6.11.2003 for Rs.103.500 Millions, 3rdly modified 11.12.2003 for additional
security. 4thly modified on 11.12.2003
by giving an additional collateral security over the co’s immovable property.
Now by the present modification Date 11.07.2005 the limit has been increased
by Rs.61.500 Millions making total to Rs.165.000 Millions |
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Corporate
identity number of the company |
U24119GA1994PTC001573 |
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Name of the
company |
Grand Organics
Private Limited |
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Address of the
registered office or of the principal place of business in |
D-2/26, Bicholim
Industrial Estate, Bicholim-403529, |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Hypothecation of
Book Debts and Stocks |
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Particular of
charge holder |
SBI Global Factors Limited - 6th Floor, E-mail : amita_joshi@sbiglobal.in |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation Dated 20.05.2011 |
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Date of
instrument Creating the charge |
20.05.2011 |
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Amount secured by
the charge |
Rs. 75.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest (i)Discount
charges:13.75% p.a.(ii)Factoring charges : 0.20 %(on gross invoice value), as
stated in the sanction letter ref. 2011/1 dated 10.05.201, as may be amended
from time to time Terms of
Repayment Revolving credit
to be repaid within a period of 90 days or 60 days for the respective debtors
(for domestic factoring) and 90 days (for reverse factoring), as stated in
the sanction letter ref. 2011/1 dated 10.05.2011, as may be amended from time
to time Margin (I) Prepayment :
85% (for domestic factoring) or 100 % (for reverse factoring) , as stated in
the sanction letter ref. 2011/1 dated 10.05.2011 (copy attached), as may be
amended from time to time, (ii) Margin : 15% (for domestic factoring) or nil
(for reverse factoring), and subsequent amendment(s) therein Extent and
Operation of the Charge The charge
operates as security till the trade finance facility provided by sbi global
factors limited is cancelled Others Minimum Charges :
Rs. 250/- per invoice, as stated in the sanction letter ref. 2011/1 dated
10.05.2011 , or as may be amended from time to time |
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Short particulars
of the property charged |
Hypothecation by
charge to SBI global factors limited, all present and future book-debts,
outstandings, monies receivables, claims and bills due and owing or as may be
due and owing in future (i.e. during the course of factoring facility by SBI
global factors limited to grand organics private limited) to grand organics
private limited, along with all present and future stocks and stock of any
kind whether raw material or in process of manufacture and all things or
articles manufactured there from, which now or thereafter from time to time
during the process shall be brought in to store(s) or be in or about godown(s) or premises of grand
organics private limited at different places including in course of delivery |
Fixed Assets:
- Plot
- New Shed
- Plant and Machinery
- Safety Equipments
- Generator
- Borewell
- Cooling Tower
- Drums Drier
- Installation, Transportation etc.
- Tools
- Weighing Machine
- Laboratory Development Equipments
- Refrigeration Unit
- Boiler
- Nitrogen Gas Generator
- Stacker And Trucks
- Electrical Installation
- Storage Tank and Accessories
- Pumps Gearbox And Motors
- Mahindra Savari
- Maruti Car 800
- Ambassador Car
- Honda City Car
- Accent Motor Car
- Mahindra Bolero Camper
- Tankers
- Computers
- Office Equipments
- Furniture and Fixtures
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.52.70 |
|
|
1 |
Rs.82.44 |
|
Euro |
1 |
Rs.71.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.