MIRA
INFORM REPORT
|
Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
AVENTURA COMPONENTS PRIVATE LIMITED (w.e.f 27.05.2005) |
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|
|
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Formerly Known
As : |
PURGE SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
A-1/152, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.09.1997 |
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Com. Reg. No.: |
55-089785 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.2.578
millions |
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|
|
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CIN No.: [Company Identification
No.] |
U51505DL1997PTC089785 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELP09140F |
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PAN No.: [Permanent Account No.] |
AAFCA3564R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Water Treatment and Water Handling
Components. |
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|
|
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No. of Employees
: |
300 (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 121000 |
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|
|
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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 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 PARTED BY
|
Name : |
Mr. Rupak Chavan |
|
Designation : |
Marketing Manager |
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Contact No.: |
91-9717690542 |
|
Date : |
08.09.2011 |
LOCATIONS
|
Registered Office/ Factory : |
A-1/152, |
|
Tel. No.: |
91-11-43100513/ 43100543 |
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Mobile No.: |
91-9717690542 (Mr. Rupak) |
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Fax No.: |
91-11-43100599 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 07.09.2010
|
Name : |
Mr. Kamal |
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Designation : |
Director |
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Address : |
H.No. A-68, Sector - 14, Noida – 201 301, |
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Date of Birth/Age : |
17.11.1970 |
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Date of Appointment : |
06.03.2006 |
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00119385 |
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Other Directorship :
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Name : |
Mr. Kewal Krishan Kundan Lal Nohria |
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Designation : |
Director |
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Address : |
11, |
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Date of Birth/Age : |
10.01.1932 |
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Date of Appointment : |
05.10.2005 |
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DIN No.: |
00060015 |
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Other Directorship :
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Name : |
Mr. Sunil Sugan Chand Ghorawat |
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Designation : |
Director |
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Address : |
T-2/ 1601, The |
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Date of Birth/Age : |
20.09.1968 |
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Date of Appointment : |
15.03.2002 |
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DIN No.: |
00189277 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Rupak Chavan |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sunil Ghorawat |
|
1062500 |
|
Kewal Krishan Nohria |
|
1062500 |
|
Flashnet Info Solution India Limited, |
|
453125 |
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Total |
|
2578125 |
As on 07.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
18.00 |
|
Directors
or relatives of directors |
|
82.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Water Treatment and Water Handling
Components. |
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Products : |
v
Water Handling Components v
Water Treatment Components v
Consumables and Spares v
Standard Plats |
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Exports : |
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Products : |
Water Treatment Components |
GENERAL INFORMATION
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No. of Employees : |
300 (Approximately) |
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Bankers : |
v
Union Bank of v
Citi Bank v
Bank of v
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
O. P. Tulsyan and Company Chartered Accountants |
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Address : |
B-27/5, (D-S), Near |
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Tel No.: |
91-11-25422346/ 2351 |
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Tele Fax No.: |
91-11-25422351 |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFO0729Q |
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Group Associate Company: |
v
Fontus Water Limited v
EA Water Private Limited v
Deolalikar Consultants Private Limited |
CAPITAL STRUCTURE
After 07.09.2010
Authorised Capital : Rs.5.000 millions
Issued, Subscribed & Paid-up Capital : Rs.2.656
millions
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Re.1/- each |
Rs.5.000 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2578125 |
Equity Shares |
Re.1/- each |
Rs.2.578
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 |
2.578 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.016 |
1.500 |
0.000 |
|
|
3] Reserves & Surplus |
27.605 |
13.266 |
10.825 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
30.199 |
17.266 |
13.325 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.533 |
29.919 |
14.603 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
30.533 |
29.919 |
14.603 |
|
|
DEFERRED TAX LIABILITIES |
0.270 |
0.000 |
0.020 |
|
|
|
|
|
|
|
|
TOTAL |
61.002 |
47.185 |
27.948 |
|
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APPLICATION OF FUNDS |
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|
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|
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|
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FIXED ASSETS [Net Block] |
3.148 |
1.363 |
1.412 |
|
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Capital work-in-progress |
0.000 |
0.681 |
0.000 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.006 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
39.325
|
36.694
|
20.872 |
|
|
Sundry Debtors |
71.153
|
30.109
|
31.072 |
|
|
Cash & Bank Balances |
7.450
|
6.555
|
4.404 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
12.697
|
9.979
|
6.671 |
|
Total
Current Assets |
130.625
|
83.337
|
63.019 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
59.907
|
32.568
|
27.154 |
|
|
Other Current Liabilities |
8.928
|
5.646
|
2.897 |
|
|
Provisions |
3.956
|
0.018
|
6.472 |
|
Total
Current Liabilities |
72.791
|
38.232
|
36.523 |
|
|
Net Current Assets |
57.834
|
45.105
|
26.496 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.020 |
0.030 |
0.040 |
|
|
|
|
|
|
|
|
TOTAL |
61.002 |
47.185 |
27.948 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
298.874 |
213.833 |
180.511 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
298.874 |
213.833 |
180.511 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
281.005 |
209.025 |
166.561 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
281.005 |
209.025 |
166.561 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
17.869 |
4.808 |
13.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.854 |
0.504 |
0.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
17.015 |
4.304 |
13.614 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.689 |
1.889 |
4.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
11.326 |
2.415 |
8.774 |
|
|
|
|
|
|
|
|
|
Less |
Deferred Tax
Assets Adjustment |
0.276 |
(0.026) |
0.007 |
|
|
Less |
Adjustment of
Tax for Earlier Years |
0.148 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Surplus/
Deficit carried to Balance Sheet |
10.902 |
2.441 |
8.767 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
7.009 |
5.243 |
3.793 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
101.972 |
95.868 |
82.836 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.31 |
0.98 |
3.51 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
440.000 |
|
|
|
|
|
The above information has been parted by Mr. Rupak (Marketing Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.79
|
1.13
|
4.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.72
|
5.08
|
21.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.25
|
1.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.42
|
3.95
|
3.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
2.18
|
1.73 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT YEAR WORKING AND FUTURE OUTLOOK
The company's
financial performance for the year is given above.
During the year
the company earned Profit After Tax (PAT) of Rs.11.326 millions which is 369%
higher compared to Rs.2.415 millions earned in the previous year.
During the year
the turnover was higher at Rs.298.874 millions compared to Rs.213.833 millions
achieved during last year.
Over the last few
years, Subject has become the most preferred supplier of water treatment
components and equipments in
2009-10 has been a
year of expansion as Subject has grown its business on various fronts. At one
end, they have increased market penetration by introducing their presence in
numerous new market locations. They have a dedicated sales and marketing team
focused on these new customer bases and they have added over 150 new customers.
They have also broadened their product range by putting more emphasis on new
items like ion exchange resins, water treatment chemicals and valves.
Subject has also
made its presence in the manufacturing and system integration space. They
supply drinking water plants for various community-based requirements to
prestigious clients like Naandi Foundation,
Recognizing the
growth in the wastewater treatment industry, Subject has entered into the
segment of wastewater treatment equipments to be supplied to contractors for
municipal and industrial applications. They have signed an agreement with
Duoyuan Global, a leader in this segment in
Subject is in a
strong position as it enters the new year. These string of new initiatives
should help it to retain and strengthen its market leadership position in its
segment.
CONTINGENT
LIABILITIES (As on 31.03.2010)
v
Guarantees given by Bank – Rs.0.824 million
v
Letter of credit outstanding – Rs.7.431 millions
FORM 8:
|
Corporate
identity number of the company |
U51505DL1997PTC089785 |
|
Name of the
company |
AVENTURA
COMPONENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A1/152, E-Mail: bkumar@aventura.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10075570 |
|
Type of charge |
Book Debts Movable Property Floating Charge Others (Stocks,
Book Debts, Plant and Machinery, Current and Fixed Assets) |
|
Particular of
charge holder |
Union Bank of |
|
Nature of
instrument creating charge |
Composite
Hypothecation Deed SD-20 |
|
Date of
instrument Creating the charge |
07.08.2010 |
|
Amount secured by
the charge |
Rs.125.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as per
sanction terms and bank norms Terms of
Repayment Repayment as per
sanction terms and bank norms Margin Margin as per
sanction terms and bank norms Extent and
Operation of the charge First charge by
way of hypothecation of all tangible movable machineries, plant, machinery,
fixtures, fittings etc., whole of the borrowers movable goods and assets,
stocks such as water purifier components etc., and
book debts, other current and fixed assets both present and future is to secure the
Cash Credit Limit Rs.50.000 millions (w/w C.P. Rs.1.500 millions) Import LC
Rs.75.000 millions (w/w Bank Guarantee Rs.1.500 millions) aggregating to
Rs.125.000 millions sanctioned to the company. |
|
Short particulars
of the property charged |
First charge by way
of hypothecation of all tangible movable machineries, plant, machinery,
fixtures, fittings etc., whole of the borrowers movable goods and assets,
stocks such as water purifier components etc., and
book debts, other current and fixed assets both present and future |
|
Particulars of
the present modification |
The amount
secured is increased from Rs.70.000 millions to Rs.125.000 millions to secure
Cash Credit Limit Rs.50.000 millions (w/w C.P. Rs.1.500 millions) Import LC
Rs.75.000 millions (w/w Bank Guarantee Rs.1.500 millions) Security: First
charge by way of hypothecation of All tangible movable machineries, plant,
machinery, fixtures, fittings etc., whole of the borrowers movable goods and
assets, stocks such as water purifier components etc., and book debts, other current and fixed
assets both present and future |
|
Corporate
identity number of the company |
U51505DL1997PTC089785 |
|
Name of the
company |
AVENTURA COMPONENTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
A1/152, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Equitable Mortgage
or mortgage property by depositing the title deeds |
|
Particular of
charge holder |
Union Bank of |
|
Nature of
instrument creating charge |
SD – 20 Composite
Hypothecation deed |
|
Date of
instrument Creating the charge |
23.03.2006 |
|
Amount secured by
the charge |
Rs.30.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
First charge on stocks,
book debts, plant and machinery other current and fixed assets is to secure
the aggregate credit facilities of Rs. 30.500 Millions and interest other
terms as more particularly mentioned in Schedule I to the Composite
Hypothecation deed dated 23.03.2006 |
|
Description of
the property charged |
· Stock in trade · Book debts · Plant and Machinery · Others |
|
Particulars of
the property charged |
Stocks, book
debts, plant and machinery, current and Fixed Assets |
FIXED ASSETS:
v
Computer
v
Software
v
Furniture and Fittings
v
Office Equipment
v
Scooter
v
Plant and Machinery
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.47.10 |
|
|
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
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 |
NO |
|
--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 |
|
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.