%20PRIVATE%20LIMITED%2003-Apr-2007_files/image002.jpg)
MIRA
INFORM REPORT
|
Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ASHOKA PU FOAM (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
498, Siklapur, Bareilly, Uttar Pradesh-243001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
13.08.1997 |
|
|
|
|
Com. Reg. No.: |
20-22492 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25199UP1997PTC022492 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
LKNA05237B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAGFA7023D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of PU Foam products, Bed Cushion and others
products |
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 140000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Their trade relations are fair. Business is active. The company’s
profitability is improving. It was successful in wiping-off all its previous
losses during the year 2003-04. Payments are reported as slow but correct.
The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
498, Siklapur, Bareilly, Uttar Pradesh-243001 |
|
|
|
|
Factory 1 : |
Industrial Area, village Mengi Nagla, Faridpur Road,
Bareilly, Uttar Pradesh, India |
|
Area : |
2 acres |
|
|
|
|
Factory 2 : |
106/B, Civil Lines, Opposite Mission Hospital, Bareilly-
243 001, Uttar Pradesh, India |
|
E-Mail : |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Ashok Kumar Goel |
|
Designation : |
Director |
|
Address : |
498, Siklapur, Bareilly, Uttar Pradesh-243001 |
|
Date of Appointment : |
13.08.1997 |
|
|
|
|
Name : |
Mr. Mayank Kumar Singhal |
|
Designation : |
Director |
|
Address : |
498, Siklapur, Bareilly, Uttar Pradesh-243001 |
|
Date of Appointment : |
13.08.1997 |
|
|
|
|
Name : |
Mr. Pankaj Kumar Goel |
|
Designation : |
Director |
|
Address : |
500, Siklapur, Bareilly, Uttar Pradesh-243001 |
|
Date of Appointment : |
13.08.1997 |
|
|
|
|
Name : |
Mr. Vivek Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
35-A/2, Rampur Garden, Bareilly-243001, Uttar Pradesh |
|
Date of Appointment : |
13.08.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Director and Relatives |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of PU Foam products, Bed Cushion and others
products |
|
|
|
|
Products : |
v PU Foam v Bed Cushion v Other
Products |
|
|
|
|
Imports : |
|
|
Countries : |
Japan, Korea, China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit upto 30 days |
|
|
|
|
Purchasing : |
L/C and Credit at sight basis |
GENERAL
INFORMATION
|
Trade Reference
: |
v Namit Capsec Limited, Bareilly v Shri Krishna Engineering Works, Delhi v Flex Industry, Noida v TPI Polyol Company Limited v Kromatik and Insulants Private Limited, Chennai v TDI Marketing Private Limited |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Customers : |
v Wholesalers v End
Users |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
Around 228 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Canara Bank, Civil Lines, Bareilly, Uttar Pradesh, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. S. K. Agarwal Chartered Accountants |
|
Address : |
Kethi Rai Bahadur Sheo Pd, 352, Alam Giri Ganj, Bareilly-
243 005, Uttar Pradesh, India |
|
Tel. No.: |
91-581-2571207 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- |
Rs. 40.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3132550 |
Equity Shares |
Rs. 10/- |
Rs.31.325 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
31.326 |
11.596 |
|
|
2] Share Application Money |
|
0.000 |
19.730 |
|
|
3] Reserves & Surplus |
|
3.038 |
1.486 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
34.364 |
32.812 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
19.206 |
13.800 |
|
|
2] Unsecured Loans |
|
11.710 |
12.514 |
|
|
TOTAL BORROWING |
|
30.916 |
26.314 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
65.280 |
59.126 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
19.819 |
18.394 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.857 |
1.853 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
18.829 |
24.859 |
|
|
Sundry Debtors |
|
18.854 |
11.622 |
|
|
Cash & Bank Balances |
|
4.579 |
7.916 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
3.326 |
4.030 |
|
Total
Current Assets |
|
45.588 |
48.427 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1.984 |
9.548 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
1.984 |
9.548 |
|
|
Net Current Assets |
|
43.604 |
38.879 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
65.280 |
59.126 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
111.709 |
84.620 |
|
|
Total Income |
|
111.709 |
84.620 |
|
|
|
|
|
|
|
|
Profit/(Loss) After Tax |
|
20.935 |
16.218 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
2.848 |
2.530 |
|
|
Depreciation & Amortization |
|
1.270 |
1.078 |
|
|
Other Expenditure |
|
86.656 |
64.794 |
|
Total Expenditure |
|
90.774 |
68.402 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
18.74 |
19.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.05 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
22.97 |
5.07 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification
of charges
|
Name of the
company |
ASHOKA P.U. FOAM
(INDIA) PRIVATE LIMITED |
|
Presented By |
CANARA BANK,
CIVIL LINES, BAREILLY |
|
1) Date and
description of instrument creating the change |
Common hypothecation
agreement dated 10.04.2002 and registered on 10.05.2002 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.7.500 millions |
|
3) Short
particular of the property charged. If the property acquired is subject to charge,
date of the acquired of the property should be given |
Hypothecation of
all the stocks of goods such as raw materials, goods in process, finished and
manufactured goods and other items of stock in trade and stores, spares,
chemicals etc., empty drums, HSD/Fuel, components, machinery, vehicles,
furniture and fixtures and all other movable goods and properties of every
description of the borrower wherever situated whether at the borrower’s
factories, places of business, residence, godowns or in transit or in the
custody of processors, warehouse agents or other of wherever else the same
may be situated, lying or being including any such raw materials, articles or
goods, stores, spares, components, stock in trade and all description of
movable property in the course of delivery to the borrower and Hypothecation of
all borrower’s present and future book debts, outstanding moneys, bills,
receivables, claims, bills, contracts, securities, investments, cash, gold,
silver, jewellery, rights and assets and rights relating to or in movable
properties of wholesalers nature to which the borrower is entitled to during
the continuance of this agreement. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The above is
hypothecated to secure on OCC Limit of Rs4.000 millions and FLC Limit of
Rs.3.500 millions granted by bank to the company. Margin on OCC-
25%; LV – 10% for DP Bills and 25% for DA Bills and period of LC is 90 days. Interest shall be
chargeable at the rate of 2.50% above the ongoing prime lending rate with a
minimum of 14.25% per annum or such other rates as the Bank may specify
generally from time to time. |
|
5) Name and
Address and description of the person entitled to the charge. |
Canara Bank, 85A,
Civil Lines, Bareilly. |
|
6) Date and brief description of instrument
modifying the charge |
Supplemental
common hypothecation agreement dated 25.11.2004 (Earlier modified
on 10.04.2002, 25.10.2002, 30.01.2003, 01.03.2004, 12.04.2004, 02.09.2004 and
lastly on 12.10.2004 to enhance the total amount of charge up to Rs.30.000
millions and last modification registered on 27.10.2004) |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
On renewal the
total amount of various credit facilities has been enhanced from Rs.30.000
millions to Rs.35.000 millions by the sanction of new term loan of Rs.5.000
millions. However, the OCC Limit and FLC Limit remained the same at Rs.10.000
millions and 20.000 millions respectively. Therefore the total amount charge
secured against hypothecation of stocks, book debts and machineries etc. as
mentioned in column no.3 above and modified from time to time as detailed
above has now been enhanced from Rs.30.000 millions to Rs.35.000 millions The securities
for enhanced credit facilities aggregating to Rs.35 millions shall now also
include the following: Hypothecation of stock
of raw material, semi finished and finished goods and chemicals, stores and
spares etc. Hypothecation of
goods received under FLC Hypothecation
of book debts of the company Hypothecation of
total plant and machinery of the company as or audited balance sheet of the
company as on March 2004 Hypothecation of
new complete plant to be installed for manufacturing flat top, flexible P.U.
foam block with block cutter and chiller valued Rs.6.800 millions Hypothecation of
all the commercial vehicles, cars and scoters etc. of the company. Other terms and
conditions remain the same. |
|
Name of the
company |
ASHOKA P.U. FOAM
(INDIA) PRIVATE LIMITED |
|
Presented By |
CANARA BANK,
CIVIL LINES, BAREILLY |
|
1) Date and description
of instrument creating the change |
Common
hypothecation agreement dated 10.04.2002 and registered on 10.05.2002 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.7.500 millions |
|
3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
Hypothecation of
all the stocks of goods such as raw materials, goods in process, finished and
manufactured goods and other items of stock in trade and stores, spares,
chemicals etc., empty drums, HSD/Fuel, components, machinery, vehicles,
furniture and fixtures and all other movable goods and properties of every
description of the borrower wherever situated whether at the borrower’s
factories, places of business, residence, godowns or in transit or in the
custody of processors, warehouse agents or other of wherever else the same
may be situated, lying or being including any such raw materials, articles or
goods, stores, spares, components, stock in trade and all description of
movable property in the course of delivery to the borrower and Hypothecation of
all borrower’s present and future book debts, outstanding moneys, bills,
receivables, claims, bills, contracts, securities, investments, cash, gold,
silver, jewellery, rights and assets and rights relating to or in movable
properties of wholesalers nature to which the borrower is entitled to during
the continuance of this agreement. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The above is
hypothecated to secure on OCC Limit of Rs4.000 millions and FLC Limit of
Rs.3.500 millions granted by bank to the company. Margin on OCC-
25%; LV – 10% for DP Bills and 25% for DA Bills and period of LC is 90 days. Interest shall be
chargeable at the rate of 2.50% above the ongoing prime lending rate with a
minimum of 14.25% per annum or such other rates as the Bank may specify
generally from time to time. |
|
5) Name and
Address and description of the person entitled to the charge. |
Canara Bank, 85A,
Civil Lines, Bareilly. |
|
6) Date and brief description of instrument
modifying the charge |
Supplemental
common hypothecation agreement dated 12.10.2004 Letter of extending/enhancing
credit limit (NF-386) dated 12.10.2004 D.P. Note dated
12.10.2004 (Earlier modified on 10.04.2002, 25.10.2002, 30.01.2003,
01.03.2004, 12.01.2004 and lastly on 02.09.2004 to enhance the total charge
up to Rs.27.500 millions) |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The OCC Limit has
been enhanced from Rs.7.5 millions to Rs.10.000 millions by the sanction of
an Adhoc Limit of Rs.2.5 millions. However the FLC Limit remained the same at
Rs.20 millions. Therefore the total amount charge secured against
hypothecation of stocks, book debts and machineries etc. as mentioned in
column no.3 above and modified from time to time as detailed above has now
been enhanced from Rs.27.5 millions to Rs.30.000 millions. Interest on OCC
Limit shall now be charged at the rate with a minimum of 10.75% per annum
with quarterly rests or at such other rates as may be revised by the Bank
from time to time and notified to the Borrower. Other terms and
conditions remain the same. |
Website Details :
Advertising
Agencies, Consultants & Designers - Service Providers from India of Ad Agency,
Ad Designer, Ads, Advertisement Designer, Advertisement, Advertising agencies,
Advertising consultants, Advertising designers, Advertising film makers,
Billboard Ad
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.43.13 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.64 |
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 |
6 |
|
--PROFITABILIRY |
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 |
|
TOTAL |
|
45 |
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 |
|