MIRA
INFORM REPORT
|
Report Date : |
26.05.2011 |
Note:
The correct name of the company is “Asian Tire
Factory Limited”
IDENTIFICATION DETAILS
|
Name :` |
ASIAN TIRE FACTORY LIMITED |
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Registered
Office : |
D-37, Focal Point, Jalandhar 144004, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.05.2008 |
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Com. Reg. No.: |
16-031934 |
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Paid-up Capital
: |
Rs. 48.228 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25113PB2008PLC031934 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDA03609E |
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PAN No.: [Permanent Account No.] |
AAHCA1931C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 220000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track record profitability of the
company appears to be low. However, trade relations are fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
D-37, Focal Point, Jalandhar 144004, |
|
Tel. No.: |
91-181-5083063/5083064/5083061 |
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Fax No.: |
91-181-2601531/5083064 |
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E-Mail : |
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|
Website : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Rajnish Hans Raj Dhawan |
|
Designation : |
Director |
|
Address : |
510-New Jawahar Nagar, Jalandhar, |
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Date of Appointment : |
19.05.2008 |
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DIN No.: |
00557365 |
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|
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Name : |
Mrs. Geeta Rajnish Dhawan |
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Designation : |
Director |
|
Address : |
510-New Jawahar Nagar, Jalandhar, |
|
Date of Appointment : |
19.05.2008 |
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DIN No.: |
02028410 |
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|
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Name : |
Mr. Sanjiv Ram Murti Sarin |
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Designation : |
Director |
|
Address : |
126, Sector-14, Sonepat - 131001, |
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Date of Birth/Age : |
18.02.1961 |
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Date of Appointment : |
26.05.2008 |
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DIN No.: |
00346719 |
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|
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Name : |
Mr. Hans Raj Mahila Ram Dhawan |
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Designation : |
Director |
|
Address : |
510-New Jawahar Nagar, Jalandhar, |
|
Date of Appointment : |
05.02.2009 |
|
DIN No.: |
00850564 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Geeta Dhawan |
|
2180200 |
|
Saiyam Dhawan |
|
2249300 |
|
Rajnish Dhawan HUF |
|
171300 |
|
Hans Raj Dhawan HUF |
|
97500 |
|
Hans Raj Dhawan |
|
78000 |
|
Sadhvi Dhawan |
|
44500 |
|
Vimal Paul |
|
1000 |
|
Rajeev Bhasin |
|
1000 |
|
Total |
|
4822800 |
As On 30.09.2010
|
Category |
Percentage |
|
Other top fifty shareholders |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Koul Vijh and Associates Chartered Accountant |
|
Address : |
30 Parkash Nagar, |
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Tel. No.: |
91-181-2270582 |
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Fax No.: |
91-181-2274336 |
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Pan No.: |
AAIFK7221R |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4822800 |
Equity Shares |
Rs.10/- each |
Rs. 48.228
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
48.228 |
48.228 |
|
|
2] Share Application Money |
|
1.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
7.401 |
3.436 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
56.629 |
51.664 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
36.252 |
39.270 |
|
|
2] Unsecured Loans |
|
88.768 |
25.519 |
|
|
TOTAL BORROWING |
|
125.020 |
64.789 |
|
|
DEFERRED TAX LIABILITIES |
|
1.651 |
0.951 |
|
|
|
|
|
|
|
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TOTAL |
|
183.300 |
117.404 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
29.093 |
30.600 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
95.643
|
67.071 |
|
|
Sundry Debtors |
|
74.274
|
77.311 |
|
|
Cash & Bank Balances |
|
19.660
|
15.507 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
28.847
|
38.095 |
|
Total
Current Assets |
|
218.424
|
197.984 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
54.096
|
102.526 |
|
|
Other Current Liabilities |
|
5.613
|
4.453 |
|
|
Provisions |
|
4.614
|
4.341 |
|
Total
Current Liabilities |
|
64.322
|
111.320 |
|
|
Net Current Assets |
|
154.102
|
86.664 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.105 |
0.140 |
|
|
|
|
|
|
|
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TOTAL |
|
183.300 |
117.404 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
359.597 |
303.035 |
|
|
|
Other Income |
|
1.244 |
4.279 |
|
|
|
TOTAL (A) |
|
360.841 |
307.314 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material |
|
283.265 |
247.993 |
|
|
|
Manufacturing expenses |
|
21.760 |
15.523 |
|
|
|
Personal expenses |
|
12.308 |
6.638 |
|
|
|
Selling and Distribution expenses |
|
23.806 |
21.736 |
|
|
|
Other Expenses |
|
4.791 |
2.920 |
|
|
|
TOTAL (B) |
|
345.930 |
294.810 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
14.911 |
12.504 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
7.631 |
6.529 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
7.280 |
5.975 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.524 |
0.872 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
5.756 |
5.103 |
|
|
|
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|
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Less |
TAX (I) |
|
1.791 |
1.667 |
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|
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|
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|
PROFIT AFTER TAX
(G-I) (J) |
|
3.965 |
3.436 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.436 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
4.000 |
3.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
0.401 |
0.436 |
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
238.059 |
NA |
|
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IMPORTS |
|
35.687 |
NA |
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|
|
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|
Earnings Per
Share (Rs.) |
|
0.82 |
0.71 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
1.10
|
1.12 |
|
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.60
|
1.68 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.33
|
2.23 |
|
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.10
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.34
|
3.41 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
3.40
|
1.78 |
LOCAL AGENCY FURTHER INFORMATION
Nature of operation:
The company is
manufacturing of tyre, tubes and Allied Products.
Current Year
Performance and Prospectus:
The turnover of the Company for the year ended 31.03.2010 was Rs
369.248 Millions. The Company estimates a Sale of Rs.400.000 Millions during
the Current year.
Form 8:
|
This form is for |
Creation of
charge |
||||||
|
Corporate
identity number of the company |
U25113PB2008PLC031934 |
||||||
|
Name of the
company |
ASIAN TIRE
FACTORY LIMITED |
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|
Address of the
registered office or of the principal place of business in |
D-37, Focal
point, Jalandhar – 144004, Punjab |
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|
Type of charge |
Book Debts Movable Property Immovable
Property |
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|
Particular of
charge holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
EPC Rs.60.000
Lacs (Including Cc Hyp Rs.10.000 Lacs, CC Bills Rs.10.000 Lacs And FBP/EBUC
Rs.30.000 Lacs) SLC Rs.5.000
Lacs, FLC/ILC Rs.25.000 Lacs (Including BG Rs.6.000 Lacs) |
||||||
|
Date of
instrument Creating the charge |
06.01.2009 |
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|
Amount secured by
the charge |
Rs. 90.000
Millions |
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|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 1.50% above SBAR Terms of
Repayment – On Demand Margin – 25% Extent and
Operation of the charge – 100% |
||||||
|
Short particulars
of the property charged |
Factory At D-37,
Focal Point, Jalandhar In The Name Of Company Asian Tire Factory Limited |
Fixed Assets:
- Land
- Building
- Plant and
machinery
- Furniture and
fixture
- Misc Fixed
Assets
- Machinery
under errection
AS PER WEBSITE
DETAILS
PROFILE:
Subject is
The company, initially incepted as Asian Polymers in 1993, converted
into a Public Limited company under the name of Asian Tire Factory in 2008. And
from the moment Go!, there has been no looking back.
With continuous efforts to improve product quality, manufacturing
systems, designs and expansions of production capabilities ATF has made its
mark with a diverse product range of Agriculture, Industrial, Earthmover, and
Construction etc
There is a global demand of the products , and apart from catering to
domestic requirements, they have been supplying to various international
markets like U.S.A, Canada, Europe, Africa, S.A, Middle East, Australia and
other neighboring Asian countries for the past 16 years.
They are approved suppliers to the second largest OEM in
The company is accredited with ISO 9001:2000 Quality System by QS Zurich
AG and also achieved recognition of One Star Export House by Government of
India. The company is a regular winner of CAPEXIL Export Merit Awards for its
distinction in export business.
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 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.45.38 |
|
|
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.