MIRA INFORM REPORT

 

 

Report No. :

340895

Report Date :

14.09.2015

 

IDENTIFICATION DETAILS

 

Name :

ARCHIT ORGANOSYS LIMITED

 

 

Registered Office :

Plot No. 25/9-A, Phase – III, G.I.D.C. Naroda, Ahmedabad – 382330, Gujarat

Tel. No.:

91-79-26563035

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

04.08.1993

 

 

Com. Reg. No.:

04-019941

 

 

Capital Investment / Paid-up Capital :

Rs. 30.348 Million

 

 

CIN No.:

[Company Identification No.]

L24110GJ1993PLC019941

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer, Trader, Exporter and Supplier of Organic Chemicals.

 

 

No. of Employees :

12 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 158

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company incorporated in the year 1993 having a moderate track record.

 

The company has recorded huge borrowings which act as a threat to the liquidity position of the company.

 

The rating also take into consideration low reserves level of the company.

 

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

 

The company can be considered for business dealings with some caution.

 

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

ICRA

Rating

Term Loan = (B+)

Rating Explanation

High risk of default

Date

April, 2015

 

Rating Agency Name

ICRA

Rating

Letter of Credit = (A4)

Rating Explanation

Minimal degree of safety and carry very high credit risk

Date

April, 2015

 

 

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. Anil Patil

Designation :

Accountant

Contact No.:

91-79-26563035

Date :

12.09.2015

 

 

LOCATIONS

 

Registered Office :

Plot No. 25/9-A, Phase – III, G.I.D.C. Naroda, Ahmedabad – 382330, Gujarat, India

Tel. No.:

91-79-22821154

Fax No.:

91-79-22822007

E-Mail :

sales@architorg.com

kandarp.amin@archit.org.com

Website :

http://www.architorg.com

Location:

Owned

Locality:

Industrial

 

 

Factory :

4th  Floor, Smit Complex, Behind Navrangpura Post Office, Navrangpura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-26563035/ 26448514

Fax No.:

91-79-26564964

E-Mail :

export@achitorg.com

share@achitorg.com

trading@achitorg.com   

Location:

Owned

Locality:

Commercial 

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Kandarp K. Amin

Designation :

Director

 

 

Name :

Mrs Archana K. Amin

Designation :

Director

 

 

Name :

Mr. Bhupen Mehta

Designation :

Director

 

 

Name :

Mr. Haresh Shah

Designation :

Director

 

 

Name :

Mr. Dipesh Kotak

Designation :

Director

 

 

Name :

Mr. Sanjay Kothari

Designation :

Director

 

KEY EXECUTIVES

 

Name :

Mr. Anil Patil

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.06.2015

 

Category of Shareholders

No. of Shares

 

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

1375121

45.09

http://www.bseindia.com/include/images/clear.gifSub Total

1375121

45.09

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

1375121

45.09

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

106282

3.48

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

1502832

49.27

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

65765

2.16

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

55500

1.82

http://www.bseindia.com/include/images/clear.gifClearing Members

10265

0.34

http://www.bseindia.com/include/images/clear.gifSub Total

1674879

54.91

Total Public shareholding (B)

1674879

54.91

Total (A)+(B)

3050000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

3050000

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Trader, Exporter and Supplier of Organic Chemicals.

 

 

Products :

·         Organic Chemical 

·         Cosmetics Products

·         Adhesives, Sealants and Paints 

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Organic Chemicals

Countries :

·         USA

·         Italy

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

End Users

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

12 (Approximately)

 

 

Bankers :

Bank Name:

Union Bank of India

Branch:

Ellisbridge, Ahmedabad, 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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Union Bank of India, S.S. l. Branch, Ashram Road, Ahmedabad - 380014 Gujarat, India

 

 

Facilities :

SECURED LOANS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Union Bank of India

2.370

0.000

Vehicle loan

 

 

ICICI Bank Limited

2.031

0.000

BMW India Finance Service Private Limited

0.691

1.536

 

 

 

SHORT TERM BORROWINGS

 

 

Working Capital Loan

 

 

From Banks

64.989

43.992

 

 

 

Total

 

70.081

45.528

NOTE:

 

LONG-TERM BORROWINGS

Nature of Security: The term loans amounting to Rs 3.147 Million (P.Y. Rs. Nil) from Union Bank of India is secured by way of hypothecation of Plant and Machinery and personal guarantee of directors.

 

The vehicle loans amounting to Rs. 3.983 Million (P.Y. Rs. 3.064 Million) are secured by Vehicles.

 

SHORT TERM BORROWINGS

Nature of Security: The working Capital Loans amounting to Rs. 64.989 Million (P.Y. Rs. 43.992 Million) are secured by hypothecation of book debts, bills stock not older than 120 Days. Further it is secured by factory land and building at plot no 25/9/A and 25/9/B and FDR. Further it is secured by personal guarantee of directors.

 

Banking Relations :

--

 

 

Auditors :

 

Name :

G. K. Choksi and Company

Chartered Accountants

Address :

Ahmedabad, Gujarat, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprise over which key management personnel exercise significant influence: 

·         Krishna  Orgochem

·         Adonis Life Care Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3300000

Equity Shares

Rs. 10/- each

Rs. 33.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3050000

Equity Shares

Rs. 10/- each

Rs. 30.500 Million

 

Less: Calls in arrears

 

Rs. 0.152 Million

 

Total

 

Rs. 30.348 Million

 

NOTE:

During the period of five financial years immediately preceding the balance sheet date the company has not:

 

i)              Allotted any fully paid-up equity shares by way of bonus shares

ii)             Allotted any equity shares pursuant to any contract without payment being received in cash.

iii)            Brought back any equity shares.

 

Reconciliation of number of shares

 

Particular’s

Number of Equity Shares

 

31.03.2015

At the beginning of the year

3050000

Add

 

Shares issued for cash or right issue or bonus

0.000

Exercise of share option under ESOS/ESOP

0.000

Shares issued in business combination

0.000

 

305000

Less

 

Shares bought back/ redemption etc.

0.000

As the end of the year

305000

 

Right, Preference and Restrictions

 

The rights and privileges to equity shareholders are general in nature and defined under the articles of association.

 

Equity Shares: The company has only class of equity shares having a per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors. If any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of the liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, if any, in proportion to their shareholding.

 

Details of Shareholdings

 

Shareholders holding more than 5% shares

 

Particular’s

Number of Equity Shares

Percentage (%)

 

31.03.2015

31.03.2015

Kandarp K. Amin

710660

23.30

Archana K. Amin

597296

19.58

 

The Company has calls in arrears/unpaid calls amounting to Rs 0.152 Million in respect of 78000 equity shares, however it does not have any outstanding calls in due from directors and officers of the company. The company has not forested any shares at balance sheet date.

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2015

31.03.2014

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

30.348

30.348

(b) Reserves & Surplus

 

24.858

16.962

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

55.206

47.310

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

13.592

15.036

(b) Deferred tax liabilities (Net)

 

4.607

5.217

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

0.640

0.943

Total Non-current Liabilities (3)

 

18.839

21.196

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

74.039

58.342

(b) Trade payables

 

85.672

82.163

(c) Other current liabilities

 

4.852

1.823

(d) Short-term provisions

 

4.180

0.468

Total Current Liabilities (4)

 

168.743

142.796

 

 

 

 

TOTAL

 

242.788

211.302

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

61.702

51.863

(ii) Intangible Assets

 

0.000

0.001

(iii) Capital work-in-progress

 

4.604

0.000

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.000

0.000

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

0.671

1.055

(e) Other Non-current assets

 

 

 

Total Non-Current Assets

 

66.977

52.919

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

32.623

10.125

(c) Trade receivables

 

116.197

136.632

(d) Cash and cash equivalents

 

9.157

5.337

(e) Short-term loans and advances

 

17.741

6.106

(f) Other current assets

 

0.093

0.183

Total Current Assets

 

175.811

158.383

 

 

 

 

TOTAL

 

242.788

211.302

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

 

SALES

 

 

 

 

 

Income

 

555.374

492.104

 

 

Other Income

 

8.281

1.148

 

 

TOTAL                                     (A)

 

563.655

493.252

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

 

203.896

186.027

 

 

Purchases of Stock-in-Trade

 

227.868

189.225

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(14.305)

0.817

 

 

Employees benefits expense

 

17.530

14.641

 

 

Other expenses

 

101.395

83.236

 

 

TOTAL                                     (B)

 

536.384

473.946

 

 

 

 

 

 

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

 

27.271

19.306

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

8.913

7.442

 

 

 

 

 

 

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

 

18.358

11.864

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

4.286

2.989

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                (G)

 

14.072

8.875

 

 

 

 

 

Less

TAX                                                                  (H)

 

 

 

 

 

 

6.116

2.915

 

PROFIT/ (LOSS)  AFTER TAX (G-H)                  (I)

 

 

 

 

 

 

7.956

5.960

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. Value of Export

 

210.263

158.137

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

 

52.903

86.199

 

 

Traded Goods

 

2.338

0.000

 

TOTAL IMPORTS

 

55.241

86.199

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

2.61

1.95

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

 

31.03.2015

31.03.2014

Current Maturities of Long term debt

 

2.065

0.764

 

 

 

 

Cash Generated from Operations

 

20.576

13.600

 

 

 

 

Net Cash Flow from used in Operating Activities

 

16.932

11.282

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

 

30.06.2015

Type

 

 

1st Quarter

Net Sales

 

 

148.790

Total Expenditure

 

 

139.720

PBIDT (Excl OI)

 

 

9.070

Other Income

 

 

1.280

Operating Profit

 

 

10.350

Interest

 

 

3.240

Exceptional Items

 

 

0.000

PBDT

 

 

7.110

Depreciation

 

 

0.970

Profit Before Tax

 

 

6.140

Tax

 

 

2.650

Provisions and contingencies

 

 

0.000

Profit After Tax

 

 

3.490

Extraordinary Items

 

 

0.000

Prior Period Expenses

 

 

0.000

Other Adjustments

 

 

0.000

Net Profit

 

 

3.490

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

 

31.03.2015

31.03.2014

Net Profit Margin

(PAT / Sales)

(%)
 

1.43

1.21

 

 
 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)
 

4.91

3.92

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

5.91

4.20

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.25

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
 

1.62

1.57

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.04

1.11

 

 

STOCK PRICES

 

Face Value

Not Available

 

 

Market Value

Not Available

 

NOTE: Listed with Ahmedabad Stock Exchange.

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Share Capital

30.348

30.348

Reserves & Surplus

16.962

24.858

Money received against share warrants

0.000

0.000

Share Application money pending allotment

0.000

0.000

Net worth

47.310

55.206

 

 

 

Long-term borrowings

15.036

13.592

Short term borrowings

58.342

74.039

CURRENT MATURITIES OF LONG-TERM DEBTS

0.764

2.065

Total borrowings

74.142

89.696

Debt/Equity ratio

1.567

1.625

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Sales

492.104

555.374

 

 

12.857

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Sales

492.104

555.374

Profit

5.960

7.956

 

1.21%

1.43%

 

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

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

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

COMPANY PETITION NO. 69 OF 2013

STATUS : PENDING           ( CONVERTED FROM : O/ST/1333/2015 )         CCIN NO : 001058201300069

NEXT LISTING DATE: 24.09.2015

CORAM: HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

S.NO.       NAME OF THE PETITIONER                                         ADVOCATE ON RECORD

  1.             HDFC  BANK LIMITED                                  MR TARAK DAMANI for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1               

S.NO.       NAME OF THE RESPONDANT                                    ADVOCATE ON RECORD

  1            ARCHIT ORGANOSYS LIMITED                    MR AS PANESAR for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

PRESENTED ON : 30.01.2013                                                                            REGISTERED ON : 21.02.2013

BENCH CATEGORY : SINGLE BENCH                                                              DISTRICT : AHMEDABAD

CASE ORIGINATED FROM : THROUGH HIS/HER/ THEIR ADVOCATE           LISTED : 49 TIMES

                                                    

STAGE NAME : NOTICE RETURNABLE MATTERS

OFFICE OBJECTION

 

FILING STAGE: WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED?

FILING STAGE: WHETHER DULY SIGNED AND AFFIRMED AFFIDAVIT IN SUPPORT IS FILED?

FILING STAGE: WHETHER PAGING IS DONE?

FILING STAGE: WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN                         ANNEXURES FILED?

FILING STAGE: WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE?

FILING STAGE: WHETHER EXTRA COPY OF THE FULL EITLE (WITH NAMES AND ADDRESSES OF ALL                                    PARTIES) FURNISHED?

CLASSIFICATION: SJ - OJ - COMPANY PETITION - COMPANIES ACT, 1956 - WINDING UP - 433 AND 434

ACT: COMPANIES ACT, 1956

OFFICE DETAILS

 

S. NO.

FILING DATE

DOCUMENT NAME

ADVOCATE NAME

COURT FEE ON DOCUMENT

DOCUMENT DETAILS

1

30.01.2013

VAKALATNAMA

MR TARAK DAMANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MR TARAK DAMANI:1

2

30.01.2013

MEMO OF PETITION/APPEAL/SUIT

MR TARAK DAMANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

500

MR TARAK DAMANI:1

3

02.04.2013

AFFIDAVIT OF DS

MR TARAK DAMANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1 MR TARAK DAMANI:1

0

MR TARAK DAMANI:1

4

09.04.2013

VAKALATNAMA

MR AS PANESAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1 , 1

5

MR AS PANESAR:1

5

29.07.2013

AFFIDAVIT IN REPLY

MR AS PANESAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MR AS PANESAR(5390) for R:1

6

19.09.2013

AFFIDAVIT IN RE-JOINDER

MR TARAK DAMANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MR TARAK DAMANI(6089) for P:1

7

14.07.2014

ADDITIONAL AFFIDAVIT

MR TARAK DAMANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MR TARAK DAMANI(6089) for P:1

COURT PROCEEDINGS

 

S. NO.

NOTIFIED DATE

COURT CODE

BOARD SR. NO.

STAGE

ACTION

CORAM

 

1

22.02.2013

16

42

OFFICE OBJECTION (FILING  STAGE)

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

2

11.03.2013

16

3

OFFICE OBJECTION REMOVED

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

3

18.03.2013

16

2

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

4

08.04.2013

16

35

ADMISSION (FRESH MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

5

30.04.2013

16

23

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

6.

17.06.2013

13

32

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

7

09.07.2013

13

36

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

 

8

15.07.2013

13

36

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

 

9

02.08.2013

13

20

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

 

10

14.08.2013

13

26

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

 

11

04.09.2013

13

11

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

 

12

19.09.2013

13

25

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

 

13

25.10.2013

13

22

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

 

14

26.11.2013

15

25

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE K.M.THAKER

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

15

17.12.2013

15

47

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

16

17.01.2014

15

17

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

17

05.02.2014

15

32

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

18

19.02.2014

15

35

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

19

05.03.2014

15

26

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

20

13.03.2014

9

53

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE R.M.CHHAYA

 

21

27.03.2014

9

38

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

22

09.04.2014

9

27

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

 

 

 

 

·          

23

17.06.2014

9

25

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

24

25.06.2014

9

27

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

25

30.06.2015

9

30

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

26

09.07.2014

9

26

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

27

16.06.2014

9

25

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

28

31.07.2014

9

28

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

29

12.08.2014

9

32

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

30

28.08.2014

18

22

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

31

15.09.2014

17

35

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

32

25.09.2014

17

18

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

33

01.10.2014

16

27

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

34.

17.11.2014

18

27

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

35

25.11.2014

18

18

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

36

05.12.2014

18

17

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

37

07.01.2015

9

22

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE N.V.ANJARIA

 

38

21.01.2015

9

41

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

 

39

13.02.2015

9

32

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

 

40

12.03.2015

8

29

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

 

41

01.04.2015

8

27

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

42

29.04.2015

8

38

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

 

43

24.06.2015

22

19

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

44

15.072015

22

13

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

45

21.07.2015

22

24

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

46

04.08.2015

22

36

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

47

19.08.2015

21

21

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

48

27.08.2015

21

23

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

49

10.09.2015

21

10

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

50

24.09.2015

21

-

NOTICE RETURNABLE MATTERS

 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

AVAILABLE ORDERS

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

COMPANY PETITION/69/2013

HONOURABLE MR.JUSTICE R.M.CHHAYA

18/03/2013

N

ORDER

-

Y

2

COMPANY PETITION/69/2013

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

25/06/2014

N

ORDER

-

Y

3

COMPANY PETITION/69/2013

HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

30/06/2014

N

ORDER

-

Y

4

COMPANY PETITION/69/2013

HONOURABLE MR.JUSTICE N.V.ANJARIA

05/12/2014

N

ORDER

-

Y

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10563657

26/03/2015

2,500,000.00

ICICI BANK LIMITED

LAND MARK, RACE COURCE CIRCLE, ALKAPURI, VADODARA - 390007, GUJARAT, INDIA

C50977644

2

90101014

26/06/2004

16,000,000.00

UNION BANK OF INDIA

S. S. I. BRANCH, AHMEDABAD, GUJARAT, INDIA

-

3

90099808

22/07/2014 *

123,800,000.00

UNION BANK OF INDIA

ELLISBRIDGE BRANCH, KARAKA BUILDING, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA

C15794837

4

90096878

22/07/2014 *

123,800,000.00

UNION BANK OF INDIA

ELLISBRIDGE BRANCH, KARAKA BUILDING, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA

C15798408

5

90100780

22/11/2001

3,000,000.00

UNION BANK OF INDIA

DHANLAXMI MARKET BRANCH, AHMEDABAD - 384014, GUJARAT, INDIA

-

6

90099386

12/06/2001

3,000,000.00

UNION BANK OF INDIA

DHANLAXMI MARKET BRANCH, AHMEDABAD - 380014, GUJARAT, INDIA

-

7

90096564

14/10/1998

12,500,000.00

UNION BANK OF INDIA

DHANLAXMI MARKET BRANCH, RAILWAYPURA, AHMEDABAD - 380002,
GUJARAT, INDIA

-

8

90097887

22/11/2001 *

5,500,000.00

UNION BANK OF INDIA

DHANLAXMI MARKET BRANCH, AHMEDABAD - 384014, GUJARAT, INDIA

-

 

* Date of charge modification

 

UNSECURED LOANS

 

PARTICULARS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

From Directors

8.500

13.500

 

 

 

SHORT TERM BORROWINGS

 

 

From Directors

0.600

6.500

Intercorporate Deposit

8.450

7.850

Total

 

17.550

27.850

NOTE:

LONG-TERM BORROWINGS:

It is repayable on or after September, 2020, rate of interest 13.5% (P.Y. 13.5%).

 

 

 

PERFORMANCE OF THE COMPANY AND FUTURE PROSPECTS

 

During the year, revenue from operation has increased to Rs. 566.782 Million from Rs. 507.893 Million in the previous year, at a growth rate of 11.59%.

 

Profit before tax for the the year has increased to Rs. 14.072 Million from Rs. 8.874 Million in previous year at a growth rate of 59.19%. Further details are given in management discussions and analysis report.

 

 

MANAGEMENT DISCUSSION AND ANALSIS REPORT

 

INDUSTRY STRUCTURE AND DEVELOPMENT

 

The company is primarily engaged in the business of manufacturing and sale of various chemical products.

 

The company has capacity to withstand in the market and face the stiff competition prevailing in the chemical business market. The financial year 2014-2015 has been good for their company.

 

 

OPPORTUNITIES AND OUTLOOK

 

The company is optimistic about its growth prospectus in the future. The company has been concentrating on building brand image in the market.

 

The company is facing stiff competition from various chemicals companies in domestic market. However, company is well positioned to leverage the opportunities to manage the challenges that have arisen in domestic market.

 

 

OUTLOOK

 

The company expects to increase its market share in the exiting market by increasing its product range through new product launches, especially in pharma industry, expanding its geographical coverage in more regions and undertaking large job contracts. Were cautiously optimistic of our prospects and believe that the year will go a long way in stabilizing our growth path. The company also concentrates on adding new products to its existing product range. The company also puts more effects in R and D activities, reduction in process cycles, and improvement in exiting process etc. The company is also diversifying in to pharma line, by importing bulk drugs and marketing in local market, apart from that the company is also looking to acquire a new unit of pharma formulation which will help the company to diversity its wings in the ever growing pharmaceutical industry. This would also help the company to perform better in coming years.

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

Claims not acknowledged by as debt

14.707

14.707

NOTE:

The company had entered in to derivatives contracts (for sale of foreign currency) with HDFC bank Limited which have already been concluded in earlier years. The company had incurred loss on such contracts against which the sum of Rs. 7.871 Million (including adjustment of fixed deposit amounting to Rs. 2.364 Million) have already been paid and charged to statement of profit and loss under the head “Loss on Derivative Contract”. The company had also received summons/show cause notice from Mumbai Debt Recovery Tribunal in the month of May 2009. In response to the same, based on legal advice, the company had filed its reply with appropriate authority. Pending final outcome, the management is of the opinion that the aforesaid liability is of contingent nature and therefore the company has not recognizes as liability for the balance loss of Rs. 14.707 Million including interest up to January, 2013.


FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Freehold Land

·         Leasehold Land

·         Factory Building

·         Plant and Machinery

·         Furniture and Fixtures

·         Vehicle

·         Office Equipment’s

·         Computers

 

Intangible Assets

 

·         Accounting Software

 

 

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.66.39

UK Pound

1

Rs.102.59

Euro

1

Rs.74.90

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

2

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

28

 

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.