MIRA
INFORM REPORT
|
Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARCL ORGANICS LIMITED [w.e.f. 08.02.2010] |
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Formerly Known
As : |
ARCL ORGANICS PRIVATE LIMITED |
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Registered
Office : |
13, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.09.1992 |
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Com. Reg. No.: |
21-056562 |
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Capital
Investment / Paid-up Capital : |
Rs.37.500 Millions |
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CIN No.: [Company Identification
No.] |
U24121WB1992PLC056562 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALA07860G |
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PAN No.: [Permanent Account No.] |
AACCA2121P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter, Importer of Chemicals |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [47] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
USD 1620000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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.
ECGC Country Risk Classification List – September 30, 2011
|
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 |
|
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
|
Registered Office : |
13, |
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Tel. No.: |
91-33-22832865 |
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Fax No.: |
91-33-22832857 |
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E-Mail : |
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Website : |
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Factory 1 : |
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Factory 2 : |
47, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Mukesh Mundhra |
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Designation : |
Director |
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Address : |
5C, |
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Date of Birth/Age : |
22.10.1973 |
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Date of Appointment : |
12.01.2010 |
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DIN : |
00658602 |
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Other Directorship : |
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Name : |
Mr. Ajay Kumar Mimani |
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Designation : |
Managing director |
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Address : |
18A, |
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Date of Birth/Age : |
16.04.1969 |
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Date of Appointment : |
03.11.2003 |
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DIN : |
01944889 |
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Other Directorship : |
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Name : |
Mr. Trinetra Gokaran Bajpai |
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Designation : |
Additional Director |
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Address : |
101/102, Raheja Grande, Turner Road, Plot #80, Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
10.12.1950 |
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Date of Appointment : |
09.02.2010 |
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DIN : |
00484155 |
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Other Directorship : |
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KEY EXECUTIVES
|
Name : |
Mr. Sandip Mandhana |
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Designation : |
Company Secretary |
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PAN : |
ARMPM2664B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mukesh Mundhra |
|
206400 |
|
Ajay Kumar Mimani |
|
454620 |
As on 30.09.2011
|
Equity Share
Break Up Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie’s Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
1.48 |
|
Public Financial Companies |
0.27 |
|
Mutual Fund |
1.39 |
|
Bodies corporate |
40.46 |
|
Directors or relatives of Directors |
43.42 |
|
Others |
12.98 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer of Chemicals |
PRODUCTION STATUS [As on 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
Formaldehyde |
M.T. |
5289.504 |
|
Free Flowing Spray Dried Powder Resin |
M.T. |
7597.822 |
|
Paraformaldehyde Resin |
M.T. |
4376.246 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. Chatterjee and Company Chartered Accountants |
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Address : |
10, |
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PAN : |
ACSPS7429D |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33,750,000 |
Equity Shares |
Rs.10/- each |
Rs.337.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,000,000 |
Equity Shares |
Rs.10/- each |
Rs.80.000
millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33,750,000 |
Equity Shares |
Rs.10/- each |
Rs.337.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,750,000 |
Equity Shares |
Rs.10/- each |
Rs.37.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
37.500 |
37.500 |
30.000 |
|
|
2] Share Application Money |
42.500 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
326.939 |
221.578 |
138.066 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
406.939 |
259.078 |
168.066 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
150.726 |
103.383 |
47.562 |
|
|
2] Unsecured Loans |
32.214 |
8.566 |
11.339 |
|
|
TOTAL BORROWING |
182.940 |
111.949 |
58.901 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
589.879 |
371.027 |
226.967 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
296.658 |
85.093 |
88.896 |
|
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Capital work-in-progress |
32.622 |
4.325 |
2.922 |
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|
|
|
|
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INVESTMENT |
0.885 |
1.585 |
1.085 |
|
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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 |
|
|
|
|
|
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Inventories |
113.648
|
16.575 |
16.952 |
|
|
Sundry Debtors |
148.909
|
225.192 |
95.495 |
|
|
Cash & Bank Balances |
94.347
|
86.686 |
54.939 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
43.311
|
44.027 |
77.469 |
|
Total
Current Assets |
400.215
|
372.480 |
244.855 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
95.824
|
57.029 |
|
|
|
Other Current Liabilities |
22.453
|
21.254 |
99.277 |
|
|
Provisions |
22.224
|
14.173 |
11.514 |
|
Total
Current Liabilities |
140.501
|
92.456 |
110.791 |
|
|
Net Current Assets |
259.714
|
280.024 |
134.064 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
589.879 |
371.027 |
226.967 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1341.289 |
697.842 |
814.945 |
|
|
|
Other Income |
31.424 |
32.697 |
21.195 |
|
|
|
TOTAL (A) |
1372.713 |
730.539 |
836.140 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1066.581 |
587.880 |
|
|
|
|
Manufacturing service costs |
111.711 |
39.344 |
|
|
|
|
Employee related expenses |
53.886 |
13.061 |
|
|
|
|
Administrative selling other expenses |
54.794 |
52.991 |
789.560 |
|
|
|
Research and Development Expenditure |
0.169 |
0.017 |
|
|
|
|
TOTAL (B) |
1287.141 |
693.293 |
789.560 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
85.572 |
37.246 |
46.580 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.311 |
7.849 |
12.553 |
|
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75.261 |
29.397 |
34.027 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.755 |
10.409 |
9.559 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
21.506 |
18.988 |
24.468 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.963 |
2.976 |
6.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
17.543 |
16.012 |
17.979 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
74.934 |
58.922 |
40.943 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
92.477 |
74.934 |
58.922 |
|
|
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
4.68 |
4.27 |
59.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.28
|
2.19 |
2.15 |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
1.60
|
2.72 |
3.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.09
|
4.15 |
7.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.07 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
0.79 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.85
|
4.03 |
2.21 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from 45/2,
Amalgamation
Scheme of Amalgamation i. A Scheme of Amalgamation (the
Scheme) under Sections 391 to 394 of the Companies Act, 1956 for the
amalgamation of Allied Resins and Chemicals Limited (Transferor Company) with
ARCL Organics Limited (Transferee Company), with effect from 1st April, 2009
(the Appointed Date) was sanctioned by the Honble High Court of Calcutta (the
court), vide its Order dated 15th September, 2010. The certified copy of the
Order of the Court sanctioning the Scheme was filed with the Registrar of
companies,
Contingent
Liabilities
Contingent Liabilities not provided for in respect of
Rs. in millions
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
Central Excise |
39.043 |
39.043 |
|
Sales Tax |
109.578 |
89.035 |
|
Income Tax |
64.078 |
203.029 |
|
Un-expired letter of credit/ Bank Guarantee |
77.632 |
111.418 |
|
Bills Discounted with banks outstanding |
9.728 |
33.090 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24121WB1992PLC056562 |
|
Name of the company
|
ARCL
ORGANICS LIMITED |
|
Address of the
registered office or of the principal place of business in |
13, |
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
80027750 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Email : intcal@bankofbaroda.com
|
|
Nature of
instrument creating charge |
Supplemental composite
instrument of hypothecation of goods, book-debts, movable machinery and
vehicles Memorandum of
entry |
|
Date of
instrument Creating the charge |
23.06.2011 |
|
Amount secured by
the charge |
Rs.244.500
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest and other charges will be paid as per terms and conditions of
Sanction , presently ROI for PC is 1% above BR i.e.11.00% and for CC- 5%
above BR i.e. 15% p.a.w.m.r , however subject to change . Terms of
Repayment - WC Limit ( Rs. 15.000 Millions by way of CC, Rs. 12.500 Millions
by way PC , Rs. 60.000 Millions by way of FBP/FBD/PSDL, Rs. 87.500 Millions
by way of Inland /Import Letter of Credit (DP/DA Usance upto 120 days), Rs.
5.000 Millions by way of Bank Guarantee, Rs. 50.000 Millions by way of Adhoc
Import LC and Rs. 14.500 Millions by way of Standby Export Credit) shall be
repayable on demand. Margin – The borrower
shall maintain appropriate margin as stipulated in the sanction terms . CC/PC- 25% on
Stock and Book-debts LC/ BG- 20% cash
margin/FDR Adhoc LC:- 25% by
way of Cash Margin/ FDR Extent and
Operation of the charge - The security created under said Agreement shall
operate as continuing security and by way of first charge The charged
assets property be kept at the Company risk and expense in good condition and
fully insured against loss or damage by fire, lighting or explosion or theft
and also against loss or damage by riot and civil commotion etc. as may be
required by the Bank in the joint names of the Bank and the Company. Others - The
Company hereby declares that all the charged property now existing are
absolute property of and at the sole disposal of the Company and free from
any prior charge or encumbrance and undertakes that all future property shall
like wise be the unencumbered and absolute and disposable property of the
Company. Other terms and
conditions are as per terms and conditions of above referred agreement and
Sanction Terms of the bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The borrower
hypothecates and charges by way of 1st charge
a) all stocks of
RM, WIP , FG, packing material and stores
and spares now being and lying in the
Borrower's Factory or any where else b) all
book-debts, outstanding, receivables, claims etc and other Current Assets c) all movable
plant and machinery, furniture, fixtures, tools , vehicles etc and other fixed
assets d) Further the
Company created equitable mortgage in respect of All that bastu land admeasuring 12.57
kathas in dag no. 352 R. S. Khatian No. 302 of Mouza - Rampur , R.S no. 352, J L No. 10,
collectorate Touzi No. 411 under ward no. 10 of P.S. - Maheshtala, within
Maheshtala Municipality , SR office- Alipore, Dist.- 24 Parganas (S) in the
state of West Bengal together with one 3 storied building covering 4000 Sq.
Ft. and another building covering 721 Sq. Ft. |
|
Particulars of
the present modification |
By the present
modification the overall limit secured by the charge has been enhanced from
Rs.180.578 millions to Rs. 244.500 millions. The revised credit facilities
are as follows: CC- Rs. 15.000
Millions, PC- Rs. 12.500 Millions, FBP/FBD/PSDL- Rs. 60.000 Millions, Inland
/ Import LC- Rs. 87.500 Millions, BG-Rs. 5.000 Millions, Adhoc Import LC- Rs.
50.000 Millions and Rs.14.500 Millions Standby Export Credit Other terms and
conditions save as modified above remain unchanged. |
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.49.96 |
|
|
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.