|
Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARIHANT FOAM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
142, 2 Sector 34 C, Chandigarh-160034 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.06.2000 |
|
|
|
|
Com. Reg. No.: |
53-023805 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101CH2000PTC023805 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLA11628B |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Foam Mattress |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 56000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Profitability
of the company appears to be low. However, Networth of the company appears to
be satisfactory. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
142, 2 Sector 34 C, Chandigarh-160034, |
|
Tel. No.: |
91-172-2601978 / 2662633 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Village Kuranwala, Derabassi-Barwala Road, Derabassi, District Mohali-140507,
Punjab, India |
|
Tel. No.: |
91-1762-281843 |
|
Fax No.: |
91-1762-281841 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Surendra Kumar Jain |
|
Designation : |
Director |
|
Address : |
House No.1422, Sector 34-C, Chandigarh-160034, India |
|
Date of Birth/Age : |
09.11.1952 |
|
Date of Appointment : |
30.06.2000 |
|
DIN No.: |
01091702 |
|
|
|
|
Name : |
Mr. Sumair Chand Jain |
|
Designation : |
Director |
|
Address : |
5553, Jain Puri, Rewari-123401, Haryana, India |
|
Date of Appointment : |
30.06.2000 |
|
DIN No.: |
00992718 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Surendra Kumar Jain |
29500 |
|
Sumair Chand Surender |
87500 |
|
Surrender Kumar Jain and Sons HUF |
115000 |
|
Mamta Jain |
73000 |
|
Vaibhav Jain |
45000 |
|
TOTAL
|
350000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Foam Mattress |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
|
|
|
|
Foam |
Kgs |
268265.50 |
GENERAL INFORMATION
|
Suppliers : |
·
Atam Sales Trading Company ·
Bharat Paper Products ·
DP Jagan and Sons ·
Paras Polymers Private Limited ·
Sabsons Agencies Private Limited ·
Siyaram Polypet Private Limited ·
Uniyal Cargo Movers (Private) Limited ·
Prakash Textiles Mills ·
Saan Global |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
·
Ajanta Furnishers ·
Anil Furnishers ·
Apple Enterprises ·
Shiv Shankar Polyfomer ·
Sematic Enterprises ·
Sehgal Products ·
Just Sports ·
Hast Shilpa Art Enterprises ·
Mahavir Trading Company |
||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Oriental Bank of Commerce, S C O 810, Nac
Manimajra, Chandigarh-160101, India ·
ICICI Bank ·
HDFC Bank |
||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
AK Chadda and Company Chartered Accountant |
|
Address : |
H No.1685, Sector-22 B, Chandigarh-160022, India |
|
Tel. No.: |
91-172-2715093 |
|
Fax No.: |
91-172-5062510 |
|
E-Mail : |
|
|
PAN No.: |
AAMPC4265F |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
430000 |
Equity Shares |
Rs.10/- each |
Rs. 4.300 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000 |
Equity Shares |
Rs.10/- each |
Rs. 3.500
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 |
3.500 |
3.500 |
3.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.673 |
9.985 |
9.199 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14.173 |
13.485 |
12.699 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26.919 |
12.766 |
12.219 |
|
|
2] Unsecured Loans |
3.043 |
4.137 |
3.734 |
|
|
TOTAL BORROWING |
29.962 |
16.903 |
15.953 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
44.135 |
30.388 |
28.652 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.759 |
6.942 |
7.202 |
|
|
Capital work-in-progress |
2.000 |
2.000 |
2.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.088 |
0.090 |
0.046 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
31.153
|
22.489 |
19.416 |
|
|
Sundry Debtors |
7.382
|
6.610 |
5.795 |
|
|
Cash & Bank Balances |
1.019
|
1.381 |
0.530 |
|
|
Other Current Assets |
0.000
|
0.130 |
0.011 |
|
|
Loans & Advances |
9.102
|
7.561 |
10.953 |
|
Total
Current Assets |
48.656
|
38.171 |
36.705 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.443
|
9.614 |
9.170 |
|
|
Other Current Liabilities |
5.056
|
4.620 |
5.147 |
|
|
Provisions |
2.869
|
2.581 |
2.994 |
|
Total
Current Liabilities |
16.368
|
16.815 |
17.311 |
|
|
Net Current Assets |
32.288
|
21.356 |
19.394 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
44.135 |
30.388 |
28.652 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
41.837 |
37.129 |
30.171 |
|
|
|
Job Work |
7.913 |
3.670 |
0.576 |
|
|
|
Misc. Income |
0.452 |
0.772 |
5.917 |
|
|
|
TOTAL (A) |
50.202 |
41.571 |
36.664 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
48.805 |
43.289 |
23.948 |
|
|
|
Increase / (Decrease) In Stock |
(3.739) |
(5.503) |
3.632 |
|
|
|
TOTAL (B) |
45.066 |
37.786 |
27.580 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.136 |
3.785 |
9.084 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.007 |
1.895 |
1.735 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.129 |
1.890 |
7.349 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.137 |
0.883 |
1.003 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
0.992 |
1.007 |
6.346 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.303 |
0.222 |
2.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
0.689 |
0.785 |
4.159 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.984 |
9.199 |
5.040 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
10.673 |
9.984 |
9.199 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.97 |
2.24 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.37
|
1.89 |
11.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.37
|
2.71 |
21.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.70
|
2.23 |
14.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.07 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.27
|
2.50 |
2.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.97
|
2.27 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIAL RESULTS
Sales and other income for the year, were Rs.53.941 Millions
as against Rs 47.076 Millions during the previous period. Profit before tax was
Rs 0.992 Millions and Profit after tax was Rs. 0.689 Million as against
Rs.0.354 Million and Rs 0.785 Million during the previous period respectively.
The directors are optimistic that the performance of the Company will improve
in the next financial year.
FIXED ASSETS
·
Computer
·
Land
·
Building
·
Plant and Machinery
·
Electric Installation
·
Furniture
·
Patents and Trade Mark
·
Fire Equipments
·
Corolla Car
·
Ford Car
·
Canter
·
Air Conditioner
·
Fax Machine
·
LCD
WEBSITE DETAILS
PROFILE
Subject is a Private Limited Company and was established in
the year 2000 currently operates quite successfully as a leading manufacturer
of foam and foam based products it is the biggest supplier of foam. The Company
has its own research and development management which has over 25 years of
experience in P.U. Foam field. The Company has the International standards and
is ISO 9001: 2008 Certified. The Foam Products and other Articles manufactured
by the Company have vast potential in the domestic market as it has wide
application in Furniture, Articles of bedding, Sports requisites, Packing,
Hosiery, Garments, Textile, Laminations, Insulation purpose and other household
decorative materials.
Their comfort products are ISO 9001:2008 Certified. At
Arihant, they offer foam in various densities and Grades ranging from 7Kg/M3 to
120KG/ M3. In addition, products can be supplied to meet specific requirements
and specification of customers too which includes Fire Retardant Grade, Super
Soft Foam, High Resilience Foam and Re-bonded Foam.
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 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. 54.07 |
|
|
1 |
Rs. 86.68 |
|
Euro |
1 |
Rs. 69.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.