MIRA
INFORM REPORT
|
Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASK CHEMICALS FOUNDRY SOLUTION INDIA PRIVATE LIMITED (w.e.f. 24.02.2011) |
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Formerly Known
As : |
AJAY METACHEM SUD CHEMIE PRIVATE LIMITED |
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Registered
Office : |
Office No 9 and 10, 5th Floor, Akshay
Complex, Anudh, Pune –
411007, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.07.1973 |
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Com. Reg. No.: |
11-016721 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.983 Millions |
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CIN No.: [Company Identification
No.] |
U24231MH1973PTC016721 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA05295D |
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PAN No.: [Permanent Account No.] |
AACCA0713D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of chemicals, binders etc. |
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No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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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 1400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track. Financially
company has performed well. Trade relations
are reported to be fair. Business is active. Payments are reported to be
regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. Profit and Loss for the current year is not available. |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Manish |
|
Designation : |
Export Executive |
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Contact No.: |
91-9922421240 |
|
Date : |
01.09.2012 |
LOCATIONS
|
Registered Office : |
Office No 9 and 10, 5th Floor Akshay
Complex, Anudh, Pune –
411007, |
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Tel. No.: |
91-20-25898882 |
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Mobile No.: |
91-9922421240 (Mr. Manish) |
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Fax No.: |
91-20-25898882 |
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E-Mail : |
yeshwant.pathak@ask-chemicals.com
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Website : |
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Location |
Owned |
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Factory/ Head Office : |
No. 72- 76, Mundwa, |
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Factory : |
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DIRECTORS
AS ON 23.09.2011
|
Name : |
Mr. Pratap Govind Pawar |
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Designation : |
Managing director |
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Address : |
S. No. 73 Off |
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Date of Birth/Age : |
15.10.1944 |
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Qualification : |
BE Civil |
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Experience : |
42 Years |
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Date of Appointment : |
09.11.2011 |
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DIN No.: |
00018985 |
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Name : |
Mr. Mahendra Singh Gurudev
Singh Garcha |
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Designation : |
Director |
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Address : |
Plot No. 5 and 6, Flat No 401 and 501 S. No.132, Hissa No.1, Cosmopolitan Housing Society, Aundh, Pune – 411007, |
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Date of Birth/Age : |
10.03.1964 |
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Date of Appointment : |
10.05.2008 |
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DIN No.: |
00018959 |
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Name : |
Mr. Ramchandra Ganesh
Kulkarni |
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Designation : |
Whole-time director |
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Address : |
S No. 57/ 2AB, Building ,Flat – 4, Maurya
Vihar, Kothrud, Pune – 411027, |
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Date of Birth/Age : |
11.04.1941 |
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Date of Appointment : |
06.06.2005 |
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DIN No.: |
00025033 |
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Name : |
Mr. Hans Jurgen Wernicke |
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Designation : |
Director |
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Address : |
Kardinal – Wendel - Street 75 a Wolfratshausen, Wolfratshausen - 82515 |
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Date of Birth/Age : |
09.06.1949 |
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Date of Appointment : |
24.05.2008 |
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DIN No.: |
02165332 |
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Name : |
Mr. Stefan Sommer |
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Designation : |
Nominee director |
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Address : |
Hardtbergweg 23, Kronberg im Taunus,
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Date of Birth/Age : |
29.07.1957 |
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Date of Appointment : |
03.03.2011 |
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DIN No.: |
03418611 |
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Other Directorship: |
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Name : |
Mr. Thiemo Heinzen |
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Designation : |
Nominee director |
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Address : |
Brunnengasse 33, |
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Date of Birth/Age : |
16.10.1965 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
03454238 |
KEY EXECUTIVES
|
Name : |
Mr. Manish |
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Designation : |
Export Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2011
|
Names of Shareholders |
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No. of Shares |
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Pawar Govind
Pratap |
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1250 |
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Pawar Pratap
Bharati |
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4680 |
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Pawar Pratap
Abhijit |
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9500 |
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Pawar Abhijit
Mrunalini |
|
750 |
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Pawar Abhijit Janhavi (Minor) Represented by Natural Guardian Mother MRS. Pawar Abhijit
Mrunalini |
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5430 |
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Pawar Abhijit Rahul (Minor) Represented by Natural Guardian Mother MRS. Pawar Abhijit
Mrunalini |
|
5430 |
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Pawar Pratap
Ashwini |
|
15634 |
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Tikekar Zakir Sachin (Minor) Represented by Natural Guardian Mother Pawar Pratap
Ashwini |
|
6240 |
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Ask Chemicals Pte Limited, |
|
50911 |
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Total |
|
99825 |
AS ON 23.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
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Directors
or relatives of directors |
|
49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of chemicals, binders etc. |
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Products : |
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Products |
·
Chemicals ·
binders |
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Export: |
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Countries |
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Import |
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Products |
Raw Material |
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Countries |
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Terms : |
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Selling : |
L/C Cash/Credit (30 Days to 60 Days) |
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Purchasing : |
L/C Cash/Credit (30 Days to 60 Days) |
PRODUCTION STATUS AS ON (31.03.2010)
Class of Goods:
Foundry Fluxes
|
Products/ Plant |
Works |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Insulating Division |
Mundhwa/ |
Not Specified |
15600 MT |
13218 MT |
|
Steel Treatment |
Wadki |
Not Specified |
10800 MT |
5104 MT |
|
Flux and Non Ferrous |
Mundhwa |
Not Specified |
6000 MT |
667 MT |
|
Kotesand |
Wadki |
Not Specified |
54000 MT |
25747 MT |
|
Resin |
Mundhwa Wadki |
Not Specified |
6000 MT |
3044 MT |
|
Coating |
Mundhwa |
Not Specified |
7200 MT |
2515 MT |
(In opinion of the Management the production figures
are stated to the maximum details which can be derived as there are some
products which are sold in numbers and the same cannot be stated in the above
unit measurement i.e. MT)
GENERAL INFORMATION
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Customers: |
Wholesalers, Retailers, End users |
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No. of Employees : |
450 (Approximately) |
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mohan Deshmukh and Company Chartered Accountants |
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Address : |
555, Narayan Chambers, Narayan Peth, Pune – 411030, |
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Income-tax
PAN of auditor or auditor's firm : |
AACFM1053F |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
99825 |
Equity Shares |
Rs. 100/- each |
Rs. 9.983
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 |
9.983 |
9.983 |
9.983 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
354.950 |
345.434 |
218.582 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
364.933 |
355.417 |
228.565 |
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LOAN FUNDS |
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1] Secured Loans |
135.268 |
55.651 |
105.756 |
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2] Unsecured Loans |
0.000 |
0.000 |
22.000 |
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TOTAL BORROWING |
135.268 |
55.651 |
127.756 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.915 |
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TOTAL |
500.201 |
411.068 |
357.236 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
167.126 |
126.081 |
135.520 |
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Capital work-in-progress |
4.756 |
5.838 |
23.206 |
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INVESTMENT |
0.065 |
0.065 |
0.570 |
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DEFERREX TAX ASSETS |
3.942 |
2.249 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
133.210
|
113.049 |
66.521 |
|
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Sundry Debtors |
388.872
|
338.214 |
285.715 |
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Cash & Bank Balances |
14.163
|
15.080 |
14.946 |
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Other Current Assets |
169.706
|
155.997 |
110.027 |
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Loans & Advances |
36.859
|
31.688 |
12.419 |
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Total
Current Assets |
742.810
|
654.028 |
489.628 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
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Sundry Creditors |
246.581
|
212.555 |
172.496 |
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Other Current Liabilities |
9.058
|
11.051 |
26.464 |
|
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Provisions |
162.859
|
153.587 |
92.728 |
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Total
Current Liabilities |
418.498
|
377.193 |
291.688 |
|
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Net Current Assets |
324.312
|
276.835 |
197.940 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
500.201 |
411.068 |
357.236 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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SALES |
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Income |
|
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Other Income |
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TOTAL |
|
1365.138 |
1168.564 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
|
1167.469 |
1123.751 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
197.669 |
44.813 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
25.275 |
22.566 |
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PROFIT BEFORE
TAX |
|
172.394 |
22.247 |
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Less |
TAX |
|
45.542 |
8.733 |
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PROFIT AFTER TAX |
|
126.852 |
13.514 |
|
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BALANCE CARRIED
TO THE B/S |
|
314.140 |
187.288 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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FOB Value of Export |
|
14.165 |
33.301 |
|
|
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Commission Received |
|
0.076 |
0.058 |
|
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TOTAL EARNINGS |
|
14.241 |
33.359 |
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IMPORTS |
|
|
|
|
|
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Raw Materials |
|
122.271 |
79.189 |
|
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|
Trading Goods |
|
61.607 |
51.991 |
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TOTAL IMPORTS |
|
183.878 |
131.180 |
|
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|
Earnings Per
Share (Rs.) |
|
1271.00 |
135.00 |
|
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Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover(Approximately) |
|
1180.000 |
1240.000 (Due to
Recession) |
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Expected Sales (2012-2013): Rs.1300.000 Millions
The above information has been parted by Mr.
Manish
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
N.A. |
9.29 |
1.16 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
N.A. |
22.10 |
3.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
N.A. |
0.49 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.52 |
1.22 |
1.84 |
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Current Ratio (Current Asset/Current Liability) |
|
1.77 |
1.73 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions 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 |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last two years |
Yes |
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13. Reasons for variation <> 20% |
Yes |
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14. Estimation for coming financial year |
Yes |
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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 |
Yes |
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20. Export / Import details |
Yes |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
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23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
|
26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
|
31. Date of Birth of Proprietor/Partner/Director, if
available |
Yes |
|
32. PAN of
Proprietor/Partner/Director, if available |
No |
|
33. Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34. External
Agency Rating, if available |
No |
SUNDRY CREDITORS DETAIL
(Rs. In Millions )
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Creditors due small micro enterprises |
246.581
|
212.555 |
172.496 |
|
|
|
|
|
CONTINGENT LIABILITIES AS ON (31.03.2011)
1. Contingent
Liabilities not provided for –
a. Guarantees given
by the Company’s Bankers Rs.14.277 Millions
b. Claims made by
Excise Authorities pending before various Appellate Authorities Rs.7.346
Millions
c. Assessment Dues
claimed by Income Tax Authorities which are not acknowledged by the company is Rs. 8.623 Millions
Assessment Year Amount (Rs.) 2007-08 Rs. 6.521 Millions 2006-07 Rs.
1.068 Millions 2005-06 Rs. 1.034 Millions Total Rs. 8.623 Millions Against these dues, amount deposited
(under dispute) is Rs. 2.877 Millions
d. Letter of Credit
outstanding Rs. 13.893 Millions
e. ‘C’ Forms not
received amounting to Rs. 542.028 Millions till the
date of signing of the Balance Sheet and the differential liability that may
arise is Rs.63.750 Millions
FIXED ASSETS:
· Land (Free Hold )
· Land (Lease Hold )
· Bulding (Office)
· Bulding (Wadki-Office)
· Factroy Shed (Free Hold)
· Factory Shed (Wadki)
· Factory Shed
· Factrory Shed (Lease Hold)
· Temporary Shed
· Workers Shed
· Plant and Machinery
· Plant and Machinery (Wadki)
· Plant and Machinery ( R & D )
· Electrical Fittings and Fans
· Laboratory Equipment
· Office Equipment
· Other Equipment
· Laboratory Equipment ( R & D )
· Computers and Peripherals ( R & D )
· Computers and Peripherals
· Sap Lab
· Books
· Dead Stock and Furnitures
· Vehicles
· Software
· Work - In – Progress
·
Work - In - Progress (
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. 55.72 |
|
|
1 |
Rs. 87.95 |
|
Euro |
1 |
Rs. 69.66 |
INFORMATION DETAILS
|
Report Prepared by
: |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.