MIRA
INFORM REPORT
|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALOM EXTRUSIONS LIMITED |
|
|
|
|
Formerly Known
As : |
OM DEVELOPMENT LIMITED |
|
|
|
|
Registered
Office : |
Alom House, 7B |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.04.1980 |
|
|
|
|
Com. Reg. No.: |
21-032662 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.24.976 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L70200WB1980PLC032662 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO3518N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Aluminium Extrusions, Shapes and Sections.
|
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company possesses an average financial profile marked by adequate networth
base along with moderate debts protection metrics and working capital
intensive operations. Management has witnessed a dip in its net profitability and has
reported a low profit margin during FY13. The ratings also take into consideration, the susceptibility of
profitability to volatility in raw material prices and intense market
competition. However, trade relations seem to be fair. Business is active. Payment
terms are reported as slow but correct. In view of promoters extensive industry experience, the subject 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 – 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB- (Long Term Rating) |
|
Rating Explanation |
Moderate risk of default regarding timely
servicing of financial obligation. |
|
Date |
February 18, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4+ (Short Term Rating) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
February 18, 2014 |
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. Harishankar Budhia |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-33-22822540 |
|
Date : |
28.07.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Alom House, 7B Pretoria Street, Kolkata – 700001, West Bengal, India |
|
Tel. No.: |
91-33-22822540/ 41/ 42/ 92 |
|
Fax No.: |
91-33-22827305 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
|
|
|
Delhi Office : |
2748/6, Chuna Mandi (1st Floor), Pahargunj, New Delhi –
110055, India |
|
Tel. No.: |
91-11-23561741/ 23635546 |
|
Fax No.: |
91-11-23585878 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Located at: ·
Howrah ·
Balasore |
DIRECTORS
As on: 16.07.2013
|
Name : |
Mr. Ajay Prakash Jhunjhunwala |
|
Designation : |
Managing Director |
|
Address : |
7, |
|
Date of Birth/Age : |
11.05.1958 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
20.12.1994 |
|
Pan No.: |
ACUPJ4412B |
|
Voter ID No.: |
WB-23-46-084131 |
|
DIN No.: |
00046946 |
|
|
|
|
Name : |
Mr. Shree Prakash Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
7, |
|
Date of Birth/Age : |
01.03.1961 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
17.05.1989 |
|
PAN No.: |
ACVPJ0487B |
|
Voter ID No.: |
WB-23-146-084133 |
|
DIN No.: |
00046987 |
|
|
|
|
Name : |
Mr. Gaurav Bhuwalka |
|
Designation : |
Additional director |
|
Address : |
AL 215, Salt Lake City, Sectro II, Kolkata-700091, India |
|
Date of Birth/Age : |
03.06.1976 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
30.06.2012 |
|
DIN No.: |
00890369 |
|
|
|
|
Name : |
Madhusudan Binani |
|
Designation : |
Director |
|
Address : |
14, Watkins Road, Howrah – 711101, West Bengal, India |
|
Date of Birth/Age : |
25.11.1962 |
|
Date of Appointment : |
14.06.2013 |
|
DIN No.: |
00347748 |
KEY EXECUTIVES
|
Name : |
Mr. Harishankar Budhia |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 16.07.2013
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 16.07.2013
|
Category |
Percentage of Holding |
|
Bodies corporate |
28.00 |
|
Directors or relatives of Directors |
37.00 |
|
Other top fifty shareholders |
35.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Aluminium Extrusions, Shapes and Sections.
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Dubai ·
France ·
Indonesia ·
Malaysia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Malaysia |
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Terms : |
|
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Selling : |
L/C and Credit |
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|
||||||
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (As on: 31.03.2013)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Aluminium Extrusions |
Qty.(MT) |
NA |
20,800 |
*10656 |
|
Other Products |
Qty.(MT) |
NA |
NA |
1185 |
Notes: *Includes 1784.00 MT
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
·
Punjab and Sind Bank, Kolkata Main Branch, 14/15,
Old Court House Street, Kolkata – 700001, West Bengal, India · Indian Bank, Strand Road Branch, 3A, Hare Street, Kolkata - 700001, West Bengal, India |
||||||||||||||||||||||||
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Facilities : |
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
K. Prasad and Company Chartered Accountants |
|
Address : |
2 4 , R.N. Mukherjee Road, Kolkata – 700001, West Bengal, India |
|
PAN No.: |
AAFFK7239N |
|
|
|
|
Associate Company : |
· Universal Machines Limited U28920WB1965PLC026651 ·
Alom Poly Extrusions Limited U18101WB1990PLC049143 |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Uniworth Limited · Simco Commotrade Private Limited U51109WB1997PTC084084 · Jams Builders Private Limited U70101WB1987PTC042378 · Evergreen Sales Private Limited · Cold Gold Syntex (Private) Limited U51109WB1994PTC066438 · Uniwears Limited U52322WB1992PLC056609 · Bhagirathi Estates Private Limited U70101WB1981PTC033561 · Sati Development Private Limited U70109WB1981PTC033560 · Krypton Agencies Private Limited U51909WB1995PTC074490 · Gravity Merchandise Private Limited U51109WB1995PTC070821 · Jiwan Gouri Properties Private Limited U70101WB1993PTC057445 · Coronation Commerce Private Limited U51109WB1995PTC074318 · Syncox Traders Private Limited U51909WB1998PTC087795 · Sweet Home Projects Private Limited U45201WB1997PTC085347 · Tasu Estates Private Limited U70109WB1997PTC085928 · Trilok Commercial Private Limited · Panchanan Mercantile Private Limited · S. R. Niketan Private Limited U7001WB1999PTC089181 · S. R. Enclave Private Limited U70101WB1999PTC089180 · Exchange Suits Private Limited U51109WB1994PTC066326 · Mansion House Properties Private Limited · Alom Housing and Infrastructure Limited U27310WB1988PLC045461 · Rajabhat Tea Company Limited L17125WB1910PLC001972 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3660000 |
Equity Shares |
Rs.10/- each |
Rs.36.600 Millions |
|
200000 |
Preference Shares |
Rs.10/- each |
Rs.2.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.38.600
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2297575 |
Equity Shares |
Rs.10/- each |
Rs.22.976 Millions |
|
200000 |
Preference Shares |
Rs.10/- each |
Rs.2.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.24.976
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 |
24.976 |
24.976 |
24.976 |
|
(b) Reserves & Surplus |
589.547 |
594.860 |
599.593 |
|
(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) |
614.523 |
619.836 |
624.569 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
68.281 |
30.370 |
29.698 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
17.838 |
11.895 |
0.680 |
|
(d) long-term provisions |
39.216 |
38.454 |
20.997 |
|
Total
Non-current Liabilities (3) |
125.335 |
80.719 |
51.375 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
260.726 |
117.210 |
65.318 |
|
(b) Trade payables |
276.945 |
282.498 |
287.198 |
|
(c) Other current liabilities |
55.902 |
74.844 |
66.536 |
|
(d) Short-term provisions |
1.001 |
4.382 |
19.598 |
|
Total
Current Liabilities (4) |
594.574 |
478.934 |
438.650 |
|
|
|
|
|
|
TOTAL |
1334.432 |
1179.489 |
1114.594 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
447.322 |
453.441 |
455.996 |
|
(ii) Intangible Assets |
0.643 |
0.775 |
0.929 |
|
(iii) Capital work-in-progress |
0.902 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
21.451 |
18.738 |
27.980 |
|
(c) Deferred tax assets (net) |
14.569 |
10.448 |
10.466 |
|
(d) Long-term Loan and Advances |
6.195 |
4.417 |
0.000 |
|
(e) Other Non-current assets |
2.067 |
0.704 |
1.990 |
|
Total
Non-Current Assets |
493.149 |
488.523 |
497.361 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
236.369 |
180.908 |
174.938 |
|
(c) Trade receivables |
174.525 |
178.517 |
162.332 |
|
(d) Cash and cash equivalents |
31.677 |
31.143 |
21.699 |
|
(e) Short-term loans and
advances |
261.956 |
196.282 |
175.724 |
|
(f) Other current assets |
136.756 |
104.116 |
82.540 |
|
Total
Current Assets |
841.283 |
690.966 |
617.233 |
|
|
|
|
|
|
TOTAL |
1334.432 |
1179.489 |
1114.594 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1568.446 |
1713.561 |
1622.143 |
|
|
Other Income |
7.996 |
2.788 |
1.813 |
|
|
TOTAL
(A) |
1576.442 |
1716.349 |
1623.956 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1247.432 |
1332.895 |
1193.023 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(56.510) |
(17.209) |
22.285 |
|
|
Employees benefits expense |
77.143 |
75.808 |
63.148 |
|
|
Other expenses |
242.405 |
259.659 |
229.906 |
|
|
TOTAL
(B) |
1510.470 |
1651.153 |
1508.362 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
65.972 |
65.196 |
115.594 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.601 |
39.203 |
32.318 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.371 |
25.993 |
83.276 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
15.963 |
15.715 |
14.378 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2.408 |
10.278 |
68.898 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
(3.464) |
2.003 |
18.955 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
5.872 |
8.275 |
49.943 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
222.010 |
216.547 |
173.421 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1.000 |
5.000 |
|
|
Proposed Dividend on
Preference Shares |
0.000 |
0.180 |
0.180 |
|
|
Proposed Dividend on Equity
Shares |
0.000 |
1.378 |
1.378 |
|
|
Tax on Dividends |
0.000 |
0.253 |
0.259 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
227.882 |
222.010 |
216.547 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
96.604 |
60.741 |
73.101 |
|
|
TOTAL
EARNINGS |
96.604 |
60.741 |
73.101 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores parts |
2.349 |
5.629 |
6.463 |
|
|
Capital Goods |
3.002 |
13.121 |
5.806 |
|
|
TOTAL
IMPORTS |
5.351 |
18.750 |
12.269 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.56 |
3.52 |
21.66 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.37 |
0.48 |
3.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.15 |
0.60 |
4.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.19 |
0.89 |
6.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.02 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.54 |
0.24 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.44 |
1.41 |
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 |
24.976 |
24.976 |
24.976 |
|
Reserves & Surplus |
599.593 |
594.860 |
589.547 |
|
Net
worth |
624.569 |
619.836 |
614.523 |
|
|
|
|
|
|
long-term borrowings |
29.698 |
30.370 |
68.281 |
|
Short term borrowings |
65.318 |
117.210 |
260.726 |
|
Total
borrowings |
95.016 |
147.580 |
329.007 |
|
Debt/Equity
ratio |
0.152 |
0.238 |
0.535 |
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 |
1622.143 |
1713.561 |
1568.446 |
|
|
|
5.636 |
(8.469) |
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 |
1622.143 |
1713.561 |
1568.446 |
|
Profit |
49.943 |
8.275 |
5.872 |
|
|
3.08% |
0.48% |
0.37% |
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
CALCUTTA HIGH COURT
CASE STATUS
INFORMATION SYSTEM
Case Status : ---
|
Status
of COMPANY
APPLICATION (CA) 673
of 2009 RE; OEL EXTRUSIONS LTD.
Vs.
AND ALOM EXTRUSIONS LTD. Pet's Adv. : S.
N.AGARWAL
Res's Adv.
: Court No. : 16
Last Listed On
: Thursday, December 17, 2009
Category
: NO CATEGORY MENTIONED
Case Updated on: Thursday, December 17, 2009 |
UNSECURED LOANS
(Rs.
In Millions)
|
PARTICULAR |
31.03.2013 |
31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Intercorporate borrowings |
56.713 |
15.000 |
|
Deferred payment liabilities |
3.189 |
3.448 |
|
SHORT TERM
BORROWINGS |
|
|
|
Intercorporate borrowings |
146.122 |
63.807 |
|
|
|
|
|
Total |
206.024 |
82.255 |
OPERATIONS
During the year the company's operating profit have reduced from Rs 10.278 Millions to Rs 2.408 Millions, compared to last year. The main reason for these reductions are Less Market realisation per tonne of Finished Product, competitive and adverse market scenarios as well as increase in Electricity Cost, Diesel and Furnace Oil, etc.
However the Export turnover of the company has increased from Rs 117.577 Millions against the Previous year figure of Rs 105.317 Millions, indicating the growth of about 12%. However the current prospect seems better as we hope better performance of the company in the coming year.
FUTURE PROSPECTS
Production for the year under audit was 10656 MT in comparison to 12023 MT of the Last year, due to lower demand of products in the domestic market. However, the Directors expect better prospect of the Product in the coming year, in domestic market as well as overseas. Export sales are expected to increase at least by 30% resulting in better profitability of the company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10455705 |
27/08/2013 |
6,470,390.00 |
Indian Bank |
STRAND ROAD BRANCH,, 3A, HARE STREET, KOLKATA, WEST BENGAL - 700001, INDIA |
B87774634 |
|
2 |
10241171 |
09/09/2010 |
169,800,000.00 |
INDIAN BANK |
STRAND ROAD BRANCH, 3A,HARE STREET, KOLKATA, WEST BENGAL - 700001, INDIA |
A95400388 |
|
3 |
90251186 |
10/01/2013 * |
380,259,000.00 |
PUNJAB & SIND BANK |
KOLKATA MAIN BRANCH, 14/15, OLD COURT HOUSE STREET, KOLKATA, WEST BENGAL - 700001, INDIA |
B68594860 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Computer equipments
Intangible Assets
· Computer software
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 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] 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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.