|
Report Date : |
04.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PINE LAMINATES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-526A, RIICO Industrial Area, Chopanki, Bhiwadi, Alwar 301019,
Rajasthan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.01.2004 |
|
|
|
|
Com. Reg. No.: |
17-018901 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 26.704 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U20219RJ2004PTC018901 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Decorative Laminates, Post Formed Laminates, High Pressure Laminates. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRAs Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 410000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company is
progressing. 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 medium 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 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
A-526A, RIICO Industrial Area, Chopanki, Bhiwadi, Alwar 301019, |
|
Tel. No.: |
91-1493-224179 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory: |
E 36 and E 37 Industrial Area Chopanki, Bhiwadi, Alwar
301019 |
DIRECTORS
As on 29.09.2011
|
Name : |
Surana Singh Chhater |
|
Designation : |
Director |
|
Address : |
4-46, Kirti Nagar, |
|
Date of Birth/Age : |
15.01.1961 |
|
Date of Appointment : |
21.01.2004 |
|
DIN No.: |
00867912 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U20211RJ1998PTC015210 |
PINE PLYWOOD
PRIVATE LIMITED |
Director |
10-11-98 |
10-11-98 |
Active |
NO |
|
2 |
U20219RJ2004PTC018901 |
PINE LAMINATES
PRIVATE LIMITED |
Director |
21-01-04 |
21-01-04 |
Active |
NO |
|
3 |
U51101DL2009PTC191270 |
S S PLYWOOD
PRIVATE LIMITED |
Director |
16-06-09 |
16-06-09 |
Active |
NO |
|
4 |
U74140DL2011PTC221429 |
VIHAAN BOARDS
PRIVATE LIMITED |
Director |
24-06-11 |
24-06-11 |
Active |
NO |
|
Name : |
Monaj Agarwal |
|
Designation : |
Director |
|
Address : |
B-61, Antriksh Apartment, Sector 14, Rohini, |
|
Date of Birth/Age : |
28.02.1974 |
|
Date of Appointment : |
21.01.2004 |
|
DIN No.: |
00873193 |
Other Directorship :
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U20219RJ2004PTC018901 |
PINE LAMINATES
PRIVATE LIMITED |
Director |
21-01-04 |
21-01-04 |
Active |
NO |
|
2 |
U51101DL2009PTC191270 |
S S PLYWOOD
PRIVATE LIMITED |
Director |
16-06-09 |
16-06-09 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Abhijit Trading Company, |
|
12050 |
|
Ajay Kumar Surana HUF |
|
4050 |
|
Ajit Surana |
|
15000 |
|
Arihant Surana |
|
18000 |
|
Chhater Singh Surana |
|
313000 |
|
Chhater Singh Surana and Sons, Guwahad |
|
10500 |
|
Ghewari Devi Bothra |
|
10000 |
|
Giraja Enterprises, |
|
11850 |
|
Gulab Devi Surana |
|
151000 |
|
Hanuman Mal Bararia HUF |
|
4000 |
|
Hem Raj Bothra HUF |
|
5025 |
|
Indu Devi Surana |
|
65000 |
|
Jitendra Baid HUF |
|
15000 |
|
Kamal Singh Surana |
|
87500 |
|
Kamal Singh Surana and Sons, Guwahati |
|
57000 |
|
Kanhiya Lal Surana |
|
4500 |
|
M M Enterprises |
|
4500 |
|
Manisha Surana |
|
165000 |
|
Manoj Agarwal |
|
258000 |
|
Manoj Agarwal and Sons |
|
217500 |
|
Manoj Kumar Surana |
|
35000 |
|
Manju Agarwal |
|
197500 |
As on 10.11.2011
|
Names of
Allotees |
|
No.
of Shares |
|
Chhater Singh Surana |
|
170000 |
|
Manoj Agarwal |
|
100000 |
|
Total |
|
270000 |
As on 29.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
3.76 |
|
Directors or relatives of directors |
|
96.24 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Decorative Laminates, Post Formed Laminates, High Pressure Laminates. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Densified Ply |
Nos |
*230400 |
15358.500 |
|
Densified Board |
Nos |
*230400 |
Nil |
|
Decorative Sheet |
Pcs |
NA |
59599 |
* Being technical matter and certified by the management and relied upon by
the Auditors.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Punjab National Bank, Bhiwadi - 301019, |
|||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Brij Mohan and Associates Chartered Accountants |
|
Address : |
SPL-1/B, |
|
PAN No.: |
AAAFB9104E |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2750000 |
Equity Share |
Rs. 10/- each |
Rs. 27.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2670425 |
Equity Share |
Rs. 10/- each |
Rs. 26.704
Millions |
|
|
|
|
|
As
on 29.09.2011
Authorised Capital : Rs. 32.500 Millions
Issued, Subscribed & Paid-up Capital : Rs. 30.674
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
26.704 |
25.560 |
23.910 |
|
|
2] Share Application Money |
12.200 |
3.000 |
0.000 |
|
|
3] Reserves & Surplus |
63.840 |
40.056 |
23.831 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
102.744 |
68.616 |
47.741 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
69.839 |
33.898 |
32.680 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
69.839 |
33.898 |
32.680 |
|
|
DEFERRED TAX LIABILITIES |
0.626 |
0.611 |
0.304 |
|
|
|
|
|
|
|
|
TOTAL |
173.209 |
103.125 |
80.725 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
141.798 |
72.469 |
50.492 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.160
|
11.894 |
19.651 |
|
|
Sundry Debtors |
56.675
|
53.015 |
29.457 |
|
|
Cash & Bank Balances |
4.571
|
0.650 |
1.012 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
11.642
|
7.021 |
5.859 |
|
Total
Current Assets |
89.048
|
72.580 |
55.979 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
45.960
|
39.940 |
23.687 |
|
|
Other Current Liabilities |
11.213
|
1.708 |
1.505 |
|
|
Provisions |
0.491
|
0.330 |
0.682 |
|
Total
Current Liabilities |
57.664
|
41.978 |
25.874 |
|
|
Net Current Assets |
31.384
|
30.602 |
30.105 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.027 |
0.054 |
0.128 |
|
|
|
|
|
|
|
|
TOTAL |
173.209 |
103.125 |
80.725 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
TURNOVER |
258.484 |
186.747 |
150.466 |
|
|
|
|
|
|
|
Less |
EXPENSES |
249.411 |
180.166 |
144.726 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.073 |
6.581 |
5.740 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.524 |
4.527 |
3.899 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.549 |
2.054 |
1.840 |
|
|
|
|
|
|
|
Less |
TAX |
0.491 |
0.330 |
0.682 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.058 |
1.724 |
1.158 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS BALANCE BROUGHT FORWARD |
3.806 |
2.431 |
1.189 |
|
|
|
|
|
|
|
Less |
DEFERRED TAX |
0.015 |
0.306 |
(0.042) |
|
|
|
|
|
|
|
Less/ Add |
EXCESS PROVISION
OF EARLIER YEAR REVERSED |
0.000 |
0.042 |
0.042 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.864 |
3.806 |
2.431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.77 |
0.67 |
0.48 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.80
|
0.92 |
0.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.99
|
1.10 |
1.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.10
|
1.42 |
1.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.25
|
1.11 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.73 |
2.16 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
--------- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
------------ |
|
Litigations that the firm/ Promoters Involved in |
------------ |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
------------- |
|
Buyer visit details |
------------ |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
Note:
Registered office of the company has been shifted from 812/B-3, Ind.
Area, Bhiwadi, Alwar 301019,
PERFORMANCE:
During the year the turnover of the company is
Rs. 251.740 Millions against turnover of Rs. 197.460 Millions for the previous
year and earned a profit of Rs. 2.054 Millions against profit of Rs. 2.549
Millions the previous year ended 31.03.2010. The turnover of the company has
been increased by Rs. 54.280 Millions and also profit has been increased by Rs.
0.495 Millions. The company has also started full swing production at Unit II
situated at E 36 and E 37 Indl. Area Chopanki. The profit could not be
increased in the ratio of increase of turnover due to depreciation and interest
on term loans. This year was good compared to previous year for the company and
your directors hope to increase the turnover and profits in the coming years.
Form 8
|
Corporate
identity number of the company |
U20219RJ2004PTC018901 |
|
Name of the
company |
PINE LAMINATES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
812/B-3, Industrial Area, Bhiwadi, Alwar 301019, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10291556 |
|
Type of charge |
Immovable property Book Debts Movable Property (not being pledge) Floating Charge |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai
400013, Email: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
a) Supplementary
Letter of Hypothecation. b) Memorandum
Recording past transaction of creation of mortgage by delivery of title
deeds. (Collectively
constitute a single charge for Rs. 30.000 Millions). |
|
Date of
instrument Creating the charge |
30.11.2011 |
|
Amount secured by
the charge |
Rs. 30.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit
Interest : 12.75% P.A. (Base Rate 10% + 2.75%) WCDL
Interest: 12.75% P.A. (Base Rate 10% +
2.75%) Terms of Repayment On demand. Margin As may be
stipulated by the Bank from time to time. Extent and Operation of the charge (a) Hypo by way
of First Charge on Company's Stock and Book Debts etc., to secure as a
continuing security, (b)The Company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as stated under Item No. 15 below, as security for repayment of
Rs. 30.000 Millions by the Company, together with principal, interest,
liquidated damages, costs, charges and expenses. |
|
Short particulars
of the property charged |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties All the debts,
that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts,
guarantees, and rights which are now Immovable
property being situated at E - 38 Industrial Area Chopanki, Bhiwadi. |
|
Date of latest
modification prior to the present modification |
28.05.2011 |
|
Particulars of
the present modification |
The charge shall
now stand increased from Rs. 22.500 Millions to Rs. 30.000 Millions in favour
the Bank against the security of stocks and Book Debts etc and immovable
property situated at E-38 Industrial Area Chopanki, Bhiwadi. |
FIXED ASSETS:
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 Intl
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 companys 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. 55.91 |
|
|
1 |
Rs. 86.03 |
|
Euro |
1 |
Rs. 69.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
34 |
This score serves as a reference to assess SCs 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.