MIRA INFORM REPORT

 

 

Report No. :

310602

Report Date :

07.03.2015 

 

IDENTIFICATION DETAILS

 

Name :

ASHIRVAD PIPES PRIVATE LIMITED

 

 

Registered Office :

# 4B, Attibele Industrial Area, Anekal Taluk, Hosur Road, Bangalore – 562 107, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.02.1997

 

 

Com. Reg. No.:

08-021831

 

 

Capital Investment / Paid-up Capital :

Rs.44.100 million

 

 

CIN No.:

[Company Identification No.]

U85110KA1997PTC021831

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA01535C

 

 

PAN No.:

[Permanent Account No.]

AABCA7061K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is in the business of manufacturing, selling and trading of Unplasticised Polyvinyl Chloride (UPVC), Chlorinated Polyvinyl Chloride (CPVC), Sewerage waste and rain water and column pipes and pipe fittings (SWR).

 

 

No. of Employees :

400 (Approximately) 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (60)

 

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 8077500

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company having fine track record.

 

The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability margins 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

Rating Agency Name

CRISIL

Rating

Long Term Rating: A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

03.11.2014

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating: A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

03.11.2014

 

 

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 PARTED BY (GENERAL DETAILS)

 

Name :

Ms. Nandini

Designation :

Export Department

Contact No.:

91-9880393432

Date :

04.03.2015

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

# 4B, Attibele Industrial Area, Anekal Taluk, Hosur Road, Bangalore – 562 107, Karnataka, India

Tel. No.:

91-80-27820542/ 543/ 271

Mobile No.:

91-9880393432 (Ms. Nandini)

Fax No.:

91-80-27820463

E-Mail :

info@ashirvad.com

murali@ashirvad.com

Website :

http://www.ashirvad.com

Location :

Owned

 

 

Correspondence Address :

Plot No.26, Attibele Industrial Area, Anekal Taluk, Hosur Road, Bangalore – 562 107, Karnataka, India

 

 

Factory 2 :

No.27P, 28P, 29 and 30, Bommasandra-Jigani Link Road, Bandenallasandra, Jigani, Hubali, Anekal (TK), Bangalore – 562 105, Karnataka, India

 

 

Branch Office :

Located at:

 

·         Ahmedabad

·         Pune

·         Jaipur

 

 

DIRECTORS

 

AS ON 24.09.2014

 

Name :

Mr. Pawan Poddar

Designation :

Managing Director

Address :

# 621, 3rd Cross, 3rd Block, Koramangala, Bangalore – 560 034, Karnataka, India

Date of Birth :

27.10.1959

Qualification :

Graduate

Experience :

25 Years

Date of Appointment :

01.04.2014

DIN No.:

00480090

PAN No.:

AAXPR8906K

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

U00331BR1997PTC007728

ASHIRVAD ENTERPRISES PRIVATE LIMITED

Director

17/02/1997

17/02/1997

-

Active

NO

2

U85110KA1997PTC021831

ASHIRVAD PIPES PRIVATE LIMITED

Managing director

01/04/2014

18/02/1997

-

Active

NO

 

 

Name :

Mr. Vikas Poddar

Designation :

Director

Address :

Flat No.309/409, ‘G’ Block, Spruce, Raheja Residency, Koramangala, Bangalore – 560 034, Karnataka, India

Date of Birth :

10.04.1964

Qualification :

Graduate

Experience :

20 Years

Date of Appointment :

14.08.1998

DIN No.:

00038340

PAN No.:

ABEPR3804I

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

U00331BR1997PTC007728

ASHIRVAD ENTERPRISES PRIVATE LIMITED

Director

17/02/1997

17/02/1997

-

Active

NO

2

U85110KA1997PTC021831

ASHIRVAD PIPES PRIVATE LIMITED

Director

14/08/1998

14/08/1998

-

Active

NO

 

 

Name :

Mr. Deepak Poddar

Designation :

Director

Address :

Flat No.102/202, ‘F’ Block, ‘Redwood’, Raheja Residency, Koramangala, Bangalore – 560 034, Karnataka, India

Date of Birth :

21.05.1962

Qualification :

Graduate

Experience :

23 Years

Date of Appointment :

14.08.1998

DIN No.:

00038685

PAN No.:

AEOPS9018L

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

U51909WB1992PTC055502

SWASTICK SALES PROMOTION PVT. LTD.

Director

31/01/1995

31/01/1995

-

Active

NO

2

U15115WB1995PLC068612

PREMIUM MARINE PRODUCTS LTD

Director

23/02/1995

23/02/1995

26/12/2009

Active

NO

3

U00331BR1997PTC007728

ASHIRVAD ENTERPRISES PRIVATE LIMITED

Director

17/02/1997

17/02/1997

-

Active

NO

4

U85110KA1997PTC021831

ASHIRVAD PIPES PRIVATE LIMITED

Director

14/08/1998

14/08/1998

-

Active

NO

5

U93000DL2012NPL238679

INDIAN PLUMBING SKILLS COUNCIL

Director

18/12/2013

11/07/2012

-

Active

NO

 

 

Name :

Tom Lydie Johan Van Gyseghem

Designation :

Director

Address :

3020, Herent, Baertlaan - 18, Baertlaan, 18, Belgium

Date of Birth :

14.12.1971

Date of Appointment :

30.09.2013

DIN No.:

05209753

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

U27100GA2007FTC007587

ALIAXIS UTILITIES AND INDUSTRY PRIVATE LIMITED

Director

28/05/2012

28/05/2012

02/12/2014

Active

NO

2

U85110KA1997PTC021831

ASHIRVAD PIPES PRIVATE LIMITED

Director

30/09/2013

19/03/2013

-

Active

NO

 

 

Name :

Colin David Leach

Designation :

Director

Address :

Av Vdendrlessche 26 3, 1150 Woluwe-Salnt Pierre, Belgium, NA, New Zealand

Date of Birth :

05.03.1952

Date of Appointment :

30.09.2013

DIN No.:

06486933

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

U85110KA1997PTC021831

ASHIRVAD PIPES PRIVATE LIMITED

Director

30/09/2013

19/03/2013

-

Active

NO

 

 

Name :

Yves Emile Mertens

Designation :

Director

Address :

Chee Stockel 430, 1150 Woluwe Saint Pierre (Brussels), Brussels, NA, Belgium

Date of Birth :

15.09.1959

Date of Appointment :

30.09.2013

DIN No.:

06495832

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

U85110KA1997PTC021831

ASHIRVAD PIPES PRIVATE LIMITED

Director

30/09/2013

19/03/2013

-

Active

NO

 

 

Name :

Pierre Marie Bernard Ghislain Genot

Designation :

Director

Address :

14, Sente des Cardinettes, 78570 Andresy, Andresy, 78570, France

Date of Birth :

15.08.1958

Qualification :

Graduate

Experience :

32 Years

Date of Appointment :

30.09.2013

DIN No.:

06497615

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

U85110KA1997PTC021831

ASHIRVAD PIPES PRIVATE LIMITED

Director

30/09/2013

19/03/2013

-

Active

NO

 

 

DIRECTORS

 

Name :

Ms. Nandini

Designation :

Export Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 24.09.2014

 

Names of Shareholders

 

 

No. of Shares

Pawan Poddar

 

58800

Deepak Poddar

 

58800

Vikas Poddar

 

58800

Glynwed Holding B.V., The Netherlands

 

264600

Total 

 

441000

 

AS ON 24.09.2014

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

60.00

Directors or relatives of directors

 

40.00

Total

 

100.00

 

 

 

                 

BUSINESS DETAILS

 

Line of Business :

Subject is in the business of manufacturing, selling and trading of Unplasticised Polyvinyl Chloride (UPVC), Chlorinated Polyvinyl Chloride (CPVC), Sewerage waste and rain water and column pipes and pipe fittings (SWR).

 

 

Products :

Item Code No. (ITC Code)

39172390

Product Description

Other Tube Pipe and Hoses of Polyvinyl

Chloride

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :
  • Finished Goods

Countries :
  • Middle East
  • North Africa
  • Europe

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque 

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

400 (Approximately) 

 

 

Bankers :

Banker Name

Vijaya Bank

Branch Address

Mayohall Branch, Bangalore – 560 001, Karnataka, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

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

 

·         State Bank of India, Specialised Mid Corporate Branch, No.97, Railway Parallel Road, Kumarapark West, Bangalore – 560 020, Karnataka, India

·         ICICI Bank Limited, 5th Floor, Sobha Pearl, No.1, Commissariat Road, Bangalore – 560 025, Karnataka, India

·         BNP Paribas, 3rd Floor, 21/15, M G Road, Bangalore – 560 001, Karnataka, India

·         BNP Paribas, Salarpuria Windsor, Ground Floor, No.3, Ulsoor Road, Bangalore – 560 042, Karnataka, India

·         HSBC Bank (Mauritius) Limited, 6th Floor, HSBC Centre, 18, Cyber City, Ebene, Ebene - 522333, Mauritius

·         The Hongkong and Shanghai Banking Corporation Limited, No.7, M.G. Road, Bangalore – 560 001, Karnataka, India

·         ING Vysya Bank Limited, 22, Ground Floor, ING Vysya House, M.G. Road, Bangalore – 560 001, Karnataka, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

(Collateral and additional security)

329.505

481.173

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

(Collateral and additional security)

864.576

548.272

Total

1194.081

1029.445

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Associates

Chartered Accountants

Address :

Bangalore, Karnataka, India

PAN No.:

AAIFB7355D

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate Holding Company:

Aliaxies S.A, Belgium

 

 

Holding Company:

Glynwed Holding B.V. Netherlands

 

 

Associates:
  • Ashirvad Enterprises Private Limited
  • Poddar Industrial Corporation
  • Swastick Sales Promotion Private Limited

 

 

Fellow Subsidiary Company:
  • Hunter Plastics Limited
  • Aliaxis Services S.A, France

 

 

CAPITAL STRUCTURE

 

AS ON 24.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs.100/- each

Rs.50.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

441000

Equity Shares

Rs.100/- each

Rs.44.100 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

44.100

44.100

44.100

(b) Reserves & Surplus

2783.047

1905.999

1173.941

(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)

2827.147

1950.099

1218.041

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

329.505

481.173

508.974

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) Long-term provisions

6.609

5.050

2.983

Total Non-current Liabilities (3)

336.114

486.223

511.957

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2113.476

548.272

615.314

(b) Trade payables

1361.739

1407.858

679.122

(c) Other current liabilities

391.665

544.430

296.405

(d) Short-term provisions

67.193

48.445

91.924

Total Current Liabilities (4)

3934.073

2549.005

1682.765

 

 

 

 

TOTAL

7097.334

4985.327

3412.763

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2006.625

1409.420

936.428

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

151.238

21.096

165.196

(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)

31.707

16.298

5.800

(d)  Long-term Loan and Advances

375.620

124.516

153.072

(e) Other Non-current assets

0.000

38.112

25.348

Total Non-Current Assets

2565.190

1609.442

1285.844

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3078.474

2350.828

1362.884

(c) Trade receivables

922.274

752.640

655.944

(d) Cash and cash equivalents

299.813

141.532

40.232

(e) Short-term loans and advances

204.911

120.490

61.155

(f) Other current assets

26.672

10.395

6.704

Total Current Assets

4532.144

3375.885

2126.919

 

 

 

 

TOTAL

7097.334

4985.327

3412.763

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Operating Income

11333.862

9055.196

5962.430

 

 

Other Income

8.238

2.796

3.040

 

 

TOTAL                                    

11342.100

9057.992

5965.470

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

9976.042

(Including financial and depreciation)

7692.360

(Including Financial Expenses)

4941.560

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

 

1023.910

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

 

 

123.210

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

1365.632

900.700

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

 

270.240

178.880

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1366.058

1095.392

721.820

 

 

 

 

 

Less

TAX                                                                 

489.010

363.334

239.880

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

877.048

732.058

481.940

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

361.094

234.216

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1988.77

1659.99

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

7.74

8.08

8.08

 

 

 

 

 

Operating Profit Margin

(PBDIT/ Sales)

(%)

NA

NA

17.17

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

19.76

22.14

22.27

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.48

0.56

0.59

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.86

0.53

0.92

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.15

1.32

1.26

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Share Capital

44.100

44.100

44.100

Reserves & Surplus

1173.941

1905.999

2783.047

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

1218.041

1950.099

2827.147

 

 

 

 

Long Term borrowings

508.974

481.173

329.505

Short Term borrowings

615.314

548.272

2113.476

Total borrowings

1124.288

1029.445

2442.981

Debt/Equity ratio

0.923

0.528

0.864

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Operating Income

5,962.430

9,055.196

11,333.862

 

 

51.871

25.164

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Operating Income

5,962.430

9,055.196

11,333.862

Profit

481.940

732.058

877.048

 

8.08%

8.08%

7.74%

 

 

 

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

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

Yes

20]

Export / Import details (if applicable)

Yes

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

Yes

33]

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

No

34]

External Agency Rating, if available

Yes

 

 

LITIGATION DETAILS:

 

High Court of Karnataka-Bengaluru Bench

ITA 187/2012

 

Petitioner/ Appnt. Name

THE COMMISSIONER OF INCOME TAX

Respondent/ Defnt. Name

ASHIRVAD PIPES PRIVATE LIMITED

Petnr./ Appnt. Advocate

K V ARAVIND

Respnt./ Defnt. Advocate

Date Filed

11/07/2012

Classification

District

Bengaluru City

 

Stage

HEARING

Last Posted For

ORDERS

 

Last Action Taken

ADJOURNED

Last Date of Action

13/01/2015

Next Hearing Date

Latest Order

OFFICE TO VERIFIE

Before Hon'ble Judge/s

N. KUMAR

B. VEERAPPA

 

Lower Court Details [Appeal from below case.]

Case No

Court Name

Disposal Dt

ITA 980/2010

INCOME TAX APPELLATE TRIBUNAL BANGALORE

 

Details of the Daily Order 

Sl. No.

Honble Judge

Date of Order

1

HONBLE RJ

07/06/2013

 

 

COMPANY OVERVIEW

 

The Company was incorporated on 18 February 1997 as a private limited Company with its registered office at Bangalore. The Company is in the business of manufacturing, selling and trading of Unplasticised Polyvinyl Chloride (UPVC), Chlorinated Polyvinyl Chloride (CPVC), Sewerage waste and rain water and column pipes and pipe fittings (SWR). The Company has also obtained a license of Lubrizol Advanced Materials, Inc. (Formerly known as Noveon IP Holdings Corp.), USA for manufacturing and marketing Flowguard CPVC pipes and fittings in India.

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Other loans and advances

1248.900

0.000

Total

1248.900

0.000

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10534385

10/12/2014 *

570,000,000.00

ICICI BANK LIMITED

5TH FLOOR, SOBHA PEARL, NO.1, COMMISSARIAT ROAD, BANGALORE, KARNATAKA - 560025, INDIA

C38847455

2

10521216

29/10/2014 *

650,000,000.00

ICICI BANK LIMITED

5TH FLOOR, SOBHA PEARL, NO.1, COMMISSARIAT ROAD, BANGALORE, KARNATAKA - 560025, INDIA

C38241295

3

10528627

25/06/2014

700,000,000.00

BNP PARIBAS

3RD FLOOR, 21/15, M G ROAD, BANGALORE, KARNATAKA - 
560001, INDIA

C31951890

4

10528623

03/11/2014 *

627,343,250.00

BNP PARIBAS

SALARPURIA WINDSOR, GROUND FLOOR, NO.3, ULSOOR ROAD, BENGALURU, KARNATAKA - 560042, INDIA

C39613476

5

10507455

14/04/2014

460,087,500.00

HSBC BANK (MAURITIUS) LIMITED

6TH FLOOR, HSBC CENTRE, 18, CYBER CITY, EBENE, EBENE - 522333, MAURITIUS

C10136018

6

10477803

30/01/2014

727,500,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

NO.7, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA

B96452271

7

10472571

31/01/2014 *

500,000,000.00

ING VYSYA BANK LIMITED

22, GROUND FLOOR, ING VYSYA HOUSE, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA

B97762660

 

* Date of charge modification

 

 

FIXED ASSETS

 

·         Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer Equipments

·         Leasehold Improvements

 

 

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.62.20

UK Pound

1

Rs.94.71

Euro

1

Rs.68.60                                         

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

-- PROFITABILITY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

60

 

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.