MIRA INFORM REPORT

 

 

Report Date :

09.05.2012

 

IDENTIFICATION DETAILS

 

Name :

VAL ORGANICS PRIVATE LIMITED

 

 

Registered Office :

95, Chadha Building, Ground Floor, Off R A Kidwai Road, Wadala, Mumbai-400031, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

27.09.1984

 

 

Com. Reg. No.:

11-034124

 

 

Capital Investment / Paid-up Capital :

Rs. 0.930 million

 

 

CIN No.:

[Company Identification No.]

U24110MH1984PTC034124

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer, Exporter and Importer of Chemicals and Dyes, Drugs and Intermediates.

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (62)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 560000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed pharmaceutical company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Ms. Amruta

Designation :

Key Executive

Contact No.:

91-22-24146465

 

 

Name :

Ms. Rohini

Designation :

Accounts Department

 

 

LOCATIONS

 

Registered Office :

95, Chadha Building, Ground Floor, Off R A Kidwai Road, Wadala, Mumbai-400031, Maharashtra, India

Tel. No.:

91-22-24146465 / 66 / 55

Fax No.:

91-22-24139761

E-Mail :

goodwill@vsnl.com

info@valorganics.com

Website :

http://www.valorganics.com

Area :

Medium Sizes

Location :

Owned

 

 

Factory :

Located At : 

 

·         Silvassa

·         Thane

 

 

DIRECTORS

 

AS ON : 30.09.2011

 

Name :

Mr. Lalit  Ratanchand Chadha

Designation :

Managing Director

Address :

Chadha Building, 3rd Floor, Plot No.95, Wadala, Mumbai-400031, Maharashtra, India

Date of Birth/Age :

26.10.1944

Date of Appointment :

27.09.1984

Din No.:

00593193 

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U24110MH1984PTC034124

VALORGANICS PRIVATE LIMITED

Managing director

27/09/1984

27/09/1984

-

Active

NO

2

U24110MH1985PTC037224

GOODWILL ORGANICS PRIVATE LIMITED

Managing director

21/08/1985

21/08/1985

-

Active

NO

3

U91110MH1990NPL057237

ASMECHEM CHAMBER OF COMMERCE AND INDUSTRY OF INDIA

Managing director

23/06/1992

23/06/1992

-

Active

NO

 

 

Name :

Mr. Vivek Lalit Chadha

Designation :

Director

Address :

Chadha Building, 3rd Floor, Plot No.95, Wadala, Mumbai-400031, Maharashtra, India

Date of Birth/Age :

05.06.1978

Date of Appointment :

01.04.2011

Din No.:

03022920

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U24110MH1985PTC037224

GOODWILL ORGANICS PRIVATE LIMITED

Director

30/09/2010

5/4/2010

-

Active

NO

2

U24110MH1984PTC034124

VALORGANICS PRIVATE LIMITED

Director

30/09/2011

1/4/2011

-

Active

NO

 

 

Name :

Mr. Akshay Lalit Chadha

Designation :

Director

Address :

Chadha Building, 3rd Floor, Plot No.95, Wadala, Mumbai-400031, Maharashtra, India

Date of Birth/Age :

12.02.1980

Date of Appointment :

01.04.2011

Din No.:

03022917

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U24110MH1985PTC037224

GOODWILL ORGANICS PRIVATE LIMITED

Director

30/09/2010

5/4/2010

-

Active

NO

2

U24110MH1984PTC034124

VALORGANICS PRIVATE LIMITED

Director

30/09/2011

1/4/2011

-

Active

NO

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.09.2011

 

Names of Shareholders

 

No. of Shares

 

 

 

Lalit  R Chadha

 

853

Richa Lalit Chadha

 

7250

Vivek L. Chadha

 

410

Akshay L. Chadha

 

410

Lalit  R Chadha (HUF)

 

350

Ramesh G. Kapoor

 

10

Arvind Kapoor

 

10

Mahendra Kapoor

 

10

 

 

 

Total

 

9303

 

As on : 30.09.2011

 

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Chemicals and Dyes, Drugs and Intermediates.

 

 

Products :

Products Description

Item Code No.

 

 

Ortho Meta Para Derivative of Benzene

29053900

Ortho Dichloro Benzene

29036102

Meta Dichloro Benzene

29036102

 

●        Monochlorobenzene

●        2, 3 Dichloronitrobenzene

●        Paradichlorobenzene

●        2, 5 Dichloronitrobenzene

●        Orthodichlorobenzene

●        3, 4 Dichloronitrobenzene

●        Trichlorobenzene           

●        2, 4, 5 Trichloronitrobenzene

●        1, 2, 4 Trichlorobenzene    

●        2, 5 Dichloroaniline

●        1, 2, 3 Trichlorobenzene

●        2, 4, 5 Trichloroaniline

●        1, 3, 5 Trichlorobenzene  

●        2, 4 Dichloroacetophenone

●        1, 2, 4, 5 Tetrachlorobenzene

●         Acetamide

 

 

Exports :

 

Products :

●        Pharmaceuticals

●        Chemicals

Countries :

●        Europe Countries

●        Belgium

 

 

Imports :

 

Products :

Raw Materials

Countries :

●        China

 

PRODUCTION STATUS (As on 31.03.2011)

 

Particulars

Actual Production

 

 

Production Chlorobenzene and Others

41,15,246 kgs.

 

 

 

 

GENERAL INFORMATION

 

Customers :

End Users 

 

 

No. of Employees :

200 (Approximately)

 

 

Bankers :

●        The Thane Janata Sahakari Bank Limited, Madhumalti, Veer Savarkar Path, Charai, Thane (West), Thane-400601, Maharashtra, India

●        HDFC Bank Limited

 

 

Facilities :

PARTICULARS

AS ON 31.03.2011 (RS. IN MILLIONS)

AS ON 31.03.2010 (RS. IN MILLIONS)

Secured Loan

 

 

Thane Janata Sahakari Bank -Car Loan(secured against hypothecation of car)

0.000

0.111

Thane Janata Sahakari Bank -Property loan(secured again against mortgage on property at Sarigam alongwith buildings and structure constructed or to be constructed (LN-M-134)

10.234

10.396

Thane Janata Sahakari Bank -Hypothecation loan secured against property at Sarigam along with buildings and structure constructed or to be constructed (M-143)

29.694

27.329

Thane Janata Sahakari Bank -Property loan(secured again against mortgage of property at Sarigam along with buildings and structure constructed or to be constructed

0.000

0.011

Thane Janata Sahakari Bank -Hypothecation loan secured against property at Sarigam along with buildings and Structure constructed or to be constructed (M-144)

16.689

16.957

H.D.F.C Bank Limited Project Finance loan NO.80054489 cash credit limit consist of L/C, preshipment and post shipment limit (secured against hypothecation of stock, debtors

0.000

22.351

H.D.F.C Bank Limited Project Finance loan NO.110880003 cash credit limit consist of L/C, preshipment and post shipment limit (secured against hypothecation of stock, debtors

10.260

0.000

H.D.F.C Bank Limited Working Capital loan NO.80057752 secured against hypothecation of stocks and debtors

8.930

0.000

Kotak Mahindra Prime Limited (secured against hypothecation

1.000

1.999

 

 

 

Total

76.807

79.154

 

 

 

PARTICULARS

AS ON 31.03.2011 (RS. IN MILLIONS)

AS ON 31.03.2010 (RS. IN MILLIONS)

Unsecured loan

 

 

Goodwill Chemical Industries

1.370

0.000

UPL Environmental Engg Limited

0.000

10.447

 

 

 

HDFC Current A/c

0.000

3.905

 

 

 

Total

1.370

14.352

 

Banking Relations :

 --

 

 

Auditors :

 

Name :

S M Kapoor and Company

Chartered Accountant

Address :

Nanabhai Mansion, 3rd Floor, Sir P M Road, Fort, Mumbai-400001, Maharashtra, India

PAN No.:

AACFS4278E

 

 

Associates/Subsidiaries :

●        Goodwill Chemicals Industries

●        Goodwill Organics Private Limited

●        Goodwill International

●        Goodwill Warehousing

●        Goodwill Organics

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000

Equity Share

Rs.100/- Each

Rs. 2.500 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9303

Equity Share

Rs.100/- Each

Rs. 0.930 million

 

 

 

 

 

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

0.930

0.930

0.930

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

138.776

117.136

91.243

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

139.706

118.066

92.173

LOAN FUNDS

 

 

 

1] Secured Loans

76.807

79.154

5.810

2] Unsecured Loans

1.370

14.352

0.000

TOTAL BORROWING

78.177

93.506

5.810

DEFERRED TAX LIABILITIES

30.399

13.433

1.494

 

 

 

 

TOTAL

248.282

225.005

99.477

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

155.444

153.332

21.305

Capital work-in-progress

5.806

0.000

10.708

 

 

 

 

INVESTMENT

8.286

6.302

2.996

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
102.157

44.344
33.878

 

Sundry Debtors
8.746

8.618
35.856

 

Cash & Bank Balances
14.713

4.888
7.670

 

Other Current Assets
1.478

1.453
0.120

 

Loans & Advances
75.310

54.122
53.954

Total Current Assets
202.404

113.425

131.478

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
40.364

9.545
3.565

 

Sundry Crediotrs Details

61.124

28.139
38.876

 

Provisions
22.170

10.370
24.569

Total Current Liabilities
123.658

48.054
67.010

Net Current Assets
78.746

65.371
64.468

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

248.282

225.005

99.477

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

 

 

REVENUES

224.617

244.010

223.444

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

63.552

49.364

63.061

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

13.146

3.980

2.989

 

 

 

 

 

 

PROFIT BEFORE TAX

50.406

45.384

60.072

 

 

 

 

 

Less

TAX                                                     

28.766

19.491

22.056

 

 

 

 

 

 

PROFIT AFTER TAX

21.640

25.893

38.016

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

115.137

89.243

NA

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

136.777

115.137

89.243

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

183.592

NIL

50.009

 

TOTAL EARNINGS

183.592

NIL

50.009

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

11.977

71.856

NA

 

TOTAL IMPORTS

11.977

71.856

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

23.26

27.83

NA

 

The above information has been parted by Ms. Amruta and Ms. Rohini.

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

Return on Total Assets

(PBT/Total Assets}

(%)

21.57

21.93

39.32

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

0.32

0.65

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

1.44

1.19

0.79

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.63

2.36

1.96

 

 

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.       Constructions of the firm

Yes

4.       Premises details

Yes

5.       Type of Business

Yes

6.       Line of Business

Yes

7.       Promoter’s background

-----------

8.       No. of Employees

Yes

9.       Name of person contacted

Yes

10.   Designation of contact person

Yes

11.   Turnover of firm for last three years

Yes

12.   Profitability for last three years

No

13.   Reasons for variation <> 20%

No

14.   Estimation for coming financial year

No

15.   Capital in the business

Yes

16.   Details of sister concerns

No

17.   Major suppliers

No

18.   Major customers

No

19.   Payments terms

Yes

20.   Export / Import details

Yes

21.   Market information

-------

22.   Litigations that the firm / promoter involved

------

23.   Banking Details

Yes

24.   Banking facility details

No

25.   Conduct of the banking account

------

26.   Buyer visit details

------

27.   Financials, if provided

 No

28.   Incorporation details, if applicable

------

29.   Last accounts filed at ROC

------

30.   Major Shareholders, if available

------

 

REVIEW

 

The Company has achieved receipts of Rs.224.617 millions during the period and Earned profit after tax Rs.21.640 millions during the same period. The company is in the field of Chemical business the Company hopes to get the good business in the coming year.

 

NOTE

 

Registered Office of the company has been shifted from 495/97, Kalbadevi Road, Mumbai-400002, Maharashtra, India to the present address w.e.f. 05.01.2007

 

FORM : 8

 

Bankers Charges Report as per Registry

 

 

Corporate identity number of the company

U24110MH1984PTC034124

Name of the company

VAL ORGANICS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

95, Chadha Building, Ground Floor, Off R A Kidwai Road, Wadala, Mumbai-400031, Maharashtra, India

This form is for

Modification of charge

Type of charge

Immovable property

Particular of charge holder

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Nature of instrument creating charge

Memorandum Of Equitable Mortgage By Deposit Of Title Deeds

Date of instrument Creating the charge

24/06/2010

Amount secured by the charge

Rs. 75.500 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

Interest at the rate as may be communicated by the Bank from time to time.

 

Terms of repayment

On Demand.

 

Margin

As may be stipulated by the Bank from time to time.

 

Extent and operation of the charge

The Company created a mortgage by deposit of title deeds with Thane Janata Sahakari Bank Ltd (TJSB) and TJSB acting as agent of HDFC Bank in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs.75.500 millions sanctioned by HDFC Bank to the Company, together with principal, interest, liquidated damages, costs, charges and expenses.

 

Other

Nil

Short particulars of the property charged (Including location of the property)

The Plot No.2201, admeasuring on or about 19,803.64 Sq. Mtrs. consisting of Revenue Survey No.446/ P in Sarigam Industrial Estate along with the Structure constructed

Particulars of the present modification

The Company created an equitable mortgage in respect of its immovable properties in favour of HDFC Bank also to secure the credit facilities of Rs.75.500 millions in favour the Bank. Save and except creation of collateral security against the immovable properties of the Company, there is no change in the amount of charge.

 

 

FIXED ASSETS

 

  • Factory Building
  • Plant and Machinery
  • Electrical Installations
  • Furniture and Fixture
  • Motor Car
  • Computer

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.52.85

UK Pound

1

Rs.85.44

Euro

1

Rs.68.81

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

62

 

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

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.