MIRA
INFORM REPORT
|
Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
INNOVENTIVE INDUSTRIES LIMITED (w.e.f. 24.03.2010) |
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Formerly Known
As : |
ARIHANT DOMESTIC APPLIANCES
LIMITED |
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Registered Office : |
Gate No. 1261, Sanaswadi, Shirur, Pune - 412 208, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.08.1991 |
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Com. Reg. No.: |
11-63045 |
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Capital Investment/
Paid-up Capital: |
Rs.50.001
Millions |
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CIN No.: [Company
Identification No.] |
L29309MH1991PLC063045 |
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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 : |
A Public Limited Liability Company. The company’s Shares are listed on
stock exchange. |
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Line of Business : |
Manufacturer and Exporter of Steel Tubes and Auto Components. |
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No. of
Employees: |
Approximately 1125 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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 2800000 |
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Status : |
Good |
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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 fine
track. Financial position of the
company appears to be sound. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Sagar Shah |
|
Designation : |
Finance Manager |
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Contact No.: |
91-9649000900 |
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Date : |
29.06.2011 |
LOCATIONS
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Registered Office/Factory 1 : |
Gate No. 1261, Sanaswadi, Shirur, Pune - 412 208, |
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Tel. No.: |
91-2137-669011/ 669001/ 02 |
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Mobile No.: |
91-9049000900 (Mr. Sagar Shah) |
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Fax No.: |
91-2137-669011/ 669014 |
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E-Mail : |
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Website : |
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Area : |
7 Acres |
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Location : |
Owned |
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Corporate Office : |
601-602, Nucleus Mall 1, |
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Factory 2 : |
Office No. 406, 407, Sanmaha Complex, opposite Pune Club, Bon garden
Road, Pune 411001, |
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Tel. No.: |
91-20-66203549 |
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Fax No.: |
91-20-66203549 |
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E mail: |
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Area : |
600 Sq. ft. |
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Location : |
Rented |
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Factory3 : |
Gat No. 1261, Sanaswadi, Pune Nagar Road, Taluka Shirur, Pune-412208,
Maharashtra, India |
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Factory 4 : |
Gat No. 56/3, 4, 5, Village Pimple Jagtap, Taluka Shiruri,
Pune-412208, |
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Branches : |
Located at: v
Nashik v
Hosur v
v
v
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DIRECTORS
(As on 30.09.2010)
|
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, |
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Date of Birth/Age : |
01.11.1969 |
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Date of Appointment : |
05.03.2002 |
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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, |
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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, |
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Date of Birth/Age : |
23.08.1964 |
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Date of Appointment : |
01.11.2002 |
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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, |
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Date of Birth/Age : |
05.06.1972 |
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Date of Appointment : |
01.11.2002 |
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Date of Ceasing: |
27.02.2010 |
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Name : |
Mr. Ramprasadh Joshi |
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Designation : |
Director |
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Address : |
10, Maylur Society, Sadar
Bazar, Satara-415001, |
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Date of Birth/Age : |
28.08.1969 |
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Date of Appointment : |
27.02.2010 |
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Name : |
Mr. Yashpaul Bodhraj Gupta |
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Designation : |
Director |
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Address : |
Flat No. 103 and 104, B- Building, Pinnac Gangotri, D P Road, Aundh,
Pune-411007, Maharashtra, India |
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Date of Birth/Age : |
09.02.1950 |
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Date of Appointment : |
27.02.2010 |
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Name : |
Mr. Pradeep Vasantrao Tupe |
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Designation : |
Director |
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Address : |
Flat No. 6043, Kumar Khsitij, S. No. 87 1A/1/1, Sakhar Naar/ D
Building, Pune-411009, |
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Date of Birth/Age : |
12.05.1958 |
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Date of Appointment : |
27.02.2010 |
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Name : |
Mr. Rajendra Pandurang Jagdale |
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Designation : |
Director |
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Address : |
Flat 10, Belmont Park Housing Society, 61 C S Colony, Ganeshkhind
Road, Pune-411007, Maharashtra, India |
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Date of Birth/Age : |
01.12.1959 |
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Date of Appointment : |
27.02.2010 |
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Name : |
Mr. William Sean Sovak |
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Designation : |
Nominee Director |
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Address: |
1500 Hudson, ST . 6F, |
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Date of Birth/Age : |
08.06.1972 |
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Date of Appointment : |
06.09.2010 |
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Name : |
Mr. Pramod Manohar Ahuja |
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Designation : |
Director |
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Date of Birth/Age : |
04.04.1971 |
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Date of Appointment : |
20.12.2007 |
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Date of Ceasing: |
31.03.2008 |
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Name : |
Mr. Mukund Krishbaswami |
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Designation : |
Director |
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Address: |
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Date of Birth/Age : |
11.06.1975 |
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Date of Appointment : |
29.11.2008 |
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Date of Ceasing: |
04.08.2010 |
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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, |
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Date of Birth/Age : |
14.05.1968 |
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Date of Appointment : |
01.11.2002 |
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Date of Ceasing: |
27.02.2010 |
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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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Date of Ceasing: |
27.02.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Goverdhan Bagla |
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Designation : |
Secretary |
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Address : |
Flat No. 19, Shiv-Nandan Society, Opposite Maharashtra Mandal, |
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Date of Birth/Age : |
21.05.1984 |
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Date of Appointment : |
01.12.2007 |
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Name : |
Mr. Jitendra Palande |
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Designation : |
Group Chief Executive Officer |
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Name : |
Mr. Sagar Shah |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 07.05.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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26,937,377 |
45.16 |
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|
26,937,377 |
45.16 |
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Total shareholding of Promoter and Promoter Group (A) |
26,937,377 |
45.16 |
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(B) Public Shareholding |
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|
800,000 |
1.34 |
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3,833,200 |
6.43 |
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2,074,250 |
3.48 |
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2,600,000 |
4.36 |
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9,307,450 |
15.61 |
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3,256,700 |
5.46 |
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7,490,400 |
12.56 |
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|
1,069,550 |
1.79 |
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|
11,582,522 |
19.42 |
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1,923,117 |
3.22 |
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|
57,550 |
0.10 |
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9,601,855 |
16.10 |
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23,399,172 |
39.23 |
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Total Public shareholding (B) |
32,706,622 |
54.84 |
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Total (A)+(B) |
59,643,999 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
59,643,999 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel Tubes and Auto Components. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
Installed
Capacity* |
Normal
Capacity |
Actual
Production |
|
Tubes |
M.T |
152940 |
85885 |
32787 |
* Installed Capacities are certified by the Managing Director and relied
upon by the Auditors.
*The capacities can vary significantly depending on size (diameter and
thickness) and also nature / complexity of the product produced.
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
Approximately 1125 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B K Khare and Company Chartered Accountant |
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Address : |
706/708, Sharada Chambers, New Marine Lines, Mumbai-400020, |
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Tel No.: |
91-22-22000607/ 7318/ 6360/ 66315835/ 36 |
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Fax No.: |
91-22-22003476 |
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E mail: |
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Subsidiaries : |
U27109PN2005PTC021695 Activity: Manufacturer of Steel Tubes
U34300PN2006PTC021954 Activity: Manufacturer of Steel Tubes
U27100MH2003PTC143498
U29299PN2006PTC021948
U29299MH1996PTC098751
U27106PN2006PTC022151 |
CAPITAL STRUCTURE
(As on 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Share |
Rs.10/- each |
Rs.70.000 Millions |
|
4000000 |
Preference Share |
Rs.10/- each |
Rs.40.000 Millions |
|
|
|
|
|
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Total |
|
Rs.110.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000100 |
Equity Shares |
Rs.10/- each |
Rs.50.001
Millions |
|
|
|
|
|
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Total |
|
Rs.50.001 Millions |
As on 06.09.2010
Authorized Capital: Rs. 750.000 Millions
Paid-up Capital: Rs. 596.440 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 |
50.001 |
50.001 |
50.001 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
660.482 |
386.576 |
269.653 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
710.483 |
436.577 |
319.654 |
|
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LOAN FUNDS |
|
|
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|
1] Secured Loans |
2121.333 |
2276.882 |
1365.170 |
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2] Unsecured Loans |
451.689 |
325.677 |
218.481 |
|
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TOTAL BORROWING |
2573.022 |
2602.559 |
1583.651 |
|
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DEFERRED TAX LIABILITIES |
262.036 |
151.524 |
111.102 |
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TOTAL |
3545.541 |
3190.660 |
2014.407 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2400.673 |
1416.147 |
927.648 |
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Capital work-in-progress |
308.880 |
895.493 |
271.526 |
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INVESTMENT |
245.425 |
245.425 |
155.780 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1029.723
|
692.772
|
682.610 |
|
|
Sundry Debtors |
496.584
|
12.689
|
320.796 |
|
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Cash & Bank Balances |
158.194
|
654.789
|
551.077 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
580.380
|
457.533
|
233.778 |
|
Total
Current Assets |
2264.881
|
1817.783
|
1788.261 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1107.603
|
1072.229
|
979.386 |
|
|
Other Current Liabilities |
487.572
|
90.957
|
149.422 |
|
|
Provisions |
79.143
|
21.002
|
0.000 |
|
Total
Current Liabilities |
1674.318
|
1184.188
|
1128.808 |
|
|
Net Current Assets |
590.563
|
633.595
|
659.453 |
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3545.541 |
3190.660 |
2014.407 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
|
Income |
3910.595 |
3482.004 |
2742.448 |
|
|
|
Other Income |
11.632 |
26.124 |
16.821 |
|
|
|
TOTAL (A) |
3922.227 |
3508.128 |
2759.269 |
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumptions |
2186.457 |
2433.532 |
2200.367 |
|
|
|
Personal Expenses |
180.537 |
110.177 |
52.372 |
|
|
|
Other expenses |
504.306 |
393.895 |
253.705 |
|
|
|
Prior period items |
0.000 |
17.846 |
0.000 |
|
|
|
TOTAL (B) |
2871.300 |
2955.45 |
2506.444 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1050.927 |
552.678 |
252.825 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
491.525 |
302.081 |
127.381 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
559.402 |
250.597 |
125.444 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
126.666 |
89.248 |
57.889 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
432.736 |
161.349 |
67.555 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
158.830 |
44.426 |
31.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
273.906 |
116.923 |
36.442 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
320.920 |
215.689 |
222.215 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Preference Shares |
0.000 |
0.000 |
0.400 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
0.068 |
|
|
|
Capital Redemption Reserve |
0.000 |
0.000 |
40.000 |
|
|
|
General Reserve |
27.391 |
11.692 |
2.500 |
|
|
BALANCE CARRIED
TO THE B/S |
567.435 |
320.920 |
215.689 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
64.768 |
3.466 |
12.977 |
|
|
TOTAL EARNINGS |
64.768 |
3.466 |
12.977 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
16.620 |
3.754 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
23.543 |
91.966 |
18.252 |
|
|
TOTAL IMPORTS |
23.543 |
108.586 |
22.006 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
54.78 |
23.38 |
7.29 |
|
|
|
Diluted |
48.75 |
19.45 |
5.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.18
|
3.33
|
1.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.07
|
4.63
|
2.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.28
|
4.98
|
2.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.36
|
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.98
|
8.68
|
8.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.53
|
1.58 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
a) Total outstanding dues of Micro and Small Enterprises |
-- |
-- |
-- |
|
b) Total outstanding dues of Creditors other than Micro and Small
Enterprises |
1107.603
|
1072.229
|
979.386 |
|
Total |
1107.603 |
1072.229 |
979.383 |
Financial Results:
During the year 2009-10 the company has achieved around 5.21% rise in
sales as compared to previous year. Total sale (Gross) of Financial year
2009-10 was Rs. 4215.050 Millions as compared to sale of Rs. 4006.299 Millions
in financial year 2008-09.
2. Contingent Liabilities not provided for:
|
Particulars |
31.03.2010 Rs. in Millions |
|
(a) In respect of guarantees given to banks / financial institutions
on behalf of: |
|
|
(i) Subsidiary Companies |
309.800 |
|
Loans Outstanding in respect of above |
93.497 |
|
(ii) Other guarantees |
-- |
|
- Loan Outstanding in respect of above |
-- |
|
|
|
|
(b) In respect of: |
|
|
Claims against the Company not acknowledged as debts |
0.301 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29309MH1991PLC063045 |
|
Name of the
company |
INNOVATIVE INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gate No. 1261, Sanaswadi, Shirur, Pune - 412 208, |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable Property Book Debts Movable Property Others |
|
Particular of
charge holder |
Axis Bank Limited, 1262/B, |
|
Nature of
instrument creating charge |
(Both these
documents create a single charge) |
|
Date of
instrument Creating the charge |
23.07.2010 |
|
Amount secured by
the charge |
Rs. 1000.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the
Agreement with Bankers Terms of
Repayment As per the
Agreement with Bankers Margin As per the
Agreement with Bankers Extent and
Operation of the charge Type of
Facilities: Cash Credit (Amount in Millions) (Axis 100.000 Millions, CBI Rs.
200.000 Millions) Letter of Credit (Axis Rs. 400.000 Millions, CBI Rs.
100.000 Millions), Bank Guarantee (Axis of Rs. 200.000 Millions ) Total
Working Capital credit facility of Rs. 1000.000 Millions. First pari passu
charge on all current assets and second Charge on
mortgage of immovable property and hypothecated fixed assets of the company
on pari passu basis between ‘Axis Bank’ central bank of Others For Working
Capital Credit Facility: Axis Bank is designated and Recognised as lead
bankers. Charge is created
in favour of Axis Bank Limited and Central Bank of |
|
Short particulars
of the property charged |
|
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Tools and Dies
·
Furniture and Fixture
·
Vehicles
·
Patents
AS PER WEBSITE
Profile:
Subject is a multiproduct company catering to applications in diverse sectors
such as automobile, boiler and heat exchangers, energy, oil and general
engineering. It specializes in processing various types of steel, faster
development cycles, flexible production systems, effective supply chain
management for efficient delivery and capability to make tubular
transformations. The company is driven by continuous innovations.
The company has three divisions, Tube, Sheet and Auto Products with
manufacturing facilities and warehouses at strategic locations. It offers wide
portfolio of products such as Electric Resistance Welded tubes (ERW)and Cold
Drawn Electric Welded Tubes (CEW), also known as Drawn over Mandrel (DOM)
tubes, strips and auto assemblies. The tubes comein a range of materials like
Low Carbon, High Strength, Micro alloy and Stainless Steel. Its products meet
stringent requirements of Surface Finish, Wall Thickness, Dimension Tolerance
and Mechanical Properties required by discerning global customers.
BOARD OF
DIRECTORS:
Mr. Chandu L. Chavan – Chairman
Mr. Chandu Chavan, 41 years, is the Chairman of the Company.
Mr Chavan joined the Board in the year 2002 and since then has been an integral
part of the Company’s management team. He completed his Diploma in Mechanical
Engineering from Cusrow Wadia Institute of Technology, Pune, in 1987. He gained
valuable experience in Bajaj Auto Limited before acquiring this company. His
experience and expertise has helped in the growth and development of the
Company
Mr. Ravindra W. Katre – Managing Director
Mr. Ravindra Katre, 45 years, is the Managing Director of the Company.
Mr Katre, 45 years, completed his Diploma in Mechanical Engineering from Cusrow
Wadia Institute of Technology, Pune, in 1984. Mr Katre is a post graduate in
Management Sciences from the
Mr. Sanjay H. Waghulade – Whole-time Director
Mr. Sanjay Waghulade, 44 years, is the Whole-time Director of the Company.
Mr Waghulade, 46 years, completed his Bachelor of Engineering from Bapuji
Institute of Engineering and Technology, Davengere, Karnataka, in 1987. He
joined BAL in 1987, where he handled procurement of components, forging and
casting along with general purchase. In 1991, he joined Kalyani Seamless Metal
Tubes Limited. (“KSMTL”), Baramati, where he handled procurement of project
components including cement, steel and sophisticated machinery. He joined Saw
Pipes Limited (“SPL”) in 1993 as an assistant manager, purchase; and was in
charge of all activities related to procurement up to 1995. During his
engagement with KSMTL and SPL he gained expertise with regards to the working
of the tubes business.
Mr Waghulade joined the Board of Directors of the Company on November 1, 2002;
and has since been an integral part of the Company’s management team. He
oversees the production, tooling and other related areas including project set
up.
Mr. William. S. Sovak – Independent Director
Mr William. S. Sovak, aged 38 years, is an Independent Director of the Company.
He graduated summa cum laude in Finance from the
Mr. Yashpaul Gupta - Independent Director
Mr Yashpaul Gupta, aged 60 years, is an Independent Director of the Company. He
holds a Bachelor’s Degree in Physical Science from Birla Institute of
Technology and Science (BITS), Pilani, Rajasthan and is a Master in Business
Administration from the Indian Institute of Management (IIM), Ahmedabad. Prior
to joining the Company Mr Gupta worked with the Union Bank of
Mr. Pradeep Tupe - Independent Director
Mr Pradeep Tupe, aged 52 years, is an Independent Director of the Company. He
holds a Diploma in Business Management. Also passed AMIE (Section A and B)
Examination and also a Diploma in Mechanical Engineering. He has worked with
reputed companies such as KSB Pumps Limited, Kirloskar Brothers Limited, Rathi
Industrial Equipment Co Limited, Gujarat Steel Tubes Limited and Atlas Steel
Tube Industries in the Marketing/Sales division in different capacities. He was
the Chairman of Institution of Engineers (
Dr. Rajendra Jagdale - Independent Director
Dr. Rajendra Jagdale, aged 50 years, is an Independent Director of the Company.
He holds a Master’s degree in Botany and a Ph.D in Forest Ecology from the
Ramprasad Joshi - Independent Director
Mr Ramprasad Joshi, aged 41 years, is an Independent Director of the Company.
He holds a ‘B.E in Computers’ from
LEADERSHIP:
Mr. Jitendra Palande - Gr. CEO
oversees business strategy and development, strategic acquisitions and
alliances and overall operations. He joined them on 01stOctober 2009. He
carries more than 18 years of global experience in providing strategic
leadership in challenging situations where he led market expansion and
operations to achieve business transformation. He worked in multiple industries
with leading companies in strategic planning, business development, finance,
project management, and general management. His past associations include
leading companies such as Mahindra and Mahindra, Bharat Forge, Cognizant, and
Tech Mahindra. His previous assignment was with Höganäs India Limited, where he
was the CFO.
Jitendra is a Sloan Fellow (Leadership and Strategy) from
Mr. Devdatta Ratnakar – CEO (Tube Division)
joined the company on 22nd June 2007. He has over 23 years of experience across
diverse organizational functions in leadership positions. In his previous
assignments he worked as COO of Lenox, Indian venture of a US MNC and prior to
that as SBU Head of Indian JV of Japanese MNC, STI Sanoh India Limited
Devdatta acquired his bachelors with distinction in Mechanical Engineering and
post-graduation in Management from the IIM Indore.
Avinash Adige - Head (Auto Division)
joined the Company in October 2005. He is responsible for all the commercial,
finance and marketing activities of Auto Division. He carries experience in the
field of Quality and Development of over 23 years. Prior to joining the
Company, he was employed with Bajaj Auto Limited as a Department Manager.
Avinash holds Masters Diploma in Business Administration from IMDR Institute of
management and development and Research, Pune, Diploma in Electrical Engineers
from Cusrow Wadia Institute of Technology, Pune. He has completed Computer
Advance Diploma (ADCCSSAA) from
Parag Mulye - Head (Export Business Group)
joined the Company on 01st November 2002. He is responsible for exploring
business opportunities in export sector. He was a member of the Board between
2002 and February 2010. He is experienced in the field of all commercial and
marketing activities.
Parag holds ‘Diploma in Mechanical Engineering’ from Pune.
Sanjay Bhade - Business Head (Operations of Tube Division)
joined the Company in 2002. He is experienced in the field of designing auto
components, assemblies, forging, casting etc. Prior to joining the Company, he
was employed with Bajaj Auto Limited in Design department. He was also
associated with Jindal Seamless Limited He was a member of the Board between
2002 and February 2010.
Sanjay holds ‘Diploma in Mechanical Engineering’ from Govt. Polytechnic, Pune.
Shivaji Katke - Business Head (Energy Business)
joined the Company in 2002. He is experienced in the field of marketing,
commercial activities and overseas operations and is responsible for exploring
business opportunities in energy sector. He was a member of the Board between
2002 and February 2010.
Shivaji is Bachelor of Mechanical Engineering from Pune.
Rajeev Vaidya - General Manager (HR and Admin)
joined the Company on 12th March 2010. He is entrusted with the responsibility
of looking after the overall HR and Administration of Tube Division. Prior to
joining us, he was employed with Höganäs India Limited as Manager – Personnel
and Administration. He was also associated with Jhalani Tools, Universal
Luggage, Vikrant Malleable, in several capacities.
Rajeev holds a Masters in Personnel Management from
SUBSIDIARIES:
The subsidiaries provide further diversification and value addition to the
business model. The subsidiaries carry on the business activities as under
Sankalp Forgings Private Limited (“Sankalp” or “SFPL”)
Fully machined, ready to assemble parts such as machined tubing, coupling,
casing couplings, pup joints, cross overs etc., which are used in oil rigs/ oil
wells Open die and closed die forgings,
castings used in precision engineering components, oil fields and automobile
components
Arihant Steel and Metal Wires Private Limited (“ASMWPL”)
It is engaged in manufacturing of steel wires using steel scrap
generated in the various manufacturing plants
DIVISIONS:
Tubes Divisions
The Tube Division manufactures precision welded tubes which have a wide variety
of applications in the industries such as automobile, boilers, white goods,
furniture and general engineering. Its products include Electric Resistance
Welded Tubes (ERW) and Cold Drawn Electric Welded Tubes (CEW), also known as
Drawn over Mandrel (DOM) tubes. It has state of the art manufacturing
facilities located near Pune and its products are sold in domestic as well as
export markets
Strips Division
The Strips Division produces a range of sheets / strips that are used in
automobiles, boilers and general engineering industry. The manufacturing
facilities are located near Pune.
Auto Products Division
The Auto Products Division manufactures pressed parts, welded components
and assemblies catering to the two-wheelers and three-wheelers industry. It
enjoys single source status from Bajaj for some of the key products. The
facilities are located near Pune and
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 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.44.94 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.