MIRA INFORM REPORT
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Report Date : |
30.03.2012 |
IDENTIFICATION DETAILS
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Name : |
ASSOCIATED CERAMICS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.09.1970 |
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Com. Reg. No.: |
21-027835 |
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Capital
Investment / Paid-up Capital : |
Rs. 42.598 Million |
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CIN No.: [Company Identification
No.] |
L26919WB1970PLC027835 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALA09877A |
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PAN No.: [Permanent Account No.] |
AACCA2470P |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Supplier of
Refractory Bricks and Powder |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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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 710000 |
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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 trade. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small 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
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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 / Head Office : |
17 Ganesh Chandra Avenue, 4th Floor, Kolkata-700013, West
Bengal, India
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Tel. No.: |
91-33- 2236-7358
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
P.O Chirkunda 828202, Dist. Dhanbad, Jharkhand India |
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Tel. No.: |
91-6540-293061, 91-6540-292447 |
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Fax No.: |
91-6540-292190, 91-341-2521555 |
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Office : |
C-106 Sushant Lok II (phase II), Sector 56 Gurgaon-122003 India |
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Tel. No.: |
91-124-2386106 |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Bimal Agarwal |
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Designation : |
Director |
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Date of Appointment : |
01.04.2012 |
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DIN No.: |
00652555 |
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Other
Directorship:
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Name : |
Mr.Sharad Agarwal |
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Designation : |
Director |
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Date of Appointment : |
24.03.2004 |
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DIN No.: |
00652580 |
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Other
Directorship:
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Name : |
Mr. Binod Kumar Suhasaria |
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Designation : |
Director |
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Date of Appointment : |
10.05.1988 |
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DIN No.: |
00652607 |
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Name : |
Mr.Arun Agarwal |
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Designation : |
Managing Director |
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Date of Appointment : |
23.03.1976 |
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DIN No.: |
01660148 |
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Other
Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Mr. Bimal Agarwal |
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119510 |
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Mr.Arun Agarwal |
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138320 |
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Total |
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257830 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
Percentage |
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Bodies corporate |
31.57 |
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Directors or relatives of Directors |
17.63 |
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Other top fifty shareholders |
50.80 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of
Refractory Bricks and Powder |
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PRODUCTION STATUS
As on 31.03.2011
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
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Refractory Bricks and Powder |
M.T |
43000 |
43000 |
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GENERAL INFORMATION
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Customers : |
Manufacturing Company |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
State Bank of India Special
Commercial Branch, Goodwill Properties, 2nd Floor, Katras Road,
Bank More, Dhanbad-826001, Jharkhand, India |
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Facilities : |
(Rs. In Millions)
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
A Pandey and Associates Chartered Accountant |
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Address : |
50, Weston Street, Kamal House, Room N-402 & 404, Kolkata-700012,
West Bengal, India |
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PAN.: |
AELPP9546H |
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Associates : |
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IPITATA Commotrade Private Limited -
Associated Global Finance Limited -
Bihari Agarwal ( HUF ) -
Vikash Ceramics Private Limited -
Sharad Refractories Private Limited -
Amar Jyoti Udyog Limited -
Somnath Fuels Private Limited -
Sharad International Limited -
Mugma Coke Oven Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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3,025,000 |
Equity Shares |
Rs.10/- each |
Rs.30.250 Million |
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1,00,000 |
Preference Shares |
Rs.100/-each |
Rs.10.000 Million |
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9,750 |
Preference Shares |
Rs.1000/-each |
Rs.9.750 Million |
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Total |
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Rs.50.000
Million |
Issued & Subscribed Capital:
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No. of Shares |
Type |
Value |
Amount |
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3,005,030 |
Equity Shares |
Rs.10/- each |
Rs.30.050
Million |
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1,00,000 |
Preference Shares |
Rs.100/-each |
Rs.10.000 Million |
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9,750 |
Preference Shares |
Rs.1000/-each |
Rs.9.750 Million |
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Total |
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Rs.49.80 Million |
Paid up Capital:
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No. of Shares |
Type |
Value |
Amount |
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2,044,730 |
Equity Shares |
Rs.10/- each |
Rs.20.447
Million |
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9,60,300 |
Equity Shares |
Rs.2.50/-each |
Rs.2.401
Million |
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1,00,000 |
Preference Shares |
Rs.100/-each |
Rs.10.000 Million |
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9,750 |
Preference Shares |
Rs.1000/-each |
Rs.9.750 Million |
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Total |
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Rs.42.598 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
42.598 |
42.598 |
42.598 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
135.929 |
128.870 |
123.196 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
178.527 |
171.468 |
165.794 |
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LOAN FUNDS |
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1] Secured Loans |
33.918 |
28.568 |
16.527 |
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2] Unsecured Loans |
8.530 |
7.585 |
7.796 |
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TOTAL BORROWING |
42.448 |
36.153 |
24.323 |
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DEFERRED TAX LIABILITIES |
0.551 |
1.191 |
1.685 |
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TOTAL |
221.526 |
208.811 |
191.802 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
73.373 |
83.708 |
80.200 |
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Capital work-in-progress |
0.000 |
0.000 |
3.766 |
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INVESTMENT |
1.333 |
2.833 |
2.833 |
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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 |
121.225
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126.743 |
153.158 |
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Sundry Debtors |
73.268
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67.181 |
63.710 |
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Cash & Bank Balances |
12.573
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13.517 |
18.120 |
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Other Current Assets |
0.593
|
0.266 |
0.143 |
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Loans & Advances |
24.417
|
19.276 |
21.911 |
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Total
Current Assets |
232.076
|
226.983 |
257.042 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
55.815
|
53.045 |
12.520 |
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Other Current Liabilities |
25.513
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44.090 |
132.480 |
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Provisions |
3.928
|
7.578 |
7.040 |
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Total
Current Liabilities |
85.256
|
104.713 |
152.039
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Net Current Assets |
146.820
|
122.270 |
105.003 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
221.526 |
208.811 |
191.802 |
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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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SALES |
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Income |
323.200 |
228.670 |
338.938 |
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Other Income |
4.473 |
8.844 |
1.555 |
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TOTAL (A) |
327.673 |
237.514 |
340.493 |
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Less |
EXPENSES |
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Consumption Material Change Inventories |
219.494 |
167.430 |
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Manufacturing Service Costs |
51.900 |
23.820 |
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Employees Related Expenses |
11.050 |
9.481 |
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Administrative Selling Other Expenses |
21.916 |
14.850 |
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TOTAL (B) |
304.360 |
215.581 |
320.176 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.313 |
21.933 |
20.317 |
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Less |
FINANCIAL
EXPENSES (D) |
1.425 |
1.076 |
1.839 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.888 |
20.875 |
18.478 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.258 |
11.039 |
10.243 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.630 |
9.818 |
8.235 |
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Less |
TAX (I) |
4.686 |
3.967 |
2.814 |
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PROFIT AFTER TAX
(G-I) (J) |
5.944 |
5.851 |
5.421 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.899 |
24.048 |
18.626 |
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BALANCE CARRIED
TO THE B/S |
35.843 |
29.899 |
24.047 |
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EARNINGS IN
FOREIGN CURRENCY |
1.031 |
43.973 |
28.138 |
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IMPORTS |
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CIF Value of
Import |
14.359 |
2.675 |
33.919 |
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TOTAL IMPORTS |
14.359 |
2.675 |
33.919 |
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Earnings Per
Share (Rs.) |
1.90 |
2.86 |
2.65 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.01
|
0.02 |
0.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.03
|
0.04 |
0.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.04
|
0.04 |
0.03 |
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Return on Investment (ROI) (PBT/Networth) |
(%) |
0.05
|
0.05 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
(%) |
0.71
|
0.82 |
1.06 |
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Current Ratio (Current Asset/Current Liability) |
(%) |
2.72
|
2.16 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
FUTURE
PERFORMANCE:
The
Company is attempting to increase in its export turnover in the coming years .
It is negotiating with various overseas buyers for sale of its products. The
domestic market is also explored but there is stiff competition from other
manufacturers.
Bankers Charges
Report as per Registry
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Corporate identity number of the company |
L26919WB1970PLC027835 |
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Name of the company |
Associated Cermics Limited |
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Address of the registered office or of the
principal place of business in |
17 Ganesh
Chandra Avenue, 4th Floor, Kolkata-700013, West Bengal India Email:
Assockd@rediffmail.com |
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This form is for |
Creation
of charge |
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Type of charge |
Immovable Property Book Debts Movable Property |
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Particular of charge holder |
State Bank of India, Special Commercial
Branch Katras Road, Bank More, Dhanbad-826001,
Jharkand, India Email: Sunil_kumar2005@sbi.co.in |
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Date of instrument Creating the charge |
19.06.2010 |
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Amount secured by the charge |
Rs.121.000 Million |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest SBAR+1% Presently 12.75% Terms of Repayment On Demand Margin CC (Book Debts) (Cover Period 90 Days) 50% CC (Stock) 25% LC 15% Bank Guarantee 15% Extent and operation of the charge Hypothecation of entire current assets of
the company and plant and machinery and land and building Others Personal Guarantee of: Arun Agarwal, Binod Kumar Suhasaria and
Sarad Agarwal |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Sale deed no.8740 dated 30.07.1988, khata
no.77, plot no.208-212, 222(P) and 224, mouza no.Merrah 25, area 2.70 acre,
Sale deed no.8778 dated 17.09.2005, khata no.77, 59,161.200 & 29, plot
no. 455,456,457,501,503,409,102,103 & 104, mouza no. Merrah 251 area
80.08 December. Sale deed no.8779 dated 17.09.2005, Khata no.77,59,191,200
& 29, plot no.455,456,457,501,503,503,409,102,103 & 104, mouza no.
Merrah 251 area 80.08 December. Sale deed no.8780 dated 17.09.2005, khata
no.77, 59,161,200 & 29, plot no. 455,456,457,501,502,503,409,102,103
& 104, mouza no. Merrah 251 area 80.08 December. Sale deed no.8781 dated
17.09.2005, khata no.77, 59,161,200 & 29, plot no.
455,456,457,501,502,503,409,102,103 & 104, mouza no. Merrah 251 area
80.08 December. Sale deed no.6002 dated 17.0s9.2005, khata no.77, 59,161,200
& 29, plot no. 455,456,457,501,502,503,409,102,103 & 104, mouza no.
Merrah 251 area 80.08 December. Sale deed no.6002 dated 02.08.2004, khata
no.27,81,51,194,87,101,76 plot no.266,268,269,527,526,540,262,530 mouza no.
chirckunda area 6.356. Plant and Machinery of the company |
FIXED ASSETS
-
Land
-
Plant & Machinery
-
Building
-
Furniture & Fixture
-
Laboratory
-
Generator Set
-
Office Equipments
-
Elec. Installation
-
Typewriter
-
Motor Vehicle
-
Tunnel Kin
-
Motor Cycle
-
Cycle
-
Pay Loader / Fork
-
Lift
-
Project
-
Tools & Equipment
-
Dust Catcher
-
Weight Bridge
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.50.90 |
|
|
1 |
Rs.67.98 |
|
Euro |
1 |
Rs.81.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
3 |
|
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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.