MIRA
INFORM REPORT
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Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GHAZIABAD ALLOYS PRIVATE LIMITED |
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Registered Office : |
C – 26, Shivaji Park, Punjabi Bagh, New Delhi – 110085 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.04.2002 |
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Com. Reg. No.: |
55-115091 |
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CIN No.: [Company
Identification No.] |
U28999DL2002PTC115091 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTG00121C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Forged, Flanges, Sleeves and Fittings |
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 43000 |
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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 having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
C – 26, Shivaji Park, Punjabi Bagh, New Delhi – 110085, India |
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E-Mail : |
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Website : |
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Area : |
7000 sq. ft. [Owned] |
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Head Office : |
C 179 B, BSR Industrial Area, Ghaziabad -
201 001. India |
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Tel. No.: |
91-120-2702494, 2702495 |
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Fax No.: |
91-120-2701572 |
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E-Mail : |
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U.S. Office: |
141 Old Short Hills Road, Apt # 102 West
Organge, NJ-07052 USA |
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Tel. No.: |
1-973-243-8843 |
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Mobile No.: |
1-973-493-8323 |
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Fax No.: |
1-973-494-9498 |
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E-Mail : |
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Chennai Office: |
Varinda Forging Plot No. 6, Phase II, SIDCO Industrial Estate, Vichoor - 600 103,
Tamilnadu |
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Tel. No.: |
91-9380125988 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Aman Chattwal |
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Designation : |
Director |
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Address : |
KH-144, New Kavi Nagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Date of Birth/Age : |
17.04.1972 |
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Date of Appointment : |
24.04.2002 |
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Name : |
Mrs. Pooja Chattwal |
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Designation : |
Director |
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Address : |
KH-144, New Kavi Nagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Date of Birth/Age : |
14.04.1972 |
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Date of Appointment : |
24.04.2002 |
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Name : |
Mr. Suresh Kumar Kukreja |
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Designation : |
Director |
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Address : |
L – 19, Rajouri Garden, New Delhi – 110027, India |
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Date of Birth/Age : |
21.02.1966 |
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Date of Appointment : |
11.05.2006 |
KEY EXECUTIVES
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Name : |
Mr. K. L. Nathani |
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Designation : |
Chief Executive Officer (Global Marketing) |
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Name : |
Mr. Shrvan Kumar |
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Designation : |
Accountant Manager |
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Tel No. : |
91-120-2701572 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2006
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Forged, Flanges, Sleeves and Fittings |
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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 : |
Machines |
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Countries : |
Malaysia |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 40 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
KPMC and Associates Chartered Accountants |
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Address : |
C – 1, RDC, Rajnagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Associates/Subsidiaries : |
VN Engineering IGC Sambha Industrial Estate,
Jammu Mobile: 91-9810072735 [Mr. Aman
Chattwal] |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
9.570 |
4.570 |
1.000 |
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3] Reserves & Surplus |
1.156 |
0.096 |
0.028 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.826 |
4.766 |
1.128 |
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LOAN FUNDS |
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1] Secured Loans |
25.267 |
0.680 |
0.000 |
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2] Unsecured Loans |
0.200 |
0.209 |
0.209 |
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TOTAL BORROWING |
25.467 |
0.889 |
0.209 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
36.293 |
5.655 |
1.337 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.038 |
4.483 |
1.884 |
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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 |
56.549
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22.532 |
0.971 |
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Sundry Debtors |
79.122
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3.929 |
4.601 |
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Cash & Bank Balances |
1.722
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0.978 |
0.038 |
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Other Current Assets |
0.000
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1.100 |
0.460 |
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Loans & Advances |
3.140
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9.090 |
0.017 |
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Total
Current Assets |
140.533
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37.629 |
6.087 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
110.804
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36.417 |
6.642 |
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Provisions |
0.480
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0.047 |
0.000 |
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Total
Current Liabilities |
111.284
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36.464 |
6.642 |
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Net Current Assets |
29.249
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1.165 |
[0.555] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Others |
0.006 |
0.007 |
0.008 |
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TOTAL |
36.293 |
5.655 |
1.337 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
132.837 |
50.735 |
9.953 |
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Total Income |
132.837 |
50.735 |
9.953 |
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Profit/(Loss) Before Tax |
1.226 |
0.115 |
0.019 |
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Provision for Taxation |
0.480 |
0.048 |
0.007 |
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Profit/(Loss) After Tax |
0.746 |
0.067 |
0.012 |
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Total Expenditure |
131.611 |
50.620 |
9.934 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.56
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0.13 |
0.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.92
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0.23 |
0.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.83
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0.27 |
0.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.02 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.63
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7.84 |
6.07 |
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Current Ratio (Current Asset/Current Liability) |
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1.26
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1.03 |
0.92 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
GHAZIABAD ALLOYS
PRIVATE LIMITED |
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Presented By |
Sr. Manager Punjab
National Bank, Sector – 27, Noida – 201303, Uttar Pradesh |
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1) Date and description of instrument creating the change |
Deed of
hypothecation of goods and book debts to secure cash credit facility dated
02.12.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 30.000
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
entire stocks of raw materials viz manufacturing materials / raw material
including excisable raw materials including excisable raw material stocks in
process, semi finished goods and finished goods spares lying or kept at
company Godown situated at C – 179-B, Bulandshahr Road, Industrial Area
Ghaziabad or else where and book debts outstanding decress money receivable
government, government subsidies, claims bills, contracts and investments. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of
interest shall be chargeable as per HO/RBI Guidelines from time to time
presently the same is minimum @ 12.25 % p.a. with monthly rests Margin – 25 % The Cash Credit of
Stocks and Book Debts limit of Rs. 30.000 Millions shall also be secured by
entire fixed / block / current assets of the company which including trade
receivable of the company Loan renewable
annually and payable on demand |
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5) Name and Address and description of the person entitled to the charge. |
Sr. Manager Punjab National Bank, Sector – 27, Noida – 201303, Uttar
Pradesh |
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6) Date and brief description of instrument modifying the charge |
Not Available |
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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. |
Not Available |
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U28999DL2002PTC115091 |
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Name of the
company |
GHAZIABAD ALLOYS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C – 26, Shivaji Park, Punjabi Bagh, New Delhi – 110085, India |
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Particular of
charge holder |
Punjab National Bank, Sector – 27, Noida – 201303, Uttar Pradesh |
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Nature of
description of the instrument creating or modifying the charge |
Term loan against
[Present and future] fixed assets of the company |
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Date of
instrument Creating the charge |
16.03.2007 |
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Amount secured by
the charge |
Rs. 66.300
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 2 % + 0.5
% [Presently 14.75 % p.a. monthly compounded] Terms of Repayment Term loan should
be repaid in 28 quarterly installments. 1st to
27th installments of Rs. 2.368 Millions 28th
Installment of Rs. 2.364 Millions Margin 25 % Extent and Operation of the charge Till the final
repayment of loan along with interest / penal interest and other applicable
charges etc. |
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Short particulars
of the property charged |
Collateral
security : company’s immovable property situated at C-179, B.S.R. Road,
Industrial Area, Ghaziabad |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.16 |
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UK Pound |
1 |
Rs.82.28 |
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Euro |
1 |
Rs.65.54 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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