MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
POWERBAND INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 354 / 3, 4, 5, Kachigam, Daman – 396210, Daman
and Diu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
02.05.2011 |
|
|
|
|
Com. Reg. No.: |
56-004695 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110DD2011PTC004695 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTP04558B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Packaging Material. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject was started as a proprietary concern in the year 1998 and was
converted into partnership concern in the year 2012. Later, it was converted
into private limited company in the year 2011. It is having a moderate track record. The company has recorded huge external borrowing during 2012. However, the performance capability and profit margin seems to be
good. Trade relations are fair. Business as slow but correct. The company can be considered for business dealings with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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. Narish Desai |
|
Designation : |
Administrative Department |
|
Contact No.: |
91-260-3053000 |
|
Date : |
21.05.2013 |
LOCATIONS
|
Registered Office / Factory : |
Survey No. 354 / 3, 4, 5, Kachigam, Daman – 396210, Daman and
Diu, India |
|
Tel. No.: |
91-260-3053000 |
|
Fax No.: |
91-260-3053100 |
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E-Mail : |
|
|
Website : |
|
|
Area: |
24000 sq ft |
|
Location : |
Owned |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Rajan Rameshchandra Desai |
|
Designation : |
Managing Director |
|
Address : |
1 Floor, Mehara Houses, 2/10 Azad Nagar Society, N.S Road No 1, Juhu,
Vile Parle (West), Mumbai – 400056, Maharashtra, India |
|
Date of Birth/Age : |
10.07.1954 |
|
Date of Appointment : |
02.02.2011 |
|
DIN No.: |
02187348 |
|
PAN No.: |
ABGPD9914R |
|
Name : |
Mr. Siddharth Rajan Desai |
|
Designation : |
Whole-time director |
|
Address : |
At-Atul Society, Vapi - Valsad Road, Valsad – 396191, Gujarat, India |
|
Date of Birth/Age : |
19.06.1984 |
|
Date of Appointment : |
02.05.2011 |
|
DIN No.: |
02305162 |
|
PAN No.: |
AOQPD2750N |
|
Name : |
Mr. Harsh Rajan Desai |
|
Designation : |
Whole-time director |
|
Address : |
At-Atul Society, Vapi - Valsad Road, Valsad – 396191, Gujarat, India |
|
Date of Birth/Age : |
22.04.1980 |
|
Date of Appointment : |
02.05.2011 |
|
DIN No.: |
02262746 |
|
PAN No.: |
AGMPD3344G |
KEY EXECUTIVES
|
Name : |
Mr. Narish Desai |
|
Designation : |
Administrative Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.11.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Rajan Rameshchandra Desai |
|
470000 |
|
Siddharth Rajan Desai |
|
5000 |
|
Geeta Rajan Desai |
|
5000 |
|
Harsh Rajan Desai |
|
5000 |
|
Bhargavi Harsh Desai |
|
5000 |
|
Rameshchandra Desai |
|
5000 |
|
Suraj Rameshchandra Desai |
|
5000 |
|
Total |
|
500000 |
As on 29.11.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Packaging Material. |
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|
|
|
Exports : |
|
|
Products : |
Packaging Material |
|
Countries : |
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Imports : |
|
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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|
|
|
|
Auditors : |
|
|
Name : |
Kakaria and Associates Chartered Accountants |
|
Address : |
Vapi, Gujarat, India |
|
PAN No.: |
AAHFK2571P |
CAPITAL STRUCTURE
As on 31.03.2012
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 |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
5.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
45.019 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
50.019 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
99.469 |
|
|
2] Unsecured Loans |
|
|
190.144 |
|
|
TOTAL BORROWING |
|
|
289.613 |
|
|
DEFERRED TAX LIABILITIES |
|
|
4.225 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
343.857 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
173.248 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
69.206 |
|
|
Sundry Debtors |
|
|
149.003 |
|
|
Cash & Bank Balances |
|
|
1.746 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
10.169 |
|
Total
Current Assets |
|
|
230.124 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
53.751 |
|
|
Other Current Liabilities |
|
|
3.403 |
|
|
Provisions |
|
|
2.361 |
|
Total
Current Liabilities |
|
|
59.515 |
|
|
Net Current Assets |
|
|
170.609 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
343.857 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
1085.545 |
|
|
|
Other Income |
|
|
1.107 |
|
|
|
TOTAL (A) |
|
|
1086.652 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
|
|
861.876 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
|
|
14.800 |
|
|
|
Employee benefit expense |
|
|
18.267 |
|
|
|
Other expenses |
|
|
115.067 |
|
|
|
TOTAL (B) |
|
|
1010.010 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
76.642 |
|
|
|
|
|
|
9.278 |
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
67.364 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
10.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
57.055 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
15.335 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
41.720 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
90.04 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
1600.000 |
Expected Sales (2013-2014): Rs.2000.000 Millions
The above information has been parted by Mr. Narish Desai -
Administrative Department
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
3.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
5.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
24.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
1.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
5.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
3.87 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
|
Sundry Creditors |
53.751 |
|
Total |
53.751 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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
one year |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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:
The registered address of the company has been
shifted from 354-3,4,5, Kachiugam, Daman – 396210, Daman and Diu, India to the
present address w.e.f. 03.05.2011
OPERATIONS:
The company is incorporated under Part XI of The Companies Act, 1956 i.e
Conversion from Partnership Firm to Private Limited Company. The Certificate of
Incorporation was received from The Registrar of Companies on 02.05.2011.
Hence, being the first year as Private Limited Company, previous year figures
are not available. During the year, the performance of the company was
outstanding. The total revenue of the company for the financial year is Rs.
1086.652 Millions. The Profit after tax for the financial year is Rs. 45.019
Millions while earning per share is 90.04 which exhibit magnificent performance
of The Company. The Directors are striving hard by making more sincere efforts
for better growth and prospects of the Company in future and to yield better
returns for the members of the company.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
|
Loans and advances from related parties |
190.144 |
|
Total |
190.144 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24110DD2011PTC004695 |
|
Name of the
company |
POWERBAND INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No. 354 / 3, 4, 5, Kachigam, Daman – 396210, Daman and Diu,
India E-mail : admin@powerband.in |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10302309 |
|
Type of charge |
|
|
Particular of
charge holder |
(CIN: L65920MH1994PLC080618) HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India Email: RBBform8@hdfcbank.com
|
|
Nature of
instrument creating 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.203.000 Millions). |
|
Date of
instrument Creating the charge |
19.12.2012 |
|
Amount secured by
the charge |
Rs.203.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment Working Capital
facility shall be repayable on demand. Term Loan
facility shall repayable in suitable installments. Margin As may be stipulated
by the Bank from time to time. Extent and
Operation of the charge [a] Hyp by way of
First Charge on Company's Stock and Book Debts, Plant and Machinery and
Vehicles to secure [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 security for repayment of
Rs.203.000 Millions together with principal, interest, liquidated damages,
costs, charges and expenses. Others The charge
created in favour of HDFC Bank for its Credit facility of Rs.203.000 Millions
shall rank pari passu charge with charge created in favour of ICICI Bank
Limited for its Credit facility of Rs.234.800 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Stock-in-trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable propertie All the Debts,
that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts,
guarantees, The movable plant
and machinery and vehicles, which may now or at any time hereafter belong to
the Borrower or come to the Borrowers disposal any of the All Land and
Building with present and future structure thereon Property bearing Survey
No.354/3, 354/4 and 354/5 admeasuring about 2220 sq.mts. 100 sq.mts.and 12480
sq.mts. Totally 14800 sq.mts in area, situated of village Kachigam, Nani Daman,
Within the jurisdiction of kachigam Group Gram panchayat, Taluka of Daman,
sub District Daman. |
|
Date of
instrument modifying the charge |
04.10.2012 |
|
Particulars of
the present modification |
The charge shall
now stand increased from Rs.185.000 Millions to Rs.203.000 Millions, in
favour the Bank against the security of stocks, book debts, plant and
machinery and vehicles and immovable property being lying and situate at
Kachigam Group Gram Panchayat, Taluka Of Daman, sub District.Daman. |
FIXED ASSETS
- Land
- Buildings
- Plant and
equipment
- Furniture and
fixtures
- Vehicles
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.55.99 |
|
|
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.