MIRA
INFORM REPORT
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Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
KAVITHA PIPES PRIVATE LIMITED |
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Registered Office : |
6, Irumbuli Village, Cheyyur Taluk, Tamilnadu -603301 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.11.1996 |
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Com. Reg. No.: |
036953 |
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CIN No.: [Company
Identification No.] |
U36102TN1996PTC036953 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEK02174E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of PVC Pipe . |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 49000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active payments are usually
corrects and as per commitments. The company can be considered normal for
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
6, Irumbuli Village, Cheyyur Taluk, Tamilnadu -603301 |
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Tel. No.: |
91-44-27529283 / 25388201 |
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Fax No.: |
91-44-27529322 |
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Email : |
Abc1224@gmail.com |
DIRECTORS
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Name : |
Mr. G. Vimal Kumar |
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Designation : |
Managing Director |
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Address : |
81, Chinnamman KDIL St, Chengalpattu - 603001 |
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Date of Birth / Age |
52 Years |
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Date of Appointment : |
28.10.1996 |
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Name : |
Mr. K. Rajamurthy |
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Designation : |
Director |
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Address : |
Plot No. 27, Vivekanand NAgar, Ambathur, Chennai – 600 053 |
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Date of Birth / Age |
54 years |
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Date of Appointment |
28.09.1999 |
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Name : |
Mr. G. Mahaveer Chand |
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Designation : |
Director |
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Address: |
81, Chinnamman KDIL St, Chengalpattu - 603001 |
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Date of Birth / Age |
47 Years |
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Date of Appointment : |
28.10.1996 |
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Name : |
Mr. G. Santhilal |
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Designation : |
Director |
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Address: |
81, Chinnamman KDIL St, Chengalpattu - 603001 |
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Date of Birth / Age |
45 Years |
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Date of Appointment : |
28.10.1996 |
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Name : |
Mr. G. Goutham Chand |
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Designation : |
Director |
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Address: |
81, Chinnamman KDIL St, Chengalpattu - 603001 |
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Date of Birth / Age |
42 Years |
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Date of Appointment : |
28.10.1996 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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1. Mr. G. Vimal Kumar |
85,000 |
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2. Mr. G. Mahaveer Chand |
1,00,000 |
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3. Mr. G. Santhilal |
65,000 |
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4. Mr. G. Gautham Chand |
1,00,000 |
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5. Mr. V. Kamala |
60,000 |
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6. Mr. M. Indira |
45,000 |
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7. Mr. S. Prema |
80,000 |
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8. Mr. G. Manjula |
50,000 |
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9. Mr. V. Sumthi Kumar |
40,000 |
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10. Mr. M. Chandra Prakash |
40,000 |
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11. Mr. S. Anil |
40,000 |
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12. Mr. Gisoolal Vimal Kumar |
40,000 |
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13 Mr. gisoolal Mahaveer Chand |
40,000 |
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14. Mr. Gisoolal Santhilal |
40,000 |
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15. Mr. Gisoolal Goutham Chand |
75,000 |
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Equity Share Capital Breakup ( Percentage of Total Equity )
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Category |
Percentage |
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1. Directors /
Relatives of Directors |
100 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PVC Pipe . |
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Products : |
NIC Code -- 25209 Products -- Plastic
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GENERAL
INFORMATION
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No. of Employees : |
----- |
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Bankers : |
Bank of Baroda Sowcarpet Branch, 6, Devaraja Mudali Street, Chennai – 600 003 |
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Facilities : |
----- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanklecha & Associates Chartered Accountant |
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Address : |
170, Mint Street, Chennai – 600079, Tamilnadu |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- Each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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900000 |
Equity Share |
Rs.10/- Each |
Rs.9.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.000 |
9.000 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.359 |
6.035 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
12.359 |
15.035 |
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LOAN FUNDS |
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1] Secured Loans |
1.750 |
4.250 |
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2] Unsecured Loans |
29.219 |
36.118 |
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TOTAL BORROWING |
30.969 |
40.368 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
43.328 |
55.403 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.190 |
20.430 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.583
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25.444 |
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Sundry Debtors |
6.936
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5.514 |
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Cash & Bank Balances |
11.681
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1.271 |
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Other Current Assets |
3.800
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3.428 |
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Loans & Advances |
0.030
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0.030 |
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Total
Current Assets |
37.030
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35.687 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.877
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0.702 |
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Provisions |
0.015
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0.012 |
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Total
Current Liabilities |
11.892
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0.714 |
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Net Current Assets |
25.138
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34.973 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
43.328 |
55.403 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
---
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----- |
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Net Profit Margin (PBT/Sales) |
(%) |
---
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------ |
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-----
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---- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
----
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----- |
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Return on Investment (ROI) (PBT/Networth) |
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-----
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------ |
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Debt Equity Ratio (Total Liability/Networth) |
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3.46
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2.73 |
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Current Ratio (Current Asset/Current Liability) |
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3.11
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49.98 |
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LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
Kavitha Pipe Private Limited |
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Presented By |
Mr. G. Vimal
Kumar - Managing Director |
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1) Date and description of instrument creating the change |
23rd October 1997 Hypothecation of goods Hypothecation of goods Debts Hypothecation of goods Machinery (all
to the change ) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Rs.4.200 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All stocks of PVC nation stabilizer fillers
pigment, lubricant,store stock in
and finished pipe now or hereafter in transit or lying in any godown
or premises of the company, all book
debts of The company and all moveable machinery present and future belonging
to the company lining in the premises |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Int.
4 % Over PLR Mix
17.5 % p.a. plus Int.
Tax |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Sowcarpet Branch, 6, Devaraja Mudali Street, Chennai – 600 003 |
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6) Date and brief description of instrument modifying the charge |
9th January 1998 memorandum of
entry for creative 2nd change on the immoveable properties by way
of equitable mortgage, with no
objection from SIDB, the holder of the 1st charge, by deposit
of title deeds. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
2nd change of equitable mortgage
by deposit titlke deeds to the company’s immovable properties administrating
1.99, 0.64, 0.59, 0.49 and 1.27 acre beginning nos.219 / 2B, 218/2, 217/1A,
218/1 and 219/1B uperctively situate at Irumbit Village, Acirapallam Sub –
Regrs, Dieh, Chennai – Anna Dist, by eonstructive delivery together with
all and direction there and
all plant and machinery attached to the each or fastened to anything attached
to the earth, to additionally above the worring capital facilities of Rs. 4.200 Millions. |
Form 8
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Name of the company |
Kavitha Pipe Private Limited |
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Presented By |
Bank of Baroda,
Sowcarpet Branch, Chennai – 600 001 |
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1) Date and description of instrument creating the change |
23 /10/1997
a) Hypothecation of goods b) Hypothecation of goods Debts c) Hypothecation of goods Machinery All dated 23rd October, 1997 and
relate to one and the same charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.200 Millions together with interest, costs, charges and other expenses which
may be debited to the account from time to time. Facility
: Cash Credit. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
PRIMARY SECURITY : All stocks of PVC resins, stabilizers,
filters, pigments, lubricants stock in process and finished pipes etc. now
being or hereafter during the continuance of this agreement brought into or
upon or now or hereafter In course of transit to any godown haitha or other
places of storage whatsoever and wheresoever in the possession or occupation
of the company and all the book debts now owing to the bank are hypothecated
to the Bank as security by way of first charge. COLLATERAL SECURITY : 1) All the book debts now owing to the
company and also the book debts, which may at any time during become owing to
the company in the course of its business by any person, firm, company or
body corporate or by the government central or state or Indian Railway or any
Government department office, or any municipal or public, semi government
body or authority or any body corporate or undertaking or projects whatever
in the public sector ; and 2) All moveable machinery of the company including
all stocks and spare parts both present and future belonging to the company
being and lying in the company’s premises or gosown or rented by the company
or otherwise used in connection with the business of the company, as
security, for the due repayment by the company to the Bank. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
: Interest at the rate of 4 % PLR with a minimum of 17.5 % P. Plus
Interest tax with quarterly rests. Margin : 25 % Period : 12 Months |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Sowcarpet Branch, 6, Devaraja Mudali Street, Chennai – 600 003 |
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6) Date and brief description of instrument modifying the charge |
No. instrument, extension of equitable
mortgage by deposit of title deeds, of the company’s immovable properties on
second Charge Basis. First charge being
held by SIDBI (small industries development Bank of India ) who holds
the title deeds acting for itself and as an agents of Bank of Baroda,
Sowcarpet Branch, Chennai – 600 003 (copy of
confirmation letter with schedule of property an a copy of the letter
from SIDBI to Bank of Baroda, Sowcarpet Branch Chennai – 600 003, are
enclosed ) |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
A ) SIDBI has
given “ no objection” to extend second charge on the immovable properties of
the company, in favour of Bank of Baroda Sowcarpet Branch, Chennai – 600 003
to secure the enhanced working limit to the extent of Rs. 8.200 Millions. B) Extension of
equitable mortgage by deposit of title deeds, by way of constructive delivery
on second charge basis of the company’s immovable properties, viz., ITEM A : All those piese
and parcel of land admeasuring 2.63
acres in total (1.99 and 0.64 acres in each SY No. ) bearing survey no. and
219 / 2B and 218/ 2 (218/2, 219/1B2 and 219/2B as per patta ) situate Sub –
Registration District, Chegai Anna District butted and bounded by : North by : Land
in S. No. 219/ 1B and 18/ 1 East By : Lands of Venupillai in SY. No. 217/ 1 B West By : Lands
by Perumal in SY. No. 219/1A and 219/2 A South By : Lands
in SY No. 217/6 of Selvaraj and SY. No. 225 of Alamellammal, Together with
all building and structures thereon and plant and machinery attached to earth
or permanently fastened to anything attached to earth. ITEM B All those piese
and parcel of land admeasuring 0.59
acres bearing servey No.217/1 A( 217/1A2 as per Patta ) situated at Irumbali
village, Archirapakkam Sub – Registration District, Chegai Anna District
butted and bounded by : North by : Lands
of G. Vimal Kumar and 3 others East By : Irumbili Road West By : Lands
in SY No. 218/1 conveyed to kavitha pipe
Private Limited South By : Lands
of Venupillai together with all
building and structures thereon and plant and machinery attached to earth or
permanently fastened to anything attached to earth. ITEM C All those piese
and parcel of land admeasuring 0.49
acres bearing servey No.218/1 ( 218/1B as per Patta ) situated at Irumbali
village, Archirapakkam Sub – Registration District, Chegai Anna District
butted and bounded by : North by : Lands
of G. Vimal Kumar and 3 others East By : Irumbili Road West By : Lands
in SY No. 219/1 B South By : Lands
in SY. No. 218/ 2 belonging to Kavitha Pipe Private Limited together with all building and structures
thereon and plant and machinery attached to earth or permanently fastened to
anything attached to earth. ITEM D All those piese
and parcel of land admeasuring 1.27
acres bearing servey No.219 /1B (
219/1B2 as per Patta ) situated at Irumbali village, Archirapakkam Sub –
Registration District, Chegai Anna District butted and bounded by : North by : Lands
in Sy. NO. 219/1B of G. Vimal Kumar
and 3 others East By : Lands In SY. No. 218/1 of Kavitha Pipe Private Limited West By : Lands
in perumal South By : Lands
in SY. No. 219/ 2 B of Kavitha Pipe Private Limited together with all building and structures thereon and plant and
machinery attached to earth or permanently fastened to anything attached to
earth, as security shall continue to secure the enhanced limit of Rs. 8.200 millions together with
interest costs, charges and all other expenses. |
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 records 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.41.67 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.56.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|