MIRA
INFORM REPORT
|
Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
AVION EXIM PRIVATE LIMITED |
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Registered
Office : |
101 B Todi Complex |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.05.1999 |
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Com. Reg. No.: |
11-119909 |
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CIN No.: [Company Identification
No.] |
U51900MH1999PTC119909 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA31269A |
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PAN No.: [Permanent Account No.] |
AABCA8726D |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Warehousing Racks, Medium Duties Racks, Light Duties Racks,
Store Display Racks, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory: |
101 B Todi Complex |
|
Tel. No.: |
91-22-28570302 |
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Fax No.: |
91-22-25575672 |
|
Email : |
DIRECTORS
AS ON 26.09.2010
|
Name : |
Mr. Anil Paraslal Jain |
|
Designation : |
Director |
|
Address : |
311-312, |
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Date of Birth/Age : |
03.01.1955 |
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Date of Appointment : |
18.05.1999 |
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DIN No. : |
00183364 |
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Name : |
Mr. Bharat Kumar Ratanlal Vageria |
|
Designation : |
Director |
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Address : |
101-102 Nandalaya Khandalwal Complex Evershine Nagar, Malad West,
Mumbai – 400064, |
|
Date of Birth/Age : |
10.12.1959 |
|
Date of Appointment : |
18.05.1999 |
|
DIN No. : |
00183629 |
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|
|
|
Name : |
Mr. Raghupathy Payyalore Thyagarajan |
|
Designation : |
Director |
|
Address : |
A 9/36, Sunder Nagar, Kalina, Santacruz East, Mumbai – 400064, |
|
Date of Birth/Age : |
07.11.1964 |
|
Date of Appointment : |
18.05.1999 |
|
DIN No. : |
00183305 |
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|
|
|
Name : |
Mr. Naveen Mahendra Jain |
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Designation : |
Director |
|
Address : |
Charkop Awas Coop Housing Society, 4th Floor, Kandivali
(West), Mumbai – 400067, |
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Date of Birth/Age : |
19.01.1966 |
|
Date of Appointment : |
18.05.1999 |
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DIN No. : |
00183948 |
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|
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Name : |
Mrs. Ritu Anil Jain |
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Designation : |
Director |
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Address : |
311-312, |
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Date of Birth/Age : |
27.10.1955 |
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Date of Appointment : |
25.02.2008 |
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DIN No. : |
02055361 |
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Name : |
Mrs. Monika Srivastava |
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Designation : |
Director |
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Address : |
Flat A/102 Serinity Complex, New |
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Date of Birth/Age : |
24.09.1965 |
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Date of Appointment : |
25.02.2008 |
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DIN No. : |
02055547 |
KEY EXECUTIVES
|
Name : |
Hema Caitonde |
|
Designation : |
Company Secretary |
|
Address : |
505, Santor, Lokpuram, Thane (West), Thane – 400610, |
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Tel No. : |
91-22-40121398 |
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Mobile No. : |
91-9821610706 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2010
|
Names of Shareholders |
No.
of Shares |
|
17,900 |
|
31,350 |
|
31,300 |
|
23,050 |
|
10,000 |
|
5,300 |
|
32,000 |
|
46,000 |
|
10,500 |
|
34,750 |
|
19,000 |
|
10,000 |
|
10,000 |
|
10,000 |
|
10,000 |
|
14,195 |
|
4,000 |
|
1,500 |
|
180,000 |
|
218,000 |
|
362,000 |
|
1,500 |
|
3,250 |
|
3,000 |
|
6,000 |
|
175,000 |
|
Total
|
1,269,595 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
73.65 |
|
Directors or relatives of directors |
|
22.35 |
|
Other top fifty shareholders |
|
4.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Warehousing Racks, Medium Duties Racks, Light Duties
Racks, Store Display Racks, etc. |
PRODUCTION STATUS AS ON (AS ON 31.03.2010)
|
Particulars |
Unit |
|
|
Actual
Production |
|
|
|
|
|
|
|
Steel |
MT |
|
|
3407.16 |
|
Other Products |
MT |
|
|
-- |
GENERAL INFORMATION
|
Bankers : |
Axis Bank Limited, Royal Accord IV, Near |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Shah and Taparia Chartered Accountant |
|
Address : |
12, Navjivanwadi, Dhobi Talao, Mumbai 400002, |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs. 10 each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1269595 |
Equity Shares |
Rs. 10 each |
Rs.12.696
millions |
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 |
12.696 |
6.695 |
4.865 |
|
|
2] Share Application Money |
0.000 |
60.000 |
1.800 |
|
|
3] Reserves & Surplus |
96.876 |
42.875 |
26.405 |
|
|
4] (Accumulated Losses) |
(9.575) |
(14.362) |
(2.205) |
|
|
NETWORTH |
99.997 |
95.208 |
30.865 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
130.628 |
128.494 |
27.598 |
|
|
2] Unsecured Loans |
41.500 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
172.128 |
128.494 |
27.598 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
272.125 |
223.702 |
58.463 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
161.659 |
153.609 |
2.031 |
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Capital work-in-progress |
18.086 |
17.056 |
42.995 |
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|
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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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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
73.578
|
37.477
|
0.613 |
|
|
Sundry Debtors |
29.939
|
5.009
|
0.000 |
|
|
Cash & Bank Balances |
10.744
|
2.655
|
13.601 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
19.674
|
15.280
|
0.695 |
|
Total
Current Assets |
133.935
|
60.421
|
14.909 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
41.651
|
7.512
|
1.632 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
41.651
|
7.512
|
1.632 |
|
|
Net Current Assets |
92.284
|
52.909
|
13.277 |
|
|
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MISCELLANEOUS EXPENSES |
0.096 |
0.128 |
0.160 |
|
|
|
|
|
|
|
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TOTAL |
272.125 |
223.702 |
58.463 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
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Income |
|
|
|
|
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|
Other Income |
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|
|
|
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TOTAL |
189.951 |
21.953 |
0.000 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
34.110 |
0.186 |
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Advertising Expenses |
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TOTAL |
184.853 |
34.110 |
0.186 |
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|
PROFIT BEFORE
TAX |
5.098 |
(12.157) |
(0.186) |
|
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|
Less |
TAX |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
|
5.098 |
(12.157) |
(0.186) |
|
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Earning in Foreign Currency |
12.962 |
-- |
-- |
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
0.000 |
30.058 |
0.362 |
|
|
|
Capital Goods |
1.826 |
28.102 |
5.981 |
|
|
TOTAL IMPORTS |
1.826 |
58.160 |
6.343 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.68
|
(55.38) |
(0.00) |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.72
|
5.68 |
1.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.13 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.14
|
1.43 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.22
|
8.04 |
8.64 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the year the Company has earned a Net Profit of Rs. 5.098 Millions
against a net loss of Rs. 12.157 Millions in the corresponding previous
year.
FIXED ASSETS:
- Land and
Building
- Immovable
Property
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipment
- Computer
- Vehicles
FORM 8
|
Corporate identity number of the company |
U51900MH1999PTC119909 |
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Name of the company |
AVION EXIM PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
101 B Todi Complex |
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This form is for |
Modification of charge |
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Charge identification (ID) number of the charge
to be modified |
10091454 |
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Type of charge |
Book debts Movable property (not being pledge) |
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Particular of charge holder |
Axis Bank Limited, Royal Accord IV, Near Email: kalian.sinha@axisbank.com
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Nature of instrument creating charge |
Supplemental deed of Hypothecation |
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Date of instrument Creating the charge |
16.09.2010 |
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Amount secured by the charge |
Rs. 210.000 millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest TL I -Rs 80 Millions Base rate
plus 4.00% i.e. at present 11.50% p.a. TL II -Rs. 20 Millions base rate plus
4.25% i.e. at present 11.75% p.a. CC-Rs 50 MIllions base rate plus - 4% i.e. at present 11.50% p.a Terms of
repayment For Term Loan I -as per existing terms and conditions For Term Loan II-as per existing terms and conditions Working Capital- On demand Margin Term Loan I -as per existing terms and conditions Term Loan II -as per existing terms and conditions Raw material imported- 15% Raw material indegenous- 25% Stock in Process- 40% Spares- 40% Finished goods- 30% Receivables- 40%( cover period
90 days ) LC/BG- 10% Extent and
operation of the charge Hypothecation by way of first charge
in favour of the Bank on (a) the entire current assets of the Company,
both present and future (b) on the tangible movable plant and machinery, furniture and fixture,
electrical installation and other
movables assets of the company both present and future . |
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Short particulars of the property charged (Including location of the
property) |
Hypothecation by way of first charge in favour of the Bank on (a) the entire
current assets of the Company, both present and future (b) on the tangible
movable plant and machinery, furniture and fixture electrical installations
and other movables assets of the company both present and future. |
|||||||||||||||||||||
|
Particulars of the present modification |
By the present modification the hypothecation charge on the current
assets , book debts, movable property
of the Company has increased from Rs. 180 Millions to 210 Millions,
|
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
26 |
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.