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MIRA
INFORM REPORT
|
Report Date : |
09.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADVANCE ISPAT (INDIA) LIMITED |
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Registered Office : |
81, Functional Industrial Estate, Patparganj, New Delhi – 110092,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.04.1990 |
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Com. Reg. No.: |
55-39747 |
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CIN No.: [Company
Identification No.] |
U27101DL1990PLC039747 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA03584A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Transportation – Air, Rail, Auto Components |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 620000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. S. C Jain |
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Designation : |
General Manager |
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Date : |
08.08.2008 |
LOCATIONS
|
Registered Office : |
81, Functional Industrial Estate, Patparganj, New Delhi – 110092,
India |
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Tel. No.: |
91-11-22145760/ 22145761/ 22145762 |
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Fax No.: |
91-11-22145978 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory : |
S. E. Z Noida, India |
DIRECTORS
|
Name : |
Mr. Ashish Agarwal |
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Designation : |
Director |
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Address : |
B-16, Swasthya Vihar, Delhi – 110092, India |
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Date of Birth/Age : |
03.04.1973 |
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Qualification: |
Graduate |
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Date of Appointment : |
01.01.1995 |
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Name : |
Mr. Lalit Agarwal |
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Designation : |
Director |
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Address : |
B-16, Swasthya Vihar, Delhi – 110092, India |
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Date of Birth/Age : |
07.10.1960 |
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Qualification: |
Graduate |
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Date of Appointment : |
05.04.1990 |
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Name : |
Mr. D. N. Agarwal |
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Designation : |
Director |
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Address : |
B-16, Swasthya Vihar, Delhi – 110092, India |
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Date of Birth/Age : |
04.05.1949 |
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Qualification: |
Graduate |
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Date of Appointment : |
05.04.1990 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(A son 29.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
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N. D. Agarwal |
|
1000 |
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Lalit Agarwal |
|
1000 |
|
Subhash CH. Jain |
|
1000 |
|
Ram Kishore Gupta |
|
1000 |
|
Sunil Agarwal |
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1000 |
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Satya Prakash Goel |
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1000 |
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Sneha Agarwal |
|
220000 |
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Romil Agarwal |
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160000 |
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Minu Agarwal |
|
270000 |
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Sanmukh Agarwal |
|
200000 |
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Kannupriya Agarwal |
|
500000 |
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Sadanand Agarwal |
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300000 |
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Himani Agarwal |
|
300000 |
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Laxmi Devi Agarwal |
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300000 |
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Asish Agarwal |
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200000 |
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Dev Raj Agarwal HUF |
|
1000 |
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Total |
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2457000 |
(A son 31.03.2007)
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Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Transportation – Air, Rail, Auto Components |
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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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Terms : |
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Selling : |
L/C and Credit (30-90 days) and at Singh |
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Purchasing : |
Cash, Credit (30 days) and Cheque Payment |
GENERAL
INFORMATION
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Customers : |
Dealers |
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No. of Employees : |
20 |
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Bankers : |
Landmarkrace Cource Circle, Alkapuri Baroda – 390015, Gujarat, India
Kaugh Place, New Delhi, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Y. Agarwal and Company Chartered Accountant |
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Address : |
4346/4C, Ansari Road, New Delhi – 110002, India |
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Group Company: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2457000 |
Equity Shares |
Rs.10/- each |
Rs.24.570 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 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
24.570 |
24.570 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
100.055 |
93.123 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
124.625 |
117.693 |
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LOAN FUNDS |
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1] Secured Loans |
|
18.295 |
13.284 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
18.295 |
13.284 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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142.920 |
130.977 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
6.825 |
0.863 |
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Capital work-in-progress |
|
1.360 |
0.000 |
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INVESTMENT |
|
4.508 |
4.508 |
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DEFERREX TAX ASSETS |
|
0.740 |
0.608 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.215
|
12.425 |
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Sundry Debtors |
|
15.014
|
3.418 |
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Cash & Bank Balances |
|
62.666
|
101.145 |
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Other Current Assets |
|
0.000
|
0.000 |
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Loans & Advances |
|
54.745
|
24.303 |
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Total
Current Assets |
|
143.640
|
141.291 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
7.199
|
3.286 |
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Provisions |
|
7.100
|
13.007 |
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Total
Current Liabilities |
|
14.299
|
16.293 |
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Net Current Assets |
|
129.341
|
124.998 |
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MISCELLANEOUS EXPENSES |
|
0.146 |
0.000 |
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TOTAL |
|
142.920 |
130.977 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
140.647 |
182.122 |
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Other Income |
|
18.316 |
9.554 |
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Total Income |
|
158.963 |
191.676 |
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Profit/(Loss) Before Tax |
|
15.545 |
10.061 |
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Provision for Taxation |
|
5.739 |
3.733 |
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Profit/(Loss) After Tax |
|
9.806 |
6.328 |
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Expenditures : |
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Raw Material Consumed |
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18.720 |
0.000 |
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Purchases made for re-sale |
|
105.775 |
157.906 |
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Consumption of stores and spares parts |
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0.444 |
0.000 |
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Increase/(Decrease) in Finished Goods |
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(5.205) |
0.000 |
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Salaries, Wages, Bonus, etc. |
|
0.879 |
0.640 |
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Payment to Auditors |
|
0.106 |
0.047 |
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Interest |
|
2.196 |
2.081 |
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Insurance Expenses |
|
0.155 |
0.094 |
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Power & Fuel |
|
0.305 |
0.000 |
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Depreciation & Amortization |
|
0.507 |
0.310 |
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Other Expenditure |
|
19.536 |
20.537 |
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Total Expenditure |
|
143.418 |
181.615 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
6.17 |
3.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
11.05 |
5.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.33 |
7.08 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.12 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.26 |
0.25 |
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Current Ratio (Current Asset/Current Liability) |
|
|
10.05 |
8.67 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U27101DL1990PLC039747 |
|
Name of the
company |
ADVANCE ISPAT (INDIA) LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
81, Functional Industrial Estate, Patparganj, New Delhi – 110092,
India |
|
This form is for |
Creation of charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri Baroda – 390015, Gujarat, India CIN No.:
L65190GJ1994PLC021012 Email : jyotin.mehta@icicibank.com |
|
Nature of
instrument creating charge |
Facility
Agreement Executed between ICICI Bank Limited and Advance Ispat
(India) Limited |
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Date of
instrument Creating the charge |
14.12.2007 |
|
Amount secured by
the charge |
Rs.39.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 10.5% on monthly
reducing balance Terms of
Repayment: 120 months or
till the complete satisfaction of loan Margin: Rs.21.000 Millions Extent and
Operation of the charge: Upto the
principle of Rs.39.000 Millions Repayment in 120
months or till the complete satisfaction od loan |
|
Particulars of
the property charged |
Estate Home
No.E-3/10, Land –II, Jay Pee Greens Noida – 201306, Uttar Pradesh |
Website Details:
Scaffoldings
They manufacturer exporter and suppliers wide range of Scaffolding Fitting,
Scaffolding Fitting Systems and accessory including Drop Forged Fittings. These
products are designed to be used with standard scaffold tubes. The Cold pressed
and drop forged fittings are of high performance and provide the building
industry with completely safe, economical solutions for Scaffolding Design as
per BS/ASTM Standards.
1. Fixed or right angled 90º model
2. Swivel or revolving model they are producing wrap-over
couplers, sleeve couplers, put log head and joint pins.
They can develop any type of coupler as per customer
drawings or requirements.
Accessory:
- T-Bolts, Rivets, Brace Lock assembly dimensions dia 10mm, 12mm,
16mm, 18mm
- Prop nuts
- Wing nuts
- Wedge Plates, Water stop 5. Go-Go nuts, Bottom cups
- Rapid clamps, Top cups 3lugs and 4lugs
- Stirrup nuts
Generally, made of hot dipped, galvanized steel, which offers long-term
corrosion resistance, it won't rot, absorb moisture, split, splinter, swell,
warp or burn, thereby providing considerable life-cycle cost savings. While
weighing less than the average wood scaffold plank, steel scaffolding is
stiffer over any given span, reducing bounce and providing a more stable
platform.
Thick steel scaffold planks for platforms that hold heavy loads and withstand
movements. Scaffolding is a temporary platform, either supported from below or
suspended from above, on which workers stand when performing tasks at heights
above the ground. Construction jobs may require several kinds of scaffolds to
permit easy working procedures. Steel Scaffold may range from individual planks
placed on structural members of the building to involved patent scaffolding.
Exports:
ASLT's products range with an intense network of distributors and agents thought out India has enabled ASTL to service an extensive customet base. Virtually, ASTL has got a list of satisfied clientele from all conceivable sectors of Indian Indian Industries and Projects.
ASTL's versatile range and conformity to variour international specifications
have earned reputation in export market all over which include US, West Europe,
Australia, South East Asia, Africa and the Middle East.
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 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.42.20 |
|
UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|