MIRA
INFORM REPORT
|
Report Date : |
10.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
ANVIL FORGE PRIVATE LIMITED |
|
|
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Registered
Office : |
K 19A, 2nd Floor, Lajpat Nagar-II, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
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Date of
Incorporation : |
14.09.1999 |
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|
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Com. Reg. No.: |
55-101550 |
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Capital
Investment / Paid-up Capital : |
Rs.3.500 millions |
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CIN No.: [Company Identification
No.] |
U34300DL1999PTC101550 |
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|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
and Supplier of Forged and Machined Components. |
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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 23000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
K 19A, 2nd Floor, Lajpat Nagar-II, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
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Tel. No.: |
91-129-2205013 / 6542288 |
|
Fax No.: |
91-129-2205013 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Rai Kamal |
|
Designation : |
Director |
|
Address : |
918, Sector-15, |
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Date of Birth/Age : |
29.08.1945 |
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Date of Appointment : |
14.09.1999 |
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DIN No.: |
00225138 |
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|
|
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Name : |
Mr. Rai Saurabh Krishna |
|
Designation : |
Director |
|
Address : |
918, Sector-15, |
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Date of Appointment : |
14.09.1999 |
|
DIN No.: |
00225119 |
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|
|
|
Name : |
Mr. Sushil Kumar Swamy |
|
Designation : |
Director |
|
Address : |
H. No. 13, Tirkha Colony, Ballabgarh, |
|
Date of Appointment : |
01.07.2001 |
|
DIN No.: |
01885031 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rai Kamal |
|
170000 |
|
Abha Krishna |
|
45000 |
|
Rai Saurabh |
|
100000 |
|
Veena Sharma |
|
45 |
|
Sujata Krishna |
|
10000 |
|
Anjana Krishna |
|
24950 |
|
Gulshan Kumar |
|
5 |
|
Total |
|
350000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
99.98 |
|
Other
top fifty shareholders |
|
0.02 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of Forged and Machined Components. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Canara Bank 8A, Nehru Ground, NIT, ·
Andhra Bank Sector 17, |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Chordiya and Company Chartered Accountants |
|
Address : |
826, Sector 15A, |
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Tel. No.: |
91-129-2282882/ 2284215 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.500 |
3.500 |
3.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.171 |
2.091 |
1.966 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.671 |
5.591 |
5.466 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20.287 |
14.750 |
15.054 |
|
|
2] Unsecured Loans |
5.901 |
5.846 |
4.040 |
|
|
TOTAL BORROWING |
26.188 |
20.596 |
19.094 |
|
|
DEFERRED TAX LIABILITIES |
0.038 |
0.113 |
0.166 |
|
|
|
|
|
|
|
|
TOTAL |
31.897 |
26.300 |
24.726 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.243 |
7.263 |
7.963 |
|
|
Capital work-in-progress |
0.000 |
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 |
29.851
|
20.899 |
17.594 |
|
|
Sundry Debtors |
9.430
|
4.527 |
2.846 |
|
|
Cash & Bank Balances |
0.367
|
0.028 |
0.021 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.797
|
0.772 |
0.851 |
|
Total
Current Assets |
40.445
|
26.226 |
21.312 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.734
|
7.148 |
4.368 |
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
0.057
|
0.041 |
0.181 |
|
Total
Current Liabilities |
14.791
|
7.189 |
4.549 |
|
|
Net Current Assets |
25.654
|
19.037 |
16.763 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
31.897 |
26.300 |
24.726 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
39.831 |
25.090 |
38.305 |
|
|
|
Job Work |
3.206 |
2.672 |
2.223 |
|
|
|
Other Income |
0.007 |
0.038 |
NA |
|
|
|
TOTAL (A) |
43.044 |
27.800 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
(6.535) |
(3.121) |
|
|
|
|
Manufacturing and Operating Expenses |
42.856 |
25.114 |
|
|
|
|
Personnel Expenses |
1.739 |
1.459 |
|
|
|
|
Administrative and Other Expenses |
1.653 |
0.948 |
|
|
|
|
TOTAL (B) |
39.713 |
24.400 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.331 |
3.400 |
3.430 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.177 |
2.073 |
1.892 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.154 |
1.327 |
1.538 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.029 |
1.156 |
1.232 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
0.125 |
0.171 |
0.306 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.044 |
0.047 |
0.110 |
|
|
|
|
|
|
|
|
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|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
0.081 |
0.124 |
0.196 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) (Weighted) |
0.23 |
0.36 |
0.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.19
|
0.45 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.31
|
0.68 |
0.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.27
|
0.51 |
1.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.23
|
4.97 |
4.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.73
|
3.65 |
4.68 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Company during the year has Manufacturing and Job Work activities.
Sales during the year were Rs.39.831 millions. (Previous Year Rs.25.090
millions) while Job Work Receipt during the year were Rs.3.206 millions
(Previous Year Rs.2.672 millions). The working results for the company is
satisfactory due to recessionary period.
FORM 8
|
Corporate identity number of the company |
U34300DL1999PTC101550 |
|
Name of the company |
ANVIL FORGE PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
K 19A, 2nd Floor, Lajpat Nagar-II, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10237756 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
Canara Bank 8A, Nehru Ground, NIT, |
|
Nature of instrument creating charge |
Letter evidencing deposit of title deeds dated 15.09.2010 |
|
Date of instrument Creating the charge |
15.09.2010 |
|
Amount secured by the charge |
Rs.19.623 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest @11.75% p.a. Terms of Repayment OCC Limit payable on demand. Term loan repayable monthly installments
of Rs.0.055 million each beginning from September 2010 and the last
installment of Rs.0.023 million. Margin As per banks norms Extent and Operation of the charge First charge on assets to secure aggregate limits of Rs.19.623
millions comprising of OCC limit of Rs.18.500 millions and term loan of Rs.1.123
millions. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
First charge by way of hypothecation of raw
materials, stock in process, finished goods, consumable, book debts aged not more
than 90 days. ·
Plant and machinery having WDV of Rs.5.236
millions as at 31.03.2009 ABS. ·
First charge by way of EMT of immovable
properties of the company situated at part of khasra no.46/24/1 and 51/4/1
Khewat khata no.191/337 measuring 2144 sq. yards at Mauja Sikri Tehsil
Ballabhgarh, Faridabad together with all buildings, structures, fixtures,
fittings, machineries standing/ installed thereon and to be installed in
future. |
|
Particulars of the present modification |
The limits amounting to Rs.19.623 millions granted to the company
stands collaterally secured by way of 1st charge being EMT of immovable
properties of the company situated at part of khasra no.46/24/1 and 51/4/1
Khewat khata no.191/337 measuring 2144 sq. yards at Mauja Sikri Tehsil Ballabhgarh,
Faridabad together with all buildings, structures, fixtures, fittings,
machineries standing/ installed thereon and to be installed in future. Other
terms and conditions remain the same. |
WEB DETAILS
PROFILE
The promoter/ director of the company are:-
- R. K. Krishna (Chairman)
- R. S. Krishna (Director)
Mr. R. K. Krishna aged 64 years is an experienced
entrepreneur and has in depth knowledge in the field of steel and forging. He
has been dealing with all major forging unit of
To start with, the promoter/ directors have
installed one 1.25 MT hammer plus a well equipped Tool Room and then the second
Hammer of 1.50 MT was installed in Jan 2005. Two years back in 2007, a new
line of Press Forging (friction screw) was also installed, looking at the
demand and the need of the elite customers.
In mid 2008 the company installed a Free Forging
Hammer to widen up the scope and to enter in the new segment.
The company is presently
manufacturing components for major automotive component suppliers right from
two wheel industry to Heavy Industrial Equipment Automitives. Few export houses
who are involve in Elite Hardware Fittings, Home Appliances, Bid Blocks
are also our esteem costomers, This simply states that the company well
understands the meaning of Quantity, Dimentional and Aesthetic Look plus
timely delivery of components.
Services
·
Specialisation in forging and
machining of critical components of Alloy Steel and Stainless Steel Forging.
·
Single piece weight from 0.100
kg. to 25.00 kg. in close die and upto 6 tons in Free Forging
·
Full-equipped self-sufficient
forge shop with includes 1.25 M. Ton, 1.50 M. Ton close die hammer, 7 M.Ton
Steam Hammer and 200 Ton Screw press and 200 Ton direct Forging Press to
achieve close tolerance and to deliver the product in time.
·
In house Tool Room that helps
in maintaining the quality and timely delivery of components.
·
100 % Spectra Test (heat wise)
to ensure right and superior quality of steel.
The forging are manufactured under strict
supervision right from raw material to finished goods, including chemical and
physical testing.
The Components Are Widely Used In Automobile Industry
Right From Suspension Parts To Engines Parts and from Parts of Alternators to
Air Conditioners Parts while other are also used as Door Hinges. There are few
used by Pipefitting industries and by few industries that are involved in
decorative pieces.
Cluster Gear, Speed Gear, Corona Gear, GPD Gears,
Hubs– Magneto, Counter Weight, Dog Speed Change, Cam Shaft, Kicks, Joints,
Starter Sector, Transmission Shaft, Pivot Arms, Helical Gear, are few of our
components widely used by two wheeler manufacturer of our country.
On the other hand components like Tooth, Forks, Housings,
End Links, Tie Rods, Gears, Arm Steering Spindle, Rotors, Pulleys, Claws / Pole
Piece, Spindles, Rockers, Trunions, Gear Shifter, Side Cutters, Pinions, Wheel
Hubs, Coupling, Adopters, Levers, Counter Weights, Cap Con Rods, Sockets, Break
Hubs, are other few components used my leading manufacturer of Cars, Jeeps,
Pickups, Tractors, Trucks, Harvesting Machines, Dampers, Earth Movers, Back
loaders etc.
They also manufacture components
like Clamp and Buckles of parachute for
In Free forging they manufacture
Couplings, Hubs, Supports etc. other than End Head,
Stright, Flanged Shafts for Turbine and Power Plants.
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.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.82 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
NO |
|
--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.