MIRA
INFORM REPORT
|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
AVH POLYCHEM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-001, Nirav Asha Nagar, Mumbai-400101, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.06.2009 |
|
|
|
|
Com. Reg. No.: |
11-193361 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH2009PTC193361 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA35643G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Plastic Raw Material. |
|
|
|
|
No. of Employees
: |
Not Available |
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 2000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The company
operation seems to be small. There appears huge external borrowing. However, trade relations are
reported to be fair. Business is active. Payments are slow. The company can be considered for small to mediocre business dealings
with some caution. Profit and Loss Account is Not Available. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
A-001, Nirav Asha Nagar, Mumbai-400101, Maharashtra, India |
|
Tel. No.: |
91-22-28547705 / 32404344 |
|
Fax No.: |
91-22-28547690 |
|
E-Mail : |
|
|
|
|
|
Warehouse : |
D-21, Span Industrial Complex, Survey No: 223/P, Village Dadra, Dadra
and Nagar Haveli, Union Teritory |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Bipinchandra Shantilal Gandhi |
|
Designation : |
Director |
|
Address : |
802, Dimple Heights Co-operative Housing Society, Pshanagar, Off Western
Express Highway, Kandivali, Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
17.06.2009 |
|
DIN No.: |
00143909 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74140MH1994PTC080439 |
ASHA
OVERSEAS CONSULTANCY PRIVATE LIMITED |
Director |
01-10-99 |
01-10-99 |
- |
Active |
NO |
|
2 |
U45202MH1989PTC050656 |
RAJENDRA
DEVELOPERS PRIVATE LIMITED |
Director |
01-10-99 |
01-10-99 |
- |
Active |
NO |
|
3 |
U70100MH1994PTC076652 |
ASHA
BUILD FINE PRIVATE LIMITED |
Director |
01-10-99 |
01-10-99 |
- |
Active |
NO |
|
4 |
U24133MH2004PTC146248 |
DEEPAK
CELLULOSE PRIVATE LIMITED |
Director |
12-05-04 |
12-05-04 |
23-09-10 |
Active |
NO |
|
5 |
U74210MH2007PTC174863 |
HREEM
TECHNOLOGIES PRIVATE LIMITED |
Director |
09-10-07 |
09-10-07 |
- |
Active |
NO |
|
6 |
U24100MH2009PTC193361 |
AVH
POLYCHEM PRIVATE LIMITED |
Director |
17-06-09 |
17-06-09 |
- |
Active |
NO |
|
Name : |
Mr. Rutvij Bipinchandra Gandhi |
|
Designation : |
Director |
|
Address : |
802, Dimple Heights Co-operative Housing Society, Pshanagar, Off
Western Express Highway, Kandivali, Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
17.06.2009 |
|
DIN No.: |
01797334 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74210MH2007PTC174863 |
HREEM
TECHNOLOGIES PRIVATE LIMITED |
Director |
26-11-07 |
26-11-07 |
Active |
NO |
|
2 |
U24100MH2009PTC193361 |
AVH
POLYCHEM PRIVATE LIMITED |
Director |
17-06-09 |
17-06-09 |
Active |
NO |
|
Name : |
Jwalin Bipinchandra Gandhi |
|
Designation : |
Director |
|
Address : |
802, Dimple Heights Co-operative Housing Society, Pshanagar, Off
Western Express Highway, Kandivali, Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
17.06.2009 |
|
DIN No.: |
00144425 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24139MH2005PTC153606 |
ECOTREND
POLYPLUS PRIVATE LIMITED |
Director |
30-05-05 |
30-05-05 |
Active |
NO |
|
2 |
U24100MH2009PTC193361 |
AVH
POLYCHEM PRIVATE LIMITED |
Director |
17-06-09 |
17-06-09 |
Active |
NO |
|
Name : |
Mr. Devang Bipinchandra Parekh |
|
Designation : |
Director |
|
Address : |
D/70, Moreshwar Dham Extension, Garden Road, Malad (West),
Mumbai-400064, Maharashtra, India |
|
Date of Appointment : |
17.06.2009 |
|
DIN No.: |
02624549 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24100MH2009PTC193361 |
AVH
POLYCHEM PRIVATE LIMITED |
Director |
17-06-09 |
17-06-09 |
Active |
NO |
|
2 |
U74140MH2009PTC193558 |
KMG
CORPORATE ADVISORS PRIVATE LIMITED |
Director |
25-06-09 |
25-06-09 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Jwalin Bipinchandra Gandhi |
2500 |
|
Rutvij Bipinchandra Gandhi |
2500 |
|
Bipinchandra Shantilal Gandhi |
3000 |
|
Devang Bipinchandra Parekh |
2000 |
|
TOTAL
|
10000 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Plastic Raw Material. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D D Jimulia And Company Chartered Accountant |
|
Address : |
206, Avon Arcade, D J Raod, Vile Parle (West), Mumbai-400056,
Maharashtra, India |
|
PAN No.: |
AABPJ1726H |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
|
|
|
|
|
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 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 |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.412 |
0.086 |
0.012 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.512 |
0.186 |
0.112 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.254 |
0.000 |
|
|
2] Unsecured Loans |
|
3.530 |
0.015 |
|
|
TOTAL BORROWING |
4.928 |
3.784 |
0.015 |
|
|
DEFERRED TAX LIABILITIES |
0.003 |
0.004 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5.443 |
3.974 |
0.127 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.428 |
0.403 |
0.000 |
|
|
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 |
1.252
|
2.097 |
0.000 |
|
|
Sundry Debtors |
16.304
|
3.897 |
0.023 |
|
|
Cash & Bank Balances |
1.388
|
0.070 |
0.103 |
|
|
Other Current Assets |
0.000
|
0.004 |
0.004 |
|
|
Loans & Advances |
0.617
|
0.055 |
0.000 |
|
Total
Current Assets |
19.561
|
6.123 |
0.130 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.326
|
2.489 |
0.000 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.008 |
|
|
Provisions |
0.220
|
0.063 |
0.000 |
|
Total
Current Liabilities |
14.546
|
2.552 |
0.008 |
|
|
Net Current Assets |
5.015
|
3.571 |
0.122 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
5.443 |
3.974 |
0.127 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
9.63
|
20.34 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
2.40 |
16.25 |
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 |
No |
|
12] |
Profitability for last
three years |
No |
|
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 |
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 involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
NOTE
Registered office has been shifted from 802, Dimple Heights Co-operative
Housing Society, Pshanagar, Off Western Express Highway, Kandivali,
Mumbai-400101, Maharashtra, India to the present address w.e.f. 03.07.2009.
FORM 8
|
Corporate
identity number of the company |
U24100MH2009PTC193361 |
|
Name of the
company |
AVH POLYCHEM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-001, Nirav Asha Nagar, Mumbai-400101, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
10362304 |
|
Type of charge |
·
Book
debts ·
Others |
|
Particular of
charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation Dated 13/12/2012 |
|
Date of
instrument Creating the charge |
13.12.2012 |
|
Amount secured by
the charge |
Rs. 16.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit (CC)
- 13.50% p.a Letter of
Undertaking for Buyers Credit (BC) - Commission 1.25% p.a Letter of Credit
(LC)(Sub Limit of BC) - Commission 1.25% p.a Terms of repayment CC - on
Demand/End of the Tenure LUT for BC - on
Demand/End of the Tenure LC(S/U)(sub limit
of BC) - on Demand/End of the Tenure Margin CC - 25% of
(Stock + Debtors < 90 Days - Creditors) LUT for BC - 10% LC(S/U)(sub limit
of BC) - 10% Extent and operation of the charge Exclusive charge
on Current Assets both present and future |
|
Short particulars
of the property charged (Including location of the property) |
Exclusive charge on
Current Assets both present and future |
|
Date of
instrument modifying the charge |
21.06.2012 |
|
Particulars of
the present modification |
Exclusive charge
on Current Assets both present and future to secure following enhanced
facilities :- 1. Cash Credit
facility will remain same with INR 1 Million. 2. Letter of
Undertaking for Buyer's Credit facility is enhanced from INR 10 Million to
INR 15 Million. 3. Letter of
Credit (Sight/ USance) facility (sub limit of LUT Buyer's Credit) is enhanced
from INR 10 Million to INR 15 Million. |
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 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. 54.29 |
|
|
1 |
Rs. 83.88 |
|
Euro |
1 |
Rs. 70.67 |
INFORMATION DETAILS
|
Report Prepared by
: |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.