|
Report Date : |
31.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASTA INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
161/162, Mittal Court A Wing, 16th Floor, Nariman Point, Mumbai-400021,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.02.2005 |
|
|
|
|
Com. Reg. No.: |
11-151488 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.552.100
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2005PTC151488 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA28803F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCA1141A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturing of Continuously Transposed Conductors (CTC.) |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
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 1800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
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 is under pressure. There appears some accumulated losses recorded
by the company. 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 caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Rao |
|
Designation : |
Executive Secretary |
|
Contact No.: |
91-22-22854261 |
|
Date : |
30.03.2012 |
LOCATIONS
|
Registered Office : |
161/162, Mittal Court A Wing, 16th Floor, Nariman Point,
Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22854261/2/3/4 |
|
Fax No.: |
91-22-22843611 |
|
E-Mail : |
general@asta.in |
|
|
|
|
Factory : |
725-726, GIDC, Manjusar, Taluka Savli, Vadodara-391775, Gujarat, India
|
|
Tel. No.: |
91-265-2250388 |
|
Fax No.: |
91-265-2251335 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Nalin Somchand Parikh |
|
Designation : |
Director |
|
Address : |
161, Urvashi, 66, |
|
Date of Birth/Age : |
02.01.1935 |
|
Date of Appointment : |
22.02.2005 |
|
Din No.: |
00106844 |
|
|
|
|
Name : |
Mrs. Anita Nalin Parikh |
|
Designation : |
Director |
|
Address : |
161, Urvashi, 66, |
|
Date of Birth/Age : |
27.09.1937 |
|
Date of Appointment : |
24.12.2009 |
|
Din No.: |
00115278 |
|
|
|
|
Name : |
Mr. Rajan Mittal |
|
Designation : |
Additional Director |
|
Address : |
Unit 1-19-03, Lanai Kiara Condominium No. 1, Jalan Kiara 3, Bukit
Kiara, Kuala Lumpur 50480 |
|
Date of Birth/Age : |
13.01.1966 |
|
Date of Appointment : |
10.01.2012 |
|
Din No.: |
02191501 |
KEY EXECUTIVES
|
Name : |
Mr. Rao |
|
Designation : |
Executive Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Asta Singapore Pte Limited, Singapore |
|
55209850 |
|
Asta International Pte Limited, Singapore |
|
100 |
|
|
|
|
|
Total |
|
55209950 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Continuously Transposed Conductors (CTC.) |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity # |
Actual
Production # |
|
Transposed Conductors |
Kgs. |
4000000 |
4000000 |
2341438 |
|
Copper |
Kgs. |
-- |
-- |
817407 |
NOTE:
1.
*Licensed Capacity is per annum and as per the
Industrial Entrepreneurs Memorandum submitted with the Ministry of Industries.
2.
#Installed Capacity is per annum and, being a technical
matter, is certified by the management and relied upon by the auditors.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda, Corporate Financial Services Branch,
First Floor, R C Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India ·
Lord Krishna Bank Limited, Sahar Plaza, J.B.
Nagar, Andheri Kurla Road, Andheri, Mumbai-400059, Maharashtra, India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji park,
Dadar, Mumbai-400028, Maharashtra, India |
|
Pan No.: |
AAEFP5579P |
|
|
|
|
Holding Company : |
Asta Singapore Pte Limited, |
|
|
|
|
Ultimate Holding Company: |
Metrod (Malaysia) Berhad, Malaysia |
|
|
|
|
Fellow Subsidiaries : |
·
Asta GmbH, Austria ·
Asta Inc, USA ·
Asta Conductors, China |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55209950 |
Equity Shares |
Rs.10/- each |
Rs.552.100
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 |
552.100 |
552.100 |
437.057 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.405 |
|
|
4] (Accumulated Losses) |
(97.665) |
(72.169) |
0.000 |
|
|
NETWORTH |
454.435 |
479.931 |
437.462 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.739 |
30.606 |
0.000 |
|
|
2] Unsecured Loans |
322.002 |
358.356 |
347.512 |
|
|
TOTAL BORROWING |
338.741 |
388.962 |
347.512 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
793.176 |
868.893 |
784.974 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
775.717 |
811.449 |
54.920 |
|
|
Capital work-in-progress |
0.000 |
3.244 |
725.575 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
6.047 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.462
|
67.705 |
9.773
|
|
|
Sundry Debtors |
166.129
|
47.665 |
0.000
|
|
|
Cash & Bank Balances |
32.429
|
18.973 |
22.564
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
39.760
|
22.515 |
15.114
|
|
Total
Current Assets |
297.780
|
156.858 |
47.451 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
260.657
|
84.010 |
45.450 |
|
|
Other Current Liabilities |
18.516
|
17.828 |
1.936
|
|
|
Provisions |
1.148
|
0.820 |
1.633
|
|
Total
Current Liabilities |
280.321
|
102.658 |
49.019
|
|
|
Net Current Assets |
17.459
|
54.200 |
(1.568)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
793.176 |
868.893 |
784.974 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
726.400 |
107.100 |
72.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(25.496) |
(72.574) |
1.455 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.693 |
|
|
|
|
|
|
|
|
|
|
PROFIT (LOSS)
AFTER TAX |
(25.496) |
(72.574) |
0.762 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(72.169) |
0.405 |
(0.357) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(97.665) |
(72.169) |
0.405 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2.432 |
0.000 |
NA |
|
|
|
Professional Fees |
2.102 |
0.651 |
NA |
|
|
TOTAL EARNINGS |
4.534 |
0.651 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.293 |
2.791 |
NA |
|
|
|
Stores & Spares |
2.073 |
1.523 |
NA |
|
|
|
Traveling Expenses |
2.924 |
0.741 |
NA |
|
|
TOTAL IMPORTS |
7.290 |
5.055 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(0.46) |
(1.31) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.51)
|
(67.76) |
2.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.37)
|
(7.49) |
1.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
(0.15) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.36
|
1.02 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.53 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
260.657
|
84.010 |
45.450 |
BACKGROUND:
Subject is
promoted by Metrod (Malaysia) Berhad, a well known Malaysian company having
many manufacturing units under its fold in different countries. The company is a
subsidiary of ASTA Singapore Pte Limited, Singapore, a wholly owned subsidiary
of ASTA Holdings GmbH, Austria. The company is engaged in manufacturing
Continuously Transposed Conductors (CTC). The company's plant is situated at
Savli Industrial Estate of Gujarat Industrial Development Corporation (GIDC)
near Vadodara in the state of Gujarat and was commissioned on 1st July, 2009.
OPERATIONS AND
FUTURE OUTLOOK:
During the year,
the Company achieved higher turnover of Rs.726.400 Millions as compared to Rs.107.100
Millions. During the period of 9 months of Previous Year and incurred lower
loss after tax of Rs.25.500 Millions as compared to Rs.72.500 Millions. during
the previous year.
ASTA India has set
up a world class CTC manufacturing unit in India based on austrian technology.
The processes of getting government and customer approvals have largely been
completed. This takes time as the customers have to get their transformers type
tested before approval is given to a new source. ASTA India has already secured
a market share of more than 25% and is recognized and respected as the best CTC
producer in India. The unit also making positive cash contribution to the
earnings. A new product Mica Taped Conductor for large power generators has
recently been introduced to broaden the portfolio.
While India is a
price sensitive market, the demand for CTC of world class quality and
technology is increasing as more and more high-end transformers are specified
for the transmission network in India. With its leading technology and quality,
ASTA India is well on its way to secure a market leadership and bright future
in India.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10151937 |
|
Corporate
identity number of the company |
U27100MH2005PTC151488 |
|
Name of the
company |
ASTA INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
161/162, Mittal Court A Wing, 16th Floor, Nariman Point,
Mumbai-400021, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge Immovable
Property |
|
Particular of
charge holder |
Bank of Baroda, Corporate Financial Services Branch, First Floor, R C
Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India Email: corbar@bankofbaroda.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Deed of
Release of Mortgage {DRM} 2. Instrument
Relating to Deposit of Title Deeds {IRDTD} Both dated
20.12.2011 modifying a single charge. |
|
Date of
instrument Creating the charge |
20.12.2011 |
|
Amount secured by
the charge |
Rs.210.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1. 3.00% above
base rate per annum with monthly rests. 2. Export Packing
Credit (EPC) interest rate as per RBI/FEDAI/Bank's guidelines from time to
time. Terms of
Repayment 1. In case of
Export Packing Credit (EPC)-within 180 days from the date of disbursement. 2. In case of
other credit facilities i.e. Cash Credit, Letter of Credit(Inland/Foreign),
Bank Guarantee-on Demand Margin 1. Cash
Credit-25% on Stocks, 30% on receivables including EPC - 10% 2. Letter of
Credit-10% Cash Margin 3. Bank
Guarantee- Rs. 10.000 Millions FDR Cash Margin upto BG Limit of Rs. 9.200
Millions 15% for BG Limit of Rs.25.800 Millions Extent and
Operation of the charge Bank has released
mortgage charge over imm. property of Co. viz. Plot No. 726 including Road adm. 45283.68 sq. mtr. at
Savli Industrial Estate, GIDC, Baroda, to DRM and in lieu thereof Co. created
EM by deposit of Title Deeds relating to immovable property viz. Plot No.725
adm.71642.60 sq. mtr. in Savli Ind. Estate, GIDC, Baroda, to IRDTD to secure
the limits agg. to Rs.210.000 Millions granted by the Bank. |
|
Short particulars
of the property charged |
Hypothecation of
all present and future Stock of RM, Semi
finished and Finished Goods and Book Debts, O/s. monies, receivables,
claims, bills etc and securities. Equitable
Mortgage by deposit of Title Deeds relating to immovable property viz. Plot
No.725 adm.71642.60 sq. mtr. in Savli Industrial Estate, GIDC, Baroda |
|
Particulars of
the present modification |
Bank has released
mortgage charge over immovable property of Company viz. Plot No. 726
including Road adm. 45283.68 sq. mtr. at Savli Industrial Estate, GIDC,
Baroda, des. in Sch. to DRM and in lieu thereof Company created EM by deposit
of Title Deeds relating to immovable property viz. Plot No.725 adm.71642.60
sq. mtr. in Savli Industrial Estate, GIDC, Baroda to IRDTD to secure the
limits agg. to Rs.210.000 Millions granted by the Bank. |
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Bank Guarantees |
27.122 |
27.122 |
|
Outstanding Letters of Credit |
12.919 |
0.000 |
|
Total |
40.041 |
27.122 |
NOTE: Future cash
outflows in respect of the above are dependent on the future performance of the
obligations by the company and/or other parties.
FIXED ASSETS:
·
·
Buildings
·
Office Equipment
·
Furniture and Fixture
·
Computer
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.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--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.