MIRA INFORM REPORT

 

 

Report No. :

350712

Report Date :

27.11.2015

 

IDENTIFICATION DETAILS

 

Name :

CHANDRAVARDHAN ORGANICS PRIVATE LIMITED

 

 

Registered Office :

Plot No B-9, MIDC Chincholital, North Solapur – 413255, Maharashtra

Tel. No.:

91-217-2357240

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.02.1993

 

 

Com. Reg. No.:

11-070838

 

 

Capital Investment / Paid-up Capital :

Rs.35.000 Million

 

 

CIN No.:

[Company Identification No.]

U24230MH1993PTC070838

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, processors, producer, importers, exporters, buyers, sellers, suppliers, stockiest, merchants, distributors and dealer in the Ethical drugs of organic and inorganic nature including powders, syrups, tablets, capsules, injection, dies, Die-intermediates.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1993 and it is having a moderate track record.

 

The rating is constrained on company’s sharp decline sales turnover from its previous FY-13 and modest profitability margin from its operation during year under the review.

 

The rating is further constrained on company accumulated loss over the years which have eroded reserves leading to deterioration of capital structure of the company.

 

The rating weakness is partially offset on company established track record and experience of it promoter’s

 

However, trade relations seem to be fair. Business is active. Payments terms are slow but correct.

 

In view of aforesaid, the company can be considered for business dealings with some cautions.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 31-03-2015.

 

 

INFORMATION DENIED

 

UNABLE TO CONTACT THE COMPANY [Tel No. 91-217-21757237 (Not Working)]

 

 

LOCATIONS

 

Registered Office :

Plot No B-9, MIDC Chincholital, North Solapur – 413255, Maharashtra, India

Tel. No.:

91-217-2357240

Fax No.:

Not Available

E-Mail :

copl1sol@yahoo.co.in

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Vuradi Govardhan Reddy

Designation :

Director

Address :

House No. 7-1-33/3, Ameerpet, Hyderabad - 500016, Telangana, India

Date of Birth/Age :

06.03.1970

Date of Appointment :

17.02.1993

DIN No.:

00480496

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24230MH1993PTC070838

CHANDRAVARDHAN ORGANICS PRIVATE LIMITED

Director

17/02/1993

17/02/1993

-

Active

NO

2

U31103TG1986PTC006267

VURADI ENGINEERING INDUSTRIES PRIVATE LIMITED

Director

29/08/2005

29/08/2005

-

Active

NO

3

U45209TG2010PTC070055

ELMECH INFRASTRUCTURE PRIVATE LIMITED

Director

30/09/2011

06/09/2010

-

Active

NO

 

 

Name :

Vuradi Rama Reddy

Designation :

Director

Address :

House No. 7-1-33/3, Ameerpet, Hyderabad - 500016, Telangana, India

Date of Birth/Age :

11.09.1941

Qualification :

17.02.1993

DIN No.:

00480541

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51909TG1982PTC003681

ARKS INDU-MACH PRIVATE LIMITED

Managing director

25/10/1982

25/10/1982

-

Active

NO

2

U24230MH1993PTC070838

CHANDRAVARDHAN ORGANICS PRIVATE LIMITED

Director

17/02/1993

17/02/1993

-

Active

NO

3

U31103TG1986PTC006267

VURADI ENGINEERING INDUSTRIES PRIVATE LIMITED

Director

25/08/2005

25/08/2005

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

V. Govershan Reddy S/o V. Rama Reddy

 

631500

V. Rama Reddy S/o. V. Malla Reddy

 

760650

V. Pramila W/o. V. Rama Reddy

 

288800

V. Subhas Chandra Reddy s/o. V. Rama Reddy

 

647770

V. Kishan Reddy S/o. V. Malla Reddy

 

53270

A. Indrasena Reddy S/o. Reghava Reddy

 

19300

N. Yella Reddy S/o. N. V. Venkateshwar Reddy

 

35000

A. Eswar Reddy and s/o. A. Malla Reddy

 

1800

A. Malla Reddy S/o. A. Raghava Reddy

 

29200

A. janardhan Reddy S/o. A. Malla Reddy

 

1400

A. Muthyam Reddy S/o. A. Gopal Reddy

 

1700

A. Yella Reddy S/o. A. Raghava Reddy

 

29100

V Satya W/o. V. Kishan Reddy

 

25350

V. Majula Reddy S/o. V. Subhas Chandra Reddy

 

308340

A. Siva Ram Reddy

 

5000

Anusamma

 

5000

A Surender Reddy

 

5000

V. Vijayalaxmi

 

373820

A. Nirmala

 

23000

A Suguna

 

20500

K. Malla Reddy

 

4500

Vuradu Engineering Inds Private Limited, India

 

40000

S. Janardhan Reddy

 

40000

SICOM ERS Limited, India

 

150000

Total

 

3500000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

72.00

Other top fifty shareholders

28.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, processors, producer, importers, exporters, buyers, sellers, suppliers, stockiest, merchants, distributors and dealer in the Ethical drugs of organic and inorganic nature including powders, syrups, tablets, capsules, injection, dies, Die-intermediates.

 

 

Products :
  • Powders
  • Syrups
  • Tablets
  • Capsules
  • Injection
  • Dies
  • Die-Intermediates.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

Banker Name

State Bank of Hydrabad

Branch Address

Solanpur, Telangana, 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)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWINGS

 

 

Indian Bank OD

4.641

6.329

Total

4.641

6.329

 

Banking Relations :

State Bank Industrial and Investemet Corporative of Maharstra, Nirmal 1 St Floornariman Point, Mumai - 400021, Maharashtra, India

 

 

Auditors :

 

Name :

K S Ramakrishna and Company

Chartered Accountants

Address :

5-9-22/38/2, Adarshnagar, Hyderabad – 500063, Telangana, India

Tel. No.:

91-217-23232062/23240992

Fax No.:

91-217-23234234

E-Mail :

kyesrk@yahoo.com

PAN N Income-tax PAN of auditor or auditor's firm :

AABFK9781B

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3500000

Equity Shares

Rs.10/- each

Rs.35.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3500000

Equity Shares

Rs.10/- each

Rs.35.000 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

35.000

35.000

32.777

(b) Reserves & Surplus

(20.889)

(22.439)

( 25.806)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

2.223

Total Shareholders’ Funds (1) + (2)

14.111

12.561

9.194

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

5.825

7.664

6.595

(b) Deferred tax liabilities (Net)

0.423

0.343

0.189

(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)

6.248

8.007

6.784

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

4.641

6.329

4.685

(b) Trade payables

14.829

13.153

20.074

(c) Other current liabilities

4.586

6.121

7.268

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

24.056

25.603

32.027

 

 

 

 

TOTAL

44.415

46.171

48.005

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

13.312

11.904

9.830

(ii) Intangible Assets

0.000

0.000

0.000

(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

0.000

0.028

0.055

Total Non-Current Assets

13.312

11.932

9.885

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3.319

4.750

2.880

(c) Trade receivables

26.845

27.682

34.167

(d) Cash and cash equivalents

0.051

0.203

0.146

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

0.888

1.604

0.927

Total Current Assets

31.103

34.239

38.120

 

 

 

 

TOTAL

44.415

46.171

48.005

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

TOTAL INCOME

75.659

199.585

89.311

 

 

 

 

 

 

TOTAL EXPENSES

72.472

194.829

86.714

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3.187

4.756

2.597

 

 

 

 

 

DEPRECIATION/ AMORTISATION

1.557

1.234

0.958

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1.628

3.520

1.639

 

 

 

 

 

 

TAX

0.079

0.153

0.143

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1.549

3.367

1.496

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.44 

0.962

0.43

 

 

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

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Total Income)

(%)

2.05

1.69

1.68

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.67

7.62

3.41

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.12

0.28

0.18

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.74

1.11

1.23

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.29

1.34

1.19

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

35.000

35.000

32.777

Reserves & Surplus

(20.889)

(22.439)

(25.806)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

2.223

Net worth

14.111

12.561

9.194

 

 

 

 

Long-term borrowings

6.595

7.664

5.825

Short term borrowings

4.685

6.329

4.641

Total borrowings

11.280

13.993

10.466

Debt/Equity ratio

0.799

1.114

1.138

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

89.311

199.585

75.659

 

 

123.472

(62.092)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

89.311

199.585

75.659

Profit

1.496

3.367

1.549

 

1.68%

1.69%

2.05%

 

 

 

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

No

8

Designation of contact person

No

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

No

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

Yes

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

Review of operations:

 

During the year, the company has achieved a sales of Rs.75.659 Million and this is due to the introduction of new products by starting own production and sales.

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loan from Directors and Shareholders

5.825

7.664

Total

5.825

7.664

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

FIXED ASSETS

 

 

 

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.66.55

UK Pound

1

Rs.100.64

Euro

1

Rs.70.70

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

GEET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

--

--CREDIT LINES

1~10

3

--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

 

27

 

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

 

--

 

 

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