MIRA
INFORM REPORT
|
Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PELICAN RUBBER PRIVATE LIMITED |
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Registered Office : |
15-1-560, Siddamber Bazar, Hyderabad - 500012, 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 : |
29.09.1994 |
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Com. Reg. No.: |
01 – 18424 |
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CIN No.: [Company
Identification No.] |
U99999AP1994PLC018424 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDP00750B |
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PAN No.: [Permanent
Account No.] |
AABCP9200F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Automobile Butyl Rubber Tubes. |
RATING &
COMMENTS
|
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 654380 |
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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 : |
Mr. Kapil Agarwal, Finance Director although agreed but never parted
details so far. Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLIENED BY
|
Name : |
Mr. Kapil Agarwal |
|
Designation : |
Finance Director |
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Date : |
23.06.2008 |
LOCATIONS
|
Registered Office : |
15-1-560, Siddamber Bazar, Hyderabad - 500012, Andhra Pradesh, India |
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Tel. No.: |
91-40-24605723/ 24743182 |
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Fax No.: |
91-40-24605724 |
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E-Mail : |
accounts@avontubes.com
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Website : |
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Factory : |
Gagan Pahad Village, R R Dist, Hyderabad – 500030, Andhra Pradesh,
India |
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Tel. No.: |
91-40-24361770/ 24362232/ 24362799 |
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Fax No.: |
91-40-24362601 |
DIRECTORS
|
Name : |
Mr. Shiv Shankar Agarwal |
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Designation : |
Managing Director |
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Address : |
15-1-560, Siddamber Bazar, Hyderabad - 500012, Andhra Pradesh, India |
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Date of Birth/Age : |
03.02.1951 |
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Date of Appointment : |
29.09.1994 |
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Name : |
Mr. Shyam Sunder Agarwal |
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Designation : |
Director |
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Address : |
15-1-560, Siddamber Bazar, Hyderabad - 500012, Andhra Pradesh, India |
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Date of Birth/Age : |
17.04.1952 |
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Date of Appointment : |
29.09.1994 |
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Name : |
Mr. Anand Agarwal |
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Designation : |
Director (Marketing) |
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Address : |
15-1-560, Siddamber Bazar, Hyderabad - 500012, Andhra Pradesh, India |
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Date of Birth/Age : |
17.07.1971 |
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Date of Appointment : |
29.09.1994 |
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Name : |
Mr. Gopal Agarwal |
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Designation : |
Director (Qualityu Assurance / Purchase) |
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Address : |
15-1-560, Siddamber Bazar, Hyderabad - 500012, Andhra Pradesh, India |
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Date of Birth/Age : |
18.09.1971 |
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Date of Appointment : |
29.09.1994 |
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Name : |
Mr. Kapil Agarwal |
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Designation : |
Director (Finance and Administration) |
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Address : |
15-1-560, Siddamber Bazar, Hyderabad - 500012, Andhra Pradesh, India |
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Date of Birth/Age : |
31.07.1978 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mr. Manjith Singh Sondh |
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Designation : |
Director (Manufacturing and Marketing) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Shiv Shankar Agarwal |
433100 |
|
Mr. Shyam Sunder Agarwal |
278150 |
|
Mr. Anand Agarwal |
166400 |
|
Mr. Gopal Agarwal |
208100 |
|
Mr. Santosh Agarwal |
114500 |
|
Mr. Gyarsbhai Agarwal |
132800 |
|
Mrs. Sheetal Agarwal |
153400 |
|
Mrs. Seema Agarwal |
111100 |
|
Mrs. Ritu Agarwal |
900 |
|
Mrs. Alka Agarwal |
17600 |
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Mrs. Shilpa Agarwal |
30500 |
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Mr. Kapil Agarwal |
112900 |
|
Mr. Girish Agarwal |
54300 |
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Mr. Shivraj Sanghi |
26100 |
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Mrs. Savitri Sanghi |
13000 |
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Mr. Anil Kumar Sanghi |
23500 |
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Mrs. Sangeetra Sanghi |
12350 |
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Mr. Mukesh Sanghi |
13000 |
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Mrs. Snehlatha Sanghi |
12100 |
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Mrs. Hemalatha Kedia |
4800 |
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Mrs. Jeevanidevi Kedia |
17000 |
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Mr. Raj Kumar Agarwal |
9500 |
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Mr. Nand Kishore Kedia |
23900 |
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Mr. Shiv Kumar Kedia |
25600 |
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Mrs. Babita Kedia |
23400 |
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Mr. Sunil Kumar Kedia |
23900 |
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Mr. Vijay Kumar Kedia |
25600 |
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Mr. Venu Gopal Sharma |
5000 |
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Mr. B. Venkata Subbaiah |
5000 |
|
Mr. Girdharilal Sharma |
5000 |
|
Munnibai |
10000 |
|
Mr. Rajesh Kumar Jain |
250000 |
|
Mr. Sunil Kumar Rathi |
150000 |
|
Avon Textiles Private Limited |
319000 |
|
Ms. Swathi Agarwal |
123000 |
|
Palican Textiles Private Limited |
65500 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors. |
69.00 |
|
2. |
Other top fifty (50) shareholders (other
than listed above) |
26.00 |
|
3. |
Others |
5.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automobile Butyl Rubber Tubes. |
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|
Products : |
Tubes v Radial v Bias Butyl Tubes
for Two Wheelers v Three Wheelers v Passenger Cars v Jeeps v Light, Medium
and Heavy Trucks v Buses v Agricultural and
OTR Vehicles. Curing
Bags v
Two/Three
wheelers v
Passenger v
L.C.V v
Trucks
v Tractors |
GENERAL
INFORMATION
|
Customers : |
v Apollo Tyres
Limited v Dunlop India
Limited v JK Tyres Limited v Vikrant Tyres v State Transport
Undertaking of India v Ministry of
Defence v Government
Organisations (DGS and D) v Replacement
Market |
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|
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Bankers : |
State Bank of Hyderabad Mahaboobgunj Branch, Landmark Centre, Siddiamber Bazar, Hydrabad – 500012, Andhra Pradesh, India |
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
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|
Name : |
C Narayan Chartered Accountants |
|
Address : |
No. 13, 2nd Floor, Land Mark Centre, 15-2-417/F, Siddamber
Bazar, Hyderabad - 500012, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,000,000 |
Equity shares |
Rs. 10/- each |
Rs. 40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,300,400 |
Equity shares |
Rs. 10/- each |
Rs. 33.004 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
33.004 |
33.004 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
97.872 |
41.376 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
130.876 |
74.380 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
192.103 |
121.293 |
|
|
2] Unsecured Loans |
|
29.824 |
25.590 |
|
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TOTAL BORROWING |
|
221.927 |
146.883 |
|
|
DEFERRED TAX LIABILITIES |
|
20.644 |
14.751 |
|
|
|
|
|
|
|
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TOTAL |
|
373.447 |
236.014 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
146.863 |
62.780 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
82.719 |
62.258 |
|
|
Sundry Debtors |
|
117.270 |
100.217 |
|
|
Cash & Bank Balances |
|
13.092 |
13.390 |
|
|
Other Current Assets |
|
0.391 |
0.395 |
|
|
Loans & Advances |
|
40.042 |
33.775 |
|
Total
Current Assets |
|
253.514 |
210.035 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
27.319 |
37.111 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
27.319 |
37.111 |
|
|
Net Current Assets |
|
226.195 |
172.924 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.389 |
0.310 |
|
|
|
|
|
|
|
|
TOTAL |
|
373.447 |
236.014 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
557.283 |
|
|
Total Income |
|
|
557.283 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
20.924 |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
20.924 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Other Expenditure |
|
|
536.359 |
|
Total Expenditure |
|
|
536.359 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
3.75 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.75 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.75 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.16 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.21 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
9.28 |
5.66 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This form is for |
Creation of charge |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U99999AP1994PLC01842 |
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Name of the company |
PELICAN RUBBER PRIVATE LIMITED |
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Address |
15-1-560, Siddamber Bazar, Hyderabad - 500012, Andhra Pradesh, India |
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Type of Charges |
v Others |
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Whether consortium finance is involved |
Name : State Bank of Hyderabad Address: Mahaboob Gunj Branch, 1st Floor, Land Mark Centre, Siddiamber Bazar City: Hyderabad State : Andhra Pradesh ISO country code: IN Pin code: 500012 e-mail
ID: accounts@avontubes.com |
|
Nature or description of the instrument creating or modifying the charge |
Agreement for corporate Guarantee of Rs. 2.900 millions to State Bank of Hyderabad, Mahaboob Gunj for the Bank Guarantee limit to M/s. Jyothi Pearls and Jewellers. |
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Date of the instrument creating charge |
14.02.2008 |
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Amount Secure by the charge |
Rs. 2.900 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Not Applicable Terms of Repayment On demand Margin 25% Extent and operation of the charge Corporate Guarantee to State Bank of Hyderabad, Mahaboob Gunj for the Bank Guarantee limit of Rs. 2.900 millions. Others As per agreement letter attached. |
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Short particulars of the Property charged |
Corporate Guarantee to State Bank of Hyderabad, Mahaboob Gunj Branch for the Bank Guarantee limit of Rs. 2.900 millions for Jyothi Pearls and Jewellers. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
Form 8
|
Name of the company |
PELICAN RUBBER PRIVATE LIMITED |
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Presented By |
Mr. Shiv Shankar Agarwal |
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1) Date and description of instrument creating the change |
Articles of agreement dated 13.12.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. In millions 1. CC – (Hypothecation) Rs. 16.000 millions (sub limit PCL Rs. 6.000 millions) 2. IUBD/ DP Rs. 23.000 millions Comp. Bills (Book debts Rs. 10.000 millions) 3. FBP/ Dubd – Rs. 6.000 millions 4. LC – Rs. 10.000 millions 5. BG – Rs. 10.000 millions 6. MTL 1 – Rs. 10.800 millions 7. MTL2 - Rs. 3.000 millions 8. MTL 3 – Rs. 6.200 millions Total – Rs. 85.000
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 |
1. Equitable mortgage of factory land and building at S No. 240, Peddammagadda – Gaganpahad Village and 1st charge on all assets charged on WC limits. 1st charge on current assets. 2. Equitable mortgage of industrial land admeasuring 3832.26 Sq. yards forming part of S Nos. 241, 242, 243 and 244 located in the premises of Pelican Rubber Privcate Limited situated at Gaganpahad, Rajendra Nagar Mandal, R R Dist. Belongs to in the name of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Sanction of standby line of credit limit as per sanction letter dated 18.05.2005 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Hyderabad, Mahaboob Gunj Branch, Hyderabad – 500012, Andhra Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
1. Supplemental agreement of hypothecation of goods, assets for increase in over all limit dated 18.05.2005 2. Letter regarding grant of individual limits dated 18.05.2005 3. Sanction Letter dated 18.05.2005 |
||||||||||||||||||||||||||||||||||||||||
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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. |
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As Per Website Details
History
At Pelican, every
dawn brings forth new dreams, new ideas. They then seek to implement these
dreams and ideas with perfection. Pelican sprang to life in 1995 and the commercial
production of butyl tubes began the very next year. Since then there has been
no looking back as Pelican strove to achieve dazzling new heights, fulfilling
many dreams and carving a niche for itself in the world market.
The impressive
technical resources and financial stability makes us extremely viable as
strategic business partners for years. Being a quality conscious high
performer, Pelican has responded positively to all new challenges and has been realizing
client needs regardless of market locations throughout the world.
Infrastructural
Facilities :
Located just 5 KM away from Shamshabad International Air Port(RGIA) after 32,368 Sq Mtrs, ADD: 9000 Sq Mtrs of built up area. Located 12 km. from the bustling city of Hyderabad. Andhra Pradesh, India the facilities are spread over a sprawling area of 32,368 Square Meters. Pelican has a high quality working space of 45,000 square feet, with an additional area of 44,000 square feet for its future usage.
Technical Strengths :
At Pelican they have experienced Rubber Technologists and highly skilled personnel. They continuosly endorse the adoption of advanced techniques to enhance critical product quality and have implemented micro control measures in Safe Tube Technology. They have incorporated an all component dual check system for uniform and consistent end product with minimal wastage thus increasing efficiency and end user satisfaction levels.
Commercial Strength :
Pelican is well supported by a network of Nationalized banks and Financial Institutions and they are capable of executing large orders in specified schedules.
Team
At Pelican Rubber they believe that the
sum of parts is greater than the whole, which is why the work force at Pelican
is considered to be more than the people. They treat the workforce as an asset
of the inspiration and that stems into the philosophy. Here the best brains
work together to create better products. The successful use of flat management
techniques aids in further improving these products there by ensuring that the
workforce mills the best of class leaving no room for complaints.
Chairman
and Managing Director
Mr. Shiv Shankar Agarwal
A man with lot of
dynamism. He believes in innovation & moves ahead with the times. According
to him innovation is an important measure of success, it is the only way to
stay ahead in a competitive environment. He delegates key responsibilities to
his colleagues He also informs about the cut-throat competition existing in the
market. This enables them achieve the set goals and necessary targets.
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 :
The 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.
The 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. 42.79 |
|
UK Pound |
1 |
Rs. 85.04 |
|
Euro |
1 |
Rs. 67.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|