MIRA
INFORM REPORT
|
Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TIRUPATI FUELS PRIVATE LIMITED |
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Registered Office : |
11-9-13, Flat No.3, Prince Apartments, Daspalla Hills, Visakhapatnam
530003, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.06.2003 |
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Com. Reg. No.: |
041127 |
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CIN No.: [Company
Identification No.] |
U10102AP2003PTC041127 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
VPNT00462A |
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PAN No.: [Permanent
Account No.] |
AABCT8836F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Hard Coke |
RATING &
COMMENTS
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MIRAs 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 728152 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Directors are reported as experienced, respectable and having
satisfactory means of their own. Their own means are good. Payments are
correct and as per commitments The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
11-9-13, Flat No.3, Prince Apartments, Daspalla Hills, Visakhapatnam
530003, Andhra Pradesh, India |
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E-Mail : |
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Corporate Office : |
12, Ho Chi-Minh Sarani, Flat No.2B, 2nd Floor, Kolkata
700071, West Bengal, India |
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Plant : |
Edulapaka Bonangi Village Parwada Mandal, District Vishakapatnam |
DIRECTORS
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Name : |
Mr. Ashok Kumar Sharma |
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Designation : |
Director |
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Address : |
D No.11-9-13, Flat No.3, Prince Apartments, Daspalla Hills,
Visakhapatnam 530003, Andhra Pradesh, India |
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Date of Birth/Age : |
17.01.1966 |
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Date of Appointment : |
25.07.2006 |
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Name : |
Mr. Pawan Mittal |
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Designation : |
Director |
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Address : |
D NO. 11-9-13, Flat No.3, Prince Apartments, Daspalla Hills,
Visakhapatnam 530003, Andhra Pradesh, India |
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Date of Birth/Age : |
09.12.1966 |
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Date of Appointment : |
06.06.2003 |
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Name : |
Mr. Ramesh Sharma |
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Designation : |
Director |
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Address : |
D NO. 11-9-13, Flat No.3, Prince Apartments, Daspalla Hills,
Visakhapatnam 530003, Andhra Pradesh, India |
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Date of Appointment : |
30.12.2005 |
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Name : |
Mr. Naresh Sharma |
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Designation : |
Director |
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Address : |
D NO. 11-9-13, Flat No.3, Prince Apartments, Daspalla Hills,
Visakhapatnam 530003, Andhra Pradesh, India |
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Date of Appointment : |
05.01.2006 |
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Name : |
Mrs. Deepika Sharma |
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Designation : |
Director |
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Address : |
Flat 7A, 7th Floor, Shree Ram Garden, 15 Belvedre Road,
Kolkata 700027, West Bengal, India |
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Date of Birth/Age : |
01.05.1959 |
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Date of Appointment : |
25.07.2006 |
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Other Directorship Companies : |
Balaji Coke Industry Private Limited U23109WB1991PTC051437 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Ashok Sharma |
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500 |
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Mr. Pawan Mittal |
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9500 |
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Total |
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10000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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99.86 |
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Other top fifty (50) Shareholders (other than listed above) |
|
0.14 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Hard Coke |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
·
Allahabad Bank Kolkata Main Branch, 14 India Exchange Place, Kolkata 700001, West
Bengal, India ·
State Bank of India Overseas Branch,
9-1-57, GNT Road, Vishakhapatanam 530013, Andhra Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Murth Associates Chartered Accountant |
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Address : |
102, Lakshmi Apartment, Facorlay Out, Walter Uplands, Visakhapatnam
530003, Andhra Pradesh, India |
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Associates/Subsidiaries
: |
Balaji Coke Industry Private Limited U23109WB1991PTC051437 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 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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1] Share Capital |
70.000 |
0.100 |
0.100 |
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2] Share Application Money |
101.500 |
149.910 |
85.910 |
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3] Reserves & Surplus |
10.538 |
17.670 |
11.385 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
182.038 |
167.680 |
97.395 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
33.349 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
33.349 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
182.038 |
167.680 |
130.744 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
128.244 |
132.891 |
111.764 |
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Capital work-in-progress |
0.000 |
0.000 |
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 |
0.000
|
349.125 |
85.776 |
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Sundry Debtors |
0.000
|
43.388 |
2.291 |
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Cash & Bank Balances |
0.000
|
9.831 |
2.496 |
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Other Current Assets |
251.586
|
2.188 |
1.615 |
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Loans & Advances |
1.148
|
2.161 |
2.640 |
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Total
Current Assets |
252.734
|
406.693 |
94.818 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
199.302
|
372.318 |
76.304 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
199.302
|
372.318 |
76.304 |
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Net Current Assets |
53.432
|
34.375 |
18.514 |
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MISCELLANEOUS EXPENSES |
0.362 |
0.414 |
0.466 |
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TOTAL |
182.038 |
167.680 |
130.744 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
584.736 |
359.585 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
584.736 |
359.585 |
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Profit/(Loss) Before Tax |
|
6.754 |
10.335 |
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Provision for Taxation |
|
13.886 |
4.050 |
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Profit/(Loss) After Tax |
|
(7.132) |
6.285 |
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Total Expenditure |
|
577.982 |
349.250 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
(1.22)
|
1.75
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NA
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Net Profit Margin (PBT/Sales) |
(%) |
1.15
|
2.88
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NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.77
|
1.91
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NA
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
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0.06
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NA
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Debt Equity Ratio (Total Liability/Networth) |
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1.09
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2.22 |
1.12 |
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Current Ratio (Current Asset/Current Liability) |
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1.27
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1.09 |
1.24 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U10102AP2003PTC041127 |
|
Name of the
Company |
TIRUPATI FUELS PRIVATE LIMITED |
|
Address |
11-9-13, Flat No.3, Prince Apartments, Daspalla Hills, Visakhapatnam
530003, Andhra Pradesh, India |
|
This form is for |
Creation of Charge |
|
Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Plant and
Machinery, Stock and Other Current Assets |
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Particulars of the
charge holder |
Allahabad Bank Kolkata Main Branch, 14 India Exchange Place, Kolkata 700001, West
Bengal, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
General Letter of
Hypothecation Letter of
Mortgage Confirming Deposit of title deeds |
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Date of the
instrument creating or modifying the charge |
29.03.2007 |
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Amount secured by
the charge |
Rs.300.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests and
other charges will be paid as per terms and conditions of sanction letter of
bank, However the same is subject to change from time to time. Terms of
Repayment: The Working capital
shall be repayable on demand. Margin: The borrower
shall maintain appropriate margin as stipulated in the sanction terms. Extent and
operation of the charge: The charge assets
property be kept at the company risk and expenses in good condition and fully
insured against loss or damage be fire, lighting or explosion or theft and
also against loss or damage by riot and civil commodities etc. as may be
required by the Bank in the joint names of the bank and the company Others: The security
created under said hypothecation shall operate as continuance security. The company
hereby declares that all the charged property now existing are absolute
property of and at the sole disposal of the company and free from any prior
charge or encumbrance and undertakes that all future property shall like wise
be the unencumbered and absolute property of the company. Other terms and
conditions are as per above referred hypothecation agreement and sanction
letter. |
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Short particulars
of the property charged (including location of the property) |
The company
hereby hypothecation and charge by way of 1st charge on pari passu
basis. All stock of RM,
WIP and finished products both present and future such as coke, LAM Coke etc,
and other current assets including movable plant and machinery situated at
borrower premises or any where else All the present
and future book debts EMTD over and
land admeasuring 6.02 Acres situated at
Edulapaka Bonangi Village Parwada Mandal, District Vishakapatnam |
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Particular of the
present modification |
NA |
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Name of the company |
TIRUPATI FUELS PRIVATE LIMITED |
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Presented By |
Mr. Pawan Mittal,
Director |
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1) Date and description of instrument creating the change |
30th
August, 2004 Agreement of Loan
for overall limit Agreement of
Hypothecation of Goods and Assets Agreement of
pledge of goods and Assets Letter regarding
the grant of individual limits within the overall limit Confirmation
letter relating to memorandum of Deposit of title deeds. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.40.000
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 |
Hypothecation of
Stocks, Stores, Spares, receivables and other current assets of the company. Equitable
mortgage on land admeasuring AC 6.02 cents or 2.438 Hectors or 24361.28 sq.
mts or 29136.80 sq. yards. In Plot No.21, 30 and 31 situated in Edulapaka
Bonangi Village, Parwada Mandal, Vishakhapatnam, District bounded by: North : Plot
No.20 South : Plot No.
22/23 East : 50 wide
Road West : 150 wide R
and B Road. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Nature of
facilities: Cash Credit
(Hypothecation) Rs.13.000 Millions Letter of Credit
Rs.7.000 Millions Term Loan :
Rs.20.000 Millions Rate of
Interests: For cash credit
(Hypothecation): 2.50% above State Bank Advance Rate (SBAR) with a minimum of
12.75% p.a. with monthly rests. The present SBAR is 10.25% and subject to
charge from time to time. For Term Loan:
3.00% above State Bank Advance Rate (SBAR) with a minimum of 13.25% p.a. with
monthly rests. The present SBAR is 10.25% and subject to charge from time to
time. Margin: Raw Materials
:25% Stocks in process
25% Finished Goods
25% Stores and spares
25% Book Debts/
Receivables 25% Letter of Credit
25% Repayment: For working
capital facility: Repayment on demand For term loan
facility: 24 Quarterly installments i.e. 23 Installment of Rs.0.834 Million
each and the 24 the installments of Rs.0.818 Million |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Overseas Branch,
9-1-57, GNT Road, Vishakhapatanam 530013, Andhra Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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 Intl
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 companys 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.39.96 |
|
UK Pound |
1 |
Rs.78.66 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
This score serves as a reference to assess SCs 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 |
|