MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ART INFRA SOLUTIONS PRIVATE LIMITED (w.e.f. 27.01.2011) |
|
|
|
|
Formerly Known
As : |
A.R. THERMOSETS PRIVATE LIMITED |
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|
|
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Registered
Office : |
104, Chandralok Complex, 26/27–D, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.04.1991 |
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Com. Reg. No.: |
20-013046 |
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Capital
Investment / Paid-up Capital : |
Rs.6.505
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U45206UP1991PTC013046 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bitumen Emulsion for Roads and Architectural
Applications. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 237000 |
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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 a well-established company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
104, Chandralok Complex, 26/27–D, |
|
Tel. No.: |
91-512-2363491/ 2302275/ 2363491 |
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Fax No.: |
91-512-2354644 |
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E-Mail : |
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Website : |
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Factory : |
C-58, Malwan Industrial Area, Fatehpur, |
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Tel. No.: |
91-5181-248359/248357 |
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Fax No.: |
91-5181-248858 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Manoj Gupta |
|
Designation : |
Director |
|
Address : |
13, Narain Kuti, Gandhi Gram, |
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Date of Birth/Age : |
01.02.1968 |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
01054595 |
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|
|
|
Name : |
Mr. Saurabh Gupta |
|
Designation : |
Director |
|
Address : |
117/H-1/298 |
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Date of Birth/Age : |
06.05.1975 |
|
Date of Appointment : |
17.12.2009 |
|
DIN No.: |
01054891 |
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|
|
|
Name : |
Mr. Vijay Ashok Kumar Garg |
|
Designation : |
Director |
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Address : |
15/245, Civil Lines, |
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Date of Birth/Age : |
16.05.1955 |
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Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03126788 |
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|
|
|
Name : |
Mrs. Vandana Gupta |
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Designation : |
Director |
|
Address : |
13, Gandhi Gram, Harjinder Nagar, |
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Date of Birth/Age : |
27.06.1970 |
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Date of Appointment : |
15.04.1991 |
|
Date of Ceasing : |
01.09.2010 |
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DIN No.: |
01054626 |
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|
|
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Name : |
Mr. Neeraj Gopal Gupta |
|
Designation : |
Director |
|
Address : |
13, Gandhi Gram, Krishna Nagar, |
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Date of Birth/Age : |
08.11.1970 |
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Date of Appointment : |
15.04.1991 |
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Date of Ceasing : |
01.09.2010 |
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DIN No.: |
01054659 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vandana Gupta |
|
25600 |
|
Neeraj Kumar Gupta |
|
28900 |
|
Shilpa Gupta |
|
500 |
|
Surabh Gupta |
|
5000 |
|
Sharad Garg |
|
10 |
|
Neeraj Garg |
|
10 |
|
Vivek Garg |
|
10 |
|
Ravindra Nath Garg |
|
10 |
|
Shyam Sunder Mishra HUF |
|
10 |
|
U Like Synthetics Private Limited |
|
5000 |
|
Total |
|
65050 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
7.69 |
|
Directors
or relatives of directors |
|
91.47 |
|
Other
top fifty shareholders |
|
0.84 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bitumen Emulsion for Roads and Architectural
Applications. |
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|
|
|
Products : |
v Cationic Bitumen Emulsion v Polymer Modified Bitumen v Crumb Rubber Modified Bitumen v Cutback Bitumen v Natural Rubber Modified Bitumen v Micro surfacing Emulsion |
PRODUCTION STATUS (AS ON 31.03.2010)
Licensed Capacity:
NA
Installed
Capacity: 31300 MT Emulsion Single Shift Basis
|
Particulars |
Unit |
|
|
Actual
Production |
|
Emulsion |
Mt. |
|
|
10205929 |
|
CRMB |
Mt. |
|
|
54160 |
|
Mod. Bitumen |
Mt. |
|
|
198202 |
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|
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GENERAL INFORMATION
|
Suppliers : |
v
Amit Roadlines v
Arun Tube Company v
Inland Road Transport Company v
Kumar Tools v
Navin Electrodes v
New v
v
Paper Craft v
Perfect Electric Point v
Pioneer Mill Stores Private Limited v
Raju Traders Fatehpur v
A.R. Polymers Private Limited v
Jain Sons ( v
Tandon Catiners v
West Coast Oils v
Anand Constructions Lalitpur v
Cubs International Petrochem Limited v
Gosain Construction Company v
Gammon India Limited v
H.S. Builders – v
S.K. Engineering – |
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Customers : |
v
Agarwal
Brothers v
Larsen
and Toubro Limited v
Gammon
India Limited v
Madhucon
Projects Limited v
Progressive
Constructions Limited v
Oriental
Structural Engineers Private Limited v
Vijai
Infrastructure Limited v
Hindustan
Constructions Company v
Era
Infra Engineering Limited v
Gayatri
Projects Limited v
Satya
Prakash and Brothers Private Limited v
KMC
Constructions Limited v
IJM
Infraprojects Limited v
ITD
Cementation India Limited v
Brahmaputra
Consortium Limited v
JKM
Infra Projects Limited v
BSCPL
Infrastructure Limited v
IRCON
International Limited v
Soma
Enterprises Limited v
Tantia
Constructions Limited v
Bharat
Constructions Engineers and Contractors |
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No. of Employees : |
Not Available |
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Bankers : |
v
Indian Overseas Bank, Swaroop Nagar, v
Bank of v
State Bank of v
Punjab National Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Birla and Chand Chartered Accountants |
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Address : |
13/392, Civil Lines, |
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Income-tax
PAN of auditor or auditor's firm : |
ACJPB5908K |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65050 |
Equity Shares |
Rs.100/-
each |
Rs.6.505
Millions |
|
|
|
|
|
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 |
6.505 |
6.505 |
6.505 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
52.758 |
49.702 |
20.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
59.263 |
56.207 |
26.505 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
80.719 |
70.962 |
23.918 |
|
|
2] Unsecured Loans |
10.304 |
1.782 |
1.641 |
|
|
TOTAL BORROWING |
91.023 |
72.744 |
25.559 |
|
|
DEFERRED TAX LIABILITIES |
1.250 |
1.073 |
0.182 |
|
|
|
|
|
|
|
|
TOTAL |
151.536 |
130.024 |
52.246 |
|
|
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|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
27.202 |
24.091 |
11.851 |
|
|
Capital work-in-progress |
8.238 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.688
|
24.551 |
10.013
|
|
|
Sundry Debtors |
60.773
|
44.431 |
23.064
|
|
|
Cash & Bank Balances |
16.554
|
10.647 |
7.954
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
50.716
|
65.118 |
18.798
|
|
Total
Current Assets |
141.731
|
144.747 |
59.829 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
16.423
|
20.008 |
8.192
|
|
|
Other Current Liabilities |
3.940
|
0.646 |
1.741
|
|
|
Provisions |
5.272
|
18.260 |
9.701
|
|
Total
Current Liabilities |
25.635
|
38.914 |
19.634
|
|
|
Net Current Assets |
116.096
|
105.833 |
40.195
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.100 |
0.200 |
|
|
|
|
|
|
|
|
TOTAL |
151.536 |
130.024 |
52.246 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
291.726 |
403.636 |
175.000 |
|
|
|
Other Income |
8.909 |
2.554 |
1.218 |
|
|
|
TOTAL (A) |
300.635 |
406.190 |
176.218 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed, Goods Traded in and Manufacturing Expenses |
266.453 |
338.594 |
142.590 |
|
|
|
Operating and Other Expenses |
17.885 |
15.394 |
7.993 |
|
|
|
Prior Period Items |
0.000 |
0.022 |
0.057 |
|
|
|
TOTAL (B) |
284.338 |
354.010 |
150.640 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.297 |
52.180 |
25.578 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
8.153 |
5.106 |
2.348 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.144 |
47.074 |
23.230 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.603 |
1.817 |
1.078 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.541 |
45.257 |
22.152 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.485 |
15.555 |
7.854 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.056 |
29.702 |
14.298 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.056 |
29.702 |
14.298 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
52.503 |
244.923 |
41.954
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
46.98 |
456.61 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.02
|
7.31 |
8.11
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.56
|
11.21 |
12.66
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.69
|
26.80 |
30.90
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.81 |
0.84
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.97
|
1.99 |
1.71
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.53
|
3.72 |
3.05
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U45206UP1991PTC013046 |
|
Name of the company
|
ART INFRA SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
104, Chandralok Complex, 26/27–D, E-Mail: kn.shridhar@yahoo.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10249809 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others (Fixed and
Block Assets) |
|
Particular of
charge holder |
Punjab National Bank, E-Mail: jkscoknp@gmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Letter of
Confirmation for creation of equitable mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
16.05.2011 |
|
Amount secured by
the charge |
Rs.199.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per Sanction
terms. Terms of
Repayment: (i) Working
Capital/Demand Loan-Repayable on demand. (ii) Term Loans- As
per existing repayment schedule. Margin Extent and
Operation of the charge: 25% on Stocks 35% on Book Debts 25% on Term Loans
25% on Demand
Loan 15% on FLC 15% on ILC Others: The Company's movable
and immovable properties as mentioned hereunder are mortgaged to collaterally
secure following credit facilities aggregating to Rs.199.000 millions granted
by the Bank to the Borrower. |
|
Short particulars
of the property charged |
Equitable mortgage
by deposit of lease deed of immovable properties situated at Plot No.C-58 to
C-62 and B-31, UPSIDC Industrial Area, Malwan, District Fatehpur area 20921
Square meters. Equitable
mortgage by deposit of lease deed of immovable properties situated at Plot
No.B-23 and Plot No. C-50, UPSIDC Industrial Area, Malwan, District Fatehpur
area 16636 square meters. Exclusive charge
on hypothecation of entire current assets present and future including raw
materials, SIP, finished goods, spares, consumable, stock in transit brought
out items, stock at different sites such as Crash Barriers and Sign Ages and
Bitumen, etc. situated at Borrowers Factory premises, Godowns or elsewhere or
in transit. Hypothecation of
all present and future book debts arisen out of genuine business
transactions, outstanding decrees, money receivables, claims, security,
Government subsidies, investments, rights of the Borrower. Hypothecation of
all movable assets forming part of fixed/block assets and all such movable
assets which may be offered by the Company in future and acceptable to the
Bank. |
|
Date of latest
modification prior to the present modification |
10.12.2010 |
|
Particulars of
the present modification |
Additional security
has been provided by way of equitable mortgage of Company's immovable
property. |
|
Name of the company |
A.R. THERMOSETS PRIVATE LIMITED |
|
Presented By |
Mr. Neeraj Gupta |
|
1) Date and description of instrument creating the change |
Hypothecation
Agreements dated 14.10.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.26.500
Millions |
|
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 |
1st
Charge on machinery whether fixed movable and whether attached to the
premises or not. Stock of Raw Material, WIP, Finished Goods, Book Debts, Assets of the company
having book value of Rs.6.366 Millions |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rs.12.000
Millions for bills purchases Inland Rs.8.500 Millions
for sub – limit of bill Rs.4.000 Millions
for L G (Financial) Rs.2.000 Millions
for L C Inland Interest rate as
per PTLR 2.25% as per Bank instructions issued from time to time |
|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank, Swaroop Nagar, |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
FIXED ASSETS:
v Land
v Building
v Plant and Machinery
v Furniture and Fixtures
v Vehicles
v Computer
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.44.45 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.62 |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.