MIRA
INFORM REPORT
|
Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANAND CONCAST LIMITED |
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Registered Office : |
Glaspura Road, Dhandari Kalan,
Ludhiana – 141003, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.10.1992 |
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Com. Reg. No.: |
16 – 12658 |
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CIN No.: [Company
Identification No.] |
U27109PB1992PTC012658 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDA01563C |
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PAN No.: [Permanent
Account No.] |
AABCA2453M |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturing of all types of Die Forgings, Castings, Sheet Metal Pressing and Metal Forming. |
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 729130 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Financial
position is good. Payments are correct and as per commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Glaspura Road, Dhandari Kalan,
Ludhiana – 141010, Punjab, India |
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Tel. No.: |
91-161-2510525, 2510132, 2510525, 2510526, 25210527 |
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Fax No.: |
91-161-2510625, 2511527, 2471884 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Vinod Kumar Gupta |
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Designation : |
Managing Director |
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Address : |
1103/2, Tagorenagar, Ludhiana – 141010, Punjab, India |
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Date of Birth/Age : |
10.12.1943 |
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Date of Appointment : |
16.10.1992 |
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Name : |
Mrs. Meena Gupta |
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Designation : |
Director |
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Address : |
1103/2, Tagorenagar, Ludhiana – 141010, Punjab, India |
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Date of Birth/Age : |
12.03.1949 |
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Date of Appointment : |
16.10.1992 |
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Name : |
Mr. Anand Gupta |
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Designation : |
Director |
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Address : |
1103/2, Tagorenagar, Ludhiana – 141010, Punjab, India |
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Date of Birth/Age : |
07.06.1977 |
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Date of Appointment : |
10.03.1997 |
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Name : |
Mr. Vinay Mittal |
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Designation : |
Director |
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Address : |
102/2, The Mall, Ludhiana – 141010, Punjab, India |
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Date of Birth/Age : |
03.02.1974 |
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Date of Appointment : |
02.04.2004 |
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Date of Ceasing : |
30.09.2004 |
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Name : |
Mr. Jaideep Anand Singh |
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Designation : |
Director |
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Address : |
50 D, BRS Nagar, Ludhiana – 141010, Punjab, India |
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Date of Birth/Age : |
23.03.1972 |
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Date of Appointment : |
02.04.2004 |
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Date of Ceasing : |
30.09.2004 |
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Name : |
Mr. Ruchir Dewan |
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Designation : |
Director |
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Address : |
G - 1103, Tagorenagar, Ludhiana – 141010, Punjab, India |
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Date of Birth/Age : |
20.09.1974 |
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Date of Appointment : |
02.04.2004 |
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Date of Ceasing : |
30.09.2004 |
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Name : |
Mr. Naveen Nayar |
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Designation : |
Director |
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Address : |
568/4, Cemetry Road, Civil Line, Ludhiana – 141001, Punjab, India |
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Date of Birth/Age : |
30.03.1970 |
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Date of Appointment : |
02.04.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity share breakup (Percentage of total equity)
|
Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of all types of Die Forgings, Castings, Sheet Metal Pressing and Metal Forming. |
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Products : |
v Machine tool, v Heavy electrical transmission line fittings v Automotive v Scaffolding v Ornamental architectural fittings v Hand tool including general hardware products. |
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Exports : |
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Countries : |
v
Germany v
Belgium v
Denmark v
Spain
v
Finland v
France
v
Greece
v
Ireland v
Italy
v
Luxembourg v
Norway
v
Netherlands v
Portugal v
United Kingdom v
Sweden
v
Swiss
v
Russia
v
PECO - Eastern Europe v
North America v
Central and South America v
Africa
v
South-East Asia v
China
v
Japan
v
Asia Pacific |
GENERAL
INFORMATION
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No. of Employees : |
350 |
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Bankers : |
Bank of Baroda Samrala Road, Ludhiana – 141001, Punjab, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sunil Kumar and Associates Chartered Accounts |
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Address : |
Sohan Palace, The Mall, Ludhiana – 141 008, Punjab, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210000 |
Equity shares |
Rs. 10/-
each |
Rs. 2.100
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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1] Share Capital |
2.100 |
2.100 |
2.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
143.726 |
128.423 |
120.528 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
145.826 |
130.523 |
122.628 |
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LOAN FUNDS |
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1] Secured Loans |
12.200 |
29.380 |
24.262 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
12.200 |
29.380 |
24.262 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
158.026 |
159.903 |
146.890 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.855 |
5.225 |
5.787 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
52.504 |
46.224 |
44.941 |
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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 |
12.330
|
25.785 |
19.028 |
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Sundry Debtors |
67.113
|
72.307 |
85.520 |
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Cash & Bank Balances |
25.223
|
22.574 |
2.318 |
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Other Current Assets |
0.000
|
14.749 |
3.632 |
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Loans & Advances |
38.965
|
29.046 |
25.954 |
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Total
Current Assets |
143.631
|
164.461 |
136.452 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
42.964
|
56.007 |
40.290 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
42.964
|
56.007 |
40.290 |
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Net Current Assets |
100.667
|
108.454 |
96.162 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
158.026 |
159.903 |
146.890 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 (Estimated) |
31.03.2006 |
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Sales Turnover |
|
300.000 |
219.635 |
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Total Income |
|
300.000 |
219.635 |
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Profit/(Loss) Before Tax |
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NA |
8.277 |
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Provision for Taxation |
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NA |
0.382 |
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Profit/(Loss) After Tax |
|
NA |
7.895 |
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Earnings in Foreign Currency : |
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Export Earnings |
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NA |
201.240 |
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Total Earnings |
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NA |
201.240 |
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Imports : |
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CIF Value |
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NA |
16.519 |
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Total Imports |
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NA |
16.519 |
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Expenditures : |
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Other Expenditure |
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NA |
211.358 |
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Total Expenditure |
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NA |
211.358 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
--
|
3.59 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
--
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3.77 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
--
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3.77 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
--
|
0.06 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.43 |
0.33 |
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Current Ratio (Current Asset/Current Liability) |
|
3.34
|
2.94 |
3.39 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
ANAND CONCAST LIMITED |
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Presented By |
Mr. Vinod Kumar Gupta, Director |
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1) Date and description of instrument creating the change |
23.06.1994 Hypothecation of Goods. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 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 |
Strock in hand for Exports |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI 6.5% par 2% above libor extent of operations – 100% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Samrala Road, Ludhiana |
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6) Date and brief description of instrument modifying the charge |
Instruments of hypothecation of goods dated 08.11.2002 |
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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 existing PC limit raised to Rs. 15.000 millions from Rs. 9.5000 millions ROI – 2.5% below BPLR or minimum 8.5% p.a. (Note: The aggregate of this limit and that of FBP is now Rs. 30.000 millions) Other terms are same. |
As Per Website Details
Services
The primary expertise of subject is towards manufacturing of any precision component is to identify the most cost-effective manufacturing process for it and then develop appropriate processes for production within the specified tolerances taking into consideration all the safety parameters in the primary design stages.
They excel in value engineering and often suggest design improvements to the clients which can substantially reduce the cost of the product.
They work with gray iron, ductile iron, mild sheet, aluminum, brass and various grades of stainless steel (304, 316, 316L)
They can supply products as raw, with any kind of chemical coating, electroplating (Crome, Nickel, zinc, Tin), powder coating/painting and hot dip galvanizing.
They have satisfied customers all over the world, including USA, Europe and Latin America.
They can provide strong references from customers who will
vouch for the quality and reliability.
They are the direct factory, which produces products for brand names around the world, and the quality is appreciated by the most demanding buyers worldwide.
Infrastructure
They have facilities for investment casting, sand casting, pressure die
casting capable of producers very small and fine casting of 25 gms to very
strong and structure like auto parts / machine tool parts of more than
250 legs.
The machine shop is equipped with all types of modern
machine tools CNC machining centers, lathes, drill machines and other allied
machines. It enables us to supply with an accessory of 0.05
gms. on precision component in semi finished and eccentric,
surface grinder.
Heat treatment
Heat treatment is decisive in obtaining the required quality of
products. This department is well equipped with furnaces, which are capable of
annealing, normalizing, hardening, tempering and stress relieving.
Fabricating
The system production is equipped with a range
of mechanical / hydraulically power pressed capable of
performing metal pressing, metal forming and sneer ping operation
on up to 12mm thick metal and up to 500mm length / width dimensions.
Welding
Brazing, arc welding, gas welding MIG / TIG
welding, resistance welding.
Planting
Zinc plating, chrome plating, nickel plating,
galvanizing, anodizing, black oxide, chromate.
Painting & Powder coating
Enamels, epoxy, urethane, polyurethane prime coating, top finishing,
electrostatic, baking.
Ready Stock
The stock unit makes sure that various types
and grades of the material are always available in
sufficient quantity for regular production as well as contingency
requirements.
Availability of Power
They have in house captive power back up, which make
sure that in case of power supply failure, the production
does not stop for any moment.
Logistic Support
They are strategically located in one of the most developed
industrial area in Ludhiana - INDIA which places
us close to all the raw material suppliers, thus
reducing the lead time of delivery.
They stick to material, production and inspection schedule
to ensure committed deliveries. A sophisticated
communication system, including web based connectivity
for fast information exchange between the company and its costumers
is an asset.
The company has also developed a comprehensive human resource management
program, which seeks to continuously upgrade the skill level of all personal by
providing safe and best working environment to them at all
levels.
News Letter
ACL is serving to different engineering
industries and traders in the field of specialized components manufactured with
the process of Forging / Precision casting and high accuracy machining since
last more than 50 years.
They are supplying different precision,
components like automobile parts, clamps, flanges, pump components, engine
components, gear box components, Tractor parts, all sizes of eye bolts, general
hardware and building material and hand tools.
ACL is having following manufacturing
capabilities:
v Precision Forging and Casting
v High Accuracy Machining
v Research and Development
v All Types of Surfacer Coatings, Polishing and Chemical Platings.
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 :
The 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.
The 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. 43.21 |
|
UK Pound |
1 |
Rs. 85.72 |
|
Euro |
1 |
Rs. 67.92 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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%)
6
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|