MIRA
INFORM REPORT
|
Report Date : |
29.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARIES ORGANICS PRIVATE LIMITED |
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Registered
Office : |
Plot No.441, Phase – II, G.I.D.C., Vatva, Ahmedabad – 382 445, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.03.1995 |
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Com. Reg. No.: |
04-024832 |
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Capital
Investment / Paid-up Capital : |
Rs.3.000 Millions |
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CIN No.: [Company Identification
No.] |
U24117GJ1995PTC024832 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Synthetic Organic Dyes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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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 731000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having good track. Profitability of the company appears
to be good. Financial strength
of the company appears sound. Trade relations are reported as decent.
Business is active. Payments are reported to be regular. The company can
be considered good for normal 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 – 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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
A3 (Short Term Bank facility) |
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Rating Explanation |
Moderate degree of safety |
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Date |
July 5, 2012 |
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/ Factory : |
Plot No.441, Phase – II, G.I.D.C., Vatva, Ahmedabad – 382 445, |
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Tel. No.: |
91-79-25833164/ 25891164 |
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Mobile No. : |
91-9825345536 (Mr. Arish Patel) |
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Fax No.: |
91-79-25830535 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Kantilal Ishwarlal Patel |
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Designation : |
Director |
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Address : |
10-11, Manichandra Society, Part-IV, Memnagar, Ahmedabad – 380 052, |
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Date of Appointment : |
01.03.1995 |
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DIN No.: |
00050544 |
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Other Directorship :
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Name : |
Mr. Arish Kantilal Patel |
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Designation : |
Director |
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Address : |
10-11, Manichandra Society, Part-IV, Memnagar, Ahmedabad – 380 052, |
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Date of Appointment : |
20.11.2004 |
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DIN No.: |
00050565 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
|
Kantilal Ishwarlal Patel |
|
45000 |
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Taraben Kantilal Patel |
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90000 |
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Arish Kantilal Patel |
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150000 |
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15000 |
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Total |
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300000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Synthetic Organic Dyes. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
Installed Capacity
– Synthetic Organic Dyes 3000 MT
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Particulars |
Unit |
Actual
Production |
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S.O. Dyes |
MT |
2717.425 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
State Bank of v
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Prahlad L. Patel and Company Chartered Accountants |
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Address : |
1, 2nd Floor, Sun Complex, Near |
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Tel. No.: |
91-79-26562070 |
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Income-tax
PAN of auditor or auditor's firm : |
AAMPP2304C |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
179.851 |
151.105 |
97.857 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
182.851 |
154.105 |
100.857 |
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LOAN FUNDS |
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1] Secured Loans |
35.242 |
37.467 |
0.000 |
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2] Unsecured Loans |
0.166 |
19.744 |
50.447 |
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TOTAL BORROWING |
35.408 |
57.211 |
50.447 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
218.259 |
211.316 |
151.304 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.304 |
21.898 |
23.971 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
28.140
|
23.717
|
31.074 |
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Sundry Debtors |
149.290
|
175.715
|
81.343 |
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Cash & Bank Balances |
15.526
|
14.791
|
18.646 |
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Other Current Assets |
9.355
|
8.163
|
4.807 |
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Loans & Advances |
26.681
|
16.406
|
8.190 |
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Total
Current Assets |
228.992
|
238.792 |
144.060 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
17.834
|
37.950 |
10.720 |
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Other Current Liabilities |
1.608
|
1.992 |
0.911 |
|
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Provisions |
11.600
|
9.437
|
5.101 |
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Total
Current Liabilities |
31.042
|
49.379 |
16.732 |
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Net Current Assets |
197.950
|
189.413
|
127.328 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
218.259 |
211.316 |
151.304 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
479.817 |
407.480 |
326.642 |
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Other Income |
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TOTAL |
479.817 |
407.480 |
326.642 |
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EXPENSES |
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Office Expenses |
|
352.640 |
278.186 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
424.216 |
352.640 |
278.186 |
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PROFIT BEFORE
TAX |
56.019 |
55.141 |
48.456 |
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Less |
TAX |
15.873 |
1.894 |
5.100 |
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PROFIT AFTER TAX
|
40.146 |
53.247 |
43.356 |
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EARNINGS IN
FOREIGN CURRENCY |
471.888 |
NA |
NA |
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Earnings Per
Share (Rs.) |
133.82 |
150.54 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.37
|
13.07
|
13.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.47
|
21.15
|
28.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.36
|
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.36
|
0.69
|
0.67 |
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Current Ratio (Current Asset/Current Liability) |
|
7.38
|
4.84
|
8.61 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if
applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
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23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
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31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
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32)
PAN of Proprietor/Partner/Director, if available |
No |
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33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24117GJ1995PTC024832 |
|
Name of the
company |
ARIES ORGANICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.441, Phase – II, G.I.D.C., Vatva, Ahmedabad – 382 445, E-Mail: prahladlpatel@yahoo.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10089354 |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) |
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Particular of
charge holder |
State Bank of E-Mail: r.pratap@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan-cum-Hypothecation dated 25.11.2011 and memorandum of
deposit of title deeds for creation of further charge by deposit of title
deeds dated 25.11.2011 and registered with sub-registrar SRO-Ahmedabad-11
Aslali on 25.11.2011 vide registration no 305 Book No 1 |
|
Date of
instrument Creating the charge |
25.11.2011 |
|
Amount secured by
the charge |
Rs.71.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: EPC/FBD - As per
SBI Exporters Gold Card Scheme/RBI/Bank's Instruction. Terms of
Repayment: Tenor period of
bills 120 days. Working capital repayable on demand. Facility sanctioned is
valid for 12 months subject to review every 12 months. Margin: Raw materials 25%,
semi-finished goods 40%, finished goods 25%, domestic receivables 50% export
packing credit 10% and on letters of credit 20% Extent and
Operation of the charge: The charge is
extended to the property charged |
|
Short particulars
of the property charged |
Raw materials,
stock-in-processes, finished goods, book debts and all current assets of the
company. all plant and machinery of the company lying at Plot No.441,
Phase-II GIDC Vatva Ahmedabad equitable
mortgage of factory land and building situated at Plot No.441 Phase-II GIDC
Vatva Ahmedabad |
|
Date of latest
modification prior to the present modification |
24.09.2009 |
|
Particulars of
the present modification |
Extension of
charge for further Rs.17.500 millions
for credit exposure limit |
FIXED ASSETS:
v Computer Machine
v Furniture
v Electric Fittings
v
v Factory Plot
v Generator
v Machinery
v Vehicle Car
v Forklift
v
Laboratory Equipment
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.55.77 |
|
|
1 |
Rs.88.04 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.