MIRA
INFORM REPORT
|
Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
AKP FOUNDRIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
R. S. No. 689, P. O. Udyambag, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
29.11.1978 |
|
|
|
|
Com. Reg. No.: |
08-3416 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24104KA1978PTC003416 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA05315C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCA6058Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer,
Supplier and Exporter of Iron Castings,
Gray Iron Castings, Ductile Iron Castings, Pig Iron Ferro Alloys and Iron
Ferro Alloy |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Factory : |
R. S. No. 689, P. O. Udyambag, |
|
Tel. No.: |
91-831-2440164 / 244 1530 / 244 2147 |
|
Mobile No.: |
91-94484-97599 /94481-34148 |
|
Fax No.: |
91-831-244 1275 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Parag Bhandare |
|
Designation : |
Jt Managing Director |
|
Address : |
250, Nandadeep, |
|
Date of Birth/Age : |
12.08.1975 |
|
Date of Appointment : |
30.09.2006 |
|
|
|
|
Name : |
Mr. M D Dhume |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. B K Bhandare |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mrs. A P Gune |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. N C Phalaikar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V Swamy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B B Bhosale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S A Phalnikar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R B Bhandare |
|
Designation : |
Director |
|
|
|
|
Name: |
Mr. Suresh Anant Phalnikar |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr. Balchandra Balkrishna Birangi |
|
Designation: |
Director |
SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Supplier and Exporter of Iron Castings, Gray Iron Castings, Ductile
Iron Castings, Pig Iron Ferro Alloys and Iron Ferro Alloy |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Customers : |
Customers
( Cummins India Limited
Alfa Laval Atlas Copco Caterpillar Crane Process Flow Technologies Hodek Vibration Technologies
Intervalve Customers – Exports Atlas G.W. Sprinkler A/S, |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
||||||||||||||||||||||||||||
|
Banking
Relations : |
Satisfactory |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Auditors : |
|
||||||||||||||||||||||||||||
|
Name : |
Suresh E Sarode Chartered Accountants |
||||||||||||||||||||||||||||
|
Address : |
3154, Khade Bazar, |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26987 |
Equity Shares |
Rs. 10/- each |
Rs. 2.699
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.699 |
2.699 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
29.887 |
25.645 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
32.586 |
28.344 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
13.003 |
19.954 |
|
|
2] Unsecured Loans |
|
20.521 |
16.198 |
|
|
TOTAL BORROWING |
|
33.524 |
36.152 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
66.110 |
64.496 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
14.106 |
13.014 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.044 |
0.044 |
|
|
DEFERREX TAX ASSETS |
|
0.388 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
16.989 |
11.903 |
|
|
Sundry Debtors |
|
42.986 |
44.814 |
|
|
Cash & Bank Balances |
|
12.237 |
14.063 |
|
|
Other Current Assets |
|
9.304 |
9.270 |
|
|
Loans & Advances |
|
6.132 |
6.007 |
|
Total
Current Assets |
|
87.648 |
86.057 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
30.261 |
29.309 |
|
|
Provisions |
|
5.815 |
5.310 |
|
Total
Current Liabilities |
|
36.076 |
34.619 |
|
|
Net Current Assets |
|
51.572 |
51.438 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
66.110 |
64.496 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
198.086 |
190.228 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
198.086 |
190.228 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
8.584 |
10.764 |
|
|
Provision for Taxation |
|
3.111 |
3.982 |
|
|
Profit/(Loss) After Tax |
|
5.473 |
6.782 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
7.940 |
4.432 |
|
Total Earnings |
|
7.940 |
4.432 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation |
|
3.501 |
2.520 |
|
|
Other Expenditure |
|
182.500 |
174.424 |
|
Total Expenditure |
|
186.001 |
176.944 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.76 |
3.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.33 |
5.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.40 |
10.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.26 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.14 |
2.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.43 |
2.49 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
A K P FOUNDRIES
PRIVATE LIMITED |
||||
|
Presented By |
SYNDICATE BANK,
MARUTI GALLI BRANCH, |
||||
|
1) Date and description of instrument creating the change |
04.12.2001 [Regd.
Doc. 195/11.01.2002] General agreement
Composite
Hypothecation Agreement Confirmation of
credit of second / subsequent equitable mortgage All document
relate to single charge. |
||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.500
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 |
Hypothecation of
the whole of the present and future stocks of raw materials, semi finished
goods, book debts, plant and machineries situated at R S No. 689 P. O. Udyambag,
Belgaum – 590008, Karnataka Equitable mortgage created by deposit of title
deeds on company’s immovable properties at Plot No. 341/2 Mazqaun Village,
Belgaum |
||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 15.25
% p.a. Margin as
applicable Repayable on
demand |
||||
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank, Maruti Galli Branch, |
||||
|
6) Date and brief description of instrument modifying the charge |
05.03.2004 Omnibus counter
guarantee Agreement for
documentary bills discounted Confirmation of
creation of second / subsequent equitable mortgage All documents
relate to single modification. |
||||
|
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. |
Total limits
enhanced from Rs. 12.500 Millions to Rs. 14.500 Millions Rs. In millions
Extension of
equitable mortgage on company’s immovable properties situated at Plot No. 4 Sy.
No. 341/2 Mazqaon Village, Interest @ 14.5 %
p.a. being 3 % over and above the Syndicate Banks prime lending rate varying
with charge in PLR from time to time All other terms,
conditions and securities to continue.
|
|
Corporate
identity number of the company |
U24104KA1978PTC003416 |
|
Name of the
company |
AKP FOUNDRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
R. S. No. 689, P. O. Udyambag, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation
|
|
Particular of
charge holder |
ICICI Bank Limited, |
|
Nature of
instrument creating charge |
Unit tested deed
of hypothecation |
|
Date of
instrument Creating the charge |
05.05.2006 |
|
Amount secured by
the charge |
Rs. 0.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Interest @ 7.84 %
Margin as applicable Repayable in 36
equable installments of Rs. 0.019 Millions w.e.f. 05.05.2006 |
|
Description of the
property charged indicating whether it is a charged on |
Vehicles |
|
Particulars of
the property charged |
Hypothecation of
ford fiesta 2XI Belonging to the company situated at R. S. No. 689,
P. O. Udyambag, The details of the vehicles is as follows Regn No. KA 22 N 4499 Model
: 1.42X1, Engine No. 6SB3583 Chassis No. 6SB2583 |
As Per Website
Since 1978, AKP Foundries is known for producing precision Ductile
Iron and Gray Iron castings. Their team work, their meticulous quality control,
their world class setup, the skills of their technicians, specialized engineers
and also their state of the art equipment has led AKP Foundries to reach new
heights in the Foundry World. Most of their customers are multi-national
companies and they are exporting to customers all over
One of the major advantages of working with AKP Foundries is that they have an
in-house sophisticated CNC and conventional machine shop. They are capable of
providing the castings in finished condition.
They have achieved TS 16949 Certification in 2005 and all their group companies
are ISO 9000 certified. They are practicing Kaizen, 5S and 6 sigma activities
in the Company.
They specialize in:
Ductile Iron ( SG Iron, Nodular Iron, GGG grades) - Exhaust
Manifolds, Bearing Caps, Supports, Brackets
SiMo ( Silicon Moly ) - Manifolds, Connections
Gray Iron (GG)
Prototyping
CNC Machining
Heat Treatment
Painting and Coatings
Founded in 1978, AKP Foundries., rapidly became the leader of high quality
Gray and Ductile Iron castings. They offer castings in all alloys in Ductile
& Gray Iron castings.
Their company distinguishes itself by its high level performances in the
precision Ductile and Gray iron casting industry because of their team work,
their meticulous quality control, their capacity of production, the skills of
their technicians and specialized engineers and also their state of the art
equipment. One of the major advantages is that AKP Foundries has an in-house
sophisticated CNC and conventional machine shop. They are capable of providing
the castings in finished condition.
Their investment in Research & Development is well known and along with
universities, allied industry partners and other sources, they seek to
identify, develop, and more importantly, apply new and improved technologies in
order to produce the evolving specifications of their clients.
Management in an industrial environment which is in perpetual change, demands
flexibility, that is why at AKP Foundries., they have given their selves the
mission to precise their productivity, their quality and their innovations and
thus without forgetting to turn their undivided attention to their skills,
their constant quality of product, their efficient service and all with
respecting delivery delays.
The turnover of the Company is US $6.00 Millions & Exports of US $ 2.0
Million. Their high standards of quality remain a dominant factor of their
industry, which permits them of serving high tech industries such as:
Diesel Engine Components
Food Processing
Separating Technology
Compressors
Valve Components
Couplings
Automobile
Their company distinguishes itself by its high level
performances in the precision gray iron and ductile iron casting industry
because of their team work, their meticulous quality control, their capacity of
production, the skills of their technicians and specialized engineers and also
their state of the art equipment. One of the major advantages is that AKP
Foundries has an in-house sophisticated CNC and conventional machine shop. They
are capable of providing the castings in finished condition.
Their investment in Research& Development is well known and along with
universities, allied industry partners and other sources, they seek to
identify, develop, and more importantly, apply new and improved technologies in
order to produce the evolving specifications of their clients.
Management in an industrial environment which is in perpetual change, demands
flexibility, that is why at AKP Foundries., they have given their selves the
mission to enhance their productivity, their quality and their innovations and
thus without forgetting to turn their undivided attention to their skills,
their constant quality of product, their efficient service and on time delivery
.
Subject,
Theturnover of the Company is US $ 6.00 Millions &
Exports of US $ 2.00Million.
Duringthe year
2005-2006 Company plans to increase the capacity to 8000 Tons/year and a
turnover of US $ 7.50 Millions.
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.40.54 |
|
|
1 |
Rs.80.21 |
|
Euro |
1 |
Rs.54.51 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|