MIRA
INFORM REPORT
|
Report Date : |
08.02.2012 |
|
|
|
|
Tel. No.: |
91-8455-240802 |
|
Fax No.: |
91-8455-243328 |
IDENTIFICATION DETAILS
|
Name : |
SIDDHIVINAYAKA INDUSTRIAL GASES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.142, Shesha Sai Nageraruna Co-Operative Society, Jaynagar
Kukatpally, |
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|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
03.09.2004 |
|
|
|
|
Com. Reg. No.: |
01-044081 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23203AP2004PTC044081 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of ACM Cylinders, Acetylene Cylinders etc. |
|
|
|
|
No. of Employees
: |
20 (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1100 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Mr. J Laxmi Manohar Rao |
|
Designation : |
Director |
|
Contact No.: |
91-9348221331 |
|
Date : |
27.01.2012 |
LOCATIONS
|
Registered Office : |
Plot No.142, Shesha Sai Nageraruna Co-Operative Society, Jaynagar
Kukatpally, |
|
Tel. No.: |
91-8455-240802 |
|
Mobile No.: |
91-9348221331 (Mr. J Laxmi Rao) |
|
Fax No.: |
91-8455-243328 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
1000sq.fts |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. Part of 12 to 15, Industrial Estate, Phase I, Pantancheruvu, |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Janagama Laxmi Manohar Rao |
|
Designation : |
Director |
|
Address : |
Plot No.142, Aruna Co-Operative Rative Society, Jayanagar, Kukatpally,
|
|
Date of Birth/Age : |
03.04.1967 |
|
Qualification : |
MBA |
|
Date of Appointment : |
03.09.2004 |
|
DIN No.: |
00995833 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U28993AP2001PTC037018 |
Sivananda
Rolls and Gases Private Limited |
Director |
24-01-02 |
24-01-02 |
- |
Active |
|
|
2 |
U23203AP2004PTC044081 |
Siddivinayaka
Industrial Gases Private Limited |
Director |
03-09-04 |
03-09-04 |
- |
Active |
NO |
|
Name : |
Mr. Chitneni Venkateshwar Rao |
|
Designation : |
Director |
|
Address : |
H. No. 12-29, |
|
Date of Birth/Age : |
15.07.1959 |
|
Qualification : |
MBA |
|
Date of Appointment : |
03.09.2004 |
|
DIN No.: |
00995929 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U28993AP2001PTC037018 |
Sivananda
Rolls and Gases Private Limited |
Director |
24-01-02 |
24-01-02 |
- |
Active |
|
|
2 |
U23203AP2004PTC044081 |
Siddivinayaka
Industrial Gases Private Limited |
Director |
03-09-04 |
03-09-04 |
- |
Active |
NO |
|
3 |
U32101AP1998PTC029942 |
S.G.K.
Tools Private Limited |
Director |
31-10-08 |
31-10-08 |
- |
Active |
|
Name : |
Mr. Abhinav Chitneni |
|
Designation : |
Director |
|
Date of Appointment : |
16.03.2011 |
|
DIN No.: |
03451713 |
|
|
|
|
Name : |
Mr. Vasantha Lakshmi Gentela |
|
Designation : |
Director |
|
Address : |
3-102, Balusupadu, Vaddera, Colony, Balusupadu – 521175, Andhra
Pradesh, India |
|
Date of Appointment : |
16.03.2011 |
|
DIN No.: |
03452090 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Chitneni Venkateshwar Rao |
|
9000 |
|
Janagama Laxmi Manohar Rao |
|
1000 |
|
Total |
|
10000 |
As on 29.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of ACM Cylinders, Acetylene Cylinders etc. |
|
|
|
|
Products : |
·
ACM Cylinders ·
HCl Cylinders ·
Nitrous Oxide Cylinders ·
Storage Tanks ·
CO2 Cylinders ·
Helium Cylinders ·
Ammonia Cylinders ·
CO2 Refilling Plant ·
Acetylene Cylinders ·
Oxygen Cylinders ·
Zero Air Cylinders ·
GC Grade Nitrogen Cylinders ·
Commercial Argon ·
VHP Nitrogen Cylinders ·
Liquid Nitrogen Cryo Cans ·
High Purity Hydrogen Cylinders ·
B Type and A Type Medical Cylinders |
|
|
|
|
Terms : |
|
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Co2 Gas |
Kg’s |
NA |
NA |
1835716 |
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|
|
|
|
|
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers, End Users and OEM’s ·
Bharat Heavy Electricals Limited |
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No. of Employees : |
20 (In office + In factory) |
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Bankers : |
·
State Bank of Hyderabad, Icrisat Branch,
Patancheru, Hyderabad - 502319, Andhra
Pradesh, India ·
HDFC Bank Limited, Patancheru Branch, Hyderabad,
Andhra Pradesh, India |
||||||||||||
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|
||||||||||||
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Facilities : |
Cash Credit : Rs.3.000
Millions (From HDFC bank Limited)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A Vijaykumar and Company Chartered Accountants |
|
Address: |
Flat No.206, |
|
Tel No.: |
91-40-23735300 / 23736324 |
|
Telefax : |
91-40-66638490 |
|
PAN No.: |
AAMFA5749A |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
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 |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money Pending for Allotment |
0.900 |
0.900 |
0.900 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.733) |
(1.527) |
(2.328) |
|
|
NETWORTH |
0.267 |
(0.527) |
(1.328) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.369 |
5.860 |
4.670 |
|
|
2] Unsecured Loans |
12.250 |
10.265 |
11.857 |
|
|
TOTAL BORROWING |
19.619 |
16.125 |
16.527 |
|
|
DEFERRED TAX LIABILITIES |
0.815 |
0.814 |
1.223 |
|
|
I |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
20.701 |
16.412 |
16.422 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.919 |
22.322 |
19.078 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
(0.139) |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.648 |
|
|
Sundry Debtors |
7.191
|
5.733
|
7.126 |
|
|
Cash & Bank Balances |
0.046
|
0.174
|
0.407 |
|
|
Other Current Assets |
1.131
|
0.629
|
0.000 |
|
|
Loans & Advances |
0.000
|
0.000
|
0.483 |
|
Total
Current Assets |
8.368
|
6.536
|
8.664 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.989
|
1.811
|
6.574 |
|
|
Other Current Liabilities |
9.277
|
7.729
|
4.511 |
|
|
Provisions |
0.392
|
0.287
|
0.186 |
|
Total
Current Liabilities |
14.658
|
9.827
|
11.271 |
|
|
Net Current Assets |
(6.290)
|
(3.291)
|
(2.607) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.072 |
0.081 |
0.090 |
|
|
|
|
|
|
|
|
TOTAL |
20.701 |
16.412 |
16.422 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL INCOME |
95.397 |
80.374 |
63.336 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
94.387 |
79.866 |
62.889 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.010 |
0.508 |
0.447 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.216 |
0.110 |
0.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.794 |
0.398 |
0.268 |
|
Expected Sales (2011-2012) : Rs.90.000 Millions
The above information has been parted by Mr. J Laxmi Rao.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
0.83
|
0.50
|
0.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.86
|
1.76
|
1.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
3.78
|
(0.96)
|
(0.33) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
128.38
|
(49.24)
|
(20.93) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.57
|
0.66
|
0.77 |
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 two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
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 |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
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 |
-- |
Form 8:
|
Corporate identity
number of the company |
U23203AP2004PTC044081 |
|
Name of the
company |
SIDDIVINAYAKA
INDUSTRIAL GASES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No 142.
Shesha Sai Nageraruna Co-Operative Socity Jaynagar Kukatpally, E-mail : svigpl@rediffmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
90262745 |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of Hyderabad, Icrisat Branch, Patancheru, Hyderabad - 502319, Andhra Pradesh, India E-Mail ; patancherusbh@yahoo.co.in
|
|
Nature of
instrument creating charge |
Ashok Leyland
Comet Ct-1613h/13607 Mm(142")Wb Tipper, Vide Form C.1-A, Agreement of
Loan For Overall Limit of 60/- Lakhs,Form C.2-A Hyp Ofassets,F.Nc4a
Supplement Deed of Guarantee,F.Nc5 Ltrforgrant of Indllimit Dtd18.9.09 Vide
Sanction Ltrf/S/Gpl Dt15.9.09., Copy Of Resolution of Co. |
|
Date of
instrument Creating the charge |
18/09/2009 |
|
Amount secured by
the charge |
Rs.6.000 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest rate of interest
is 1% above SBH PLR, the current effective rate is 13.25% p.a(Floating,
monthly rest) Terms of
Repayment 47 Monthly
installments of Rs. 0.021 Million each and 48th Installment of Rs. 0.021
Million commending from 31/10/2009 and interest is to be service as and when
debited Margin 20% Extent and
Operation of the charge Charge on the
fixed assets, current assets both future and present and on the movable
assets of the Company -ASHOK LEYLAND COMET CT-1613H/13607 MM(142")WB
TIPPER, vi |
|
Short particulars
of the property charged |
For Purchase of
Ashok Leyland Comet Ct-1613h/13607 Mm(142")Wb Tipper |
|
Particulars of
the present modification |
|
Trade References:
·
Bharat Heavy Electricals Limited
Fixed Assets:
- Building
- Plant and Machinery
- Air Conditioner
- Printer
- Cell Phone
- Filling Pump
- Cylinders
- Computer
- Vehicles
- Furniture and Fixtures
- Time Record Clock
- Weighing Machine
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.48.12 |
|
|
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.64.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
26 |
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.