MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
AKASH CERAMICS PRIVATE LIMITED |
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Registered Office : |
7, Yogi Complex, 3rd Floor, Opposite Drive in Cinema, Drive
in Road, Ahmedabad – 380 054, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.10.1995 |
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Com. Reg. No.: |
04-027954 |
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CIN No.: [Company
Identification No.] |
U26933GJ1995PTC027954 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA00272G |
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PAN No.: [Permanent
Account No.] |
AABCA3074A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Vitrified, Floor and Wall Tiles. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated
losses. However no complaints have been heard. The company can be considered for small to mediocre business dealings. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Paresh Akhani |
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Designation : |
Director |
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Date : |
09.12.2008 |
LOCATIONS
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Registered Office : |
7, Yogi Complex, 3rd Floor, Opposite Drive in Cinema, Drive
in Road, Ahmedabad – 380 054,
Gujarat, India |
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Tel. No.: |
91-79-26857400/
26857500 |
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Fax No.: |
91-79-26857600 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Village: Rajpura, Gandhinagar - Mansa Highway, Taluka: Mansa, Dist:
Gandhinagar - 382 845, Gujarat, India |
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Tel. No.: |
91-2763-272170/ 273170 |
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Fax No.: |
91-2763-272200 |
DIRECTORS
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Name : |
Mr. Ghanshyam Thakkar |
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Designation : |
Director |
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Address : |
15-A, New Jayambe Co-operative Society Limited, Zanzar Bunglow, Bodekdev,
Ahmedabad – 380 052, Gujarat, India |
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Date of Birth/Age : |
29.09.1961 |
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Date of Appointment : |
04.12.1995 |
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DIN or Income-tax PAN : |
00140038 |
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Date of Ceasing : |
10.03.2007 |
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Name : |
Mr. Digant Akhani |
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Designation : |
Director |
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Address : |
41, Uganda Park Society, Opposite Sarthi Row Houses, Memnagar,
Ghatlodia, Ahmedabad – 380 052, Gujarat, India |
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Date of Birth/Age : |
17.02.1972 |
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Date of Appointment : |
17.10.2005 |
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DIN or Income-tax PAN : |
00725764 |
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Name : |
Mr. Ratilal Akhani |
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Designation : |
Director |
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Address : |
41, Uganda Park Society, Opposite Sarthi Row Houses, Memnagar,
Ghatlodia, Ahmedabad – 380 052, Gujarat, India |
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Date of Birth/Age : |
11.11.1936 |
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Date of Appointment : |
07.12.1995 |
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DIN or Income-tax PAN : |
00718914 |
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Name : |
Mr. Paresh Akhani |
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Designation : |
Director |
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Address : |
8, Saumil Society, Opposite Gurukul, Drive in Road, Memnagar,
Ahmedabad – 380 052, Gujarat, India |
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Date of Birth/Age : |
31.10.1967 |
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Date of Appointment : |
18.07.1998 |
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DIN or Income-tax PAN : |
00131317 |
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Name : |
Dr. Amritlal Patel |
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Designation : |
Director |
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Address : |
At and Post Vijapur, District : Mehsana, Gujarat, India |
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Date of Appointment : |
21.10.1995 |
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Name : |
Mr. Rajesh Akhani |
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Designation : |
Director |
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Address : |
8, Saumil Society, Opposite Gurukul, Drive in Road, Memnagar,
Ahmedabad – 380 052, Gujarat, India |
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Date of Appointment : |
01.09.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Amritlal Patel |
13800 |
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Ramjibhai Ukabhai |
55300 |
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Ratilal Akhani |
489041 |
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Vijyaben Akhani |
211500 |
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Vipul Akhani |
199000 |
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Rajesh Akhani |
412500 |
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Paresh Akhani |
431500 |
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Natvarlal Akhani |
293800 |
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Digant Akhani |
270450 |
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Jayashree Akhani |
203500 |
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Pushpaben Akhani |
251000 |
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Darshana Akhani |
210007 |
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Harsha Akhani |
197300 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
95.00 |
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Other
top fifty shareholders |
|
5.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Vitrified, Floor and Wall Tiles. |
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Brand Names : |
DAKSHINA MURTI |
PRODUCTION STATUS As on 31.03.2007
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Glazed Ceramic Tiles |
MTA |
NA |
60500 |
-- |
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Glazed and Vitrified Tiles |
MTA |
-- |
-- |
60497 |
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GENERAL
INFORMATION
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Customers : |
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Bankers : |
State Bank of India, Industrial Finance Branch, Marble Arch, Vadodara
– 390 007, Gujarat, India |
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Facilities : |
Secured Loans :
Notes: The term loans (limit Rs.144.200 millions) are secured by equitable mortgage of land and buildings and by hypothecation of machinery and movables. Term loans repayable in the year 2007-08 Rs.24.024 millions. The working capital facility (Cash Credit limit Rs.100.000 millions) is secured by stock in trade and book debts. The vehicle finance is obtained on hire purchase from Banks. Unsecured Loans :
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Ramesh Desai and Associates Chartered Accountants |
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Address : |
305, Silver Cross, B/H Petrol Pump, Shivaranjni Char Rasta, Satellite Road,
Ahmedabad – 380 015, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3997000 |
Equity Shares |
Rs.10/- each |
Rs.39.970
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 |
39.970 |
39.970 |
19.970 |
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2] Share Application Money |
0.000 |
0.000 |
5.385 |
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3] Reserves & Surplus |
1.000 |
9.296 |
4.700 |
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4] (Accumulated Losses) |
(0.776) |
0.000 |
0.000 |
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NETWORTH |
40.194 |
49.266 |
30.055 |
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LOAN FUNDS |
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1] Secured Loans |
200.173 |
140.883 |
18.136 |
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2] Unsecured Loans |
83.432 |
59.414 |
52.582 |
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TOTAL BORROWING |
283.605 |
200.297 |
70.718 |
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DEFERRED TAX LIABILITIES |
0.338 |
4.280 |
1.936 |
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TOTAL |
324.137 |
253.843 |
102.709 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
208.666 |
217.859 |
58.818 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
235.330
|
130.011 |
68.605 |
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INVESTMENT |
0.063 |
0.063 |
0.576 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
444.059 |
347.933 |
127.999 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
128.058
|
48.583 |
22.643 |
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Sundry Debtors |
73.753
|
40.632 |
36.117 |
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Cash & Bank Balances |
12.538
|
15.128 |
6.810 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.981
|
25.668 |
3.035 |
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Total
Current Assets |
235.330
|
130.011 |
68.605 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
119.617
|
93.409 |
25.033 |
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Provisions |
0.339
|
0.729 |
0.320 |
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Total
Current Liabilities |
119.956
|
94.138 |
25.353 |
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Net Current Assets |
115.374
|
35.873 |
43.252 |
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MISCELLANEOUS EXPENSES |
0.034 |
0.048 |
0.063 |
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TOTAL |
324.137 |
253.843 |
102.709 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
416.435 |
200.981 |
118.742 |
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Other Income |
5.184 |
5.208 |
5.379 |
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Total Income |
421.619 |
206.189 |
124.121 |
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Profit/(Loss) Before Tax |
(12.825) |
7.090 |
4.132 |
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Provision for Taxation |
(3.753) |
2.495 |
1.414 |
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Profit/(Loss) After Tax |
(9.072) |
4.595 |
2.718 |
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Imports : |
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Raw Materials |
185.061 |
69.618 |
NA |
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Stores & Spares |
34.106 |
20.069 |
NA |
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Total Imports |
219.167 |
89.687 |
NA |
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Expenditures : |
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Raw Material Consumed |
185.061 |
69.619 |
50.787 |
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Purchases made for re-sale |
0.200 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
34.107 |
20.069 |
7.777 |
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Operating and Other Expenditure |
212.755 |
80.326 |
51.160 |
|
|
Increase/(Decrease) in Finished Goods |
(56.004) |
1.678 |
(8.849) |
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Interest |
25.182 |
12.292 |
7.791 |
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Depreciation & Amortization |
33.143 |
15.115 |
11.323 |
|
Total Expenditure |
434.444 |
199.099 |
119.989 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(2.15)
|
2.23 |
2.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
(3.08)
|
3.53 |
3.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.89)
|
2.04 |
3.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.32)
|
0.14 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
10.04
|
5.98 |
3.20 |
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Current Ratio (Current Asset/Current Liability) |
|
1.96
|
1.38 |
2.71 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90112992 |
|
Corporate
identity number of the company |
U26933GJ1995PTC027954 |
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Name of the
company |
AKASH CERAMICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
7, Yogi Complex, 3rd Floor, Opposite Drive in Cinema, Drive
in Road, Ahmedabad – 380 054,
Gujarat, India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch, Marble Arch, Race
Course Circle, Vadodara – 390 007, Gujarat, India E-Mail: sbiifb@iqara.net |
|
Nature of
description of the instrument creating or modifying the charge |
Form C.2A –
Supplemental Agreement of Hypothecation of Goods and Assets for increase in
the overall limit. |
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Date of
instrument Creating the charge |
19.09.2006 |
|
Amount secured by
the charge |
Rs.259.200
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
CC Hypothecation – 1% below SBAR effective 10% p.a. with monthly rest. TL – I
to III 1.50% below SBAR effective 9.75% p.a. with monthly rest. Terms of
Repayment: Cash Credit on demand Repayment of term
loans: TL – I in 19 or applicable equal monthly installments of Rs.0.300
million each TL – II 55 or applicable equal monthly installments of Rs.0.335
million each with last installments of Rs.0.410 million. TL – III in 72 equal
monthly installment of Rs.1.667 millions from October, 2006. Margin: Raw
Materials – 25%; Stock in process 25%; Finished goods 25%, Book Debts (cover
period) 50% Extent and
Operation of the charge: Hypothecation of all kinds of Stocks viz. RM, Semi
Finished and Finished Goods Stores and Spares and Book Debts and receivables
and to be purchased and to be installed at Village Rajpura, Tal: Mansa,
District : Gandhinagar. |
|
Short particulars
of the property charged |
Hypothecation of
all kinds of Stocks viz. RM, Semi Finished and Finished Goods Stores and
Spares and Book Debts and receivables and to be purchased and to be installed
at Village Rajpura, Tal: Mansa, District : Gandhinagar. |
FIXED ASSETS:
- Land Freehold
- Buildings
- Furniture and Fixtures
- Office Equipments
- Vehicles
- Product Certification
- Software
WEBSITE DETAILS:
PROFILE:
With the forward thinking, positive and creative approach, "dakshinamurti
floor tiles" complimented to demand over existing product ranges,
it became more forceful enigma with all trade partners and valued customers ?
who always wanted better and newer concepts, and always trusted the commitment
for quality, they moved on, and
vision expanded to current realities.
In this endless pursuit to meet customers expectations, "dakshinamurti vitrified tiles"
was born in 2006, within just 10 years, with latest world class technology,
backed by experienced technocrats and professional from various streams, from
production to marketing functions, to enhance the true life style of today’s
ever demanding customers, such is the vision of growth and endless pursuit to
grow ? they pride in this process to grow.
Amongst the architects, interior designers, and
trade-partners, alike the many esteemed customers spread all across the nation,
"dakshinamurti brand"
has now become a preferred choice, with its consistent quality, colors choice,
mind-blowing finishes, and many ranges - suiting each creative mind and
imaginations.
The objective
Total customer satisfaction" by offering innovative, qualitative
and true value for money products.
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.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|