MIRA
INFORM REPORT
|
Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASMACO INDUSTRIES LIMITED |
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Registered Office : |
Asmaco House, B-41, Main Road-27,Opposite I.T.I Wagle Industrial
Estate, Thane-400604, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation: |
17.05.1994 |
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Com. Reg. No.: |
11-78436 |
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CIN No.: [Company
Identification No.] |
U25209MH1994PTC078436 |
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IEC No.: |
0388027117 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA09335E |
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PAN No.: [Permanent
Account No.] |
AAACA3743P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Suppliers of Quality Adhesive Tapes, Stretch Films,
Polyolefin Films and Hand Wrappers. |
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. |
Small |
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Maximum Credit Limit : |
USD 86965 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. It has
huge accumulated losses which might take some time to be wiped-off. Trade
relations are fair. Payments are reported as slow and delayed at times. The company can be considered for small to mediocre business dealings
with slight caution, initially |
INFORMATION PARTED
BY
|
Name : |
Ms. Smita |
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Designation : |
Assistant |
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Date : |
26.07.2008 |
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Name : |
Ms. Shama |
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Designation : |
Account Manager |
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Date : |
26.07.2008 |
LOCATIONS
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Registered Office : |
Asmaco House, B-41, Main Road, Wagle Estate, Thane-400604,
Maharashtra, India |
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Tel. No.: |
91-22-25803070/25803071/25821437 |
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Fax No.: |
91-22-5803069 |
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E-Mail : |
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Website : |
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Area : |
6000 sq ft |
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Location : |
Owned |
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Factory : |
Gala no. 12/13, Durpati Chayya Compound, Behind Pruthiv Petrol Pump,
Purna Village, Bhiwandi, Mumbai, India |
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Location : |
Rented |
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Branch 1 : |
54, Narayan Mudali Street, 1st Floor, Chennai, Tamil Nadu,
India |
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Tel. No.: |
91-44-25386175 |
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Location : |
Rented |
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Branch 2 : |
Manglam Chambers, Ground Floor-25, K.H Road (Double Road), Bangalore,
Karnataka, India |
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Tel. No.: |
91-80-22233631 |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Aftab Ahmedali Nalwala |
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Designation : |
Director |
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Address : |
Flat no. 40, 7th Floor,98, Sunita Apartment, Cuffe Parade,
Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
10.12.1949 |
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Date of Appointment : |
17.05.1984 |
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Name : |
Mr. Munira Aftab Nalwala |
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Designation : |
Director |
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Address : |
Flat no. 40, 7th Floor,98, Sunita Apartment, Cuffe Parade,
Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
30.101955 |
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Date of Appointment : |
17.05.1984 |
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Name : |
Mr. Alisagar Aftab Nalwala |
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Designation : |
Director |
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Address : |
Flat no. 40, 7th Floor,98, Sunita Apartment, Cuffe Parade,
Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
25.12.1976 |
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Date of Appointment : |
26.12.1997 |
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Name : |
Mr. Insiya Abbas Rangwala |
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Designation : |
Director |
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Address : |
Flat no. 40, 7th Floor,98, Sunita Apartment, Cuffe Parade,
Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
13.03.1981 |
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Date of Appointment : |
01.07.2004 |
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Name : |
Mrs. Tasneem Hussain Baldiwala |
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Designation : |
Director |
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Address : |
133, Mehrdad Building, G.D Somani Marg, Cuffee Parade, Mumabi-400005,
Maharashtra, India |
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Date of Birth/Age : |
03.02.1971 |
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Date of Appointment : |
22.08.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 27.09.2005
|
Names of Shareholders |
|
No.of Shares |
|
Mr. Hussain Ahmedali Nalwala |
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2022132 |
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Mrs. Nafisa Hussain Nalwala |
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509070 |
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Mr. Ahmedali Hussain Nalwala |
|
1368851 |
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Mrs. Zoharbai Ahmedali Nalwala |
|
50999 |
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Mr. Aftab Ahmedali Nalwala |
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1619716 |
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Mrs. Munira Aftab Nalwala |
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346550 |
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Mr. Alisagar Aftab Nalwala |
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1526620 |
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Ms. Insiya Aftab Nalwala |
|
439256 |
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Mrs. Tasneem Hussain Baldiwala |
|
85434 |
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Total: |
|
7968628 |
Equity Share Break up as on 29.09.2007
|
Particulars |
Percentage |
|
Directors or Relatives of Directors |
100.00 |
|
Total: |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Suppliers of Quality Adhesive Tapes, Stretch Films,
Polyolefin Films and Hand Wrappers. |
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Products : |
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Exports : |
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Countries : |
Dubai |
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Imports : |
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Products : |
Stretch Films |
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Countries : |
Malaysia |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 Days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
10 (In Office), 10 (In Factory), 06 (In Branches) Toatl:26 |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
T.M Mulaji and Company (Chartered Accountant) |
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Address : |
92, Sarang Street, Mumbai-400003, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7968628 |
Equity Shares |
Rs. 10/-
each |
Rs.79.686
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
79.686 |
79.686 |
79.686 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.027 |
0.027 |
0.027 |
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|
4] (Accumulated Losses) |
(62.320) |
(71.894) |
(59.517) |
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NETWORTH |
17.393 |
7.819 |
20.196 |
|
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LOAN FUNDS |
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1] Secured Loans |
11.517 |
0.000 |
0.000 |
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2] Unsecured Loans |
15.336 |
23.813 |
23.970 |
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TOTAL BORROWING |
26.853 |
23.813 |
23.970 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
44.246 |
31.632 |
44.166 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.193 |
18.522 |
33.508 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
11.218 |
0.005 |
0.055 |
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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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|
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Inventories |
6.936
|
3.850 |
6.433 |
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Sundry Debtors |
14.758
|
13.252 |
11.511 |
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Cash & Bank Balances |
3.446
|
2.502 |
1.133 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.959
|
1.218 |
1.665 |
|
Total
Current Assets |
29.099
|
20.822 |
20.742 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
9.045
|
7.496 |
2.131 |
|
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Provisions |
0.219
|
0.221 |
8.008 |
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Total
Current Liabilities |
9.264
|
7.717 |
10.139 |
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Net Current Assets |
19.835
|
13.105 |
10.603 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
44.246 |
31.632 |
44.166 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
52.616 |
39.556 |
|
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
52.616 |
39.556 |
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Profit/(Loss) Before Tax |
|
9.522 |
(12.159) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
9.522 |
(12.159) |
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Export Value: |
|
0.441 |
0.697 |
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Expenditures : |
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Other Expenditure |
|
43.094 |
51.715 |
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Total Expenditure |
|
43.094 |
51.715 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
18.10
|
(30.74) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
18.10
|
(30.74) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.79
|
(30.90) |
NA |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
(1.55) |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.08
|
4.03 |
1.69 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.14
|
2.70 |
2.04 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The Registered
Office of the company is shifted from 17, Shamshet Street, 3rd
Floor, Room No. 25, Mumbai-400002, Maharashtra, India to Asmaco House, Plot no.
B-41, Road No. 27, Opposite I.T.I , Wagle Industrial Estate, Thane-400604,
Maharashtra, India with effect from 02.04.2007
|
Parameters |
Details |
|
Statutory Approvals: |
|
|
Income Tax Registration |
AAACA3743D |
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VAT/TIN Registration |
27510298767V |
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Import Export Code |
0388027117 |
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Name of the Bank |
State Bank of India |
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Creditibility Factors: |
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Year of Establishment |
1994 |
Trade References:
- NITCO Tiles, Mumbai
- Century Rayons, Mumbai
- Hindustan Unive Level, Mumbai
Form No.8:
Bankers Charges
Report as per Registry
|
Name of the company |
ASMACO INDUSTRIES
LIMITED |
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Presented By |
Mr. Aftab A
Nalawala |
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1) Date and description of instrument creating the change |
Composite deed of
hypothecation for all facilities dated 14.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500 million
(cash credit limit) |
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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 |
Hypothecation of
present and future stocks of raw materials, work in progress, finished goods,
consumables stores and spares, book debts upto 90 days, outstanding decrees,
money receivables, claims and bills more particularly described in third
schedule to the hypothecation agreement |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest: BPLR+1% at
present 12.25% with monthly rest, subject to change as per Bank’s Policy. Margin: 25% Penal
Interest @ 2%p.a in case of default. Change to cover all outstanding loan/balances
with interest, expenses etc. due to the Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra SSI Branch, B-37,
Wagle Industrial Estate, Thane-400604, Maharashtra, India Email: bom0642@vsnl.com |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25209MH1994PTC078436 |
|
Name of the
company |
ASMACO INDUSTRIES
LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
17, Shamshet
Street 3rd Floor, Room No. 25, Mumbai-400002, Maharashtra, India |
|
Type of charge |
Immovable property Book debts Movable Property |
|
Particular of
charge holder |
Bank of
Maharashtra SSI Branch, B-37
Wagle Industrial Estate, Thane-400604, Maharashtra, India Email:bom0642@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
1.
composite
deed of hypothecation for all facilities 2.
memorandum
of record of equitable mortgage |
|
Date of
instrument Creating the charge |
16.01.2007 |
|
Amount secured by
the charge |
Rs.3.200 millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest: For cash credit
of Rs. 2.500 millions-BPLR + 0.50% For Bank
Guarantee commission as per C.O Guidelines Margin: For cash credit
of Rs. 2.500 millions-25% For Bank
Guarantee of Rs. 0.700 million-25% Extent and
operation of the charge: Hypothecation of
movable property and equitable mortgage of movable property created in favour
of the Bank. |
|
Short particulars
of the property charged |
Charge is secured
by way of hypothecation of all movable plants, machineries, goods, stocks of
raw material, items, inventories, stocks in process more particularly
described in third schedule to the agreement and equitable mortgage of land
with building bearing corporation no. 25, situated in Kengal Hanumanthaiah
road in corporation, division no. 64, Bangalore without parking space in
building called Mangalam Chambers admeasuring about 807 Sq ft more
particularly described in 2nd schedule to the deed |
Website Details Attached:
Packaging Tapes and Rolls
Masking Tapes
Masking Tape for general purpose masking applications. Ideal for paint masking
and the Do-It-Yourself for light packaging and bundling and oven baking in Car
Body repairs and other lacquering applications also with water based systems.
Its adhesive is rubber solvent based and fully cured. It is available in White
colour. Available in Grade No. 633, HTM-60 and MSK-70.
Protection
Tapes
Protection Tape which is a component to go along with any finished
surfaces like glass and mirror, Aluminum Profiles (Post Anodized Coated,
Stained or Polished). The unusually low tack spread user friendly adhesive
enables the tape to cling gently on to the surface protecting from abrasive
smearing and scaling when used adhering to application instructions. It’s
adhesive is acrylic based . It is available in Clear Transparent colour in 40
micron, 50 micron, 80micron Black & White, 80 micron Black and 80 micron
White.
Aluminum
Foil Tapes
Aluminum Foil Tape is excellent
for preventing heating and cooling losses, blocks odours and moistures. Easy to
handle on joints and seams of fiberglass duct board systems, air conditions and
refrigeration systems with Glossy Finish and Rubber Solvent based fully cured.
It is available in 30 micron, 40 micron and Reinforced (FSK).
Polycoated
Duct Tapes
Polycoated Duct Tape is a general purpose duct tape having excellent adhesion.
Ideal for sealing thermal insulation and metal duct seams. Easy unwind and
useful for packing, sealing, patching, repairing and water proofing. It is
available in Silver Grey colour.
Bopp Tapes
BOPP
Film coated with acrylic adhesive, printable and excellent weather resistant.
Available in various shades such as transparent, brown etc. for standard
packing.
Ideal
for carton sealing and stationary applications.
|
Metric Colomn as Under |
Rolls per Ctns |
|
24mm x 65 Mtrs |
144 |
|
36mm x 65 mtrs |
96 |
|
48mm x 65 Mtrs |
72 |
|
48mm x 650 Mtrs |
12 |
|
60mm x 65 Mtrs |
48 |
|
60mm x 65 Mtrs |
10 |
|
72mm x 65 Mtrs |
48 |
|
72mm x 650 Mtrs |
08 |
Double Sides Tissue Tapes
Double Sided Tissue Tape based
on a thin non woven mat, with silicone paper liner both sides treated. It is
designed for assembling aluminium panels to plastics (e.g. ABS). Inner liners
in the refrigeration manufacturing thanks to its outstanding resistance to low
(-30º C) and high (+80º C) temperature. It can also be used for general purpose
application as to signs or decorative panels fixing. It is available in Cream
colour in Synthetic Rubber/Hot Melt (Solvent free).
Polyolefin Shrink Films
Subject range of Polyolefin Shrink Films give a unique three
dimentional appeal that, allow products to speak for themselves, thereby
capturing the attention of discrerning shoppers.
.
The exceptional shrink energy of subject Shrink Films allows us to shrink-wrap
the products without the buckling and distortion that create merchandising
problems at point of sale. Thanks to the revolutionary superior resilience of
subject Shrink Films, indentations during handling are eliminated. Introduce a
whole range of multi-pack promotions to give your products superior visual
appeal at the retail level.Shrink
Films offer exclusive advantages that make the products easier for package, easier to protect and easier to
sell!
Stretch Films
Manufacture from 5 and 7 layer
State-Of-Art technologies with gravimetric feeding and blending system, auto
gauge extrusion die and beta source thickness gauge control system. Stretch
film are manufactured from advance and proprietary blend of high quality resins
to achieve superb consistent quality products to satisfy customers'' needs and
requirement. Cast stretch firm products are produced under closed supervision
and product quality testing with latest lab testing equipments before releasing
to their customers worldwide.
250% pre stretch machine roll, standard machine roll, hand and jumbo roll.
Machine Roll
- Power pre stretch machine wrap or standard machine wrap grade.
- High grade resins used to provide excellent and consistent products
- Super stretch performance to provide additional savings.
- Good puncture resistance and load retention.
- Excellent clarity for easy product identification.
- Designed specially for machine use.
- Suitable for all type of loads and machines.
Hand Roll
Its super
tight wrap reduces separation during shipping and increases security against
pilferage.
Features:
- 2" or 3" paper core premiere hand grade
- Low stretch, high load retention and excellent clarity to protect
and secure the palletized goods.
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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
|
>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 |
|