MIRA INFORM REPORT

 

 

Report Date :

02.01.2013

 

IDENTIFICATION DETAILS

 

Name :

AIRIER NATURA PRIVATE LIMITED (w.e.f. 14.05.2010)

 

 

Formerly Known As :

AIRIER PHARMACEUTICAL PRIVATE LIMITED

 

 

Registered Office :

No. 2 and 3, Airier Complex, 4th Main, Balaji Layout, Opposite Tata Nagar, Sanjay Nagar Post, Bangalore – 560094, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

10.04.2008

 

 

Com. Reg. No.:

08-046022

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U24239KA2008PTC046022

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and exporter of roof ventilators.

 

 

No. of Employees :

70 (Approximately) [In Office : 20 ; In Factory : 50]

 

 

RATING & COMMENTS

 

MIRA’s 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 11000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a successor of proprietory concern started in the year 2003 by the name   “Airier India.”

 

And later in the year 2008 it got converted into private limited company.

 

It is having a moderate track record. The company have successful wipe out its accumulated losses. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some cautions.

 

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

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

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.

 

INFORMATION PARTED BY

 

Name :

Mr. Vicky

Designation :

General Manager

Contact No.:

91-9741300309

Date :

18.12.2012

 

 

LOCATIONS

 

Registered Office :

No. 2 and 3, Airier Complex, 4th Main, Balaji Layout, Opposite Tata Nagar, Sanjay Nagar Post, Bangalore – 560094, Karnataka, India

Tel. No.:

91-80-23417353/23417753/234100784

Mobile No.:

91-9741300309 (Mr. Vicky – General Manager)

Fax No.:

91-80-23417353/23410784

E-Mail :

Info@airierpharma.com

info@arier.com

marketing@airier.com

Website :

www.airier.com

Location :

Owned

 

 

Factory :

Airier Complex, Vijay Layout, Maragonhall, Bangalore – 560036, Karnataka, India 

Location :

Owned

 

 

DIRECTORS

 

Name :

Mrs. Shylaja Bhat

Designation :

Director

Address :

No. 40, 15th Main Cross, Tata Nagar, Bangalore – 560092, Karnataka, India

Date of Birth/Age :

03.06.1967

Date of Appointment :

10.04.2008

DIN No.:

00836448

 

Other Directorship:

 

SNo.

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

U29307KA2000PTC028309

JYOTHI SOLAR EQUIPMENTS PRIVATE LIMITED

Director

18/12/2000

18/12/2000

-

Active

NO

2

U24239KA2008PTC046022

AIRIER NATURA PRIVATE LIMITED

Director

10/04/2008

10/04/2008

-

Active

NO

 

 

Name :

Mr. Raviprakash Bhat

Designation :

Director

Address :

No. 40, 15th Main Cross, Tata Nagar, Bangalore – 560092, Karnataka, India

Date of Birth/Age :

24.12.1963

Date of Appointment :

10.04.2008

DIN No.:

02121805

 

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

U29307KA2000PTC028309

JYOTHI SOLAR EQUIPMENTS PRIVATE LIMITED

Director

18/12/2000

18/12/2000

-

Active

NO

2

U24239KA2008PTC046022

AIRIER NATURA PRIVATE LIMITED

Director

10/04/2008

10/04/2008

-

Active

NO

3

U85191KA2008PLC048544

AYURPARK HEALTH CARE LIMITED

Director

07/09/2009

03/04/2009

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Vicky

Designation :

General Manager

Mobile No:

09741300309

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2012

 

 

Names of Shareholders

No.of Shares

Mr. Raviprakash Bhat

5000

Mrs. Shaylaja Bhat

5000

Total

10000

 

 

AS ON 30.09.2012

 

Equity Share Break Up

Percentage of Holding

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and exporter of roof ventilators

 

 

Exports :

 

Products :

Roof Ventilators

Countries :

Middle East

 

 

Selling :

Cash/Credit

 

 

Purchasing :

Cash/Credit

 

 

GENERAL INFORMATION

 

No. of Employees :

70 (Approximately) [In Office : 20 ; In Factory :30]

 

 

Customers :

·         End Users

·         OEMs

·         Bharath Electronics Limited

·         Hindustan Aeronautics Limited

·         Society for Dev. of Composites

·         Indian Air Force

·         National Aeronautics Limited

·         ISRO

·         BHEL-GE GAS TURBINE SERVICES Private Limited

·         Navel Dockyard

Metal Industries

·         RS Steel Tech

·         Yuken India Limited(Foundry Division)

·         Kennametal India Limited

·         Pragathi Steel Castings

·         Dakshin Foundry

Textile Industries

·         Gokuldas Images

·         Bangalore Clothing House

·         The Arvind Mills Limited

·         Bombay Rayon Fashion Limited

·         Ramkumar Mills Private Limited

·         Sri Kumaran Mills Limited

·         S.P. Super Fine Cotton Mills Private Limited

·         Obeetee Textiles Private Limited

·         Vimal Industries

Automobile Industries

·         Lucas-TVS Limited

·         Automotive Axles Limited

·         Omak Autos Limited

·         Amtek Auto Limited

·         Krishna Maruthi Limited

·         Honda Siel Power Products Limited

·         LNM Auto Industries Private Limited

·         Tata Motors Limited

·Nidhi Auto Private Limited

·Swaraj Mazda Limited

Overseas

·Hydraulic Industries

·Paper Industries

·Leather Industries

·Electrical Industries

 

 

Bankers :

ICICI Bank, Bangalore, Karnataka, India.

 

 

Facilities :

UNSECURED LOAN

 

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

From Directors

1.955

10.559

From Other Body Corporate

0.555

2.574

TOTAL

2.510

13.133

 

 

 

Banking Relations :

-

 

 

Auditors :

 

Name :

Mallaya Shenoy and Associates

Charted Accountant

Address :

Flat A, Susheel Chandra, # 2,17th A Cross, 10th A Main, Malleshwaram, Bangalore – 560055, Karnataka, India

PAN No.:

AACFM7977Q

 

 

Memberships :

Sunder Hedge K

 

 

Associates/Subsidiaries :

Jyothi Solar Private Limited

 

 

CAPITAL STRUCTURE

 

As On 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 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

1.319

1.319

0.000

3] Reserves & Surplus

1.345

(9.256)

0.000

4] (Accumulated Losses)

0.000

0.000

(8.698)

NETWORTH

2.764

(7.837)

(8.598)

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

2.510

13.133

10.562

TOTAL BORROWING

2.510

13.133

10.562

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

5.274

5.296

1.964

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4.079

1.154

0.583

Capital work-in-progress

0.000

2.101

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.004

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2.920

1.225

1.648

 

Sundry Debtors
14.768

9.596

1.518

 

Cash & Bank Balances
3.727

2.338

0.095

 

Other Current Assets
0.666

0.566

0.000

 

Loans & Advances
0.895

0.795

0.220

Total Current Assets
22.976

14.520

3.481

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
12.583

7.150

 

Other Current Liabilities
6.513

4.497

2.117

 

Provisions
2.689

0.832

 

Total Current Liabilities
21.785

12.479

2.117

Net Current Assets
1.191

2.041

0.017

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

5.274

5.297

1.964

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

 

 

 

 

Other Income

89.654

37.713

3.551

 

 

TOTAL                                    

89.654

37.713

3.551

 

 

 

 

 

Less

TOTAL EXPENSES INCLUDING FINANCIALS

77.613

38.096

8.407

 

 

 

 

 

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

12.041

(0.383)

(4.856)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.616

0.174

0.141

 

 

 

 

 

 

PROFIT BEFORE TAX                           

11.425

(0.557)

(4.997)

 

 

 

 

 

Less

TAX                                                                 

N.A

N.A

0.006

 

 

 

 

 

 

PROFIT AFTER TAX                

N.A

N.A

(5.003)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1.974

0.000

0.000

 

TOTAL EARNINGS

1.974

0.000

0.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

N.A

N.A

0.50

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
N.A

N.A

140.89

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
N.A

N.A

N.A

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.44

0.035

1.81

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
4.13

0.07

0.58

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
8.79

3.27

1.47

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.05

1.16

1.64

 

 

 

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

(No)

8]

No. of employees

(Yes)

9]

Name of person contacted

(Yes)

10]

Designation of contact person

(Yes)

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)

(Yes)

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

(Yes)

33]

Voter ID No of Proprietor/Partner/Director, if available

(No)

34]

External Agency Rating, if available

(No)

 

Note :- Registered address of the company has been shifted From No. 2 and 3, Airier Complex, 4th Main, Balaji Layout, Opposite Tata Nagar, Sanjay Nagar Post, Bangalore – 560094, Karnataka to the present address No. 225242, II Floor, Opposite Sterling Apartments, Shakara Nagar, Bangalore, Karnataka, India.

 

Background

 

Arier Pharmaceutical Private Limited was incorporated on 10th April 2008 with an objective to manufacturer and trade in drugs , medicines and pharmaceuticals of all systems. The company changed its names as Airier Natura Private Limited with effect from 23-01-2010 indicating wider rang of activities, upon changing the object clause of the company to include non conventional energy devices and wind powered ventilators and the like. During the financial year 2009-2010 activities of the company were confined to medicines and pharma and allied products. During the financial year 2010-2011, the major contribution comes from sale of wind powered industrial ventilators. During financial year 2011-12, The company has plans to venture in to products like stoves and cooking systems running on solar power and Bio Gas Natura Private Wastes.

 

Fixed Assets

 

 Tangible Assets

         ·            Buildings

         ·            Plant and Equipments

         ·            Furniture and Fixtures

         ·            Vehicles

         ·            Computers

         ·            Electrical Installation

         ·            Office Equipments and Others

 

  Intangible assets

         ·            Software

 
CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.54.83

UK Pound

1

Rs.89.23

Euro

1

Rs.72.48

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

HET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--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

 

34

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.