MIRA
INFORM REPORT
|
Report Date : |
29.10.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ASSOCIATED MACHINERY CORPORATION LIMITED |
|
|
|
|
Registered Office : |
F-64,Site No.1,Industrial Area, Buland Shahar Road,
Ghaziabad – 201001, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
03.02.1986 |
|
|
|
|
Com. Reg. No.: |
20-7661 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U65921UP1986PLC007661 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MRTA01391F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCA7476M |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business : |
Manufacturers And Exporters of Wire Drawing and Wire Working Machine
for Ferrous – Non Ferrous Metals |
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 54000 |
|
|
|
|
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 : |
F-64,Site No.1,Industrial Area, Buland Shahar Road, Ghaziabad
– 201001, Uttar Pradesh India |
|
Tel. No.: |
91-120-2700788 / 2700511 |
|
Fax No.: |
91-120-2700511 / 2700773 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
207,Neelkanth Commercial Centre, 122-123,Sahar Road, Andheri (East), Mumbai – 400099,
Maharashtra, India |
|
Tel. No.: |
91-22-28344799 / 56922455 |
|
Fax No.: |
91-22-28344676 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Raj Prakash Tyagi |
|
Designation : |
Director |
|
Address : |
B – 23, Ashok Nagar, Ghaziabad – 201001, Uttar Pradesh, India |
|
Date of Birth/Age : |
27.01.1940 |
|
Date of Appointment : |
03.02.1986 |
|
|
|
|
Name : |
Mr. Pawan Tyagi |
|
Designation : |
Director |
|
Address : |
B – 23, Ashok Nagar, Ghaziabad – 201001, Uttar Pradesh, India |
|
Date of Birth/Age : |
10.09.1965 |
|
Date of Appointment : |
05.02.1986 |
|
|
|
|
Name : |
Mr. Deepak Tyagi |
|
Designation : |
Director |
|
Address : |
D – 217, Ramprastha, Chander Nagar, Ghaziabad – 201001, Uttar Pradesh,
India |
|
Date of Birth/Age : |
01.05.1955 |
|
Date of Appointment : |
01.03.1986 |
KEY EXECUTIVES
|
Name : |
M. K. Ishwar and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
RZ – 21, Matiala Extension, Uttam Nagar, New Delhi – 110059 |
|
Tel No. : |
91-11-25338753 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Raj Prakash Tyagi |
|
10850 |
|
Pawan Tyagi |
|
9250 |
|
Brahm Dev Tyagi |
|
980 |
|
Mool Chand Tyagi |
|
880 |
|
Yogendra Singh |
|
910 |
|
Mahesh Goel |
|
900 |
|
Ashok Sharma |
|
600 |
|
Satish Gupta |
|
380 |
|
Total |
|
24750 |
|
|
|
|
|
Equity Share Breakup
|
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
84.00 |
|
Other top fifty shareholders |
|
16.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers And Exporters of Wire Drawing and Wire Working Machine
for Ferrous – Non Ferrous Metals |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Customers : |
Alcobex Metals Private
Limited Jodhpur Overseas Buyers
|
|
|
|
|
No. of Employees : |
75 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sahni Bansal and Associates Chartered Accountants |
|
Address : |
2nd Floor, 37, Navyug Market, Ghaziabad – 201001, Uttar
Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31,580 |
Equity Shares |
Rs. 100/- each |
Rs. 3.158
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.158 |
2.475 |
2.475 |
|
|
2] Share Application Money |
0.000 |
0.683 |
0.683 |
|
|
3] Reserves & Surplus |
10.347 |
11.871 |
11.463 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13.505 |
15.029 |
14.621 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.887 |
8.289 |
6.587 |
|
|
2] Unsecured Loans |
0.098 |
0.111 |
0.180 |
|
|
TOTAL BORROWING |
9.985 |
8.400 |
6.767 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
23.490 |
23.429 |
21.388 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.383 |
9.136 |
9.646 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.594
|
46.105 |
20.804 |
|
|
Sundry Debtors |
48.151
|
2.928 |
6.950 |
|
|
Cash & Bank Balances |
0.853
|
0.087 |
0.541 |
|
|
Other Current Assets |
3.203
|
1.125 |
1.106 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
111.801
|
50.245 |
29.401 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
94.980
|
35.576 |
17.659 |
|
|
Provisions |
2.714
|
0.376 |
0.000 |
|
Total
Current Liabilities |
97.694
|
35.952 |
17.659 |
|
|
Net Current Assets |
14.107
|
14.293 |
11.742 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23.490 |
23.429 |
21.388 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
|
|
|
|
|
|
Sales Turnover |
91.328 |
57.351 |
23.785 |
|
|
Other Income |
0.356 |
0.030 |
10.779 |
|
|
Total Income |
91.684 |
57.381 |
34.564 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.249 |
0.444 |
3.720 |
|
|
Provision for Taxation |
1.774 |
0.036 |
0.166 |
|
|
Profit/(Loss) After Tax |
[1.525] |
0.408 |
3.554 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
27.378 |
|
|
Administrative Expenses |
0.000 |
0.000 |
1.758 |
|
|
Raw Material Consumed |
94.802 |
70.423 |
0.000 |
|
|
Consumption of stores and spares parts |
1.345 |
1.370 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[13.286] |
[21.509] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
1.852 |
1.691 |
0.000 |
|
|
Managerial Remuneration |
0.360 |
0.360 |
0.000 |
|
|
Payment to Auditors |
0.019 |
0.020 |
0.000 |
|
|
Interest |
1.155 |
0.789 |
0.979 |
|
|
Insurance Expenses |
0.033 |
0.026 |
0.000 |
|
|
Power & Fuel |
1.274 |
0.909 |
0.000 |
|
|
Depreciation & Amortization |
0.779 |
0.735 |
0.691 |
|
|
Other Expenditure |
3.102 |
2.123 |
0.038 |
|
Total Expenditure |
91.435 |
56.937 |
30.844 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
[1.66]
|
0.71 |
10.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.27
|
0.77 |
15.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.21
|
0.75 |
9.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.97
|
2.95 |
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.40 |
1.66 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Motor
Vehicles
- Office
Equipments
- Computer
As Per Website
Profile
Subject was
founded in late sixties to meet the growing needs of wire industry in india.
Today it enjoy a hard earned reputation for its quality and after sales
services. Subject's vast experience
and skill has evolved from its constant interaction with wire industries and
has provided the confidence and technique to offers the most upto date
economical answer to any wire processing requirement. Subject's stature as the trend setter in wire industry has new
become legand and instantes legion. An array of sophisticated wire plants
installed all over the globe testifies this.
Subject is
conveniently located on the out skirts of Ghaziabad an industrial suburb of
Natinal Capital region, a mere 30 minutes drive from Delhi. Subject's entire manufacturing
programme is manned and managed by highly trained professional &
technicians backed by a large team of service engineers. Today Subject's established credo of staying
ahead of wire drawing technology has reached a sophisticated crescendo. It
produces machines for the production of all sorts of wire in all dimension for
all material capable of being drawn from heavy bull block to ultrafine wire
drawing lines. Yet the task remain unfinished. New sophisticated machines are
being pioneered in its R & D centre that shall herald in the machine shall
be modern in 21st century.
Goal:
To build their group profitably with a near-team target of doubling the market
value (based on the 1997 market value) of AMCO Group thus enabling them to face
the challenges of next century. To achive their goal , they have a determined
focuss on growth. Growth will be based on their Groups core strengths-their
longstanding expertise in the wire field and their record innovation in both
upstream and downstream products. Their business shall be competitive and shall
grow by leaps and bounds as a result of the superior advantage they derive from
their conglomerate highly capable people, technology, global market power,
strong brands franchises and business practices.
VALUE CREATION STRATEGIES:
Global leadership:
In wire Drawing field, they shall be numero uno in their national
business so that they can consistently add and capture value in the fast-changing,
competitively intense wire industry. They shall extend into developing
countries with strong potential for significant new business, while continuing
to grow in the Indian markets where they alredy have a major base. In short,
they will target undeveloped reserves and growth markets in the Middle - East,
Africa, Latin America and Caribbean while maintaining a strong present in their
sub continent.
INNOVATION:
They shall capitalize on their strengths in cold working of
materials and engineering to refuse new technology and renew existing product
lines, thus tapping global Oppertunities for new business.
Additionally, they will maximize the value of their offerings through creative
business approaches.
ALLIANCES AND ACQUISITIONS:
In machinery and specialties, they shall pursue alliances,
joint ventures and acquisitions that offer significant potential for growth,
profitability and strengthened competitive position.
CUSTOMER FOCUS:
They shall leverage their strengths across their business
around the globe, so that they shall be the best at understanding and
delivering what their customers truly value and cherish.
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.39.37 |
|
UK Pound |
1 |
Rs.81.82 |
|
Euro |
1 |
Rs.56.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
48 |
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. |
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 |
|