|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
REENA ORGANICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Old No.15, New
No.43, |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
09.01.2009 |
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|
|
|
Com. Reg. No.: |
18-070434 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.2.400 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100TN2009PTC070434 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER10467C |
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|
|
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PAN No.: [Permanent Account No.] |
AAECR2244L |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Trader, Distributor and Supplier of Chemicals, Polymers, Pigments,
Additives, Colorants for Plastics, Paints, Coating Industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 33000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having satisfactory track. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Old No.15, New
No.43, |
|
Tel. No.: |
91-44-26426633/ 26480327 |
|
Fax No.: |
91-44-26480327 |
|
E-Mail : |
DIRECTORS
As on 24.09.2011
|
Name : |
Mr. Shalin Ashok Shah |
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|
Designation : |
Director |
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Address : |
10th Floor, Block-I, Flat 10E, 125, |
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Date of Birth/Age : |
07.02.1970 |
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Date of Appointment : |
02.11.2009 |
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DIN No.: |
02484669 |
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Other Directorship :
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||||||||||||||||||||||||||||||||||||
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Name : |
Mrs. Reena Shalin Shah |
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Designation : |
Director |
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Address : |
Arihant Vaikunth, 10th Floor, 1st Block, Flat
No.E-125, |
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Date of Birth/Age : |
26.07.1974 |
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Date of Appointment : |
09.01.2009 |
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DIN No.: |
02212483 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
A.M. Gopikrishnan |
|
Designation : |
Company Secretary |
|
Mobile No.: |
91-9282142370 |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Reena Shalin Shah |
|
122400 |
|
Shalin Ashok Shah |
|
117600 |
|
Total |
|
240000 |
As on 24.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Distributor and Supplier of Chemicals, Polymers, Pigments, Additives,
Colorants for Plastics, Paints, Coating Industry. |
|
|
|
GENERAL INFORMATION
|
Suppliers : |
v
Sri Sai Jyothi Print Inks |
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No. of Employees : |
Not Available |
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Bankers : |
v CITI Bank N.A., 163,
Anna Salai, Second Floor,, Chennai – 600 002, v Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kishore Kumar and Company Chartered Accountants |
|
Address : |
9, |
|
Income-tax
PAN of auditor or auditor's firm : |
AGMPK8510B |
CAPITAL STRUCTURE
As on 24.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000 |
Equity Shares |
Rs.10/- each |
Rs.2.400 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000 |
Equity Shares |
Rs.10/- each |
Rs.2.400 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.400 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.807 |
1.779 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.001) |
|
|
NETWORTH |
8.207 |
2.779 |
0.999 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
6.264 |
9.499 |
0.085 |
|
|
TOTAL BORROWING |
6.264 |
9.499 |
0.085 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14.471 |
12.278 |
1.084 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.091 |
1.031 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.030 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24.028
|
10.808 |
0.000 |
|
|
Sundry Debtors |
25.329
|
11.744 |
0.000 |
|
|
Cash & Bank Balances |
0.991
|
0.472 |
0.268 |
|
|
Other Current Assets |
2.589
|
1.390 |
0.794 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
52.937
|
24.414 |
1.062 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
37.136
|
12.457 |
0.000 |
|
|
Other Current Liabilities |
0.601
|
0.000 |
0.043 |
|
|
Provisions |
1.858
|
0.792 |
0.000 |
|
Total
Current Liabilities |
39.596
|
13.249 |
0.043 |
|
|
Net Current Assets |
13.341
|
11.165 |
1.019 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.039 |
0.052 |
0.065 |
|
|
|
|
|
|
|
|
TOTAL |
14.471 |
12.278 |
1.084 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
134.923 |
67.980 |
0.000 |
|
|
|
Other Income |
2.941 |
1.937 |
0.000 |
|
|
|
TOTAL (A) |
137.864 |
69.917 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Variation in Stock |
(13.220) |
(10.808) |
0.000 |
|
|
|
Manufacturing Expenses |
125.807 |
67.073 |
0.000 |
|
|
|
Administrative Expenses |
14.298 |
7.962 |
0.001 |
|
|
|
Selling Expenses |
0.365 |
0.327 |
0.000 |
|
|
|
TOTAL (B) |
127.250 |
64.554 |
0.001 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.614 |
5.363 |
(0.001) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.516 |
2.593 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.098 |
2.770 |
(0.001) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.212 |
0.198 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
5.886 |
2.572 |
(0.001) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.858 |
0.792 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
4.028 |
1.780 |
(0.001) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.779 |
(0.001) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.807 |
1.779 |
(0.001) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
16.78 |
17.80 |
(0.04) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.92
|
2.55 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.36
|
3.78 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.89
|
10.11 |
(0.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.72
|
0.93 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.59
|
8.19 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.84 |
24.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions of
the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of sister
concerns |
No |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24100TN2009PTC070434 |
|
Name of the
company |
REENA ORGANICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Old No.15, New
No.43, E-Mail: info@reenaorganics.com |
|
Type of charge |
Book Debts Others (Stocks) |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10281492 |
|
Particular of
charge holder |
CITI Bank N.A.,
163, Anna Salai, Second Floor,, Chennai – 600 002, E-Mail: karthikeyan1.j@citi.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Modification |
|
Date of
instrument Creating the charge |
27.03.2012 |
|
Amount secured by
the charge |
Rs.19.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As may be Stipulated
by the Bank from time to time. Terms of
Repayment: All facilities
are repayable on demand. Margin: As agreed from
time to time. Extent and
Operation of the charge: First exclusive
charge on the current assets (including stocks and book debts) of the
Borrower present and future. |
|
Short particulars
of the property charged |
First exclusive
charge on the current assets (including stocks and book debts) of the
Borrower present and future. |
|
Date of latest modification
prior to the present modification |
29.08.2011 |
|
Particulars of
the present modification |
Enhanced credit
limit from Rs.13.500 millions to Rs.19.500 millions which is an increase of
Rs.6.000 millions. |
FINANCIAL RESULTS
During the year
ended 31st March 2011, the Company has made a total turnover of
Rs.134.923 millions (previous year Rs.67.980 millions). The net profit after
tax made during the year was Rs.4.028 millions (previous year net loss of
Rs.1.780 millions).
FIXED ASSETS:
v
Activa-Bike
v
Air Condition
v
Bajaj Platinum Bike
v
Computer
v
Cycle
v
Electric Fittings
v
Furniture and fitting
v
Goderaj Cash Locker
v
HP Printer
v
Invertor
v
Laser Printer
v
Motor Car-Accent
v
Motor Car Swift
v
Mobile Phone
v
Stabilizer
v
Tally Software
v
Telephone EPBX
v
Television
v
Water Filter
v
Weighing Machine
v
UPS
v Tally-Hyderabad
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.54.55 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.