MIRA INFORM REPORT

 

Report No. :

342560.2

Report Date :

07.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ARIES ORGANICS PRIVATE LIMITED

 

 

Registered Office :

Plot No.441, Phase – II, G.I.D.C., Vatva, Ahmedabad – 382445, Gujarat

Tel. No.:

91-79-25833164/ 25891164/ 27482591

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.03.1995

 

 

Com. Reg. No.:

04-024832

 

 

Capital Investment / Paid-up Capital :

Rs.3.000 Million

 

 

CIN No.:

[Company Identification No.]

U24117GJ1995PTC024832

 

 

IEC No.:

0805002928

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA05744E

 

 

PAN No.:

[Permanent Account No.]

AAACA9557B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter and Importer of Synthetic Organic Dyes.

 

 

No. of Employees :

40 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 594000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct 

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1995 having satisfactory track.

 

It is engaged in the business as manufacturer, exporter and importer of synthetic organic dyes.

 

Available financial indicates company sound financial risk profile marked by healthy networth position with negligible debt and favorable gap between trade payables and trade receivables.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment.

 

In view of long track record and sound financial base, the company can be considered normal 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 – 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

 

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 PARTED BY

 

Name :

Mr. Hitesh Patel

Designation :

Finance Manager

Contact No.:

91-9909993191

Date :

26.09.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No.441, Phase – II, G.I.D.C., Vatva, Ahmedabad – 382 445, Gujarat, India

Tel. No.:

91-79-25833164/ 25891164/ 27482591

Mobile No.:

91-9909993191 (Mr. Hitesh Patel)

Fax No.:

91-79-25830535/ 25831578

E-Mail :

prahladlpatel@yahoo.com

ariesdye@dataone.in

account@ariesgroup.in

Website :

http://www.arisegroup.in

www.info@arisegroup.in

Area :

3000 sq. ft.

Location :

Owned

Locality:

Industrial

 

 

DIRECTORS

 

As On : 30.09.2014

 

Name :

Mr. Kantilal Ishwarlal Patel

Designation :

Director

Address :

10-11 Manichandra Society. Part - 4, Opposite Sarthi - 3 , Memnagar, Ahmedabad-380052, Gujarat, India

Date of Appointment :

01.03.1995

DIN No.:

00050544

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

U24117GJ1995PTC024832

ARIES ORGANICS PRIVATE LIMITED

Director

01/03/1995

01/03/1995

-

Active

NO

2

U24239GJ2007PTC050349

ARIES BIOTECH PRIVATE LIMITED

Director

28/03/2007

28/03/2007

-

Active

NO

3

U24100GJ2009PTC056815

ARIES COLORCHEM PRIVATE LIMITED

Director

05/05/2009

05/05/2009

-

Active

NO

 

 

Name :

Mr. Arish Kantilal Patel

Designation :

Director

Address :

10-11 Manichandra Society Part-4, Opposite Sharthi - 3, Memnagar, Ahmedabad-380052, Gujarat, India

Date of Appointment :

20.11.2004

DIN No.:

00050565

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

U24117GJ1995PTC024832

ARIES ORGANICS PRIVATE LIMITED

Director

20/11/2004

20/11/2004

-

Active

NO

2

U24239GJ2007PTC050349

ARIES BIOTECH PRIVATE LIMITED

Director

28/03/2007

28/03/2007

-

Active

NO

3

U24100GJ2007PLC051763

UNISON INDUSTRIES LIMITED

Director

18/09/2007

18/09/2007

27/08/2008

Active

NO

4

U24100GJ2009PTC056815

ARIES COLORCHEM PRIVATE LIMITED

Director

05/05/2009

05/05/2009

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Hitesh Patel

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.09.2014

 

Names of Shareholders

 

No. of Shares

 

 

 

Kantilal I. Patel

 

45000

Taraben K. Patel

 

90000

Arish K. Patel

 

150000

Kantilal I. Patel HUF

 

15000

Total

 

300000

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter and Importer of Synthetic Organic Dyes.

 

 

Products :

Synthetic Organic Dyes

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :
  • Organic Dyes

Countries :

·         United State of America

·         Dubai

·         Turkey

·         Russia

·         United Kingdom

·         Spain

·         Germany

·         Italy

·         France

 

 

Imports :

 

Products :
  • Raw Material

Countries :
  • China

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

PRODUCTION STATUS : 31.03.2014

 

Particulars

Actual Production

 

 

S. O. Dyes

1781

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Bodal Chemicals Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Colorant Industry

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

End Users

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :

Bank Name

State Bank of India

Branch

Vatva Industrial Estate Branch, GIDC Vatva, Ahmedabad - 382445, Gujarat, 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)

Packing Credit Rs. 50.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged
  • State Bank of India, S.G. Highway Branch, Opposite Gurudwara, Thaltej, Ahmedabad - 380059, Gujarat, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

SHORT-TERM BORROWINGS

 

 

State Bank of India (Export Packing Credit)

0.299

33.068

State Bank of India (Bill Discount)

(Secured by Hypothecation of Stock and Book Debt and Personal Guarantee of Director from Others)

0.000

16.610

Total

0.299

49.678

 

Auditors :

 

Name :

Prahlad L Patel and Company

Chartered Accountants

Address :

1 2nd Floor Sun Comlex, Near Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat, India

Tel. No. :

91-79-26562070

PAN No:

AAMPP2304C

 

 

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

 

 

 

 

300000

Equity Shares

Rs.10/- each

Rs. 3.000 Million

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

300000

Equity Shares

Rs.10/- each

Rs. 3.000 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

3.000

3.000

3.000

(b) Reserves & Surplus

204.927

184.268

155.539

(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)

207.927

187.268

158.539

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(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)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.299

49.678

20.280

(b) Trade payables

18.347

33.781

28.629

(c) Other current liabilities

1.460

1.081

1.159

(d) Short-term provisions

3.945

3.136

28.301

Total Current Liabilities (4)

24.051

87.676

78.369

 

 

 

 

TOTAL

231.978

274.944

236.908

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

14.573

15.796

17.927

(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

0.005

0.005

0.005

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

7.197

5.297

5.176

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

21.775

21.098

23.108

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

63.826

56.795

39.975

(c) Trade receivables

78.934

153.503

128.977

(d) Cash and cash equivalents

49.137

17.492

15.328

(e) Short-term loans and advances

18.236

25.991

29.483

(f) Other current assets

0.070

0.065

0.037

Total Current Assets

210.203

253.846

213.800

 

 

 

 

TOTAL

231.978

274.944

236.908

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from operations

611.456

451.854

365.895

 

 

Other Income

2.310

1.659

1.781

 

 

TOTAL                                    

613.766

453.513

367.676

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less

TAX                                                                 

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  

69.987

25.715

21.015

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

586.226

436.014

348.162

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

233.29

85.72

70.05

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover

 

 

520.000

 

Expected Sales (2015-2016): Rs. 550.000 Million

 

The above information has been parted by Mr. Hitesh Patel (Finance Manager)

 

 

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 / Sales)

(%)

11.45

5.69

5.74

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.27

0.13

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

8.74

2.90

2.73

 

 

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

3.000

3.000

3.000

Reserves & Surplus

155.539

184.268

204.927

Net worth

158.539

187.268

207.927

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

20.280

49.678

0.299

Total borrowings

20.280

49.678

0.299

Debt/Equity ratio

0.128

0.265

0.001

 

 

 

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)

Revenue from Operations

365.895

451.854

611.456

 

 

23.493

35.322

 

 

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from Operations

365.895

451.854

611.456

Profit

21.015

25.715

69.987

 

5.74%

5.69%

11.45%

 

 

 

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

Yes

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

No

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

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

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

10089354

25/11/2011 *

71,000,000.00

STATE BANK OF INDIA

VATVA IND. ESTATE BRANCH, GIDC VATVA, AHMEDABAD, 
Gujarat - 382445, INDIA

B27581842

 

 

 

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. 65.39

UK Pound

1

        Rs.99.05

Euro

1

Rs. 73.19

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

HRS

 

 

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

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

7

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

49

 

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.