MIRA
INFORM REPORT
|
Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PADMAVATI IMPEX PRIVATE LIMITED |
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Registered Office : |
Plot No.781, GIDC, Phase – II, Dared Bypaes, Jamnagar – 361 004, Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.01.1997 |
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Com. Reg. No.: |
04 - 31564 |
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CIN No.: [Company
Identification No.] |
U51490GJ1997PTC031564 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Ferrous and Non Ferrous Equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 22118 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Hiren Lodaya |
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Designation : |
Manager |
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Contact No.: |
91-9879460120 |
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Date : |
09.12.2008 |
LOCATIONS
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Registered Office/Factory : |
Plot No.781, GIDC, Phase – II nr Dared, Jamnagar – 361 005, Gujarat, India. |
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Tel. No.: |
91-288-2730185 |
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Mobile No.: |
91-9879460120 (Mr. Hiren Lodaya) |
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Fax No.: |
91-288-2553635 |
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E-Mail : |
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Website : |
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Area : |
55000 Sq.ft. |
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Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Rajiv Mansukhlal kanani |
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Designation : |
Director |
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Address : |
13/406, Shree mangal Apartment, Sector – 17, Vashi, New Mumbai – 400
703, Maharashtra, India. |
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Date of Birth/Age : |
15.06.1970 |
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Date of Appointment : |
17.03.2003 |
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Din No: |
00786466 |
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Name : |
Mr. Vaikunthbhai Gangjibhai Kataria |
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Designation : |
Director |
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Address : |
Ashish, 58 – Digvijay Plot, Opp.Water Tank, Jamnagar – 361 005,
Gujarat, India. |
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Date of Birth/Age : |
01.03.1954 |
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Din No : |
00953067 |
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Date of Appointment : |
15.01.1998 |
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Name : |
Mr. Rajnikant Trikamlal Vajani |
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Designation : |
Director |
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Address : |
Ganesh Fali, Ratnbai Masjid, Jmanagar – 361 001, Gujarat, India. |
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Date of Birth/Age : |
21.09.1940 |
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Din No : |
00953093 |
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Date of Appointment : |
17.03.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Hiren Lodaya |
|
Designation : |
Manager |
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Mobile No : |
91-9879460120 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON (01.08.2007)
|
Names of Shareholders |
No. of Shares |
|
Mr. Vaikunth Bhanushali |
26247 |
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Mr. Vasant Bhanushali |
2100 |
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Mr. Hemal Vasant |
14175 |
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Mr. Mital Vasant |
14172 |
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Mr. Rajikant Vajani |
28347 |
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Mr. Rakesh Gangavani |
28347 |
|
Balaji International |
00002 |
|
Atul Metal Industries |
00002 |
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Mrs. Bhavnaben Kataria |
000001 |
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Mrs. Artiben Patel |
00001 |
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Mrs. Bhavnaben Hirpara |
00001 |
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Mrs. Bhumikaben Hirpara |
00001 |
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Mr. Kundanben Hirpara |
000001 |
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Mrs. Minaben Hirpara |
00001 |
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Mrs. Diptiben Hirpara |
00001 |
|
Mrs. Shobhnaben Hirpara |
00001 |
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total |
113400 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category
(31.03.2007) |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ferrous and Non Ferrous Equipments. |
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Products : |
ITC CODE |
Product
Description |
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7403.21 |
Brass Ingots |
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7419.99 |
Brass Granules |
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7602.00 |
Aluminium Scrap |
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Exports : |
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Products : |
Ferrous and Non Ferrous |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
On Cash |
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PRODUCTION STATUS
|
Particulars |
|
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Licensed Capacity |
|
4500 |
NA |
NA |
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Installed Capacity |
|
NA |
4500 |
NA |
|
Brass Ingots |
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NA |
NA |
299.496 |
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Brass Builder Hardware |
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NA |
NA |
31.268 |
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Brass Electrical Wire Accessory |
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NA |
NA |
52.134 |
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Iron Scrap |
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NA |
NA |
99.93 |
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Rubber Scrap |
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NA |
NA |
1.26 |
|
Slag |
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NA |
NA |
78.060 |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
Around 32 |
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Bankers : |
Bank of India, Shankar Tekari Branch, Udhyog Nagar, Jamnagar – 361
004, Gujarat, India. |
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Facilities : |
Particulars |
31.03.2007 (Rs. in Millions) |
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SECURED LOAN: Cash Credit from Bank of India |
0.422 |
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Total |
0.422 |
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UNSECURED LOAN: From Shareholders and Directors Rajnikant T. Vajani Loan from other parties Balaji International Sabir S. Makati Smt. Bhavanaben M. Kataria Smt. Artiben Patel Smt. Bhavanben Hirpara Smt. Bhumikaben Hirpara Smt. Kundaben Hirpara Smt. Minuben Hirpara Smt. Diptiben Hirpara Smt. Shobhanaben Hirpara |
1.024 1.440 0.700 2.500 0.350 0.350 0.350 0.400 0.350 0.350 0.350 |
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Total |
8.164 |
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Banking Relations
: |
-- |
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Auditors : |
Oza and Thakrar |
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Chartered Accountant |
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Address : |
302, Indraprasth, Pancheshwar Tower Road, Jamnagar – 361 001, Gujarat,
India. |
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Pan No.: |
AAAF08126B |
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Associates/Subsidiaries : |
NIL |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- Each |
Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
113400 |
Equity Shares |
Rs. 10/- Each |
Rs.1.134 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
1.134 |
1.134 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
9.925 |
9.807 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
11.059 |
10.941 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.423 |
1.645 |
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2] Unsecured Loans |
|
8.164 |
7.468 |
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TOTAL BORROWING |
|
8.587 |
9.113 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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19.646 |
20.054 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.159 |
0.136 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
3.350 |
3.712 |
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Sundry Debtors |
|
13.236 |
13.466 |
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Cash & Bank Balances |
|
7.409 |
0.500 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
1.624 |
7.626 |
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Total
Current Assets |
|
25.619 |
25.304 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Current Liabilities |
|
6.132 |
5.390 |
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|
Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
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6.132 |
5.390 |
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Net Current Assets |
|
19.487 |
19.914 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.004 |
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TOTAL |
|
19.646 |
20.054 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
Sales Turnover/ Other Income |
|
|
89.174 |
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Total Income |
|
|
89.174 |
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Profit/(Loss) Before Tax |
|
|
0.510 |
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Provision for Taxation |
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|
0.158 |
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Profit/(Loss) After Tax |
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|
0.352 |
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Total Expenditure |
|
|
88.664 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.4 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.6 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.9 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.1 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
4.2 |
4.7 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.6 |
0.5 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Creation of
charge Modification of
charge |
|
Charge
identification number of the modified
|
90104341 |
|
Corporate identity
number of the company |
U51490GJ1997PTC031564 |
|
Name of the
company |
PADMAVATI IMPEX
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No.781, GIDC
Phase –II NR Dared, Jamnagar – 361 005, Gujarat, India. |
|
Type of charge |
·
Immovable
property ·
Book Debts ·
Movable
Propert (not being pledge) |
|
Particular of
charge holder |
Bank of India,
Shanker Tekari Branch, Udhyog Nagar, Jamnagar – 361 004, Gujarat, India. E-Mail: boisktdr@sancharnet.in |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement |
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Date of
instrument Creating the charge |
25.09.2007 |
|
Amount secured by
the charge |
Rs.9.000 millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
(a)Rate of
interest For Hypothecation
of Stock/FBP: Rate of Interest 11.75%p.a. margin 25% of value of stock and or
10% value of foreign bill, for Hypothecation of Book debt: Rate of interest
11.75% p.a. margin 50% of the outstanding. (b) Terms of
repayment Drawing limit
maximum upto Rs.9.000 millions and Rs. 4.000 millions will be repaid within
90 days (c) Margin For Hypothecation
of Stock / FBP: MARGIN 25%OF value of stock and or 10% value of foreign bill, For hypothecation
of Book debt: margin 50% of the outstanding. (d) Extent and
operation of the charge Rs.4.000 millions
will be repaid within 90 days as well as Rs.5.000 millions will be used for
the year. |
|
Short particulars
of the property charged |
1)
Hypothecation
of all movable assets 2)
Hypothecation
of Book Debts 3)
Land and
Building of Company situated at Plot No.781, GIDC, Phase – II Dared,
Jamnagar. |
|
Name of the company |
PADMAVATI IMPEX PRIVATE LIMITED |
|
Presented By |
Mr. Rajnikant T. Vajani |
|
1) Date and description of instrument creating the change |
Equitable
Mortgage and Agreement for hypothecation of all tangible movable machinery and
plant, stocks and book debts of the company dated 15.04.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
(Stock)/FBP – (Maximum) Rs.5.000 Millions Sublimit Overdraft (Book Debts)
– (Maximum) Rs.2.500 Millions (in aggregate the Cash Credit Limit – Rs.5.000
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 |
(1) Hypothecation
of all tangible movable assets of the company including all stocks of raw
material such as non ferrous metal scrap. Finished goods such as billets,
bars etc. Stock in process, movable machine, spare parts, furniture etc
whether stock or/in transit (2) Hypothecation
of all tangible of book debts of the company. (3) Equitable
Mortgage on Land and Building of the company – situated at Plot No.781, GIDC.
Phase – II, Dared, Jamnagar |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
For Hypothecation
of Stock/FBP: Drawing limit maximum upto charge Rs.5.000 millions. Rate of
Interest 11.75%p.a. will be charged on every monthly, Margin is 25% of the
value of stock and / or 10% value of Foreign Bill Sub Limit: For hypothecation
on Book Debt Drawing limit is of Rs.2.500 millions, Rate of interest
11.75%p.a. will be charged on every monthly. Margin is 50% of the
outstanding. In any case the
aggregated limit should not exceed Rs.5.000 millions at any time |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Shanker Tekari – SSI Branch. Jamnagar – 361 004, Gujarat, India. |
FIXED ASSETS:
·
Computer System
·
Electric Fittings
·
Furniture and Fixtures
·
Weighing Scale
·
Computer Printer
·
Machinery Account
·
Pullvalizer Maschine
·
Electric Motor
·
Refrigerator
TRADE REFERENCES:
- Vishal Impex – Jamnagar
- Akshar Exports – Jamnagar
OPERATIONS OF THE COMPANY:
The Company has started manufacturing activities
and has achieved satisfactory operational level for the fourth year of its
operations as a 100% EOU. On turnover of Rs.89.678 Millions, the company has
posted net profit of Rs.0.533 Million. The company is very much on the full
operations and the directors are very optimistic about the results of the
ensuing years.
AS PER WEBSITE:
PROFILE:
The
Company is located in "BRASS CITY" and also known
as Paris of Saurashtra is called Jamnagar.
MR. VAIKUNTHBHAI G. BHANUSHALI is founder of the company. He is
dealing with Import-Export of ferrous and non-ferrous metals and its products
for last 20 Years. They has got vary good contact with Suppliers and Buyers in
international market. They actively
managing the business of Import-Export of the company.
MR. RAJNIKANT T. VAJANI, The Managing Director of the
company. They has wide knowledge and experience in matters pertaining to
Customs and Central Excise law and Procedure. They looking after day to day
affairs of the company and they actively involved in Import, Manufacture &
Export of products. He is maintaining liaison with all government
Agencies and Trades.
MR. RAJIV KANANI, the third Director of the
company is based in Bombay and they looking after Import-Export business of
various items. They also remains in touch with suppliers and buyers in
international market.
Now, after
good demand in the world market they turn to EOU to exported goods to all
over the world. They exported to China / Indonesia / Taiwan / Singapore /
U.A.E. / London and Other Countries. Company achieved 150% Growth in just one
year.
Company has been approved as 100% Export Oriented
Unit by the Ministry of Commerce and Industry Government of India for duty free
import of raw material and export of finished products vide LOP NO. KASEZ/100%
EOU/II/167/2001-02/2688 Dt. 08/01/2001. The Company is permitted to
manufacture FERROUS and NON-FERROUS Metal Scrap, Billets, Ingots, Bars, Rods,
Profiles, Sanitary Fittings, Builders Hardware, Electrical Fitting Parts and
Components, Bolt, Nuts, Screw etc.
The
Administrative and policy work is successfully managed by Mr. R. T. VAJANI, a Managing Director
who has very vast experience of import, export and working knowledge of
Customs, Central Excise and other allied Act, Rules and Regulations.
The work
relating to procurement/import of raw material, manufacture of products and
their export is managed successfully by Mr.
VAIKUNTHBHAI BHANUSHALI, a Director who is resourceful and in the
similar business since last 30 years.
Mr. RAJIV KANANI, another Director is having office at Mumbai who
conduct market survey for procurement/import of raw material and export of
finished goods.
The Company is functioning in well equipped big industrial shed of 33000
SQ. FTS. The Company has all required machineries including two furnaces for
manufacture of products. Experienced and Trained Workers are engaged for the
manufacture under direct supervision of the management.
During the last financial year the company has imported 1200 M.T. of metal
scrap mainly of brass from England, America, and Gulf Countries. They processed
the scrap, manufactured our quality products with required standard and
specification given by buyers and exported the same to gulf countries and
china. The Product is well accepted by buyers to atmost satisfaction. They offer processed brass scrap, Ingots/Billets,
Granules, Bars/Rods/Profiles and other products like Builders Hardware ,
Sanitary Fittings, Electrical Fitting Parts and Equipments. In addition, they
are capable to manufacture any type of precession products as per drawing,
design & specification given by valued customers to their atmost
specification.
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.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
Euro |
1 |
Rs.63.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|