MIRA INFORM REPORT

 

 

Report No. :

337189

Report Date :

20.08.2015

 

IDENTIFICATION DETAILS

 

Name :

PALLAVI COPPER PIPES PRIVATE LIMITED (w. e. f. 31.08.2004)

 

 

Formerly Known As :

NARANG METAL AND ENGINEERING WORKS PRIVATE LIMITED

 

 

Registered Office :

16 Birbal Road, Jungpura Extension, New Delhi-110014

Tel. No.:

91-124-4031062

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.04.1978

 

 

Com. Reg. No.:

55-008953

 

 

Capital Investment / Paid-up Capital :

Rs. 2.000 Million

 

 

CIN No.:

[Company Identification No.]

U74899DL1978PTC008953

 

 

IEC No.:

0504060724

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELPO6022C

 

 

PAN No.:

[Permanent Account No.]

AACCP4165G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Importing of Copper and Pipes Tubes.

 

 

No. of Employees :

40 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 100000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a satisfactory track record.

 

The general financials position of the company seems to be sound and healthy. The fundamental of the company seems to be strong. The rating take into account on increase into its operation income backed by comfortable coverage indicators.

 

The rating also take consideration on company established track record and experience of the promoters in the industry.

 

Trade relations are reported as fair. Business is active. Payment terms are usually correct.

 

In view of sound operational and financial base, the company can be considered 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Not Available

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Satish

Designation :

Manager

Contact No.:

91-9910513335

Date :

18.08.2015

 

 

LOCATIONS

 

Registered Office :

16 Birbal Road, Jungpura Extension, New Delhi-110014, India

Tel. No.:

91-124-4031062

Mobile No.:

91-9910513335 (Mr. Satish)

Fax No.:

Not Available

E-Mail :

satish@pallavicopper.com

rajesh@pallavicopper.com

Location :

Owned

Locality :

Residential

 

 

Factory:

Gurgaon, Haryana, India

 

 

DIRECTORS

 

AS ON: 30.09.2014

 

Name :

Mr. Rajesh Jindal

Designation :

Director

Address :

16, Birbal Road, Jangpura Extension, New Delhi-110014, India

Date of Appointment :

08.12.1994

DIN No.:

00746901

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

U74899DL1978PTC008953

PALLAVI COPPER PIPES PRIVATE LIMITED

Director

01/09/1985

01/09/1985

-

Active

NO

2

U74899DL1994PTC063309

PALLAVI COPPER PIPES PRIVATE LIMITED

Director

08/12/1994

08/12/1994

-

Amalgamated

NO

 

 

Name :

Mrs. Kajal Jindal

Designation :

Director

Address :

16, Birbal Road, Jangpura Extension, New Delhi-110014, India

Date of Appointment :

31.08.2004

DIN No.:

00740781

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

U74899DL1994PTC063309

PALLAVI COPPER PIPES PRIVATE LIMITED

Director

08/12/1994

08/12/1994

-

Amalgamated

NO

2

U74899DL1978PTC008953

PALLAVI COPPER PIPES PRIVATE LIMITED

Director

31/08/2004

31/08/2004

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Madan Gopal Jindal

Designation :

Company Secretary

 

 

Name :

Mr. Satish

Designation :

Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 30.09.2014

 

Names of Shareholders

 

No. of Shares

Rajesh Jindal

 

170000

Kajal Jindal

 

24000

Pallavi Jindal

 

1000

Yash Raj Jindal

 

1000

Rajesh Jindal (HUF)

 

4000

 

 

 

Total

 

200000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON: 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Importing of Copper and Pipes Tubes.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Material

Countries :

China

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

S. K. Fabrication

Name of the Person :

Mr. Dinesh (Factory Head)

Contact No.:

91-981440567

Since How Long Known :

20 Years

Maximum Limit Dealt :

--

Experience :

Delivery Behavior

Product Quality

Overall

Good

Good

Good

Remark:

As claimed by Mr. Dinesh (Factory Head) that he is satisfied with subject company.

 

 

Customers :

Reference :

Mehta Tubes Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :

Banker Name

Axis Bank Limited

Branch Address

Mini Credit Management Center, Ninex Time Centre, Shop No. 1-6 and 8-10, Ground Floor, Sector 54, Gurgaon-122001, Haryana, India

Person Name (With Designation)

Not Divulged

Contact Number

91-124-4014424 (Continuously Ringing)

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged
  • Canara Bank, Alwar Road Branch, Alwar Road, Gurgaon-122001, Haryana, India

 

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Axis Bank (Secured against hypothecation of Car)

(Repayable in 47 installments of Rs.24813/- each)

0.000

0.238

Tata Capital Finance Limited (Secured against hypothecation of Car)

(Repayable in 60 installments of Rs.10250/- each)

0.242

0.332

 

 

 

SHORT TERM BORROWING

 

 

Axis Bank – CC Limit

(Secured against hypothecation of stocks, mortgage of Fixed assets and personal guarantee of Directors)

29.245

28.950

 

 

 

Total

29.487

29.520

 

Auditors :

 

Name :

Andros and Company

Chartered Accountants

Address :

124-125, Sector-20C, 1st Floor, Motia Khan, Ludhiana-147301, Punjab, India

PAN No.:

AABFS7061C

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.10/- each

Rs. 2.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.10/- each

Rs. 2.000 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2.000

2.000

2.000

(b) Reserves & Surplus

37.457

37.406

34.703

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

39.457

39.406

36.703

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.298

0.625

0.534

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

1.380

(d) long-term provisions

1.681

1.620

0.000

Total Non-current Liabilities (3)

1.979

2.245

1.914

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

29.245

28.950

28.162

(b) Trade payables

41.723

36.975

44.296

(c) Other current liabilities

2.767

5.318

5.036

(d) Short-term provisions

0.409

0.655

1.189

Total Current Liabilities (4)

74.144

71.898

78.683

 

 

 

 

TOTAL

115.580

113.549

117.300

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

27.368

28.527

29.648

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.646

1.422

0.276

(d)  Long-term Loan and Advances

3.286

3.182

2.858

(e) Other Non-current assets

0.055

0.055

0.055

Total Non-Current Assets

31.355

33.186

32.837

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

35.836

36.369

36.165

(c) Trade receivables

44.026

38.488

44.787

(d) Cash and cash equivalents

0.813

0.555

0.171

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

3.550

4.951

3.340

Total Current Assets

84.225

80.363

84.463

 

 

 

 

TOTAL

115.580

113.549

117.300

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Revenue from operations

257.744

250.172

252.928

 

Other Income

0.366

0.011

0.005

 

TOTAL

258.110

250.183

252.933

 

 

 

 

 

Less:

EXPENSES

257.050

252.563

255.861

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1.060

(2.380)

(2.928)

 

 

 

 

 

Less:

TAX

1.009

(5.083)

0.146

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

0.051

2.703

(3.074)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 0.255

 13.52

(15.37) 

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover

 

 

270.000

 

 

Expected Sales (2015-2016): Rs.300.000 Million

 

 

The above information has been parted by Mr. Satish (Manager)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.304

0.321

0.241

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.02

1.08

(1.22)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.92

(2.12)

(2.50)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

(0.06)

(0.08)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.76

0.76

0.79

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.14

1.12

1.07

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2.000

2.000

2.000

Reserves & Surplus

34.703

37.406

37.457

Net worth

36.703

39.406

39.457

 

 

 

 

long-term borrowings

0.534

0.625

0.298

Short term borrowings

28.162

28.950

29.245

Current Maturities of Long-Term Debts

0.241

0.321

0.304

Total borrowings

28.937

29.896

29.847

Debt/Equity ratio

0.788

0.759

0.756

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from operations

252.928

250.172

257.744

 

 

(1.090)

3.027

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from operations

252.928

250.172

257.744

Profit

(3.074)

2.703

0.051

 

(1.22%)

1.08%

0.02%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

No

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

FINANCIAL PERFORMANCE:

 

The company achieved sales and other misc. income of Rs.258.110 million during the year, as compared to Rs.250.183 million in the previous year. And earned profit before tax of Rs.1.060 million where as it was loss Rs.2.380 million in the previous year. After making adjustments and provision of income tax, the accumulated Surplus of Rs.37.457 million are being carried over to Balance Sheet as at 31.03.2014.

 

 

UNSECURED LOAN:

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS:

 

 

Loan from Director and Shareholder

0.055

0.055

 

 

 

Total

0.055

0.055

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10233639

21/11/2014 *

50,000,000.00

Axis Bank Limited

SCO-29, SECTOR-14, OLD DELHI-GUGAON ROAD, GURGAON, HARYANA - 122001, INDIA

C40705675

 

 

FIXED ASSETS:

 

 

 

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. 65.25

UK Pound

1

  Rs. 102.25

Euro

1

Rs. 72.20

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

THR

 

 

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

--PROFITABILITY

1~10

4

--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

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

 

44

 

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

 

--

 

 

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.