MIRA
INFORM REPORT
|
Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AMALGAMATED INDUSTRIAL COMPOSITES PRIVATE LIMITED |
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Registered Office : |
Bhogilal Contractor Bunglow, Opposite Old Pilot Dairy, Kankaria,
Ahmedabad – 380022, Gujarat |
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Country : |
India |
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Date of Incorporation : |
17.01.1980 |
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Com. Reg. No.: |
04-3620 |
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CIN No.: [Company
Identification No.] |
U32201GJ1980PTC003620 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKA01371G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers
of Composite Industrial Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor in Corporate Governance |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
The company is poor in Corporate Governance as it has not filed financials
since 1980. When it was incorporated. Payment of the company are reported as slow from the market sources. In view of the aforesaid, the company can be considered for any
business dealings on safe and secured trade
terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Gopala Krishna |
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Designation : |
Finance Manager |
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Date : |
01.09.2008 |
LOCATIONS
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Registered Office : |
Bhogilal Contractor Bunglow, Opposite Old Pilot Dairy, Kankaria, Ahmedabad
– 380022, Gujarat, India |
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E-Mail : |
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Website : |
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Area : |
475 sq. ft. |
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Location : |
Owned |
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Head Office : |
Unit No.111/112, Ashok Services Industrial Estate, L. B. S. Marg,
Bhandup (West), Mumbai - 400078, Maharashtra, India |
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Tel. No.: |
91-22-25964566/ 25913611 |
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Fax No.: |
91-22-25913611/ 25346920 |
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E-Mail : |
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Website : |
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Area : |
700 sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No.- D-51, MIDC, Ambad, Nashik – 422010, Maharashtra, India |
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Tel. No.: |
91-253-2382851/ 2380963/ 91-22-25964566/ 25963611 |
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Fax No.: |
91-253-383351/ 91-22-25346920/ 25963611 |
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E-Mail : |
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Area : |
4050 sq. mt. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. P. P. Maheshwary |
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Designation : |
Managing Director |
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Address : |
Flat No.403 and 404, Garden Estate, Khopat, Thane (West), Thane – 400601,
Maharashtra, India |
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Date of Birth/Age : |
11.06.1947 |
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Qualifications : |
BE |
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Date of Appointment : |
28.06.1981 |
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Name : |
Mr. Dushyant Maheshwary |
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Designation : |
Managing Director |
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Address : |
Flat No.403 and 404, Garden Estate, Khopat, Thane (West), Thane –
400601, Maharashtra, India |
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Date of Birth/Age : |
30.11.1976 |
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Qualifications : |
BE |
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Date of Appointment : |
20.06.2005 |
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Name : |
Mr. Rakesh Kumar Maheshwary |
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Designation : |
Director |
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Address : |
Flat No.401 and 402, Garden Estate, Khopat, Thane (West), Thane –
400601, Maharashtra, India |
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Date of Birth/Age : |
28.07.1949 |
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Date of Appointment : |
17.01.1980 |
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Name : |
Mr. Mahendra Vidyaniwas Trivedi |
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Designation : |
Director |
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Address : |
2/72, Shivaji Nagar, Worli, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
10.07.1947 |
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Date of Appointment : |
17.01.1980 |
KEY EXECUTIVES
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Name : |
Mrs. A. P. Maheshwary |
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Designation : |
Vice President |
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Name : |
Mr. Rohan |
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Designation : |
Export Manager |
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Name : |
Mr. B. Bhattar |
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Designation : |
Marketing Manager |
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Name : |
Mr. Nitin |
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Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(A son 30.09.2004)
|
Names of Shareholders |
|
No. of Shares |
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Rakesh Kumar Maheshwary |
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1810 |
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Mahendra Vidyaniwas Trivedi |
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4540 |
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P. P. Maheshwary |
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29600 |
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Arunadevi Maheshwary |
|
9500 |
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Vasuda Rakesh Maheshwary |
|
400 |
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Mahendra Maheshwary |
|
1100 |
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Dushyant Maheshwary |
|
2050 |
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Total |
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49000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Composite Industrial Products |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
Germany |
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Terms : |
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Selling : |
Credit of 6 months |
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Purchasing : |
Advance 60% Payment |
GENERAL INFORMATION
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Customers : |
Government Industrial Company |
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No. of Employees : |
50 |
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Bankers : |
K C Dadar Branch,
Dadar, Mumbai – 400014, Maharashtra, India |
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Facilities : |
Overdraft up Rs.3.000 Millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
P. R. Maheshwari and Associates Mr. Pawan Maheshwari Chartered Accountant |
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Address : |
A/8, 1st Floor, Capital Commercial Center, Ashram Road, Ahmedabad
– 380009, Gujarat |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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49000 |
Equity Shares |
Rs.10/- each |
Rs.0.490
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.490 |
0.490 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.609 |
0.670 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1.099 |
1.160 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.505 |
1.115 |
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2] Unsecured Loans |
|
4.297 |
2.572 |
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TOTAL BORROWING |
|
4.802 |
3.687 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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5.901 |
4.847 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.768 |
2.433 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
3.602 |
1.601 |
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Sundry Debtors |
|
7.252 |
10.243 |
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Cash & Bank Balances |
|
1.045 |
0.732 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.790 |
1.164 |
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Total
Current Assets |
|
12.689 |
13.740 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
11.440 |
11.274 |
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Provisions |
|
0.116 |
0.051 |
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Total
Current Liabilities |
|
11.556 |
11.325 |
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Net Current Assets |
|
1.134 |
2.414 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
5.901 |
4.847 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2004 |
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Sales Turnover |
|
12.186 |
17.728 |
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Other Income |
|
1.705 |
1.278 |
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Total Income |
|
13.891 |
19.006 |
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Profit/(Loss) Before Tax |
|
0.004 |
0.119 |
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Provision for Taxation |
|
0.065 |
0.072 |
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Profit/(Loss) After Tax |
|
(0.061) |
0.047 |
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Expenditures : |
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Administrative Expenses |
|
0.276 |
0.347 |
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Depreciation & Amortization |
|
0.423 |
0.484 |
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Other Expenditure |
|
13.188 |
18.056 |
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Total Expenditure |
|
13.887 |
18.887 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
|
(00.43) |
00.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
00.03 |
00.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
00.02 |
00.73 |
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Return on Investment (ROI) (PBT/Networth) |
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|
00.36 |
10.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
14.88 |
12.94 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.09 |
1.09 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Neelear Power Corporation, Tarapur
- Gujarat
Fertilisers
Form 8
|
Corporate
identity number of the company |
U32201GJ1980PTC003620 |
|
Name of the
company |
AMALGAMATED INDUSTRIAL COMPOSITES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Dynamic Printernatvarlal S. Building Astodia, Old Latibazar Near S T
Bus Stand, Ahmedabad – 380022, Gujarat, India |
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This form is for |
Modification of Charge |
|
Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds. |
|
Particular of
charge holder |
Punjab Nationla
Bank K C Dadar Branch,
Dadar, Mumbai – 400014, Maharashtra, India |
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Date of
instrument Creating the charge |
27.03.2006 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Hypothecation of
assets secure term loans for Rs.1.200 Millions Agreement of
Guarantee Letter
Depositing Original this deeds |
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Particulars of
the property charged |
All the machinery
at Nasik factory and furniture |
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Particulars of
the present modification |
Presently Bank
had sanctioned term loan of Rs.1.200 Millions now total aggregate of charges OD Rs.3.000 Millions plus BG Rs.7.000
Millions and Present TL Rs.1.200 Millions Total Rs.11.200 Millions |
Website Details:
Riding the wares of fast growing demands of GRP in Global
Market subject has position as one of the GRP producers to support wide range of
industries under brand name of Composite® with technical collaboration from
Albert Spaay Gmbh Germany and technical tie up with Indian Institute of
technology for Aerodynamics.
Subject was
established in 1982 for manufacturing of Axial Flow Cooling Tower fans out of
fiber glass and today with success it has become one of the pioneers in the
country for manufacturing of hollow bladed axial flow Cooling Tower fans with
supplies of major Government and Semi Government and privatized Company.
Apart from manufacturing of Axial flow cooling tower fans subject has also
diverted into manufacturing of various types of GR components with latest
technology of manufacturing. The Managing Director Mr. P. P. Maheshwary is a
Mech. Engineer having experience in the field of fiberglass since thirty years
and was felicitated by the Institute of Engineers (India) as the best
outstanding Engineers award of whole Maharashtra state for his achievements in
Engineering.
To strengthen the market Position Company has performed an excellent work in
GRP (Glass reinforced plastics) to enable providing the customers with the best
quality.
Fan Applications
The axial flow fans are widely used for providing the
required airflow for heat & mass transfer operations in various industrial
equipment and processes. These include cooling towers for air-conditioning
& ventilation, humidifiers in textile mills, air heat exchangers for
various chemical processes, ventilation & exhaust as in mining industry
etc. All the major industries of the national economy such as power generation,
petroleum refining & petrochemicals, cement, chemicals &
pharmaceuticals, fertilizer production, mining activities, textile mills,
hotels etc. use large number of axial flow fans for the aforesaid operations.
The axial flow fans are conventionally designed with impellers made of aluminum
or mild steel. The grey area today is the inconsistency in proper aerofoil
selection & dimensional stability of the metallic impellers. This leads to
high power consumption & high noise levels with lesser efficiency.
The leading fan manufacturers in the world have been looking at FRP axial flow
fans for higher energy efficiency. The improved design of FRP fan is aimed at
higher lift to drag ratio and thereby increasing the overall efficiency.
The Fibre Reinforced Plastics (FRP) fans have the following
advantages:
- Higher efficiency suitable for any specific application
- Reduced overall weight of the fan, thereby extending the life of
mechanical drive systems such as motors, gearboxes, bearings etc.
- Low power consumption resulting in appreciable energy savings as
compared to existing metallic fans.
- Lower flow noise and mechanical noise levels compared to the
conventional metallic fans.
- Longer life of fans due to improved mechanical strength.
- Excellent corrosion & erosion resistance and fire retardance.
- As the fan efficiency is defined as (Q x D Pt)/ (Shaft horsepower),
thus with reduced shaft power requirement, there is a commensurate
reduction in energy consumption.
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.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
16 |
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 |
|