MIRA
INFORM REPORT
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Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARVIND PIPES AND FITTINGS INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
4, Bhandari Street, 1st Kumbharwada, Mumbai – 400 004,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.11.1990 |
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Com. Reg. No.: |
11-058868 |
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CIN No.: [Company
Identification No.] |
U27200MH1990PTC058868 |
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IEC No.: |
0393039340 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA07339D MUMA11025A |
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PAN No.: [Permanent
Account No.] |
AABCA3906B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Seamless and Welded Tubes and
Stainless Steel Pipes. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 209000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track
records. General financial position satisfactory. Payments are slow but
correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jinesh Dilip Mehta |
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Designation : |
Director |
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Contact No.: |
91-9820639776/ 9322140024 |
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Date : |
11.10.2008 |
LOCATIONS
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Registered Office : |
4, Bhandari Street, 1st Kumbharwada, Mumbai – 400 004,
Maharashtra, India. |
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Tel. No.: |
91-22-66394848/ 23891702 |
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Mobile No.: |
91-9820639776/ 9322140024 |
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Fax No.: |
91-22-23866570 |
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E-Mail : |
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Website : |
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Area : |
2500 sq ft |
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Location : |
Owned |
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Branch Office/ Factory : |
10/730, Old MHB Colony, Gorai Road, Borivali (West), |
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Tel. No.: |
91-22-32971983 |
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Fax No.: |
91-22-28670373 |
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E-Mail : |
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Area : |
500 sq ft |
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Location : |
Owned |
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Factory : |
Plot No.657, G.I.D.C. Industrial Estate, Vaghodia – 391 760, District - Vadodara, Gujarat, India. |
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Area : |
25000 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mafatlal Mishrimal Mehta |
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Designation : |
Managing Director |
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Address : |
702, Nene Building, 12, Sadashiv Lane, Girgaon, Mumbai – 400 004,
Maharashtra, India. |
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Date of Birth/Age : |
08.04.1960 |
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Qualification : |
Post Graduate |
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Tel. No. : |
91-22-56394895 |
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Date of Appointment : |
07.11.1990 |
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Name : |
Mr. Jinesh Dilip Mehta |
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Designation : |
Director |
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Address : |
502, Nene Building, 12, Sadashiv Lane, Girgaon, Mumbai – 400 004,
Maharashtra, India. |
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Date of Birth/Age : |
27.02.1987 |
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Qualification : |
BMS |
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Date of Appointment : |
16.08.2007 |
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Name : |
Mr. Arvind Mishrimal Mehta |
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Designation : |
Director |
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Address : |
12, Sadashiv Lane, Nene Building, Flat No.602, 6th Floor,
Girgaon, Mumbai – 400 004, Maharashtra, India. |
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Date of Birth/Age : |
11.09.1966 |
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Date of Resignation : |
18.08.2007 |
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Name : |
Mr. Mukeshkumar Mishrimal Mehta |
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Designation : |
Director |
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Address : |
29, Kika Street, 4th Floor, Gulal Wadi, Mumbai – 400 004,
Maharashtra, India. |
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Date of Birth/Age : |
25.02.1964 |
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Date of Resignation : |
18.08.2007 |
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Name : |
Mr. Dilipkumar Mishrimal Mehta |
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Designation : |
Director |
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Address : |
502, Nene Building, 12, Sadashiv Lane, Girgaon, Mumbai – 400 004,
Maharashtra, India. |
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Date of Birth/Age : |
15.11.1961 |
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Date of Resignation : |
18.08.2007 |
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Name : |
Mr. Tarachand Tagraj Mehta |
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Designation : |
Director |
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Address : |
Habib Building, 4th Floor, Room No. 53, 2nd
Panjrapole Lane, C P Tank Road, Mumbai – 400 004, Maharashtra, India. |
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Date of Birth/Age : |
15.01.1964 |
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Date of Resignation : |
02.06.2008 |
KEY EXECUTIVES
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Name : |
Abbas Lakdawalla |
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Designation : |
Company Secretary |
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Address : |
606-B, Swiss Corner, Shastri Nagar, Off. Lokhadwala Complex, Andheri
(West), Mumbai – 400 053, Maharashtra, India. |
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Tel. No. : |
91-22-265368997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Mafatlal Mishrimal Mehta |
2115 |
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Mr. Dilipkumar Mishrimal Mehta |
880 |
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Mr. Mukeshkumar Mishrimal Mehta |
2130 |
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Mr. Arvind Mishrimal Mehta |
2195 |
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Mrs. Vimlaben Mehta |
4500 |
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Mrs. Badamiben Mehta |
3500 |
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Mrs. Shantaben Mehta |
3650 |
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Mr. Ramesh Shah |
200 |
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Mr. Hastimal Shah |
200 |
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Mrs. Pankiben Shah |
200 |
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Mr. Rupaji Shah |
250 |
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Mr. Shaitansingh Rao |
50 |
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Mr. Babulal Mehta |
250 |
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Mr. Popatlal Mehta |
150 |
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Mr. Mafatlal Mishrimal Mehta HUF |
230 |
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Mrs. Laxmiben Mehta |
4300 |
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Mr. Parasmal Doshi |
1100 |
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Mr. Kapurchand Jain |
500 |
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Mr. Kanaia Mehta |
500 |
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Mr. Kesarimal Jain |
300 |
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Ms Sweta Mehta |
50 |
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Mr. Nilesh Patel |
350 |
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Mr. Ketan Patel |
350 |
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Mr. Jiten Patel |
350 |
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Mrs. Sayatiben Mehta |
3100 |
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Mr. Hiralal Mehta |
500 |
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Mr. Amrutlal Mehta |
500 |
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Mr. Ashok Mehta |
4000 |
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Mr. Tarachand Mehta |
6000 |
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Mrs. Ratnadevi Mehta |
5500 |
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Mrs. Tipudevi Mehta |
6600 |
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Total |
54500 |
As on 11.12.2006
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Names of Allottees |
No. of Shares |
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Seaview Trading Company Private Limited |
2000 |
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Montréal Trading Company Private Limited |
2000 |
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Inorbit Trading Company Private Limited |
2000 |
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Watergate Mercantile Company Private Limited |
2000 |
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Superouse Trading Company Private Limited |
2000 |
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Newtree Mercantile Company Private Limited |
2000 |
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Realstar Trading Company Private Limited |
4000 |
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Induja Traders Company Private Limited |
2000 |
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Geonet Trading |
2000 |
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Total |
20000 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Bodies corporate |
37.00 |
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Directors or relatives of directors |
63.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Seamless and Welded Tubes and Stainless
Steel Pipes. |
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Products : |
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Exports : |
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Countries : |
Egypt |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Credit 60 to 90 |
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Purchasing : |
Buyer Credit 180 Days |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
175 |
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Bankers : |
1st Floor, Plot No. 19, Road No. 16, ‘C’ Cross Road, MIDC,
Andheri (East), Mumbai – 400 093, Maharashtra, India.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A P and Company Chartered Accountants |
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Address : |
512 A, Rewa Chambers, 5th Floor, 31 Sir Vithaldas
Thackersey Marg, Mumbai – 400 020, Maharashtra, India. |
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Tel. No.: |
91-22-22017205/ 22017206 |
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Fax No.: |
91-22-22019953 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- Each |
Rs.15.000 Millions |
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Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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96500 |
Equity Shares |
Rs.100/-
Each |
Rs.9.650
Millions |
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Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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96500 |
Equity Shares |
Rs.93/- Each |
Rs.8.975
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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520.000 |
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Expected Sales (2008-09): Rs.750.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.975 |
6.975 |
6.975 |
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2] Share Application Money |
6.000 |
5.000 |
3.000 |
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3] Reserves & Surplus |
26.739 |
14.404 |
14.208 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.714 |
26.379 |
24.183 |
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LOAN FUNDS |
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1] Secured Loans |
14.304 |
0.154 |
0.428 |
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2] Unsecured Loans |
16.504 |
14.267 |
5.476 |
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TOTAL BORROWING |
30.808 |
14.421 |
5.904 |
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DEFERRED TAX LIABILITIES |
2.987 |
2.276 |
1.552 |
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TOTAL |
75.509 |
43.076 |
31.639 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.887 |
36.632 |
31.625 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.086 |
0.086 |
0.086 |
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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 |
23.971
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12.403 |
13.778 |
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Sundry Debtors |
54.795
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18.112 |
8.870 |
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Cash & Bank Balances |
2.096
|
3.259 |
2.625 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.368
|
3.730 |
4.015 |
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Total
Current Assets |
88.230
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37.504 |
29.288 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
50.792
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31.276 |
29.522 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
50.792
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31.276 |
29.522 |
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Net Current Assets |
37.438
|
6.228 |
(0.234) |
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MISCELLANEOUS EXPENSES |
0.098 |
0.130 |
0.162 |
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TOTAL |
75.509 |
43.076 |
31.639 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
140.017 |
56.556 |
29.708 |
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Other Income |
0.088 |
0.804 |
0.662 |
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Total Income |
140.105 |
57.360 |
30.370 |
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Profit/(Loss) Before Tax |
5.046 |
1.083 |
0.674 |
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Provision for Taxation |
-- |
0.164 |
0.198 |
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Profit/(Loss) After Tax |
5.046 |
0.919 |
0.476 |
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Import Value |
30.988 |
3.036 |
4.769 |
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Expenditures : |
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Financial Charges |
0.000 |
1.159 |
0.709 |
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Depreciation & Amortization |
0.000 |
1.657 |
0.590 |
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Other Expenditure |
135.059 |
53.461 |
28.397 |
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Total Expenditure |
135.059 |
56.277 |
29.696 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.60
|
1.60 |
1.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.60
|
1.91 |
2.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.00
|
1.46 |
1.10 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
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0.04 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.96
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1.73 |
1.46 |
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Current Ratio (Current Asset/Current Liability) |
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1.74
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1.20 |
0.99 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. :AABCA3906B
ST 001 |
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Excise Registration No.:
AABCA3906B XM 002 |
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VAT / TIN :274205844627V |
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IEC Code :0393039340 |
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PAN / TAN :
AABCA3906B |
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Bank Name :Canara
Bank |
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Bank Address :Khetwadi
Branch, Mumbai |
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Bank A/c. No.:2252 |
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Account Since :10
Years |
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In case of any affiliations / memberships / certifications
: |
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Name :ISO Date of
issue – 05.06.2006 |
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Type :9000 : 2000
Date of expiry – 25.02.2009 |
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Expiry Date :2009 |
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Additional Information: |
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Certificate No.: 17764A/A |
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CST No.: 24692200503
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FORM 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
10007348 |
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Corporate
identity number of the company |
U27200MH1990PTC058868 |
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Name of the
company |
ARVIND PIPES AND FITTINGS INDUSTRIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
4, Bhandari Street, 1st Kumbharwada, Mumbai – 400 004,
Maharashtra, India. |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Centurion Bank of Punjab 1st Floor, Plot No. 19, Road No. 16, ‘C’ Cross Road, MIDC,
Andheri (East), Mumbai – 400 093, Maharashtra, India. E-Mail: sukumaran.g@centurionbop.co.in |
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Nature of description
of the instrument creating or modifying the charge |
No instrument was
executed. Charge created by way of equitable mortgage by deposit of title
deeds. |
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Date of
instrument Creating the charge |
18.07.2007 |
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Amount secured by
the charge |
Rs.87.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge: Security to cover the principal amount together with
interest, cost, charges, expenses etc. |
|
Short particulars
of the property charged |
All present and future goods, book debts and other movable assets
including document of title to goods, outstanding monies, receivables,
claims, bills, invoices, contracts, insurance policies, guarantees, engagements,
securities, investments, rights and present and future machinery at Plot
No.657, GIDC, Waghodia – 391 760 or elsewhere. |
|
Date of latest
modification prior to the present modification |
27.06.2007 |
|
Particulars of
the present modification |
Additional security is provided of immovable property viz. Plot
No.657, GIDC, Waghodia – 391 760, Baroda District, Gujarat. |
TRADE REFERENCES:
- Larsen & Toubro Limited
- BAYER
- Bhabha Atomic Research Center
WEBSITE DETAILS:
PROFILE:
Subject Came
into existence in the year 1982 well know as Arvind Metal Syndicate. The
genesis of subject’s birth and growth is ACCEPTING CHALLENGES.
The planned Growth has transformed two separate units One Welded, seamless
tubes and pipes and Other pipes fittings and Flanges.
The Manufacturing Units are:-
1) Tubes and Pipes Division is located at Plot No.657, GIDC Waghodia Vadodara.
2) Pipes fittings and flanges Division is located at Plot No. 525/526, GIDC
Waghodia, Vadodara (Gujarat).
They are a manufacturer of stainless steel seamless and welded tubes and pipes
in various Stainless steel grades 304,304L, 316,316L, 321, 410 etc. conforming
to different ASTM and DIN standards ranging from 6mm to 8”NB dia and thickness
up to 5mm.
They are one of the leading manufacturers of Tubes , Pipes and Pipe Fittings
(Elbow, Tee, Reducer, Coupling etc.), Flanges (weldnack, Blind, SORF, Orifice,
Branch Connection like Elbow let, Weldo let, Treado let, Socklet, Nipolet,
Lapolet, Elolet under specification ASTM A-403, A-182F, A-420, A-105, A-106,
a-181, A-213, A312, A-358, WPB –234, of materials like 316,316L,304,
304L,310,321,410,420, Carbon steel, Alloy steel, or any other forgeable steel,
The Range is 15NB to 600NB. The types are butt welding end, socket, weld end
and screwed end.
They are regular supplier to BARC, NPC, ISRO, INOX, BAYER, INDIAN RARE EARTH,
CPSC, L&T etc.
Their quality management system conform to ISO 9001-2000.
The product undergo various stringent inspection and testing stages at the up
to date in house facilities, Such as Hydrostatic, Tensile and Various other
mechanical test. Non- Destructive test, Chemical and corrosive test. Before,
They are dispatch to the customers. This assures high value quality of product.
Arvind clientele base consists of chemical, fertilizer, petrochemical,
refinery, power, Dairy, sugar, and pharmaceutical industries and have founded
wide acceptance with reputed Engineering consultants as well as TPIAS.
The human resource base is a dedicated and motivated team employee. Who are
well qualified and trained to ensure quality and timely delivery to meet the
requirement of Customer This is epitomized in corporate philosophy “EXCEL IN WHATEVER YOU DO” And “ PROSPERITY
THROUGH PERFORMANCE”
CMT REPORT
(Corruption, Money Laundering and 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] 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.48.14 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.65.63 |
SCORE and 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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
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 and 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 and 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 |
|