MIRA
INFORM REPORT
|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
TIJARIA POLYPIPES LIMITED |
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Registered
Office : |
A–130 (E), Road No 9 – D, Vishwa Karma Industrial Area, Jaipur – 302013, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.07.2006 |
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Com. Reg. No.: |
17-022828 |
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Capital
Investment / Paid-up Capital : |
Rs.136.262 Millions |
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CIN No.: [Company Identification
No.] |
U25209RJ2006PLC022828 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRT01691E |
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PAN No.: [Permanent Account No.] |
AACCT4796M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Pre-Lubricated HDPE Pipes (PLB HDPE), PVC and
SWR Pipes, Sprinkler Pipes and Systems, Flat Tubes, Fittings and PET Straps |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 1400000 |
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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 associated with the Tikaria Group. It is a well established
company having satisfactory track. Trade relations are reported as decent. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
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 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office / Factory 1 : |
A–130 (E), Road No 9 – D, Vishwa Karma Industrial Area, Jaipur
– 302013, Rajasthan, India |
|
Tel. No.: |
91-141-2333722 / 23 / 4010800 / 3218100 / 3219300 |
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Fax No.: |
91-141-2332342 |
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E-Mail : |
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Website : |
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Factory 2 : |
P. No. SP-1-2315 and 2316, RIICO Industrial Area, Ramchandrpura,
Jaipur – 302022, Rajasthan, India |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Alok Jain Tijaria |
|
Designation : |
Managing Director |
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|
Name : |
Mi Vikas Jain Tijarra |
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Designation : |
Whole-Time Director |
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|
Name : |
Mr Praveen Jain Tijaria |
|
Designation : |
Whole-Time Director |
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Name : |
Mr, Vineel Jain Tijaria |
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Designation : |
Whole-Time Director |
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Name : |
Mr Pana Cband Jain |
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Designation : |
Director |
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Name : |
Mr Padam Prakasli Som Prakash Bhatnagar |
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Designation : |
Director |
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|
Name : |
Mr. Pawan Kumar Jain |
|
Designation : |
Director |
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Name : |
Mr. Santosh Kumar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Tej Kumar Jain |
|
Designation : |
Finance Manager and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
5,811,372 |
24.60 |
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7,814,800 |
33.08 |
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13,626,172 |
57.67 |
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Total
shareholding of Promoter and Promoter Group (A) |
13,626,172 |
57.67 |
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(B)
Public Shareholding |
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1,891,455 |
8.01 |
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3,500,697 |
14.82 |
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4,192,528 |
17.74 |
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415,727 |
1.76 |
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|
337,414 |
1.43 |
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|
78,313 |
0.33 |
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10,000,407 |
42.33 |
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Total
Public shareholding (B) |
10,000,407 |
42.33 |
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Total
(A)+(B) |
23,626,579 |
100.000 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
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-- |
-- |
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-- |
-- |
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-- |
-- |
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Total
(A)+(B)+(C) |
23,626,579 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pre-Lubricated HDPE Pipes (PLB HDPE), PVC and SWR Pipes, Sprinkler Pipes and Systems, Flat Tubes, Fittings and PET Straps |
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Products : |
· PLB HDPE Ducts · MDPE Pipes · Micro / Drip Irrigation System · HDPE Pipes and Coils · SWR Pipes and Fittings · HDPE Sprinkler System · uPVC Elastomeric Seal Ring Fit Pipe · uPVC Rigid and Blue Casing Pipe · PP-R Pipes and Fittings · PVC Electrical Conduit Pipe
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
HOPE Pipes |
MT |
20664 # |
|
PVC Pipes |
MT |
7392 # |
|
PET Flakes |
MT |
3600 |
|
PET Granules |
MT |
3600 |
# As certified by DIG. Government of Rajasthan, as per their certificate Date. 25.01.2011
|
Particulars |
Unit |
Actual
Production |
|
HDPE Pipes |
Mtrs |
4922915 |
|
PVC Riqid Pipes |
Mtrs |
2348818 |
|
HDPE Scrap |
Kqs. |
95922 |
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PVC Conduit/Fittings |
Nos. |
125864 |
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PVC Scrap |
Kqs. |
45583 |
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Sprinkler Pipes and Fittings |
Nos. |
729970 |
|
Pet Bottles flakes |
Kqs |
26436B |
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Pet Sheet |
Kqs |
2810 |
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Pet Scrap |
Kqs |
41 |
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DWC Pipe |
Miss. |
12324 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Bank of India, Mid Corporate Branch, Neelkanth Building, Bhawani Singh Road, C-Scheme. Jaipur, Rajasthan, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G.K. Mittal and Associates Chartered Accountants |
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Address : |
Shree Dham, G-1, R-20. Yudhishter Marg, C-Scheme. Jaipur, Rajasthan, India |
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Name : |
S. Misra and Associates Chartered Accountants |
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Address : |
3-C, 3rd Floor, Tllak Bhawan, Titak Marg, C-Scheme,
Jaipur, Rajasthan, India |
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Group Company : |
· Tijaria Industries Limited · Tijaria International Limited · Tijaria Vinyl Private Limited |
CAPITAL STRUCTURE
As on 26.05.2011
Authorised Capital : Rs.250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.236.266
Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
13626172 |
Equity Shares |
Rs.10/- each |
Rs.136.262
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
136.262 |
82.103 |
82.103 |
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2] Share Application Money |
0.000 |
75.000 |
0.000 |
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3] Reserves & Surplus |
225.173 |
148.856 |
95.986 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
361.435 |
305.959 |
178.089 |
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LOAN FUNDS |
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1] Secured Loans |
306.753 |
136.385 |
134.286 |
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2] Unsecured Loans |
17.446 |
0.000 |
5.324 |
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TOTAL BORROWING |
324.199 |
136.385 |
139.610 |
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DEFERRED TAX LIABILITIES |
0.225 |
0.301 |
1.674 |
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TOTAL |
685.859 |
442.645 |
319.373 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
201.690 |
76.959 |
77.273 |
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Capital work-in-progress |
127.724 |
29.965 |
10.423 |
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INVESTMENT |
0.000 |
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 |
85.754
|
108.367 |
68.518 |
|
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Sundry Debtors |
324.539
|
287.075 |
219.955 |
|
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Cash & Bank Balances |
30.763
|
25.000 |
21.613 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
83.526
|
27.240 |
28.970 |
|
Total
Current Assets |
524.582
|
447.682 |
339.056 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
104.288
|
49.521 |
80.122 |
|
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Other Current Liabilities |
33.320
|
21.589 |
8.670 |
|
|
Provisions |
34.302
|
41.088 |
18.962 |
|
Total
Current Liabilities |
171.910
|
112.198 |
107.754 |
|
|
Net Current Assets |
352.672
|
335.484 |
231.302 |
|
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|
|
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MISCELLANEOUS EXPENSES |
3.773 |
0.237 |
0.375 |
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|
|
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|
|
|
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TOTAL |
685.859 |
442.645 |
319.373 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
|
|
|
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Income |
1185.985 |
1103.549 |
875.225 |
|
|
|
Other Income |
6.887 |
6.945 |
8.828 |
|
|
|
TOTAL (A) |
1192.872 |
1110.494 |
884.053 |
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / (Decrease) in Stock |
21.235 |
(62.569) |
28.571 |
|
|
|
Material Consumed |
868.907 |
904.838 |
593.006 |
|
|
|
Manufacturing Expenses |
92.116 |
61.883 |
116.588 |
|
|
|
Administrative Expenses |
12.824 |
12.850 |
11.998 |
|
|
|
Personnel Expenses |
16.745 |
16.358 |
12.997 |
|
|
|
Selling a Distribution Expenses |
41.716 |
40.296 |
32.628 |
|
|
|
TOTAL (B) |
1053.543 |
973.656 |
795.788 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
139.329 |
136.838 |
88.265 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24.755 |
22.327 |
33.292 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
114.574 |
114.511 |
54.973 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.712 |
11.230 |
10.635 |
|
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|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
103.862 |
103.281 |
44.338 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
34.831 |
35.876 |
11.829 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
69.031 |
67.405 |
32.509 |
|
|
|
|
|
|
|
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|
Less |
Prior Period Items |
0.000 |
0.127 |
0.000 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.331 |
27.825 |
12.036 |
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.452 |
3.364 |
2.312 |
|
|
|
Dividend |
20.439 |
12.315 |
12.315 |
|
|
|
Tax on Dividend |
3.316 |
2.093 |
2.093 |
|
|
BALANCE CARRIED
TO THE B/S |
119.115 |
77.331 |
27.825 |
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
21.182 |
12.812 |
NA |
|
|
|
Other Earnings |
0.000 |
0.083 |
NA |
|
|
TOTAL EARNINGS |
21.182 |
12.895 |
NA |
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
338.364 |
173.648 |
NA |
|
|
|
Capital Goods |
31.155 |
3.334 |
NA |
|
|
TOTAL IMPORTS |
369.519 |
176.982 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.26 |
5.46 |
3.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
5.79
|
6.07 |
3.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.76
|
9.36 |
5.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.30
|
19.69 |
10.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.34 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.37
|
0.81 |
1.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
3.99 |
3.15 |
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
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 |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
INDUSTRY OVERVIEW
The Indian Pipe Industry tuned for the piping hot market. India has become the global pipe manufacturing hub primarily due to its lower cost, high quality and geographical advantages. Additionally, Indian companies have acquired global accreditations and certifications which make them preferred suppliers to most of the world's top oil and gas companies in the Middle East, North America and Europe.,
As most of the Indian pipe manufacturers are converters, the industry is highly Raw Material {RM) intensive with the RM cost accounting for more than 70-80% of the total cost for PVC and other pipe companies. Indian companies produce a wide range of plastic pipes which are used in various critical and non-critical applications. With the iow-cost and high-quality products supplemented by various international certifications, Indian companies have augmented thetr export sales over the last three to four years.
Indian pipe industry to continue growth in the next decade on the back of emphasis of Government on infrastructure development, increase in cultivated area for agriculture produce, water and sewerage development, telecom reach in remote areas etc.
WORKING AND FUTURE
PROSPECTS
During the year, the company achieved turnover of Rs. 1185.985 Millions in current year as against Rs. 1103.549 Millions in previous year which is marginally higher. The net profit achieved Rs, 69.031 Millions as against Rs. 67.405 Millions in the previous year.
The Company is presently progressing towards implementation of the expansion cum diversification project which will be growth drivers to the company in the coming years. In the coming year, the company expects to commence the production of PET Sheets, POY, DTY, Zippers, Mink Blankets, Monofilament etc. which will give higher returns to the investors.
CONTINGENT
LIABILITIES:
The following contingent Liabilities have not provided for in respect of;
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Letter of Credit |
91.359 |
13.503 |
|
Bank Guarantees |
58.687 |
46.745 |
|
Export Obligations Liability (excluding interest and penalty as may be imposed) in case of failure to meet export obligation within the specified time period under EPCG Scheme |
7.297 |
2.992 |
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Electrical Installations
·
Office Equipments
·
Vehicles
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.54.55 |
|
|
1 |
Rs.85.48 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.