MIRA
INFORM REPORT
|
Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ATOP FASTENERS PRIVATE LIMITED |
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Registered
Office : |
181, Industrial Area, Phase-II, Ram Darbar, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.04.1997 |
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Com. Reg. No.: |
53-019687 |
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Capital
Investment / Paid-up Capital : |
Rs.54.213 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999CH1997PTC019687 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLA10226G |
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|
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PAN No.: [Permanent Account No.] |
AACCA4741P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Suppliers of various type of spring steel sheet
metal components, machined components and fasteners. |
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|
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 558000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Rating is constrained on account of working capital intensive operation
and volatility in raw material prices. However, overall financial position of
the company is decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered dealing at usual 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
|
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
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
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
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 |
CRISIL |
|
Rating |
BB+ (Long Term Rating) |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
December 16, 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 DENIED BY
|
Name : |
Mr. Davinder |
|
Designation : |
Account Executive |
|
Contact No.: |
91-9872300780 |
|
Date : |
09.07.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
181, Industrial Area, Phase-II, Ram Darbar, |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9872300780 (Mr. Davinder) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 2 : |
C-162, Industrial Area, Phase VIII B, Mohali – 160071, |
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Tel. No.: |
91-172-2654169/ 2652169/ 5093169 |
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Fax No.: |
91-172-2654169/ 2652169/ 5093169 |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Parveen Kaur |
|
Designation : |
Director |
|
Address : |
H. No.1218, Sector 44B, |
|
Date of Appointment : |
01.04.2004 |
|
PAN No.: |
AHVPK0804E |
|
DIN No : |
00770977 |
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|
|
|
Name : |
Mr. Satwant Singh |
|
Designation : |
Director |
|
Address : |
H. No.1218, Sector 44B, |
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Date of Appointment : |
01.04.1997 |
|
PAN No.: |
AAVPH7846L |
|
DIN No : |
00770996 |
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|
|
|
Name : |
Mr. Hermann Harish |
|
Designation : |
Director |
|
Address : |
H. No.877, Sector 15, |
|
Date of Appointment : |
01.04.2004 |
|
DIN No : |
00800930 |
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|
|
|
Name : |
Mr. Gurmukh Singh Harish |
|
Designation : |
Director |
|
Address : |
H. No.877, Sector 15, |
|
Date of Appointment : |
01.04.1997 |
|
PAN No.: |
AAVPH7844J |
|
DIN No : |
01360351 |
KEY EXECUTIVES
|
Name : |
Mr. Davinder |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Satwant Singh |
|
4646820 |
|
Gurmukh Singh |
|
281753 |
|
Praveen Kaur |
|
262715 |
|
Hermann Harish |
|
80000 |
|
Amarjot Singh |
|
150000 |
|
|
|
|
|
Total |
|
5421288 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Suppliers of various type of spring steel sheet
metal components, machined components and fasteners. |
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Products : |
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GENERAL INFORMATION
|
Customers : |
· Bharat Seats Limited ·
JCB · Escorts Group of Industries · FCC Rico Limited · General Motors India · Hero Honda Motors Limited · Honda Siel Power Products Limited · International Tractors Limited · Majestic Auto Limited · Nipman Fasteners Limited ·
Swaraj Engines Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of ·
State Bank of |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mehan Associates Chartered Accountant |
|
Address : |
# 1246, Sector 22-B, Chandigarh-160022, |
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PAN No.: |
AAFFM9231J |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital : Rs.160.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.66.713 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5421288 |
Equity Shares |
Rs.10/- each |
Rs.54.213 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 |
54.213 |
22.213 |
22.213 |
|
(b) Reserves & Surplus |
85.328 |
67.160 |
52.512 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
2.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
139.541 |
91.373 |
74.725 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
59.570 |
76.189 |
44.532 |
|
(b) Deferred tax liabilities
(Net) |
0.655 |
0.274 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.878 |
1.001 |
0.000 |
|
Total
Non-current Liabilities (3) |
62.103 |
77.464 |
44.532 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
79.296 |
67.334 |
48.132 |
|
(b) Trade payables |
69.018 |
56.500 |
86.530 |
|
(c) Other current liabilities |
10.563 |
9.451 |
8.040 |
|
(d) Short-term provisions |
6.466 |
6.928 |
11.587 |
|
Total
Current Liabilities (4) |
165.343 |
140.213 |
154.289 |
|
|
|
|
|
|
TOTAL |
366.987 |
309.050 |
273.546 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
111.281 |
70.107 |
67.300 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
1.986 |
1.742 |
0.311 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
113.267 |
71.849 |
67.611 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
116.395 |
88.300 |
47.468 |
|
(c) Trade receivables |
102.534 |
101.145 |
124.649 |
|
(d) Cash and cash equivalents |
7.144 |
21.980 |
3.012 |
|
(e) Short-term loans and
advances |
27.647 |
25.776 |
30.806 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
253.720 |
237.201 |
205.935 |
|
|
|
|
|
|
TOTAL |
366.987 |
309.050 |
273.546 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
353.827 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
318.944 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
24.599 |
22.197 |
34.883 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.846 |
7.570 |
11.587 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
17.753 |
14.627 |
23.296 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.27 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA |
NA |
6.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.70 |
7.18 |
12.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.24 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.00 |
1.57 |
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.69 |
1.33 |
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 |
22.213 |
22.213 |
54.213 |
|
Reserves & Surplus |
52.512 |
67.160 |
85.328 |
|
Net
worth |
74.725 |
89.373 |
139.541 |
|
|
|
|
|
|
long-term borrowings |
44.532 |
76.189 |
59.570 |
|
Short term borrowings |
48.132 |
67.334 |
79.296 |
|
Total
borrowings |
92.664 |
143.523 |
138.866 |
|
Debt/Equity
ratio |
1.240 |
1.606 |
0.995 |
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 one year |
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 |
-- |
|
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Loans and advances from directors |
43.938 |
60.231 |
|
Short-term
borrowings |
|
|
|
Other loans and advances, others |
0.000 |
7.551 |
|
|
|
|
|
Total |
43.938 |
67.782 |
FINANCIAL RESULTS:
The Company has earned Net Profit before tax of Rs. 24.599 Millions during the year as compared to the last year Net Profit before tax of Rs. 22.197 Millions. The turnover of the Company has increased as compared to previous year simultaneously there is an increase in profits of the company. The sincere efforts of the Management and the commitment of the Board of Directors have helped the Company to reach this height. The Management is committed to take the Company to new heights.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10417158 |
28/02/2013 |
37,600,000.00 |
India Infoline Finance Limited |
IIFL HOUSE, SUN INFOTECH PARK, ROAD NO. 16V, PLOT NO.B-23, THANE INDUSTRIAL AREA, WAGLE ESTATE, THANE, MAHARASHTRA - 400604, INDIA |
B72406721 |
|
2 |
10135160 |
26/12/2008 |
63,000,000.00 |
State Bank of India |
SSI BRANCH, PHASE-VII, MOHALI, PUNJAB - 160070, |
A53568309 |
|
3 |
10079000 |
15/04/2014 * |
171,700,000.00 |
State Bank of India |
STATE BANK OF INDIA, RAM DARBAR, CHANDIAGRH, CHANDIGARH - 160002, INDIA |
C02895696 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer 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.59.88 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--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.