MIRA
INFORM REPORT
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Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ARMSTRONG WIRES ENGINEERS PRIVATE LIMITED |
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Formerly Known As : |
PIMOSHI PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
K – 46, Ranhola, Nangloi, Najafgarh Road, New Delhi – 110041 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.01.2004 |
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Com. Reg. No.: |
55-124382 |
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CIN No.: [Company
Identification No.] |
U51909DL2004PTC124382 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKA04528G |
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PAN No.: [Permanent
Account No.] |
AAECA9227C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of
Concertina Wire, Razor Wire, Punched Tape Concertina Coils (PTCC) Barbed Tape
Concertina (BTC), Reinforced Barbed Tape (RBT). |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
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. |
Small |
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Maximum Credit Limit : |
USD 8000 |
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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 relatively small company in its field. Directors are reported
as experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
K – 46, Ranhola, Nangloi, Najafgarh Road, New Delhi – 110041,
India |
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Mobile No.: |
91-9811865557 [Mr. Tejbir
Singh] 91-9810189312 [Mr. Gurmeet
Singh] |
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E-Mail : |
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Website : |
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Corporate Office : |
302, 3rd Floor, G Block, Pankaj Tower – I, Vikas Puri, New
Delhi, India |
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Factory : |
Plot No. 239, Sector 7, IMT Manesar, Gurgaon – 122002, Haryana, India |
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Tel. No.: |
91-124-4368013 / 4368014 |
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Fax No.: |
91-124-4368015 |
DIRECTORS
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Name : |
Mr. Piyush Jain |
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Designation : |
Director |
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Address : |
681/60, Panjaya Street No. 4, Brahampuri, Meerut, Uttar Pradesh |
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Date of Birth/Age : |
08.11.1977 |
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Date of Appointment : |
23.01.2004 |
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Name : |
Mr. Mohit Sharma |
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Designation : |
Director |
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Address : |
RZV – 92 A, Bhagwati Vihar, Uttam Nagar, Delhi – 110059, India |
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Date of Birth/Age : |
02.04.1978 |
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Date of Appointment : |
23.01.2004 |
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Name : |
Mr. Tejbir Singh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Gurmeet Singh |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Piyush Jain |
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5000 |
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Mr. Mohit Sharma |
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5000 |
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Total |
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10000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Concertina
Wire, Razor Wire, Punched Tape Concertina Coils (PTCC) Barbed Tape Concertina
(BTC), Reinforced Barbed Tape (RBT). |
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Products : |
·
Concertina Wire ·
Razor Wire ·
Punched Tape Concertina Coil (PTCC) ·
Barbed Tape Concertina (BTC)
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GENERAL
INFORMATION
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Bankers : |
Sethi Bhawan, East Patel Nagar, New
Delhi – 110008, India
DLF City, Phase – II, Gurgaon
[Haryana] |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pawan Chadha and Associates Chartered Accountants |
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Address : |
18/19, Shiv Puri, Gurgaon – 122001, Haryana, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.952 |
0.395 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.952 |
0.495 |
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LOAN FUNDS |
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1] Secured Loans |
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1.701 |
1.580 |
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2] Unsecured Loans |
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12.109 |
11.285 |
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TOTAL BORROWING |
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13.810 |
12.865 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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15.762 |
13.360 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.248 |
2.834 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.506 |
0.120 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.141 |
6.790 |
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Sundry Debtors |
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9.788 |
1.376 |
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Cash & Bank Balances |
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0.032 |
0.192 |
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Other Current Assets |
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0.509 |
0.516 |
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Loans & Advances |
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0.658 |
2.985 |
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Total
Current Assets |
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13.128 |
11.859 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.120 |
1.453 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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1.120 |
1.453 |
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Net Current Assets |
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12.008 |
10.406 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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15.762 |
13.360 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.65 |
28.93 |
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Current Ratio (Current Asset/Current Liability) |
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11.72 |
8.16 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
ARMSTRONG WIRES
ENGINEERS PRIVATE LIMITED |
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Presented By |
Manager, Indian Overseas Bank |
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1) Date and description of instrument creating the change |
05.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs 0.200 Million |
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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 |
Hypothecation of
all stock of wire, strip and conduct coil.
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4) Gist of the terms and conditions and extent and operation of the charge. |
To grant TOD facility
of Rs. 0.200 Million @ 14.5 % p.a. Margin as per bank rules. Repayable on
demand. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank DLF City, Phase –
II, Gurgaon [Haryana] |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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Corporate
identity number of the company |
U51909DL2004PTC124382 |
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Name of the
company |
ARMSTRONG WIRES ENGINEERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
K – 46, Ranhola, Nangloi, Najafgarh Road, New Delhi – 110041,
India |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Syndicate Bank Sethi Bhawan East Patel Nagar New Delhi –
110008, India |
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Nature of
instrument creating charge |
Deed of
hypothecation / Power of attorney for Book – Debts / omnibus Counter
Guarantee. |
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Date of
instrument Creating the charge |
21.06.2006 |
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Amount secured by
the charge |
Rs. 4.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
To grant SOD of
Rs. 3.500 Millions and B. G. facility of Rs. 0.500 Million ROI is 13.75 % p.a.
on SOD and Commission on BG as per Bank rules. Margin is 40 % on
Book debts and 25 % on all type of Stocks and 25 % Margin in case of Bank
Guarantee |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
Stock and book
debts lying at Plot No. 239, Sector 7, IMT Manesar, Gurgaon, Haryana |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.44 |
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UK Pound |
1 |
Rs.78.73 |
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Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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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 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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