MIRA
INFORM REPORT
|
Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
AEROFLEX INDUSTRIES LIMITED (w.e.f. 23.08.2006) |
|
|
|
|
Formerly Known
As : |
AEROFLEX INDUSTRIES PRIVATE LIMITED SUYOG INTERMEDIATES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 41, 42/13, 42/14, 42/18, Village Chal, Near MIDC Taloja,
Taluka Panvel, Navi Mumbai – 410206, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.10.1993 |
|
|
|
|
Com. Reg. No.: |
11-074576 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.279.990 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1993PLC074576 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA14671G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA6767D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and importer of Stainless Steel Corrugated
Hoses and Hose Assemblies. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Company |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
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|
|
|
Litigation : |
Exist |
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|
Comments : |
The subject company is declared as a sick unit by board for Industrial
and Financial Reconstruction. The management has register case (Case No. 43/2010) with Board for
Industrial and Financial Reconstruction of sick industrial companies act
1985. The order on which for approval for rehabilitation proposal is abated.
Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a fully secured
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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/Factory 1 : |
Survey No. 41, 42/13, 42/14, 42/18, Village Chal, Near MIDC Taloja, Taluka
Panvel, Navi Mumbai – 410206, Maharashtra, India |
|
Tel. No.: |
91-22-66235200/61467100 (100 Lines) |
|
Fax No.: |
91-22-61467136 |
|
E-Mail : |
waman.shete@aeroflexindindia.com
info@aeroflexindia.com
(For Common) indiabusiness@aeroflexindia.com
(For Indian Customer) exports@aeroflexindia.com
(For Export Customer) |
|
Website : |
|
|
|
|
|
Corporate Office : |
508A, Bycylla Serv Industrial Co-operative Society Limited, |
|
Tel No.: |
91-22-23736629-33 |
|
Fax No.: |
91-22-23736634 |
|
|
|
|
Factory 2 : |
42/43, Village Chal, Near MIDC Taloja, Panvel, Mumbai – 410206, |
|
|
|
|
Works 1 : |
Plot No. 43, MIDC, Taloja Industrial Area, District Raigad, Navi
Mumbai -410 208, |
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|
|
|
Works 2 : |
Plot No. L- 34, MIDC, Taloja Industrial Area, District Raigad, Navi
Mumbai -410 208, |
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|
|
|
International and Domestic Business Office: |
Purshottamdas Thakkar Industrial Estate, 1st Floor, 20
Champasi Bhimaji Road, Anjirwadi Mazgaon, Mumbai – 400010, Maharashtra, India |
|
Tel No.: |
91-22-23706500-509 |
|
Fax No.: |
91-22-23750840 |
|
|
|
|
Regional Office
: |
Located at: ·
·
Kolkata ·
·
Chennai ·
|
DIRECTORS
As on 10.05.2013
|
Name : |
Mr. Mustafa Abidali Kachwala |
|
Designation : |
Director |
|
Address : |
48/52, |
|
Date of Birth/Age : |
23.02.1968 |
|
Qualification : |
B.COM |
|
Date of Appointment : |
14.07.2010 |
|
Din No.: |
03124453 |
|
|
|
|
Name : |
Mr. Yusuf Mohammad Kagzi |
|
Designation : |
Managing Director |
|
Address : |
304, Ezee apartments, |
|
Date of Birth/Age : |
01.04.1967 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
17.08.1998 |
|
Din No.: |
01496822 |
|
|
|
|
Name : |
Mr. Mastram Mataprasad Verma |
|
Designation : |
Additional Director |
|
Address : |
Ranjee Gupta Chl., Rajiv Nagar, Gazder Bandh, Santacruz (West), Mumbai
– 400054 |
|
Date of Birth/Age : |
17.08.1987 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
14.07.2010 |
|
Din No.: |
03137611 |
|
|
|
|
Name : |
Ramsagar Ramnewan Yadav |
|
Designation : |
Director |
|
Address : |
Mohan Seth Ki Chl, Gordhead Bandh Road, Santacruz (West), Mumbai -
400054 |
|
Date of Birth/Age : |
10.10.1983 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
10.05.2010 |
|
Din No.: |
03163805 |
MAJOR SHAREHOLDERS
As on 10.05.2013
|
Names of Shareholders |
|
No. of Shares |
|
Yousuf M Kagzi |
|
6501000 |
|
Vishnu Kumar Ajitsaria |
|
149400 |
|
Parvez Akhter |
|
148000 |
|
Vijay Miglani |
|
100000 |
|
Soeb Hussain Cyclewala |
|
100000 |
|
Avigo Venture Investment Limited, |
|
637 |
|
Bond Street Custodians Limited, |
|
300 |
|
Avigo Trustees Company Private Limited, |
|
63 |
|
Mustafa Kachwala |
|
100 |
|
Mataram Mataprasad Verma |
|
100 |
|
Ramsagar Ramnewan Yadav |
|
100 |
|
Ather Shakeel Ansari |
|
100 |
|
Shah Alam |
|
100 |
|
Vijendra Singh Gusain |
|
100 |
|
Total |
|
7000000 |
|
Names of Shareholders (First Tranche Series of Preference Shares) |
|
No. of Shares |
|
Avigo Venture Investments Limited, |
|
636363 |
|
Avigo Trustee Company Private Limited, |
|
62937 |
|
Bond Street Custodians Limited, |
|
299700 |
|
Total |
|
999000 |
|
Names of Shareholders (Second Tranche Series of Preference Shares) |
|
No. of Shares |
|
Avigo Venture Investments Limited, |
|
637000 |
|
Avigo Trustee Company Private Limited, |
|
63000 |
|
Bond Street Custodians Limited, |
|
300000 |
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on 10.05.2013
|
Category |
Percentage |
|
Bodies corporate |
0.01 |
|
Directors or relatives of Directors |
92.88 |
|
Other top fifty shareholders |
7.11 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and importer of Stainless Steel Corrugated
Hoses and Hose Assemblies. |
|
|
|
|
Products : |
·
Stainless Steel Corrugated hoses ·
Hose assemblies. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
|
|
|
|
|
Hose Braid |
10000000 |
10000000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
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|
||||||||||||
|
Bankers : |
·
State Bank of · Bank of India, Kalbadevi Branch, Round Building, Shamldas Gandhi Marg, Kalbadevi, Mumbai – 400002,Maharashtra, India · HSBC Bank · Allahabad Bank · Axis Bank Limited, Nariman Point Branch (Atlanta), Mumbai, Maharashtra, India ·
ICICI Bank Limited, · Axis Trustee Services Limited, Maker Towers ‘F’, 13th Floor, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India · Uco Bank · Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
||||||||||||
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|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Financial
Institutions : |
·
Axis Trustee Services Limited, Axis House, 2nd
Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025,
Maharashtra, India ·
International Asset Reconstruction Company
Private Limited, 709, 7th Floor, Ansal Bhawan, 16, Kasturba Gandhi
Marg, New Delhi – 110001, India |
|
|
|
|
Auditors : |
|
|
Name : |
Y.S. Moochhala and Company Chartered Accountants |
|
Address : |
1-B, Kagdy Manzil, 1st Floor, 119, |
|
Tel. No.: |
91-22-22633121 / 40020887 |
|
Email : |
|
|
PAN No. : |
AACPM1108P |
CAPITAL STRUCTURE
As on 10.05.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs. 10/- each |
Rs.240.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
1000000 |
Preference Shares |
Rs.200/-each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity shares |
Rs.10/- each |
Rs.70.000 Millions |
|
999000 |
Preference Shares |
Rs.10/- each |
Rs.9.990 Millions |
|
1000000 |
Preference Shares |
Rs.200/-each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.279.990
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
279.990 |
279.990 |
279.990 |
|
(b) Reserves & Surplus |
(620.153) |
(598.962) |
(561.176) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(340.163) |
(318.972) |
(281.186) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
1361.346 |
|
(b) Deferred tax liabilities (Net) |
2.429 |
2.429 |
2.429 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
46.400 |
46.401 |
57.901 |
|
Total Non-current Liabilities (3) |
48.829 |
48.830 |
1421.676 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1357.523 |
1357.545 |
0.000 |
|
(b) Trade payables |
71.579 |
79.910 |
80.031 |
|
(c) Other current
liabilities |
7.830 |
5.512 |
15.879 |
|
(d) Short-term provisions |
0.000 |
0.000 |
56.656 |
|
Total Current Liabilities (4) |
1436.932 |
1442.967 |
152.566 |
|
|
|
|
|
|
TOTAL |
1145.598 |
1172.825 |
1293.056 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
689.498 |
766.919 |
856.025 |
|
(ii) Intangible Assets |
0.239 |
0.378 |
0.339 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
84.736 |
67.464 |
101.191 |
|
(e) Other Non-current assets |
0.666 |
1.146 |
1.626 |
|
Total Non-Current Assets |
775.139 |
835.907 |
959.181 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
131.241 |
141.399 |
165.037 |
|
(c) Trade receivables |
137.383 |
131.614 |
115.596 |
|
(d) Cash and cash equivalents |
9.728 |
9.156 |
6.198 |
|
(e) Short-term loans and
advances |
92.107 |
54.749 |
47.044 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
370.459 |
336.918 |
333.875 |
|
|
|
|
|
|
TOTAL |
1145.598 |
1172.825 |
1293.056 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
584.164 |
534.680 |
442.553 |
|
|
|
Other Income |
8.817 |
13.040 |
(1.602) |
|
|
|
TOTAL |
592.981 |
547.720 |
440.951 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
444.428 |
392.933 |
386.104 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
10.157 |
23.638 |
12.813 |
|
|
|
Employee benefit expense |
39.218 |
33.287 |
30.987 |
|
|
|
Other expenses |
34.797 |
36.447 |
19.281 |
|
|
|
TOTAL |
528.600 |
486.305 |
449.185 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
64.381 |
61.415 |
(8.234) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1.442 |
2.436 |
82.788 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
62.939 |
58.979 |
(91.022) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
77.457 |
90.558 |
104.634 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD ITEMS |
(6.673) |
6.207 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(21.191) |
(37.786) |
(195.656) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(21.191) |
(37.786) |
(195.656) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(789.562) |
(751.776) |
(556.120) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(810.753) |
(789.562) |
(751.776) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
493.043 |
449.221 |
260.391 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
205.430 |
152.645 |
203.264 |
|
|
|
Capital Goods |
0.199 |
0.708 |
0.000 |
|
|
TOTAL IMPORTS |
205.629 |
153.353 |
203.264 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.00) |
(5.00) |
(28.00) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(3.57)
|
(6.90) |
(44.37) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.63)
|
(7.07) |
(44.21) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.65)
|
(9.32) |
(44.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
(0.12) |
(0.70) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(3.99)
|
(4.26) |
(4.84) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.26
|
0.23 |
2.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
279.990 |
279.990 |
279.990 |
|
Reserves & Surplus |
(561.176) |
(598.962) |
(620.153) |
|
Net
worth |
(281.186) |
(318.972) |
(340.163) |
|
|
|
|
|
|
long-term borrowings |
1361.346 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
1357.545 |
1357.523 |
|
Total
borrowings |
1361.346 |
1357.545 |
1357.523 |
|
Debt/Equity
ratio |
(4.841) |
(4.256) |
(3.991) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
442.553 |
534.680 |
584.164 |
|
|
|
20.817 |
9.255 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
442.553 |
534.680 |
584.164 |
|
Profit |
(195.656) |
(37.786) |
(21.191) |
|
|
(44.21%) |
(7.07%) |
(3.63%) |
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
LITIGATION DETAILS
|
Case Details |
|||||||||
|
Bench:- Bombay |
|||||||||
|
Presentation Date:- |
21/12/2013 |
||||||||
|
Lodging No.:- |
CPL/872/2013 |
Filing Date:- |
21/12/2013 |
Reg. No.: |
CP/399/2014 |
Reg. Date: |
27/06/2014 |
||
|
|
|||||||||
|
Petitioner: |
STATE BANK OF INDIA |
Respondent:- |
M/S AEROFLEX INDUSTRIES LIMITED |
||||||
|
Petn. Adv:- |
AKS LEGAL CONSULTANTS (74121) |
Resp. Adv.: |
--- (---) |
||||||
|
District:- |
MUMBAI |
||||||||
|
Bench:- |
SINGLE |
||||||||
|
Status:- |
Pre-Admission |
||||||||
|
Next Date:- |
30/07/2014 |
Stage:- |
FOR ACCEPTANCE |
||||||
|
Last Coram:- |
COMPANY REGISTRAR |
||||||||
|
|
|||||||||
|
Act :- |
Companies Act & Rules 1956 |
Under Section:- |
391 TO 394 |
||||||
CORPORATE
INFORMATION:
Subject is domiciled
in India and incorporated under the provision of companies Act, 1956. The
company is engaged in manufacturing of stainless steel flexible hose and
trading in CR coil/ sheet. The Company has during the financial year 2010-11
approach the Board of Industrial and Financial Reconstruction (BIFR) on
16/08/2010 u/s 15(1) of Sick Industrial Companies (Special Provisions) Act 1985
and has been registered with the BIFR as case no 43/2010, presently pending in
AAIFR as a consequence interest on Loan to Bank have been accounted in the
Books of Accounts up to 30/09/2010. No Interest has been provided from
01/10/2010 onwards amounting to Rs. 376.918 Millions (Rs. 209.737 Millions).
OPERATIONS
During
the year the Company recorded revenue of Rs. 592.981 Millions and incurred a
loss of Rs. 21.191 Millions after interest and depreciation as compared with
the corresponding figures in the previous year of Rs. 547.720 Millions and a
loss of Rs. 37.786 Millions respectively.
The
bottom line of the Company continues to be under stress due to non-availability
of adequate working capital to support the optimum operations of the Company on
the one hand and increase in the input cost since the same could not be passed
on to customers. In spite of adverse operating conditions, the Company has been
able to control and manage its operations in focused way and the results
culminated into cash profit.
SICK
INDUSTRY:
Consequent upon the erosion of the entire net worth during the
year 2009-2010 The Company filed a reference to the Board for Industrial and
Financial Reconstruction, New Delhi in terms of the provisions of the Sick
Industrial Companies (Special Provisions) Act,1985. Against the Order of the
BIFR, the Company has preferred an appeal before the honourable AAIFR and the
same is pending for adjudication.
Meanwhile
the Company is taking all necessary steps and is preparing a scheme for its
revival.
FUTURE OUTLOOK:
The Company
despite gloomy performance believes that the products of the Company are good
and have wide applications in industries and it can be revived. The customers
of the Company are of high repute. To reduce the cost of production, control
the expenses and increase the productivity and quality of products, it is
taking all imperative steps in this direction. The efforts of the Company have
resulted yields and the same are evident from the financial statements of the
Company. To further the efforts of the Company it requires co-operations,
assistance of all the concerned authorities /institutions such as banks,
governments, semi governments in extending financial and non-financial
assistance which is of paramount importance.
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10240006 |
31/08/2010 |
16,000,000.00 |
BANK OF INDIA |
KALBADEVI BRANCH, ROUND BUILDING,
SHAMLDAS GANDHI MARG, KALBADEVI, MUMBAI, MAHARASHTRA - 400002, INDIA |
A94746989 |
|
2 |
10213933 |
31/03/2011 * |
30,000,000.00 |
INTERNATIONAL ASSET
RECONSTRUCTION COMPANY PRIVATE |
709, 7TH FLOOR, ANSAL BHAWAN, 16,
KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA |
B12880027 |
|
3 |
10139796 |
31/03/2011 * |
1,382,500,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING
MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B15761232 |
* Date of modification charge
FIXED ASSETS:
·
Air Conditioner
·
Building
·
Computer
·
Electrical Installation
·
Furniture and Fixtures
·
Land
·
Office Equipment
·
Testing Equipment’s
·
Plant and Machinery
·
Working Tool and
Equipment
·
Motor Car
·
Cycle
·
Water Cooler
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.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
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.