MIRA
INFORM REPORT
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Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
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Name : |
A K MULTIMETALS PRIVATE LIMITED |
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Registered
Office : |
A-1, Focal Point, Mandi Gobindgarh, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.09.1998 |
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Com. Reg. No.: |
16-021745 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.200 Millions |
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CIN No.: [Company Identification
No.] |
U27109PB1998PTC021745 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLA10190F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Steel Castings. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 36000 |
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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 an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
A-1, Focal Point, Mandi Gobindgarh, Punjab – 147301, |
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Tel. No.: |
91-1765-501373/ 251446/ 309651 |
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Fax No.: |
91-1765-241212 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 29.09.2011
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Name : |
Mr. Ashok Gupta |
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Designation : |
Managing Director |
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Address : |
87, Narottam Nagar Khanna, |
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Date of Birth/Age : |
13.07.1949 |
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Date of Appointment : |
17.07.2000 |
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DIN No.: |
00421567 |
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Other Directorship : |
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Name : |
Mr. Deepak Gupta |
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Designation : |
Director |
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Address : |
87, Narottam Nagar Khanna, |
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Date of Birth/Age : |
28.09.1977 |
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Date of Appointment : |
09.02.1999 |
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DIN No.: |
00421747 |
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Other Directorship : |
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Name : |
Mr. Vijay Gupta |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
01.11.2004 |
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DIN No.: |
01678497 |
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Other Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
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Names of Shareholders |
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No. of Shares |
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Subhash Kumar |
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10 |
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Tarsem Lal |
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10 |
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Deepak Gupta |
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49500 |
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Vandana |
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40000 |
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Chander Prabha Gupta |
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330000 |
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Ashok Gupta |
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499900 |
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Vijay Gupta |
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100 |
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100 |
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Kalpesh Singla |
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100 |
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Ravindra Singh |
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100 |
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Pawan Kumar |
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100 |
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Nitesh Gupta |
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100 |
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Total |
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920020 |
AS ON 29.09.2011
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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 |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Steel Castings. |
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Products : |
Steel Casting v
Sponge Iron Plants v
Cement Plants v
Sugar Mills v
Miscellaneous Castings Mill Rolls and Rings v Spheroidal Graphite Iron Roll |
PRODUCTION STATUS AS ON 31.03.2011
Licensed Capacity:
N.A.
Installed
Capacity: 10500 MT
Production: 9739.950
Capacity
Utilisation: 92.76%
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Oriental Bank of Commerce, Mandi Gobindgarh – 147301, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajinder Pal Goel and Associates Chartered Accountants |
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Address : |
Opposite Punjab and Sind Bank, |
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Income-tax
PAN of auditor or auditor's firm : |
AFCPG3168A |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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920020 |
Equity Shares |
Rs. 10/- each |
Rs. 9.200
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.200 |
9.200 |
9.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.284 |
32.564 |
21.948 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.484 |
41.764 |
31.148 |
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LOAN FUNDS |
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1] Secured Loans |
55.640 |
39.637 |
24.543 |
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2] Unsecured Loans |
41.869 |
31.490 |
33.285 |
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TOTAL BORROWING |
97.509 |
71.127 |
57.828 |
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DEFERRED TAX LIABILITIES |
0.426 |
0.540 |
0.616 |
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TOTAL |
144.419 |
113.431 |
89.592 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
80.173 |
64.765 |
39.730 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.037 |
2.522 |
2.549 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
67.120
|
52.031 |
55.155 |
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Sundry Debtors |
14.953
|
19.690 |
7.005 |
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Cash & Bank Balances |
11.794
|
5.909 |
3.734 |
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Other Current Assets |
0.000
|
0.000 |
16.921 |
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Loans & Advances |
5.008
|
7.093 |
13.480 |
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Total
Current Assets |
98.875
|
84.723 |
96.295 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
29.815
|
28.907 |
39.736 |
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Other Current Liabilities |
7.851
|
9.672 |
9.256 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
37.666
|
38.579 |
48.992 |
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Net Current Assets |
61.209
|
46.144 |
47.303 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.007 |
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TOTAL |
144.419 |
113.431 |
89.592 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TURNOVER |
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Income |
|
268.018 |
351.182 |
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Other Income |
13.236 |
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TOTAL |
305.496 |
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Less |
EXPENSES |
298.545 |
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PROFIT BEFORE
TAX |
6.951 |
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Less |
TAX |
2.216 |
N.A. |
N.A. |
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PROFIT AFTER TAX
|
4.735 |
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Earnings Per
Share (Rs.) |
5.15 |
N.A. |
N.A. |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.55
|
N.A. |
N.A. |
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Net Profit Margin (PBT/Sales) |
(%) |
2.38
|
N.A. |
N.A. |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.88
|
N.A. |
N.A. |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
N.A. |
N.A. |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.91
|
2.63 |
3.43 |
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Current Ratio (Current Asset/Current Liability) |
|
2.63
|
2.20 |
197 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
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1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constitution of the firm |
Yes |
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4. Premises details |
No |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
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9. Name of person contacted |
No |
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10. Designation of contact person |
No |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last one years |
Yes |
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13. Reasons for variation <> 20% |
-- |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
No |
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21. Market information |
-- |
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22. Litigations that the firm / promoter involved |
-- |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
-- |
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26. Buyer visit details |
-- |
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27. Financials, if provided |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
Note: The Registered Address of the company has been
shifted from
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U27109PB1998PTC021745 |
|
Name of the
company |
A K MULTIMETALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-1, Focal Point,
Mandi Gobindgarh – 147301, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90173767 |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of
charge holder |
Oriental Bank of
Commerce, Mandi Gobindgarh – 147301, Email ID: bm0533@obc.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1.Supplemental Agreement
to Secure Credit/Loan Facilities 2.Counter
Guarantee Agreement 3. Agreement of
term loan |
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Date of
instrument Creating the charge |
14.11.2011 |
|
Amount secured by
the charge |
Rs. 114.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest W/c: BR+2.75%
p.a. (present BR of the bank is 10.75%) which works out at 13.50% at present
with monthly rests. Term Loan: As per
bank agreement. Terms of Repayment W/c : Repayable
on demand Existing Term
Loans : As per respective agreements Term Loan (Open)(
Fresh): Loan shall be repayable in 60 EMI after a initial moratorium of 3
months from the date of first disbursement. However, interest shall be
serviced as & when due. Margin 1. Cash Credit
(Hypothecation) 25% 2. Term Loan
(Open ) (Fresh) 25% 3. Bank
Guarantee
25% 4. Letter of Credit (Inland/ Import) 20% Extent and Operation of the charge Extent and
operation of the charge is 100% Others Nature of
facilities Rs. in Millions 1. Term Loan
(Existing)
Rs. 24.500 2. Cash Credit
(Hypothecation)
Rs. 45.000 3. Term Loan Rs. 10.000 4. Bill Purchase
Under LC (BPLC)
Rs. 15.000 5. Bank Guarantee
(Performance/Fin./ LC) Rs. 20.000
TOTAL Rs.114.500 |
|
Short particulars
of the property charged |
1. Cash Credit
(Hypothecation): Hypothecation of stock of raw materials, stock in process,
finished goods, consumable, stores and spares, receivables. 2. Term Loan
(Open)(Fresh) Hypothecation of all types of plant and machinery and other
fixed assets (existing and future) 3. Bill Purchased
Under LC (BPLC) (Renewal) : Documentary demand and/or Usance Bill drawn under
L/Cs having maximum tenor of 180 days
accompanied with RRs and /or TRs of approved transport operators in case of upcountry parties or accepted Hundies accompanied
with receipted challans along with invoices in case of local parties covering
consignment of goods. 4. Bank Guarantee
(Performance/Financial) (Enhancement) : Counter guarantee of the borrower 5. Letter of
Credit (Inland/Import) : Documents of title to goods in case of L/C on DP
basis. 6. Equitable
Mortgage of lease rights of factory land and building measuring 7502 sqyd
situated at A-1, Focal Point, G. T. Road , Sirhind Side, Mandi Gobindgarh, in
the name of Company. 7. Equitable
Mortgage of lease rights of factory land and building measuring 7524.55 sqyd
situated at A-2, |
|
Particulars of
the present modification |
Total Credit facilities enhanced to Rs. 114.500 Millions Other term and conditions remain the same . |
OPERATION REVIEW
During the year, the company has achieved turnover
of Rs. 292.260 millions as compared to 268.018 millions during the last year.
The company has earned a net profit of Rs. 4.735 Millions as compared to Rs.
10.592 millions during the last year. The cash accruals of the company during
the year are Rs. 9.568 millions as compared to Rs. 14.695 millions during the
last year. Due to slump in the iron and steel industries the profitability
margin got reduced. The company is quite hopeful to do further better in the
near future.
FIXED ASSETS
v Land
v A/C Cooler
v Fire Fighting Equipments
v Machinery
v Building
v Car
v Office Equipment
v Scooter
v Aneaning Furnace
v Computer
v Cycle
v Telephone Exchanges
v Truck
v Furniture and Fixtures
v Air Pollution Control Devices
v Machinery
v LCD and TV
v APCD
v Heat Treatment Furniture
AS PER WEBSITE DETAILS
PROFILE:
Subject is a market leader in the manufacturing of steel
castings weighing up to 18MT single piece. They have a long term commitment to
quality, backed up by their guarantee of proper fit, performance and customer
satisfaction.
They control each facet of design and production in-house including product
engineering, pattern making, moulding, casting, machining and quality
assurance. They can bring to table the expertise you need to make the right
casting decisions on new or existing projects.
The company is managed by a professional Board of Directors comprising the
right mix of experience and vision with the dynamism of youth and entity. Mr.
Ashok Gupta, Managing Director of the company is highly acclaimed for his
unique management perception carries a very rich experience spanning more than
25 years in Iron and Steel industry. Mr. Deepak Gupta, Director (Technical) of
the company with B.E. in mechanical Engineering and Master of Science in
Material Science and Engineering from Carnegie Mellon university, Pittsburg,
U.S.A. has brought in new ideas and energy to compete in present scenario. Mr.
Vijay Gupta Director Purchase is young and Dynamic and is full of enthusiasm to
deliver the best.
Their quality effort has been appreciated by most Third party Inspection
agencies and recommended by International certification services. Accredited by
Joint Accreditation system of Australia & New Zealand and awarded with ISO
9001-2000 Certification.
They have vast experience in manufacturing casting such as Kiln Tyres, Girth
Gears, Full Gears, Pinions, Mill Stands, Chocks, Mill Head, Ladle Paw etc for
Sponge Iron Plants, Cement plants Sugar Mills, Rolling Mills, Blast Furnace and
various other castings for different applications.
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. 55.92 |
|
|
1 |
Rs. 86.03 |
|
Euro |
1 |
Rs. 69.13 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|
47 |
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.