MIRA
INFORM REPORT
|
Report Date : |
15TH
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
ASSOCIATED
FLEXIBLES AND WIRES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Gate
No. 956, Kasar Amboli, Pune – Paud Road, Post Ambadnet, Tal- Mulshi, District
– Pune – 412108, Maharashtra |
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|
|
Country : |
India |
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|
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|
Financials (as on) : |
31.03.2005 |
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|
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Date of Incorporation : |
22.12.1978 |
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|
|
|
Com. Reg. No.: |
11-20866 |
|
|
|
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CIN No.: [Company
Identification No.] |
U31300MH1978PTC020866 |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer
of Electric Cables and Wires and Electrical Heat Tracers |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
100000 |
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|
|
|
Status : |
Satisfactory
|
|
|
|
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established and reputed company having satisfactory track.
Directors are reported as experienced, respectable and resourceful
industrialists. Their trade relations are fair. General financial position is
good. Payments are usually correct and as commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Gate
No. 956, Kasar Amboli, Pune – Paud Road, Post Ambadnet, Tal- Mulshi, District
– Pune – 412108, Maharashtra |
|
Tel. No.: |
91-20-24357295 |
|
|
|
|
Factory
: |
Jeevan
Vikas Kendra Road, A11/A, Subhagya, Andheri (East), Mumbai – 400069 |
|
Tel.
No.: |
91-22-28325672 |
|
Fax
No.: |
91-22-28378452 |
DIRECTORS
|
Name : |
Mr.
Nayak Kashinath Ratnakar |
|
Designation : |
Director
|
|
Address : |
302,
Datta Niwas, Ajmal Road, Vile Parle (East), Mumbai – 400057 |
|
Date of Appointment : |
22.12.1978 |
|
|
|
|
Name : |
Mr.
Gogate Vasodeo Shrikant |
|
Designation : |
Director
|
|
Address : |
4,
Vasant Apartment, 106/2, Erandwane, Pune – 411004, Maharashtra |
|
Date of Appointment : |
22.12.1978 |
|
|
|
|
Name : |
Mr.
Sabnis Purshottam Neelesh |
|
Designation : |
Director
|
|
Address : |
3,
Kaplapana Housing Society, Azad Road, Vile Parle (East), Mumbai – 400057 |
|
Date of Birth/Age : |
13.04.1958 |
|
Date of Appointment : |
13.09.1991 |
KEY EXECUTIVES
|
Name
: |
Mr. R
K Nayak |
|
Designation
: |
Executive
Director |
|
Tel.
No.: |
91-22-26835672
|
|
|
|
|
Name
: |
Mr.
Shyamprasad D Limaye |
|
Designation
: |
Company
Sectary |
|
Address
: |
5,
Parag Apartment, Dahanukar Colony, Pune – 411038, Maharashtra |
|
Tel.
No.: |
91-20-25389985
|
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Gogate Vasodeo Shrikant |
4705 |
|
Ms.
Nita Ratnakar Nayak |
4035 |
|
Mr. R
K Nayak |
500 |
|
Mr.
Gogate Vasodeo Shrikant |
1100 |
|
Mr.
Nayak Ratnakar Varun |
630 |
|
Mr.
Nayak Ratnakar Gaurav |
640 |
|
Mr.
Gogate Vasodeo Shrikant (HUF) |
194 |
|
Mr.
Nayak Kashinath Ratnakar |
195 |
|
M/s.
Gogate Nayak Properties & Investment Private Limited |
1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Electric Cables and Wires and Electrical Heat Tracers |
|
|
|
|
Products : |
Electric
Cables and Wires and Electrical Heat Tracers |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Cables & Multitubes |
Mtrs |
|
3500000 |
429492 |
GENERAL
INFORMATION
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
Central
Bank of India, Deccan Gymkhana Branch, Pune |
|
|
|
|
Facilities : |
Secured
Loan Central
Bank of India – Rs. 2.131 Millions Secured
by hypothecation of raw material work in progress, finished goods and spares
hypothecation of machineries, equitable mortgage of land and guaranteed by
director |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Kulkarni
& Khanolkar Chartered
Accountant |
|
Address: |
13/14,
Bell Building, Sir Pherozeshan Mehta Road, Fort, Mumbai – 400001 |
|
Tel. No.: |
91-22-22874113/22874043 |
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Fax No.: |
91-22-22043011 |
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E-Mail : |
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|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
13000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 1.300 Millions |
|
2000 |
6%
Redeemable Preferences Shares |
Rs. 100/- Each |
Rs. 0.200 Millions |
|
|
Total
|
|
Rs. 1.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
12000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 1.200 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.200 |
1.200 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
27.283 |
20.983 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
28.483 |
22.183 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2.131 |
4.096 |
|
|
2] Unsecured Loans |
|
0.202 |
0.195 |
|
|
TOTAL BORROWING |
|
2.333 |
4.291 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
30.816 |
26.474 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
|
20.226 |
20.831 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
|
0.030 |
0.030 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
5.957 |
4.214 |
|
|
Sundry Debtors |
|
2.335 |
3.183 |
|
|
Cash & Bank Balances |
|
7.107 |
2.405 |
|
|
Other Current Assets |
|
0.016 |
0.025 |
|
|
Loans & Advances |
|
1.742 |
1.759 |
|
Total Current Assets |
|
17.157 |
11.586 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
3.672 |
3.617 |
|
|
Provisions |
|
2.925 |
2.356 |
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Total Current Liabilities |
|
6.597 |
5.973 |
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|
Net Current Assets |
|
10.560 |
5.613 |
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|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
30.816 |
26.474 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
58.607 |
22.886 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
6.600 |
(11.453) |
|
Provision
for Taxation |
|
0.300 |
0.000 |
|
Profit/(Loss)
After Tax |
|
6.300 |
(11.453) |
|
|
|
|
|
|
Export
Value |
|
0.518 |
NA |
|
|
|
|
|
|
Import
Value |
|
0.246 |
NA |
|
|
|
|
|
|
Total
Expenditure |
|
52.007 |
34.339 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
10.74 |
(50.04) |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
11.26 |
(50.04) |
|
|
|
|
|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
17.65 |
(35.33) |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
(0.51) |
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|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.31 |
0.46 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.60 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Business
The
results achieved during the year have been satisfactory and when compared to
the immediately preceding few years they appear to be excellent
After
years of mediocre performance is sales turnover they could re-establish a
satisfactory level of sales turnover and could end the year profit for the
year.
This was
made possible partially because of a single large order that was executed
during the year comprising coarse sized conductor which effectively permitted
higher profitability per unit labour cost. Similarly the addition to their
products range of recently developed import substitute product mentioned in
their last years report which finds application in the latest plant/process
instrument culture had improved their profitability
Quality
The
company continues with its total commitment to quality which today is being
lauded all over the country by engineering consultants and other customers
their performance on quality and the resulting customer satisfactions could be
the only of its kind in the filed of instrument cables. Needless to say that
they continue to hold the ISO Certification
Fixed
Assets
v
Land
v
Building
v
Furniture
& Fixture
v
Elect
Installation
v
Laboratory
Equipment
v
Motor
Car
v
Office
Equipment
v
Scooter
v
Computer
v
Air
Conditioners
v
Pager
v
Office
Premises
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 records 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 records 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.45.92 |
|
UK
Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.58.08 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |