MIRA INFORM REPORT
|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRIVI ORGANICS LIMITED (w.e.f.01.07.1998) |
|
|
|
|
Formerly Known
As : |
PRIVI ORGANICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
“Privi house”, A-71,
TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai –
400709, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.04.1982 |
|
|
|
|
Com. Reg. No.: |
11-026867 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 148.450 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24120MH1982PLC026867 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP17382B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP4717A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Aroma Chemicals. |
|
|
|
|
No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears slight dip in the profitability during 2012. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
November 23, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
November 23, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Sachin Mahadeshwar |
|
Designation : |
Senior Accounts Manager |
|
Contact No.: |
91-22-27783040 |
LOCATIONS
|
Registered Office : |
“Privi house”, A-71,
TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai –
400709, Maharashtra, India |
|
Tel. No.: |
91-22-27783040-48/ 66023500/ 66023600 |
|
Fax No.: |
91-22-27783049 |
|
E-Mail : |
mahadeshewarsachin@privi.co.in sales@privi.co.in |
|
Website : |
|
|
Area : |
10000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
111-A, Karimjee Building, 2nd Floor, M.G. Road,
Opposite Mumbai University, |
|
Tel. No.: |
91-22-22662626 |
|
Fax No.: |
91-22-22623950 |
|
|
|
|
Factory 1 : |
A7, MIDC, Mahad, Raigad – 402309, |
|
Tel. No.: |
91-2145-232122 |
|
Fax No.: |
91-2145-233494 |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
C4 and 5, MIDC, Mahad, Raigad – 402309,
Maharashtra, India |
|
Tel. No.: |
91-2145-233245/ 232122 |
|
Fax No.: |
91-2145-233754/ 233494 |
|
Location : |
Owned |
DIRECTORS
AS ON 27.08.2012
|
Name : |
Mr. Mahesh Purshottam Babani |
|
Designation : |
Managing director |
|
Address : |
7/8, Satguru
House, Sherley Rajan Road, Opposite Carter Road, Bandra (West) Mumbai –
400050, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1958 |
|
Qualification : |
B.Com |
|
Experience : |
25 Years |
|
Date of Appointment : |
15.11.1989 |
|
DIN No.: |
00051162 |
|
|
|
|
Name : |
Mr. Satan Santumal Bharwani |
|
Designation : |
Director |
|
Address : |
34, Bandra Amarjeevan
Society, St. Martin Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1936 |
|
Qualification : |
M.A., CAIIB |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00183286 |
|
|
|
|
Name : |
Mr. Arjan Jehanand Advani |
|
Designation : |
Director |
|
Address : |
38, Sunita
Building, 3rd Floor, Opposite Colaba Post Office, Colaba, Mumbai –
400005, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1936 |
|
Qualification : |
B. Chem Engg,
DBM |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00076951 |
|
|
|
|
Name : |
Mr. Anoop Purshotam Babani |
|
Designation : |
Director |
|
Address : |
11, Satguru
House, Sherley Rajan Road Opposite Carter Road, Bandra (West), Mumbai –
400050, Maharashtra, India |
|
Date of Birth/Age : |
27.05.1954 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
18.03.1999 |
|
DIN No.: |
00185218 |
|
|
|
|
Name : |
Mr. Doppalapudi B Rao |
|
Designation : |
Whole-time director |
|
Address : |
903, Daffodils,
Satguru Gardens, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1946 |
|
Qualification : |
M.E. |
|
Experience : |
28 Years |
|
Date of Appointment : |
05.04.1982 |
|
DIN No.: |
00356218 |
|
|
|
|
Name : |
Mr. Rajesh Harichandra Budhrani |
|
Designation : |
Director |
|
Address : |
6 Ardmore Park,
19-01, The Ardmore, Singapore-259953 |
|
Date of Birth/Age : |
01.08.1970 |
|
Qualification : |
B. Sc, Major in
Accounts and Finance |
|
Date of Appointment : |
11.08.2005 |
|
DIN No.: |
01284426 |
|
|
|
|
Name : |
Mr. Rahul Raisurana |
|
Designation : |
Director |
|
Address : |
19 Ballygunge
Circular Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
31.03.1980 |
|
Qualification : |
B.Com (Hons.),
MBA, Masters in International Management |
|
Experience : |
20 Years |
|
Date of Appointment : |
28.02.2011 |
|
DIN No.: |
02570812 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Mahadeshwar |
|
Designation : |
Senior Accounts Manager |
|
|
|
|
Name : |
Mr. Ramesh Vishanlal Kathuria |
|
Designation : |
Secretary |
|
Address : |
Shilp-II, Flat
No. 504 , The Residency CHS, L.B.S. Marg, Thane – 400603, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
01.07.2006 |
|
PAN No.: |
AFRPK9121J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.08.2012
NOTE: MAJOR SHAREHOLDERS DETAILS FILE ATTACHED
AS ON 27.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
36.84 |
|
Bodies
corporate |
|
11.16 |
|
Directors
or relatives of directors |
|
43.76 |
|
Other
top fifty shareholders |
|
8.24 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Aroma Chemicals. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Aromotic Chemicals at A-7, MIDC, Mahad |
MT |
|
3300 |
|
|
Aromotic Chemicals at C-4, C-5, C—6, C-7 |
MT |
|
6300 |
|
|
By Products [2011] |
MT |
|
-- |
20686.97 |
Notes: * Installed capacity is as certified by the Management and accepted by the Auditors, as it is a technical matter. (Figures in brackets pertain to previous year).
GENERAL INFORMATION
|
No. of Employees : |
450 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Ř
ING Vysya
Bank Limited, Patel Chambers, Ground Floor, Sandhurst Bridge, Opera House
Branch, Mumbai - 400007, Maharashtra, India
Ř
Punjab
National Bank, Ilaco House, Sir
P.M. Road, Fort, Mumbai – 400001, Maharashtra, India Ř
Central
Bank of India, 1st Floor, M.B. Road, Fort, Mumbai – 400023,
Maharashtra, India Ř
Corporation
Bank, Veena Chambers, Dalal Street, Fort, Mumbai – 400023, Maharashtra,
India Ř
Bank
of Baroda, Mulji Jetha Building, 185/187, Princess Street, Mumbai – 400002,
Maharashtra, India (Joined the
consortium w.e.f 31.01.2005) Ř
Export
Import Bank of India, Cuffe Parade, Mumbai, Maharashtra, India Ř HDFC Bank Limited, HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Ř DBS Bank Limited, Upper Ground Floor, 25,
Barakhamba Road, Birla Tower, New Delhi-110001, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Notes: a) Loan from financial institutions include Rupee Term Loan From Exim Bank Rs.Nil and Term loan from Exim Bank in foreign currency USD Nil equivalent to Rs Nil were secured by a first mortgage on the Company's immovable properties both present and future ranking paripassu interse and a first charge by way of hypothecation of all the Company's assets (save and except book debts and inventories) including movable machinery (save and except spares tools and accessories) both present and future subject to charges created in favour of the Company's bankers for inventories, book debts and other specified movable assets for securing the borrowings of Working Capital and by way of personal guarantees of Directors and their relatives. During the year, the Company has fully repaid the loan and the security has been released. b) Loan from banks include Term loan from Bank of Baroda in foreign currency USD 398,909 equivalent to Rs 20.407 millions and Term loan from Royal Bank of Scotland in foreign currency USD 2,791,664 equivalent to Rs. 142.812 millions, Term loan from Standard Charterd Bank in foreign currency USD 8,000,000 equivalent to Rs. 409.252 millions and term loan from HDFC bank in foreign currency USD 2,041,495 equivalent to Rs. 104.436 millions are secured by a first mortgage on the Company's immovable properties both present and future ranking paripassu interse and a first charge by way of hypothecation of all the Company's assets (save and except book debts and inventories) including movable machinery (save and except spares tools and accessories) both present and future subject to charges created in favour of the Company's bankers for inventories, book debts and other specified movable assets for securing the borrowings of Working Capital and by way of personal guarantees of Directors and their relatives. c) Repayment Terms of outstanding long term borrowings i) Bank of Baroda term loan carries interest @ 7.98%. The term loan is repayable in 19 quarterly installments (with a moratorium of 3 quarters) of USD 132,970 each starting from April 2007 ii) Royal Bank of Scotland term loan carries interest @ 8.75%. The term loan is repayable in 9 half yearly installments of USD 930,559 each starting from August 2009. iii) Standard Chartered bank term loan carries interest @ 6 30%. The term loan is repayable in 14 quartely installments of USD 571,439 each stating from August 2012 iv) HDFC Bank Limited term loan carries interest @ 6.24% The term loan is repayable in 8 quartely installments of USD 83,879 each stating from June 201 U. v) HDFC Bank Limited term loan carries interest @ 6 24%.
The term loan is repayable in 12 quartely installments of USD 213,248 each
stating from June 2011. |
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR Associates Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB7355D |
|
|
|
|
Related Parties
(Enterprises owned or significantly
influenced by key management personnel or their relatives) : |
Ř Satguru Construction (Andheri) Ř Vivira Chemical Industries Ř Vivira Chemicals Private Limited Ř Privi Pharma Private Limited Ř Minar
Organics Private Limited |
CAPITAL STRUCTURE
AS ON 27.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14845001 |
Equity Shares |
Rs. 10/- each |
Rs. 148.450
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
148.450 |
136.583 |
357.274 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1374.690 |
866.849 |
457.068 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1523.140 |
1003.432 |
814.342 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1084.903 |
935.946 |
784.894 |
|
|
2] Unsecured Loans |
61.617 |
65.790 |
66.316 |
|
|
TOTAL BORROWING |
1146.520 |
1001.736 |
851.210 |
|
|
DEFERRED TAX LIABILITIES |
63.906 |
66.372 |
49.169 |
|
|
|
|
|
|
|
|
TOTAL |
2733.566 |
2071.540 |
1714.721 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1509.027 |
1036.356 |
882.679 |
|
|
Capital work-in-progress |
30.529 |
174.571 |
133.942 |
|
|
Intangible Assets under development |
22.314 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
67.857 |
3.335 |
3.336 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1059.571
|
753.797
|
619.749 |
|
|
Sundry Debtors |
1096.657
|
890.929
|
675.298 |
|
|
Cash & Bank Balances |
249.199
|
736.185
|
109.467 |
|
|
Other Current Assets |
18.272
|
71.217
|
0.000 |
|
|
Loans & Advances |
228.776
|
213.955
|
179.223 |
|
Total
Current Assets |
2652.475
|
2666.083
|
1583.737 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1098.095
|
983.524
|
844.946 |
|
|
Other Current Liabilities |
398.103
|
698.795
|
13.296 |
|
|
Provisions |
52.438
|
126.486
|
32.564 |
|
Total
Current Liabilities |
1548.636
|
1808.805
|
890.806 |
|
|
Net Current Assets |
1103.839
|
857.278
|
692.931 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.833 |
|
|
|
|
|
|
|
|
TOTAL |
2733.566 |
2071.540 |
1714.721 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3837.035 |
3630.389 |
2627.697 |
|
|
|
Other Income |
53.115 |
94.254 |
125.308 |
|
|
|
TOTAL |
3890.150 |
3724.643 |
2753.005 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2844.887 |
2373.012 |
|
|
|
|
Purchases of stock-in-trade |
0.000 |
72.525 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(209.426) |
19.238 |
|
|
|
|
Employee benefit
expense |
132.172 |
128.456 |
|
|
|
|
Other expenses |
651.388 |
531.281 |
|
|
|
|
TOTAL |
3419.021 |
3124.512 |
2341.202 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
471.129 |
600.131 |
411.803 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
146.181 |
75.313 |
81.857 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
324.948 |
524.818 |
329.946 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
130.500 |
112.082 |
94.363 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ITEMS BEFORE TAX |
0.000 |
(3.784) |
(0.234) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
194.448 |
408.952 |
235.349 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
58.381 |
177.627 |
65.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
136.067 |
231.325 |
169.427 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
490.220 |
303.991 |
134.845 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
17.349 |
0.000 |
|
|
|
Proposed Dividend on Preference Shares |
0.000 |
3.952 |
0.240 |
|
|
|
Provision for Dividend Distribution Tax |
0.000 |
23.795 |
0.041 |
|
|
BALANCE CARRIED
TO THE B/S |
626.287 |
490.220 |
303.991 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
2683.049 |
2458.384 |
1683.452 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2397.729 |
2014.328 |
1334.391 |
|
|
|
Capital Goods |
8.734 |
3.824 |
0.000 |
|
|
TOTAL IMPORTS |
2406.463 |
2018.152 |
1334.391 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.41 |
19.44 |
14.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.50
|
6.21 |
6.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.07
|
11.26 |
8.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.67
|
11.05 |
9.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.41 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75
|
1.00 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.47 |
1.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
No |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
Bench:- Bombay
|
Stamp No.: CAAST/8331/2012 Filing Date:-27/03/2012 Reg. No.:- CA/494/2012 Reg. Date:- 02/04/2012 |
|
Main Matter Stamp No.:- AOST/29043/2011 Reg No.:- AO/27/2012 |
|
Petitioner:- MR. VIJAY SYNTHETIC PRIVATE LTD. Respondent:- PRIVI ORGANICS LIMITED Petn. Adv: NAIK AND CO. District:- MUMBAI |
|
Bench:- SINGLE Status :- Pre- Admission Category: - ADDING PARTY Last Date:- 09/07/2012 Stage:- AO FOR ADMISSION – AFTER NOTICE Last Coram:- HON’BLE SMT. JUSTICE R.P. SONDURBALDOTA |
|
Act:- C.P.C.- (Interlocutory Order) |
CASE DETAILS
Bench:- Bombay
|
Stamp No.: CAAST/8335/2012 Filing Date:-27/03/2012 Reg. No.:- CA/493/2012 Reg. Date:- 02/04/2012 |
|
Main Matter Stamp No.:- AOST/29040/2011 Reg No.:- AO/24/2012 |
|
Petitioner:- DHARAMPAL BROTHERS PRIVATE LTD. Respondent:- PRIVI ORGANICS LIMITED Petn. Adv: NAIK AND CO. District:- RAIGAD |
|
Bench:- SINGLE Status :- Pre- Admission Category: - ADDING PARTY Last Date:- 09/07/2012 Stage:- AO FOR ADMISSION – AFTER NOTICE Last Coram:- HON’BLE SMT. JUSTICE R.P. SONDURBALDOTA |
|
Act:- C.P.C.- (Interlocutory Order) |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Sales tax deferred |
57.249 |
60.798 |
|
Loans from Department of Bio-technology |
4.368 |
4.992 |
|
Total |
61.617 |
65.790 |
Note
a) The Company has allotted Nil
b) Package Scheme of Incentive allowed the company to accumulate the sales tax collected from its customers in respect of goods produced at Mahad factory. Sales tax collected each year is repayable in five equal yearly installments after ten years from the year of collection. Outstanding amount is repayable in annual installments till April 2022 from the date of reporting date.
Sales Tax Deferral Loan is interest free Current maturity of Sales Tax deferral Loan of Rs. 3.549 millions is disclosed under' Other Current Liabilities'
c) The Company has received Grant-in-aid and loan from the Department of Biotechnology, Ministry of Science and Technology under Small Business Innovation Research Initiative (SBIRI) scheme for "Enzyme Catalyzed Manufacture of esters". The aid is received in the form of Grant for the revenue expenditure Rs. Nil on research and development and has been credited as income, and loan Rs. 4.992 millions for funding the man-power costs in relation to the Project. The loan is repayable to the Government in ten equal yearly instalments starting from March 2011
COMPANY OVERVIEW
Subject is
manufacturer, supplier and exporter of aroma chemicals.
Privi started
manufacturing aroma chemicals in the year 1992 with only two products, which it
gradually expanded to a range of over 50 products. Privi also develops and
produces custom-made aroma chemicals as per specific requirement of the
customer. The Company’s manufacturing units are located at Mahad. Privis in-house
Research and Development centre has been accorded recognition by the Department
of Scientific and Industrial Research.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24120MH1982PLC026867 |
|
Name of the company
|
PRIVI ORGANICS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
“Privi house”, A-71,
TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai – 400709,
Maharashtra, India Email: rameshk@privi.co.in |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
80034741 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
ING Vysya Bank
Limited, Patel Chambers, Ground Floor, Sandhurst Bridge, Opera House Branch,
Mumbai - 400007, Maharashtra, India E-mail: giridharvvrn@ingvysyabank.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Seventh
Supplemental Joint Deed of Hypothecation. |
|
Date of
instrument Creating the charge |
29.10.2012 |
|
Amount secured by
the charge |
Rs. 2771.250
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms. Terms of Repayment As per sanction
terms. Margin As per sanction
terms. Extent and Operation of the charge First ranking
pari passu charge on the current assets of the company both present and
future. Second ranking
pari passu charge on the whole of the movable assets of the company. |
|
Short particulars
of the property charged |
The whole of the current assets of the company namely, stocks of Raw materials,stock in process, semi finished and finished goods,stores and spares not relating to Plant and Machinery (consumable stores and spares) packing material stored and to be stored at A-7,C-4 and C-5,MIDC Mahad,Dt Raighad,Maharashtra. The whole of the movable assets of the company(other than current assets) including but not limited to the movable machinery,consumable stores and spares relating to plant and machinery, equipment,vehicles,computers,furniture,fixtures wherever situated or whether in transit, both present and future. Bills receivable and book debts of the company both present and future. |
CONTINGENT
LIABILITY
Contingent Liability not provided for, in respect of: -
(Rs.
in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
Rs.
in Millions |
|
|
Demand of Rs.1.552 millions (paid of Rs.6.00 paid) raised by Customs, Excise and Service Tax Appellate Tribunal West Zonal Bench, Mumbai for clearance of imported goods under DEPB scheme. (Contravention of the provisions of Section 111 (o) of the Customs Act, 1962) |
1.552 |
1.552 |
|
Demand raised by Income Tax Authorities |
28.083 |
7.803 |
Fixed Assets
Ř Lease hold Land
Ř Buildings
Ř Staff quarters
Ř Plant and Machinery
Ř Electrical Installations
Ř Furniture
Ř Office Equipments
Ř Computers
Ř Computers software
Ř Lab Equipments
Ř Vehicles
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 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] 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. 54.29 |
|
|
1 |
Rs. 83.88 |
|
Euro |
1 |
Rs. 70.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.