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Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ASSOCIATED MACHINERY CORPORATION LIMITED (w.e.f. 12.01.1996) |
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Formerly Known
As : |
ASSOCIATED MACHINERY CORPORATION PRIVATE LIMITED |
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Registered
Office : |
F-64, Site No. 1, Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.02.1986 |
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Com. Reg. No.: |
20-7661 |
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Capital
Investment / Paid-up Capital : |
Rs.10.773 millions |
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CIN No.: [Company Identification
No.] |
U65921UP1986PLC007661 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MRTA01391F |
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PAN No.: [Permanent Account No.] |
AACCA7476M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporters of Wire Drawing and Wire Working Machine
for Ferrous – Non Ferrous Metals. |
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No. of Employees
: |
3 (Approximately) - In Branches |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 92000 |
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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 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 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 – 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 |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Vini |
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Designation : |
Key Executive |
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Contact No.: |
91-22-28344799 |
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Date : |
28.09.2011 |
LOCATIONS
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Registered Office/ Factory : |
F-64, Site No. 1, Industrial Area, |
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Tel. No.: |
91-120-2700788 / 2700511 |
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Fax No.: |
91-120-2700773 / 2700511 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
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Location : |
Owned |
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Branch Office : |
207, Neelkanth Commercial Centre, 122-123, |
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Tel. No.: |
91-22-28344799 / 56922455 |
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Fax No.: |
91-22-28344676 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Raj Prakash Tyagi |
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Designation : |
Director |
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Address : |
B – 23, Ashok Nagar, |
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Date of Birth/Age : |
27.01.1940 |
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Qualification : |
Electronic Engineering |
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Date of Appointment : |
03.02.1986 |
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DIN No.: |
00444844 |
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Other Directorship :
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Name : |
Mr. Pawan Tyagi |
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Designation : |
Director |
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Address : |
B – 23, Ashok Nagar, |
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Date of Birth/Age : |
10.09.1965 |
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Qualification : |
B.Com, MBA |
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Date of Appointment : |
05.02.1986 |
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DIN No.: |
00444760 |
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Other Directorship :
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Name : |
Ms. Manju Tyagi |
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Designation : |
Director |
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Address : |
B – 23, Ashok Nagar, |
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Date of Birth/Age : |
08.02.1967 |
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Qualification : |
MA |
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Date of Appointment : |
20.07.2009 |
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DIN No.: |
01323634 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
M.K. Ishwar and Associates |
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Designation : |
Company Secretaries |
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Address : |
RZ – 21, Matiala Extension, Uttam Nagar, |
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Tel No. : |
91-11-25338753 |
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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Pawan Tyagi |
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83200 |
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Raj Prakash Tyagi |
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16050 |
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Manju Tyagi |
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1050 |
List of Allotment (As on 11.12.2010)
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Names of Allottees |
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No. of Shares |
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Raj Prakash Tyagi |
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5000 |
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Pawan Tyagi |
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46000 |
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Manju Tyagi |
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1300 |
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Mrigakshi Tyagi |
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2000 |
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Prakshi Tyagi |
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1000 |
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R P Tyagi and Sons (HUF) |
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5000 |
|
Broadway Machines Private Limited, |
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25000 |
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Praveen Kumar Jain |
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1000 |
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S P Chaturvedi |
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1000 |
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Kamal Sharma |
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1000 |
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N K Singh Rawat |
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1000 |
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Total |
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89300 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Wire Drawing and Wire Working Machine
for Ferrous – Non Ferrous Metals. |
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Products : |
·
Wire Drawing Machine ·
Machine Wire ·
Galvanised Wire ·
Gravity Block ·
Coiler Machine ·
Wire Flattening Mill ·
Wire Spooling Machine ·
Mechanical Descaler |
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Exports : |
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Products : |
Wire Machines |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Wire Drawing Machines |
-- |
NA |
NA |
459 |
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Other Machines and Machinery Parts |
-- |
NA |
NA |
865 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
3 (Approximately) - In Branches |
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Bankers : |
·
Bank of ·
ICICI Limited ·
Bank of ·
HDFC
Bank |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Sahni Bansal and Associates Chartered Accountants |
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Address : |
II Floor, |
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Tel. No.: |
91-120-2791400 |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
197030 |
Equity Shares |
Rs.100/- each |
Rs.19.703
millions |
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
107730 |
Equity Shares |
Rs.100/- each |
Rs.10.773
millions |
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 |
10.773 |
8.658 |
3.158 |
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2] Share Application Money |
0.000 |
2.115 |
5.000 |
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3] Reserves & Surplus |
12.280 |
11.407 |
10.886 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.053 |
22.180 |
19.044 |
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LOAN FUNDS |
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1] Secured Loans |
57.463 |
35.673 |
14.886 |
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2] Unsecured Loans |
0.098 |
0.098 |
0.098 |
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TOTAL BORROWING |
57.561 |
35.771 |
14.984 |
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DEFERRED TAX LIABILITIES |
1.949 |
1.739 |
1.470 |
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TOTAL |
82.563 |
59.690 |
35.498 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.233 |
19.504 |
14.181 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.035 |
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 |
109.112
|
111.866
|
114.972 |
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Sundry Debtors |
66.087
|
40.366
|
27.723 |
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Cash & Bank Balances |
3.252
|
2.140
|
2.126 |
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Other Current Assets |
0.064
|
0.021
|
0.063 |
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Loans, Advances and Deposits |
2.779
|
4.000
|
5.194 |
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Total
Current Assets |
181.294
|
158.393
|
150.078
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
57.565
|
86.008
|
105.044
|
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Other Current Liabilities |
63.560
|
31.413
|
23.041
|
|
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Provisions |
0.894
|
0.786
|
0.676 |
|
Total
Current Liabilities |
122.019
|
118.207
|
128.761
|
|
|
Net Current Assets |
59.275
|
40.186
|
21.317
|
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MISCELLANEOUS EXPENSES |
0.020 |
0.000 |
0.000 |
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TOTAL |
82.563 |
59.690 |
35.498 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Turnover |
197.053 |
161.925 |
114.631 |
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Miscellaneous Income |
1.901 |
1.425 |
1.402 |
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TOTAL (A) |
198.954 |
163.350 |
116.033 |
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Less |
EXPENSES |
|
|
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|
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|
Manufacturing Expenses |
180.763 |
145.998 |
122.525 |
|
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|
Administrative Expenses |
7.120 |
5.486 |
4.245 |
|
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|
Selling Expenses |
1.185 |
1.317 |
0.523 |
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|
Capital Increase Expenses Written Off |
0.005 |
0.000 |
0.000 |
|
|
|
Increase / Decrease in Stocks |
(0.138) |
2.721 |
(15.215) |
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TOTAL (B) |
188.935 |
155.522 |
112.078 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.019 |
7.828 |
3.955 |
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Less |
FINANCING
CHARGES (D) |
6.744 |
4.989 |
2.058 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.275 |
2.839 |
1.897 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.986 |
1.795 |
1.189 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.289 |
1.044 |
0.708 |
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Less |
TAX (H) |
0.417 |
0.523 |
0.217 |
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PROFIT AFTER TAX
(G-H) (I) |
0.872 |
0.521 |
0.491 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.573 |
5.052 |
4.561 |
|
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BALANCE CARRIED
TO THE B/S |
6.445 |
5.573 |
5.052 |
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EARNINGS IN
FOREIGN CURRENCY |
8.903 |
20.824 |
3.097 |
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IMPORTS |
|
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|
|
|
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|
Raw Material and Stores |
10.407 |
25.171 |
Nil |
|
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TOTAL IMPORTS |
10.407 |
25.171 |
Nil
|
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|
Earnings Per
Share (Rs.) |
8.09 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.44
|
0.32
|
0.42
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.65
|
0.64
|
0.62
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.64
|
0.59
|
0.43
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.05
|
0.04
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.79
|
6.94
|
7.55
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.34
|
1.17
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
|
|
1. |
Year of Establishment |
YES |
|
2. |
Locality of the firm |
YES |
|
3. |
Constitutions of the firm |
YES |
|
4. |
Premises details |
YES |
|
5. |
Type of Business |
YES |
|
6. |
Line of Business |
YES |
|
7. |
Promoter’s background |
-- |
|
8. |
No. of employees |
YES |
|
9. |
Name of person contacted |
YES |
|
10. |
Designation of contact person |
YES |
|
11. |
Turnover of firm for last three years |
NO |
|
12. |
Profitability for last three years |
NO |
|
13. |
Reasons for variations <> 20% |
NO |
|
14. |
Estimation for coming financial year |
NO |
|
15. |
Capital in the business |
NO |
|
16. |
Details of sister concerns |
NO |
|
17. |
Major Suppliers |
NO |
|
18. |
Major Customers |
NO |
|
19. |
Payment terms |
YES |
|
20. |
Export / Import details (is applicable) |
YES |
|
21. |
Market information |
-- |
|
22. |
Litigation that the firm / promoter involved
in |
-- |
|
23. |
Banking Details |
YES |
|
24. |
Banking facility details |
NO |
|
25. |
Conduct of the banking account |
-- |
|
26. |
Buyer visit details |
-- |
|
27. |
Financials, if provided |
NO |
|
28. |
Incorporation details, if applicable |
-- |
|
29. |
Last accounts filed at ROC |
-- |
|
30. |
Major Shareholders, is available |
-- |
FORM 8
|
Corporate identity number of the company |
U65921UP1986PLC007661 |
|
Name of the company |
ASSOCIATED MACHINERY CORPORATION LIMITED |
|
Address of the registered office or of the principal place of business in |
F-64, Site No. 1, Industrial Area, |
|
This form is for |
Modification of charge |
|
Charge identification number of the modified |
90281053 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Others o
Plant and Machinery |
|
Particular of charge holder |
Bank of Navyug Market Branch, |
|
Nature of instrument creating charge |
1.Hypothecation cum Loan Agreement (Plant and machinery Stocks and
Book Debts ( IFD-X) 2. Supplemental Agreement of Hypothecation (L-481) 3. Letter evidencing deposit of title deeds for extension of equitable
mortgage |
|
Date of instrument Creating the charge |
16.12.2010 |
|
Amount secured by the charge |
Rs.51.770 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest Interest to be charged @ 4.50% above Base Rate , presently 13.00% per
annum with monthly rests or at such other rate(s) as may be notified by the
Bank to the Borrower from time to time. Terms of repayment (i) Working Capital - Repayable on demand. (ii) Term Loan - Repayable as
per existing repayment Margin 25% on Raw material 25% on Finished goods 25% on Stores 25% on goods in process 40% on Book Debts 25% on Term Loan Extent and operation of the charge The Company's movable and immovable properties are hypothecated and
mortgaged to secure following credit facilities aggregating to Rs.51.770
millions granted by the Bank to the Borrower:- 1. CC(stocks) Rs.45.000 millions 2. CC (Book Debts) Rs.10.000 millions MAXIMUM 1 and 2 Rs.50.000
millions 3. Term Loan Rs. 1.770 millions TOTAL Rs.51.770 millions |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
All tangible movable machineries and plants (both
present and future) lying at the
Borrower's godown at ·
All tangible movable properties, assets and all
stocks of raw materials such as iron, steels, bearing etc. of the Borrower. ·
Hypothecation of all the Borrower's present and
future book debts, outstandings, money receivable ,claims, bills etc. ·
Equitable mortgage by deposit of title deeds of
immovable properties situated at Plot No.F-63 area 774 Sq. Yards, at ·
Equitable mortgage by deposit of title deeds of
immovable properties situated at Plot No.F-64 area 771 Sq. Yards, at ·
Equitable mortgage by deposit of title deeds of
immovable properties situated at Plot No.F-65 area 797 Sq. Yards, at ·
Equitable mortgage by deposit of title deeds of
immovable properties situated at Plot No.F-66 area 820 Sq. Yards, at ·
Equitable mortgage by deposit of title deeds of
immovable properties situated at Plot No.F-67 area 796 Sq. Yards, at ·
Equitable mortgage by deposit of title deeds of
immovable properties situated at Plot No.F-68 area 797 Sq. Yards, at |
|
Particulars of the present modification |
The aggregate amount of various credit facilities granted by the Bank
has now been reduced/modified from Rs.54.687 millions to Rs.51.770 millions. Therefore,
total amount of charge secured against hypothecation of all stocks, book
debts, plant and machinery etc. and equitable mortgage of immovable property
has now been reduced/modified from Rs.54.687 millions to Rs.51.770 millions. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Motor Vehicles
·
Office Equipments
·
Computer
·
Two Wheeler
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.49.03 |
|
|
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
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 |
4 |
|
--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 |
|
29 |
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.