MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ARIHANT DOMESTIC APPLIANCES
PRIVATE LIMITED |
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Registered Office : |
Gat No. 1261, Sanaswadi, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.08.1991 |
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Com. Reg. No.: |
11-63045 |
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CIN No.: [Company
Identification No.] |
U29309MH1991PTC063045 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA05192F |
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PAN No.: [Permanent
Account No.] |
AABCA4586B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of ERW Steel Tubes and CEW Steel Tubes, Coils and Strips |
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 1000000 |
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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. Available information indicates
satisfactory financial responsibility of the company. Trade relations are fair. Business is active. Payments are usually correct 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/Factory : |
Gat No. 1261, Sanaswadi, |
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Tel. No.: |
91-2137-253619 / 253619 |
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Fax No.: |
91-2137-252084 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Chandu Chavan |
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Designation : |
Director |
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Address : |
B-5, Laxmi Niwas, Opposite Kalyani Steels, Mundhwa, Pune 411 036, |
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Date of Birth/Age : |
01.11.1969 |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Parag Mulye |
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Designation : |
Director |
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Address : |
S. No. 123/A/1/2, Siddhi Building, Bhaktiyog Society, Paud Road,
Kothrud, Pune 411 038, Maharashtra, India |
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Date of Birth/Age : |
25.10.1973 |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Sanjay Bhade |
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Designation : |
Director |
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Address : |
Flat No. 301, S. No. 137/2, 138/2, Roopganga, Gaikwad Nagar, Aundh,
Pune 411 007, |
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Date of Birth/Age : |
14.05.1968 |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Shivaji Katke |
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Designation : |
Director |
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Address : |
31/101, Uday Housing Society, Yerandwana, Pune 411 004, |
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Date of Birth/Age : |
05.06.1972 |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Ravindra Katre |
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Designation : |
Managing Director |
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Address : |
SN 23/3+4, J-9, Phase 1, Pinnac Memories, Kothrud, Pune 411 029, |
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Date of Birth/Age : |
22.08.1965 |
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Date of Appointment : |
01.11.2002 |
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Name : |
Mr. Sanjay Waghulade |
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Designation : |
Managing Director |
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Address : |
Plot No. 464, S. No. 26A, Pradhikaran, Nigadi |
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Date of Birth/Age : |
23.08.1964 |
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Date of Appointment : |
01.11.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Equity Share
Breakup |
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Directors or relatives of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of ERW Steel Tubes and CEW Steel Tubes, Coils and Strips |
GENERAL INFORMATION
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Bankers : |
Industrial Finance Branch, Pimpri, Pune 411 034,
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Facilities : |
C/C Rs. 160.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. AMB & Company Chartered Accountant |
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Address : |
Office No. 308, Pantagaon, Off |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,00,000 |
Equity Share |
Rs. 10/- each |
Rs. 50.000 Millions |
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4,000,000 |
Preference Share |
Rs. 10/- each |
Rs. 40.000 Millions |
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Rs. 90.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000
Millions |
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40,00,000 |
Preference Shares |
Rs. 10/- each |
Rs. 40.000
Millions |
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Rs. 90.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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90.000 |
90.000 |
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2] Share Application Money |
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50.221 |
53.119 |
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3] Reserves & Surplus |
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118.937 |
30.230 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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259.158 |
173.349 |
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LOAN FUNDS |
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1] Secured Loans |
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321.849 |
365.301 |
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2] Unsecured Loans |
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68.729 |
25.522 |
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TOTAL BORROWING |
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390.578 |
390.823 |
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DEFERRED TAX LIABILITIES |
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59.162 |
19.847 |
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TOTAL |
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708.898 |
584.019 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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429.569 |
348.386 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.078 |
0.078 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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322.377 |
248.924 |
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Sundry Debtors |
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196.245 |
189.306 |
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Cash & Bank Balances |
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6.370 |
33.406 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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63.972 |
42.308 |
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Total
Current Assets |
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588.964 |
513.944 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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279.379 |
269.652 |
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Provisions |
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31.017 |
9.514 |
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Total
Current Liabilities |
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310.396 |
279.166 |
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Net Current Assets |
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278.568 |
234.778 |
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MISCELLANEOUS EXPENSES |
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0.683 |
0.777 |
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TOTAL |
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708.898 |
584.019 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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1168.604 |
823.821 |
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Other Income |
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3.614 |
6.936 |
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Total Income |
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1172.218 |
830.757 |
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Profit/(Loss) Before Tax |
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147.945 |
1.964 |
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Provision for Taxation |
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53.764 |
6.035 |
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Profit/(Loss) After Tax |
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94.181 |
[4.035] |
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Earnings in Foreign Currency : |
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Total Earnings |
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1.867 |
NA |
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Imports : |
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Raw Materials |
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0.599 |
NA |
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Capital Goods |
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1.743 |
NA |
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Total Imports |
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2.342 |
NA |
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Expenditures : |
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Cost of Materials |
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920.959 |
668.650 |
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Direct Expenses |
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97.215 |
62.749 |
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Personnel Expenses |
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5.665 |
3.651 |
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Administrative Expenses |
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57.221 |
23.254 |
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Key man Insurance Premium Recd Back |
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[78.600] |
80.000 |
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Financial Charges |
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50.547 |
41.598 |
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Depreciation & Amortization |
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34.350 |
36.678 |
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Total Expenditure |
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1036.81 |
916.58 |
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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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8.03 |
0.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
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12.65 |
0.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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25.11 |
0.38 |
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Return on Investment (ROI) (PBT/Networth) |
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0.57 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.19 |
1.61 |
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Current Ratio (Current Asset/Current Liability) |
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1.87 |
2.18 |
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Creation of
Charge |
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Corporate
identity number of the company |
U29309MH1991PTC063045 |
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Name of the
company |
ARIHANT DOMESTIC
APPLIANCES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Gat No. 1261, Sanaswadi, |
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Type of charge |
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Particular of
charge holder |
Industrial Finance Branch, Pimpri, Pune 411 034, E-mail ID : supriyatalwalkar@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
All the documents executed to create a single charge. |
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Date of
instrument Creating the charge |
12.01.2007 |
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Amount secured by
the charge |
Rs. 260.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
At SBAR, At
present 11.50% As per Agreement Raw material – 30%,
stocks in process 30%, Finished Goods 30%, EPC/LC/BG 10%, Book
debts/receivable 30% Hypothecation of
the current assets. Facility
structure : Demand Cash
Credit Rs. 100.00 Millions, Letter of Credit Rs. 180.000 Millions, Bank
Guarantee – Rs. 160.000 Millions |
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Short particulars
of the property charged |
Hypothecation of
all present and future goods, book-debts and all other movable assets inclu.
document of title to goods, o/s moneys, receivable inclu. documents of titke
to goods, outstanding monies, receivable inclu. Receivable, bills, invoices,
documents, contracts, insurance policies, guarantees, engagements,
securities, investments and rights and present and future machinery wherever
situated (incl. all such goods, other movable assets as may be in course of
shipment, transit or delivery) by way of 1st charge. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.41.57 |
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|
1 |
Rs.82.14 |
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Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
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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. |
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 |
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