MIRA INFORM REPORT
|
Report No. : |
301630 |
|
Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
AVON CYCLES
LIMITED |
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|
|
|
Registered
Office : |
G. T. Road, Dhandari Kalan, Ludhaiana – 414 003, Punjab |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.10.1951 |
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Com. Reg. No.: |
16-001699 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.964 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U35921PB1951PLC001699 |
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|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AABCA4140R |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Bicycles and Bicycles Components. |
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|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 7300000 |
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|
|
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects ACl’s strong financial risk profile supported by
its established position in the domestic bicycle industry, adequate
profitability margins and decent liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
09.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
09.06.2014 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Sanjay Goal |
|
Designation : |
Accountant |
|
Contact No.: |
91-161-4684800 |
|
Date : |
02.01.2015 |
LOCATIONS
|
Registered Office : |
G. T. Road, Dhandari Kalan, Ludhaiana – 414 003, Punjab, India |
|
Tel. No.: |
91-161-2511494/98/4684800/99 |
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Fax No.: |
91-161-2511493 |
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E-Mail : |
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|
Website : |
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Branch Office : |
3/15, Asaf Ali Road, New Delhi, India |
|
Tel. No.: |
91-11-23263344 |
|
Fax No.: |
91-11-23263851 |
DIRECTORS
As on 25.09.2014
|
Name : |
Mr. Onkar Singh Pahwa |
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Designation : |
Managing Director |
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Address : |
1, Avon Villas, Ayali Kalan Road, South City, Ludhiana, Punjab, India |
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Date of Birth/Age : |
10.08.1952 |
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Date of Appointment : |
28.05.2010 |
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DIN No.: |
01189248 |
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Other Directorship :
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Name : |
Mr. Mandeep Singh PAhwa |
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Designation : |
Director |
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Address : |
1, Avon Villas, Ayali Kalan Road, South City, Ludhiana, Punjab, India |
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Date of Birth/Age : |
12.06.1979 |
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Date of Appointment : |
28.05.2010 |
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DIN No.: |
00248245 |
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Other Directorship :
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Name : |
Mr. Sarabjit Kaur Pahwa |
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Designation : |
Director |
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Address : |
1, Avon Villas, Ayali Kalan Road, South City, Ludhiana, Punjab, India |
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Date of Birth/Age : |
04.09.1955 |
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Date of Appointment : |
28.05.2010 |
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DIN No.: |
01189233 |
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Other Directorship :
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Name : |
Mr. Rishi Pahwa |
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Designation : |
Director |
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Address : |
1, Avon Villas, Ayali Kalan Road, South City, Ludhiana, Punjab, India |
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Date of Birth/Age : |
03.02.1978 |
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Date of Appointment : |
28.05.2010 |
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DIN No.: |
00286399 |
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Other Directorship :
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|
Name : |
Mr. Benarsi Dass Arora |
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Designation : |
Director |
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Address : |
17-B, Shastri Nagar, Ludhiana, Punjab, India |
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Date of Birth/Age : |
26.02.1939 |
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Date of Appointment : |
26.08.2011 |
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DIN No.: |
03512551 |
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MAJOR SHAREHOLDERS
As on 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Onkar Pahwa |
|
162462 |
|
Onkar Singh Pahwa (Karta) |
|
281038 |
|
Sarabjit Kaur PAhwa |
|
148000 |
|
Rishi Pahwa |
|
97000 |
|
Mandeep Singh Pahwa |
|
102787 |
|
Pahwa Estate and Holdings Private Limited, India |
|
56000 |
|
Kaushalya Devi Pahwa Trust |
|
43155 |
|
Pallavi Pahwa |
|
6000 |
|
|
|
|
|
Total |
|
896442 |
As on 25.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
6.25 |
|
Directors or relatives of Directors |
88.94 |
|
Other top fifty shareholders |
4.81 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bicycles and Bicycles Components. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS =NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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Auditors : |
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|
Name : |
H.K. Chitkara and Company Chartered Accountants |
|
Address : |
477-R, Star Plaza complex, Model Town, Ludhiana, Punjab, India |
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PAN No.: |
AAUPC1265B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Related Parties : |
CIN
NO.: U35923pb1973ptc003379 |
CAPITAL STRUCTURE
As on 25.09.2014
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 |
|
|
|
|
|
|
896442 |
Equity Shares |
Rs.10/- each |
Rs. 8.964
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
8.964 |
8.964 |
8.964 |
|
(b) Reserves & Surplus |
2543.054 |
2224.590 |
2077.964 |
|
(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) |
2552.018 |
2233.554 |
2086.928 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
205.580 |
243.205 |
253.354 |
|
(b) Deferred tax liabilities
(Net) |
166.349 |
153.032 |
176.616 |
|
(c) Other long term
liabilities |
28.378 |
24.579 |
19.899 |
|
(d) long-term provisions |
252.125 |
342.526 |
281.245 |
|
Total
Non-current Liabilities (3) |
652.432 |
763.342 |
731.114 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
276.448 |
242.166 |
61.622 |
|
(b) Trade payables |
702.812 |
554.828 |
497.499 |
|
(c) Other current liabilities |
202.081 |
151.067 |
79.973 |
|
(d) Short-term provisions |
149.461 |
173.706 |
114.931 |
|
Total
Current Liabilities (4) |
1330.802 |
1121.767 |
754.025 |
|
|
|
|
|
|
TOTAL |
4535.252 |
4118.663 |
3572.067 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1130.745 |
955.146 |
964.040 |
|
(ii) Intangible Assets |
7.466 |
11.008 |
10.524 |
|
(iii) Capital work-in-progress |
189.145 |
112.637 |
52.595 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
494.473 |
375.645 |
342.299 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
317.084 |
427.442 |
327.634 |
|
(e) Other Non-current assets |
4.087 |
3.985 |
2.851 |
|
Total
Non-Current Assets |
2143.000 |
1885.863 |
1699.943 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
27.352 |
52.985 |
117.011 |
|
(b) Inventories |
417.804 |
376.436 |
396.815 |
|
(c) Trade receivables |
1322.022 |
1133.001 |
851.622 |
|
(d) Cash and cash equivalents |
62.363 |
54.830 |
17.929 |
|
(e) Short-term loans and
advances |
506.329 |
594.657 |
462.384 |
|
(f) Other current assets |
56.382 |
20.891 |
26.363 |
|
Total
Current Assets |
2392.252 |
2232.800 |
1872.124 |
|
|
|
|
|
|
TOTAL |
4535.252 |
4118.663 |
3572.067 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
6585.853 |
4869.456 |
4962.702 |
|
|
Other Income |
68.147 |
58.880 |
66.082 |
|
|
TOTAL
(A) |
6654.000 |
4928.336 |
5028.784 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4103.086 |
3123.914 |
3042.967 |
|
|
Purchases of Stock-in-Trade |
471.719 |
290.510 |
307.055 |
|
|
Employees benefits expense |
237.692 |
197.932 |
165.556 |
|
|
Other expenses |
1197.923 |
858.307 |
914.426 |
|
|
TOTAL
(B) |
6010.420 |
4470.663 |
4430.004 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
643.580 |
457.673 |
598.780 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
55.180 |
52.739 |
61.253 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
588.400 |
404.934 |
537.527 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
123.929 |
125.782 |
124.243 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
464.471 |
279.152 |
413.284 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
146.917 |
90.941 |
135.084 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
317.554 |
188.211 |
278.200 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
Dividend |
26.894 |
26.893 |
53.273 |
|
|
Tax on Dividend |
4.571 |
4.363 |
4.363 |
|
|
Total
(M) |
81.465 |
81.256 |
107.636 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
236.089 |
106.955 |
170.564 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
540.946 |
321.861 |
591.785 |
|
|
TOTAL
EARNINGS |
540.946 |
321.861 |
591.785 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
CIF Value of Imports |
185.384 |
179.762 |
0.000 |
|
|
TOTAL
IMPORTS |
185.384 |
179.762 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
354.24 |
209.95 |
310.34 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.82 |
3.87 |
5.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
9.77 |
9.40 |
12.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.06 |
7.69 |
13.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.12 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.19 |
0.22 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80 |
1.99 |
2.48 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
8.964 |
8.964 |
8.964 |
|
Reserves & Surplus |
2077.964 |
2224.590 |
2543.054 |
|
Net
worth |
2086.928 |
2233.554 |
2552.018 |
|
|
|
|
|
|
long-term borrowings |
253.354 |
243.205 |
205.580 |
|
Short term borrowings |
61.622 |
242.166 |
276.448 |
|
Total
borrowings |
314.976 |
485.371 |
482.028 |
|
Debt/Equity
ratio |
0.151 |
0.217 |
0.189 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4962.702 |
4869.456 |
6585.853 |
|
|
|
(1.879) |
35.248 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4962.702 |
4869.456 |
6585.853 |
|
Profit |
278.200 |
188.211 |
317.554 |
|
|
5.61% |
3.87% |
4.82% |
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 |
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) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
|
LITIGATION DETAILS |
|||||
|
High Court of Punjab and Haryana |
|||||
|
Case Details For Case CM-15407-CII-2008 |
|||||
|
Diary Number |
157682 |
District |
UT-CHANDIGARH |
||
|
Category |
-- |
Main Case Detail |
ITA-535-2008 |
||
|
Party Details |
COMMISSIONER OF
ONCOME TAX V/S M/S AVON CYCLES LD. |
||||
|
Advocate Name |
SANAJY BANSAL |
List Type |
ORDINARY |
||
|
Status |
PENDING |
Next Date |
|
||
|
Case Listing Details |
|||||
|
No Listing Data Available |
|||||
|
Judgment Details For Case : CM-15407-CII-2008 Party Details : COMMISSION OF INCOME TAX V/S M/S AVON CYCLES LD. |
|||||
|
Order Date |
Order Type |
Bench |
Judgment Link |
||
|
No Judgment/Order found |
|||||
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Other Loans and Advances |
106.249 |
124.600 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Other Loans and advances |
84.038 |
0.000 |
|
Loans repayable on demand |
29.811 |
0.000 |
|
Total |
220.098 |
124.600 |
PERFORMANCE REVIEW
Receipts from
operations increased to Rs. 6585.800 Millions as compared to Rs. 4869.400
Millions in the previous year. Income from other sources stands at Rs. 68.147
Millions as compared to Rs. 58.880 Millions in the previous year. After meeting
all the expenses and the tax liability, there is a net profit of Rs. 317.500
Millions viz-a-viz 188.200 Millions in the previous year
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10501798 |
13/05/2014 |
45,000,000.00 |
PUNJAB NATIONAL BANK |
MILLER GANJ, LUDHIANA, Punjab - 141001, INDIA |
C06028583 |
|
2 |
10465376 |
23/10/2013 |
70,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B91626150 |
|
3 |
10314728 |
03/11/2011 * |
370,000,000.00 |
AXIS BANK LIMITED |
105,BOULEVARD, THE MALL, LUDHIANA, Punjab - 141001, INDIA |
B26094201 |
|
4 |
10266736 |
24/12/2010 |
120,000,000.00 |
HDFC BANK LIMITED |
PLOT#B XIX/65/SE, THE MALL, 1, IST MALL, LUDHIANA, Punjab - 141001, INDIA |
B06133540 |
|
5 |
10204852 |
09/03/2010 |
106,800,000.00 |
Small Industries Development Bank of India |
Fortune Chambers, First Floor, SCO 16 &17,, Feroze Gandhi Market, Opp. LSE,, Ludhiana, Punjab - 141 001, INDIA |
A80631492 |
|
6 |
10113549 |
28/05/2008 |
92,381,000.00 |
PUNJAB NATIONAL BANK |
MILLERGANJ, LUDHIANA, Punjab - 141003, INDIA |
A42046011 |
|
7 |
90171370 |
19/02/2004 |
10,000,000.00 |
CITI BANK NA |
LUDHIANASTOCK EXCHANGEBUILDING, FEROZE GANDHI MARKET, LUDHIANA, Punjab - 141001, INDIA |
- |
|
8 |
90171361 |
09/02/2012 * |
100,000,000.00 |
Citibank N.A |
Jeevan Bharti Building, 4th Floor, 124, Connaught |
B36334548 |
|
9 |
90169877 |
18/09/2014 * |
200,000,000.00 |
State Bank of India |
G T ROAD, DHOLEWAL CHOWK, LUDHIANA, Punjab - 141001, INDIA |
C36315737 |
|
10 |
90169726 |
18/04/2009 * |
70,000,000.00 |
HDFC BANK LIMITED |
THE MALL, LOWER GROUND FLOOR, IST MALL, LUDHIANA, |
A63474001 |
* Date of charge modification
FIXED ASSETS
- Land
- Building
- Factory Building
- Plant and Equipment
- Furniture Equipment
- Furniture and Fixture
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.63.44 |
|
|
1 |
Rs.95.98 |
|
Euro |
1 |
Rs.75.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
|
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.