MIRA
INFORM REPORT
|
Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
USHA AMORPHOUS METALS LIMITED |
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Registered Office : |
F – 40, South Extension – I, Ring Road,
New Delhi – 110049 |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19.01.1988 |
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Com. Reg. No.: |
55-30374 |
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CIN No.: [Company
Identification No.] |
U27310DL1988PLC030374 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKU00540B |
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PAN No.: [Permanent
Account No.] |
AAACU1272B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Amorphous metals products i.e. H.F. Cores,
C-Cores, Distribution Transformer Cores, Choke Cores etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It continue to incur heavy
losses and has huge accumulated losses. Payments are reported as slow but
correct. The company can be considered small to mediocre business dealings with
slight caution, initially. |
LOCATIONS
|
Registered Office : |
F – 40, South Extension – I, Ring Road,
New Delhi – 110049, India |
|
Tel. No.: |
91-11-24617697 |
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Mobile No.: |
91-9811141492 |
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Fax No.: |
91-11-24625302 |
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E-Mail : |
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Website : |
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Factory 1 : |
486-487, Udyog Vihar, Phase III, Sector-20,
Gurgaon - 122016, Haryana, India |
|
Tel. No.: |
91-124-2439595 |
|
Fax No.: |
91-124-2439596 |
DIRECTORS
|
Name : |
Mr. Anil Kanodia |
|
Designation : |
Director |
|
Address : |
E – 89, DDA Flats, Near Press Enclave, Saket, New Delhi |
|
Date of Birth/Age : |
29.10.1962 |
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Date of Appointment : |
14.12.2000 |
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|
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|
Name : |
Mr. John Dorsey |
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Designation : |
Director |
|
Address : |
62, Lucky heights, Singapore 467616 |
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Date of Birth/Age : |
06.07.1948 |
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Date of Appointment : |
18.06.2002 |
|
Date of Ceasing |
01.04.2005 |
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|
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|
Name : |
Mr. Whitney Erickson |
|
Designation : |
Director |
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Address : |
Drive Conway, S. C. 29526 [USA] |
|
Date of Birth/Age : |
28.04.1966 |
|
Date of Appointment : |
20.06.2001 |
|
Date of Ceasing |
16.09.2004 |
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|
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|
Name : |
Mr. Ashwini Parashra |
|
Designation : |
Director |
|
Address : |
Alaknanda, Delhi Row house, 11 D Surya Vihar, Gurgaon |
|
Date of Birth/Age : |
21.06.1962 |
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Date of Appointment : |
30.06.2003 |
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Date of Ceasing |
31.01.2004 |
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|
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|
Name : |
Mr. Alok Srivastava |
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Designation : |
Director |
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Date of Birth/Age : |
02.05.1955 |
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Date of Appointment : |
30.06.2003 |
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Date of Ceasing |
31.01.2004 |
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|
Name : |
Mr. V. K. Mahajan |
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Designation : |
Director |
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Address : |
C – 30 – XA, Dilshad Garden, Delhi – 110095 |
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Date of Birth/Age : |
10.01.1950 |
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Date of Appointment : |
16.11.2007 |
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|
Name : |
Mr. Supriyo Das Dasgupta |
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Designation : |
Director |
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Address : |
Ruby – 62, Golden Enclave, Air Port Road, Bangalore – 17 |
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Date of Birth/Age : |
01.01.1968 |
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Date of Appointment : |
30.03.2004 |
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|
Name : |
Mr. Mukul Dhingra |
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Designation : |
Director |
|
Address : |
C – 6568, C – 6, Vasant Kunj, Delhi – 110070 |
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Date of Birth/Age : |
11.11.1971 |
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Date of Appointment : |
16.02.2004 |
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|
Name : |
Mr. Priyank Agarwal |
|
Designation : |
Director |
|
Address : |
Honeywell International Private Limited, 4th Floor, Nirlac
House, B – 25 Qutub, New Delhi, India
|
|
Date of Birth/Age : |
21.02.1974 |
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Date of Appointment : |
22.02.2005 |
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Date of Ceasing |
28.06.2005 |
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|
|
Name : |
Mr. Keneth Tung |
|
Designation : |
Director |
|
Address : |
1062, Huathai, 2 Hong Lu, Palace Court – I, Apt. 16 B Shanghai –
200031 |
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Date of Birth/Age : |
14.05.1962 |
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Date of Appointment : |
02.05.2005 |
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Date of Ceasing |
28.06.2005 |
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|
Name : |
Mr. Jatin Gupta |
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Designation : |
Director |
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Address : |
50, Satya Niketan, 1st Floor, Delhi 110021 |
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Date of Birth/Age : |
20.06.1974 |
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Date of Appointment : |
29.04.2004 |
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Date of Ceasing |
08.04.2005 |
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|
Name : |
Mr. Raman Sharma |
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Designation : |
Director |
|
Address : |
C – 77, Sarita Vihar, Delhi – 110044, India |
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Date of Birth/Age : |
03.11.1959 |
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Date of Appointment : |
22.05.2006 |
|
Other Directorship : |
Microsoft India Private Limited CIN No.: U72200DL1998PTC093824 Microsoft Corporation [India] Private Limited CIN No.: U74899DL1988PTC032549 Microsoft Research Lab India Private Limited CIN No.: U73100DL2004PTC129754 Microsoft Global Services Center [India] Private Limited CIN No.: U74140DL2005PTC134963 Mckinsey and Company Consultants Private Limited CIN No.: U74899DL1991PTC046149 Edrington Marketing Private Limited CIN No.: U51909DL2004PTC129552 Rocky Estate Private Limited CIN No.: U74899DL1994PTC060636 Shuchi Builder and Promoters Private Limited CIN No.: U74899DL1988PTC031187 Flint Exports Private Limited CIN No.: U18109DL1996PTC080429 Deltapine India Seed Private Limited CIN No.: U01135HR2004PTC035488 Three C Infocorp India Private Limited CIN No.: U72900DL2003PTC119428 Ipsos – Novaction [India] Private Limited CIN No.: U74140DL2005PTC135667 Hallmark India Private Limited CIN No.: U45202DL1998PTC097673 |
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|
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|
Name : |
Mr. Shivaji Rao |
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Designation : |
Director |
|
Address : |
D 5 and 6 Radhika Empire, Wanowrie, Pune – 411041, Maharashtra, India |
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Date of Birth/Age : |
10.04.1968 |
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Date of Appointment : |
11.12.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Jatin Gupta |
|
Designation : |
Secretary |
|
Address : |
50, Satya Niketan, 1st Floor, Delhi – 110021 |
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Date of Birth/Age : |
20.06.1974 |
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Date of Appointment : |
29.04.2004 |
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|
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|
Name : |
Ms. Deepti Rustagi |
|
Designation : |
Secretary |
|
Address : |
C – 93, Mianwali Colony, Gurgaon |
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Date of Birth/Age : |
17.10.1978 |
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Date of Appointment : |
04.04.2002 |
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Date of Ceasing |
25.12.2003 |
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|
Name : |
Mr. V. K. Mahajan |
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Designation : |
Manager |
|
Address : |
C – 30 – XA, Dilshad Garden, Delhi – 110095 |
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Date of Birth/Age : |
10.01.1950 |
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Date of Appointment : |
17.09.2002 |
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|
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|
Name : |
Ms. Poonam Kataria |
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Designation : |
Secretary |
|
Address : |
H. No. 75, Choma, Opposite H Block, Palam – Vihar, Haryana, India |
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Date of Birth/Age : |
16.03.1980 |
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Date of Appointment : |
16.05.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Usha India Limited |
|
3489955 |
|
Vinay Rai |
|
12 |
|
Anil Rai |
|
12 |
|
Neeraj Gupta |
|
6 |
|
Jivan Ram Gupta |
|
5 |
|
S. C. Aggarwal |
|
5 |
|
V Hariharan Honeywell International |
|
5 |
|
Inc. USA, [Formerly Allied Signal] |
|
3490000 |
|
Total |
|
6980000 |
|
|
|
|
|
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] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Amorphous metals products i.e. H.F. Cores,
C-Cores, Distribution Transformer Cores, Choke Cores etc. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
DT Core |
Nos. |
27500 |
|
C Core |
Nos. |
360108 |
|
HF Core |
Nos. |
18900000 |
GENERAL
INFORMATION
|
Bankers : |
Bank of Nova
Scotia, Dr. Gopal Das Bhawan28, Barakhamba Road, New Delhi |
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|
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Bansal and Company Chartered Accountants |
|
Address : |
Maharani Bagh, Delhi – 110065, India |
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|
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Associates/Subsidiaries : |
Microsoft India Private Limited CIN No.: U72200DL1998PTC093824 Microsoft Corporation [India] Private Limited CIN No.: U74899DL1988PTC032549 Microsoft Research Lab India Private Limited CIN No.: U73100DL2004PTC129754 Microsoft Global Services Center [India] Private Limited CIN No.: U74140DL2005PTC134963 Mckinsey and Company Consultants Private Limited CIN No.: U74899DL1991PTC046149 Edrington Marketing Private Limited CIN No.: U51909DL2004PTC129552 Rocky Estate Private Limited CIN No.: U74899DL1994PTC060636 Shuchi Builder and Promoters Private Limited CIN No.: U74899DL1988PTC031187 Flint Exports Private Limited CIN No.: U18109DL1996PTC080429 Deltapine India Seed Private Limited CIN No.: U01135HR2004PTC035488 Three C Infocorp India Private Limited CIN No.: U72900DL2003PTC119428 Ipsos – Novaction [India] Private Limited CIN No.: U74140DL2005PTC135667 Hallmark India Private Limited CIN No.: U45202DL1998PTC097673 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,990,000 |
Equity Shares |
Rs. 10/- each |
Rs. 99.900 Millions |
|
1,000 |
12.5 % Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 0.100 Million |
|
|
Total |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,980,000 |
Equity Shares |
Rs. 10/- each |
Rs. 69.800
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
69.800 |
69.800 |
69.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.828 |
18.721 |
38.455 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
75.628 |
88.521 |
108.255 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
5.505 |
8.788 |
10.109 |
|
|
|
|
|
|
|
|
TOTAL |
81.133 |
97.309 |
118.364 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
41.832 |
45.614 |
47.785 |
|
|
Capital work-in-progress |
0.000 |
0.023 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38.834
|
42.429 |
49.599 |
|
|
Sundry Debtors |
2.262
|
1.980 |
1.129 |
|
|
Cash & Bank Balances |
20.408
|
24.757 |
27.386 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.138
|
2.865 |
2.366 |
|
Total
Current Assets |
64.642
|
72.031 |
80.480 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
24.707
|
25.603 |
24.346 |
|
|
Provisions |
0.634
|
0.722 |
0.510 |
|
Total
Current Liabilities |
25.341
|
26.325 |
24.856 |
|
|
Net Current Assets |
39.301
|
45.706 |
55.624 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
5.966 |
14.955 |
|
|
|
|
|
|
|
|
TOTAL |
81.133 |
97.309 |
118.364 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
|
16.733 |
15.626 |
|
|
Other Income |
|
1.253 |
9.451 |
|
|
Total Income |
|
17.986 |
25.077 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[20.976] |
[16.228] |
|
|
Provision for Taxation |
|
0.079 |
[2.316] |
|
|
Profit/(Loss) After Tax |
|
[21.055] |
[13.912] |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
|
NA |
Rs.
8454 K |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Total Imports |
|
NA |
Rs.
1488 K |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
9.032 |
12.298 |
|
|
Salaries, Wages, Bonus, etc. |
|
7.427 |
6.050 |
|
|
Managerial Remuneration |
|
0.809 |
0.693 |
|
|
Payment to Auditors |
|
0.077 |
0.077 |
|
|
Insurance Expenses |
|
0.476 |
0.486 |
|
|
Power & Fuel |
|
1.396 |
1.004 |
|
|
Other Expenditure |
|
19.745 |
20.697 |
|
Total Expenditure |
|
38.962 |
41.305 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
NA
|
[117.06] |
[55.48] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
[125.36] |
[103.85] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
[17.83] |
[12.65] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
[0.24] |
[0.15] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34
|
0.30 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.55
|
2.74 |
3.24 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
USHA AMORPHOUS
METALS LIMITED |
|
Presented By |
Anoop K Varshnoy
|
|
1) Date and description of instrument creating the change |
Hypothecation
deed for Plant and Machinery dated 08.05.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 60.000
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 |
Plant and Machinery
described in annexure to hypothecation of deed. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
|
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Nova
Scotia, Dr. Gopal Das Bhawan28, Barakhamba Road, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Hypothecation
deed for plant and machinery dated for Plant and Machinery dated
08.05.2000 |
|
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. |
-- |
Fixed Assets
- Plant and Machinery
- Office Equipment
- Computer
- Vehicles
- Furniture and Fixture
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.39.36 |
|
UK Pound |
1 |
Rs.80.58 |
|
Euro |
1 |
Rs.57.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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. |
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 |
|