MIRA
INFORM REPORT
|
Report Date : |
27.12.2011 |
IDENTIFICATION DETAILS
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Name : |
AIMIL LIMITED |
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Formerly Known
As : |
MARUTI AUTOWAYS PRIVATE LIMITED |
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Registered
Office : |
A 8, Mohan Co Operative Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.08.1972 |
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Com. Reg. No.: |
006093 |
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Capital Investment
/ Paid-up Capital : |
Rs.75.000
millions |
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CIN No.: [Company Identification
No.] |
U74899DL1972PLC006093 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trading and Manufacturing of Scientific Instruments |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Fundamentals are strong
and healthy. Trade relations are reported as fair. Business is active.
Payments are reported to be regular 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
|
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 |
|
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/Factory : |
A 8, Mohan Co Operative Industrial Estate, |
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Tel. No.: |
91-11-30810213 |
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Fax No.: |
91-11-26950011 |
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E-Mail : |
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Website: |
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Branches : |
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DIRECTORS
AS ON 04.08.2011
KEY EXECUTIVES
|
Name : |
Dal Veer Singh |
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Designation : |
Secretary |
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Date of Birth/Age : |
13.08.1976 |
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Date of Appointment : |
06.07.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.08.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Mr. Arvind Verma
and Mrs. Neena Verma |
3153199 |
|
Mrs. Neena Verma
and Mr. Arvind Verma |
483852 |
|
Mr. Madan Lal Dhawan
and Mrs. Kusum Dhawan |
100 |
|
Mr. Satinder
Gulati |
3067 |
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H. C. Verma and
Sons (HUF) |
13987 |
|
Mrs. Anju Uppal |
920 |
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M/s A. Verma HUF |
5957 |
|
Mr. Arvind Verma
and Dr. (Mrs.) Vaneeta Kapur |
13833 |
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Ms. Manjula
Gulati and Ms. Madhuri Gulati |
2242 |
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Mrs. Sushiela
Chhabra |
133 |
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Mrs. Kusum Dhawan
and Mr. Madan Lal Dhawan |
100 |
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Mrs. Neena Verma
and Dr. (Mrs. ) Vaneeta Kapur |
25500 |
|
Dr. (Mrs.)
Vaneeta Kapur and Mr. Deepak Kapur |
7073 |
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Dr.(Mrs.) Vaneeta
Kapur and Mr. Arvind Verma |
3537 |
|
M/s Harish Verma
Foundation |
100 |
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Ms. Tia Dhawan |
10 |
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Mr. Arvind Verma |
1936390 |
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TOTAL (A) |
5650000 |
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Names of Preference Shareholders |
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Mrs. Neena Verma |
1680000 |
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M/s H. C. Verma
& Sons (HUF) |
120000 |
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Mr. K. Abdul Adil |
10000 |
|
Mr. Rajan K
Pillai |
10000 |
|
Mr. Sameer V
Upadeo |
10000 |
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Mr. P S
Radhakrishnan |
10000 |
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Mrs. Neena Verma |
10000 |
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TOTAL (B) |
1850000 |
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TOTAL (A) + (B) |
7500000 |
AS ON 04.08.2011
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Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
99.88 |
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Other top fifty shareholders |
|
0.12 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading and Manufacturing of Scientific Instruments |
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Products : |
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GENERAL INFORMATION
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Customers : |
INDUSTRY
SPACE RESEARCH
INSTITUTES ATOMIC ENERGY DEFENCE EDUCATION
INFRASTRUCTURE
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S S Kothari Mehta and Company Chartered Accountant |
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Address : |
146-149 Tribhuvan Complex, Ishwar Nagar, |
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Tel. No.: |
91-11-46708888 |
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Fax No.: |
91-11-66628889 |
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Joint Ventures : |
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CAPITAL STRUCTURE
AS ON 04.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
7000000 |
Equity Shares |
Rs. 10 each |
Rs.70.000 millions |
|
3000000 |
8% Redeemable Cumulative Participating Preference Shares |
Rs. 10 each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5650000 |
Equity Shares |
Rs. 10 each |
Rs.56.500
millions |
|
1850000 |
8% Redeemable Cumulative Participating Preference Shares |
Rs. 10 each |
Rs.18.500
millions |
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|
|
|
Rs.75.000 millions |
AS ON 14.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs. 10 each |
Rs.70.000 millions |
|
3000000 |
8% Redeemable Cumulative Participating Preference Shares |
Rs. 10 each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5650000 |
Equity Shares |
Rs. 10 each |
Rs.56.500
millions |
|
1850000 |
8% Redeemable Cumulative Participating Preference Shares |
Rs. 10 each |
Rs.18.500
millions |
|
|
|
|
Rs.75.000 millions |
NOTE:
Out
of the above :
i)
76877
Equity Shares are allotted as fully paid up bonus shares out of general
reserves
ii)
229997
Equity Shares are allotted as fully paid up to the erstwhile shareholders of
AlMlL Sales and Agencies Private Limited and AlMlL Exports and Services Private
Limited pursuant to the Scheme of Amalgamation of the said companies with the
Company without payment being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
75.000 |
67.818 |
67.818 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
203.579 |
146.787 |
120.799 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
278.579 |
214.605 |
188.617 |
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LOAN FUNDS |
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1] Secured Loans |
78.005 |
84.211 |
87.151 |
|
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2] Unsecured Loans |
81.275 |
69.709 |
68.844 |
|
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TOTAL BORROWING |
159.280 |
153.920 |
155.995 |
|
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DEFERRED TAX LIABILITIES |
1.365 |
1.858 |
2.556 |
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|
|
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TOTAL |
439.224 |
370.383 |
347.168 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.488 |
92.324 |
97.611 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
7.259 |
0.400 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
177.867
|
161.268 |
128.562 |
|
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Sundry Debtors |
446.886
|
309.746 |
328.320 |
|
|
Cash & Bank Balances |
25.965
|
21.073 |
18.779 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
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Loans & Advances |
140.542
|
93.974 |
72.078 |
|
Total
Current Assets |
791.260
|
586.061 |
547.739 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
194.843
|
122.075 |
135.366 |
|
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Other Current Liabilities |
128.885
|
98.046 |
95.177 |
|
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Provisions |
129.055
|
88.281 |
67.639 |
|
Total
Current Liabilities |
452.783
|
308.402 |
298.182 |
|
|
Net Current Assets |
338.477
|
277.659 |
249.557 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
439.224 |
370.383 |
347.168 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
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|
|
|
|
|
|
Income |
876.957 |
756.436 |
733.828 |
|
|
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Other Income |
322.898 |
234.171 |
254.305 |
|
|
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TOTAL (A) |
1199.855 |
990.607 |
988.133 |
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|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
579.785 |
489.535 |
504.300 |
|
|
|
Manufacturing Expenses |
11.340 |
11.948 |
9.399 |
|
|
|
Selling and Distribution Expenses |
52.896 |
43.304 |
48.736 |
|
|
|
Personnel Expenses |
277.325 |
233.277 |
207.798 |
|
|
|
Administrative Expenses |
140.981 |
127.360 |
112.503 |
|
|
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TOTAL (B) |
1062.327 |
905.424 |
882.736 |
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|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
137.528 |
85.183 |
105.397 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.150 |
22.262 |
20.527 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
114.378 |
62.921 |
84.870 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.095 |
12.215 |
11.696 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
102.283 |
50.706 |
73.174 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
36.537 |
22.986 |
31.985 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
65.746 |
27.720 |
41.189 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.218 |
1.230 |
0.822 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.000 |
25.000 |
39.500 |
|
|
|
Dividend |
8.881 |
1.480 |
1.095 |
|
|
|
Tax on Dividend |
1.509 |
0.252 |
0.186 |
|
|
BALANCE CARRIED
TO THE B/S |
2.574 |
2.218 |
1.230 |
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3.522 |
20.140 |
7.991 |
|
|
|
Commission Earnings |
193.618 |
151.226 |
164.599 |
|
|
|
Other Earnings |
1.951 |
1.629 |
0.788 |
|
|
TOTAL EARNINGS |
199.091 |
172.995 |
173.378 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.999 |
0.756 |
1.448 |
|
|
|
Capital Goods |
405.509 |
341.405 |
320.266 |
|
|
TOTAL IMPORTS |
406.508 |
342.161 |
321.714 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.97 |
5.27 |
9.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.47
|
2.79 |
4.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.66
|
6.70 |
9.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.56
|
7.47 |
11.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.23 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.20
|
2.16 |
2.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.90 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
PROSPECTS
The Indian Economy
is showing sign of revival. The company is well positioned to take advantage of
this opportunity. The expansion and diversification plans are being pursued vigorously
to ensure the long term growth of the company. The Company's result is
considered satisfactory. There has been an endeavor to cut cost without
reducing the emphasis on growth and thrust into new sectors. With international
trade being reduced, it is imperative that new fields and areas be explored to
exploit spurt in demand in non-conventional sectors and thrust into new
geographical areas.
OPERATIONS
The Company had another year of excellence with
order intake showing an increase of 25% and business income by 22% as compared
to previous year result. The company continues the policy of forging strategic
alliances. During the year the company has joined hands with Software Company
under the name and style of Nextgen Esolutions Private limited to enter into a
new field of activity.
Fixed Assets:
- Furniture and
Fittings
- Plant and
Machinery and Service Equipments
- Office
Equipments
- Electrical
Equipments
- Air
Conditioner
- Refrigerators
- Motor
Vehicles
- Computers
FORM 8
|
Corporate
identity number of the company |
U74899DL1972PLC006093 |
|
Name of the
company |
AIMIL LIMITED |
|
Address of the
registered office or of the principal place of business in |
A 8, Mohan Co Operative Industrial Estate, |
|
This form is for |
Modification of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Citibank N.A Address: Jeevan Bharti Building, 4th Floor, 124, Connaught Circus,
Connaught Place, New Delhi 110001, India Email: roc@sdpa.in |
|
Nature of
instrument creating charge |
Deed of modification
for Goods Security Agreement. Deed of
modification for Loan Agreement. |
|
Date of
instrument Creating the charge |
07.11.2011 |
|
Amount secured by
the charge |
Rs. 110.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As per sanction
terms and as may be decided by the bank and company mutually from time to
time. Terms of repayment Repayable on
demand, annually renewable. Margin Borrower shall at
all times during the continuance of the security maintain a sufficient amount
to provide the margin of security as may from time to time advised by the
bank. Extent and operation of the charge First pari-passu
charge on the current assets (including stocks and book debts) and movable
fixed assets (including P and M, Off. Equipment, furniture and fixtures etc.)
of the borrower both present and future and over the properties located at
Bangalore, Secunderabad, Vodadara and Kolkata Other The repayment of
all monies in respect of the banking facilities including outstanding balance
and also all interests, costs charges expenses and other moneys payable to
Citibank N.A as per DOM GSA and DOM LA attached is secured by the assets |
|
Short particulars
of the property charged (Including location of the property) |
Current assets
(including stocks and book debts) and movable fixed assets (including PandM,
Off. Equipment, furniture and fixtures etc.) of the borrower both present and
future. Survey No.88/1,
Naimex House, Nagavara Village, Bangalore, Karnataka 314, 315 and 316,
3rd Floor, Swapanlok Complex, S D Road, Secunderabad, A.P. 901,902, Gunjan
Complex, Alembic Gorwa Road, Subhanpura, Vodadara 6C and 6D,
Shrachi Towers, Premises No.686, Anandpur, EM by pass, P.S. Kasba, Kolkata |
|
Particulars of
the present modification |
By this
modification the overall limit enhanced to Rs. 110.000 millions and the
charge is secured by: First pari-passu
charge on the current assets (including stocks and book debts) and movable
fixed assets (including P and M, Off.Equipment, furniture and fixtures etc.)
of the borrower both present and future and over the properties located at
Bangalore, Secunderabad,Vodadara and Kolkata. |
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.52.82 |
|
|
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.68.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.