MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TEXMO PIPES AND PRODUCTS LIMITED |
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Registered
Office : |
98, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.07.2008 |
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Com. Reg. No.: |
020852 |
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Capital Investment
/ Paid-up Capital : |
Rs. 112.700 Millions |
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CIN No.: [Company Identification
No.] |
U25200MO2008PLC020852 |
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Legal Form : |
Public Limited Liability Company |
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Line of Business
: |
Manufacturer of S.W.R. Pipes, Electrometric Pipes, Rigid PVC Pipes. |
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No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2223530 |
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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 an established company having satisfactory track. Trade
relations are 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Vijay Prasad Pappu |
|
Designation : |
Director |
|
Contact No.: |
91-9826634409 |
|
Date : |
06.05.2011 |
LOCATIONS
|
Registered Office : |
Post Box. No. 35, 98, |
|
Tel. No.: |
91-7325-255122/252353/253833 |
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Mobile No.: |
91-9826634409 (Mr. Vijay Prasad Pappu) |
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Fax No.: |
91-7325-253273 |
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E-Mail : |
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Website : |
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Corporate Office : |
503, Corporate Avenue, Sonawala Road, Near Udyog Bhavan,
Goregoan(east), Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-26850227 |
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Fax No.: |
91-9820422156 (Mr. Aman Vijaywargiya) |
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E-Mail : |
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Branches : |
·
Address:101, ·
Telephone:91-731 –
4041389 ·
Telefax:91-731 –
2547190 ·
Mobile No. :91-98260
34405 ( Mr. Vinod Agrawal ) ·
Address: 11,
Manmohan Nagar, Near Regal Cinema, ·
Telephone:91-761 -
4081287 ·
Mobile No. :91-98269
75325 (Mr. Sunil Fransis ) Nasirabad : ·
Address: 5544, Opp.
Choubey Petrol Pump, N.H. No.6, Nasirabad, Dist. Jalgaon (M.S.) ·
Mobile No. :91-98266
34406 (Mr. Sunil Barud ) Jaipur : ·
Address: ·
Telephone:91-257 –
3295855 ·
Mobile No. :91-98878
90461 / 92291 38901 (Mr. Rajesh Umale) 91-92143 63652 (Mr.
Rajkumar Solanki ) |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Sanjay Agrawal |
|
Designation : |
Director |
|
Address : |
Chowk Bazar, Near City PS, Burhanpur-450331, |
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Date of Birth/Age : |
10.06.1964 |
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Date of Appointment : |
01.09.2008 |
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Name : |
Mr. Vijay Prasad Pappu |
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Designation : |
Director |
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Address : |
43, Adarsh Colony, Burhanpur-450331, |
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Date of Birth/Age : |
30.06.1959 |
|
Date of Appointment : |
01.09.2008 |
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Name : |
Mr. Shantilal Badera |
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Designation : |
Director |
|
Address : |
4, Surana NAgar, Barawah-450005, |
|
Date of Birth/Age : |
01.04.1945 |
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Date of Appointment : |
14.08.2008 |
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Name : |
Mr. Rajesh Selot |
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Designation : |
Director |
|
Address : |
170, Gumasta Nagar, Indore-452008, |
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Date of Birth/Age : |
03.08.1965 |
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Date of Appointment : |
14.08.2008 |
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Name : |
Mr. Chakradhar Bharat Chhaya |
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Designation : |
Director |
|
Address : |
Sangeeta 9, 22A, Linking Road Ext., Santacruz (W), Mumbai-400054, |
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Date of Birth/Age : |
09.11.1943 |
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Date of Appointment : |
14.08.2008 |
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Name : |
Mr. Sunil Kumar Maheshwari |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rishabh Jain |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of promoter
and Promoter Group |
|
|
|
1) Indian |
|
|
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a) Individuals / Hindu Undivided Family |
6,162469 |
54.68 |
|
2) Foreign |
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a) Bodies corporate |
--- |
--- |
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(B) Public Shareholdings |
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1) Institutions |
|
|
|
a) Mutual Funds |
--- |
--- |
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b) Financial Institutions/Banks |
--- |
--- |
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c) Foreign Institutional Investors |
5580 |
0.05 |
|
|
|
|
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2) Non – Institution |
|
|
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a) Bodies corporate |
1393311 |
12.36 |
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|
|
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b) Individuals |
|
|
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
3249717 |
28.84 |
|
ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
364850 |
3.24 |
|
|
|
|
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c) Any other (Specify) |
94073 |
0.83 |
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i) Non Resident Indians |
70582 |
0.63 |
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ii) Clearing Members |
23491 |
0.21 |
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|
|
|
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Total |
5101951 |
45.27 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of S.W.R. Pipes, Elastomeric Pipes, Rigid PVC Pipes. |
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Products : |
Fitting :- |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Pipes |
Kgs |
--- |
12,723,000 |
10,979,657,520 |
|
Resuable Waste |
Kgs |
--- |
--- |
491,872,500 |
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|
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|
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Total |
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|
12,723,000 |
12,723,000 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
450 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Mr. Pankaj Soumea and Associates Chartered Accountant |
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Address : |
124, |
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|
|
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Associates/Subsidiaries : |
--- |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11270000 |
Equity Shares |
Rs.10/- each |
Rs. 112.700
Millions |
|
|
|
|
|
Notes:
1. Of the above, 60,00,000 Equity Shares (FY 2008-09) of Rs. 10/- each
are issued pursuant to conversion
of the erstwhile partnership firm Shree Mohit Industries under Part IX
of the Companies Act, 1956.
2. Of the above, 50,00,000 Equity Shares (FY 2009-10) of Rs. 10/- each
have been allotted through IPO at
a premium of Rs.80/- per share.
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs. 1300.000 Millions
The above information has been parted by Mr. Vijay Prasad Pappu.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
112.700 |
62.700 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
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3] Reserves & Surplus |
|
443.184 |
65.850 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
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NETWORTH |
|
555.884 |
128.550 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
421.940 |
179.867 |
|
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2] Unsecured Loans |
|
17.194 |
48.733 |
|
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TOTAL BORROWING |
|
439.134 |
228.600 |
|
|
DEFERRED TAX LIABILITIES |
|
6.904 |
2.448 |
|
|
|
|
|
|
|
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TOTAL |
|
1001.922 |
359.598 |
|
|
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
154.772 |
94.541 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
|
142.186 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
260.298
|
126.056 |
|
|
Sundry Debtors |
|
131.047
|
107.222 |
|
|
Cash & Bank Balances |
|
157.309
|
15.171 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
252.868
|
53.139 |
|
Total
Current Assets |
|
801.522 |
301.588 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
71.609
|
26.010 |
|
|
Other Current Liabilities |
|
8.860
|
4.066 |
|
|
Provisions |
|
16.785
|
14.728 |
|
Total
Current Liabilities |
|
97.254 |
44.804 |
|
|
Net Current Assets |
|
704.268 |
256.784 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.694 |
8.273 |
|
|
|
|
|
|
|
|
TOTAL |
|
1001.922 |
359.598 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
Income |
|
|
|
|
|
|
|
Sales |
|
821.379 |
486.408 |
|
|
Less: |
Excise Duty |
|
59.436 |
53.807 |
|
|
|
Other Income |
|
5.861 |
11.498 |
|
|
|
TOTAL (A) |
|
767.804 |
444.099 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing Expenses |
|
651.764 |
358.196 |
|
|
|
Employees Expenses |
|
20.370 |
7.126 |
|
|
|
Administrative and General Expenses |
|
49.657 |
31.556 |
|
|
|
(Increase) / Decrease in Stock |
|
(60.276) |
(36.119) |
|
|
|
Preliminary Expenses Written off |
|
0.231 |
0.231 |
|
|
|
TOTAL (B) |
|
661.749 |
360.990 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
106.055 |
83.107 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
35.362 |
18.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
70.693 |
64.757 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
8.200 |
4.696 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
62.493 |
60.061 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
21.242 |
16.155 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
41.251 |
43.906 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
44.250 |
0.344 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
84.271 |
44.250 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
6.01 |
7.00 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
5.37 |
9.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.60 |
13.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.79 |
19.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
11.24 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.17 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
8.24 |
6.73 |
LOCAL AGENCY FURTHER INFORMATION
The Director here
by reported that the company achieved a turnover of Rs. 821.300 Millions up to
31st March, 2010 which shows 69.06% increase from the previous nine
months of operation i.e. form 3rd July, 2008 to 31st
march, 2010.
Financial Review
The financial Statements have been prepared in compliance with the
requirements of the companies Act, 1956 and generally accepted accounting
principles (GAAP) in
During the year, the company has achieved a net turnover of Rs. 761.943
Millions, and other incomes of Rs 5.862 Millions the sales had substantially
improved due to product range diversification and higher demand in agricultural
and telecom sector. EBDITA was Rs. 102.334 Millions, Profit before tax was at
Rs. 62.494 Millions and Profit after tax stood at Rs. 40.021 Millions.
Earnings per equity share (face value Rs. 10/-) marginally declined from
Rs. 7.007- to Rs. 6.017- on year to year basis primarily due to increased
number of shares.
Some of the key performance indications are given below: (Rs. in Millions)
Particulars 2010 2009
Gross Revenue 812.380 480.538
Profit Before Tax (PBT) 62.725 60.292
Ratio of JPBT to Gross revenue <%) 7.72% 12.55%
Profit After Tax (PAT) 40.021 43.906
Ritto irf P^T to Gross revenue (%) 4.93% 9.14%
Earnings Per Share (EPS) (Rs.) 6.01 7.00
*Current year figures are not be comparable with the previous year
figures as operations during the previous year was only for nine months
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010
|
Particulars |
31.12.2010 Quarter |
31.12.2010 9th Month |
|
Operating Income |
|
|
|
Gross sales / Income from Operations |
3487.260 |
10027.42 |
|
Less: Excise Duty / Sale Tax recovered |
277.420 |
201.64 |
|
a) Net Sales / Income from Operations |
3209.840 |
2727.77 |
|
b) Other Operating Income |
--- |
--- |
|
Total Operating Income |
3209.840 |
9188.16 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
93.270 |
(103.83) |
|
(b) Consumption of Raw Materials |
2036.340 |
6387.530 |
|
(c) Employees Cost |
87.61 |
332.110 |
|
(d) Depreciation |
34.35 |
245.630 |
|
(e) Other Expenditure |
407.90 |
99.680 |
|
Total Expenditure |
2836.680 |
1132.320 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
373.160 |
8093.440 |
|
Other Income |
4.88 |
4.75 |
|
Profit/(Loss) before Interest and Exceptional items |
378.040 |
1099.470 |
|
Interest |
53.76 |
182.530 |
|
Profit / (Loss) after interest before Exceptional items |
431.800 |
1282.000 |
|
Deferred Interest |
184.470 |
432.430 |
|
Net Profit/(Loss) after exceptional item |
247.330 |
849.570 |
|
Tax Expenses |
--- |
--- |
|
Profit after interest but before Exceptional Items |
247.330 |
849.570 |
|
Exceptional Items |
--- |
--- |
|
|
|
|
|
Profit From Ordinary Activities before tax |
247.330 |
849.570 |
|
Tax Expense (including Deferred Tax) |
82.16 |
282.200 |
|
Net Profit from Ordinary Activities, After Tax |
165.170 |
567.370 |
|
|
|
|
|
Extra Ordinary Items |
--- |
--- |
|
Net Profit for the period |
165.170 |
567.370 |
|
Paid up share capital |
1127.000 |
1127.000 |
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.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--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 |
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.