MIRA
INFORM REPORT
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Report Date : |
03.01.2012 |
IDENTIFICATION DETAILS
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Name : |
ASTRA CHEMTECH PRIVATE LIMITED (w.e.f.13.04.2007) |
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Formerly Known
As : |
S. S. ASTRA FORMULATIONS PRIVATE LIMITED |
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Registered
Office : |
306-Nav-Vivek Industrial Premises Co-Operative Society, Mogul Lane,
Mahim (West), Mumbai - 400016, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.02.2000 |
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Com. Reg. No.: |
11-124394 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
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CIN No.: [Company Identification
No.] |
U24117MH2000PTC124394 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37549B |
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PAN No.: [Permanent Account No.] |
AAGCA4209G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealers, Suppliers and Manufacturers of grinding
abrasives, polishing abrasives, finishing abrasives, abrasives products such as abrasive rollers, rice abrasive rollers,
triangular polishing blocks, rubbing bricks, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 210000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some caution. Profit and loss Account of the company is not available. |
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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
306-Nav-Vivek Industrial Premises Co-Operative Society, Mogul Lane,
Mahim (West), Mumbai - 400016, Maharashtra, India |
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Tel. No.: |
91-22-24442379 / 24472469 |
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Fax No.: |
91-22-24442696 |
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E-Mail : |
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Branch Offices : |
Located at : ·
Delhi ·
Hyderabad ·
Bangalore ·
Kolkata |
DIRECTORS
As on 29.09.2011
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Name : |
Mr. Farid Ibrahim Sorathiya |
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Designation : |
Director |
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Address : |
B-9, Two Rose Co-Operative Housing Society Limited, Plot No. 5, Bandra
(West), Mumbai-400050, |
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Date of Birth/Age : |
29.10.1973 |
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Date of Appointment : |
22.02.2000 |
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DIN No.: |
00205928 |
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Other Directorship :
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Name : |
Mr. Rashid Ibrahim Sorathiya |
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Designation : |
Managing Director |
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Address : |
05, First Floor, Tulsi Mahal, 26th Road, Bandra (West),
Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
24.01.1970 |
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Date of Appointment : |
22.02.2000 |
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DIN No.: |
00206034 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
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Names of Shareholders |
No. of Shares |
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Rashid Ibrahim Sorathiya |
92850 |
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Farid Ibrahim Sorathiya |
91100 |
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Sorathiya Ibrahim Mohammed |
28980 |
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Sorathiya Halima Ibrahim |
13470 |
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Sorathiya Irum Rashid |
63950 |
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Sorathiya Rafiq Ibrahim |
3200 |
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Sorathiya Farina Farid |
6450 |
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Total |
300000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2011
|
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 : |
Dealers, Suppliers and Manufacturers of grinding abrasives,
polishing abrasives, finishing abrasives, abrasives products such as abrasive rollers, rice abrasive rollers,
triangular polishing blocks, rubbing bricks, etc. |
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Products : |
· Powder Coating Gun · Core Laying Machine · Investment Casting · Butterfly Valve · Rotavtor · Blind Rivets Nuts · Impeller · Oxygen - Nitrogen Plants · Flower Pot |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Canara Bank, Dawn House, Tulsi Pipe Road, Mahim (West),
Mumbai – 400016, Maharashtra, India ·
ICICI Bank Limited ·
State Bank of India (Boisars) ·
Bank of Maharashtra ·
Citi Bank |
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Facilities : |
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Financial Institution : |
Tata Capital Housing Finance Limited, One Forbes, Dr. V. B. Gandhi
Marg, Fort, Mumbai-400001, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chirag Varaiya and Company Chartered Accountants |
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Address : |
9, Jatia Shaker Dossa Shopping Centre (Shanti Bhavan), 1st
Floor, Mulund (West), Mumbai-400080, Maharashtra, India |
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Tel. No.: |
91-22-22936568 |
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Fax No.: |
91-22-25613553 |
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E-Mail : |
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PAN.: |
AAYPV2482K |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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300000 |
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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300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
30.000 |
30.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.292 |
23.868 |
16.396 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
54.292 |
53.868 |
41.396 |
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LOAN FUNDS |
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1] Secured Loans |
122.480 |
82.595 |
87.239 |
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2] Unsecured Loans |
25.949 |
24.624 |
18.402 |
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TOTAL BORROWING |
148.429 |
107.219 |
105.641 |
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DEFERRED TAX LIABILITIES |
5.953 |
5.762 |
4.636 |
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TOTAL |
208.674 |
166.849 |
151.673 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
102.484 |
81.326 |
61.596 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.030 |
0.030 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
64.184
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47.370
|
41.635
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Sundry Debtors |
148.476
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115.771
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104.886
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Cash & Bank Balances |
3.815
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2.777
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3.187
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Other Current Assets |
11.719
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7.308
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4.699
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Loans & Advances |
7.003
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7.902
|
0.500
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Total
Current Assets |
235.197
|
181.128
|
154.907 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
123.571
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92.371
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61.015
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Other Current Liabilities |
0.000
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0.000
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0.000
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Provisions |
5.512
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3.333
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3.916
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Total
Current Liabilities |
129.083
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95.704
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64.931 |
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Net Current Assets |
106.114
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85.424
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89.976
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MISCELLANEOUS EXPENSES |
0.046 |
0.069 |
0.091 |
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TOTAL |
208.674 |
166.849 |
151.673 |
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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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EXPORT VALUE |
NA |
NA |
14.608 |
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IMPORTS VALUE |
NA |
NA |
7.946 |
KEY RATIOS
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PARTICULARS |
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31.03.2011 |
31.03.2010 |
31.03.2009 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.11 |
3.87 |
4.73 |
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Current Ratio (Current Asset/Current Liability) |
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1.82 |
1.89 |
2.39 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Corporate
identity number of the company |
U24117MH2000PTC124394 |
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Name of the
company |
ASTRA CHEMTECH
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
306-Nav-Vivek
Industrial Premises Co-Operative Society, Mogul Lane, Mahim (West), Mumbai –
400016, Maharashtra, India Email Id : rashid@astra1.org |
|
This form is for |
Modification of charge |
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Charge
identification (ID) number of the charge to be modified |
90144110 |
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Type of charge |
Immovable property Book debts Plant and
Machinery, Stocks |
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Particular of
charge holder |
Canara Bank, Dawn
House, Tulsi Pipe Road, Mahim West, Mumbai – 400016, Maharashtra, India Email Id : mcity0132@canbank.co.in |
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Nature of
instrument creating charge |
Supplemental
Common Hypothecation agreement dated 05.08.2011 |
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Date of
instrument Creating the charge |
05.08.2011 |
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Amount secured by
the charge |
Rs.172.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For OCC/ODBD:- @
14.75% p.a. For PC/ FDB/ FBE
:-@11.25%p.a CDB :- @
14.75%p.a Terms of
repayment As stipulated by
the bank from time to time. All the
terms and conditions stipulated in the earlier agreements shall be applied
and effective Margin FOR OCC: 20% Extent and
operation of the charge The bank shall have
first first charge on the assets secured.
All the terms and conditions stipulated in the earlier agreements
shall be applied and effective |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Book Debts Hypothecation of
Stock received under FLC EMT of Factory
Land and Building at J-205 and J-206 and the factory building to be
constructed thereon situated in the Tarapur Industrial area within the
village limit EMT of Land and
Building at J 126 MIDC Tarapur EMT of Land and
Building at J 128 MIDC Tarapur EMT of Office
Premises No 162/D/684 Lake Garden Near Police Station, Kolkata – 700045, West
Bengal, India Hypothecation of
Plant and Machinery EMT of Office at
206 Nav Vivek Industrial co-operative Housing Society Limited, Mugal Lane,
Mahim (West) Mumbai 16 in the named Mr. Rafique I Sorthiya. (This property
does not belonging to the company.) |
|
Particulars of
the present modification |
By the present
modifications the bank has revised/ enhanced the facilities to Rs.172.000 Millions as follows:- Nature of
Facility Modified Limits(Rs. in
Millions) OD 90.000 AD HOC 5.500 Letter of
Credit 30.000 P C/FDB/ FBF 5.000 CDB 2.500 existing T L 39.000 ---------- Total 172.000 |
FIXED
ASSETS
·
Land and Building and Office
·
Plant and Machinery
·
Equipments
·
Motor Vehicles
·
Furniture and Fixtures
·
Computer
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.52.30 |
|
|
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.68.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.