MIRA
INFORM REPORT
|
Report Date : |
01.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AJIT INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
M-7, Mezzanine Floor, Aradhana Bhawan,
Commercial Complex, Near Aakash Cinema, Azadpur, New Delhi – 110033 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.02.1998 |
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Com. Reg. No.: |
55-92320 |
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CIN No.: [Company
Identification No.] |
U33112DL1998PTC092320 |
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IEC No : |
0598001280 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA08875G |
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PAN No.: [Permanent
Account No.] |
AACCA4913D |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturing of self adhesive tapes, cable ties tagpine and labels. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 125000 |
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Status : |
Satisfactory |
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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 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
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Registered Office : |
M-7, Mezzanine Floor, Aradhana Bhawan, Commercial
Complex, Near Aakash Cinema, Azadpur, New Delhi – 110033, India |
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Tel. No.: |
91-11-27672807 / 27672616 / 27674974 /
27678797 |
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Mobile No.: |
91-9811008848 (Mr. Deepak Gupta),
9811168674 |
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Fax No.: |
91-11-27675727 / 27675244 |
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E-Mail : |
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Website : |
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Area : |
1054 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
114-115, Village Nizampur, Tehsil Kharkhoda, Distt. Sonepat, Haryana |
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Area : |
50904 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ajit Kumar Gupta |
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Designation : |
Managing Director |
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Address : |
A-20, Panchwati Azadpur, New Delhi – 110033, India |
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Date of Birth/Age : |
05.05.1984 |
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Qualification : |
B. Com., BA, CCB |
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Experience : |
20 Years |
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Date of Appointment : |
30.03.1999 |
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Name : |
Mr. Deepak Kumar Gupta |
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Designation : |
Director |
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Address : |
A-20, Panchwati Azadpur, New Delhi – 110033, India |
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Date of Birth/Age : |
30.01.1971 |
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Qualification : |
B. E. |
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Experience : |
15 Years |
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Date of Appointment : |
30.03.1999 |
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Name : |
Mr. Ashok Kumar Gupta |
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Designation : |
Director |
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Address : |
A-20, Panchwati Azadpur, New Delhi – 110033, India |
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Date of Birth/Age : |
07.07.1961 |
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Qualification : |
M Com. |
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Experience : |
18 Years |
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Date of Appointment : |
20.07.2003 |
KEY EXECUTIVES
|
Name : |
Ashish Jain and Associates |
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Designation : |
Company Secretary |
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Address : |
C-32, Y-3, Dilshad Garden, Delhi – 110095 |
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Mobile : |
91-9810794843 |
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Email : |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Ramesh Gupta |
81,100 |
08.11% |
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Mr. Ajit Gupta |
383,850 |
38.38% |
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Mr. Deepak Gupta |
333,450 |
33.35% |
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Mr. Ashok Kumar Gupta |
10,000 |
1.00% |
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Mr. Arun Kumar Gupta |
50,600 |
05.06% |
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Ms. Rani Manju Gupta |
20,000 |
2.00% |
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Ms. Saroj Devi
Gupta |
20,000 |
2.00% |
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Mr. Jagdish Gupta |
100,000 |
10.00% |
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Ms. Asha Gupta |
1,000 |
0.10% |
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TOTAL |
1,000,000 |
100.00% |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of self adhesive tapes, cable ties tagpine and labels. |
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Products : |
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Brand Names : |
SANSUI |
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Exports : |
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Products : |
Adhesive tapes |
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Countries : |
Europe |
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Imports : |
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Products : |
Raw materials, film, adhesives, paper core, Greece Proof Paper and
other materials |
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Terms : |
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Selling : |
LC terms |
PRODUCTION STATUS
As on 31.03.2004
|
Particulars |
Unit |
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Actual
Production |
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Self Adhesive Tape and Silk Fabric |
Rolls/ Pieces |
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6,217,416 |
GENERAL
INFORMATION
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No. of Employees : |
64 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Virender Kumar Jain and Company Chartered Accountants |
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Address : |
3618/11, Sudeshan Market, Chawti Bagh, Delhi – 110006, India |
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Tel. No.: |
91-11-23970376 |
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Associates/Subsidiaries : |
Wonder Polymers Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.239 |
15.250 |
7.876 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.239 |
25.250 |
17.876 |
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LOAN FUNDS |
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1] Secured Loans |
18.069 |
8.451 |
7.156 |
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2] Unsecured Loans |
6.937 |
11.900 |
11.910 |
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TOTAL BORROWING |
25.006 |
20.351 |
19.066 |
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DEFERRED TAX LIABILITIES |
3.446 |
3.195 |
2.865 |
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TOTAL |
62.691 |
48.796 |
39.807 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.472 |
17.882 |
16.805 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.770
|
41.155 |
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Sundry Debtors |
34.492
|
44.554 |
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Cash & Bank Balances |
1.661
|
0.404 |
36.256 |
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Other Current Assets |
0.693
|
0.165 |
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Loans & Advances |
6.985
|
7.764 |
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Total
Current Assets |
51.601
|
94.042 |
36.256 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.382
|
63.128 |
13.256 |
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Provisions |
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Total
Current Liabilities |
11.382
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63.128 |
13.256 |
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Net Current Assets |
40.219
|
30.914 |
23.002 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
62.691 |
48.796 |
39.807 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
289.122 |
183.273 |
92.952 |
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Other Income |
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Total Income |
289.122 |
183.273 |
92.952 |
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Profit/(Loss) Before Tax |
12.477 |
10.453 |
7.741 |
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Provision for Taxation |
-- |
-- |
2.422 |
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Profit/(Loss) After Tax |
12.477 |
10.453 |
5.319 |
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Expenditures : |
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Interest |
2.087 |
1.007 |
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Depreciation & Amortization |
1.318 |
1.104 |
85.217 |
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Other Expenditure |
276.645 |
172.820 |
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Total Expenditure |
280.05 |
174.931 |
85.217 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
4.32
|
5.70 |
5.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.32
|
5.70 |
9.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.84
|
9.34 |
14.59 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36
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0.41 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.06
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3.31 |
1.81 |
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Current Ratio (Current Asset/Current Liability) |
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4.53
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1.49 |
2.74 |
LOCAL AGENCY
FURTHER INFORMATION
Subject business partner is Lohmann, Germany.
Networth [Tangible] : Rs. 34.239 Millions
Subject is an ISO 9001 certified company engaged in the business of
manufacturers of adhesive tapes.
Website
details attached
Company Profile
Ajit Industries is the leader in innovation among Indian manufacturers and also
take the credit to be the pioneer in Self Adhesive Tapes. Started around 15
years back, the company is continously rising on the growth chart and setting
very high quality standards. The key to this remarkable growth has been the
company's commitment to the developement of new development of new products,
consistancy in quality and service. Today this commitment has seen them achieve
the leadership by manufacturing for the first time in India different products
and are joint venture partners with one of the largest manufacturer of Double
Sided tapes in Europe namely M/s. Lohmann Adhesive Tapes Systems, Germany.
Their strict emphasis on quality clearly reflects in the fact that they are an
ISO 9002 Company.
They are mainly catering to manufacturers of Flexo Printing Plastic Bags, Name
Plates, Metal Lables, Domes, Cables Wide Harness, Transformers etc.
Products / Services
Summary
They
offer a wide range of:
- PVC Tapes
- Polyster
Tapes
- Double sided
Foam Tapes
- Masking Tapes
- UL Approved
Tapes
- Floor Marking
Tapes
- Warning Tapes
- Safety Tapes
- Filament
Tapes
Customers Summary
Ajit
Industries serves a large customer base that include among others:
- ELECTROLUX
- WHIRLPOOL
APPLIANCES LTD.
- DAEWOO MOTORS
LTD.
- FORD INDIA
LTD.
- ITI LTD.
Facility Summary
They got state of the art infrastructure and equipped with the latest
machines to serve the best to their privileged customers. The factory is
situated at the outskirts of Delhi in teh State of Haryana on 6000 sq. yards
covered area of 20000 sq. ft. Strong empasis on continous research to innovate
new technologies have place them on the favorites list of many big clients.
They have network all over India covering all the major cities.
Staff Profile
They have a team of well-qualified personnel who are committed towards
quality in everything they do.
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.44.31 |
|
UK Pound |
1 |
Rs.86.96 |
|
Euro |
1 |
Rs.58.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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 |
|
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 |
|
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions