1. Summary Information
|
|
|
Country |
|
|
Company Name |
ARADHYA STEEL PRIVATE LIMITED |
Principal Name 1 |
Mr. Aradhya Avinash |
|
Status |
Moderate |
Principal Name 2 |
Mr. Dilip Deshmukh |
|
|
|
Registration # |
08-009761 |
|
Street Address |
308, Embassy Centre, 11
Crescent Road, Bangalore - 560001,
Karnataka |
||
|
Established Date |
09.01.1989 |
SIC Code |
-- |
|
Telephone# |
91-80-41136999 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-80-41136111 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Steel Wires |
|
|
# of employees |
Not Divulged |
Product Name 2 |
Wire Ropes |
|
Paid up capital |
Rs. 98,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors
or relatives of directors 100% |
Banking |
State
Bank of India |
|
Public Limited Corp. |
No |
Business Period |
25 Years |
|
IPO |
No |
International Ins. |
- |
|
Public Enterprise |
No |
Rating |
B (31) |
|
Related Company |
|||
|
Relation |
Country |
Company Name |
CEO |
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives |
-- |
AFX Logistics |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
772,571,000 |
Current Liabilities |
169,715,000 |
|
Inventories |
160,841,000 |
Long-term Liabilities |
770,638,000 |
|
Fixed Assets |
479,655,000 |
Other Liabilities |
86,707,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,027,060,000 |
|
Invest& other
Assets |
320,000 |
Retained Earnings |
288,327,000 |
|
|
|
Net Worth |
386,327,000 |
|
Total Assets |
1,413,387,000 |
Total Liab. &
Equity |
1,413,387,000 |
|
Total Assets (Previous Year) |
1,392,199,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Total Income |
2,212,100,000 |
Net Profit |
38,600,000 |
|
Total Income (Previous
Year) |
1,506,400,000 |
Net Profit (Previous Year) |
42,100,000 |
MIRA
INFORM REPORT
|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARADHYA STEEL PRIVATE LIMITED (w.e.f.24.01.2008) |
|
|
|
|
Formerly Known
As : |
ARADHYA STEEL WIRES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
308, Embassy Centre, 11
Crescent Road, Bangalore - 560001,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.01.1989 |
|
|
|
|
Com. Reg. No.: |
08-009761 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 98.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U00361KA1989PTC009761 |
|
|
|
|
IEC No.: |
0794013147 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA02643E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA3266D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Steel Wires and Wire Ropes. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1545000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s thin profit margin and
huge borrowings recorded by the company. However, trade relations are reported as fair. Business is active.
Payment terms 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of the
global e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATINGS |
|
Rating |
Long term Loans = BB- |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
February 2013 |
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 DECLINED BY
|
Name : |
Mr. Srinivasa Raju |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9731559997 |
|
Date : |
07.07.2014 |
LOCATIONS
|
Registered/ Corporate Office : |
308, Embassy Centre, 11
Crescent Road, Bangalore - 560001,
Karnataka, India |
|
Tel. No.: |
91-80-41136999 |
|
Mobile No.: |
91-9731559997 [Mr. Srinivasa Raju] |
|
Fax No.: |
91-80-41136111 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ Factory 1 : |
Sy No. 154, Halavarthy Village, NH-4, Poona Bangalore Highway, Anagodu, Davangere, Karnataka, India |
|
Tel. No.: |
91-8192-272990 |
|
Fax No.: |
91-8192-259551 |
|
|
|
|
Factory 2 : |
Avaragere, Davangere, Karnataka, India |
DIRECTORS
AS ON 07.09.2013
|
Name : |
Mr. Aradhya Avinash |
|
Designation : |
Managing director |
|
Address : |
‘Avinash’,
#2980-83, MCC ‘B’ Block, 7th Main, Davangere – 577004, Karnataka, India |
|
Date of Birth/Age : |
12.05.1978 |
|
Date of Appointment : |
12.05.2006 |
|
PAN No.: |
ACXPA9531F |
|
DIN No.: |
00733636 |
|
|
|
|
Name : |
Mr. Dilip Deshmukh |
|
Designation : |
Managing director |
|
Address : |
D6, Sneh
Paradise, MIT College RD, Rambaug Colony, Kothrud, Pune – 411038,
Maharashtra, India |
|
Date of Birth/Age : |
23.01.1954 |
|
Date of Appointment : |
12.03.2010 |
|
PAN No.: |
AEVPD7057H |
|
DIN No.: |
03022313 |
|
|
|
|
Name : |
Mr. Rajkumar Shankarrao Kothavale |
|
Designation : |
Director |
|
Address : |
83, National
Cooperative Housing Society, Baner Road, Aundh, Pune, - 411007, Maharashtra,
India |
|
Date of Birth/Age : |
04.05.1939 |
|
Date of Appointment : |
12.03.2010 |
|
DIN No.: |
00146524 |
|
|
|
|
Name : |
Mr. Iynahalli Puttappa Mallokaradhya |
|
Designation : |
Director |
|
Address : |
2580, 'Avinash',
7th Main, Davangere Extn P/S, Davangere - 577004, Karnataka, India |
|
Date of Birth/Age : |
05.08.1950 |
|
Date of Appointment : |
09.01.1989 |
|
PAN No.: |
ACMPM7814L |
|
DIN No.: |
00773104 |
|
|
|
|
Name : |
Mr. Dhekne Vasant Nandkumar |
|
Designation : |
Director |
|
Address : |
1238-A, Svanand,
32nd G Cross, 26 Main, Jayanagar, 4th T Block, Bangalore - 560041, Karnataka,
India |
|
Date of Birth/Age : |
02.09.1957 |
|
Date of Appointment : |
30.03.2011 |
|
DIN No.: |
02189370 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivasa Raju |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
I. P. Mallokaradhya |
4200000 |
42.86 |
|
I. M. Roopa |
1590000 |
16.22 |
|
Avinash Aradhya |
3500000 |
35.71 |
|
I. M. Anju Aradhya |
4000 |
0.04 |
|
Deepti Kore |
300000 |
3.06 |
|
Prabhakar Kore |
100000 |
1.02 |
|
Asha P. Kore |
100000 |
1.02 |
|
Nanda S. Hurkadli |
3000 |
0.03 |
|
Bhanu Kiran |
3000 |
0.03 |
|
|
|
|
|
Total |
9800000 |
100.00 |
AS ON 29.03.2014
|
Names of Allottees |
|
No. of Shares |
|
I. P. Mallokaradhya |
|
2300000 |
|
Avinash Aradhya |
|
2900000 |
|
|
|
|
|
Total |
|
5200000 |
AS ON 07.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Steel Wires and Wire Ropes. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· State Bank of India SSI Branch, Kumara Park, 179, S. C. Road, Seshadripuram,, Bangalore - 560020, Karnataka, India · Union Bank of India (Lender's Agent) Industrial Finance Branch, # 23, Archana Complex, J.C. Road,
Bangalore - 560002, Karnataka, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Avinash Bhandari and Company Chartered Accountants |
|
Address : |
No.48, Wellington Street, Richmond Town, Near Post Office,
Bangalore – 560025, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAUFA5752F |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· AFX Logistics Aradhya Ropes And Slings Aradhya Wire Ropes Private Limited [U31300KA1996PTC019558] Chethana Concrete Products Eden Garden Mysore Cement Pipes Shankar Concrete Products |
CAPITAL STRUCTURE
AFTER 07.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,800,000 |
Equity Shares |
Rs. 10/- each |
Rs. 98.000
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 |
98.000 |
98.000 |
90.000 |
|
(b) Reserves & Surplus |
288.327 |
249.770 |
175.701 |
|
(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) |
386.327 |
347.770 |
265.701 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
342.746 |
336.299 |
315.554 |
|
(b) Deferred tax liabilities (Net) |
72.908 |
60.160 |
43.234 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
415.654 |
396.459 |
358.788 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
427.892 |
503.168 |
339.473 |
|
(b)
Trade payables |
63.396 |
52.595 |
2.794 |
|
(c)
Other current liabilities |
106.319 |
80.198 |
68.240 |
|
(d) Short-term
provisions |
13.799 |
12.009 |
6.297 |
|
Total Current
Liabilities (4) |
611.406 |
647.970 |
416.804 |
|
|
|
|
|
|
TOTAL |
1413.387 |
1392.199 |
1041.293 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
479.655 |
508.357 |
467.117 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
26.818 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.320 |
0.321 |
0.321 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
51.448 |
46.877 |
41.262 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
531.423 |
555.555 |
535.518 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
160.841 |
247.617 |
177.937 |
|
(c)
Trade receivables |
571.427 |
408.491 |
205.066 |
|
(d) Cash
and cash equivalents |
44.520 |
37.629 |
34.279 |
|
(e)
Short-term loans and advances |
45.506 |
87.346 |
48.210 |
|
(f)
Other current assets |
59.670 |
55.561 |
40.283 |
|
Total
Current Assets |
881.964 |
836.644 |
505.775 |
|
|
|
|
|
|
TOTAL |
1413.387 |
1392.199 |
1041.293 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
2212.100 |
1506.400 |
1124.756 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
2013.600 |
1340.200 |
990.651 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
198.500 |
166.200 |
134.105 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
99.200 |
77.200 |
70.517 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
99.300 |
89.000 |
63.588 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.200 |
29.400 |
28.493 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
66.100 |
59.600 |
35.095 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
27.500 |
17.500 |
13.830 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
38.600 |
42.100 |
21.265 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
12.250 |
29.578 |
5.479 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.94 |
4.30 |
2.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.74 |
2.79 |
1.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.68 |
4.28 |
3.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.17 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.99 |
2.41 |
2.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44 |
1.29 |
1.21 |
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 |
90.000 |
98.000 |
98.000 |
|
Reserves & Surplus |
175.701 |
249.770 |
288.327 |
|
Net
worth |
265.701 |
347.770 |
386.327 |
|
|
|
|
|
|
long-term borrowings |
315.554 |
336.299 |
342.746 |
|
Short term borrowings |
339.473 |
503.168 |
427.892 |
|
Total
borrowings |
655.027 |
839.467 |
770.638 |
|
Debt/Equity ratio |
2.465 |
2.414 |
1.995 |
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) |
|
Total Income |
1124.756 |
1506.400 |
2212.100 |
|
|
|
33.931 |
46.847 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
1124.756 |
1506.400 |
2212.100 |
|
Profit |
21.265 |
42.100 |
38.600 |
|
|
1.89% |
2.79% |
1.74% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
-- |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10457926 |
16/01/2014 * |
1,485,200,000.00 |
UNION BANK OF INDIA (LENDER'S AGENT) |
INDUSTRIAL FINANCE
BRANCH, # 23, ARCHANA COMPLEX, |
B94939089 |
|
2 |
10163811 |
15/05/2009 |
990,000.00 |
UNION BANK OF INDIA |
DAVANGERE BRANCH, DAVANGERE, KARNATAKA – 577002, INDIA |
A64490311 |
|
3 |
80042180 |
05/01/2012 * |
231,700,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NO.23, ARCHANA COMPLEX, J.C. ROAD, BANGALORE, KARNATAKA - 560002, INDIA |
B30111348 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
274.819 |
196.777 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand |
20.000 |
90.000 |
|
|
|
|
|
Total |
294.819 |
286.777 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from Aradhya
House, Door No. 385, 2nd Cross, 1st Main, K B Extension,
Davangere - 577002, Karnataka, India to the present address w.e.f.01.04.2013.
BUSINESS
PERFORMANCE
The world has been in the midst of a very challenging economic
environment and the global slowdown has reflected in India as well with all
sectors of the economy being affected as its GDP growth slowing down to about
5%. The Indian auto industry grew a mere 2.04% as compared to the previous year
of 13.96%. The Tyre industry grew just 8%.
The financial year 2013 has been a challenging one for Aradhya Steel.
Delays in financial tie-up for adequate working capital caused liquidity
pressures.
However, despite these issues, Aradhya Steel has reported a 47% increase
in revenue to Rs. 2212.100 Millions and Profits Before Tax to Rs. 66.000 Millions
primarily driven by a sharper focus on improving sales volumes of Tyre Bead
Wire to OEM customers and improved productivity and capacity utilization of the
plant.
The operations were streamlined to improve performance by reorganizing
the operations product-wise and planning to hive off the old plant and
machinery in Avaragere, Davangere (with necessary consents) to improve product
focus on volumes and quality and remove inter-plant dependencies.
To further simplify and flatten the operations, the Accounts and
Finance, Marketing and Purchase offices were shifted from Davangere to
Bangalore and the Registered Office was formally shifted to Bangalore. As a
result, the Statutory Auditors were also changed.
The Wind Mill performance continues to meet expectations in this
financial year by covering costs. The company has not been able to sell carbon
credits due to the collapse of the carbon credits trading system.
PROSPECTS OF THE
COMPANY
The company continues to expand on its manufacturing platform for
growth. The focus of the company in the following year is to increase installed
capacity from 24,000 Metric Tons per Annum (MTPA) to 49,200 MTPA with the
increase primarily in Tyre Bead Wire and Steel Wire Ropes . As this capacity is
being added without major increase in employees and overheads, this will yield
good profitability for the company in the immediate future.
The focus is to build a process and performance driven organization with
a confident, bold and agile team with a culture to deliver results consistently
and ensure profitable in the years ahead.
FINANCE
At Aradhya Steel, we increased their Authorized Share Capital to Rs.
150.000 Millions from Rs. 110.000 Millions. Reserves and Surplus increased by
Rs. 38.500 Millions by way of retained earnings. Paid Up Capital remained at
Rs. 98.000 Millions.
FIXED ASSETS:
· Land
Buildings
Factory
building
Plant
and equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Other
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. 59.80 |
|
|
1 |
Rs. 102.42 |
|
Euro |
1 |
Rs. 81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.