MIRA
INFORM REPORT
|
Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ARIHANT DOMESTIC APPLIANCES
PRIVATE LIMITED |
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Registered Office : |
Gat No. 1261, Sanaswadi, Pune-Nagar
Road, Pune - 412 208, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.08.1991 |
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Com. Reg. No.: |
11-63045 |
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CIN No.: [Company
Identification No.] |
U29309MH1991PTC063045 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA05192F |
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PAN No.: [Permanent
Account No.] |
AABCA4586B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Steel Tubes and Auto Components. |
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 1700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Available information
indicates satisfactory financial responsibility of the company. Trade relations are fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sagar Shah |
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Designation : |
Finance Manager |
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Contact No.: |
91-9890996669 |
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Date : |
17.09.2008 |
LOCATIONS
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Registered Office/Factory : |
Gat No. 1261, Sanaswadi, Pune-Nagar
Road, Pune 412 208, Maharashtra, India |
|
Tel. No.: |
91-20-37253618 / 37253619 / 37252084 / 37253617 / 37669000 |
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Mobile No.: |
91-9890996669 |
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Fax No.: |
91-20-37252084 |
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E-Mail : |
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Website : |
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Area : |
12 Acres |
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Location : |
Owned |
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Corporate Office : |
Office No. 234, 235, D –Wing, Clover Center, Pune – 411 001,
Maharashtra, India |
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Tel. No.: |
91-20-66203549 |
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Area : |
1500 Sq. ft. |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Chandu Laxman Chavan |
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Designation : |
Director |
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Address : |
B-5, Laxmi Niwas, Opposite Kalyani Steels, Mundhwa, Pune 411 036,
Maharashtra, India |
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Date of Birth/Age : |
01.11.1969 |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Parag Mulye |
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Designation : |
Director |
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Address : |
S. No. 123/A/1/2, Siddhi Building, Bhaktiyog Society, Paud Road,
Kothrud, Pune 411 038, Maharashtra, India |
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Date of Birth/Age : |
25.10.1973 |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Sanjay Bhade |
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Designation : |
Director |
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Address : |
Flat No. 301, S. No. 137/2, 138/2, Roopganga, Gaikwad Nagar, Aundh,
Pune 411 007, Maharashtra, India |
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Date of Birth/Age : |
14.05.1968 |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Shivaji Katke |
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Designation : |
Director |
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Address : |
31/101, Uday Housing Society, Yerandwana, Pune 411 004, Maharashtra,
India |
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Date of Birth/Age : |
05.06.1972 |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Ravindra Katre |
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Designation : |
Managing Director |
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Address : |
SN 23/3+4, J-9, Phase 1, Pinnac Memories, Kothrud, Pune 411 029,
Maharashtra, India |
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Date of Birth/Age : |
22.08.1965 |
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Date of Appointment : |
01.11.2002 |
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Name : |
Mr. Sanjay Waghulade |
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Designation : |
Managing Director |
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Address : |
Plot No. 464, S. No. 26A, Pradhikaran, Nigadi, Pune – 411 044,
Maharashtra, India |
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Date of Birth/Age : |
23.08.1964 |
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Date of Appointment : |
01.11.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Equity Shareholders |
No. of Shares |
|
Manoj Oswal |
10 |
|
Mahendra Deval |
10 |
|
Priyalata Oswal |
10 |
|
Chandra Oswal |
1000 |
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Chandu Chavan |
2410820 |
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Shivaji Katre |
105010 |
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Ravindra Katre |
350010 |
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Sarjay Bhade |
125010 |
|
Parag Mulye |
125010 |
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Sarjay Wegulade |
600010 |
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Kavita Dhupkar |
125000 |
|
Mrunal Katre |
350000 |
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Vishakha Bhade |
125000 |
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Smita Katke |
95000 |
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Shubhangi Jadhav |
538300 |
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Names of Preference Shareholders |
No. of Shares |
|
Laxman Limaye |
150000 |
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Ravindra – Chavan |
100000 |
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Sanjay T Bhade |
116920 |
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Chandu L Chavar |
233880 |
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Sarjay H Wegulade |
233880 |
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Sujata P Nalawade |
60000 |
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Tanaji Katke |
24905 |
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Yashwant Limaye |
150000 |
|
E F Engineering Private Limited |
300705 |
|
Lee and Nee softwares (Exports) Limited |
629690 |
(As on 29.09.2007)
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Names of Shareholders |
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Percentage of
Holding |
|
Equity Share
Breakup |
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Directors or relatives of Directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Steel Tubes and Auto Components. |
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Exports : |
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Products : |
Steel Tubes |
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Countries : |
·
Turkey ·
US ·
Canada |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
600 |
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Bankers : |
·
Citi Bank N.A. 2413, Parmar House, East Street, Pune –
411 001, Maharashtra, India ·
State Bank of India Industrial Finance Branch, Pimpri, Pune
411 034, Maharashtra, India ·
Axis Bank Limited ·
The Saraswat Co-operative Bank Limited Through Br: Hotel Suryakiran Building, Pimpri,
Pune – 411 026, Maharashtra, India ·
Corporation Bank IFB Branch, Wakadewadi, Pune –
411 003, Maharashtra, India ·
United Bank of India, Pune Branch, Pune ·
ICICI Bank Limited ·
Can Bank Factors Limited |
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Facilities : |
PBD Rs.450.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
AMB and Company Chartered Accountant |
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Address : |
The Pantagaon, Off Pune Satara Road, Near Panchami Hotel, Pune - 411
009, Maharashtra, India |
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|
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Associates/Subsidiaries : |
·
Arihant Steel Metal Wire Private Limited ·
Arihant Autocom Private Limited |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
|
4000000 |
Preference Share |
Rs.10/- each |
Rs.40.000 Millions |
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Total |
|
Rs.90.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
4000000 |
Preference Shares |
Rs.10/- each |
Rs.40.000
Millions |
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|
|
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Total |
|
Rs.90.000 Millions |
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 |
90.000 |
90.000 |
90.000 |
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2] Share Application Money |
25.419 |
50.221 |
53.119 |
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3] Reserves & Surplus |
233.680 |
118.937 |
30.230 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
349.099 |
259.158 |
173.349 |
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LOAN FUNDS |
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1] Secured Loans |
447.646 |
321.849 |
365.301 |
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2] Unsecured Loans |
144.089 |
68.729 |
25.522 |
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TOTAL BORROWING |
591.735 |
390.578 |
390.823 |
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DEFERRED TAX LIABILITIES |
85.822 |
59.162 |
19.847 |
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TOTAL |
1026.656 |
708.898 |
584.019 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
755.628 |
429.569 |
348.386 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.958 |
0.078 |
0.078 |
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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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|
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Inventories |
453.661
|
322.378 |
248.924 |
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Sundry Debtors |
399.093
|
196.244 |
189.306 |
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Cash & Bank Balances |
49.166
|
6.370 |
33.406 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
119.439
|
63.972 |
42.308 |
|
Total
Current Assets |
1021.359
|
588.964 |
513.944 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
696.620
|
279.379 |
269.652 |
|
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Provisions |
60.669
|
31.017 |
9.514 |
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Total
Current Liabilities |
757.289
|
310.396 |
279.166 |
|
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Net Current Assets |
264.070
|
278.568 |
234.778 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.683 |
0.777 |
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TOTAL |
1026.656 |
708.898 |
584.019 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
2247.477 |
1360.289 |
823.821 |
|
|
Other Income |
0.000 |
0.000 |
6.936 |
|
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Total Income |
2247.477 |
1360.289 |
830.757 |
|
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|
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|
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Profit/(Loss) Before Tax |
150.295 |
147.945 |
1.964 |
|
|
Provision for Taxation |
0.000 |
0.000 |
6.035 |
|
|
Profit/(Loss) After Tax |
150.295 |
147.945 |
(4.071) |
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Earnings in Foreign Currency : |
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|
|
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Total Earnings |
16.321 |
1.867 |
NA |
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Expenditures : |
|
|
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Interest |
83.787 |
50.547 |
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Depreciation & Amortization |
42.665 |
34.350 |
828.793 |
|
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Other Expenditure |
1970.730 |
1127.447 |
|
|
Total Expenditure |
2097.182 |
1212.344 |
828.793 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.69
|
10.88 |
(0.49) |
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Net Profit Margin (PBT/Sales) |
(%) |
6.69
|
10.88 |
0.24 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.46
|
14.53 |
0.23 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.57 |
0.01 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.86
|
2.70 |
3.86 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.90 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Bajaj Auto
·
Alps Engineers
·
Essar Steel
·
Badvl Auto Com, Chakan, Pune
Form No. 8
|
Name of the company |
ARIHANT DOMESTIC
APPLIANCES PRIVATE LIMITED |
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Presented By |
Corporation Bank
(Lead Bank) |
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1) Date and description of instrument creating the change |
20th
March, 2004 Simple Mortgage
dated 20th March, 2004 and Joint Deed of
Hypothecation dated 20th March, 2004 (Both the above
documents constitute a single charge dated 20th March, 2004) (The original
charge was registered on 15.04.2004 vide document No. 57) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.360.000
millions Term Loan
Rs.140.000 millions, Cash Credit Rs.80.000 millions, Inland/Import L C –
Rs.140.000 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.
Land and
building situated at Gat No. 1261, Pune Nagar Road, Dist. Pune 2.
Moveable
assets of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In case of term
loan on the assets mentioned in the agreement first charge is created of all
banks which rank pari-passu, to the extent of the amount sanctioned by each bank.
In case of cash credit and credit facilities, second charge is created of all
banks on the assets mentioned in the agreement, which rank pari-passu to the
extent of the amount sanctioned by each bank |
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5) Name and Address and description of the person entitled to the charge. |
·
Corporation Bank IFB Branch, Wakadewadi, Pune – 411 003, Maharashtra, India ·
United Bank of India, Pune Branch, Pune ·
The Saraswat Co-operative Bank Limited Through Br: Hotel Suryakiran Building, Pimpri,
Pune – 411 026, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
5th
January, 2005 1.
Deed of
further Charge on Mortgaged Property for the Security for Rs.570.000 millions
dated 5th January, 2005 2.
First
Supplemental Joint Deed of Hypothecation dated 5th January, 2005 3.
Second
Supplemental Joint Deed of Hypothecation dated 5th January, 2005 (The above three
Instruments constitute a Sinze modification dated 5th January,
2005 to the original charge dated 20th March, 2004, read with
First Modification dated 15th November, 2004). |
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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. |
Not Applicable |
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This form is for |
Modification of
charge |
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Corporate
identity number of the company |
U29309MH1991PTC063045 |
|
Name of the
company |
ARIHANT DOMESTIC
APPLIANCES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Gat No. 1261, Sanaswadi, Pune-Nagar
Road, Pune 412 208, Maharashtra, India |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
The Saraswat Co-operative Bank Limited Through Br: Hotel Suryakiran Building, Pimpri, Pune – 411 026,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Deed |
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Date of
instrument Creating the charge |
13.06.2008 |
|
Amount secured by
the charge |
Rs.500.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
·
Rate of
interest As per Hypothecation Deed ·
Terms of
repayment As per Hypothecation Deed ·
Margin As per Hypothecation Deed ·
Extent and
operation of the charge Hypothecation of stock tangible moveable property (Both present and
future) belonging to the Borrower and lying at Gat No. 1261, Sanaswadi, Tal :
Shirur, Dist : Pune – 412 208, Maharashtra, India |
|
Short particulars
of the property charged |
Hypothecation of
stock tangible moveable property (Both present and future) belonging to the
Borrower and lying at Gat No. 1261, Sanaswadi, Tal : Shirur, Dist : Pune – 412
208, Maharashtra, India |
|
|
|
|
Particulars of
the present modification |
Company has
availed purchase bill discounting facility upto Rs.450.000 millions from
Saraswat Bank, Pimpri Branch, Pune vide Hypothecation Deed dated 23.12.2006.
However vide Hypothecation Deed dated 13.06.2008 said facility was extended
upto Rs.500 millions i.e. to say additional 50 millions bill discounting
facility was sanctioned by aforesaid Bank.` |
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 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.46.34 |
|
UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
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 |
|