MIRA
INFORM REPORT
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Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PHOENIX ALUMINIUM PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Unit No.19, F– II, Block Plot No. 51, MIDC, Pimpri, Pune , Maharashtra
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.08.1972 |
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Com. Reg. No.: |
11-15962 |
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CIN No.: [Company
Identification No.] |
U27203MH1972PTC015962 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP00572F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of all kinds of Aluminium Products. |
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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established small company having satisfactory track.
Trade relations are fair. Payments are slow but correct. However, the company
can be considered normal for business dealings at usual trade terms and
conditions. |
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LOCATIONS
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Registered Office / Factory : |
Unit No.19, F – II, Block Plot No. 51, MIDC, Pimpri, Pune – 411 008,
Maharashtra , India |
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Tel. No.: |
91-20-27472528 |
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Fax No.: |
91-20-27475618 / 2775618 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sanjay Mehta |
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Designation : |
Director |
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Address : |
Flat No. 25, Sarla Roses , A Wing, Someshwar Wadi, Baner Road, Aundh,
Pune – 411 008, Maharashtra, India |
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Date of Birth/Age : |
02.03.1970 |
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Date of Appointment : |
08.02.2007 |
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Name : |
Mr. Sanjay Ganage |
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Designation : |
Director |
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Address : |
Flat No. 25, Sarla Roases , A Wing, Someshwar Wadi, Baner Road, Aundh,
Pune – 411 008, Maharashtra, India |
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Date of Birth/Age : |
09.06.1970 |
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Date of Appointment : |
08.02.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Mr. Doulatram Jamnadas Sadarangani |
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100 |
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Mr. Kamal Daoulatram Sadarangani |
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50 |
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Mr. Vasdev Daoulatram Sadarangani |
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602 |
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Mrs. Vandana Vasdev Sardarangani |
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385 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all kinds of Aluminium Products. |
GENERAL
INFORMATION
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No. of Employees : |
15 |
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Bankers : |
· Indian Overseas Bank Chinchwad Branch No. 5 And 6 Vishal Arcade Station Road,
Chinchwad, Pune – 411 033, Maharashtra, India · Bank of Baroda Address: 2 Moledina Road, Pune – 411 0101,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P H Shaha and Company Chartered Accountants |
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Address : |
768, Sadashiv Peth, Phadtare Chowk, Near Sweet Home, Pune – 411 030,
Maharashtra, India |
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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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2000 |
Equity Shares |
Rs. 500/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1137 |
Equity Shares |
Rs. 500/-
each |
Rs. 0.569
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.569 |
0.569 |
0.569 |
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2] Share Application Money |
0.000 |
0.000 |
0.065 |
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3] Reserves & Surplus |
1.204 |
0.707 |
0.601 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.773 |
1.276 |
1.235 |
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LOAN FUNDS |
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1] Secured Loans |
4.423 |
4.320 |
3.555 |
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2] Unsecured Loans |
2.045 |
0.450 |
0.000 |
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TOTAL BORROWING |
6.468 |
4.770 |
3.555 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.241 |
6.046 |
4.790 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.649 |
1.007 |
1.109 |
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Capital work-in-progress |
0.000 |
0.000 |
2.922 |
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INVESTMENT |
0.103 |
0.103 |
0.103 |
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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 |
5.145
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3.810 |
0.000 |
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Sundry Debtors |
6.321
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2.274 |
2.226 |
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Cash & Bank Balances |
0.080
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0.359 |
0.342 |
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Other Current Assets |
0.064
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0.058 |
0.691 |
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Loans & Advances |
0.083
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1.270 |
0.398 |
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Total
Current Assets |
11.693
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7.771 |
3.657 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
4.945
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2.690 |
2.922 |
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Provisions |
0.259
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0.145 |
0.079 |
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Total
Current Liabilities |
5.204
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2.835 |
3.001 |
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Net Current Assets |
6.489
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4.936 |
0.656 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.241 |
6.046 |
4.790 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover
(Estimated) |
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7.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.58
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5.96 |
5.31 |
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Current Ratio (Current Asset/Current Liability) |
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2.25
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2.74 |
1.21 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
PHOENIX ALUMINIUM PRODUCTS PRIVATE LIMITED |
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Presented By |
Bank of Baroda,
Camp Branch, Pune |
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1) Date and
description of instrument creating the change |
Hypothecation of
goods agreement dated 27.08.1990 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 0.750
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 |
Hypothecation of
all stocks of raw materials, WIP, finished goods; component spares etc. lying
at factory at Pune and both present and future book debts. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Cash credit limit – Rate of Interest
20.75% p.a Margin Money - 25% |
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5) Name and
Address and description of the person entitled to the charge. |
Bank of Baroda Camp Branch, Pune – 411 001, Maharashtra,
India |
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6) Date and brief description of instrument
modifying the charge |
Supplemental
composite hypothecation agreement dated 29.04.2004 |
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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. |
1st
modification on 10.11.1994 for Rs. 2.300 millions 2nd
modification on 05.03.2001, cash credit limit increased from Rs. 2.300
millions to Rs. 2.700 millions. Rate of Interest 16% p.a 3rd
modification on 28.06.2001 by creation of additional charge on property
situated at plot No. W -19, Block – F –II, MIDC, Pimpri, PCMC limit , Pune –
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modification cash credit limit increased to Rs. 3.568 millions by creation of
additional limit of Rs. 0.868 millions. |
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Corporation identity number or foreign company registrations number of
the company |
U27203MH1972PTC015962 |
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Name of the company |
PHOENIX ALUMINIUM PRODUCTS PRIVATE LIMITED |
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Address |
Unit 19, F-II, Block Plot No. 51, MIDC, Pimpri, Pune – 411
018, Maharashtra, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
· Immovable Property · Book Debts · Floating Charge · Others |
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Particular of the charge holder
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Indian Overseas Bank Chinchwad Branch Address: No. 5 and 6 , Vishal Arcade
Station Road, Chinchwad, Pune – 411 033, Maharashtra, India |
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Nature or description of the instrument creating charge |
Hypothecation agreement and the term loan
agreement both executed on 6th December 2007 for creating single
charge against the entire assets of the borrower company |
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Date of the instrument creating charge |
06.12.2007 |
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Amount Secure by the charge |
Rs. 25.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : For DCC : The rate of Interest BPLR +1.25%presently 14.50% For Term Loan : The rate of Interest BPLR +1.50 % presently 14.75% Term of repayment: Term Loan To be rep[ay in 60 monthly installments starting from April
2008 to march 2013 @ Rs. 0.250 millions on 10th of every month DCC : On Demand operational Period 12 months subject to renewal of the
limits at the discretion of the bank Margin For DCC 25% Extent and operation of the
charge: The charge on the entire assets of the company including, work in progress
and finished goods, book debts (60 days) and the fixed assets building and
machinery and the personal guarantee of the Director of the company. Others: Prepayment charges of 1% applicable upfront fee 1% applicable on Term
Loan and processing charges of Rs. 0.020 million on OCC will be levied. |
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Particulars of the Property charged
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Entire stock laying at the works of the company present and new
machinery to be purchased from the loan amount at Plot No. W -19, F -11,
Block MIDC Pimpri |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.94 |
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UK Pound |
1 |
Rs.78.81 |
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Euro |
1 |
Rs.63.05 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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