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Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARYAVART CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
Plot No.2,3,4, |
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Country : |
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Financials (as
on) : |
31.03.2010 (Consolidated) |
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Date of
Incorporation : |
29.08.1977 |
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Com. Reg. No.: |
11-19831 |
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Capital
Investment/ Paid-up Capital: |
Rs.18.540 Millions |
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CIN No.: [Company Identification
No.] |
U24100MH1977PTC019831 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20043C |
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PAN No.: [Permanent Account No.] |
AAACA6873C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturing of Paint Driers and PVC Stabilisers. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (22) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is the flagship company of Aryavart Group. It is a company
having moderate. Latest financials of the company are not made available. As per
previous year records, there appears huge accumulated losses which exceeds
the company’s networth. Business is active. Payments terms are unknown. The company can be considered for business dealings only on a safe and
secured 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Plot No.2,3,4, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. T. V. C. Nair |
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Designation : |
Chairman cum Managing Director |
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Address : |
105, Shilpa Plot No.40,
Garodia Nagar, Ghatkopar (East), Mumbai-400077, |
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Date of Birth/Age : |
28.07.1940 |
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Qualification : |
Science Graduate |
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Date of Appointment : |
29.08.1977 |
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Din No.: |
01153183 |
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Other Directorship:
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Name : |
Mrs. Shobana Chandrasekharan Nair |
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Designation : |
Director |
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Address : |
105, Shilpa Plot No.40,
Garodia Nagar, Ghatkopar (East), Mumbai-400077, |
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Date of Birth/Age : |
15.02.1950 |
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Date of Appointment : |
12.12.1987 |
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Din No.: |
00861162 |
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Other Directorship:
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Name : |
Mr. Ajay C Nair |
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Designation : |
Director |
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Address : |
105, Shilpa Plot No.40,
Garodia Nagar, Ghatkopar (East), Mumbai-400077, |
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Date of Birth/Age : |
19.05.1974 |
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Date of Appointment : |
14.10.1994 |
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Din No.: |
00861459 |
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Other Directorship:
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Name : |
Mr. Harish D Dharamsi |
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Designation : |
Director |
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Address : |
KL 6 A02/105, CIDCO, Colony, Sector I (A), Kalamboli
Panvel, Raigad – 410218, |
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Date of Birth/Age : |
17.09.1949 |
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Date of Appointment : |
28.07.2000 |
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Din No.: |
00867048 |
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Other Directorship:
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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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T V C Nair |
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98091 |
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Shobhana C Nair |
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21958 |
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Ajay Nair |
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21836 |
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Uma C Nair |
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14285 |
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Dr. G T Vatassery |
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20280 |
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Aryavart Securities Private Limited, |
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5000 |
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Priya A Nair |
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900 |
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Ambujam Balakrishnan |
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1050 |
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Harish D Dharamsi |
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2000 |
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Total |
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185400 |
As on 30.09.2010
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Category |
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Percentage |
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Bodies corporate |
|
2.70 |
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Directors or relatives of directors |
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85.80 |
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Other top fifty shareholders |
|
11.50 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Paint Driers and PVC Stabilisers. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Saraswat Co – Operative Bank Limited, SME Branch,
Prabhat Bhavan, Block B, 1st Floor, Opposite, CILPA,
Vikhroli(West) Mumbai – 400083, ·
The Saraswat Co – Operative Bank Limited,
Madhushree, Plot No.85, District, Business Centre, Sector -17, Vashi, Navi
Mumbai – 400004, Maharashtra, ·
The Saraswat Co – Operative Bank Limited, ·
HDFC Bank |
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Facilities : |
Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P B Agarwal and Company Chartered Accountants |
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Address : |
501, Bharat Apartments, |
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Pan No.: |
AABPA5670P |
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Associates : (As On 31.03.2009) |
Associates -
Stabilizers Northern Zone Aryavart
Chemicals Private Limited
Associates -
Stabilizers Eastern Zone Aryavart
Chemicals Private Limited
Southern Zone ARYAVART
ADDITIVES PRIVATE LIMITED
Associates -
Driers Northern Zone
Associates -
Driers Western Zone
Associates -
Driers Eastern Zone ARYAVART
CHEMICALS LIMITED Associates - Driers Southern Zone ARYAVART
ADDITIVES PRIVATE LIMITED
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
190000 |
Equity Share |
Rs.100/- each |
Rs.19.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
185400 |
Equity Share |
Rs.100/- each |
Rs.18.540
Millions |
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|
(OF The above 24000 shares of ACPL are allotted as fully paid
up by way of bonus shares by capitalisation of general reserve and 90400 equity
shares @ rs.100/- each fully paid-up issued to the shareholders of the
erstwhile Aryavart Additives Private Limited . pursuant to the scheme of
amalgamation sanctioned by the high court of judicature, Mumbai.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
(CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
18.540 |
18.540 |
18.540 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
(41.648) |
2.602 |
(0.712) |
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4] (Accumulated Losses) |
0.0000 |
0.000 |
0.000 |
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NETWORTH |
(23.107) |
21.142 |
17.828 |
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LOAN FUNDS |
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1] Secured Loans |
106.851 |
120.038 |
159.690 |
|
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2] Unsecured Loans |
55.158 |
69.363 |
65.565 |
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TOTAL BORROWING |
162.009 |
189.401 |
225.255 |
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DEFERRED TAX LIABILITIES |
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|
|
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TOTAL |
138.902 |
210.543 |
243.083 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.910 |
25.305 |
66.099 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.328 |
0.328 |
0.228 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
57.324
|
79.042
|
104.842 |
|
|
Sundry Debtors |
43.894
|
75.707
|
58.992 |
|
|
Cash & Bank Balances |
0.413
|
1.687
|
1.542 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
26.265
|
37.131
|
30.316 |
|
Total
Current Assets |
127.896
|
193.567 |
195.692 |
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.083
|
9.265
|
18.012 |
|
|
Other Current Liabilities |
1.558
|
1.564
|
3.254 |
|
|
Provisions |
0.700
|
0.700
|
1.304 |
|
Total
Current Liabilities |
14.341
|
11.529 |
22.570 |
|
|
Net Current Assets |
113.555
|
182.038 |
173.122 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.109 |
2.872 |
3.634 |
|
|
|
|
|
|
|
|
TOTAL |
138.902 |
210.543 |
243.083 |
|
PROFIT & LOSS
ACCOUNT
(CONSOLIDATED)
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
194.326 |
301.856 |
258.526 |
|
|
|
Other Income |
0.610 |
0.050 |
0.014 |
|
|
|
TOTAL (A) |
194.936 |
301.906 |
258.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other
Expenses |
216.466 |
276.041 |
235.462 |
|
|
|
Transferred from Revaluation Reserve |
(0.097) |
(0.097) |
(0.097) |
|
|
|
TOTAL (B) |
216.369 |
275.944 |
235.365 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(21.433) |
25.962 |
23.175 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.098 |
18.872 |
22.118 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(41.531) |
7.090 |
1.057 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.623 |
2.643 |
5.591 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(44.154) |
4.447 |
(4.534) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.036 |
0.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(44.154) |
3.411 |
(4.833) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.767) |
(6.178) |
(1.345) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
946.921) |
(2.767) |
(6.178) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(238.16) |
18.40 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(22.65) |
1.13
|
(1.87) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(22.72) |
1.47
|
(1.75) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(29.28) |
2.03
|
(1.73) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.91) |
0.21
|
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.63 |
9.50
|
13.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.92 |
16.79
|
8.67 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
NOTE:
The Registerd office of the company has been
shifted from 317 and 319 Arenja
Corner, Plot No.71, Sector 17, D B C Vashi, Navi Mumbai – 400705,
FORM 8
|
Corporate identity
number of the company |
U24100MH1977PTC019831 |
|
Name of the
company |
ARYAVART
CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
317 and 319 Arenja
Corner, Plot No.71, Sector 17, D B C Vashi, Navi Mumbai – 400 705, Email: ca.amsolanki@gmail.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Saraswat Co- Operative Bank Limited, SME Branch, Prabhat
Bhavan, Block B, 1st Floor, Opposite Cilpa, Vikhroli (West),
Mumbai - 400083, Email: kamalax_saraf@hotmail.com
|
|
Nature of
instrument creating charge |
Agreement
of Hypothecation of Movable Property. (Packing Credit) |
|
Date of
instrument Creating the charge |
31.03.2010 |
|
Amount secured by
the charge |
Rs. 1.825 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest One Time Packing Credit Limit Rs. 1.825 Millions
10% p.a Margin One Time Packing Credit Limit 10% p.a |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of all the stocks meant for exports , tangible movable property including the
material and including the stocks for
the time being whether new or manufactured or in the process of manufacturing
and every tangible movable property/ machinery/ plant (both present and
future) belonging to the borrower/s and lying and being at the borrower/s
place of business at 317/319, Arenja corner sector 17, vashi, Navi Mumbai |
FIXED ASSETS
· Land
·
· Plant and Machinery
· Electrical Equipment
· Fire Fighting
· Furniture and Fittings
· Office Equipments
· Office Premises
· Motor Car
· Commercial Vehicle
· Computer
· Air Conditioners
· Lab Equipment
· Effluent Treatment
WEBSITE DETAILS:
Subject, the flagship company of Aryavart Group was established in 1974
at Panvel near Mumbai by a group of technocrats. Manufacturing activities
started with an Anti Skinning Agent with total indigenous raw materials and
later on Paint Driers were added up. Excellent customer support prompted a
requirement to increase capacity and forced subject to shift its manufacturing
facilities to the Taloja Industrial Estate in 1978. By now, Subject's drier
range covered all the relevant metals in Octoates and Naphthanates.
Continued customer support further prompted Subject to continuously expand its
facilities to the current level which has culminated in Subject setting up a
hi-tech plant to manufacture 12000 MT per annum of Paint Driers at Jalgaon.
This plant is fully automatic and operations are controlled by PLC's and
computers. International trade magazines have taken note of this plant.
In 1985, Subject diversified into the new business of PVC stabilizers with the
launch of its INSTABEX range of liquid stabilizers. Subject launched INSTABEX
IC, a Lead Stabilizer in liquid form for the first time in
In 1993 subject entered into the manufacture of Lead based Powder Stabilizers
by setting up an ultra modern plant at Jalgaon in
In 1997, Subject became the first Drier & liquid PVC Stabilizer
manufacturing unit in
Subject has always had a great history of technical innovation which
have been unmatched in the industries that they operate in. Subject is one of
the pioneers in the field of Metal Carboxylates which were started primarily as
an import substitute. Since then Subject's endeavors have been to constantly
innovate both in terms of bringing world scale products to the market as well
as to innovate in providing cheaper solutions to customers.
Subject has an impressive list of firsts to its name which are listed below:
One of the pioneers in metal Carboxylates manufacture in
In 1985, Subject launched INSTABEX IC, a Lead Stabilizer in liquid form for the
first time in
Constant benchmarking of international products has allowed Subject's products
to cover the full range of mixed metals like Ba-Cd, Ba-Cd-Zn, Cd-Zn, Ba-Pb,
K-Zn, Ba-Zn, Ca-Zn, Pb and off course Tins.
Subject started working on One-Pack Stabilizers for PVC Pipes in 1993 and in
1994 launched
Subject's INSTABEX C-2 is currently the number 1 brand in One Packs for Pipes
in
In 1997, Subject became the first and only Drier and liquid PVC Stabilizer
manufacturing unit in
Subject is poised on the verge of a high growth rate due to its
continuous commitment to excellent service, competitive prices and up to date
technology. This commitment and constant investment has resulted in Subject
being one of the cheapest cost manufacturers of these products in the world.
Subject is also looking to expand its world wide marketing network and wishes
to sell its products in all the major markets of the world.
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.55.19 |
|
|
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.69.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--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 |
|
22 |
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.