MIRA
INFORM REPORT
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Report Date : |
15.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ASHISH ALLOY CASTINGS PRIVATE LIMITED |
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Registered Office : |
E -721, Mayur Vihar, Phase – II, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.02.1985 |
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Com. Reg. No.: |
55-20298 |
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CIN No.: [Company
Identification No.] |
U74899DL1985PTC020298 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTA00960B |
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PAN No.: [Permanent
Account No.] |
AADCA3184D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of Abrasives, Waterproof Paper, Plain Paper, AC Roll. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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Maximum Credit Limit : |
USD 5240 |
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Status : |
Small company |
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Payment Behaviour : |
Slow by are 30 days |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track. Its payment are
reported as slow by are 30 days. Trade relations are reported as fair. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
E -721, Mayur Vihar, Phase – II, |
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Tel. No.: |
91-120-2271168 |
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Mobile No.: |
91-9310912836 / 9350912836 |
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Fax No.: |
91-120-4380550 |
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E-Mail : |
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Website : |
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Administrative Office: |
D -1, Buland Shahar Industrial Area, |
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Tel. No.: |
91-120-2271168 |
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Fax No.: |
91-120-4380550 |
DIRECTORS
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Name : |
Mr. K N Bahadur |
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Designation : |
Managing Director |
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Address : |
R-9/169, Raj Nagar, |
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Date of Birth/Age : |
28.07.1963 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. S N Bahadur |
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Designation : |
Director |
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Address : |
R-9/169, Raj Nagar , |
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Date of Birth/Age : |
31.12.1932 |
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Date of Appointment : |
01.01.2003 |
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Name : |
Ms. Alka Bahadur |
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Designation : |
Director |
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Name : |
Mr. Sudhir Janmeja |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
28.03.1954 |
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Date of Appointment : |
01.06.1996 |
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Date of Ceasing: |
01.11.2004 |
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Name : |
Mr. Gurinder Janmeja |
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Designation : |
Director |
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Address : |
Ghazaibad – 201 001, Uttar Pradesh |
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Date of Birth/Age : |
11.09.1964 |
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Date of Appointment : |
01.06.1996 |
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Date of Ceasing: |
01.11.2004 |
KEY EXECUTIVES
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Name : |
Vinay Pandey and Associates |
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Designation : |
Company Secretary |
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Address : |
128 Akash Kunj, Sector – 9, Rohini, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ms. Alka Bahadur |
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86500 |
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Mr. K N Bahadur |
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88760 |
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Mr. S N Bahadur |
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82500 |
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Ms. Gurinder Janmeja |
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4700 |
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Mr. Sudhir Janmeja |
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5171 |
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Mr. Bharat Teja |
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100 |
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Ms. Sheela Jamneja |
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100 |
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Ms. Nidhi Janmeja |
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100 |
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Other |
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70 |
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Total
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268001 |
Equity Share Break – up (Percentage of Total Equity)
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Abrasives, Waterproof Paper, Plain Paper, AC Roll. |
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Products: |
· Abrasives · Resin · Waterproof Materials · Paper and · Paper Board |
GENERAL INFORMATION
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Suppliers : |
· Fortune Minerals · Pashupati Marketing Private limited · Deer Abrassive Private Limited · Forace Polymers Private limited · I N Industrial Abrasive Private Limited · Satish Steel Re – Rolling Mill · Mitthan Lal Marketing Limited ·
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Customers : |
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· S M International · Garg Abrasive House |
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No. of Employees : |
10 |
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Bankers : |
Oriental Bank of Commerce Address: IMT Branch, Raj Nagar, |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Harish Sachdeva and Company Chartered Accountants |
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Address : |
A-51 and 52, Dr. Raka Building, |
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Tel. No.: |
91-120-4757428 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity shares |
Rs.10/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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268001 |
Equity shares |
Rs.10/- each |
Rs. 2.680
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.680 |
2.680 |
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2] Share Application Money |
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0.485 |
0.485 |
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3] Reserves & Surplus |
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[1.855] |
[1.872] |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.310 |
1.293 |
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LOAN FUNDS |
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1] Secured Loans |
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0.568 |
1.518 |
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2] Unsecured Loans |
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3.042 |
2.737 |
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TOTAL BORROWING |
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3.610 |
4.255 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4.920 |
5.548 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.523 |
6.631 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.054 |
3.250 |
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Sundry Debtors |
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1.107 |
0.457 |
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Cash & Bank Balances |
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0.068 |
0.018 |
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Other Current Assets |
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0.066 |
0.035 |
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Loans & Advances |
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0.107 |
0.341 |
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Total
Current Assets |
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6.402 |
4.101 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.886 |
5.023 |
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Provisions |
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0.122 |
0.165 |
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Total
Current Liabilities |
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8.008 |
5.188 |
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Net Current Assets |
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[1.606] |
[1.087] |
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MISCELLANEOUS EXPENSES |
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0.003 |
0.004 |
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TOTAL |
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4.920 |
5.548 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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6.689 |
8.265 |
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Other Income |
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0.694 |
0.000 |
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Total Income |
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7.383 |
8.265 |
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Profit/(Loss) Before Tax |
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0.024 |
[0.366] |
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Provision for Taxation |
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0.007 |
0.003 |
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Profit/(Loss) After Tax |
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0.017 |
[0.369] |
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Expenditures : |
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Financial Charges |
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0.254 |
0.411 |
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Depreciation |
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0.325 |
0.273 |
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Other expenditure |
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6.201 |
7.263 |
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Total Expenditure |
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6.780 |
7.947 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.23 |
[4.46] |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.35 |
[4.46] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.18 |
[3.41] |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.86 |
7.30 |
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Current Ratio (Current Asset/Current Liability) |
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0.79 |
0.79 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U74899DL1985PTC020298 |
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Name of the company |
ASHISH ALLOY CASTINGS PRIVATE LIMITED |
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Address |
E -721, Mayur Vihar, Phase – II, |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property Any interest in immovable property |
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Particular of the charge holder
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Oriental Bank of Commerce Address: IMT Branch, Raj Nagar , Email; edp_gzb@obc.co.in
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Nature or description of the instrument creating charge |
Memorandum Deposit of title Deed [LTR
-18.1] |
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Date of the instrument creating charge |
06.08.2007 |
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Amount Secure by the charge |
Rs. 2.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest : Not applicable Term of repayment: sanctioned for one year and Repayable on Demand Margin: not Applicable Extent and operation: All fund Based / non fund Based facilities (Existing
and future) to be collaterally secured by equitable mortgage of land and
Building of the company situated at Plot No. D-1, Site, industrial Area, Others Not Applicable |
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Short particulars of the property charged (including location of the
property) |
Equitable mortgage of land and building standing in the name of
company and situated at Plot No -.D -1 Site -1, industrial Area, Bulandshahar
Road, Ghaziabad, Uttar Pradesh |
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Name of the company
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M/s ASHISH ALLOY CASTINGS PRIVATE LIMITED |
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Presented
By |
Shri Sudhir
Janmeja, Director |
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1) Date and
description of instrument creating the change |
Equitable
mortgage created by company on 04.08.1998 by deposit of title deed |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Loan agreement /
hypothecation even dated 04.08.1998 |
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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 |
·
First charge on land, building and plant and
machinery of company installed at Plot No. D -1 site, · First charge on current assets |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
Rate on interest @18.00% p.a on Term loan
@19.5% p.a on Working capital Loan Repayment of term loan in 20 quarter and
working capital loan in 20 quarter installment only |
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5) Name and Address
and description of the person entitled to the charge. |
Uttar Pradesh financial corporation,
14/88, Civil Lines, |
WEBSITE DETAILS:
Subject is
recognized as a leading manufacturer of Abrasives like Waterproof Paper, Plain Paper,
AC Roll etc. They work constantly to meet the rising demand of the clients in
the international market and supplies Abrasives that are manufactured according
to their requirement. They excel in supplying premium quality abrasives that
have application in wearing away the unwanted particles and polishing of
surfaces. They supply Coated Abrasives that include a comprehensive range of
products manufactured at optimum perfection.
They manufacture
customized Coated Abrasives like Waterproof Paper, Plain Paper, AC Roll that
are in high demand in the market for their supreme quality.
The company excels
in giving innovative solutions to firms for the upcoming challenges. They
regard their clients to be supreme and hence manufacture Abrasives that meet
their requirement in every aspect. Their team of experts conduct quality checks
at all stages of manufacturing process and inspection is done with great care
that has resulted in offering quality products.
They have a sound
infrastructure base that leads to superfine quality production with high-tech
working atmosphere and latest equipment. Due to increasing globalization the
requirement of the market is changing at a very fast pace. The company is
distinguished for its potential to meet all the challenges in the competitive
market with complete proficiency. They have state-of-the-art manufacturing
equipment and a dedicated working team which act as the driving force behind
their success.
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.39.31 |
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|
1 |
Rs.80.19 |
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Euro |
1 |
Rs.55.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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 |
|
32 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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