MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
AJANTA MANUFACTURING LIMITED |
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Registered Office : |
Orpat Industrial Estate P O Box No 115, Morbi- 363641, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.11.1994 |
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Com. Reg. No.: |
023531 |
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CIN No.: [Company
Identification No.] |
U29308GJ1994PTC023531 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTA01563C |
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PAN No.: [Permanent
Account No.] |
AACCA3017F |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer, Exporter, Importer and Seller of Quartz Clocks and Calculators. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1750000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Ajanta Electronic Private Limited has been changed to the present style and converted into a Limited Company with effect from 23/01/2004, and the new name has been approved for Registration. It was already in the business as manufacturers of Quartz Clock and Calculators. The Company belongs to a well-established medium size group and the group’s product branded “ORPAT” is popular in the market. Directors are very resourceful businessmen. Trade relations are reported as fair. Payments are reported as slow, but correct. Company can be considered for normal business dealings as it belongs to a well-established medium size group of companies. |
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LOCATIONS
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Registered Office : |
Orpat Industrial Estate P O Box No 115, Morbi- 363641, Gujarat, India |
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Tel. No.: |
91-2822-231444 |
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Fax No.: |
91-2822-230125 |
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E-Mail : |
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Website : |
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Area : |
2082.61 sq. mtrs. |
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Location : |
Owned |
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Head Office : |
Orpat Nagar, 8-A, Highway Post-Samakhiyari, District Bhachau, Kutch |
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E-Mail : |
DIRECTORS
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Name : |
Mr. R. Oohrvjibhai Patel |
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Designation : |
Director |
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Address : |
“Rewa Villa” G.I.D.C. Sanala Road, Morbi;363641, Gujarat |
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Date of Birth/Age : |
24.06.1925 |
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Date of Appointment : |
09.11.1994 |
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Name : |
Mr. O. Pravinbhai Patel |
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Designation : |
Director |
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Address : |
“Rewa Villa” G.I.D.C. Sanala Road, Morbi;363641, Gujarat |
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Date of Birth/Age : |
27.12.1953 |
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Date of Appointment : |
09.11.1994 |
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Name : |
Mr. O. Jaysukhbhai Patel |
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Designation : |
Director |
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Address : |
“Rewa Villa” G.I.D.C. Sanala Road, Morbi;363641, Gujarat |
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Date of Appointment : |
10.11.1994 |
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Name : |
Mr. P. Vanitaben Patel |
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Designation : |
Director |
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Address : |
“Rewa Villa” G.I.D.C. Sanala Road, Morbi;363641, Gujarat |
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Date of Appointment : |
29.01.2004 |
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Name : |
Mr. J. Mruduclaben Patel |
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Designation : |
Director |
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Address : |
“Rewa Villa” G.I.D.C. Sanala Road, Morbi;363641, Gujarat |
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Date of Appointment : |
29.01.2004 |
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Name : |
Mr. P. Nevil Patel |
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Designation : |
Director |
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Address : |
“Rewa Villa” G.I.D.C. Sanala Road, Morbi;363641, Gujarat |
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Date of Birth/Age : |
02.04.1959 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. N. Jayesh Seth |
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Designation : |
Director |
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Address : |
302/A, Praijat Building, LaluBhai Parekh Road, Ville Parel (West)
Mumbai; 400056 |
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Date of Appointment : |
25.08.2005 |
KEY EXECUTIVES
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Name : |
Mr. Tushar Shah |
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Designation : |
Company Secretary |
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Address : |
A-31, Riddhi Apartment, Opp. Municipal Garden, B/H Vasna Bus Stop, Vasna, Ahmedabad |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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R. Oohrvjibhai Patel |
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351000 |
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O. Pravinbhai Patel |
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4500 |
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O. Jaysukhbhai Patel |
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103500 |
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J.Chintan Patel |
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11500 |
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P. VanitBen Patel |
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4500 |
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J. Mrudulaben Patel |
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4500 |
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O. Jaysukhbhai Patel (HUF) |
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9000 |
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J. Alis Patel |
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11500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer and Seller of Quartz Clocks and Calculators. |
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Products : |
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Brand Names : |
“AJANTA ” and “ORPAT” |
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Imports : |
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Countries : |
Europe and China |
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Terms : |
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Purchasing : |
L/C terms |
PRODUCTION STATUS
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Particulars |
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Actual Production |
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808 OES |
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216.400 |
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814 OES |
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370100 |
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818 OES |
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136700 |
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GENERAL
INFORMATION
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No. of Employees : |
About 15 |
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Bankers : |
Corporate/ Accountants Group, Branch, 58, Shrimali
Society, Navrangpura,
Ahmedabad-38009
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Facilities : |
The company enjoys T/L 12.250 millions, W/C F.B 6.700 millions, N.F.B 2.500 charged created on 06/11/2004 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Finava and Associates Chartered Accountants |
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Address : |
34, IindFloor, Star Shopping Centre, 20,
New Jagnath, Dr. Yagnik Road, Rajkot;360001, Gujarat. |
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Tel. No.: |
91-281-2466571/2465409 |
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Mobile No.: |
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Fax No.: |
91-281-2465409 |
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E-Mail : |
finava@yahoo.com |
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Associates/Subsidiaries : |
v Orpat Electronics Limited Email : http://www.orpatelectrnoics.com v Ajanta Quartz Limited Email : http://www.ajantaquatz.com v Orpat Marketing Limited v Ellora Time Limited Email : http://www.orpatgroup.com |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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550000 |
Equity Shares |
Rs.1000/- each |
Rs.550.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
525000 |
Equity Shares |
Rs.1000/-
each |
Rs.525.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
500.000 |
500.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
302.050 |
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3] Reserves & Surplus |
98.070 |
91.142 |
90.688 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
598.070 |
591.142 |
442.738 |
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LOAN FUNDS |
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1] Secured Loans |
1224.158 |
750.000 |
0.000 |
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2] Unsecured Loans |
375.851 |
445.556 |
0.000 |
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TOTAL BORROWING |
1600.009 |
1195.556 |
0.000 |
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DEFERRED TAX LIABILITIES |
7.728 |
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TOTAL |
2205.806 |
1786.698 |
442.738 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2045.720 |
1476.568 |
21.641 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.020 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.0000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
670.186
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111.827 |
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Sundry Debtors |
26.126
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0.0000 |
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Cash & Bank Balances |
34.359
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7.775 |
11.767 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
182.338
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186.760 |
409.889 |
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Total
Current Assets |
913.009
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306.362 |
421.656 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
722.056
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37.910 |
4.621 |
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Provisions |
30.886
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1.530 |
0.665 |
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Total
Current Liabilities |
752.942
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39.440 |
5.286 |
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Net Current Assets |
160.067
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266.922 |
416.370 |
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MISCELLANEOUS EXPENSES |
0.000 |
43.208 |
4.727 |
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TOTAL |
2205.807 |
1786.698 |
442.738 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
NA |
NA |
44.463 |
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Other Income |
NA |
NA |
0.000 |
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Total Income |
NA |
NA |
44.463 |
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Profit/(Loss) Before Tax |
NA |
NA |
0.799 |
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Provision for Taxation |
NA |
NA |
0.065 |
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Profit/(Loss) After Tax |
NA |
NA |
0.734 |
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Total Earnings |
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Imports : |
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Others |
NA |
NA |
4.637 |
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Total Imports |
NA |
NA |
4.637 |
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Expenditures : |
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Other Expenditure |
NA |
NA |
17.939 |
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Total Expenditure |
NA |
NA |
17.939 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
1.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
1.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
0.18 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.25
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0.06 |
1.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.21
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7.76 |
79.77 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
AJANTA
MANUFACTURING LIMITED |
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Presented By |
SHRI JAYSUKHBAHI
O.PATEL |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation of Goods and Assets dated the 16th
day of October 2004 between M/s. Ajanta Manufacturing Limited (therein and
hereinafter called “the Borrower” ) in favour of state bank of India having
its central office at Mumbai and branch and a branch office at CAG Branch,
58, Shrimali. Society, Navangpura Ahmedabad 380 009 therein after referred to
as the “Bank” a certified true copy whereof is attached hereto. On the oven date, the company created charge over its goods, book
debts, and all other movable assets in favour of State Bank Of Indai (SBI) pursuant t the Resolution passed by
the Board of Directors on the 12th day of Ocotber 2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2145.000
Millions Term Loan of Rs.
1225.000 Millions Fund Based
Rs.670.00 Millions Non fund Based
Rs.250.000 Millions |
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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 |
First charge by
way of Hypothecation and/or pledge of the borrower’s entire goods movable And other assets,
such as book-debts, out-standing monies, receivables including receivables by
ways of refund of custom/excise duties under the duty draw Back credit scheme
or any other scheme, bills invoice, documents, contracts, insurance polices,
guarantees, engagements, securities investments, and rights and the present
machinery and all future machinery belonging
to or in the possessions or under the control of the Borrower or of
the Bank or of any third party whether in India or elsewhere throughout the
world (including all such goods,
other movables assets as may be in course of shipment, transit or delivery) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
created by the aforesaid Agreement of hypothecation shall operate as
exclusive charge on entire current, movable d fixed assets, present and
future for the repayment of dues by the Borrower to the Bank for its loan of
Rs.2145.000 Millions together with interest, discount commission, charges,
costs and expenses payable and incurred by the Bank in the manner mentioned
in the said Agreement For term Loan Rs. 1225.000 Millions
For working Capital Fund Based of R. 670.000 Millions Non Fund Base Rs. 250.000 Millions
3. Wc disbursed interest at the rate of 2.25% below SBAR presently 9.00%
p.a with at monthly rests. 4.For the period of 1 year
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5) Name and Address and description of the person entitled to the charge. |
STATE BANK OF INDIA Corporate/
Accountants Group, Branch, 58, Shrimali Society, Navrangpura, Ahmedabad-38009 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
HISTORY
Subject was incorporated on 23rd January 2004 at Morbi in Gujarat having Company Registration Number 04-23531.
It was originally established as a Family Partnership as per the partnership deed dated 1st September 1994.
It was incorporated under the name and style of “M/s Ajanta Electronics Private Limited” dated 9th November 1994. The name was changed to the present Style converted into a Limited Company w.e.f. 23rd January 2004.
Its product range include :
v IC
v ICD
v Zizzer Diod
v Copper Clad Laminates
v Sheets
v Plastic Componented
v Dials
v Hands
v Buzzers
As Per Web Site:
The company, better known by the brand name "ORPAT",
situated in Morbi (Gujarat), has a built-up area of 15,00,000 Sq. Ft. The
company currently provides employment to more than 4000 employees (90% of which
are female employees). This enormous volume of infrastructure helped the
company in achieving big goals since years. And now the company stands on a
strong ground and has the credit of "World's
Largest Clock Manufacturer" as well as the only company in India
that manufacturers Calculators and Educational Toys and the market leader in
the Telephones Manufacturing.
With the values of dedication, commitment and hardwork,
the company as a team is climbing the ladder of success. At present, the
company has a wide range of products in different segments. Clocks, Telephones,
Calculators, Timepieces and Educational Toys are just to name a few. Recently, ORPAT entered into manufacturing of
Home Appliances with a full range of products like Irons, Water Filters, Water
Dispensers, Water Purifiers, Water Sterilizers, Room Heaters, Table Fans, Wall
mounting Fans, Pedestal Fans, Water Heaters, Mixer Grinder, Kettle, Emergency
Lights, Ice Shaver, Air Coolers and many more.
Recently concluded Volumetric Production Analysis gives an indication of
company's capabilities. The company has
achieved a World record of Manufacturing 1,25,41,602 clocks during 2001-2002.
The company has several feathers attached to its
achievements cap out of which the most familiar is that ORPAT has been winning the ESC
award for the Excellence in Exports in the field of Electronics by the
Ministry of Communication and Information Technology for 7 consecutive years.
With more than 220 wholesalers and around 50,000
retailers dotting the country, the company has one of the best distribution
networks in the Nation. At present, ORPAT
is manufacturing around 100 models of Wall Clocks, 40 models of Timepieces, 25
models of Telephones, 30 models of Calculators and 3 different varieties of
Educational toys in 6 different colours. Even after wide range of models in
each products, new models are introduced every month to remain always ahead and
unbeatable in the Global Market.
The company has many firsts to its credits. The
company pioneers in India to undertake in-house C.O.B. Technology. Being an ISO-9002 and CE Certified Company, it
has introduced innovative processes in the areas of Inventory Management,
Finance, Marketing and R&D. As a result of which, the Group's dependency on
working capital assistance from Commercial banks is virtually nil.
On export front
too, the company has emerged a clear winner, gathering many accolades in the
process. Today, ORPAT products
enjoy a prominent place in more than 45 countries. The company has struck to
its motto of providing world class quality products and is confident of staying
ahead.
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 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.41.07 |
|
UK Pound |
1 |
Rs.81.69 |
|
Euro |
1 |
Rs.55.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
41 |
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 |
|