MIRA
INFORM REPORT
|
Report Date : |
02.04.2011 |
IDENTIFICATION DETAILS
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Name : |
AJAY MERU METALS PRIVATE LIMITED |
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Registered
Office : |
R-52, 3rd Floor, Vikas Marg, Shakar Pur, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.12.1998 |
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Com. Reg. No.: |
097716 |
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CIN No.: [Company Identification
No.] |
U25209DL1998PTC097716 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELA08141A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Sheet Metal Components. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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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 19728 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments.
The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
R-52, 3rd Floor, Vikas Marg, Shakar Pur, |
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E-Mail : |
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Factory : |
D-31, Phase - II, Hosiery Complex, Gautam Budh Nagar, Noida – 201305, |
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Tel No.: |
91-120-4352580 |
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Mobile No.: |
91-9811014271 (Mr. Pradeep Singh Mehta) |
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Fax No.: |
91.120-4358721 |
IRECTORS
AS ON 30.09.2010
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Name : |
Mr. Pratap Singh Mehta |
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Designation : |
Director |
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Address : |
R-16, Sector – 12, Noida – 201301, |
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Date of Birth/Age : |
29.03.1959 |
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Date of Appointment : |
30.12.1998 |
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Name : |
Mr. Pradeep Singh Mehta |
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Designation : |
Director |
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Address : |
R-16, Sector – 12, Noida – 201301, |
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Date of Birth/Age : |
01.01.1965 |
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Date of Appointment : |
30.12.1998 |
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Name : |
Mr. Ranveer Singh Mehta |
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Designation : |
Director |
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Address : |
94/205, Vijay Path Agarwal Farm Mansarover, Jaipur |
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Date of Birth/Age : |
13.07.1954 |
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Date of Appointment : |
28.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ranveer Singh Mehta |
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1600 |
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Pratap Singh Mehta |
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57800 |
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Pradeep Singh Mehta |
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35100 |
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Total |
|
94500 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Sheet Metal Components. |
GENERAL INFORMATION
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Bankers : |
Vijaya Bank, S. S. I. Branch, B-12; Sector-60, Noida, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M B Gupta and Company Chartered Accountant |
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Head Office
Address : |
R-52, 3rd Floor, Vikas Marg, Shakapur, |
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Tel No.: |
91-11-22012352 |
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Branch Office: |
C-9, Sector – 19, Noida – 201301, |
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Tel No.: |
91-120-4549057-58-59 |
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Fax No.: |
91-120-4323062 |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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94500 |
Equity Shares |
Rs.10/- each |
Rs.0.945
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.945 |
0.945 |
0.945 |
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2] Share Application Money |
0.000 |
0.000 |
0.394 |
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3] Reserves & Surplus |
3.987 |
3.229 |
3.067 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.932 |
4.174 |
4.406 |
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LOAN FUNDS |
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1] Secured Loans |
4.508 |
5.358 |
5.381 |
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2] Unsecured Loans |
2.791 |
0.612 |
1.451 |
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TOTAL BORROWING |
7.299 |
5.970 |
6.832 |
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DEFERRED TAX LIABILITIES |
0.087 |
0.106 |
0.142 |
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TOTAL |
12.318 |
10.250 |
11.380 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.868 |
4.266 |
4.537 |
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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 |
2.010
|
0.883 |
1.521 |
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Sundry Debtors |
8.316
|
6.428 |
6.488 |
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Cash & Bank Balances |
0.674
|
0.612 |
0.386 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.424
|
0.551 |
0.801 |
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Total
Current Assets |
12.424
|
8.474 |
9.196 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.272
|
2.092 |
1.685 |
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Other Current Liabilities |
0.337
|
0.254 |
0.382 |
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Provisions |
0.365
|
0.144 |
0.286 |
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Total
Current Liabilities |
3.974
|
2.490 |
2.353 |
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Net Current Assets |
8.450
|
5.984 |
6.843 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.318 |
10.250 |
11.380 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Turnover and Other Income |
43.818 |
30.736 |
39.030 |
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TOTAL (A) |
43.818 |
30.736 |
39.030 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.435 |
1.798 |
2.426 |
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Less |
FINANCIAL
EXPENSES (D) |
0.701 |
0.809 |
0.961 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.734 |
0.989 |
1.465 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.631 |
0.718 |
0.747 |
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PROFIT BEFORE TAX
(E-F) (G) |
1.103 |
0.271 |
0.718 |
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Less |
TAX (I) |
0.345 |
0.110 |
0.270 |
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PROFIT AFTER TAX
(G-I) (J) |
0.758 |
0.161 |
0.448 |
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Earnings Per
Share (Rs.) |
8.02 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.73
|
0.52 |
1.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.77
|
2.13 |
11.85 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.06 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.28
|
2.03 |
2.08 |
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Current Ratio (Current Asset/Current Liability) |
|
3.13
|
3.40 |
3.91 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U25209DL1998PTC097716 |
|
Name of the
company |
AJAYMERU METALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
R-52 3rd
Floor, Vikas Marg, Shakar Pur, New
Delhi -110092, Delhi, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
SMALL INDUSTRIES
DEVELOPMENT BANK OF |
|
Nature of
instrument creating charge |
Deed of
Hyphothecation Dated 07/07/2010 and Declaration and Undertaking Dated
16/07/2010 |
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Date of
instrument Creating the charge |
07/07/2010 |
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Amount secured by
the charge |
Rs.12.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest will be
payable @11.5%(Fixed) p.a. The rate mentioned is subject to change as per
directives of RBI or sole directions of RBI or Sole discretion of SIDBI. Terms of
Repayment The Loan shall be
repayable in 72 monthly installments from the date of first disbursement of
the loan by way of 48 installment of Rs.0.175 Millions and 24 installments of
Rs.0.150 Million. Date of installments shall be 10th of every month. Margin 25% Extent and
Operation of the charge (i) First charge
on all the borrower's stock, raw materials, semi-finished and finished goods,
consumable goods and such other movables which are acquired from working
capital assistance. (ii) First charge
by way of hypothecation of all the borrowers movables including plant,
machinery and equipment already acquired/to be acquired under the scheme. (iii) First
charge by way of equitable mortgage on immovable property of the company
situated at Industrial Plot No 31 Block-D Sector Phase-II Noida |
|
Short particulars
of the property charged |
(i) First charge
on all the borrower's stock, raw materials, semi-finished and finished goods,
consumable goods and such other movables which are acquired from working
capital assistance situated at D-31, Hosiery Complex Phase-2, Noida-201301.
(ii) First charge by way of hypothecation of all the borrowers movables
including plant, machinery and equipment already acquired/to be acquired
under the scheme situated at D-31, Hosiery Complex Phase-2, Noida-201301.
First charge by way of equitable
mortgage on immovable property of the company situated at Industrial Plot No
31 Block-D Sector Phase-II Noida |
Fixed Assets:
- Land
- Building
- Furniture and
Fixtures
- Air
Conditioner
- Refrigerator
- Plant and
Machinery
- Fax
- Fan
- Car
- Computer
- Generator Set
- Printer
- Motor Cycle
- Scooter
- Electrical
Fittings
- Office
Equipments
- Cycle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
43 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.