MIRA INFORM REPORT
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Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
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Name : |
SHAKTI BIO SCINECE LIMITED (w.e.f. 20.10.2006) |
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Formerly Known
As : |
SHAKTI ORGANICS LIMITED |
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Registered
Office : |
Plot No. 411/1 LIC Sector, Silvassa Road, GIDC, Vapi - 396195, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
31.01.1995 |
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Com. Reg. No.: |
04-024430 |
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Capital
Investment / Paid-up Capital : |
Rs. 56.154 Millions |
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CIN No.: [Company Identification
No.] |
U24116GJ1995PLC024430 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTS04962G |
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PAN No.: [Permanent Account No.] |
AAHCS7723A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Bulk Drug / Intermediates |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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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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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 a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
EXTERNAL AGENCY RATING
Not Available
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
31-03-2014.
INFORMATION DENIED
Management Non Cooperative (91-22-64523685)
LOCATIONS
|
Registered Office/Factory : |
Plot No. 411/1 LIC Sectorsilvassa Road, GIDC, Vapi - 396195, Gujarat,
India |
|
Tel. No.: |
91-260-2453714 / 6451462 |
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Fax No.: |
91-260-2453567 |
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E-Mail : |
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Website : |
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Head Office / Corporate Office : |
101/A, Suryakiran, S.V.P. Road, New Chamunda Circle Bank, Borivali
(West), Mumbai – 400092, Maharashtra, India
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Tel. No.: |
91-22-64523685 / 28955581 / 82 / 83 / 84 |
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Fax No.: |
91-22-28955580 |
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Email : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Sadashiv Pakeera Shetty |
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Designation : |
Managing Director |
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Address : |
18/A, Tower D, Viceroy Park, Opposite Takur Cinema, Thakur Village,
Kandivali (East), Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
13.06.1954 |
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Date of Appointment : |
26.10.2005 |
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DIN No. : |
00038681 |
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Name : |
Mrs. Sujata Sadashiv Shetty |
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Designation : |
Whole Time Director |
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Address : |
18/A, Tower D, Viceroy Park, Opposite Takur Cinema, Thakur Village,
Kandivali (East), Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
08.05.1960 |
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Date of Appointment : |
26.10.2005 |
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DIN No. : |
00632563 |
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Name : |
Mrs. Shreya Sadashiv Shetty |
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Designation : |
Whole Time Director |
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Address : |
18/A, Tower D, Viceroy Park, Opposite Takur Cinema, Thakur Village,
Kandivali (East), Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
20.11.1985 |
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Date of Appointment : |
30.09.2006 |
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DIN No. : |
00832958 |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Shetty Pakeera Sadashiv |
5033466 |
|
Shetty Sadashiv Sujata |
475214 |
|
Shetty Sadashiv Shreya |
2700 |
|
Patel Shetty Premabhai Pakeera |
100 |
|
Crystal Shelter Private Limited, India |
20000 |
|
Pet Plastic Limited, India |
10000 |
|
Prominent Commodities Private Limited, India
|
30000 |
|
SKM Engineering Private Limited, India |
8500 |
|
Terry Towel Industries Limited, India |
35000 |
|
Shetty Sadashiv Shriraj |
200 |
|
Salian Shankar Anup |
100 |
|
Belose Suresh Nitin |
100 |
|
Total |
5615380 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
1.84 |
|
Directors or relatives of Directors |
98.15 |
|
Other top fifty shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drug / Intermediates |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Kazi and Associates Chartered Accountants |
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Address : |
Shop No. 59 – C, Level – I, Dewan Centre, SV Road, Jogeshwari (W),
Mumbai – 400102, MAHARASHTRA, India |
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Tel. No.: |
91-22-26783014 |
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Fax No.: |
91-22-26783014 |
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E-Mail : |
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PAN No.: |
AGRPK0448D |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5615380 |
Equity Shares |
Rs.10/- each |
Rs. 56.154 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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|
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I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
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(a) Share Capital |
56.154 |
16.154 |
16.154 |
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(b) Reserves &
Surplus |
85.125 |
74.875 |
63.265 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
40.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
141.279 |
131.029 |
79.419 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
71.261 |
88.527 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
22.270 |
14.442 |
10.006 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
93.531 |
102.969 |
10.006 |
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(4) Current Liabilities |
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(a) Short term borrowings |
226.748 |
188.109 |
252.525 |
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(b) Trade payables |
96.729 |
99.755 |
117.264 |
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(c) Other current
liabilities |
12.255 |
6.727 |
17.080 |
|
(d) Short-term provisions |
14.206 |
7.205 |
9.187 |
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Total Current Liabilities
(4) |
349.938 |
301.796 |
396.056 |
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TOTAL |
584.748 |
535.794 |
485.481 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
141.187 |
161.420 |
181.934 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
57.050 |
21.730 |
3.026 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.050 |
0.050 |
0.036 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
198.287 |
183.200 |
184.996 |
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(2) Current assets |
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
237.832 |
225.269 |
201.978 |
|
(c) Trade receivables |
121.021 |
93.178 |
30.041 |
|
(d) Cash and cash
equivalents |
2.399 |
0.770 |
0.890 |
|
(e) Short-term loans and
advances |
25.209 |
33.377 |
67.576 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
386.461 |
352.594 |
300.485 |
|
|
|
|
|
|
TOTAL |
584.748 |
535.794 |
485.481 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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|
SALES |
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|
|
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Income |
916.322 |
764.195 |
626.587 |
|
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Other Income |
1.569 |
1.204 |
0.439 |
|
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TOTAL (A) |
917.891 |
765.399 |
627.026 |
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Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
781.482 |
659.950 |
570.415 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(11.304) |
(18.619) |
(40.200) |
|
|
Employees benefits
expense |
18.004 |
18.202 |
20.619 |
|
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Other expenses |
34.225 |
24.799 |
18.366 |
|
|
TOTAL (B) |
822.407 |
684.332 |
569.200 |
|
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|
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
(C) |
95.484 |
81.067 |
57.826 |
|
|
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|
|
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|
Less |
FINANCIAL EXPENSES (D) |
49.864 |
37.301 |
35.020 |
|
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|
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|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
45.620 |
43.766 |
22.806 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.543 |
20.514 |
19.671 |
|
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|
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|
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|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
25.077 |
23.252 |
3.135 |
|
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Less |
TAX (H) |
14.828 |
11.642 |
2.467 |
|
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|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
10.249 |
11.610 |
0.668 |
|
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|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
24.099 |
12.489 |
11.821 |
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|
|
|
|
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Balance Carried to the
B/S (I+J) |
34.348 |
24.099 |
12.489 |
|
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|
Earnings / (Loss) Per
Share (Rs.) |
1.83 |
7.19 |
0.41 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
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|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
1.12 |
1.52 |
0.11 |
|
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|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.42 |
10.61 |
9.23 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.75 |
4.52 |
0.65 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.18 |
0.04 |
|
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|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.11 |
2.11 |
3.18 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.17 |
0.76 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
16.154 |
16.154 |
56.154 |
|
Reserves & Surplus |
63.265 |
74.875 |
85.125 |
|
Share Application money
pending allotment |
0.000 |
40.000 |
0.000 |
|
Net worth |
79.419 |
131.029 |
141.279 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
88.527 |
71.261 |
|
Short term borrowings |
252.525 |
188.109 |
226.748 |
|
Total borrowings |
252.525 |
276.636 |
298.009 |
|
Debt/Equity ratio |
3.180 |
2.111 |
2.109 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
626.587 |
764.195 |
916.322 |
|
|
|
21.962 |
19.907 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
626.587 |
764.195 |
916.322 |
|
Profit |
0.668 |
11.610 |
10.249 |
|
|
0.11% |
1.52% |
1.12% |
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 |
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 |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
---------------------- |
|
26] |
Buyer
visit details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
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 LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
43.379 |
24.921 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
40.000 |
0.000 |
|
Total |
83.379 |
24.921 |
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10423936 |
14/05/2013 * |
425,841,000.00 |
THE COSMOS BANK CO-OP. BANK LIMITED |
36A, MARU NIKETAN, D.L. VAIDYA ROAD, DADAR (W), MUMBAI, Maharashtra - 400028, INDIA |
B75683094 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Factory building
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Other equipments
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 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. 63.41 |
|
|
1 |
Rs. 99.30 |
|
Euro |
1 |
Rs. 79.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.