MIRA
INFORM REPORT
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Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
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Name : |
ASHIRVAD PIPES PRIVATE LIMITED |
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Registered
Office : |
# 4B, Attibele Industrial Area, Anekal Taluk, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.02.1997 |
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Com. Reg. No.: |
08-021831 |
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Capital
Investment / Paid-up Capital : |
Rs.44.100
millions |
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CIN No.: [Company Identification
No.] |
U85110KA1997PTC021831 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA01535C |
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PAN No.: [Permanent Account No.] |
AABCA7061K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of PVC/ CPVC Pipes and Fittings and CI Pipes.
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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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 1878000 |
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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 company having fine track. The company
us doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/Factory: |
# 4B, Attibele Industrial Area, Anekal Taluk, |
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Tel. No.: |
91-80-27820542/ 543/ 271 |
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Mobile No.: |
91-9880393432 (Nandini) |
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Fax No.: |
91-80-27820463 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
Located at: v Ahmedabad v Pune v Jaipur |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Pawan Poddar |
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Designation : |
Director |
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Address : |
# 621, 3rd Cross, 3rd Block, Koramangala, |
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Date of Birth : |
27.10.1959 |
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Date of Appointment : |
18.02.1997 |
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DIN No.: |
00480090 |
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Other Directorship:
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Name : |
Mr. Deepak Poddar |
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Designation : |
Director |
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Address : |
Flat No.102/202, ‘F’ Block, ‘Redwood’, Raheja Residency, Koramangala, |
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Date of Birth : |
21.05.1962 |
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Date of Appointment : |
18.02.1997 |
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DIN No.: |
00038685 |
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Other Directorship:
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Name : |
Mr. Vikas Poddar |
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Designation : |
Director |
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Address : |
Flat No.309/409, ‘G’ Block, Spruce, Raheja Residency, Koramangala, |
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Date of Birth : |
10.04.1964 |
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Date of Appointment : |
18.02.1997 |
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DIN No.: |
00038340 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Pawan Poddar |
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96250 |
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Deepak Poddar |
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96250 |
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Vikas Poddar |
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96250 |
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Pawan Poddar HUF |
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50750 |
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Deepak Poddar HUF |
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50750 |
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Vikas Poddar HUF |
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50750 |
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Total |
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441000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PVC/ CPVC Pipes and Fittings and CI Pipes.
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Products : |
v PVC Pipes v CI Adaptors |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
2009-10 |
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Licensed Capacity |
NA |
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Installed Capacity * |
26500 MT’s |
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Actual Production * |
25124 MT’s |
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*Installed capacity and actual productions are certified by the
management and have not been verified by the auditors as this is a technical
matter.
GENERAL INFORMATION
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No. of Employees : |
400 (Approximately) |
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Bankers : |
v
Vijaya
Bank – Ahmedabad v
State Bank of v
ICICI Bank Limited v
State Bank of v
HDFC Bank Limited v
Axis Bank Limited v
Vijaya
Bank, Mayohall Branch, |
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Facilities : |
Notes: The above
secured loans of State Bank of a) Equitable
mortgage of Company's Land and Building in Plot No.4A, 4B, 5B and 5C situated at Attibele Industrial Area, b) Personal
guarantee of Mrs. Shail Bala Poddar restricted to the value of property
situated at c) Personal
guarantee of Directors Mr. Pawan Poddar, Mr. Deepak Poddar and Mr. Vikas
Poddar, d) Corporate
guarantee by Ashirvad Enterprises Private Limited, e) Extension of
Equitable mortgage of Flat No.G-309/409 situated at Raheja Residency,
Koramangala, Bangalore, Flat No
1021202 situated at Raheja Residency, “REDWOOD” Block, Koramangala,
Bangalore, House No.621, 3rd Block, 3rd Cross,
Koramangala, Bangalore. (Flats belonging to Directors) f) Extention of
Equitable mortgage of Flat No.F-5, F-6, F-9, F-10 and F-13 situated at g) Personal
guarantee of Mr. Pawan Poddar (HUF), Mr. Deepak Poddar (HUF) and Mr. Vikas
Poddar (HUF)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Brahmayya and Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-80-22274551/ 22274552 |
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Fax No.: |
91-80-22212437 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFB9147R |
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Associate Company : |
Ashirvad Enterprises
Private Limited, Line of business: Manufacturer of Columns Pipes and Fitting. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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441000 |
Equity Shares |
Rs.100/- each |
Rs.44.100
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
44.100 |
12.600 |
12.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
425.284 |
258.118 |
154.458 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
469.384 |
270.718 |
167.058 |
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LOAN FUNDS |
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1] Secured Loans |
461.983 |
198.835 |
194.185 |
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2] Unsecured Loans |
6.484 |
8.484 |
6.484 |
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TOTAL BORROWING |
468.467 |
207.319 |
200.669 |
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DEFERRED TAX LIABILITIES |
1.068 |
0.000 |
0.000 |
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TOTAL |
938.919 |
478.037 |
367.727 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
458.517 |
205.095 |
167.330 |
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Capital work-in-progress |
0.638 |
1.909 |
1.855 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
0.000 |
3.039 |
0.027 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
368.785
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180.072 |
181.557
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Sundry Debtors |
353.947
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220.650 |
129.315
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Cash & Bank Balances |
36.930
|
21.553 |
8.666
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Other Current Assets |
25.931
|
9.394 |
11.127
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Loans & Advances |
76.792
|
17.788 |
54.585
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Total
Current Assets |
862.385
|
449.457 |
385.250 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
248.221
|
108.856 |
105.043 |
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Other Current Liabilities |
110.552
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66.010 |
37.734
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Provisions |
23.853
|
6.602 |
44.001
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Total
Current Liabilities |
382.626
|
181.468 |
186.778 |
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Net Current Assets |
479.759
|
267.989 |
194.472
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.038 |
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TOTAL |
938.919 |
478.037 |
367.727 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
3330.883 |
2035.897 |
1147.745 |
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PROFIT BEFORE
TAX |
314.484 |
160.016 |
90.316 |
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Less |
TAX |
115.819 |
56.356 |
32.552 |
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PROFIT AFTER TAX
|
198.665 |
103.660 |
57.764 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export–Sales-FOB |
87.066 |
71.260 |
NA |
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TOTAL EARNINGS |
87.066 |
71.260 |
NA |
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IMPORTS |
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Raw Materials |
1011.281 |
493.534 |
NA |
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Trading Material |
54.350 |
30.944 |
NA |
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TOTAL IMPORTS |
1065.631 |
524.478 |
NA |
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Earnings Per
Share (Rs.) |
450.49 |
235.06 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
9.44
|
7.86 |
7.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.81
|
24.45 |
16.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.67
|
0.59 |
0.54 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
1.44 |
2.32 |
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Current Ratio (Current Asset/Current Liability) |
|
2.25
|
2.48 |
2.06 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The Company has
been able to record considerable improvement in its operations. The Turnover rose
sharply to Rs.3330.800 millions for the year compared to Rs.2035.800 millions
during the previous year. The Net Profit after tax was Rs.198.700 millions
compared to Rs.103.600 millions during the previous year.
CONTINGENT LIABILITIES NOT PROVIDED FOR: (As on
31.03.2010)
a) Demands raised
by the Income tax department under section 143(3) of the Income Tax Act 1961
for the AY 2006-07 amounting to Rs.4.753 millions has not been recognised as
liability in the books.
b) Bank guarantees
outstanding as on 31st March, 2010- Rs.1.858 millions
c] Letter of
Credits outstanding as on 31st March, 2010- Rs.31.038 millions
FORM 8
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Corporate
identity number of the company |
U85110KA1997PTC021831 |
|
Name of the
company |
ASHIRVAD PIPES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
# 4B, Attibele Industrial Area, Anekal Taluk, E-Mail: info@ashirvad.com |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90199611 |
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Type of charge |
Immovable
Property Book Debts Movable Property Others (Stock of
Raw material, Machineries etc.) |
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Particular of charge
holder |
State Bank of E-Mail: sbi.14125@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
1.Letter
Regarding Granting of Individual Limits and Revival Letter both dated
04.03.2011 (Form C-5 and C-6) 2.Two Nos. of
Memorandum of Deposit for Creation of Charge both dated 04.03.2011 (Form C.9
and C.10) 3.Supplemental
Agreement of Loan for increase of overall limit dated 04.03.2011 (Form C.1-A) 4.Supplemental
Agreement of Hypothecation of goods and assets for increase in overall limit
dated 04.03.2011 (Form C.2-A) and Bank Agreement dated 04.03.2011 5.Sanction Letter
dated 03.03.2011 |
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Date of
instrument Creating the charge |
04.03.2011 |
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Amount secured by
the charge |
Rs.1543.900
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: i. For T/L V
(New) 4.40% above base rate i.e. 12.65% p.a. ii. For Clean
Term Loan 4.75% above Base Rate i.e. 13% p.a. iii. For Cash
Credit 3.9% p.a. above base rate. Effective rate is 12.15% Terms of
Repayment: CC Limits and
Other WC Limits : Repayable on demand TL : Repayable in EMIS as per schedule to the
Sanction Letter dated 03.03.2011 Margin: TLs : 25% Raw Materials,
Stock in Process, Book Debts/Receivables, Finished Goods, Stores and Spares :
25% Export Packing
Credit :15% Letter of Credit:
In land 10% , Foreign 10% Bank Guarantee:
25% Extent and
Operation of the charge: Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits. |
|
Short particulars
of the property charged |
Hypothecation of
stocks of raw material, SIP and FGs receivables and other current assets. Hypothecation of
equipment/Plant and machinery, generator, UPS, fixtures either acquired out
of Banks Finance or purchase out of term loan. The land
belonging to APPL at vacant Plot No. 16E and 16F and 4C of Attibele
Industrial Area situated at Sy No. 90, 92, 103, 105 of EM on lease hold
right in favour of APPL at Sy No. 29, 30 and42 of Bommasandra Jigani Link
Road Industrial Area, Bandenallsandra, Anekal Taluk, Hypothecation of
Plant and Machinery to be purchased out of TL Collateral
Securities for all facilities as per Sanction Letter dated 03.03.2011 |
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Date of latest
modification prior to the present modification |
30.07.2010 |
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Particulars of
the present modification |
Total limits enhanced
from Rs.588.000 millions to Rs.1543.900 millions All the existing
EM on immovable properties shall continue. All other terms,
conditions and existing securities to continue. |
|
Name of the
company |
ASHIRVAD PIPES
PRIVATE LIMITED |
|
Presented
By |
Vijaya Bank, Mayohall Branch, |
|
1) Date and
description of instrument creating the change |
10.03.2001 Agreement
Memorandum [Letter evidencing re-deposit of title deeds] [Both documents
relate to single charge] |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 1.100 millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Factory shed and
generator room proposed to be constructed at existing factory Plot No.4-B,
KIADB Industrial Area, Attibele at |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 16.50% p.a. Margin as applicable Repayable in 2nd of every month beginning 2nd October,
2001 for Rs.0.028 million each |
|
5) Name and
Address and description of the person entitled to the charge. |
Vijaya Bank, Mayohall Branch, |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Not Applicable |
FIXED ASSETS:
v Land
v
v
v Plant and Machinery
v Plant and Machinery- Others
v Electrical Installations
v Office Equipments
v Testing Equipments
v Diesel Gen Set
v Dies, Tools and Fixture
v Weighing Scale
v Furniture and Fixture
v Vehicles
v Computer Hardware and Software
v Storage Tank-HSD
v Canteen Equipments
v Patents
v Capital Work in Progress
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.48.93 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.