MIRA
INFORM REPORT
|
Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ANANDMAYEE FORGINGS PRIVATE LIMITED |
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Formerly Known As : |
AJOY FORGINGS PRIVATE LIMITED |
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Registered Office : |
149, Mahatma Gandhi Road, Kolkata – 700007, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.09.1973 |
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Com. Reg. No.: |
21-29020 |
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CIN No.: [Company
Identification No.] |
U27320WB1973PTC029020 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTA01898B |
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PAN No.: [Permanent
Account No.] |
AAACA6689G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Traders of
Steel Forgings and other allied items |
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 |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Satisfactory – Improving |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject an old and established company having satisfactory track
records. The company has some accumulated losses, but in view of the improving
profitability of the company, it is expected to be wiped-off soon. Trade
relations are fair. Payments are reported as 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 : |
149, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India |
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Tel. No.: |
91-33-22684520 |
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Fax No.: |
91-33-22720104 |
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E-Mail : |
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Website : |
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Factory : |
5A, Site – IV, Industrial Area, Sahibabad – 201010, Uttar Pradesh,
India |
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Tel. No.: |
91-120-2896140 |
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Fax No.: |
91-120-4109498 |
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Mobile : |
91-9899246873/ 9899066889 |
DIRECTORS
|
Name : |
Mr. Karam Vir Mittal |
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Designation : |
Director |
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Address : |
S – 539, Greater Kailash Part II, New Delhi – 110048, India |
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Date of Birth/Age : |
05.07.1927 |
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Date of Appointment : |
29.09.1973 |
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Name : |
Mr. Naveen Mittal |
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Designation : |
Director |
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Address : |
S – 539, Greater Kailash Part II, New Delhi – 110048, India |
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Date of Birth/Age : |
20.01.1956 |
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Date of Appointment : |
29.09.1973 |
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Name : |
Mr. Kaustubh Mittal |
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Designation : |
Director |
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Date of Birth/Age : |
28.11.1986 |
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Date of Appointment : |
03.10.2006 |
KEY EXECUTIVE
|
Name : |
Ashok Kumar and Company |
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Designation : |
Company Secretary |
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Address : |
C – 2/324 Yamuna Vihar, Delhi- 110053 |
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Mobile No.: |
91-9873394570 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
|
No. of Shares |
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K V Mittal – HUF |
|
1300 |
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Naveen Mittal |
|
3250 |
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Pushplata Mittal |
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2350 |
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Bansi Lal Jain |
|
290 |
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Omwati Sharma |
|
450 |
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K V Mittal |
|
1600 |
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Anubha Gupta |
|
750 |
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Neha Mittal |
|
1200 |
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Sampat Lal Verma |
|
350 |
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Ram Narain Mishra |
|
520 |
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Kaushalya Devi Jain |
|
970 |
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Jagmohan Lal Gupta |
|
490 |
|
Seema Chander |
|
250 |
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Govend Singh Panwar |
|
700 |
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Khyam Sunder Aggarwal |
|
100 |
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Kraishma Khanna |
|
550 |
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Sunil Kumar Aggarwal |
|
500 |
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Purushottam Kuma Jain |
|
2100 |
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Garima Mittal |
|
2050 |
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Rajni Mittal |
|
2300 |
|
M K jain |
|
1450 |
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Ajay Goel |
|
1300 |
|
Satwant Singh Sodhi Constructions Private Limited |
|
1000 |
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Lotus Job Services Private Limited |
|
1000 |
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Ethnic Creations Private Limited |
|
3400 |
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Shobha Sharma |
|
2500 |
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Argent Finvest Private Limited |
|
1200 |
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Gaurav Holdings Private Limited |
|
1100 |
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Instant Travels and Tours Private Limited |
|
1450 |
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Rina Oil Industries Private Limited |
|
1500 |
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M P Sharma |
|
1290 |
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Others |
|
10740 |
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Total |
|
50000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
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Bodies Corporate (not mentioned above) |
|
25.00 |
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Directors or relatives of directors |
|
32.00 |
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Other top fifty shareholders (other than listed above) |
|
43.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Traders of
Steel Forgings and other allied items |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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GENERAL
INFORMATION
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Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V N Purohit and Company (O P Pareek) Chartered Accountant |
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Address : |
214, New Delhi House, 2nd Floor, 27, Barakhamba Road, New
Delhi – 110001, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Share |
Rs.100/- each |
Rs.7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
50000 |
Equity Share |
Rs.100/-
each |
Rs.5.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
4.105 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.658 |
26.136 |
21.766 |
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4] (Accumulated Losses) |
(8.101) |
(9.392) |
(10.286) |
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NETWORTH |
26.557 |
20.849 |
14.480 |
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|
LOAN FUNDS |
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1] Secured Loans |
15.665 |
9.351 |
6.951 |
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2] Unsecured Loans |
7.945 |
8.378 |
9.287 |
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TOTAL BORROWING |
23.610 |
17.729 |
16.238 |
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DEFERRED TAX LIABILITIES |
0.655 |
0.645 |
0.686 |
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TOTAL |
50.822 |
39.223 |
31.404 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.657 |
23.716 |
22.437 |
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Capital work-in-progress |
0.614 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.345
|
11.480 |
6.818 |
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Sundry Debtors |
10.270
|
5.242 |
1.932 |
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Cash & Bank Balances |
1.973
|
0.429 |
0.814 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.606
|
0.937 |
1.205 |
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Total
Current Assets |
32.194
|
18.088 |
10.769 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
5.372
|
2.374 |
1.626 |
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Provisions |
0.271
|
0.207 |
0.176 |
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Total
Current Liabilities |
5.643
|
2.581 |
1.802 |
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Net Current Assets |
26.551
|
15.507 |
8.967 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
50.822 |
39.223 |
31.404 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
55.575 |
40.785 |
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Other Income |
|
0.074 |
0.653 |
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Total Income |
|
55.649 |
41.438 |
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Profit/(Loss) Before Tax |
|
1.350 |
0.904 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.350 |
0.904 |
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Total Expenditure |
|
54.299 |
40.534 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.43
|
2.18 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.43
|
2.22 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.42
|
2.16 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.10
|
0.97 |
1.24 |
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Current Ratio (Current Asset/Current Liability) |
|
5.70
|
7.01 |
5.98 |
LOCAL AGENCY
FURTHER INFORMATION
Business
Manufacturer and exporter of high quality Forging Components for oilfield, defence, railways, space research,
atomic energy plants, pneumatic, electrical, automobile, earth movers and
agriculture, high pressure valves, fitting, flanges, parts for level gauges,
etc.
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U27320WB1973PTC029020 |
|
Name of the
Company |
ANANDMAYEE FORGINGS PRIVATE LIMITED |
|
Address |
149, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Corporate
Guarantee of Sugam Parivahan Limited |
|
Particulars of
the charge holder |
Allahabad Bank C – 25, Sector – 15, Vasundhara, Ghaziabad – 201010, Uttar Pradesh,
India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
General letter of
hypothecation, letter of mortgagor by deposit of title deeds through
constructive delivery and corporate guarantee of Sugam Parivahan Limited |
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Date of the
instrument creating or modifying the charge |
14.01.2007 |
|
Amount secured by
the charge |
Rs.22.125
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: The interests at
the rate of 0.50% p a over Allahabad Bank Prime landing rate which is at
present 12% p a with monthly rests. Terms of repayment: As per the terms of creation of charge Margin: As per the terms of creation of charge Extent and
operation of the charge: The charge shall
operate to secure repayment of credit facilities of Rs.22.125 Millions
granted to the company by the Allahabad Bank. |
|
Short particulars
of the property charged (including location of the property) |
Plot No.5A, Site
– IV, Industrial Area, Shahibad, Ghaziabad (Uttar Pradesh), All tangible
movables, plant and machinery, consumables stores, book debts receivables
claims etc. and corporate guarantee of Sugam Parivahan Limited |
|
Particular of the
present modification |
The limits has
been increased from Rs.10.200 Millions to Rs.22.125 Millions The interests at
the rate of 0.50% p. a. over Allahabad Bank Prime landing rate which is at
present 12% p a with monthly rests. All other terms
and conditions shall remain same. |
|
Name of the company |
ANANDMAYEE FORGINGS PRIVATE LIMITED |
|
Presented By |
Allahabad Bank |
|
1) Date and description of instrument creating the change |
15.12.2004
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.925 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 |
Plot No.5A, Site
A Industrial Area, Sahibabad |
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4) Gist of the terms and conditions and extent and operation of the charge. |
CC Limit Rs.4.000
Millions BG : Rs.2.000 Millions LC : Rs.1.000 Millions TL : Rs.1.925 Millions |
|
5) Name and Address and description of the person entitled to the charge. |
Allahabad Bank, Vasundhara Branch |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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.39.94 |
|
UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|