MIRA
INFORM REPORT
|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASIAN WIRE FORMING AND SPRINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 30/4,
Wearwell Cycle Compound, NIT Industrial
Area, Faridabad – 121001, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.09.2003 |
|
|
|
|
Com. Reg. No.: |
05-035195 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.039
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199HR2003PTC035195 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of various types of Springs. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 121000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office/ Works : |
Plot No. 30/4,
Wearwell Cycle Compound, NIT Industrial
Area, Faridabad – 121001, Haryana, India |
|
Tel. No.: |
91-129-4140041-44/ 2237021 |
|
Fax No.: |
91-129-2237021 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Ashok Kumar Singh |
|
Designation : |
Managing director |
|
Address : |
48, Sector-15, Faridabad, Haryana, India |
|
Date of Birth/Age : |
02.03.1959 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00813441 |
|
|
|
|
Name : |
Mrs. Indira Singh |
|
Designation : |
Whole-time director |
|
Address : |
48, Sector-15, Faridabad, Haryana, India |
|
Date of Birth/Age : |
12.06.1962 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00539792 |
|
|
|
|
Name : |
Mrs. Bhumika Singh |
|
Designation : |
Whole-time director |
|
Address : |
48, Sector-15, Faridabad, Haryana, India |
|
Date of Birth/Age : |
02.03.1987 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
03217353 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Kumar Singh |
|
27500 |
|
Indira Singh |
|
363883 |
|
Ashok Kumar Singh (HUF) |
|
50000 |
|
Bhumika Singh |
|
62500 |
|
|
|
|
|
Total |
|
503883 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of various types of Springs. |
GENERAL INFORMATION
|
Suppliers : |
Ř A R Steels Ř Aditya
Technologies Ř Amit
International Ř Anchor Logistics Ř Anmol Industrial Ř Creative Coats Ř Dhiraj Metal
Corporation Ř Durga Gears Ř Harsh Traders Ř Garg Inox
Limited Ř Golden Metal
Private Limited Ř Hero Welding
Works Ř Jai Bharat
Springs Ř Jai Mata Machine
Tools Ř P S Tools |
||||||||||||
|
|
|
||||||||||||
|
Customers : |
Ř SMR Automotive Systems Limited Ř Webasto Motherson Ř Spheros Motherson Ř Eicher / Tafe Motors Limited Ř HI-Lex India Private Limited Ř Suprajit Engineering Limited Ř JNS instruments Private Limited Ř ASK automotive Private Limited Ř IFB Automotive Limited Ř ITW India Limited Ř Aditya Auto Products and Engg Ř Eaton Industrial System Private Limited Ř Graziano Transmission Limited Ř LML Limited Ř Asahi India Glass Limited Ř Bony Polimers Private Limited Ř Premier Autoplast Private Limited Ř Aisin Seiki Company Limited Ř Auto Ignition Limited Ř Flash Electronics Private Limited |
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||||||||||||
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No. of Employees : |
Not Available |
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Bankers : |
Ř Canara Bank, SME
Branch, Bata Hardware Road, NIT, Faridabad - 121001, Haryana, India Ř Small Industries
Development Bank of India, Neelam B K Road, NIT, Faridabad - 121001, Haryana,
India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Alok Kumar Gupta and Company Chartered Accountants |
|
Address : |
877, Sector – 17, Faridabad – 121002, Haryana, India |
|
Tel. No.: |
91-129-2285831 |
|
Income-tax
PAN of auditor or auditor's firm : |
AATPG4708Q |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
503,883 |
Equity Shares |
Rs. 10/- each |
Rs. 5.039
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.039 |
5.039 |
5.039 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25.286 |
21.131 |
17.565 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
30.325 |
26.170 |
22.604 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
41.066 |
37.623 |
28.130 |
|
|
2] Unsecured Loans |
7.885 |
2.300 |
1.000 |
|
|
TOTAL BORROWING |
48.951 |
39.923 |
29.130 |
|
|
DEFERRED TAX LIABILITIES |
1.476 |
1.246 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
80.752 |
67.339 |
51.734 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
34.840 |
27.413 |
21.367 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.256
|
13.215 |
12.915 |
|
|
Sundry Debtors |
41.010
|
39.201 |
30.090 |
|
|
Cash & Bank Balances |
5.323
|
0.227 |
2.821 |
|
|
Other Current Assets |
6.945
|
6.441 |
0.000 |
|
|
Loans & Advances |
1.930
|
1.306 |
1.401 |
|
Total
Current Assets |
78.464
|
60.390 |
47.227 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
28.991
|
17.432 |
2.309 |
|
|
Other Current Liabilities |
1.911
|
1.735 |
12.411 |
|
|
Provisions |
1.650
|
1.297 |
2.140 |
|
Total
Current Liabilities |
32.552
|
20.464 |
16.860 |
|
|
Net Current Assets |
45.912
|
39.926 |
30.367 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
80.752 |
67.339 |
51.734 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
165.223 |
|
|
|
|
|
Other Income |
0.260 |
0.336 |
|
|
|
|
TOTAL |
165.483 |
163.204 |
120.054 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
154.505 |
154.454 |
113.346 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
10.978 |
8.747 |
6.708 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
N.A. |
3.658 |
3.042 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
N.A. |
5.089 |
3.666 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
N.A. |
1.523 |
1.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
4.154 |
3.566 |
2.489 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
9.386 |
5.820 |
3.331 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
13.540 |
9.386 |
5.820 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.24 |
7.08 |
4.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.51
|
2.18 |
2.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
N.A. |
3.12 |
N.A. |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
N.A. |
5.80 |
5.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
N.A. |
0.19 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.61
|
1.53 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.95 |
2.80 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loans and Advance from Related Parties |
7.885 |
2.300 |
|
Total |
7.885 |
2.300 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29199HR2003PTC035195 |
|
Name of the
company |
ASIAN WIRE
FORMING AND SPRINGS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 30/4,
Wearwell Cycle Compound, NIT Industrial
Area, Faridabad – 121001, Haryana, India Email: guptaalok17@rediffmail.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Canara Bank, SME Branch, Bata Hardware Road, NIT, Faridabad - 121001,
Haryana, India Email: fcs2280@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Canara Mobile
Agreement Sanction
Memorandum |
|
Date of
instrument Creating the charge |
16.11.2012 |
|
Amount secured by
the charge |
Rs. 1.260
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate of 0.75% per annum above the Base Rate (present Base Rate is 10.50%).
Present effective rate is 11.25% per annum to be compounded monthly. Terms of Repayment Repayable in 60
equated Monthly installment of Rs. 27,553 commencing from December 2012. Margin As stipulated by
Bank Extent and Operation of the charge The borrower
shall maintain at his own cost the hypothecated vehicle in good order and
condition and serviced timely and get worn out parts replaced within
reasonable time. The borrower shall also keep it in good and marketable
condition and free from any encumbrances. Others The borrower
shall adequately insured the hypothecated vehicle for the full market value
against the risks as may be stipulated by the bank from time to time and
assign the benefit to the bank. |
|
Short particulars
of the property charged |
First charge by way
of hypothecation of Vehicle purchased out of loan amount sanctioned as
provided in Schedule A of Can Mobile Agreement.( Toyota Corola Altis 1.8G
pearl white Car) |
FIXED ASSETS:
Ř Land
Ř Office Equipments
Ř Plant and
Machinery
Ř Electrical Installation
Ř Data Processing
Equipments
Ř Furniture
Ř Computer
Ř Vehicles
Ř Material Handling
Equipments
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 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 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. 54.39 |
|
|
1 |
Rs. 82.32 |
|
Euro |
1 |
Rs. 69.54 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.