MIRA
INFORM REPORT
|
Report Date : |
03.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AVR
OVERSEAS PRIVATE LIMITED |
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Registered Office : |
B-8,
709, GD - ITL Tower, Netaji Subhash Place, Ring Road, Pitampura, New
Delhi-110034 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.07.2002 |
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Com. Reg. No.: |
55-116181 |
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CIN No.: [Company
Identification No.] |
U51909DL2002PTC116181 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA12872G |
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PAN No.: [Permanent
Account No.] |
AADCA7267M |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
of Chemicals and Petrochemicals |
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
50000 |
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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 correct and as per
commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
B-8,
709, GD - ITL Tower, Netaji Subhash Place, Ring Road, Pitampura, New
Delhi-110034, India |
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Tel. No.: |
91-11-27351845 |
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Fax No.: |
91-11-27354044 |
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E-Mail : |
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Factory
1 : |
B-8,
402, GDITL Tower, Netaji Subhash Place, Ring Road, Pitampura, New
Delhi-110034, India |
DIRECTORS
|
Name : |
Mr.
Ashu Jain |
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Designation : |
Director |
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Address : |
7309/1,
Prem Nagar, Delhi-110007 |
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Date of Birth/Age : |
30.01.1971 |
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Date of Appointment : |
02.07.2002 |
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Name : |
Mr.
Vipin Kumar Jain |
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Designation : |
Director |
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Address : |
1201,
Brighton Tower, Lokhandwala Complex, Andheri (West), Mumbai-400053,
Maharashtra |
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Date of Birth/Age : |
23.11.1966 |
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Date of Appointment : |
02.07.2002 |
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Name : |
Mr.
Rajendra Kumar Jain |
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Designation : |
Director |
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Address : |
27,
Vasant Vihar Complex, Dr. C.G. Road, Chennai-400074, Maharashtra |
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Date of Birth/Age : |
13.04.1945 |
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Date of Appointment : |
02.07.2002 |
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Date of Ceasing : |
01.12.2004 |
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Name : |
Mr.
Devender Kumar |
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Designation : |
Director |
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Address : |
Mandi
Sulatn Ganj, Baraut, Baghpat, Uttar Pradesh |
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Date of Birth/Age : |
30.08.1960 |
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Date of Appointment : |
01.12.2004 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr.
Ashu Jain |
102200 |
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Mr.
Vipin Kumar Jain |
65000 |
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Mr.
Rajendra Kumar Jain |
2000 |
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Mr.
Sandeep Gehlot |
10 |
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Mrs.
Shikha Priya |
10 |
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Mr.
Pradeep Jain |
33010 |
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Mrs.
Mayawati |
25010 |
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Mrs.
Shalini Jain |
12800 |
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Mrs.
Usha Jain |
174810 |
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Mrs.
Rashmi Jain |
148750 |
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Mr.
Anand Gupta |
43210 |
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Mrs.
Priyanka Jain |
234810 |
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Mr.
Mahesh Chand Jain |
234810 |
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Mr.
Raj Kumari Jain |
40000 |
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Mr.
Gulab Chand Jain HUF |
30000 |
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Mrs.
Deepa Aggarwal |
9000 |
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Mr.
Devender Kumar Aggarwal |
9000 |
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Mrs.
Uma Aggarwal |
22500 |
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Mr.
Anand Kumar Jain |
10000 |
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Mrs.
Saroj Jain |
20000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Chemicals and Petrochemicals |
GENERAL
INFORMATION
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Bankers : |
State Bank of Patiala, Commercial Branch, Chandralok Building, Janpath, New Delhi |
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Banking Relations : |
Satisfactory |
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Auditors : |
S.
Chand Jain & Company Chartered
Accountants 39/102,
Bhagwati Building, Community Centre, Wazirpur, Delhi-110052, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs.10/- each |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
10.000 |
10.000 |
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2] Share Application Money |
|
0.000 |
1.335 |
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3] Reserves & Surplus |
|
2.437 |
2.192 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.437 |
13.527 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.697 |
1.824 |
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2] Unsecured Loans |
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17.405 |
33.358 |
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TOTAL BORROWING |
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18.102 |
35.182 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.031 |
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TOTAL |
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30.539 |
48.740 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.546 |
3.309 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.063 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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12.648 |
70.045 |
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Cash & Bank Balances |
|
7.546 |
37.840 |
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Other Current Assets |
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1.900 |
4.943 |
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Loans & Advances |
|
15.568 |
7.324 |
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Total Current Assets |
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37.662 |
120.152 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.438 |
74.192 |
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Provisions |
|
0.378 |
0.645 |
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Total Current Liabilities |
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9.816 |
74.837 |
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Net Current Assets |
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27.846 |
45.315 |
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MISCELLANEOUS EXPENSES |
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0.084 |
0.116 |
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TOTAL |
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30.539 |
48.740 |
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KEY
RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net
Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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NA |
NA |
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Return
on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt
Equity Ratio (Total
Liability/Networth) |
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2.24 |
8.13 |
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Current
Ratio (Current
Asset/Current Liability) |
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3.84 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of
charges
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Name of the company |
AVG OVERSEAS PRIVATE LIMITED |
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Presented By |
Company and State Bank of Patiala |
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1) Date and description of instrument creating the change |
Hypothecation agreement for goods and assets dated 18.08.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.50.000 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 goods, consumables, spares, stores, book debts and all other movable assets of the borrower of title to the goods, outstanding, monies, receivables by way of refund of excise/ custom duties under the duty draw back credit scheme or any other scheme, bills, invoices, investments and right and the present machinery listed in the schedule hereunto and all future machinery belonging to or in the possession or under the control of the Borrower or of the Bank or of any third party whether in India or wherever else throughout the world (including all such goods, other movable assets as may be in course of shipment transit or delivery) (hereinafter referred to as “the said goods and assets”) shall stand hypothecated to the Bank by way of first charge |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to secure the following credit facilities: Credit – Rs. 10.000 millions Letter of Credit – Rs. 40.000 millions Total –Rs.50.000 millions Rate of interest @12.60% i.e. 2.10% above BPLR or as may be determined by the Bank from time to time. Margin Inventory – 25% Book Debts – 40% LC – 10% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Patiala Commercial Branch, Chandralok Building, Janpath, New Delhi |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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.44.11 |
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UK
Pound |
1 |
Rs.86.79 |
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Euro |
1 |
Rs.57.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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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 |
YES |
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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 |
|
44 |
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 |
|
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 |
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