MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
ASHISH BRASS COMPONENTS PRIVATE LIMITED |
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Registered Office : |
Plot No.77, GIDC, Phase – 2, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.03.2005 |
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Com. Reg. No.: |
04-45655 |
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CIN No.: [Company
Identification No.] |
U27200GJ2005PTC045655 |
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IEC No.: |
2407003446 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTA01528C |
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PAN No.: [Permanent
Account No.] |
AAFCA1807K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Brass turned components and Electrical
block terminals, Neutral Bars, Insert, etc. |
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 24000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are required as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Vishal Sharma |
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Designation : |
Director |
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Contact No.: |
91-9898199993 |
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Date : |
22.10.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No.77, GIDC, Phase – 2, Bye Pass Road, Jamnagar – 361 004,
Gujarat, India |
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Tel. No.: |
91-288-2730075 |
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Mobile No.: |
91-9898199993 (Mr. Vishal Sharma) |
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Fax No.: |
91-288-2730819 |
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E-Mail : |
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Website : |
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Area : |
4200 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Rajkumar Sharma |
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Designation : |
Director |
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Address : |
101, Sampati Apartment, Swastik Society, Jamnagar – 361 008, Gujrat |
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Date of Birth/Age : |
08.05.1958 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Mukesh P. Sharma |
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Designation : |
Director |
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Address : |
104, Ajanta Ellora Appartment, Swastik Society, Jamnagar - 361 008 |
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Date of Birth/Age : |
14.01.1962 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Vishal R. Sharma |
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Designation : |
Director |
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Address : |
101, Sampati Apartment, Swastik Society, Jamnagar – 361 008, Gujrat |
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Date of Birth/Age : |
Post Graduate |
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Qualification : |
16.10.1981 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Suresh P. Sharma |
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Designation : |
Director |
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Address : |
104, Ajanta Ellora Appartment, Swastik Society, Jamnagar - 361 008 |
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Date of Birth/Age : |
23.11.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.09.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Rajkumar Sharma |
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16500 |
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Mr. Mukesh P. Sharma |
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16500 |
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Mr. Suresh P. Sharma |
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17000 |
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Rajkumar Sharma HUF |
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5000 |
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Mukesh P. Sharma HUF |
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5000 |
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Suresh P. Sharma HUF |
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5000 |
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Mrs. Savitridevi Prabhudayalji Sharma |
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50000 |
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Mrs. Ushadevi Rajkumar Sharma |
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22500 |
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Mrs. Manjudevi Mukesh Sharma |
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45000 |
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Mrs. Maltidevi Suresh Sharma |
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45000 |
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Mr. Vishal Rajkumar Sharma |
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22500 |
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Total |
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250000 |
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100 |
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Total |
100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Brass turned components and Electrical
block terminals, Neutral Bars, Insert, etc. |
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Exports : |
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Products : |
Brass Turned Components |
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Countries : |
U.A.E |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
30 |
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Bankers : |
Bank of India, Ranjit Road Branch, Jamnagar – 361 006, Gujarat,
India HDFC Bank |
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Facilities : |
Cash and Credit (Credit Rs.10.500 Millions) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Maharishi and Company Chartered Accountant |
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Address : |
“Aprna”, Behind Jeevandeep Hospital, Near Bansi Hotel, Limda Line, Jamnagar |
CAPITAL STRUCTURE
(As On 01.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Share |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Share |
Rs.10/- each |
Rs.2.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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80.920 |
Expected Sales (2008-09) : Rs.80.920 Millions
ABRIDGED BALANCE
SHEET
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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 |
2.500 |
0.500 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.434 |
0.997 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.027) |
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NETWORTH |
4.934 |
1.497 |
0.073 |
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LOAN FUNDS |
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1] Secured Loans |
0.638 |
3.479 |
0.000 |
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2] Unsecured Loans |
6.323 |
4.997 |
0.000 |
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TOTAL BORROWING |
6.961 |
8.476 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.007 |
0.008 |
0.000 |
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TOTAL |
11.902 |
9.981 |
0.073 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.307 |
2.402 |
0.000 |
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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 |
5.132
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7.311 |
0.000 |
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Sundry Debtors |
11.289
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10.411 |
0.000 |
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Cash & Bank Balances |
0.399
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0.253 |
0.052 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.366
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0.388 |
0.025 |
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Total
Current Assets |
17.186
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18.363 |
0.077 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.272
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10.784 |
0.004 |
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Provisions |
1.319
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0.000 |
0.000 |
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Total
Current Liabilities |
8.591
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10.784 |
0.004 |
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Net Current Assets |
8.595
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7.579 |
0.073 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.902 |
9.981 |
0.073 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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70.902 |
39.141 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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70.902 |
39.141 |
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Profit/(Loss) Before Tax |
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3.945 |
1.564 |
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Provision for Taxation |
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1.424 |
0.541 |
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Profit/(Loss) After Tax |
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2.521 |
1.023 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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2.191 |
(6.132) |
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Depreciation & Amortization |
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0.356 |
0.283 |
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Other Expenditure |
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64.410 |
43.907 |
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Total Expenditure |
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66.957 |
37.577 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.55
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2.61 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
5.56
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3.99 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.25
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7.53 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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0.79
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1.04 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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3.15
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12.86 |
0.05 |
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Current Ratio (Current Asset/Current Liability) |
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2.00
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1.70 |
19.25 |
LOCAL AGENCY FURTHER INFORMATION
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Additional Requirement of Indiamart for Trust-Seal |
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Excise Registration No.:AAFCA1807K |
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VAT / TIN : 24100200879 |
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IEC Code :2407003446 |
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PAN / TAN :AAFCA1807K |
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Bank Name :Bank of India |
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Bank Address :Ranjit Road Branch, Jamnagar |
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Bank A/c. No.:3250301100000009 |
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Account Since :2 Years |
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In case of any affiliations / memberships / certifications : |
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Name :9001:2000 |
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Expiry Date :2009 |
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Name of the company |
Ashish Brass
Components Private Limited |
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Presented By |
Raj Kumar Sharma |
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1) Date and description of instrument creating the change |
General Agreement
for the grant of Small Industrial Advances and Hypothecation of Movables,
Book Debts and other assets (Working Capital Finance ) dated 07.04.2005 Agreement for
grant of Small Industrial advances (Working Capital Finance) dated 07.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Demand Cash
Credit of Rs.3.000 Millions (Rupees
Thirty Lacs only) |
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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
Stocks, Book debts, other current assets and Plant and Machinery. Situated at
Plot No.77, GIDC Phase 2, Demed Jamnagar |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the State Bank of India having agreed to land to the borrower demand cash
credit loan of Rs.3.000 Millions (Rupees Thirty Lacs) it was agreed as
follows : The demand cash
credit loan is secured by Hypothecation of Stocks, Book Debts, other current
assets and Plant and Machinery. The Borrower
(Company) shall maintain the margin on stock and book debts as under : On Stocks Raw Material 25% Stock in
process 30% Finished
Goods 30% On Book
Debts 50% Interest Rate @
11.75 p.a. at monthly |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, New Super Market, Jamnagar – 361 001 |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U27200GJ2005PTC045655 |
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Name of the
company |
Ashish Brass
Components Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No.77, GIDC
Phase – 2, Bye Pass Road, Jamnagar – 361 004, Gujarat, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of India, Ranjit Road Branch, Jamnagar – 361 006, Gujarat,
India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation cum Loan Agreement dated 25.04.2007 is attached herewith |
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Date of
instrument Creating the charge |
25.04.2007 |
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Amount secured by
the charge |
Rs.15.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At the rate of 0.75%
above/below the Bank’s Prime Lending Rate (BPLR) rising or falling, with a
minimum 14% per annum with monthly rests. Terms of
Repayment Repayable on
Demand Margin 25% Against Raw
Materials, Finished Goodss 25% Against Store 25% Against Goods
in process 40% Against Book
Debts outstanding of 2 or 3 months 100% Against Book
Debts outstanding for more than 3 months to less than 6 month Extent and
Operation of the charge The charge will
extend to :
Others The aggregate of
the two limits not to exceed Rs.15.000 Millions (Rupees One Crore Fifty Lacs
only) but it is divided in sub limit as under
Limit- Rs.10.000 Millions
Limit- Rs.10.000 Millions |
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Short particulars
of the property charged |
Details of
property charged are attached herewith |
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.49.79 |
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UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.63.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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 |
|