MIRA
INFORM REPORT
|
Report Date : |
17.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ASTRAL
POLYTECHNIK LIMITED |
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Registered Office : |
901, Parshwa
Towers, 9th Floor Sarkhej, Gandhi Nagar, Highway,
Ahmedabad-380054, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.03.1996 |
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Com. Reg. No.: |
029134 |
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CIN No.: [Company
Identification No.] |
L25200GJ1996PLC029134 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA00853G |
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PAN No.: [Permanent
Account No.] |
AAACA9566C |
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Legal Form : |
Public limited
liability company. The company's
shares are listed on the Stock Exchanges. |
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Line of Business : |
The company
is engaged in manufacturing of PVC Pipes and Joints. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2702400 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Financial position is
satisfactory. Trade relations are fair. General financial position is
satisfactory. Payments are usually correct and as per commitments. The company can
be considered good for natural business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office :/ Corporate Office: |
901, Parshwa Towers,
Opp. Rajpath Club, 9th Floor Sarkhej-Gandhi Nagar, Highway,
Ahmedabad-380054, Gujarat, India |
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Tel. No.: |
91-79-26745077 /
30112100 |
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Fax No.: |
91-79-26752214 |
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E-Mail : |
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Website : |
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Factory 1 : |
Block
# 1253, Santej, Kalol, Mehsana, Gujarat, India |
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Factory 2: |
Bigshare
Services Private Limited |
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Address: |
E – 2, Ansa Industries Estate, Saki Vihar Road, Sakinaka Andheri (E),
Mumbai - 400072 |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr.
Sandeep P. Engineer |
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Designation : |
Managing Director |
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Address : |
59,
Nehru Park, Vastrapur, Ahmedabad, Gurjarat, India |
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Date of
Birth/Age : |
11/05/1961 |
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Date of
Appointment : |
25/03/1996 |
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Name : |
Mr.
Jagruti S. Engineer |
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Designation : |
Executive
Director |
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Address : |
59, Nehru
Park, Vastrapur, Ahmedabad, Gurjarat, India |
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Date of
Birth/Age : |
15/07/1965 |
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Date of
Appointment : |
25/03/1996 |
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Name : |
Mrs.
Tarlika G. Dalal |
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Designation : |
Director |
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Address : |
31905,
Standard Cora, Avon Lake, Ohia, USA |
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Date of
Birth/Age : |
01/03/1948 |
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Date of
Appointment : |
15/12/1996 |
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Name : |
Mr.
Nimish G. Dalal |
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Designation : |
Non –
Executive Director |
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Address : |
31905,
Standard Cora, Avon Lake, Ohia, USA |
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Date of
Birth/Age : |
06/05/1971 |
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Date of
Appointment : |
15/12/1996 |
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Name : |
Mr.
Kyle A. Thomson |
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Designation : |
Non –
Executive Director |
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Address : |
102,
Season Lake, NE Hunt’s Villa, 35811, USA |
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Date of
Appointment : |
01/12/1997 |
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Name : |
Mr.
Kirk A. Thomson |
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Designation : |
Director |
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Address : |
538,
Wess Toylor, Hun’s Villa, 35811, USA |
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Date of
Appointment : |
01/12/1997 |
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Name : |
Mr. Pradip N.
Desai |
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Designation : |
Independent and
Non-Executive Director |
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Name : |
Mr. K. Raghunath
Shenoy |
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Designation : |
Independent and
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mrs. Monika Pandya |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shareholding of
promoter and promoter Group |
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India |
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Individuals / Hindu Undivided Family |
2717674 |
24.18 |
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Bodies Corporate |
1575817 |
14.02 |
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Foreign |
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Individuals (Non-Residents Individuals/ Foreign Individuals) |
1295884 |
11.53 |
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Bodies Corporate |
1582241 |
14.08 |
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Public
Shareholding |
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Institutions |
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Mutual Fund / UTI |
272154 |
2.42 |
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Financial Institutions Bank |
227374 |
2.02 |
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Non-Institutions |
|
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Bodies Corporate |
682593 |
6.07 |
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Individuals Shareholders holding nominal share capital up to Rs.0.100
Million |
1940781 |
17.27 |
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Individuals Shareholders holding nominal share capital in excess of
Rs.0.100 Million |
765574 |
6.81 |
|
Directors and their Relatives |
58571 |
0.52 |
|
NRI |
87774 |
0.78 |
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Trust |
100 |
0.00 |
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Clearing Members |
31519 |
0.28 |
BUSINESS DETAILS
|
Line of Business : |
The company
is engaged in manufacturing of PVC Pipes and Joints. |
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Agencies Held : |
K. B.
Mehta Construction Private Limited |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
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Forward Pipes |
Mtrs |
2826486 |
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Corzan pipes |
Mtrs |
25899 |
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PVC Pipes |
Mtrs |
721681 |
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Flowguared
fittings |
Mtrs |
5655830 |
|
PVC Fittings |
Mtrs |
416727 |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
15 |
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Bankers : |
Tel No.:
91-79-26575321 / 26584923 Fax No.:
91-79-26576942 Email :
cb489@corpbank.co.in Website : http://www.corbank.com |
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Facilities : |
HP
Rs.7.500 Millions dated 25-07-2000, Tamilnadu Mercantile Co-operative Bank HP Rs.200 lakh dated 17-07-2000, Madhupura Mercantile Co-operative Bank. |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
N
Gamadia and Company Chartered
Accountant |
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Name : |
Deloitte
Haskins and sells Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
15000000 |
Equity shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
11238100 |
Equity shares |
Rs.10/- each |
Rs.112.381 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
112.400 |
71.900 |
31.937 |
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2] Share Application Money |
0.000 |
0.000
|
0.000
|
|
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3] Reserves & Surplus |
563.200 |
77.500 |
48.416 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000
|
0.000
|
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NETWORTH |
675.600 |
149.400 |
80.353 |
|
|
LOAN FUNDS |
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|
|
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1] Secured Loans |
243.800 |
162.000 |
109.800 |
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2] Unsecured Loans |
0.900 |
0.900 |
19.360 |
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TOTAL BORROWING |
244.700 |
162.900 |
129.160 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
9.637 |
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|
|
|
|
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TOTAL |
920.300 |
312.300 |
219.150 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
307.900 |
225.300 |
123.260 |
|
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Capital work-in-progress |
10.700 |
0.700
|
0.000
|
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000
|
0.000
|
|
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DEFERREX TAX ASSETS |
0.000 |
0.000
|
0.000
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
194.200
|
105.900
|
69.028
|
|
|
Sundry Debtors |
203.400
|
95.100
|
60.404
|
|
|
Cash & Bank Balances |
366.800
|
12.400
|
1.153
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
38.900
|
19.900
|
20.009
|
|
Total
Current Assets |
803.300
|
233.300 |
150.594
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
169.800
|
147.000
|
35.300
|
|
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Provisions |
65.900
|
0.000
|
19.449
|
|
Total
Current Liabilities |
235.700
|
147.000
|
54.749
|
|
|
Net Current Assets |
567.600
|
86.300
|
95.845
|
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
34.100 |
0.000 |
0.045 |
|
|
|
|
|
|
|
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TOTAL |
920.300 |
312.300 |
219.150 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1054.600 |
537.300 |
377.026 |
|
|
Other Income |
70.700 |
0.000 |
0.000 |
|
|
Total Income |
1125.300 |
537.300 |
377.026 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
107.600 |
48.600 |
30.930 |
|
|
Provision for Taxation |
16.500 |
9.900 |
8.610 |
|
|
Profit/(Loss) After Tax |
91.100 |
38.700 |
22.320 |
|
|
|
|
|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
N.A. |
N.A. |
0.000 |
|
|
Others |
N.A. |
N.A. |
140.303 |
|
Total Imports |
N.A. |
N.A. |
140.303 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
664.500 |
0.000 |
0.000 |
|
|
Consumption of stores and spares parts |
51.800 |
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
19.000 |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
13.700 |
0.000 |
0.000 |
|
|
Managerial Remuneration |
33.700 |
0.000 |
0.000 |
|
|
Payment to Auditors |
193.100 |
0.000 |
0.000 |
|
|
Interest |
1.100 |
0.000 |
0.000 |
|
|
Insurance Expenses |
148.400 |
0.000 |
0.000 |
|
|
Power & Fuel |
18.800 |
0.000 |
0.000 |
|
|
Depreciation & Amortization |
129.600 |
0.000 |
0.000 |
|
|
Other Expenditure |
22.000 |
488.700 |
346.095 |
|
Total Expenditure |
1295.700 |
488.700 |
346.095 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2007 1st Quarter |
30.09.2007 2nd
Quarter |
|
|
|
|
|
|
Sales Turnover |
|
232.100 |
312.900 |
|
Other Income |
|
10.000 |
9.800 |
|
Total Income |
|
242.100 |
322.700 |
|
Total Expenditure |
|
194.300 |
266.500 |
|
Operating Profit |
|
47.800 |
56.200 |
|
Interest |
|
6.100 |
5.500 |
|
Gross Profit |
|
41.700 |
50.700 |
|
Depreciation |
|
6.800 |
7.300 |
|
Tax |
|
4.200 |
5.500 |
|
Reported PAT |
|
30.000 |
37.900 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.51 |
1.27 |
1.47 |
|
Long Term Debt-Equity Ratio |
0.29 |
0.76 |
0.84 |
|
Current Ratio |
1.86 |
1.14 |
1.18 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed Assets |
3.49 |
2.58 |
3.26 |
|
Inventory |
7.03 |
5.91 |
6.83 |
|
Debtors |
7.07 |
6.64 |
5.64 |
|
Interest Cover Ratio |
6.72 |
4.86 |
3.64 |
|
Operating Profit Margin(%) |
14.07 |
14.69 |
14.44 |
|
Profit Before Interest And Tax Margin(%) |
11.99 |
11.85 |
12.01 |
|
Cash Profit Margin(%) |
10.72 |
10.34 |
8.66 |
|
Adjusted Net Profit Margin(%) |
8.64 |
7.49 |
6.23 |
|
Return On Capital Employed(%) |
21.44 |
24.31 |
26.43 |
|
Return On Net Worth(%) |
23.07 |
39.57 |
44.16 |
LOCAL AGENCY
FURTHER INFORMATION
Directors Reports:
INITIAL
PUBLIC OFFER:
During the year 2006-07 the company has successfully completed its Initial public
offering of Equity Shares which was over subscribed by 1.82 times and the
Equity Shares were listed on the National Stock Exchange of India Limited and
Bombay Stock Exchange Limited on March 20, 2007.
Directors are happy to report that the listing has enhanced their visibility
and brand value across the country. The Initial public offering was of
29,71,006 equity shares of Rs.10/- each for cash at a premium of Rs.105/- per
equity share aggregating to Rs.3,41.666 Millions. Thus the Initial Public Offering
constituted 26.44% of the fully diluted post issue paid up capital of the
company.
OPERATING
RESULTS AND BUSINESS:
They are pleased to inform that the last year was excellent
year for the company in terms of overall performance. company for the first
time in its brief history, has crossed the triple digit level in gross sales at
Rs.1060.000 Millions. The company has achieved Net Sales of Rs.0.969 Million
compared to Rs.0.514 Million in the previous year, recording a growth of 88%.
The cash profit has more than doubled during the year from
Rs.0.578 Million to Rs.0.116 Millions recording an increase of 101.55%. Net
profit of the company has also recorded a robust rise of 127% from Rs.40.177
Millions to Rs.91.103 Millions Increase in volumes coupled with reduction in
certain overheads due to economies of scale, have mainly contributed to the
rise in profits.
Inspite of new players entering FlowGuard CPVC market, The
company has maintained its growth momentum and competitive edge, as could be
seen from the above figures.
Following the aggressive market penetration strategy and capitalizing on the
favourable market factors, The company is continuously increasing its
production capacities. During the year theCompany has increased its production
capacity under Phase-I of Expansion from 4,000 MT to 9,074 MT.
Further, to take advantage of favorable government policies
and strengthen its distribution network in North East and also to bring about
significant improvement in the bottom line, the company has continued its
expansion activity for manufacturing of various sizes of fittings and pipes at
its Himachal Pradesh unit. During the current year, The company could generate
a Net Revenue of Rs.0.518 Millions from the Himachal Pradesh Unit and Rs.0.450
Millions from the Gujarat Unit.
To increase the awareness about CPVC and Lead Free PVC materials,the company is
continuously sponsoring workshops for plumbers in different parts of the
country and also organizing Builders 'and Architects' Meets periodically.
AWARDS/RECOGNITION:
The Board is pleased to inform that during the year the company has received a
very prestigious 'National Excellence Award for SME' Instituted by corporation
Bank. The award was presented by Shri Pawan Kumar Bansal Hon'ble Union Minister
of State for Finance (Expenditure, Banking and Insurance) - Govt. of India at a
glittering ceremony organized by the Bank at Mumbai.
LICENSE FOR MANUFACTURING OF BLAZE
MASTER FIRE SPRINKLER SYSTEM:
The Board is very happy to inform that during the year the company has received
a new license for manufacturing of CPVC Blaze Master Fire Sprinkler System. The
company is the first in the country to receive such License and fifth in the
world to have this product manufacturing license from Noveon.
The company has already started trial production and the products have been
sent to U.S.A. for testing. The products will be launched in the Indian Market
as soon as the testing process clears them.
ACKNOWLEDGMENTS:
The Directors wish to place on record their appreciation for the devoted
services of the workers, staff and the officers who have largely contributed to
the smooth functioning of the company. The Directors wish to thank Specialty
Process LLC., U.S.A for the untiring technical and financial support extended
to the company throughout the year. The management would like to express its
deep appreciation of the support extended by the Corporation Bank and other
agencies working with the Company.
Future
plan of action:
The Company shall continue to exercise utmost care in maintaining the quality
of its products and shall endeavor to upgrade the products and their range. The
Company has already applied to NSF, the world renowned Institute of U.S.A. for
Certification of our final products. NSF has already carried out Inspection of
Company's Himachal Plant and at present, the company's products are under
various stages of testing by NSF. Once the testing is completed, the company
will receive the final approval from NSF.
MANAGEMENT
DISCUSSIONS AND ANALYSIS STATEMENT:
Industry Structure and
Developments:
The company is primarily engaged in the business of Manufacturing of CPVC/PVC
(Lead Free) pipes and fittings. company is leader in this segment of the business.
Despite future competition in the market from other units, the company is
confident of recording reasonable rate of growth in the coming years. The
company wants to provide the hygienic solution for transportation of water,
which was lacking earlier in this country. Last year, the company has recorded
very high growth in both segments of business i.e. CPVC pipes and fitting as
well as Lead Free PVC pipes and fittings. The overall growth of the Company was
88% in Top line and 127% in Bottom line.
Opportunities and threats:
The growth in housing construction, commercial construction, malls and SEZ
throughout the country offer great opportunity for the company. The increasing
brand consciousness amongst the builders and consumers will help the company to
perform better in the years ahead supported by its concerted and continued
efforts in brand promotional activities.
The increasing imports of CPVC raw material and the fluctuations in the
exchange rate of foreign currency could affect the profitability of the
company. Volatility in crude prices will also affect the raw material cost of
PVC/CPVC resin.
Outlook:
With the Government policy of continuing tax benefits on housing loan and
increasing number of shopping malls in all towns, increasing area of retail
sectors in form of shopping centers, hospitals, hotels etc., give an ample
opportunity to the company.
Astral continues the endeavor of increasing its efficiency in operations,
thereby building sustainable competitiveness. The main thrust of the company is
on product innovation and diversification. All efforts are made to reduce cost
of production to make their products more competitive in Indian Market. Their
alliance with Specialty Process LLC, USA continues to play a significant role
in the growth of the company and also helps them in introduction of new
products and in achieving market growth.
Further to take the incentives available in the country, company has already
commenced its production facilities at Himachal Pradesh where company enjoys
all kinds of tax incentives.
To take the advantage of their strong Distribution Net Work across all the
states of the country they are coming up with more product lines such as Under
Ground, Pipes and Fittings, SWR pipes and fittings, ABS pipes and fittings and
CPVC Blazemaster pipes and fittings. This will help them to increase their
presence in all segments of building product and they can utilize the same
channel of distribution, which presently they are using. With addition on new product
line company will be in a position to increase both its topline and bottom line
sizably.
Financial
Performance:
An overview of the financial performance is given in the Directors Report. The
Audit Committee constituted by the Board of Directors periodically reviews the
financial) performance and reporting systems.
Business Summary
Manufacturer and
provider of CPVC piping and plumbing systems in India 1999. they are the first
licensee of Noveon, USA, [Formerly known as Specialty Chemical Division of B.F.
Goodrich, USA] to manufacture and market CPVC piping and plumbing system in
India. In order to strengthen their business plans, they entered into a
techno-financial joint venture with Specialty Process LLC of USA, which
provided them the required technical expertise of manufacturing their CPVC
pipes and firings for home and industrial application.
They have expanded
and enhanced their product lines to provide continually improved services to their
customers. As a manufacture of CPVC pipes and fittings for hot and cold water,
industrial and pressure systems application, they had introduced a new product
range in lead free PVC pressure pipes and fittings in the year 2004. with a
concept of providing a one stop source for all the plastic piping systems, they
also began trading in products such as CPVC and PVC fitting, flanges and valves
from Spares [USA], solvent cements for joining pipes and fittings from IPSC
[USA], underground specialty fitting from Hynter –UK, CPVC and PVC plastic
pipes of a larger diameter from Harvell Inc. [USA].
Innovative product
designs and improvements, new technologies, and a fully integrated
manufacturing system are all a part of ASTRAL’s ongoing commitment to quality,
satisfaction and services.
The company has
received an ISO 9001:2000 certificate in respect of manufacturer and supply of CPVC and PVC pipes and fittings for
plumbing systems and industrial piping system. The raw materials used by them
for manufacturing CPVC products is certified by National Sanitary Foundation.
Objective of the Company
It is the policy
and objective of the company to produce a superior quality product suitable for
its intended use with regard to functionality, structural integrity, and
conformance to established industrial standards and practices. It is the
commitment of company to meet these objectives in a manner, which provides
consistency of product quality, optimum availability and superior customer
service, while maintaining efficiency of operations and profitability necessary
to perpetuate product improvement and customer satisfaction.
Industry Summary
Safe, uninterrupted
and effective transportation of water and other fluids for home or industrial
consumption has been one of the most challenging part of man made
infrastructure. Every fluid including water has different characteristics,
chemicals properties, impact on human life and other matters in which it comes
in contact with. The piping and plumbing industry thus aims at providing
solutions to retain the purity levels of water from the point of its origin to
the point of its consumption. This
brought about the need for an alternative solution in the form of PVC pipes.
Progressing further, the industry realized that there was scope for further
improvement in the features of the existing PVC products, thereby resulting in
the Chlorinated PVC products in India.
Mr. K. Raghunath Shenoy , aged 63 years, is an M. Sc from Mumbai
University. He possesses experience of 37 years in the banking sector. He was
the Chairman and CEO of Lakshmi Vilas Bank Limited, Karur, Tamilnadu till 2002.
He has also served in various positions and retired as an Executive Director of
Corporation Bank Limited in 1992. He has also served in various capacities in
the RBI and retired in the year 1973. presently he director of an NGO in
Bangalore and member of the Executive Committee of Bhartiya Vidya Bhavan.
Mr. Sandeep P. Engineer, aged 45 years, is a Chemicals Engineer by
qualification. He started his career as Project Engineer in Cadila Laboratories
Limited. After gaining as experience for around a year, he decided to promote
Shree Chemicals, a proprietorship concern , in the year 19886, which was
operational for about 10 years. Inspire by the success achieved in this
venture, he diversified into the business of plastic pipe industry by
collaborating with Specialty Process LLC, for further growth and development fo
the company, for introduction of CPVC in the Indian markets, thereby revolutionizing
the Indian Plastic-pipe industry by replacing the conventional metallic system
with polymer products. Under his guidance, the company has witnessed a steady
growth over the year. Presently, he is the member of Executive Committee of the
Indian Plumbing Association, and Chairman of the Gujarat Chapter of the
association, and also a member of the World Plumbing Council.
Mrs. Jagruti S. Engineer, aged 41 years, is a Bachelor of Arts in
English by Qualification. She started her career as a partner in Jagruti
Pharmaceuticals till the year 1992. She has been actively involved in the
day-to-day affairs of the company since
its inception. She is responsible for the daily administrative activities of
their company. She also possesses experience in activities related to Human
Resource Management.
FIXED ASSETS
- Land and Land developers
- Road
- Building
- Plant and Machinery
- Moulds and Dyes
- Computers
- Furniture and Fixture
- Laboratory Equipments
- Vehicles
- Office Equipments
The company
produced 6264 meters of PVC Pipes and 2057 meters of S60 type of joints during
the year 1998-99.
The
company is in collaboration with Speciality Process LCC, USA.
REVALUATION OF
ASSETS
During the year
managed has revalue the assets as on 30.09.2004 from the Government Approved
Valuers to arrive more realistic realizable value and considering the
conservation principle management has given the effect of reduction in the
value of assets in the books of accounts by cadging to P and L. Account as an
Exception items and upward revision in the value of Assets is by the managed
concept the Land and Land development and the same is credited to capital
reserve account.
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1) Date and
description of instrument creating the change |
Common Deed of Hypothecation
of Movable / Assets/ Debts dated 11-07-2002 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 25.000
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 present and
future, stock of goods consisting of CPVC compound, CPVC fittings and stores
and spares etc. which now belong to and may hereafter, during the subsistence
of the Borrowings/ liability belong to the borrower and which are shall may
be brought into or stored or be in / upon the borrowers premises/.Godown at
Block No. 1253 village santej Taluka Kalol and or any other premises or
wherever else or in course of transit or delivery to the borrower. All book debts of
the company |
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Gist of the terms
and conditions and extent and operation of the charge. |
Interest at 15.5
% being 4 % over and above the Bank’s
PLR which is 11.5 % at time of sanction, rising or falling with the Bank PLR |
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Name and Address
and description of the person entitled to the charge. |
Corporation Bank Rangoli Complex, 1st
Floor, Opp. V S Hospital , Ellisbridge,
ashram Road, Ahmedabad- 390006 |
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Date and brief description of instrument
modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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1) Date and description
of instrument creating the change |
Common Deed of
Hypothecation of Movable / Assets/ Debts dated 11-07-2002 |
||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 25.000
millions |
||||||||||
|
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 present and
future, stock of goods consisting of CPVC compound, CPVC fittings and stores
and spares etc. which now belong to and may hereafter, during the subsistence
of the Borrowings/ liability belong to the borrower and which are shall may
be brought into or stored or be in / upon the borrowers premises/.Godown at
Block No. 1253 village santej Taluka Kalol and or any other premises or
wherever else or in course of transit or delivery to the borrower. All book debts of
the company |
||||||||||
|
Gist of the terms
and conditions and extent and operation of the charge. |
Interest at 15.5
% being 4 % over and above the Bank’s
PLR which is 11.5 % at time of sanction, rising or falling with the Bank PLR |
||||||||||
|
Name and Address
and description of the person entitled to the charge. |
Corporation Bank Rangoli Complex, 1st
Floor, Opp. V S Hospital , Ellisbridge,
ashram Road, Ahmedabad- 390006 |
||||||||||
|
Date and brief description of instrument
modifying the charge |
Extension of
Equitable Mortage by way of Second Charge dated 16th July, 2002 |
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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. |
Second charge on
immovable properties being land admeasuring 8086 sq. mtrs. Forming part of
Plot No. 1253, village santej Taluka Kalo, Mehsana together with building and
other structures, etc, providing as additional security. Second charge ceded
through constructive delivery of title deeds by according oral consent to
GSFC to continued to hold and retain the title deeds for itself and as agent
for corporation Bank. |
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1) Date and
description of instrument creating the change |
Common Deed of
Hypothecation of Movable / Assets/ Debts dated 11-07-2002 |
||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 25.000
millions |
||||||||||
|
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 present and
future, stock of goods consisting of CPVC compound, CPVC fittings and stores
and spares etc. which now belong to and may hereafter, during the subsistence
of the Borrowings/ liability belong to the borrower and which are shall may
be brought into or stored or be in / upon the borrowers premises/.Godown at
Block No. 1253 village santej Taluka Kalol and or any other premises or
wherever else or in course of transit or delivery to the borrower. All book debts of
the company |
||||||||||
|
Gist of the terms
and conditions and extent and operation of the charge. |
Interest at 15.5
% being 4 % over and above the Bank’s
PLR which is 11.5 % at time of sanction, rising or falling with the Bank PLR |
||||||||||
|
Name and Address
and description of the person entitled to the charge. |
Corporation Bank Rangoli Complex, 1st
Floor, Opp. V S Hospital , Ellisbridge,
ashram Road, Ahmedabad- 390006 |
||||||||||
|
Date and brief description of instrument
modifying the charge |
Supplemental
common deed of hypothecation dated 06/08/2003 |
||||||||||
|
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. |
By this
supplemental deed of hypothecation the over all limit is increased from Rs.
25.000 millions to Rs. 53.900 millions to cover the following limits
The above facilities
are further secured by Exclusive First Charge on Movable Fixed assets to be
acquired / acquired out of the finance from corporation Bank Interest will be
charged for Cash Credit facilities @ 14 % p.a. being 2.50 % over and above
the Banks PLR which is 11.50 % as at present subject to revision from time to
time. Fr Term Loan facilities Interest will be charged @14.75 % p.a. being
2.50 % over and above CBMTLR which is 12.25 % p.a. as at present subject to
revision from time to time. Other terms and condition remain same. |
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1) Date and
description of instrument creating the change |
Common Deed of
Hypothecation of Movable / Assets/ Debts dated 11-07-2002 |
||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 25.000
millions |
||||||||||
|
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 present and future,
stock of goods consisting of CPVC compound, CPVC fittings and stores and
spares etc. which now belong to and may hereafter, during the subsistence of
the Borrowings/ liability belong to the borrower and which are shall may be
brought into or stored or be in / upon the borrowers premises/.Godown at
Block No. 1253 village santej Taluka Kalol and or any other premises or
wherever else or in course of transit or delivery to the borrower. All book debts of
the company |
||||||||||
|
Gist of the terms
and conditions and extent and operation of the charge. |
Interest at 15.5
% being 4 % over and above the Bank’s
PLR which is 11.5 % at time of sanction, rising or falling with the Bank PLR |
||||||||||
|
Name and Address
and description of the person entitled to the charge. |
Corporation Bank Rangoli Complex, 1st
Floor, Opp. V S Hospital , Ellisbridge,
ashram Road, Ahmedabad- 390006 |
||||||||||
|
Date and brief description of instrument
modifying the charge |
Supplemental
common deed of hypothecation dated 25/03/2004 |
||||||||||
|
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. |
By this
supplemental deed of hypothecation the over all limit is increased from Rs.
25.000 millions to Rs. 53.900 millions to cover the following limits
The above
facilities are further secured by Exclusive First Charge on Movable Fixed
assets to be acquired / acquired out of the finance from corporation Bank Interest will be
charged for Cash Credit facilities @ 14 % p.a. being 2.50 % over and above
the Banks PLR which is 11.50 % as at present subject to revision from time to
time. The rate of
interest shall be 13.75 % p.a. being 3.254 % over and above the bank CDBAR
which is 10.5 % p.a. as at present subject to revision from time to time. For
Term Loan facilities Interest will be charged @14.75 % p.a. being 2.50 % over
and above CBMTLR which is 12.25 % p.a. as at present subject to revision from
time to time. Other terms and condition remain same. |
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.39.35 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.57.62 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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. |
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 |
|