MIRA
INFORM REPORT
|
Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ANDRU PRODUCTS LIMITED |
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Registered Office : |
D – 11, SMA, Co-Operative Industrial Estate, GT Karnal Road, New Delhi
- 110 033 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.05.1995 |
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Com. Reg. No.: |
068144 |
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CIN No.: [Company
Identification No.] |
L74899DL1995PLC068144 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA10669B |
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PAN No.: [Permanent
Account No.] |
AAACA8464D |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Bolts, Rivets, Screws, Special
Fasteners. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 37000 |
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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. Directors are reported as
experienced and respectable businessman.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The concern can be considered normal for business dealing at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
D – 11, SMA, Co-operative Industrial Estate, GT Karnal Road, New Delhi
110033, India |
|
Tel. No.: |
91-11-65156706 / 27694174 / 27694175 |
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Fax No.: |
91-11-27691152 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Vipul Jain |
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Designation : |
Director |
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Address : |
TP-59, Pitampura, Delhi 110 088, India |
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Date of Birth/Age : |
22.08.1973 |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Narendra Kumar Jain |
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Designation : |
Director |
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Address : |
18/11, Shakti Nagar, Delhi 110 007, India |
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Date of Birth/Age : |
09.09.1951 |
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Date of Appointment : |
19.06.1995 |
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Name : |
Mr. Ashish Jain |
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Designation : |
Director |
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Address : |
18/11, Shakti Nagar, Delhi 110 007, India |
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Date of Birth/Age : |
11.08.1979 |
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Date of Appointment : |
14.06.2001 |
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Name : |
Mr. Ratanlal Jain |
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Designation : |
Director |
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Address : |
18/11, Shakti Nagar, Delhi 110 007, India |
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Date of Birth/Age : |
22.02.1924 |
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Date of Appointment : |
04.01.1999 |
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Date of Ceasing : |
01.12.2004 |
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Name : |
Mr. Sudharma Jain |
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Designation : |
Director |
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Address : |
BK15, Delhi 110 007, India |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Adish Jain |
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Designation : |
Director |
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Address : |
18/11, Shakti Nagar, Delhi 110 007, India |
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Date of Birth/Age : |
01.05.1982 |
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Date of Appointment : |
18.05.2000 |
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Date of Ceasing : |
01.12.2004 |
KEY EXECUTIVES
|
Name : |
Rajeshwari Chamola |
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Designation : |
Company Secretary |
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Address : |
805, Padma Tower I, 5, Rajendra Palace, New Delhi 110 008, India |
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Tel No. : |
91-11-51536636 |
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Fax No. : |
91-11-51536637 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(as on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Narender Kumar Jain |
2000 |
|
Ratan Lal Jain |
5500 |
|
Uma Jain |
46000 |
|
N. K. Jain HUF |
7000 |
|
Adish Jain |
14520 |
|
Ashish Jain |
17520 |
|
Bindu Jain |
2500 |
|
Sunita Jain |
6000 |
|
Dibhari Jain |
94000 |
|
Prem Wati Jain |
10000 |
|
Kusum Lata Choudhary |
10000 |
|
Abhinandan Jain |
5000 |
|
R. L. Jain HUF |
50000 |
|
Indu Jain |
950 |
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Total |
270990 |
List of Allotment (As on 27.09.2007)
|
Names of Allottees |
No. of Shares |
|
Vipul Jain |
10000 |
|
Manju Jain |
1800 |
|
Krishan Chand Jain |
1700 |
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Total |
13500 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Bolts, Rivets, Screws, Special
Fasteners |
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Products : |
·
Nuts ·
Bolts ·
Rivets ·
Screws ·
Flanges ·
Collar Bolts ·
Carriage Bolts ·
Special Fasteners ·
Automotive Fasteners |
GENERAL
INFORMATION
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No. of Employees : |
55 |
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Bankers : |
Punjab National Bank Shakti Nagar, Delhi 110 007, India |
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Facilities : |
Overdraft |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jain Passey and Associates Chartered Accountant |
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Address : |
17/3D, Shakti Nagar, Delhi 110 007, India |
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Tel. No.: |
91-11-23840431 / 52351300 |
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Mobile No.: |
91-11-9810236287 |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
284490 |
Equity Shares |
Rs.10/- each |
Rs.2.845 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 |
2.710 |
2.710 |
2.710 |
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2] Share Application Money |
0.135 |
0.135 |
0.135 |
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3] Reserves & Surplus |
4.507 |
0.466 |
0.456 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
7.352 |
3.311 |
3.301 |
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|
LOAN FUNDS |
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1] Secured Loans |
0.959 |
2.048 |
1.091 |
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2] Unsecured Loans |
0.700 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.659 |
2.048 |
1.091 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.011 |
5.359 |
4.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.276 |
1.554 |
0.728 |
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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 |
4.409 |
4.014 |
0.000 |
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Sundry Debtors |
4.956 |
4.437 |
0.000 |
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Cash & Bank Balances |
0.000 |
0.000 |
0.000 |
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Other Current Assets |
0.887 |
1.323 |
5.779 |
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Loans & Advances |
0.000 |
0.000 |
0.000 |
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Total
Current Assets |
10.252 |
9.774 |
5.779 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.517 |
5.969 |
2.120 |
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|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
2.517 |
5.969 |
2.120 |
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Net Current Assets |
7.735 |
3.805 |
3.659 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
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TOTAL |
9.011 |
5.359 |
4.392 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
14.734 |
7.969 |
9.068 |
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Other Income |
5.554 |
1.262 |
0.000 |
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Total Income |
20.288 |
9.231 |
9.068 |
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Profit/(Loss) Before Tax |
4.601 |
0.009 |
0.100 |
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Provision for Taxation |
0.559 |
0.000 |
-- |
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Profit/(Loss) After Tax |
4.042 |
0.009 |
0.100 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.000 |
0.000 |
0.114 |
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Total Earnings |
0.000 |
0.000 |
0.114 |
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Expenditures : |
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|
Consumption of stores and spare parts |
2.095 |
1.582 |
0.000 |
|
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Manufacturing Expenses |
0.000 |
0.000 |
1.302 |
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Administrative Expenses |
0.000 |
0.000 |
0.652 |
|
|
Raw Material Consumed |
11.841 |
6.189 |
6.899 |
|
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Depreciation & Amortization |
0.331 |
0.339 |
0.116 |
|
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Other Expenditure |
1.420 |
1.112 |
0.000 |
|
Total Expenditure |
15.687 |
9.222 |
8.969 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
19.92 |
0.10 |
1.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
31.23 |
0.11 |
1.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
39.91 |
0.08 |
1.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.63 |
0.00 |
0.03 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.57 |
2.42 |
0.97 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.07 |
1.64 |
2.73 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Asset
- Machinery
- Car
- Computer
- Office
Equipments
Operation and
Financial Results
The Company has achieve a total turnover of Rs. 9.068 Millions during
the year against the turnover of Rs. 7.103 Millions in the last year. The Company has earned a profit of Rs. 0.099
Million before tax against profit of Rs. 0.066 Million before tax in the
previous year. The Directors are
hopeful that the company will do even better in the current year.
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
ANDRU PRODUCTS LIMITED |
|
Presented By |
Ashish Jain, Director |
|
1) Date and description of instrument creating the change |
12.03.2005
Hypothecation of Goods to secure a Demand Cash Credit Hypothecation of
movable assets forming part of fixed/block assets, Supplementary Agreement. |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs.1.000 Million |
|
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 stocks of G.I Wire M.S. Wire
machine screws, Bolts, Knitted filter mesh and allied products in ferrous and
non ferrous materials and any other such items as acceptable to Bank
Hypothecation of machinery Header, Car, Computer office equipments,
Hypothecation of book debts as per supplementary deed. |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
The aforesaid securities are hypothecated to secured
Demand Cash Credit Limit of Rs.1.000 Million interest to be paid at the rate
of 4.75% per annum over the RBI rate with a minimum of 10.75% per annum
calculated on daily balance due to the Bank and charged monthly. |
|
5) Name and Address and description of the person entitled
to the charge. |
Punjab National Bank Shakti Nagar, Delhi 110 007, India |
|
6) Date and brief
description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporate
identity number of the company |
L74899DL1995PLC068144 |
|
Name of the
company |
ANDRU PRODUCTS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
D – 11, SMA, Co-Operative Industrial Estate, GT Karnal Road, New Delhi
- 110 033, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Punjab National Bank Shakti Nagar, Delhi 110 007, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Goods and Book Debts to Secure Cash Credit Facility 10.03.2008
and copy of Board resolution dated 26.03.2008 |
|
Date of
instrument Creating the charge |
10.03.2008 |
|
Amount secured by
the charge |
Rs.2.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest Rate prevailing on the date of execution of the documents
i.e. 13% p.a. ·
Terms of
repayment N.A. ·
Margin 25% on fixed assets. ·
Extent and
operation of the charge The loan shall be secured by the equitable / registered mortgage of immovable
properties and hypothecation of the Stocks, Book debts and Bills for
Collection and all moveable assets (both present and future) of the Company. |
|
Particulars of
the property charged |
Hypothecation of
the moveable assets, Stocks, Book Debts, and Bills for Collection (both
present and future) of the Company subject to the prior charge of Bankers on
the moveable assets of the Company. |
|
Particulars of
the present modification |
Limits Increased
from Rs.1.000 million to Rs.2.500 millions |
AS PER WEBSITE
DETAILS :
Subject is one of the organizations engaged in the manufacture and
export of Bolts, Rivets, Screws, Special Fasteners, Flanges, Automotive
Fasteners, Collar Bolts, Carriage Bolts, Nuts of various shapes, sizes and dimensions.
Established in 1986, they began their operations with the sole purpose of
providing reliable quality, cost-effective products. Their ability to provide
their clients reasonably priced quality products within the stipulated time
frame has won them a lot of appaluse from both their national and international
clients and made them the preferred partner of many a companies and industries.
Their Strength
Convienently located in the capital city of New Delhi with easy access
to rail, road and air, Subject is well equipped with state of the art
infrastructural facilities. With complete in house facility of Wire Drawing,
Testing & Finishing Plants, they are able to manufacture superior quality
products of large quantities without compromising on their quality. Keeping in
mind, the varied needs and requirements of their customers, their team of
engineers and designers constantly endeavor and come out with new innovative
products that are at par with the international quality and provides the
customers their value for money.
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|