MIRA INFORM REPORT

 

 

Report Date :

23.07.2014

 

 

IDENTIFICATION DETAILS

 

Name :

ANKIT AEROSPACE PRIVATE LIMITED

 

 

Registered Office :

34, Azeez Sait Industrial Town, 6th Mile, Mysore Road, Nayandahalli Post, Bangalore – 560039, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

07.09.2006

 

 

Com. Reg. No.:

08-040436

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U35301KA2006PTC040436

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA13002D

 

 

PAN No.:

[Permanent Account No.]

AAHCA0984D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of forgings, castings, machining, fasteners etc.

 

 

No. of Employees :

30 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (14)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The management has failed to file its financial record with government department for the year 2012 & 2013.

 

Further as per the registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2011 but the documents related to financial are not available from any source.

 

As per previous financial records of 2010, the company has incurred huge accumulated losses.

 

Business is active. Payment terms are unknown.

 

The company can be considered for business dealings on safe and 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 – 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.

 

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 31-03-2014.

 

INFORMATION PARTED BY

 

Name :

Mr. Nanjundeshwar

Designation :

Accounts Manager

Contact No.:

91-80-39817900

Date :

18.07.2014

 

 

LOCATIONS

 

Registered Office :

34, Azeez Sait Industrial Town, 6th Mile, Mysore Road, Nayandahalli Post, Bangalore – 560039, Karnataka, India  

Tel. No.:

91-80-39817900 / 18

Fax No.:

Not Available

E-Mail :

ranjundeshwar.sn@ankitfastners.com

Website :

www.ankitfastners.com

www.ankitforgings.com

 

 

Factory 1 :

Jigani Industrial Area, Phase-I, Bangalore – 560105, Karnataka, India

 

 

Factory 2 :

Shed No. R.34, KSSIDC Industrial Estate, India – 560105, Bangalore, India

 

 

DIRECTORS

 

AS ON 29.09.2011

 

Name :

Mr. Ankit Umesh Patel

Designation :

Director

Address :

No.24, 2nd Main, 12th Cross, 3rd Phase, J.P. Nagar, Bangalore – 560 078, Karnataka, India

Date of Birth/Age :

03.06.1978

Date of Appointment :

07.09.2006

DIN No.:

01916392

 

 

Name :

Mr. Umesh Kantibhai Patel

Designation :

Director

Address :

No.24, 2nd Main, 12th Cross, 3rd Phase, J.P. Nagar, Bangalore – 560 078, Karnataka, India

Date of Birth/Age :

02.10.1950

Date of Appointment :

07.09.2006

DIN No.:

01916376

PAN No.:

AEZPT5493F

 

 

KEY EXECUTIVES

 

Name :

Mr. Nanjundeshwar

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 29.09.2011

 

Names of Shareholders

 

No. of Shares

Umesh Kantibhai Patel

10000

Ankit Umesh Patel

10000

 

 

Total

20000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 29.09.2011

 

Category

Percentage

Directors or relatives of Directors

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of forgings, castings, machining, fasteners etc.

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         US

·         Italy

·         France

 

 

Imports :

 

Products :

Raw Material

Countries :

·         US

·         Europe

 

 

Terms :

 

Selling :

Cash, Cheque and Credit

 

 

Purchasing :

Cash, Cheque and Credit

 

 

GENERAL INFORMATION

 

Customers :

Others

 

 

No. of Employees :

30 (Approximately)

 

 

Bankers :

Axis Bank, J. P. Nagar

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B. R. Reddy and Company

Chartered Accountants

Address :

35, Hagam Nivas, 1st Main, Ganga Nagar, H.G.H. Layout, Bangalore – 560032, Karnataka, India

PAN No:

ABQPR1049B

 

 

Associates/Subsidiaries :

Ankit Forgings

Ankit Fastners Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 29.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20000

Equity Shares

Rs.10/- each

Rs.0.200 Million

 

 

 

 

 

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/- each

Rs.0.100 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.100

0.100

0.100

2] Share Application Money

10.151

0.000

1.201

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

10.251

0.100

1.301

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

1.201

0.000

TOTAL BORROWING

0.000

1.201

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

10.251

1.301

1.301

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.966

0.000

0.000

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

1.861

0.000

0.000

 

Sundry Debtors

0.138

0.000

0.000

 

Cash & Bank Balances

5.081

0.001

1.201

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances

2.379

1.271

0.070

Total Current Assets

9.459

1.272

1.271

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

0.000

0.000

0.000

 

Other Current Liabilities

4.529

0.030

0.030

 

Provisions

0.000

0.000

0.000

Total Current Liabilities

4.529

0.030

0.030

Net Current Assets

4.930

1.242

1.241

 

 

 

 

MISCELLANEOUS EXPENSES

0.027

0.029

0.030

PROFIT AND LOSS ACCOUNT

2.328

0.030

0.030

 

 

 

 

TOTAL

10.251

1.301

1.301

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                              (A)

0.465

0.000

0.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                              (B)

2.763

0.010

0.010

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX

(2.298)

(0.010)

(0.010)

 

 

 

 

 

Less

TAX                                                                 

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

(2.298)

(0.010)

(0.010)

 

 

 

 

 

 

CIF VALUE OF IMPORTS

0.685

Nil

Nil

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(229.80)

(1.04)

(1.00)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

(494.19)

0.00

0.00

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(18.49)

(0.79)

(0.79)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.22)

(0.10)

(0.01)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

12.01

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.09

42.40

42.37

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2008

31.03.2009

31.03.2010

 

Rs. In Millions

Rs. In Millions

Rs. In Millions

Share Capital

0.100

0.100

0.100

Reserves & Surplus

0.000

0.000

0.000

Share Application money pending allotment

1.201

0.000

10.151

Net worth

1.301

0.100

10.251

 

 

 

 

Secured Loans

0.000

0.000

0.000

Unsecured Loans

0.000

1.201

0.000

Total borrowings

0.000

1.201

0.000

Debt/Equity ratio

0.000

12.010

0.000

 

 

 

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

Yes

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

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

----------

22]

Litigations that the firm / promoter involved in

----------

23]

Banking Details

Yes

24]

Banking facility details

No

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

No

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 LOAN:

 

Particulars

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

Loan from Directors

0.000

1.202

 

 

 

Total

0.000

1.202

 

NO CHARGES EXIST FOR COMPANY.

 

 

FIXED ASSETS:

·         Plant and Machinery

·         Furniture and Fixtures

·         Computers

·         Office Equipments


CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         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.60.24

UK Pound

1

Rs.102.87

Euro

1

Rs.81.44

 

 

INFORMATION DETAILS

 

Information Gathered by :

HTL

 

 

Analysis Done by :

KRN

 

 

Report Prepared by :

NKT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

--

--CREDIT LINES

1~10

2

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

14

 

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

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.