MIRA
INFORM REPORT
|
Report Date : |
10.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
AVI ADDITIVES PRIVATE LIMITED (w.e.f 01.04.2004) |
|
|
|
|
Formerly Known
As : |
RAGHAV AGENCIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
11-13-173/13, Survey No.100, Balanagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
01.11.2002 |
|
|
|
|
Com. Reg. No.: |
01-039848 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8.870 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52520AP2002PTC039848 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
HYDA05131A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACEA6591K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Plastic Master Batch, Polypropylene Master Batch. |
|
|
|
|
No. of Employees
: |
12 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 89000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually 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 – 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. Bhavindra |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-40-23700075 |
|
Date : |
21.02.2012 |
LOCATIONS
|
Registered Office : |
11-13-173/13, Survey No.100, Balanagar, |
|
Tel. No.: |
91-40-23700074 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
8-2-325/4, Road No. 3, |
|
Tel. No.: |
91-40-23550551/23550552/23550553/23550554 |
|
Fax No.: |
91-40-23551211 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ritesh Tibrewala |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
8-2-325/4, Road #3, Banjara Hills, |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
28.02.1975 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
01.11.2002 |
|||||||||||||||||||||||||||
|
DIN No.: |
00265772 |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Name : |
Mrs. Manisha Tibrewala |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
8-2-325/4, Road #3, Banjara Hills, |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.10.1971 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
01.11.2002 |
|||||||||||||||||||||||||||
|
DIN No.: |
01838949 |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Name : |
Mr. Nikhil Tebrewala |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
8-2-325/4, Road #3, Banjara Hills, |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
11.05.1971 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
20.06.2003 |
|||||||||||||||||||||||||||
|
DIN No.: |
00851147 |
|||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Bhavindra |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ritesh Tibrewala |
|
440000 |
|
Manisha Tibrewala |
|
950000 |
|
Jay Prakash Tibrewala |
|
685000 |
|
Modi Properties & Investments Private Limited |
|
750000 |
|
Ganpati Tradewings Private Limited |
|
550000 |
|
Swati Stock & Securities Private Limited |
|
500000 |
|
Niraj Fiscal Services Private Limited |
|
1550000 |
|
Pragya Tiberewala |
|
135000 |
|
Shashikala Tiberewala |
|
2000000 |
|
Lachiram Chudiwala HUF |
|
1000000 |
|
Anupam Advisory Private Limited |
|
250000 |
|
Nikhil Tibrewala |
|
60000 |
|
TOTAL |
|
8870000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
32.40 |
|
Directors or relatives of Directors |
67.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Master Batch, Polypropylene Master Batch. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
31.03.2011 |
|
|
|
|
|
Licensed Capacity |
Tonnes |
NA |
|
Installed Capacity |
Tonnes |
2400.000 |
|
Actual Production |
Tonnes |
1453.600 |
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
12 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R Kankaria and Uttam Singhi Chartered Accountant |
|
Address : |
6-3-1090/C-4, Raj |
|
Tel. No.: |
91-40-23308988 |
|
PAN.: |
AAEFR2500G |
|
|
|
|
Financial Institution : |
Bajaj Auto Finance Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
887000 |
Equity Shares |
Rs.10/- each |
Rs.8.870
Millions |
|
|
|
|
|
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 |
8.870 |
8.870 |
8.870 |
|
|
2] Share Application Money |
2.500 |
2.500 |
0.000 |
|
|
3] Reserves & Surplus |
10.891 |
8.834 |
7.015 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22.261 |
20.204 |
15.885 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17.846 |
11.328 |
9.881 |
|
|
2] Unsecured Loans |
0.000 |
0.532 |
0.000 |
|
|
TOTAL BORROWING |
17.846 |
11.860 |
9.881 |
|
|
DEFERRED TAX LIABILITIES |
1.147 |
0.777 |
0.595 |
|
|
|
|
|
|
|
|
TOTAL |
41.254 |
32.841 |
26.361 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20.853 |
17.868 |
13.568 |
|
|
Capital work-in-progress |
0.887 |
0.887 |
3.088 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.002
|
5.721 |
5.574 |
|
|
Sundry Debtors |
15.927
|
11.274 |
4.155 |
|
|
Cash & Bank Balances |
1.015
|
1.589 |
1.116 |
|
|
Other Current Assets |
0.001
|
0.021 |
0.005 |
|
|
Loans & Advances |
2.831
|
2.435 |
0.956 |
|
Total
Current Assets |
28.776
|
21.040 |
11.806 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.833
|
6.403 |
2.133 |
|
|
Other Current Liabilities |
0.338
|
0.338 |
0.000 |
|
|
Provisions |
0.157
|
0.297 |
0.069 |
|
Total
Current Liabilities |
9.328
|
7.038 |
2.202 |
|
|
Net Current Assets |
19.448
|
14.002 |
9.604 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.066 |
0.084 |
0.101 |
|
|
|
|
|
|
|
|
TOTAL |
41.254 |
32.841 |
26.361 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
68.529 |
50.434 |
35.391 |
|
|
|
Other Income |
1.295 |
1.104 |
1.149 |
|
|
|
TOTAL (A) |
69.824 |
51.538 |
36.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
43.036 |
29.477 |
|
|
|
Cost of Goods Sold |
|
0.955 |
1.060 |
|
|
|
Payments to Employees |
|
0.908 |
0.849 |
|
|
|
Increase and Decrease Stock |
|
0.399 |
0.596 |
|
|
|
Administrative, Selling and Other Expenses |
|
1.261 |
1.050 |
|
|
|
Miscellanies Expenditure Written off |
|
0.017 |
0.017 |
|
|
|
TOTAL (B) |
66.845
(Including Financial Charges and Deprecation) |
46.576 |
33.049 |
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.960 |
3.491 |
||
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
1.751 |
1.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
3.209 |
2.459 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.575 |
0.295 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.979 |
2.634 |
2.164 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.922 |
0.814 |
0.697 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.057 |
1.820 |
1.466 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.764 |
2.944 |
1.478 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6.821 |
4.764 |
2.944 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
10.359 |
1.879 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.32 |
2.05 |
1.65 |
|
Expected Sales (2011-12) : Rs.100.000 Millions
The above information has been parted by Mr. Bhavindra – Accounts
Manager
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.95
|
3.53 |
4.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.35
|
5.11 |
6.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.00
|
6.29 |
8.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.13 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
0.94 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.08
|
2.99 |
5.36 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered office
has been shifted from 5-35/196, Plot no. 41, Prashant Nagar, Kukadpalli,
Hyderabad – 500037, Andhra Pradesh, India to present address w.e.f 31.03.2009
|
Check list by Info Agents |
Available in Reports ( Yes/No) |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
-- |
|
Yes |
|
Yes |
|
Yes |
|
Yes |
|
No |
|
-- |
|
Yes |
|
Yes |
|
No |
|
No |
|
No |
|
Yes |
|
No |
|
-- |
|
-- |
|
Yes |
|
No |
|
-- |
|
-- |
|
No |
|
-- |
|
-- |
|
-- |
FINANCIAL RESULT
During the current year the company has achieved the gross sales turnover of Rs.69.824 millions during the year compared to Rs.51.538 millions during the previous year and the company is expecting an encouraging result during the current year also.
FORM 8
|
Corporate
identity number of the company |
U52520AP2002PTC039848 |
|
Name of the
company |
AVI ADDITIVES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
11-13-173/13, Survey No.100, Balanagar, Email : UTTAMSINGHI@YAHOO.COM |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10186885 |
|
Type of charge |
|
|
Particular of
charge holder |
Punjab National Bank, Deccan Chambers, Erragadda, Email: bo0687@pnb.co.in |
|
Nature of
instrument creating charge |
|
|
Date of
instrument Creating the charge |
13.06.2011 |
|
Amount secured by
the charge |
Rs.43.325
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate Of Interest Cash Credit-Br +
4.5% I.E 14.5% P.A (Br Linked) Presently And Subject To Revision By Bank From
Time to Time. Term Loan II-Br + 4.5% + TP I.E 15% P.A ( Br Linked) Presently
and Subject To Revision By Bank. Terms Of
Repayment Cash credit -
period one year Inland / foreign
letter of credit - Usuance period maximum 90 days. Term loan II - 2012-13
– Rs.0.100 millions per month total Rs.1.200 millions, 2013-14 – Rs.12.500
millions per month total Rs.1.500 millions, 2014-15 – Rs.1.500 millions per
month total Rs.1.800 millions, 2015-16 – Rs.0.215 millions per month till Feb
16 and Rs.0.260 millions in march 16 total Rs.2.625 millions Margin Cash Credit - 25%
Letter / Foreign
Letter of Credit - 15% by Way of FDRS Term loan ii -
25% Extent And
Operation Of The Charge First charge on
entire current assets, present and future, including entire stocks, book
debts, loans and advances etc. First charge on plant and machinery and other
fixed assets. Floating -shipping documents (DA/DP) including bills of lading
/ covering imported raw material/stores/spares along with insurance and other
usual documents. ILC-DP/DA bills accompanied by RRS/MTRS of transport
companies covering purchase of raw material/stores/spares. Security available
in cash credit shall cover this facility. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Equitable
mortgage of land admeasuring 4235.34
sq yards and building thereon at sy no 132/2 and land admeasuring ac 4.34
Guntas and building thereon at sy no 133/a, 133/aa at IDA, Kothur,
Mahbubnagar |
|
Date of instrument
modifying the charge |
21.02.2011 |
|
Particulars of
the present modification |
The cash credit
limit has been enhanced from Rs.15.000 millions to Rs.24.000 millions, there
is no change in limits of inland/foreign letter of credit of Rs.10.000 millions.
There is no change in limits of term loan Rs.2.200 millions. Fresh sanction
of term loan ii of Rs.7.125 millions. The total limits enhanced from
Rs.27.200 millions to Rs.43.325 millions (Rs.24.000 millions + Rs.10.000
millions + Rs.2.200 millions + Rs.7.125 millions). |
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.50.57 |
|
|
1 |
Rs.79.57 |
|
Euro |
1 |
Rs.66.50 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.