MIRA
INFORM REPORT
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Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SARTHI CHEM PRIVATE LIMITED |
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Registered
Office : |
101, “Kalash”,
1-Suryoday Society, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.12.2004 |
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Com. Reg. No.: |
04-045162 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000
million |
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CIN No.: [Company Identification
No.] |
U24110GJ2004PTC045162 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS04781A |
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PAN No.: [Permanent Account No.] |
AAICS6358L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bulk Intermediates for APIs and Fine Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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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 18000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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) |
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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
|
Registered Office : |
101, “Kalash”,
1-Suryoday Society, |
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Tel. No.: |
91-281-2378419/ 2784480 |
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Fax No.: |
91-281-2784490 |
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E-Mail : |
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Website : |
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Factory : |
G.I.D.C., Plot No.254, H-Road, Kuvadva, District |
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Tel. No.: |
91-281-2784480 |
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Fax No.: |
91-281-2784490 |
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E-Mail : |
DIRECTORS
As on 09.08.2011
|
Name : |
Mr. Jagdishbhai Thakarshibhai Aghera |
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Designation : |
Managing Director |
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Address : |
Kalash
Apartment, Flat No.101, |
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Date of Birth/Age : |
19.02.1967 |
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Date of Appointment : |
11.12.2008 |
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DIN No.: |
00035244 |
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Other Directorship :
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Name : |
Mr. Pinakin Kanchandas Vachhani |
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Designation : |
Whole Time Director |
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Address : |
42, |
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Date of Birth/Age : |
31.03.1961 |
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Date of Appointment : |
11.12.2008 |
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DIN No.: |
00091844 |
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Other Directorship :
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Name : |
Mr. Nitinbhai Jamnadas Aghera |
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Designation : |
Director |
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Address : |
Block No.12, Suvidha Society, |
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Date of Birth/Age : |
02.06.1971 |
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Date of Appointment : |
16.12.2004 |
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DIN No.: |
00035304 |
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KEY EXECUTIVES
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Name : |
D. Ganatra and Company |
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Designation : |
Practising Company Secretary |
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Address : |
513, |
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Tel. No.: |
91-281-2477516 |
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Mobile No.: |
91-9426201730 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.08.2011
|
Names of Shareholders |
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No. of Shares |
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Jadish Thakarshibhai Aghera |
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17000 |
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Pinakin K. Vachhani |
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18000 |
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Nitinbhai Jamnadas Aghera |
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14000 |
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Gajendra B. Kothadia |
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10000 |
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Parul Jagdish Aghera |
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8000 |
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Ishwar Jamnadas Ghodhasara |
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5000 |
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Sureshkumar Karsanbhai Balochiya |
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5000 |
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Dineshkumar Karsandas Balochiya |
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5000 |
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Pravina Vinodrai Kalawadia |
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9000 |
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Kanish Bharatbhai Changela |
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9000 |
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Total |
|
100000 |
As on 09.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
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Directors
or relatives of directors |
|
57.00 |
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Other
top fifty shareholders |
|
43.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Intermediates for APIs and Fine Chemicals. |
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Products : |
v
Methyl Bromide v
Chloropicrin v
Fumigation |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Utilized
Capacity |
Actual
Production |
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Methyl Bromide |
Kgs. |
219396 |
219396 |
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GENERAL INFORMATION
|
Suppliers : |
v
Chemexcil v
Gujarat Industrial Development Corporation v
Naranbhai Jethabhai Solanki v
P B Dadhaniya and Company v
Packaging Remedies Transnational v
R K Sureja and Company v
Sagar Enterprise v
Shyam Refrigeration and Service v
Vodadone |
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Customers : |
v
Elite Corporation - Bhandup v
Elite Corporation - Vapi v
Excellent v
Innovative v
Intelligence Pest Management Private Limited -
Gandhidham v
Intensive Pest Control Private Limited v
International v
Jardine Henderson Limited - Kolkata v
Lake Chemical Private Limited v
National v
Organica Aromatics Private Limited v
v
v
Pest Kill ( v
v
Pest Mortem ( v
Pest Mortem ( v
Pest Mortem ( v
Pest Mortem ( v
Pest Mortem India Private Limited - Gandhidham v
Pest Mortem India Private Limited - v
Pestcone Pestcontrol Services - Gandhidham v
Quality Fumigation Solution (Tuticorin) v
R L Fine Chem |
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No. of Employees : |
Not Available |
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Bankers : |
v
Union Bank of v
The Karur Vysya Bank Limited, Near Gaisford
Talkies, v
HDFC Bank Limited v ICICI Bank Limited 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 : |
P.B. Dadhaniya and Company Chartered Accountants |
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Address : |
514, |
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Tel. No.: |
91-281-2476006, 2479243 |
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Income-tax
PAN of auditor or auditor's firm : |
ABRPD4839N |
CAPITAL STRUCTURE
As on 09.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
million |
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.458 |
2.696 |
1.175 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.458 |
3.696 |
2.175 |
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LOAN FUNDS |
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1] Secured Loans |
4.030 |
2.744 |
1.976 |
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2] Unsecured Loans |
10.624 |
7.003 |
4.883 |
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TOTAL BORROWING |
14.654 |
9.747 |
6.859 |
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DEFERRED TAX LIABILITIES |
0.349 |
0.385 |
0.171 |
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TOTAL |
19.461 |
13.828 |
9.205 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.616 |
9.021 |
5.970 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
3.373
|
2.138 |
1.257 |
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Sundry Debtors |
5.818
|
3.137 |
1.923 |
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Cash & Bank Balances |
2.224
|
0.235 |
1.065 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans, Advances & Deposits |
0.975
|
1.060 |
0.461 |
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Total
Current Assets |
12.390
|
6.570 |
4.706 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
1.106
|
1.061 |
0.966 |
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Other Current Liabilities |
0.859
|
0.261 |
0.250 |
|
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Provisions |
0.580
|
0.502 |
0.378 |
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Total
Current Liabilities |
2.545
|
1.824 |
1.594 |
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Net Current Assets |
9.845
|
4.746 |
3.112 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.061 |
0.123 |
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TOTAL |
19.461 |
13.828 |
9.205 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
60.595 |
39.436 |
30.537 |
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Other Income |
0.041 |
0.014 |
NA |
|
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TOTAL |
60.636 |
39.450 |
NA |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
59.525 |
37.216 |
NA |
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
59.525 |
37.216 |
NA |
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PROFIT BEFORE
TAX |
1.111 |
2.234 |
1.348 |
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Less |
TAX |
0.349 |
0.693 |
0.440 |
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PROFIT AFTER TAX
|
0.762 |
1.541 |
0.908 |
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Prior period adjustments |
0.000 |
(0.020) |
(0.088) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.696 |
1.175 |
0.355 |
|
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BALANCE CARRIED
TO THE B/S |
3.458 |
2.696 |
1.175 |
|
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|
Earnings Per
Share (Rs.) |
7.62 |
15.41 |
9.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.26
|
3.91 |
NA |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.83
|
5.66 |
4.41 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.05
|
14.33 |
12.63 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.60 |
0.62 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.86
|
3.13 |
3.89 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.87
|
3.60 |
2.95 |
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 |
|
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 |
Yes |
|
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 |
Note:
The registered office of the company has been shifted from 5, Divya Complex, 80 Feet Road, Opposite G.T. Sheth School, Vaniya Wadi
Corner, Rajkot – 360 002, Gujarat to the present address w.e.f.
11.12.2008.
OPERATION DURING
THE YEAR:
Sales of methyl
bromide has been increased to Rs.60.594 millions during the year as against the
sales of Rs.39.436 millions in the previous year. This shows the growth of more
than 50% in sales. However due to higher depreciation and financial charges,
the profit before and after tax has been negatively affected. The Company has achieved
the net profit after tax of Rs.0.762 million as against net profit of Rs.1.541
millions of previous year. Thus overall performance remained satisfactory. The
directors of the Company assure that they will take all the steps to increase
growth in the years to come as well.
FUTURE OUTLOOK:
The year was good
year during which the Company has performed well in terms of sales and profits.
The Company by way of expansion is also planning to increase the production
capacity. The board of directors has proposed to open a Sales Depot at Kolkata
in the State of
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24110GJ2004PTC045162 |
|
Name of the
company |
SARTHI CHEM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
101, “Kalash”,
1-Suryoday Society, E-Mail: info@sarthichem.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Karur Vysya Bank Limited, Near Gaisford Talkies, E-Mail: rajkot@kvbmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of loan
against fixed assets |
|
Date of
instrument Creating the charge |
03.12.2011 |
|
Amount secured by
the charge |
Rs.4.425 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Base Rate 11.25%
+ 2.50% = at present 13.75% (Floating) Terms of
Repayment: Term Loan is
repayable in 60 Equal Monthly Installments Margin: 50% Extent and Operation
of the charge: The Charge on
immovable property stated in this form operate as security for repayment of
Term loan facility of Rs.4.425 millions together with interest coast and
other charges, if any. Others: As per Agreement
of Loan stated above and Bank's sanction letter no.
MDO/CRE/F.No.12-256/152/2010-11 dated 03.12.2011 |
|
Short particulars
of the property charged |
Equitable
Mortgage on land and Factory building situated at Plot No.267, GIDC Kuvadva,
District: |
FIXED ASSETS:
v Land and Site Developments
v Buildings
v Plant and Machinery
v Furniture and Fixtures
v Motor Vehicle
v Computer
v
Computer Software
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.55.76 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
43 |
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.