MIRA INFORM REPORT

 

 

Report Date :

08.02.2013

 

IDENTIFICATION DETAILS

 

Name :

PRIVI ORGANICS LIMITED

 

 

Registered Office :

“Privi house”, A-71, TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai – 400 709, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

05.04.1982

 

 

Com. Reg. No.:

11-026867

 

 

Capital Investment / Paid-up Capital :

Rs.136.583 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 4010000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a satisfactory track record. The latest financial are not available.

 

Mr. Sachin Mahadeshwar, Senior Accounts Manager has provided all information to us. The financials are not verified.

 

As per previous year’s verified financials, the company is found to be performing well.

 

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 conditions.

 

Note:

Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

BBB- (Long Term Bank Facilities)

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

23rd November, 2012

 

Rating Agency Name

CARE

Rating

A3 (Short Term Bank Facilities)

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

23rd November, 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

Date :

07.02.2013

 

LOCATIONS

 

 

Registered Office :

“Privi house”, A-71, TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai – 400 709, Maharashtra, India

Tel. No.:

91-22-27783040-48

Fax No.:

91-22-27783049

E-Mail :

privi@bom3.vsnl.net.in

rameshk@privi.co.in

shetty@privi.co.in

mahadeshewarsachin@privi.co.in

sales@privi.co.in

Website :

www.privi.com

Area :

10000 sq. ft.

Location :

Owned

 

 

Corporate Office :

111-A, Karimjee Building, 2nd Floor, M.G. Road, Opposite Mumbai University,
Fort, Mumbai - 400 023, Maharashtra, India

Tel. No.:

91-22- 22662626

Fax No.:

91-22- 22623950

 

 

Factory 1 :

A7, MIDC, Mahad, Raigad – 402 309, Maharashtra, India

Tel. No.:

91-2145-232122

Fax No.:

91-2145-233494

Location :

Owned

 

 

Factory 2 :

C4 and 5, MIDC, Mahad, Raigad – 402 309, Maharashtra, India

Tel. No.:

91-2145-233245 / 232122

Fax No.:

91-2145-233754 / 233494

Location :

Owned

 

 

DIRECTORS

 

 

Name :

Mr. Satan S. Bharwani

Designation :

Director    

Address :

Amarjeevan, St. Martin Road, Bandra, Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

01.09.1936

Date of Appointment :

01.04.2005

DIN No.:

00183286

 

 

Name :

Mr. Mahesh Purshotam Babani

Designation :

Managing director

Address :

Satguru House, Sherley Rajan Raod, Opposite Carter Road, Bandra, Mumbai - 400 050, Maharashtra, India

Date of Birth/Age :

01.04.1958

Qualification :

Commerce Graduate

Experience :

25 years experience, Extensive knowledge of the market of Aroma Chemicals and has good contacts in the industry.

Date of Appointment :

15.11.1989

DIN No.:

00051162

 

 

Name :

Mr. Doppalapudi B. Rao

Designation :

Director

Address :

903, Daffoldils, Satguru Gardens, Thane (East) – 400 603, Maharashtra, India

Date of Birth/Age :

10.05.1946

Qualification :

Post Graduate in Engineering

Experience :

Over 28 years of experience, Handling projects right from conception to completion and handing over to operation team. Helped Privi to put up its manufacturing facilities at faster rate and lower cost.

Date of Appointment :

05.04.1982

DIN No.:

00356218

 

 

Name :

Mr. Arjan Advani

Designation :

Director    

Address :

38, Suneeta Building, 3rd Floor, Opposite Colaba Post, Office, Colaba, Mumbai – 400 005, Maharashtra

Date of Birth/Age :

10.10.1936

Date of Appointment :

01.04.2005

DIN No.:

00076951

 

 

Name :

Mr. Rajesh H. Budhrani

Designation :

Director    

Address :

1605, Penensula Plaza, 16th Floor, 111, North bridge Road, Singapore 0617

Date of Birth/Age :

01.08.1970

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 :

15.05.1969

Date of Appointment :

28.02.2011

DIN No.:

02570812

 

 

Name :

Mr. Anoop P. Babani

Designation :

Director

Address :

Satguru House, Sherly Rajan Road, Bandra (West), Mumbai - 400 050, Maharashtra, India

Date of Birth/Age :

27.05.1954

Qualification :

Graduate

Date of Appointment :

18.03.1999

DIN No.:

00185218

 

 

KEY EXECUTIVES

 

 

Name :

S. B. Pathare

Designation :

Vice President – Operations

Qualification :

B.E. – Chemical Engineer

Experience :

Over 22 years of experience in proven chemical industries, Expertise in Operational Management, Production Planning, Control, Execution and Quality Systems

 

 

Name :

Dr. Prashant Kumar

Designation :

Vice President - Technology

Qualification :

B. Tech in Oil Technology from UDCT Mumbai in 1994, M.S. in Chemical Engineering from NorthWest United University, U.S.A. in 2001.

Ph.D. in Chemical from NorthWest United University, U.S.A. in 2008.

Experience :

He has more than 14 years of rich experience in Aroma Manufacturing

 

 

Name :

Sanjeev G. Patil

Designation :

Vice President – Strategy

Qualification :

B.E. – Chemical Engineer from UDCT, Mumbai, Post Graduate in Management from IIM, Ahmadabad

Experience :

Over 25 years of experience with proven industries in financial services and manufacturing sectors, Wide exposure and knowledge in Investment Strategy, Private Equity and Banking.

 

 

Name :

Narayan S. Iyer

Designation :

Vice President - Finance

Qualification :

Chartered Accountant from Institute of Chartered Accountants of India.

Experience :

Over 17 years of experience, Being majorly associated with Pharmaceutical Industry; carries rich experience in the areas of Finance, viz. Accounts, Costing & Taxation, Finalization of Accounts, looking after both the International and Domestic Divisions.

 

 

Name :

Gopal Mittal

Designation :

Vice President - Commercials

Qualification :

B.E. - Chemical Engineer.

Experience :

Over 30 years of experience.

 

 

Name :

Harish Raheja

Designation :

Head - Business Development

Qualification :

B.Com Graduate.

Experience :

Over 25 years of experience, out of which 14 years are of International exposure, in the fields of Finance, Commercial, and Business Development.

 

 

Name :

Jayant B. Meshram

Designation :

Head – Human Resource

Qualification :

B. Tech. (Ag. Engineering) from College of Agril. Engineering, M.A.U. Parbhani

Masters in Personnel Management & Industrial Relations from Tata Institute of Social Sciences Mumbai.

Experience :

Over 15 years of experience in Human Resources Management in Pharmaceutical Industry, Consumer Durables and manufacturing setups.

Expertise in Employee Development, OD interventions, HR Systems implementation and Employee Relations.

 

 

Name :

Kaushal Shah

Designation :

Head - Information Technology

Qualification :

B.Com Graduate from Mumbai University, Advanced Diploma in Software Engineering from NIIT, Executive in Business Management from IIM Calcutta

Experience :

Over 12 years of rich IT experience in Product & Project Management, Software Development, ERP Implementation and Team Management.

Holds relevant certificate courses with strong competencies in Information Management such as ERP, Front End Applications, Utility Tools, Application Server, Oracle Databases, Reporting Tools and Operating Systems.

 

 

Name :

Mr. Ramesh Vishanlal Kathuria

Designation :

Secretary

Address :

Shilp – II, Flat No.504, The Residency CHS, LBS Marg, Thane – 400 604, Maharashtra, India

Date of Birth/Age :

08.05.1963

Date of Appointment :

01.07.2006

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 25.08.2011

 

Note: MAJOR SHAREHOLDERS DETAILS FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

As on 25.08.2011

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

36.84

Bodies corporate

11.16

Directors or relatives of Directors

43.82

Other top fifty shareholders

8.18

Total

100.00

 

 

BUSINESS DETAILS

 

 

Line of Business :

Manufacturer and Exporter of Aroma Chemicals.

 

 

Products :

Item Code No. (ITC Code)

29052290

Product Description

Dihydro Myrcenol

Item Code No. (ITC Code)

29142390

Product Description

Ionones

Item Code No. (ITC Code)

29142990

Product Description

Amber Fleur

Item Code No. (ITC Code)

29121900

Product Description

Citronellol

 

 

Exports :

 

Products :

Aroma Chemicals

Countries :
  • Germany
  • USA
  • UK
  • Malaysia

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Span
  • Argentina

 

 

Terms :

 

Selling :

Cash / Credit

 

 

Purchasing :

Cash / Credit

 

PRODUCTION STATUS

 

As on 31.03.2011

 

Particulars

Unit

Installed Capacity

Production

Quantity (MT)

 

 

 

 

Aromotic Chemicals at A-7, MIDC, Mahad

MT

3300

7798.48

Aromotic Chemicals at C-4, C-5, C—6, C-7

MT

6300

 

By Products

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

 

 

Suppliers :

Campehor Allied Products Private Limited, Gujarat, India

 

 

Customers :

End Users

·         S. H. Kelkar and Company

 

 

No. of Employees :

450 (Approximately)

 

 

Bankers :
  • ING Vysya Bank Limited, Opera House Branch, Patel Chambers, Mumbai - 400 007, Maharashtra, India 
  • Punjab National Bank, Ilaco House, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India 
  • Central Bank of India, 1st Floor, M.B. Road, Fort, Mumbai – 400 023, Maharashtra, India 
  • Corporation Bank, Veena Chambers, Dalal Street, Fort, Mumbai – 400 023, Maharashtra, India 
  • Bank of Baroda, Mulji Jetha Building, 185/187, Princess Street, Mumbai – 400 002 (Joined the consortium w.e.f 31.01.2005)
  • Export Import Bank of India, Cuffe Parade, Mumbai, Maharashtra, India 
  • HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Rupee term loans financial institutions secured

114.286

152.381

Foreign currency loans banks secured

606.506

354.060

Foreign currency loans financial institutions secured

29.961

45.435

Working capital loans banks secured

345.115

231.489

Loans taken for vehicles secured

0.369

1.529

Total

1096.237

784.894

Footnotes

 

(A) Working capital loans (payble on demand)

 

(B) Includes Vehicle loans from banks and financial institutions (Secured by hypothecation of the respective Vehicles)

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR Associates

Chartered Accountants 

Address :

Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400 011, Maharashtra, India

Tel. No.:

91-22-39896000

Fax No.:

91-22-39836000

PAN No.:

AAIFB7355D

 

 

Memberships :

Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion   Council

Fragrances and Flavours Association of India

 

 

Related Parties (Enterprises owned or significantly influenced by key management personnel or their relatives) :

·         Satguru Construction (Andheri)

·         Vivira Chemical Industries

·         Vivira Chemicals Private Limited

·         Privi Pharma Private Limited

·         Minar Organics Private Limited

 

 

 

 

CAPITAL STRUCTURE

 

As on 25.08.2011

 

Authorized 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.145.450 Millions

 

 

 

 

 

As on 31.03.2011

 

Authorized 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

13658384

Equity Shares

Rs.10/- each

Rs.136.583 Millions

 

 

 

 

 

Footnotes

 

(A) 40000000 (2010: 16000000) equity shares of Rs.10 each

 

(B) Nil (2010: 12,000) - 0.1% redeemable cumulative Convertible preference shares of Rs.10000 each. Nil (2010: 12,000) - 0.1% fully compulsorily convertible Preference shares of Rs.10000 each.

 

(C) 13658384 (2010: 11728431) equity shares of Rs.10 each fully paid up.

 

(D) 1) Nil (2010: 11999) - 0.1% redeemable cumulative convertible preference shares of Rs.10000 each fully paid-up; 2) Nil (2010: 12000) - 0.1% fully compulsorily convertible preference shares of Rs.10000 each fully paid-up

 

 

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

136.583

357.274

357.274

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

866.849

457.068

287.922

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1003.432

814.342

645.196

LOAN FUNDS

 

 

 

1] Secured Loans

1096.237

784.894

973.692

2] Unsecured Loans

452.395

66.316

68.052

TOTAL BORROWING

1548.632

851.210

1041.744

DEFERRED TAX LIABILITIES

66.372

49.169

9.550

 

 

 

 

TOTAL

2618.436

1714.721

1696.490

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1036.356

882.679

741.982

Capital work-in-progress

230.371

133.942

222.004

 

 

 

 

INVESTMENT

3.335

3.336

2.662

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
753.797

619.749
610.855

 

Sundry Debtors
890.929

675.298
604.869

 

Cash & Bank Balances
807.401

109.467
106.949

 

Other Current Assets
0.000

0.000
0.000

 

Loans & Advances
164.483

179.223
142.602

Total Current Assets
2616.610

1583.737

1465.275

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1112.505

844.946

683.027

 

Other Current Liabilities
22.917

13.296
43.223

 

Provisions
132.814

32.564
12.547

Total Current Liabilities
1268.236

890.806

738.797

Net Current Assets
1348.374

692.931

1477.594

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

1.833

3.364

 

 

 

 

TOTAL

2618.436

1714.721

1696.490

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

3630.389

2627.697

2294.180

 

 

Other Income

86.467

125.308

10.203

 

 

TOTAL                                     (A)

3716.856

2753.005

2304.383

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Consumption materials changes inventories

2501.709

1895.665

2226.560

 

 

Manufacturing service costs

328.734

253.101

 

 

 

Employee related expenses

128.291

94.097

 

 

 

Administrative selling other expenses

133.733

95.618

 

 

 

Research development expenditure

4.468

2.721

 

 

 

Prior period items before tax

4.003

0.234

 

 

 

TOTAL                                     (B)

3092.932

2341.436

2226.560

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

623.924

411.569

77.823

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

102.890

81.857

106.416

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

521.034

329.712

(28.593)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

112.082

94.363

67.780

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

408.952

235.349

(96.373)

 

 

 

 

 

Less

TAX                                                                  (H)

177.627

65.922

(30.490)

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

231.325

169.427

(65.883)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

303.991

134.845

201.009

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend on Preference Shares

45.096

0.240

0.240

 

 

Provision for Dividend Distribution Tax

 

0.041

0.041

 

BALANCE CARRIED TO THE B/S

490.220

303.991

134.845

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

2458.384

1683.452

1335.148

 

TOTAL EARNINGS

2458.384

1683.452

1335.148

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

2014.328

1334.391

991.678

 

 

Capital Goods

3.824

0.000

5.946

 

TOTAL IMPORTS

2018.152

1334.391

997.624

 

 

 

 

 

 

Earnings Per Share (Rs.)

19.27

14.43

(5.62)

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

3837.000

 

 

 

 

 

Expected Sales ( 2012-13 ) : Rs. 4200.000 millions

 

The above information has been parted by Mr. Sachin Mahadeshwar

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
6.22

6.15

(2.86)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
11.26

8.95

(4.20)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
11.20

9.43

(3.96)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.41

0.28

(0.15)

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
1.54

1.04

1.61

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.06

9.50

1.98

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS:

 

Particulars

 

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

Sundry Creditors

 

 

 

- Dues to Micro and Small Enterprise (Note)

--

--

--

- Others

1112.505

844.946

683.027

 

1112.505

844.946

683.027

 

 

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

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

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

No

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

No

 

 

UNSECURED LOAN:

   

Unsecured Loan

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

Fully convertible debentures unsecured

383.640

0.000

Deferred sales tax loan unsecured

62.515

62.726

Other debt unsecured

6.240

3.590

Total

452.395

66.316

Footnotes

 

(A) 0.01% 3836400 Compulsorily convertible debentures of Rs.100 each.

 

(B) Includes Loans from shareholders, Loans from Department of Bio-technology.

                                                                                                                                       

BACKGROUND

 

Subject is manufacturer, supplier and exporter of aroma chemicals. Subject started manufacturing aroma chemicals in the year 1992 with only two products, which it gradually expanded to a range of over 50 products. Subject also develops and produces custom-made aroma chemicals as per specific requirement of the customer. The Company’s manufacturing units are located at Mahad. Privi’s in-house Research and Development centre has been accorded recognition by the Department of Scientific and Industrial Research

 

 

CONTINGENT LIABILITY

 

Contingent Liability not provided for, in respect of: -

                                                                                                                                           (Rs. in millions)

Particulars

31.03.2011

31.03.2010

 

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

 

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 India of the company

“Privi house”, A-71, TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai – 400 709, Maharashtra, India

E-Mail: rameshk@privi.co.in

This form is for

Modification of charge

Charge identification number of the modified 

80034741

Type of charge

Book Debts

Movable Property

Floating charge

Particular of charge holder

ING Vysya Bank Limited, Patel Chambers, Ground Floor, Sandhurst Bridge, Opera House, Mumbai – 400007, Maharashtra, India

Email: giridharvvrn@ingvysyabank.com

Nature of instrument creating charge

Sixth Supplemental Joint Deed of Hypothecation.

Date of instrument Creating the charge

13.09.2011

Amount secured by the charge

Rs.2117.500 Millions

Brief 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 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, bills receivable and book debts and all other movables both present and future.

 

Second ranking pari passu charge on the whole of the movable assets of the company.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

All 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, and all other movables both present and future 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.

Particulars of the present modification

 The overall limit has been enhanced from Rs.1517.500 millions to Rs.2117.500 millions

 

The hypothecation on the assets of the company extended to the enhanced limit.

 

All other existing terms and conditions are remaining same.

 

TRADE REFERENCES:

 

·         Campehor Allied Products Private Limited, Gujarat, India

·         S. H. Kelkar and Company

 

Fixed Assets:-

 

·         Lease hold Land

·         Buildings

·         Staff quarters

·         Plant and Machinery

·         Electrical Installations

·         Furniture

·         Office Equipments

·         Computers

·         Computers software

·         Lab Equipments

·         Vehicles

 

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 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.53.14

UK Pound

1

Rs.83.27

Euro

1

Rs.71.94

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

NID

 

 

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

NO

--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

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

-

 

 

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.