MIRA
INFORM REPORT
|
Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AJIT INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
M-7, Mezzanine Floor, Aradhana Bhawan, Commercial
Complex, Near Aakash Cinema, Azadpur, New Delhi – 110033 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.02.1998 |
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Com. Reg. No.: |
55-92320 |
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CIN No.: [Company
Identification No.] |
U33112DL1998PTC092320 |
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IEC No : |
0598001280 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA08875G |
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PAN No.: [Permanent
Account No.] |
AACCA4913D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing of Self Adhesive Tapes, Die Cuts and Stickers. |
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 170732 |
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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 and reputed company having satisfactory track. Directors are
reported as experienced 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 : |
M-7, Mezzanine Floor, Aradhana Bhawan,
Commercial Complex, Near Aakash Cinema, Azadpur, New Delhi – 110033, India |
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Tel. No.: |
91-11-27672807 / 27672616 / 27674974 /
27678797/ 27672618/ |
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Mobile No.: |
91-9811008848 (Mr. Deepak Gupta),
9811168674 |
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Fax No.: |
91-11-27675727 / 27675244 |
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E-Mail : |
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Website : |
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Area : |
1054 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
114-115, Village Nizampur, Tehsil Kharkhoda, Distt. Sonepat, Haryana |
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Area : |
50904 sq. ft. |
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Location : |
Owned |
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Branches : |
Tel No.: 91-22-28528477/2852977 Email : aipl.mumbai@ajitindustries.com
Tel No.: 91-44-28341839 Email : aipl.chennai@ajitindustries.com |
DIRECTORS
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Name : |
Mr. Ajit Kumar Gupta |
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Designation : |
Managing Director |
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Address : |
A-20, Panchwati Azadpur, New Delhi – 110033, India |
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Date of Birth/Age : |
05.05.1984 |
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Qualification : |
B. Com., BA, CCB |
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Experience : |
20 Years |
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Date of Appointment : |
30.03.1999 |
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Email : |
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Name : |
Mr. Deepak Kumar Gupta |
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Designation : |
Director |
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Address : |
A-20, Panchwati Azadpur, New Delhi – 110033, India |
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Date of Birth/Age : |
30.01.1971 |
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Qualification : |
B. E. |
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Experience : |
15 Years |
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Date of Appointment : |
30.03.1999 |
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Email : |
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Name : |
Mr. Ashok Kumar Gupta |
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Designation : |
Director |
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Address : |
A-20, Panchwati Azadpur, New Delhi – 110033, India |
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Date of Birth/Age : |
07.07.1961 |
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Qualification : |
M Com. |
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Experience : |
18 Years |
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Date of Appointment : |
20.07.2003 |
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Email : |
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Name : |
Mr. Vijay Garg |
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Designation : |
Director |
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Address : |
C-7/105-B, Lawrence Road, Delhi – 110035,
India |
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Date of Birth/Age : |
01.10.1966 |
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Date of Appointment : |
01.10.2005 |
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Email : |
KEY EXECUTIVES
|
Name : |
Ashish Jain and Associates |
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Designation : |
Company Secretary |
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Address : |
C-32, Y-3, Dilshad Garden, Delhi – 110095 |
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Mobile : |
91-9810794843 |
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Email : |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Arun Kumar Gupta |
|
50600 |
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Mr. Sahil Gupta |
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120000 |
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Mr. Ahit Kumar Gupta |
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433850 |
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Mrs. Anjali Gupta |
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51100 |
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Mr. Deepak Gupta |
|
333450 |
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Mr. Ashok Kumar Gupta |
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10000 |
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Mrs. Asha Gupta |
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1000 |
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Total |
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1000000 |
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Category |
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Percentage |
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Directors or relatives of director |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Self Adhesive Tapes, Die Cuts and Stickers. |
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Products : |
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Brand Names : |
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Exports : |
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Products : |
Adhesive tapes |
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Countries : |
Europe |
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Imports : |
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Products : |
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Terms : |
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Selling : |
LC terms |
PRODUCTION STATUS
As on 31.03.2004
|
Particulars |
Unit |
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Actual
Production |
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Self Adhesive Tape and Silk Fabric |
Rolls/ Pieces |
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|
6,217,416 |
GENERAL INFORMATION
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No. of Employees : |
64 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Virender Kumar Jain and Company Chartered Accountants |
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Address : |
3618/11, Sudeshan Market, Chawti Bagh, Delhi – 110006, India |
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Tel. No.: |
91-11-23970376 |
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Associates/Subsidiaries : |
Wonder Polymers Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
32.683 |
24.239 |
15.250 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
42.683 |
34.239 |
25.250 |
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LOAN FUNDS |
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1] Secured Loans |
40.989 |
18.069 |
8.451 |
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2] Unsecured Loans |
10.721 |
6.937 |
11.900 |
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TOTAL BORROWING |
51.710 |
25.006 |
20.351 |
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DEFERRED TAX LIABILITIES |
3.525 |
3.446 |
3.195 |
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TOTAL |
97.918 |
62.691 |
48.796 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.501 |
22.472 |
17.882 |
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Capital work-in-progress |
0.000 |
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 |
18.819
|
7.770
|
41.155 |
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Sundry Debtors |
44.447
|
34.492
|
44.554 |
|
|
Cash & Bank Balances |
1.007
|
1.661
|
0.404 |
|
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Other Current Assets |
0.000
|
0.693
|
0.165 |
|
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Loans & Advances |
25.666
|
6.985
|
7.764 |
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Total
Current Assets |
89.939
|
51.601
|
94.042 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
9.942
|
11.382
|
63.128 |
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Provisions |
6.580
|
0.000 |
0.000
|
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Total
Current Liabilities |
16.522
|
11.382
|
63.128 |
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Net Current Assets |
73.417
|
40.219
|
30.914 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
97.918 |
62.691 |
48.796 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
251.716 |
286.065 |
183.273 |
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Other Income |
5.056 |
3.849 |
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|
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Total Income |
256.772 |
289.914 |
183.273 |
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Profit/(Loss) Before Tax |
11.884 |
12.477 |
10.453 |
|
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Provision for Taxation |
3.440 |
3.488 |
0.000 |
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Profit/(Loss) After Tax |
8.444 |
8.989 |
10.453 |
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Export Value |
0.034 |
0.000 |
0.000 |
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Import Value |
146.339 |
162.844 |
0.000 |
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Expenditures : |
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Interest |
0.000 |
2.087 |
1.007 |
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Depreciation & Amortization |
0.000 |
1.318 |
1.104 |
|
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Other Expenditure |
244.888 |
276.645 |
172.820 |
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Total Expenditure |
244.888 |
280.05 |
174.931 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.29
|
3.10
|
5.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.72
|
4.36
|
5.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.38
|
16.84
|
9.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.36
|
0.41 |
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.60
|
1.06
|
3.31 |
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.44
|
4.53
|
1.49 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U33112DL1998PTC092320 |
|
Name of the
Company |
AJIT INDUSTRIES PRIVATE LIMITED |
|
Address |
M-7, Mezzanine Floor, Aradhana Bhawan, Azadpur, Commercial Complex,
Near Akash Cinema, Azadpur, New Delhi – 110033, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Movable Property
(not being pledge) |
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Particulars of the
charge holder |
State Bank of
Mysore 4101/4157, Naya
Bazar, Delhi – 110006, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Agreement for letter
of credit and/ or Bank Guarantee Limit |
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Date of the
instrument creating or modifying the charge |
26.09.2007 |
|
Amount secured by
the charge |
Rs.2.000 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: Interest/
Commission as per Bank Rules Terms of
Repayments : 12 months
including claim period Margin : 25% Extent and
operation of the charge : The charge
operates as security as exclusive first charge. Others : This is to secure
Bank Guarantee limit of Rs.2.000 Millions (Interchangeable to LC Limit) |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
whole of the borrower stocks of adhesive and related products and raw
materials, raw or in process of manufacture and all articles manufactured
there from which now or hereafter from time to time during this security
shall be brought into stored or be in or about borrowers godowns or premises
at Delhi. |
|
Particular of the
present modification |
The Bank
Guarantee limit is stands enhanced from Rs.1.000 Million to Rs.2.000 Millions
which in Interchangeable to LC Limit |
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Name of the company |
AJIT INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Director (Hereinafter
referred to as “The Company”) |
|
1) Date and description of instrument creating the change |
Articles of
Agreement Term Loan against Hypothecation Movable Machinery dated 01.12.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 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 |
Hypothecation of Machinery
already Purchases to be purchased as specified and described in schedule B of
the agreement including any other machinery which may at any time during the
continuance of this security belong to the borrower and be lying in or about
the factory premises at Village Nizampur Khurd, Tehsil Kharkhoda. District
Sonipat (Haryana) or elsewhere in India. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @0.25%
Over SBM PLR with a minimum of 11.25% p.a. with monthly rest. Margin 25% Repayable in 12
equal quarterly installment of Rs.0.250 Million First installment to be paid
on 24.02.2006 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Mysore Naya Bazar, Delhi
– 110006, India |
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6) Date and brief description of instrument modifying the charge |
Agreement of
Hypothecation of Movable Assets forming part of Fixed / Block assets and
Letter of extension of Equitable mortgage dated 01.12.2005 |
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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. |
The said Terms
Loan of Rs.3.000 Millions is now additionally security by :-
Other Terms and
conditions same. |
|
Name of the company |
AJIT INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Director
(Hereinafter referred to as “The Company”) |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation
of Goods to secure letter of credit limit and letter of equitable mortgage
dated 02.12.1999 Regd. On 01.02.2000, modified on 23.01.2001, 28.12.2002,
03.01.2003 and 03.01.2003, Regd. On 12.02.2001, 26.02.2003, 26.02.2003,
26.02.2003 and last modified on 18.02.2005 upto Rs.10.350 Millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.000 Millions |
|
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
whole of the borrower stocks of adhesive and related products and raw
materials, raw or in process of manufacture and all articles manufactured there
from which now or hereafter from time to time during this security shall be
brought into stored or be in or about borrowers godowns or premises at
Nizampur Khurd, Tehsil Kharkhoda. District Sonipat (Haryana). And 357 Room
No. 4, PNB building, Daryaganj, New Delhi - 110002 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Above is to
secure letter of credit limit Commission as per
Bank rules from time to time |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
Mysore Naya Bazar, Delhi
– 110006 |
|
6) Date and brief description of instrument modifying the charge |
Agreement of
Hypothecation of Movable Assets forming part of Fixed / Block assets and Letter
of extension of Equitable mortgage dated 18.02.2005 |
|
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. |
The enhanced Letter
of Credit Limit of Rs.10.350 Millions in now additionally security by :-
Other Terms and
conditions same. |
Subject business partner is Lohmann, Germany.
Networth [Tangible] : Rs.34.239 Millions
Subject is an ISO 9001 certified company engaged in the business of
manufacturers of adhesive tapes.
Website details attached
·
Company Profile
Subject is the leader in innovation among Indian manufacturers and also take the
credit to be the pioneer in Self Adhesive Tapes. Started around 15 years back,
the company is continuously rising on the growth chart and setting very high
quality standards. The key to this remarkable growth has been the company's
commitment to the development of new development of new products, consistency
in quality and service. Today this commitment has seen them achieve the
leadership by manufacturing for the first time in India different products and
are joint venture partners with one of the largest manufacturer of Double Sided
tapes in Europe namely M/s. Lohmann Adhesive Tapes Systems, Germany.
Their strict emphasis on quality clearly reflects in the fact that they are an
ISO 9002 Company.
They are mainly catering to manufacturers of Flexo Printing Plastic Bags, Name
Plates, Metal Lables, Domes, Cables Wide Harness, and Transformers etc.
- Products /
Services Summary
They
offer a wide range of:
- PVC Tapes
- Polyster
Tapes
- Double sided
Foam Tapes
- Masking Tapes
- UL Approved
Tapes
- Floor Marking
Tapes
- Warning Tapes
- Safety Tapes
- Filament
Tapes
·
Customers Summary
Subject
serves a large customer base that includes among others:
- ELECTROLUX
- WHIRLPOOL
APPLIANCES LTD.
- DAEWOO MOTORS
LTD.
- FORD INDIA
LTD.
- ITI LTD.
·
Facility Summary
They got state of the art infrastructure and equipped with the latest machines
to serve the best to their privileged customers. The factory is situated at the
outskirts of Delhi in the State of Haryana on 6000 sq. yards covered area of
20000 sq. ft. Strong empasis on continous research to innovate new technologies
have place them on the favorites list of many big clients.
They have network all over India covering all the major cities.
Subject is one
of the flagship companies in the country engaged in manufacturing of “PRESSURE SENSITIVE SELF ADHESIVE INDUSTRIAL
TAPES".
Year back 1998, The Company was incorporated at Delhi by the promoters having
several years experience in the field of various types of Self Adhesive
industrial Tapes. The company is equipped with a “State of the Art”
manufacturing facility at it's plant located near Delhi at Kharkhoda in Distt.
Sonepat (Haryana).
Subject is an ISO
9001:2000 Certified company having a wide range of User Friendly specialty
Tapes under it's own Brand-Names “SUNSUI”
and “EZ PACK”. Out
of which a significant portion of the specialty products are ornamented with
“UL Certification".
Wide product mix and prompt service provided by subject has
created a strong presence in the Indian Market, manned by professionals who
have more than two decades of experience in the pressure sensitive tape
business. The company is tuned to cater the stringent needs of all the
manufacturing sectors and backed up by a dedicated and aggressive marketing
team i.e. “On call” to attain promptly and professionally to the needs of the
end users.
The company has a committed objective of achieving complete customer
satisfaction with it's constant drive for excellence.
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.39.38 |
|
UK Pound |
1 |
Rs.77.48 |
|
Euro |
1 |
Rs.58.38 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
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 |
|
|
>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/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|