MIRA
INFORM REPORT
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Report Date : |
14.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AJAY SYSCON PRIVATE LIMITED |
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Registered Office : |
8/20, Erandwana, Off |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.04.1985 |
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Com. Reg. No.: |
11-35867 |
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CIN No.: [Company
Identification No.] |
U28939MH1985PTC035867 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer Exporter Importer of Thermo Couple- tips and temperature
equipments used in foundry and steel plants. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
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 96000 |
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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 reputed company having satisfactory
track records. Available information indicates high financial responsibility of
the company. Directors are reported as experience 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 : |
8/20, Erandwana off |
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Tel. No.: |
91-20-25439582 / 25439583 |
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Fax No.: |
91-20-25439581 |
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E-Mail : |
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Website : |
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Location : |
Owned – by Director |
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Factory 1 : |
147/ 1 & 2, Shembekar Industrial Compound, Chinchwad, Pune – 411
019, |
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Tel. No.: |
91-20-27440460/ 61/62 |
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Fax No.: |
91-20-27472743 |
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E-Mail : |
ajausyscon@vsnl.net |
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Location : |
Owned (by Director ) |
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DIRECTORS
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Name : |
Mr. Jayant Madhavrao Pawar |
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Designation : |
Director |
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Address : |
5th , |
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Date of Birth/Age : |
12.12.1964 |
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Date of Appointment : |
20.12.1994 |
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Name : |
Mrs. Sharmila Shapiro Pawar |
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Designation : |
Whole Time Director |
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Address : |
5th , |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr. Thomas Townsend |
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Designation : |
Director |
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Address : |
5175 B, |
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Date of Appointment : |
08.12.1987 |
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Name : |
Mr. Paraksh S. Jagtap |
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Designation : |
Director |
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Address : |
St. Patrick’s Town, Hadapsar, Pune – 411013, |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mrs. Meenaxi Madhav Pawar |
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Designation : |
Director |
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Address : |
5th , |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr. Dilip LAxman Chavan |
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Designation : |
Director |
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Address : |
Rajas Society, |
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Date of Appointment : |
01.04.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity Share Break Up (Percentage of total Equity )
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Sr. No. |
Category |
Percentage |
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1. |
Foreign holding (foreign institutional
investor(S), Foreign companies(s) foreign financial institution(s) or
overseas corporate bodies or other |
35.00 |
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2. |
Bodies Corporate |
10.00 |
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3. |
Directors or relatives of directors |
55.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer Exporter Importer of Thermo Couple- tips &
temperature equipments used in foundry & steel plants. |
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Exports : |
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Products : |
All Products |
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Countries : |
Middle – East, South – East Asia, Europe, |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit (30 Days ), Advance & CNF |
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Purchasing : |
L/C, Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
200 |
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Bankers : |
The Saraswat Co-operative Bank Limited, |
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Facilities : |
C/C Rs.1.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mohan Deshmukh and Company Chartered Accountant |
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Address : |
B-306, NArayan Chambers, 555, Narayan
Peth, Pune – 411004, |
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Associates : |
1]Metachem Manufacturing
Company Address : 8/20, Erandwana off Line of Business : Manufacturer of Chemical Graphite’s 2] Baramati Engineering Address : Baramati, Line of Business : Casting Foundry |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs. 10/- Each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs. 10/- Each |
Rs.0.500 million |
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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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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23.624 |
20.367 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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24.124 |
20.867 |
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LOAN FUNDS |
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1] Secured Loans |
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12.736 |
7.980 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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12.736 |
7.980 |
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DEFERRED TAX LIABILITIES |
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0.346 |
0.361 |
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TOTAL |
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37.206 |
29.209 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.796 |
7.039 |
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Capital work-in-progress |
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0.000 |
0.628 |
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INVESTMENT |
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0.197 |
0.195 |
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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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2.729 |
1.436 |
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Sundry Debtors |
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15.793 |
19.051 |
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Cash & Bank Balances |
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2.107 |
0.653 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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18.568 |
13.127 |
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Total
Current Assets |
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39.197 |
34.267 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.371 |
9.320 |
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Provisions |
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5.612 |
3.600 |
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Total
Current Liabilities |
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18.983 |
12.920 |
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Net Current Assets |
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20.214 |
21.347 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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37.206 |
29.209 |
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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 Including Other Income |
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69.061 |
64.882 |
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Profit/(Loss) Before Tax |
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5.560 |
5.133 |
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Provision for Taxation |
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2.289 |
2.026 |
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Profit/(Loss) After Tax |
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3.271 |
3.107 |
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Earnings in Foreign Currency : |
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Total Earnings |
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5.342 |
-- |
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Expenditures : |
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Depreciation & Amortization |
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2.432 |
1.453 |
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Other Expenditure |
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61.070 |
58.296 |
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Total Expenditure |
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63.502 |
59.749 |
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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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4.74 |
4.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
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8.05 |
7.91 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.93 |
12.43 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.31 |
1.00 |
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Current Ratio (Current Asset/Current Liability) |
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2.06 |
2.65 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference :
1] KVSS,
2]
Form - 8
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Name of the
company |
AJAY SYSCON PRIVATE LIMITED |
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Presented By |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
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1) Date and
description of instrument creating the change |
1. Agreement of hypothecation of movable property dated 18th
Jan, 2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.2.650 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 |
The borrower’s both do hereby hypothecated to and in favour of the
bank all existing movable fixed assets (excluding vehicles), all the tangible
movable property (both present and future) lying at business place situated
at Sr. No. 147/182 Shembekar Industrial Compound, Chinchwad, Pune – 411 019,
or wherever else the same may be kept. The following property is also provided as collateral security to
secure aforesaid limit : 1. All that piece and parcel of land admeasuing about 6900 Sq. mts.
Out of Survey No. 147 Hissa N. 2-4, Now bearing C.T.S. No. 5221 of mouje
Akurdi, together with construction thereon, within the registration distict
Pune, sub-registration Taluka HAveli, and within the limits of Pimpari
Chinchwad municipal corporation together with all essementary rights annexed
to the said land and together with shed/building, constructed and / or to be
constructed thereon with all fixtures, furniture and fittings therein and
with existing and future F.S.I. available to the said land the said land and
together with all plants, machinery etc. embedded in the earth therein 2. All that piece and parcel of land admeasuring about 3671 Sq. mts.,
out of survey No. 147 Hissa N. 1+ 2 A, now bearing C.T.S. No. 5221 of mouje
Akurdi, together with construction thereon Industrial Shed admeasuring about
1150 Sq. mts., within the registrationn District Pune, sub-registration
Taluka HAveli, and within the limits of Pimpari Chinchwad municipal
corporation together with all essementary rights annexed to the said land and
together with shed/building, constructed and / or to be constructed thereon
with all fixtures, furniture and fittings therein and with existing and
future F.S.I. available to the said land the said land and together with all
plants, machinery etc. embedded in the earth therein |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
1. Type of Facility : Working Capital Term Loan II 2. Interest : PLR + 0.50 % p.a. = 11.50 % p.a. with monthly rests, and
such, rate as may be fixed by the bank in future from time to time . 3. Period : 35 monthly installment of Rs.0.074 million each and 1
monthly installment of Rs. 0.060 million each 4. Margin : Hypothecation of existing movable fixed assets (excluding
vehicles ) 20 % |
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5) Name and Address
and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited |
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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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Corporate
identity number (CIN) Foreign company registration number |
U28939MH1985PTC035867 |
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Name of the
Company |
AJAY SYSCON PRIVATE LIMITED |
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Address |
8/20, Erandwana off |
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This form is for |
Creation of
Charges |
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Type of Charge |
Hypothecation |
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Particulars of the
charge holder |
Name : The
Saraswat Co-operative Bank Limited Address : City : Pune -
411004 State : E-mail ID amd_cs@rediffmail.com |
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Nature or description
of the instrument creating charge |
Agreement of
hypothecation of vehical dated 19th Aug, 2006 |
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Amount secured by
the charge |
Rs.0.850 Million |
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Brief of the
principal terms and conditions |
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Description of
the property charged indicating |
Vehicles |
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Particular of the
property charged |
The borrower/s
both hereby to and in favour of the Bank INNOVA car registered with RTO Pune. |
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Whether the
property is registered in the name of the company |
YES |
Web Details Attached :
Subject is a leader in design and manufacture of microprocessor based instruments for carbon, silicon analysis & temperature measurement as well as sensors like metacups and Thermocouple tips for both ferrous and non-ferrous foundry.
The Company was established in
1986, in a joint venture with Syscon International Inc,
The company also represents
George Fischer,
The company has established itself in the industry offering extensive experience in Instrumentation Technology and it is well placed to serve the wide range of foundry instrumentation required by the Foundry and Steel Industry as well as Sensors.
This is achieved by way of an
efficient sales force, the most up to date Research and
In brief subject is a pioneer in the manufacture of Metallurgical and Process Control Instruments.
Subject is a leader in
design and manufacture of microprocessor based instruments for Carbon Silicon
Analysis and temperature measurement for foundries and steel plants in joint
venture with Syscon International Inc.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.44 |
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1 |
Rs.82.01 |
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Euro |
1 |
Rs.56.20 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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 |
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63 |
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. |
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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