MIRA INFORM REPORT

 

 

Report No. :

325709

Report Date :

08.06.2015

 

IDENTIFICATION DETAILS

 

Name :

AARUSHI SPECIALITY CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

Shreeprasad, Plot No.4, Shyamsunder Society, Navi Peth, Pune-411030, Maharashtra

Tel. No.:

91-20-24331381

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.03.2006

 

 

Com. Reg. No.:

11-022126

 

 

Capital Investment / Paid-up Capital :

Rs. 10.000 Million

 

 

CIN No.:

[Company Identification No.]

U24139PN2006PTC022126

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEA09351G

 

 

PAN No.:

[Permanent Account No.]

AAFCA6341L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Specialty Chemicals.

 

 

No. of Employees :

20 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having Moderate track record.

 

The company has incurred huge accumulated losses which has eroded net worth of the company. Liquidity position of the company is under pressure.

 

Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on safe and secured 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.

 

 

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) DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Sandeepak B. Pandit

Designation :

Director

Contact No.:

91-9096084711

Date :

04.06.2015

 

 

LOCATIONS

 

Registered Office :

Shreeprasad, Plot No.4, Shyamsunder Society, Navi Peth, Pune-411030, Maharashtra, India

Tel. No.:

91-20-24331381 / 24531233

E-Mail :

suresh_pingale@vsnl.com

info@aarushi-chemicals.com

sandeepakpandit@aarushi-chemicals.com

Website :

http://www.aarushi-chemicals.com

 

 

Factory :

Gat No.191/192, Kelavle Off, Bombay Bangalore Highway, Taluka Bhor, District Pune

 

 

DIRECTORS

 

As on 30.08.2014

 

Name :

Mr. Sandeepak Balkrishna Pandit

Designation :

Managing Director

Address :

Shreeprasad, Plot No.4, Shyamsunder Society, Navi Peth, Pune-411030, Maharashtra, India

Date of Birth/Age :

09.05.1964

Date of Appointment :

01.01.2012

DIN No. :

01256003

 

 

Name :

Mrunal Bhaskar Apte

Designation :

Director

Address :

Shreeprasad, Plot No.4, Shyamsunder Society, Navi Peth, Pune-411030, Maharashtra, India

Date of Birth/Age :

15.12.1973

Date of Appointment :

03.03.2006

DIN No. :

00685031

 

 

Name :

Mr. Manik Bhaskar Apte

Designation :

Director

Address :

Shreeprasad, Plot No.4, Shyamsunder Society, Navi Peth, Pune-411030, Maharashtra, India

Date of Birth/Age :

02.05.1936

Date of Appointment :

03.03.2006

DIN No. :

00685121

 

 

Name :

Mrs. Manjiri Sandeepak Pandit

Designation :

Director

Address :

Shreeprasad, Plot No.4, Shyamsunder Society, Navi Peth, Pune-411030, Maharashtra, India

Date of Birth/Age :

16.06.1969

Date of Appointment :

03.03.2006

DIN No. :

00684931

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.08.2014

 

Names of Shareholders

No. of Shares

Percentage of Holding

Sandeepak Balkrishna Pandit

947500

94.75

Mrunal Bhaskar Apte

52500

5.25

Total

1000000

100.00

 

As on 30.08.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Specialty Chemicals.

 

 

Products :

Specialty Chemicals

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash and Credit (30/60/90 Days) 

 

 

Purchasing :

Cash and Credit (30/60/90 Days) 

 

PRODUCTION STATUS : Not Available

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

20 (Approximately)

 

 

Bankers :

Banker Name

State Bank of India 

Branch Address

PMT Building, 1st Floor, Deccan Gymkhana Branch, J.M. Road, Pune – 411004, Maharashtra, India 

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

No Facilities 

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

SICOM Investment and Finance Limited

115.800

72.498

Total

115.800

72.498

 

 

 

Finance Institute

Sicom Investment and Finance Limited, 442, Solitaire Corporate Park, building No. 4, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India 

 

 

Auditors :

 

Name :

B P S D and Associates

Chartered Accountant 

Address :

301-B, 51-C, Yash Avenue, Sector-20, Kharghar, Navi Mumbai – 410210, Maharashtra, India

E-Mail :

consult@bpsdca.com

PAN No.:

AACFB9328A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs. 10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs. 10/- each

Rs. 10.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

10.000

10.000

10.000

(b) Reserves & Surplus

(49.227)

(33.591)

(20.186)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

(39.227)

(23.591)

(10.186)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

116.653

73.328

42.711

(b) Deferred tax liabilities (Net)

(0.013)

0.049

0.164

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

116.640

73.377

42.875

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

13.930

3.941

5.309

(c) Other current liabilities

0.000

0.000

0.000

(d) Short-term provisions

3.189

1.761

0.360

Total Current Liabilities (4)

17.119

5.702

5.669

 

 

 

 

TOTAL

94.532

55.488

38.358

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

22.445

24.262

24.837

(ii) Intangible Assets

0.000

0.000

0.438

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(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

32.370

15.833

0.000

Total Non-Current Assets

54.815

40.095

25.275

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

15.440

7.477

8.450

(c) Trade receivables

12.121

3.925

1.642

(d) Cash and cash equivalents

7.849

0.824

0.261

(e) Short-term loans and advances

1.048

0.982

0.955

(f) Other current assets

3.259

2.185

1.775

Total Current Assets

39.717

15.393

13.083

 

 

 

 

TOTAL

94.532

55.488

38.358

 

 

PROFIT & LOSS ACCOUNT

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Sales Turnover (Approximately)

22.000

20.000

17.000

 

 

 

 

 

The above information has been parted by Mr. Sandeepak B. Pandit 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Debt Equity Ratio

(Total Liability/Networth)

 

(2.97)

(3.11)

(4.19)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.32

2.70

2.31

 

 

 

 

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

10.000

10.000

10.000

Reserves & Surplus

(20.186)

(33.591)

(49.227)

Share Application money pending allotment

0.000

0.000

0.000

Net worth

(10.186)

(23.591)

(39.227)

 

 

 

 

long-term borrowings

42.711

73.328

116.653

Short term borrowings

0.000

0.000

0.000

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

42.711

73.328

116.653

Debt/Equity ratio

(4.193)

(3.108)

(2.974)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

No

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10474154

16/02/2015 *

90,000,000.00

SICOM INVESTMENT & FINANCE LIMITED

42, SOLITAIRE CORPORATE PARK, BUILDING NO.4, CHAK 
ALA, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA

C45746500

2

10363712

06/07/2012

50,000,000.00

SICOM INVESTMENTS & FINANCE LIMITED

C/O. SICOM LIMITED, 4TH FLR., SOLITAIRE CORPORATE, 
PARK, BLDG NO 4, G H MARG, CHAKALA, ANDHERI (E), 
MUMBAI, MAHARASHTRA - 400093, INDIA

B42905497

3

10338072

06/02/2012

50,000,000.00

SICOM INVESTMENTS & FINANCE LIMITED

C/O. SICOM LIMITED, 4TH FLR., SOLITAIRE CORPORATE, 
PARK, BLDG NO 4, G H MARG, CHAKALA, ANDHERI (E), 
MUMBAI, MAHARASHTRA - 400093, INDIA

B33174426

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Loan from Directors and Shareholders

0.853

0.830

Total

0.853

0.830

 

 

FIXED ASSETS

  • Borewell
  • Computer
  • Electrical Installation
  • Factory Land
  • Factory Building
  • Furniture and Fixture
  • Office equipment
  • Plant and Machinery

 

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 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. 63.90

UK Pound

1

Rs. 97.98

Euro

1

Rs. 71.82

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TRU

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

1

--RESERVES

1~10

--

--CREDIT LINES

1~10

--

--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

 

11

 

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.