%20PRIVATE%20LIMITED%2013-Feb-2007_files/image002.jpg)
MIRA INFORM REPORT
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Report Date : |
13.02.2007 |
IDENTIFICATION DETAILS
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Name : |
ASHOKA PU FOAM (INDIA)
PRIVATE LIMITED |
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Registered Office : |
498, Siklapur, Bareilly,
Uttar Pradesh-243001 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.08.1997 |
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Com. Reg. No.: |
20-22492 |
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CIN No.: [Company Identification No.] |
U25199UP1997PTC022492 |
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TAN No.: [Tax Deduction & Collection Account No.] |
LKNA05237B |
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PAN No.: |
AAGFA7023D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers
of PU Foam products, Bed Cushion and others products |
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 140000 |
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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 : |
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
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Registered Office : |
498, Siklapur, Bareilly,
Uttar Pradesh-243001 |
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Factory 1 : |
Industrial
Area, village Mengi Nagla, Faridpur Road, Bareilly, Uttar Pradesh, India |
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Area : |
2
acres |
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Factory 2: |
106/B,
Civil Lines, Opposite Mission Hospital, Bareilly- 243 001, Uttar Pradesh,
India |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
Ashok Kumar Goel |
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Designation : |
Director
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Address : |
498, Siklapur, Bareilly,
Uttar Pradesh-243001 |
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Date of Appointment : |
13.08.1997 |
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Name : |
Mr.
Mayank Kumar Singhal |
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Designation : |
Director
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Address : |
498, Siklapur, Bareilly,
Uttar Pradesh-243001 |
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Date of Appointment : |
13.08.1997 |
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Name : |
Mr.
Pankaj Kumar Goel |
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Designation : |
Director
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Address : |
500, Siklapur, Bareilly,
Uttar Pradesh-243001 |
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Date of Appointment : |
13.08.1997 |
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Name : |
Mr.
Vivek Kumar Agarwal |
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Designation : |
Director |
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Address : |
35-A/2,
Rampur Garden, Bareilly-243001, Uttar Pradesh |
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Date of Appointment : |
13.08.1997 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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Percentage of Holding |
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Director and Relatives |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of PU Foam products, Bed Cushion and others products |
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Products : |
v
PU Foam v
Bed Cushion v
Other Products |
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Imports from : |
Japan,
Korea, China |
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Terms : |
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Selling : |
Cash
and Credit upto 30 days |
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Purchasing : |
L/C
and Credit at sight basis |
GENERAL INFORMATION
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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 |
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Customers : |
v
Wholesalers v
End Users |
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No. of Employees : |
Around
228 |
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Bankers : |
Canara
Bank, Civil Lines, Bareilly, Uttar Pradesh, India |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Mr.
S. K. Agarwal Chartered
Accountants |
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Address : |
Kethi
Rai Bahadur Sheo Pd, 352, Alam Giri Ganj, Bareilly- 243 005, Uttar Pradesh,
India |
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Tel. No.: |
91-581-2571207 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity
Shares |
Rs. 10/- |
Rs. 40.000 million |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3132550 |
Equity
Shares |
Rs. 10/- |
Rs.31.325 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 |
31.326 |
11.596 |
31.325 |
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2] Share Application Money |
0.000 |
19.730 |
0.000 |
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3] Reserves & Surplus |
3.038 |
1.486 |
0.230 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
34.364 |
32.812 |
31.555 |
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LOAN FUNDS |
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1] Secured Loans |
19.206 |
13.800 |
7.667 |
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2] Unsecured Loans |
11.710 |
12.514 |
13.041 |
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TOTAL
BORROWING
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30.916 |
26.314 |
20.708 |
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TOTAL
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65.280 |
59.126 |
52.263 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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19.819 |
18.394 |
13.179 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENTS
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1.857 |
1.853 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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18.829
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24.859 |
15.171 |
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Share Investment
|
18.854
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11.622 |
2.752 |
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Cash & Bank Balances
|
4.579
|
7.916 |
3.204 |
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Other Current Assets
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0.000
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0.000 |
17.414 |
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Loans & Advances
|
3.326
|
4.030 |
4.578 |
Total Current Assets
|
45.588
|
48.427 |
43.119 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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1.984
|
9.548 |
3.705 |
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Provisions
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0.000
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0.000 |
0.330 |
Total Current Liabilities
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1.984
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9.548 |
4.035 |
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Net Current
Assets
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43.604
|
38.879 |
39.084 |
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TOTAL
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65.280 |
59.126 |
52.263 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2004 |
Sales Turnover [including other income]
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88.547 |
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Profit/(Loss) Before Tax
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1.722 |
Provision for Taxation
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0.091 |
Profit/(Loss) After Tax
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1.631 |
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Total Expenditure
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86.825 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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NA
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NA |
1.84 |
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Net Profit Margin
(PBT/Sales) |
(%) |
NA
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NA |
1.94 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
NA
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NA |
3.06 |
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Return on Investment (ROI)
(PBT/Networth) |
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NA
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NA |
0.05 |
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Debt Equity Ratio
(Total Liability/Networth) |
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2.17
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1.09 |
1.78 |
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Current Ratio
(Current Asset/Current
Liability) |
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22.98
|
5.07 |
10.68 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
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Name of
the company |
ASHOKA P.U. FOAM (INDIA) PRIVATE LIMITED |
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Presented
By |
CANARA BANK, CIVIL LINES, BAREILLY |
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1) Date
and description of instrument creating the change |
Common hypothecation agreement dated 10.04.2002 and
registered on 10.05.2002 |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.7.500 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 |
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. |
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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. |
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5) Name
and Address and description of the person entitled to the charge. |
Canara Bank, 85A, Civil Lines, Bareilly. |
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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) |
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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. |
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. |
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Name of
the company |
ASHOKA P.U. FOAM (INDIA) PRIVATE LIMITED |
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Presented
By |
CANARA BANK, CIVIL LINES, BAREILLY |
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1) Date
and description of instrument creating the change |
Common hypothecation agreement dated 10.04.2002 and
registered on 10.05.2002 |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.7.500 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 |
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. |
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5) Name
and Address and description of the person entitled to the charge. |
Canara Bank, 85A, Civil Lines, Bareilly. |
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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) |
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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. |
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. |
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CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No records exist
designating subject or any of its beneficial owners, controlling shareholders
or senior officers as terrorist or terrorist organization or whom notice had
been received that all financial transactions involving their assets have been
blocked or convicted, found guilty or against whom a judgement or order had
been entered in a proceedings for violating money-laundering, anti-corruption
or bribery or international economic or anti-terrorism sanction laws or whose
assets were seized, blocked, frozen or ordered forfeited for violation of money
laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or
assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal Records
No available information
exist that suggest that subject or any of its principals have been formally
charged or convicted by a competent governmental authority for any financial
crime or under any formal investigation by a competent government authority for
any violation of anti-corruption laws or international anti-money laundering
laws or standard.
8] Affiliation with Government :
No record exists to suggest
that any director or indirect owners, controlling shareholders, director,
officer or employee of the company is a government official or a family member
or close business associate of a Government official.
9] Compensation Package :
Our market survey revealed
that the amount of compensation sought by the subject is fair and reasonable
and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide
comments on Corporate Governance to identify management and governance. These
factors often have been predictive and in some cases have created vulnerabilities
to credit deterioration.
Our Governance Assessment focuses principally on
the interactions between a company’s management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any
existing local laws, regulations or policies that prohibit, restrict or
otherwise affect the terms and conditions that could be included in the
agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.17 |
|
UK
Pound |
1 |
Rs.86.10 |
|
Euro |
1 |
Rs.57.26 |
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 |
|