MIRA INFORM REPORT
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Report Date : |
28.10.2006 |
IDENTIFICATION DETAILS
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Name : |
AOF FILTRATIONS SYSTEMS
PRIVATE LIMITED |
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Registered Office : |
Plot
No. 8-3-833/282, Phase-II Ext, Sri Nagar Colony, Hyderabad - 500073, Andhra
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.09.1987 |
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Com. Reg. No.: |
01-7764 |
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CIN No.: [Company Identification No.] |
U41000AP1987PTC007764 |
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TAN No.: [Tax Deduction & Collection Account No.] |
HYDA03165B |
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PAN No.: [Permanent Account No.] |
AABCA6522F |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
of industrial filters. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. The company has improved its
performance. Its payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Plot
No. 8-3-833/282, Phase-II Ext, Sri Nagar Colony, Hyderabad - 500073, Andhra
Pradesh, India |
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Tel. No. : |
91-40-23545993
/ 7627 |
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Fax No. : |
91-40-23547627 |
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E-mail : |
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Website : |
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Area : |
2600
sq. ft. |
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Location : |
Owned
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Head Office : |
Plot
N. 104, Phase-III, Kamalapuri Colony, Hyderabad- 500 073, Andhra Pradesh,
India |
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Tel. No.: |
91-40-23545993 |
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Fax No.: |
91-40-23547627 |
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Factory 1 : |
1-7-1062,
Industrial Area, Azamabad, Hyderabad, Andhra Pradesh, India |
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Factory 2 : |
Type
1, Plot 6 - B, APIIC, Prashantnagar IE, Kukatpally, Hyderabad – 500072,
Andhra Pradesh, India |
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Tel. No. : |
91-40-65534083 |
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Area : |
10000
sq. ft. |
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Location : |
Owned
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DIRECTORS
|
Name : |
Mr.
G. Surender Reddy |
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Designation : |
Executive
Director |
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Address : |
H.
No. 282, Phase II, Kamalapuri Colony, Hyderabad – 500073, Andhra Pradesh,
India |
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Date of Birth : |
48
years |
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Date of Appointment : |
09.09.1987 |
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Qualification : |
Degree
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Name : |
Mr.
G. Raghava Reddy |
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Designation : |
Director
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Address : |
H.
No. 282, Phase II, Kamalapuri Colony, Hyderabad – 500073, Andhra Pradesh,
India |
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Date of Birth : |
01.01.1928 |
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Date of Appointment : |
18.03.1998 |
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Name : |
Mr.
G. Yeswanth Reddy |
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Designation : |
Director
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Address : |
H.
No. 282, Phase II, Kamalapuri Colony, Hyderabad – 500073, Andhra Pradesh,
India |
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Date of Birth : |
20
years |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
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No. of Shares |
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Mr. G. Raghava Reddy |
|
150 |
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Mr. G. Surender Reddy |
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900 |
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Ms. G. SobHa |
|
250 |
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TOTAL |
|
1300 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of industrial filters. |
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Products : |
GENERAL INFORMATION
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Customers : |
Ordnance Factory, Medak Bharat Dynamics Limited Midhani, Hyderabad ECIL, Hyderabad Ashok Leyland, Hyderabad Priyadarshini Spinning
Mills, Ongole ITC Visakhapatnam Steel Plant,
Visakhapatnam Andhra Petro Chemical,
Visakhapatnam TATA Cellular Limited,
Visakhapatnam NTPC, Ramagundam Spartek Ceramics Limited,
Tirupathi Gas Turbine Research
Establishment, Bangalore Bokaro Steel Plant, Bokaro Raichur Thermal Power
Station, raichur Saurashtra Chemicals Limited, Gujarat |
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No. of Employees : |
11 |
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Bankers : |
State
Bank of Mysore Jubilee
Hills Branch, Hyderabad, Andhra Pradesh, India Industrial Development Bank of India Banjara Hills Branch, Hyderabad |
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Facilities : |
From
IDBI - Credit Limit : Rs. 0.083 million |
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Banking Relations : |
Satisfactory
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Auditors : |
S.
S. Raju and Associates Chartered
Accountants |
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Address : |
Room
No. 24 & 25, 2nd Floor, Unity Building, Abids, Hyderabad- 500
001, Andhra Pradesh, India |
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Tel. No. : |
91-40-23204346 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.200 million |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1300 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.130 million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.065 |
0.415 |
0.415 |
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2] Share Application Money |
0.000 |
0.107 |
0.068 |
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3] Reserves & Surplus |
0.173 |
0.000 |
0.000 |
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NETWORTH
|
1.238 |
0.522 |
0.483 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.520 |
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2] Unsecured Loans |
3.633 |
0.507 |
0.000 |
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TOTAL
BORROWING
|
3.633 |
0.507 |
0.520 |
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TOTAL
|
4.871 |
1.029 |
10.030 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1.538 |
0.195 |
0.232 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
0.880
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Sundry Debtors
|
1.053
|
2.140 |
1.755 |
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Cash & Bank Balances
|
0.152
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Other Current Assets
|
3.210
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Total Current Assets
|
5.295
|
2.140 |
1.755 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
1.962
|
1.306 |
0.984 |
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Total Current Liabilities
|
1.962
|
1.306 |
0.984 |
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Net Current
Assets
|
3.333
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|
0.771 |
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TOTAL
|
4.871 |
1.029 |
10.030 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
9.326 |
5.868 |
3.213 |
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Profit/(Loss) Before Tax
|
0.118 |
0.149 |
0.110 |
Provision for Taxation
|
0.053 |
0.110 |
0.088 |
Profit/(Loss) After Tax
|
0.065 |
0.039 |
0.022 |
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Impot Value
|
2.617 |
N.A. |
N.A. |
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Total Expenditure
|
7.520 |
5.719 |
3.102 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
0.69
|
0.66 |
0.68 |
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Net Profit Margin
(PBT/Sales) |
(%) |
1.26
|
2.53 |
3.42 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
1.72
|
6.38 |
5.53 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.09
|
0.28 |
0.22 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
4.51
|
3.47 |
3.11 |
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Current Ratio
(Current Asset/Current
Liability) |
|
2.69
|
1.63 |
1.78 |
LOCAL
AGENCY FURTHER INFORMATION
WEBSITE
DETAILS
Established
in 1987, AOF Filtration Systems (Private) Limited, designs, manufactures and
markets a complete line of filtration/separation equipment for processing
industrial fluids, machine tool coolant, and oil/water and air/gas mixtures.
All of their products are designed for low maintenance, energy and optimal
collection efficiency.
Their mission is to serve their customers by designing, manufacturing and
marketing the most cost-effective high-quality equipment in the industry. They
continue to operate on the basis of providing practical productive equipment
and quality service, in the belief that delivering on their promises is one of
their most effective sales tools. Prior to shipment each system is subjected to
detailed quality assurance testing.
With the emphasis on teamwork and a dedication to customer service, AOF
Filtration Systems has firmly established an enviable reputation within the
Filtration industry. They foster close working partnerships with their
customers, often as a sole-supplier, a confidential partner, providing
technically demanding materials to fit critical requirements.
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.44.93 |
|
UK
Pound |
1 |
Rs.85.69 |
|
Euro |
1 |
Rs.57.32 |
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|
NR |
In
view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.43.51 |
|
UK
Pound |
1 |
Rs.78.75 |
|
Euro |
1 |
Rs.52.68 |