MIRA
INFORM REPORT
|
Report Date : |
04.04.2012 |
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Tel. No.: |
91-2668-262414/263114 |
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Fax No.: |
91-2668-262649 |
IDENTIFICATION DETAILS
|
Name : |
PET METAL PRIVATE LIMITED |
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Registered
Office : |
242/1/2, 22 and 23, G.I.D.C Estate, Waghodia, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.06.1990 |
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Com. Reg. No.: |
04-013849 |
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Capital
Investment / Paid-up Capital : |
Rs.23.000 Millions |
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|
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CIN No.: [Company Identification
No.] |
U92412GJ1990PTC013849 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDP00878D |
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PAN No.: [Permanent Account No.] |
AABCP7472K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Aluminium Slugs, Aluminium Circles,
Aluminium Circles, Aluminium Strips. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 147000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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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. AMit Singla |
|
Designation : |
Director |
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Contact No.: |
91-9825068052 |
|
Date : |
05.03.2012 |
LOCATIONS
|
Registered Office/ Factory : |
242/1/2, 22 and 23, G.I.D.C Estate, Waghodia, |
|
Tel. No.: |
91-2668-262414/ 263114 |
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Mobile No.: |
91-9825068052 |
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Fax No.: |
91-2668-262649 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bhagwandas Jindal |
|
Designation : |
Whole Time Director |
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Address : |
22-B, Urmi Society, |
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Date of Birth/Age : |
30.08.1952 |
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Date of Appointment : |
06.06.1990 |
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DIN No.: |
01210690 |
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Name : |
Mr. Arjunkumar Agarwal |
|
Designation : |
Whole Time Director |
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Address : |
I-4, Kalindi Apartment, |
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Date of Birth/Age : |
10.07.1971 |
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Date of Appointment : |
24.05.2000 |
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DIN No.: |
01207993 |
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Name : |
Mr. Amit Mahendra Singla |
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Designation : |
Whole Time Director |
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Address : |
8, Khushbu Corner, |
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Date of Birth/Age : |
21.12.1968 |
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Date of Appointment : |
06.06.1990 |
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DIN No.: |
01349529 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bhagwandas Jindal |
|
69300 |
|
Arjun Kumar Agarwal |
|
6810 |
|
Veena Jindal |
|
950 |
|
Bindu Singla |
|
3000 |
|
Amit Singla |
|
25645 |
|
Laxminarayan Agarwal |
|
2150 |
|
Bhimkumar Agarwal |
|
1200 |
|
Radhe Shyam Agarwal |
|
700 |
|
Mahavir Prasad Agarwal |
|
1600 |
|
Madanlal Agarwal |
|
2500 |
|
Yashu Jindal |
|
127 |
|
Shivangi Singla |
|
10000 |
|
Garima Jindal |
|
0 |
|
Malvika Trivedi |
|
2 |
|
Kashyap Trivedi |
|
2 |
|
B.D. Jindal ( HUF ) |
|
11000 |
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Vijay Purani |
|
2 |
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Himanshu Singla |
|
9012 |
|
Ashok Kumar Gupta |
|
1000 |
|
Well build Vanijya Private Limited |
|
6840 |
|
Sukhjit Consultant Private Limited |
|
2724 |
|
Srpati Distributors Private Limited |
|
5333 |
|
Mansukh Advisory P. Ltd. |
|
6551 |
|
Zeil Engg. Works Private Limited |
|
4483 |
|
Sherowali Advisory Services Private Limited |
|
2069 |
|
Vinod Bhai Lilabhai Patel |
|
640 |
|
Satish Ambubhai Patel |
|
460 |
|
Satish Patel HUF |
|
600 |
|
Mahendra Bhai R. Patel |
|
400 |
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Pradeep Bhogilala Patel |
|
600 |
|
Ashwinn Dahyabhai Gandhi |
|
600 |
|
KMC Portfolio Private Limited |
|
526 |
|
Decent Nirman Private Limited |
|
1904 |
|
Decent Nirman Private Limited |
|
1270 |
|
TOTAL |
|
180000 |
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Bhagwandas Jindal |
|
9300 |
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Pallavi B Jindal |
|
7700 |
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Nidhi Y Jindal |
|
3800 |
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Arjunkumar Agarwal
|
|
9000 |
|
Anuja A Agarwal |
|
400 |
|
Bindu Singla |
|
300 |
|
Amit Singla |
|
6600 |
|
Shivangi Singla |
|
5400 |
|
Himnshu Singla |
|
4000 |
|
Ritu H SIngla |
|
3000 |
|
Harivadan D Patel |
|
130 |
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Sushilaben H Patel |
|
120 |
|
Harshadrai D Patel |
|
130 |
|
Arunaben H Patel |
|
120 |
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TOTAL |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
17.61 |
|
Directors or relatives of Directors |
80.00 |
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Other top fifty shareholders |
2.39 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Aluminium Slugs, Aluminium Circles,
Aluminium Circles, Aluminium Strips. |
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Products: |
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Exports : |
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Products : |
Aluminium Slugs, Aluminium Circles, Aluminium Circles, Aluminium
Strips |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
As on 31.03.2011
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Particulars |
Unit |
Installed
Capacity |
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Aluminium Slugs and Sheets etc |
MT |
3000 |
Note: As certified by the management and relied upon by the auditors
being a technical matter.
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
50 (Approximately) |
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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 : |
S A Patel and Company Chartered Accountant |
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Address : |
422, Paradise Complex, Sayajigunj, |
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PAN.: |
ADFPP1273N |
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Associates |
Jindal Aluminium Foils Private Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230000 |
Equity Shares |
Rs.100/- each |
Rs.23.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
230000 |
Equity Shares |
Rs.100/- each |
Rs.23.000 Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
180000 |
Equity Shares |
Rs.100/- each |
Rs.18.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180000 |
Equity Shares |
Rs.100/- each |
Rs.18.000 Millions |
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|
Out of the above 47049 Equity share of Rs.100.00 each issued to he
partners of the Altek Metals on its merger with the company, for consideration
other than cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
18.000 |
18.000 |
18.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.693 |
14.423 |
10.009 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
36.693 |
32.423 |
28.009 |
|
|
LOAN FUNDS |
|
|
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1] Secured Loans |
60.735 |
72.945 |
50.596 |
|
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2] Unsecured Loans |
2.986 |
6.175 |
12.604 |
|
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TOTAL BORROWING |
63.721 |
79.120 |
63.200 |
|
|
DEFERRED TAX LIABILITIES |
2.221 |
2.580 |
2.610 |
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TOTAL |
102.635 |
114.123 |
93.819 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.572 |
15.158 |
13.985 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.065 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
21.264
|
14.693 |
11.713 |
|
|
Sundry Debtors |
44.419
|
44.902 |
48.134 |
|
|
Cash & Bank Balances |
8.541
|
12.597 |
4.843 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
35.645
|
49.991 |
36.831 |
|
Total
Current Assets |
109.869
|
122.183 |
101.521 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19.619
|
19.616 |
18.895 |
|
|
Other Current Liabilities |
5.252
|
3.052 |
2.454 |
|
|
Provisions |
1.000
|
0.550 |
0.338 |
|
Total
Current Liabilities |
25.871
|
23.218 |
21.687 |
|
|
Net Current Assets |
83.998
|
98.965 |
79.834 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
102.635 |
114.123 |
93.819 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
243.587 |
188.241 |
195.254 |
|
|
|
Processing Charges |
0.000 |
6.668 |
6.642 |
|
|
|
Other Income |
2.739 |
2.056 |
1.215 |
|
|
|
TOTAL (A) |
246.326 |
196.965 |
203.111 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Stick |
|
(0.777) |
4.502 |
|
|
|
Raw Material Consumed |
|
147.783 |
156.214 |
|
|
|
Employee Remuneration and Benefits |
|
2.621 |
1.436 |
|
|
|
Manufacturing and Other Expenses |
|
28.290 |
22.735 |
|
|
|
TOTAL (B) |
227.792 |
177.917 |
184.887 |
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.534 |
19.048 |
18.224 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
10.610 |
11.181 |
11.500 |
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.924 |
7.867 |
6.724 |
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.589 |
1.380 |
1.331 |
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|
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
6.335 |
6.487 |
5.393 |
|
|
|
|
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|
|
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|
Less |
TAX (H) |
2.065 |
2.075 |
1.837 |
|
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|
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|
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|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
4.270 |
4.413 |
3.556 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.740 |
8.327 |
4.771 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
17.010 |
12.740 |
8.327 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.72 |
24.52 |
17.76 |
|
Expected Sales (2011-12) : Rs.320.000 Millions
The above information has been parted by Mr. Amit Singla – Director
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.73
|
2.24 |
1.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.60
|
3.45 |
2.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.93
|
4.72 |
4.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.20 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.44
|
3.16 |
3.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.26
|
5.26 |
4.687 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
Note:
The registered office address has been changed from 242/1/2, G.I.D.C
Estate, Waghodia,
FORM 8
|
Corporate
identity number of the company |
U92412GJ1990PTC013849 |
|
Name of the
company |
PET METAL PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
242/1/2, 22 and 23, G.I.D.C Estate, Waghodia, Email: sapatel@satyam.net.in |
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
90107890 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Email: khande@bankofbaroda.com |
|
Nature of
instrument creating charge |
Instrument
of extension relating to deposit of title deeds |
|
Date of
instrument Creating the charge |
25.11.2011 |
|
Amount secured by
the charge |
Rs.135.763
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Margin 1) Term Loan :
30% on shed/building and 25% on machinery and equipment 2) Term Loan : 30% on
shed/building and 25% on machinery and equipment (3) Cash credit : 25% on RM,
SIP, FG, Stores and Spares and packing materials and 35% on Book Debts (4)
Inland / Foreign LC: DP/ DA L/C 10% cash margin at the time of establishing
LC (5) Bank Guarantee : Cash margin of 20% for all performance, mobilization
/advance BG and 100% for all
guarantees for disputed excise duty/ sales tax / income tax dues etc. Extent and
Operation of the charge the charge will
operate on immovable property of the company
to secure repayment of credit
facilities |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Leasehold Land
viz. Immovable Property situated at Plot No.242/1 and 2 (adm. 3500 Sq. mtrs) forming part of R.S.
No.1477/1-P, 1477/2-P and 1479/P and
Plot No. 242/22 & 23 (adm. 510 and
576 Sq. mtrs. respectively) forming part of R.S. No.1477/2 within the village
limits of Waghodia registration
district Vadodara more particularly
described in the Second Schedule of the Mortgage Deed |
|
Particulars of
the present modification |
By virtue of
present modification the credit facilities availed by the company is enhanced
to Rs. 135.763 millions as given below 1) Term Loan I Rs.5.763
millions (2) Term Loan
II Rs.20.000 millions (3) Cash credit (
Hypothecation of Stock cum Book Debts)
Rs.70.000 millions (4) Bank
Guarantee Rs.20.000 millions (5) LC Rs.20.000 millions |
TRADE REFERENCE
- Eveready Industries
- Jindal Company Industries Limited
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.50.56 |
|
|
1 |
Rs.81.05 |
|
Euro |
1 |
Rs.67.49 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.