MIRA INFORM REPORT
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Report Date : |
19.01.2007 |
IDENTIFICATION DETAILS
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Name : |
AJAY
METACHEM PRIVATE LIMITED |
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Registered Office : |
Office
No. 9 & 10, 5th Floor, Akshay Complex, Aundb, Pune – 411007, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
31.07.1973 |
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Com. Reg. No.: |
11-16721 |
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CIN No.: [Company Identification No.] |
U24231MH1973PTC016721 |
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TAN No.: [Tax Deduction & Collection Account No.] |
PNEA05295D |
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PAN No.: [Permanent Account No.] |
AACCA0713D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on business of manufacture, sale, import, export and deal in surgical
and medical equipments, instruments, implants and appliances. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 250000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having fine track. Financial
position of the company is very good. Trade relations are fair. The company
is doing well. Payments are correct and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. It can be regarded as a promising business
partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
Office
No. 9 & 10, 5th Floor, Akshay Complex, Aundb, Pune – 411007, |
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Tel. No.: |
91-20-25898882
/ 26872250 |
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Fax No.: |
91-20-25898882 |
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E-Mail : |
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Website : |
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Factory 1 : |
72-76,
Mundhasu, Near Bharat Forge, Pune – 411036, |
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Tel. No.: |
91-20-26872030 / 26872250 /
26872039 / 26872251 / 26870922 |
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Fax No.: |
91-20-26872837 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
Pratap G. Pawar |
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Designation : |
Chairman |
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Address : |
Plot
No. 2, S.No. 131/1, |
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Date of Birth/Age : |
15/10/1944 |
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Date of Appointment : |
01/10/1999 |
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Name : |
Mr.
Abhijit P. Pawar |
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Designation : |
Director |
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Address : |
Plot
No. 2, S.No. 131/1, |
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Date of Birth/Age : |
11/02/1972 |
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Date of Appointment : |
11/10/1996 |
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Name : |
Mr.
Avinash M. Abhyankar |
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Designation : |
Director |
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Address : |
269/2,
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Date of Birth/Age : |
14/10/1945 |
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Date of Appointment : |
30/06/1988 |
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Name : |
Mr.
Ramchandra G. Kulkarni |
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Designation : |
Director |
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Address : |
Plot
No. 407, Mahatma Co operative Housing Soceity, Kothrud, Pune - 411029 |
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Date of Birth/Age : |
11/04/1941 |
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Date of Appointment : |
05/06/2005 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr.
Pratap G. Pawar |
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12825 |
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Bharti P. Pawar |
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19929 |
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Mrunalini A. Pawar |
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14101 |
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Mr.
Abhijit P. Pawar |
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2970 |
BUSINESS DETAILS
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Line of Business : |
To
carry on business of manufacture, sale, import, export and deal in surgical
and medical equipments, instruments, implants and appliances. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Insulating
Division – Mundhwa / |
MT |
12600 |
2495 |
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Steel
Treatment – Wadki |
MT |
3600 |
1295 |
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Flux
and Non Ferrous – Mundhwa |
MT |
4200 |
875 |
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Coating
– Mundhwa |
MT |
4800 |
1896 |
GENERAL INFORMATION
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Employees : |
About
200 |
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Bankers : |
Ø Bank of 1303,
Shivaji Nagar, Pune – 411005 Email
: yrp@ajaymetachem.com Ø The Saraswat Cooperative Bank Limited |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Mohan
Deshmukh & Company Chartered
Accountants |
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Address : |
B-306,
Narayan Chambers, 555, Narayan Peth, Pune : 411050 |
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Tel. No.: |
91-20-4451898/4451974/4484751/4484752 |
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E-Mail : |
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Associates/Subsidiaries : |
Ø Wikas Electric Ceramic Private Limited Ø P P Holding Private Limited Ø Ojas Engineering Private Limited Ø Magneco Metachem Private Limited Ø United Metachem Private Limited Ø Sakal Papers Limited Ø Stampford Warehousing and Developers Private Limited
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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49100 |
Equity
Shares (Class A) |
Rs.100/- |
Rs.4.910 millions |
|
900 |
Equity
Shares (Class B) |
Rs.100/- |
0.090 million |
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Total
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Rs. 5.000 Millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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48925 |
Equity
Shares (Class A) |
Rs.100/- |
Rs.4.893 millions |
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900 |
Equity
Shares (Class B) |
Rs.100/- |
0.090 million |
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Total
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Rs. 4.983 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.983 |
4.983 |
4.982 |
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2]
Share Application Money |
0.000 |
0.000 |
0.000 |
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3 Reserves & Surplus |
60.455 |
54.197 |
48.645 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
65.438 |
59.180 |
53.627 |
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LOAN FUNDS |
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1] Secured Loans |
47.735 |
38.508 |
62.394 |
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2] Unsecured Loans |
11.500 |
8.270 |
8.809 |
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TOTAL
BORROWING
|
59.235 |
46.778 |
71.203 |
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DEFERRED TAX LIABILITIES |
5.441 |
3.606 |
0.000 |
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TOTAL
|
130.114 |
109.564 |
124.830 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
36.770 |
25.367 |
19.674 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.562 |
0.561 |
0.961 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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27.738
|
21.195 |
27.572 |
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Sundry Debtors
|
70.351
|
72.018 |
111.688 |
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Cash & Bank Balances
|
8.282
|
7.872 |
5.996 |
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Other Current Assets
|
0.000
|
0.000 |
0.000 |
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Loans & Advances
|
41.569
|
24.379 |
11.877 |
Total Current Assets
|
147.940
|
125.464 |
157.133 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
36.606
|
35.662 |
53.888 |
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Provisions
|
18.818
|
6.700 |
1.225 |
Total Current Liabilities
|
55.424
|
42.362 |
55.113 |
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Net Current
Assets
|
92.516
|
83.102 |
102.020 |
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MISCELLANEOUS EXPENSES
|
0.266 |
0.534 |
2.175 |
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TOTAL
|
130.114 |
109.564 |
124.830 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
288.351 |
246.511 |
264.353 |
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Profit/(Loss) Before Tax
|
20.908 |
13.799 |
4.003 |
Provision for Taxation
|
8.335 |
5.476 |
0.500 |
Profit/(Loss) After Tax
|
12.573 |
8.323 |
3.503 |
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Export Value
|
13.263 |
8.211 |
36.193 |
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Import Value
|
34.450 |
20.997 |
12.783 |
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Total Expenditure
|
267.443 |
232.713 |
214.735 |
KEY RATIOS
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
4.36
|
3.37 |
1.32 |
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Net Profit Margin
(PBT/Sales) |
(%) |
7.25
|
5.60 |
1.51 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
11.32
|
20.37 |
2.26 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.32
|
0.07 |
0.07 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
1.75
|
1.51 |
2.35 |
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Current Ratio
(Current Asset/Current
Liability) |
|
2.67
|
2.96 |
2.85 |
LOCAL AGENCY FURTHER INFORMATION
Fixed assets
Ø Land and Building
Ø Factory shed
Ø Temporary Shed
Ø Workers Shed
Ø Plant and machinery
Ø Electrical Fittings and Fan
Ø Laboratory Equipments
Ø Office Equipments
Ø Other Equipments
Ø Computer and Peripherals
Ø Books
Ø Dead stock and furniture
Ø Vehicles
Ø Work in Progress
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Name of the company |
AJAY METACHEM PRIVATE LIMITED |
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Presented By |
AJAY METACHEM PRIVATE
LIMITED |
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1) Date and description of
instrument creating the change |
Date : 10th May
2004 Composite Hypothecation
agreement |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs. 8.700 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 |
Term Loan for purchase
Machinery Hypothecation of Movable Plant and Machinery situated at 72-76,
Mudhawa, Near Bharat Forge, Pune – 411036 specifically: Spray Drayer for
synthem, Power handling and storage for manufacture of synthem, ferrothenn
and thennol stock of raw materials, work in progress, semi finished and
finished goods, packing materials. |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
Rate
of Interest : 12.5 % p.a. Margin
: 25 % Repayment
: On demand |
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5) Name and Address and
description of the person entitled to the charge. |
Bank
of Mandvi,
(Through
is Shivaji Nagar, Pune – 411005, Branch) |
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6) Date and brief description of instrument
modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
AJAY METACHEM PRIVATE LIMITED |
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Presented By |
AJAY METACHEM PRIVATE
LIMITED |
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1) Date and description of
instrument creating the change |
Date : 15th
April 1994 Supplemental Memorandum of
deposit of Title deeds |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs. 14.428 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 |
Municipal Plot No 8 to P-1
& P O Mango Town Jamshedpur, Singhbhum and Bearing Municipal House No
152, Mango, Paridh admg 6 acres 2 katthas and 13 Dhuras. |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
Not Applicable |
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5) Name and Address and
description of the person entitled to the charge. |
Bank
of 1303,
Shivaji Nagar, Pune – 411005 |
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6) Date and brief description of instrument
modifying the charge |
Date 10th
September, 2004 Supplemental Memorandum of
deposit of Title deeds |
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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. |
By first modification on
dated 27.02.1991 to secure the limits upto Rs. 34.400 millions By Second modification on
dated 14.09.1992 to secure the limits upto Rs. 70.450 millions By Third modification on
dated 15.04.1994 to secure the limits upto Rs. 95.444 millions By Fourth modification on
dated 13.11.1995 to secure the limits upto Rs. 98.172 millions By Fifth modification on
dated 21.03.2002 to secure the limits upto Rs. 78.400 millions Now by way of Sixth
modification on dated 10.09.2004 credit limits revised 7 reduced to Rs.
68.700 millions |
Form 8 Particular for creation or modification of
charges
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Corporation
identity number or foreign company registrations number of the company |
U24231MH1973PTC016721 |
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Name
of the company |
AJAY METACHEM PRIVATE
LIMITED |
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Address |
Office
No. 9 & 10, 5th Floor, Akshay Complex, Aundb, Pune – 411007, |
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This
Form is for |
Creation
of charge |
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Type
of Charges |
Hypothecation
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Particular
of the charge holder |
Bank
of Mandvi,
(Through
is Shivaji Nagar, Pune – 411005, Branch) Email
: yrp@ajaymetachem.com |
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Nature
or description of the instrument creating charge |
Ø Credit facility consortium agreement Ø Joint and composite of hypothecation Ø No instrument created for change on immovable
property Jamshedpur Jharkhand |
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Date
of the instrument creating charge |
20.05.2006 |
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Amount
Secure by the charge |
Rs.
169.800 Millions |
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Brief
of the principal terms and conditions and extent and operation of the charge |
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Description
of the property charge whether it is a charge on |
Immovable
Properties, Furniture and Fixture, Stock and Trade, Plant and Machinery, Book
Debts and vehicles |
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Particulars
of the Property charged |
Land
and Building, Plant and Machinery at Plant
and Machinery Wadki, Pune Stock,
Book debts |
Web
site details attached :
Company
:
Conceptualized after more than two decades of experience gained by the Sushrut management, Adler is a truly international company in the field of traumatology and orthopaedics.
Adler products are manufactured at Tuttlingen (
The high purity vacuum re-melted stainless steels, titanium, titanium alloys,
ultra high molecular weight polyethylene and other such raw materials used for
Adler products are all sourced from top-of-the-line raw material producers located
in Europe and the
The Adler product basket, distributed worldwide by Sushrut, includes a
full-fledged trauma implant and external fixator range, spine implants
manufactured under license from a leading American spine company, a
contemporary screw-hook-rod spine system, a nailing system manufactured under a
technology transfer agreement with an innovative French Group and a Mini
Fixator system designed and developed in partnership with a pioneering Indian
Orthopaedic Surgeon Group…now being used by surgeons in Europe and the United
States of America.
Instrumentation
:
Trauma
The Adler Trauma Instrument Line is a fusion of Sushrut know-how and expertise combined with German Engineering and reliability. Along with well-designed cases and trays, Adler Instrumentation ideally complements the high-quality range of Adler Trauma implants offering top-quality solutions to surgeons, worldwide.
Medullary Reamers
Produced
in a special orthopaedic cutting tool manufacturing facility in
Switzerland/Germany, the Adler Medullary Reamer range is appreciated by users
for its robustness, performance and long service life in comparison with other
brands on the international market.
AceCut
(Acetabular Reamers)
An
innovative locking mechanism designed by the Adler Product Design team allows
Adler to offer a top of the line acetabular reaming system at extremely
competitive prices.
CMT REPORT [Corruption, Money laundering &
Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
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. 44.34 |
|
|
1 |
Rs. 84.61 |
|
Euro |
1 |
Rs. 57.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT
LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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 |