MIRA
INFORM REPORT
|
Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMIANTIT FIBERGLASS INDUSTRIES INDIA PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Salgaocar Centre, Rua De Ourem, Panaji-403001,
Goa– 403 001, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.02.2003 |
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Com. Reg. No.: |
24-003186 |
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Capital Investment / Paid-up Capital : |
Rs.250.000 Millions |
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CIN No.: [Company
Identification No.] |
U25191GA2003PTC003186 |
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IEC No.: |
1703000340 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA04555F |
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PAN No.: [Permanent
Account No.] |
AAECA2324A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Flowtite Pipes and Tanks |
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No. of Employees : |
290 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 2000000 |
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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 : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Samir Naik |
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Designation : |
Accounts Department |
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|
Name : |
Ms. Iyesha |
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Designation : |
Account Department |
LOCATIONS
|
Registered Office : |
3rd Floor, Salgaocar Centre, Rua De Ourem, Panaji, Goa –
403 001, |
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Tel. No.: |
91-832-2228612 / 6619999 |
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Fax No.: |
91-832-2224324 / 6619900 |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Factory 1 : |
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Tel. No.: |
91-832-6619999 |
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Fax No.: |
91-832-6619900 |
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E-Mail : |
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Area : |
Leased |
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Factory 2 : |
Plot No. 626, GIDC Industrial Estate, P.O. Manjusar, Savli,
Vadodara-391775, Gujarat, India. |
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E-Mail : |
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Area : |
Leased |
DIRECTORS
As on 30.08.2010
|
Name : |
Mr. Shivanand S. Salgaocar |
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Designation : |
Director |
|
Address : |
Salgaocar House Off Dr. Francisco Luis
Gomes Road, Vasco da Gama, |
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Date of Birth/Age : |
24.07.1954 |
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Date of Appointment : |
11.02.2003 |
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Name : |
Mr. Vijay S. Hede |
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Designation : |
Director |
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Address : |
Villa No. 12, Kamag Kinara, Milamar, Panji, North Goa – 403 001, |
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Date of Birth/Age : |
02.09.1951 |
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Date of Appointment : |
11.02.2003 |
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Name : |
Mr. Srikumar Bhaskaran |
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Designation : |
Managing Director |
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Address : |
1/203, |
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Date of Birth/Age : |
13.04.1960 |
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Date of Appointment : |
06.07.2009 |
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Name : |
AL Ansari Mohamed Hesham |
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Designation : |
Director |
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Address : |
House No. 1030, Road 1424, Block 814, |
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Date of Birth/Age : |
15.03.1973 |
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Date of Appointment : |
28.01.2010 |
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Name : |
Mr. Rafih Milad Wehbe |
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Designation : |
Director |
|
Address : |
Saudi Arabian Amiantit Company, P. O. Box No. 2140, |
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Date of Birth/Age : |
17.10.1953 |
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Date of Appointment : |
31.12.2003 |
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Name : |
Mr. Khaled Abdulfattah K Kordi |
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Designation : |
Director |
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Address : |
Prince Naif Street, Al-Shafie District, Corniche Area, Jeddah 21451,
Saudi Arabia |
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Date of Birth/Age : |
17.03.1953 |
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Date of Appointment : |
18.09.2006 |
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Date of Ceasing: |
28.01.2010 |
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Name : |
Dr. Solaiman Abdul Aziz AL Twaijri
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Designation : |
Director |
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Address : |
1st Industrial Area, P. O. Box No. 589, Dammam 31421, |
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Date of Birth/Age : |
26.10.1965 |
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Date of Appointment : |
24.05.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Samir Naik |
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Designation : |
Accounts Department |
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|
Name : |
Ms. Iyesha |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shivanand S. Salgaocar |
|
1050000 |
|
Ranjana S. Salgaocar |
|
2000000 |
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Swati S. Salgaocar |
|
1000000 |
|
Vivek S. Salgaocar |
|
1000000 |
|
Mahadhan Real Estates Private Limited, |
|
1700000 |
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Sharvani Investments Private Limited, |
|
250000 |
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Pyramid Finance Limited |
|
500000 |
|
Amiantit Intl. Holding Limited, |
|
17500000 |
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Total |
|
25000000 |
As on 30.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
Bodies
corporate |
|
70.00 |
|
Directors
or relatives of directors |
|
9.80 |
|
Other
top fifty shareholders |
|
20.20 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Flowtite Pipes and Tanks |
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Products : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Credit (90 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Actual
Production |
|
Glass reinforced polyester tanks |
Nos. |
14 |
|
Glass reinforced polyester pipes |
Mtrs. |
159.129 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
290 (Approximately) |
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Bankers : |
Corporation Bank, Panji Branch, Dr. Atmaram Borkar Road, Opposite
Municipal Garden, P. B. No. 87, Panji-403001, Goa, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, Dr. Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai
-400018, Maharashtra, India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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E-Mail : |
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Holding Company: |
Amiantit International Holding Limited |
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Ultimate Holding Company: |
Saudi Arabian Amiantit Company |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
As on 30.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
250.000 |
250.000 |
250.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
269.231 |
248.438 |
183.344 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
519.231 |
498.438 |
433.344 |
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LOAN FUNDS |
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1] Secured Loans |
374.616 |
386.669 |
515.548 |
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2] Unsecured Loans |
0.000 |
19.205 |
22.279 |
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TOTAL BORROWING |
374.616 |
405.874 |
537.827 |
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DEFERRED TAX LIABILITIES |
3.957 |
11.410 |
22.782 |
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TOTAL |
897.804 |
915.722 |
993.953 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
470.200 |
532.361 |
597.135 |
|
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Capital work-in-progress |
89.691 |
11.045 |
1.432 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
230.415
|
287.209 |
254.873
|
|
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Sundry Debtors |
269.448
|
313.841 |
573.739
|
|
|
Cash & Bank Balances |
22.425
|
27.459 |
36.851
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
81.685
|
67.313 |
147.773
|
|
Total
Current Assets |
603.973
|
695.822 |
1013.236 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
272.612 |
467.032 |
|
|
Other Current Liabilities |
247.413
|
30.663 |
599.959
|
|
|
Provisions |
18.647
|
20.231 |
17.891
|
|
Total
Current Liabilities |
266.060
|
323.506 |
617.850
|
|
|
Net Current Assets |
337.913
|
372.316 |
395.386
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
897.804 |
915.722 |
993.953 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
754.584 |
1233.754 |
1194.416 |
|
|
|
Other Income |
27.932 |
12.588 |
12.117 |
|
|
|
TOTAL (A) |
782.516 |
1246.342 |
1206.533 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other expenses |
664.982 |
1064.262 |
920.269 |
|
|
|
Excise duty |
5.930 |
(9.680) |
3.278 |
|
|
|
Increase in stocks of finished goods and work in process |
(29.866) |
(28.219) |
45.295 |
|
|
|
TOTAL (B) |
641.046 |
1026.363 |
968.842 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
141.470 |
219.979 |
237.691 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.914 |
68.709 |
45.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
96.556 |
151.270 |
191.845 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
68.421 |
68.445 |
50.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.135 |
82.825 |
141.271 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.156 |
17.021 |
8.306 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
20.979 |
65.804 |
132.965 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
235.138 |
170.044 |
115.340 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Short Provision For Tax in Respect of
Earlier Years |
0.186 |
0.710 |
0.614 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
55.000 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
9.347 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
13.300 |
|
|
BALANCE CARRIED
TO THE B/S |
255.931 |
235.138 |
170.044 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
226.655 |
108.023 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
109.586 |
443.846 |
328.776 |
|
|
|
Capital Goods |
0.597 |
0.000 |
191.490 |
|
|
TOTAL IMPORTS |
110.183 |
443.846 |
520.266 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.83 |
2.60 |
5.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
2.68
|
5.28 |
11.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.73
|
6.71 |
11.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.62
|
6.74 |
8.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.17 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
1.46 |
2.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
2.15 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Total outstanding
dues to micro, small and medium enterprises |
NA |
30.240 |
18.300 |
|
Total outstanding
dues to creditors other than micro, small and medium enterprises |
NA |
242.372 |
448.732 |
|
Total |
NA |
272.612 |
467.032 |
FUTURE OUTLOOK:
During the year, while a few water supply and
irrigation projects materialized, power projects with demanding specs and
requirements for large diameter pipes just did not take off for want of financial
closures. This factor coupled with doubling of production capacities in the GRP
industry in
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90065653 |
|
Corporate
identity number of the company |
U25191GA2003PTC003186 |
|
Name of the
company |
AMIANTIT
FIBERGLASS INDUSTRIES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3rd Floor, Salgaocar Centre, Rua De Ourem, Panaji, Goa –
403 001, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property Others |
|
Particular of
charge holder |
Corporation Bank, Panji Branch, Dr. Atmaram Borkar Road, Opposite
Municipal Garden, P. B. No. 87, Panji-403001, Goa, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1. Agreement For
Term Loan 2. Supplemental
Common Deed of Hypothecation of Movables/Assets/Debts. 3. For
Inland/Foreign Bills. 4. Memorandum of
Deposit of Title Deeds 5. Letter of
Continuity I 6.Letter of
Continuity II |
|
Date of
instrument Creating the charge |
30.06.2010 |
|
Amount secured by
the charge |
Rs.1682.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Per Banks
Terms And Conditions Terms of
Repayment Terms of Payment
Not To Exceed 84 Months Including Initial Moratorium Period of 12 Months In
23 Quarterly Installments of Rs. 18.800 Millions And Last Installment of Rs. 17.600
Millions Commencing From March 2011.
Monthly Interest To Be Paid Separately As And When Debited Even During
Initial Repayment Margin The Margin is
34.28% Extent and
Operation of the charge To the extent of
Rs.1682.000 millions. |
|
Short particulars
of the property charged |
I)
Charge
Is Further Modified By Way of Hypo. of Stocks Consisting of Raw Materials
Such As Resin, Sand, Fibreglass, Semi Finished And Finished Goods Such As Grp
Pipes, Tubes of All Sizes, Stores, Spares II)
Packing
Materials Etc. In Plot 120, 121 And 177 Situated In Navelim, Bicholim North
Goa And The Goods And Materials In Transit At The Various Work Sites And Book
Debts And Receivables, All Other III)
Movable
Assets Such As Continuous Filament Winder No. 1 and 2 Furniture’s, Fixtures, Generators and Other Existing As Well As Machineries
Intended To Be Purchased and Installed
At Plot No. 120,121 and 177 IV)
In
Village Navelim, Bicholim North V)
Equitable
Mortgage In Respect of Immovable Property Belonging To M/S Amiantit
Fiberglass Industries India Private Limited Company Registered Under The
Provisions of The Companies Act, 1956 VI)
Registation
District Vadodara, Sub District Savli, VII)
Corporation
Has Organised And Developed The Industrial Estate Scheme And In The Said
Estate Scheme, Industrial Plot/Shed No. 626 Admeasuring 125056.80 Sq. Mtrs
Plot Area |
|
Date of latest
modification prior to the present modification |
31.03.2008 |
|
Particulars of
the present modification |
The Limit Has
Been Increased From Rs.1530.000 Millions s To Rs. 1682.000 Millions. |
Fixed Assets:
- Building
- Plant and Machinery
- Furniture and Fittings
- Office Equipment
- Vehicles
- Computer
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.27 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.