MIRA INFORM REPORT
|
Report No. : |
303306 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
AEROFLEX INDUSTRIES LIMITED (w.e.f. 23.08.2006) |
|
|
|
|
Formerly Known
As : |
AEROFLEX INDUSTRIES PRIVATE LIMITED SUYOG INTERMEDIATES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 41, 42/13, 42/14, 42/18, Village Chal, Near MIDC Taloja,
Taluka Panvel, Navi Mumbai – 410206, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.10.1993 |
|
|
|
|
Com. Reg. No.: |
11-074576 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.279.990 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1993PLC074576 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA14671G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA6767D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in manufacturing of stainless steel flexible hose and trading in CR coil/ sheet. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Company |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
The subject company is declared as a sick unit by board for Industrial
and Financial Reconstruction. The management has register case (Case No. 43/2010) with Board for Industrial
and Financial Reconstruction of sick industrial Companies act 1985. The order on which for approval for rehabilitation proposal is abated.
Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a fully secured
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
Suit-filed accounts (Willful Defaulters) of Rs.2.500 Millions and above
as on 15-Jan-2015
Search details
Borrower Containing - Aeroflex
|
Bank |
Branch |
Quarter |
D&B D-U-N-S®
Number |
Borrower Name |
OutStanding Amount ( Rs. in Millions) |
|
State Bank of India |
Samb I Mumbai |
30-09-13 |
|
Aeroflex Industries Limited |
557.181 |
|
State Bank of India |
Samb I Mumbai |
31-03-14 |
|
Aeroflex Industries Limited |
551.800 |
|
State Bank of India |
Samb I Mumbai |
30-06-14 |
|
Aeroflex Industries Limited |
551.800 |
Suit-filed accounts of Rs.10.000 Millions and above as on 15-Jan-2015
Search details
Borrower Containing – Aeroflex
|
Bank |
Branch |
Quarter |
D&B D-U-N-S® Number |
Borrower Name |
Outstanding Amount ( Rs. in Millions) |
|
Allahabad Bank |
Mumbai Recovery Branch |
31-03-13 |
|
Aeroflex Industries Limited |
138.452 |
|
Allahabad Bank |
Mumbai Recovery Branch |
30-06-13 |
|
Aeroflex Industries Limited |
138.452 |
|
Allahabad Bank |
Mumbai Recovery Branch |
30-09-13 |
|
Aeroflex Industries Limited |
138.452 |
|
Allahabad Bank |
Mumbai Recovery Branch |
31-12-13 |
|
Aeroflex Industries Limited |
138.452 |
|
Allahabad Bank |
Mumbai Recovery Branch |
31-12-13 |
|
Aeroflex Industries Limited |
0.000 |
|
Axis Bank Limited |
Nariman Point |
31-03-11 |
|
Aeroflex Industries Limited |
242.154 |
|
Axis Bank Limited |
Nariman Point |
30-06-11 |
|
Aeroflex Industries Limited |
242.154 |
|
Axis Bank Limited |
Nariman Point |
30-09-11 |
|
Aeroflex Industries Limited |
242.154 |
|
Axis Bank Limited |
Nariman Point |
31-12-11 |
|
Aeroflex Industries Limited |
242.154 |
|
Export Import Bank Of India |
HO |
30-09-12 |
|
Aeroflex Industries Limited |
150.000 |
|
Export Import Bank Of India |
HO |
31-12-12 |
|
Aeroflex Industries Limited |
150.000 |
|
Export Import Bank Of India |
HO |
31-03-13 |
|
Aeroflex Industries Limited |
150.000 |
|
Export Import Bank Of India |
HO |
30-06-13 |
|
Aeroflex Industries Limited |
150.000 |
|
Export Import Bank Of India |
HO |
30-09-13 |
|
Aeroflex Industries Limited |
150.000 |
|
Export Import Bank Of India |
HO |
31-12-13 |
|
Aeroflex Industries Limited |
150.000 |
|
State Bank of India |
Samb I Mumbai |
31-03-14 |
|
Aeroflex Industries Limited |
551.820 |
|
State Bank of India |
Samb I Mumbai |
30-06-14 |
|
Aeroflex Industries Limited |
551.820 |
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 DENIED BY
|
Name : |
Mr. Mustafa |
|
Designation : |
HR Admin Department |
|
Contact No.: |
91-22-66235200 |
|
Date : |
14.01.2015 |
LOCATIONS
|
Registered Office / Business Office/Factory 1 : |
Survey No. 41, 42/13, 42/14, 42/18, Village Chal, Near MIDC Taloja,
Taluka Panvel, Navi Mumbai – 410206, Maharashtra, India |
|
Tel. No.: |
91-22-66235200/61467100 (100 Lines) |
|
Fax No.: |
91-22-61467136 |
|
E-Mail : |
waman.shete@aeroflexindindia.com
info@aeroflexindia.com
(For Common) indiabusiness@aeroflexindia.com
(For Indian Customer) exports@aeroflexindia.com
(For Export Customer) |
|
Website : |
|
|
|
|
|
Corporate Office : |
508A, Bycylla Serv Industrial Co-operative Society Limited, |
|
Tel No.: |
91-22-23736629-33 |
|
Fax No.: |
91-22-23736634 |
|
|
|
|
Factory 2 : |
42/43, Village Chal, Near MIDC Taloja, Panvel, Mumbai – 410206, |
|
|
|
|
Works 1 : |
Plot No. 43, MIDC, Taloja Industrial Area, District Raigad, Navi
Mumbai - 410208, |
|
|
|
|
Works 2 : |
Plot No. L- 34, MIDC, Taloja Industrial Area, District Raigad, Navi
Mumbai -410208, Maharashtra, India |
|
|
|
|
International and Domestic Business Office: |
Purshottamdas Thakkar Industrial Estate, 1st Floor, 20
Champasi Bhimaji Road, Anjirwadi Mazgaon, Mumbai – 400010, Maharashtra, India |
|
Tel No.: |
91-22-23706500-509 |
|
Fax No.: |
91-22-23750840 |
|
|
|
|
Regional Office
: |
Located at:
|
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Yusuf Mohammad Kagzi |
|
Designation : |
Managing Director |
|
Address : |
304, Ezee apartments, |
|
Date of Birth/Age : |
01.04.1967 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
17.08.1998 |
|
DIN No.: |
01496822 |
|
|
|
|
Name : |
Mr. Shiv Nandan Sharma |
|
Designation : |
Director |
|
Address : |
129, Navjeevan Vihar, Aurobindo College, New Delhi – 110017,
India |
|
Date of Birth/Age : |
04.10.1955 |
|
Date of Appointment : |
13.07.2013 |
|
DIN No.: |
00336736 |
|
|
|
|
Name : |
Mr. Mustafa Abidali Kachwala |
|
Designation : |
Director |
|
Address : |
48/52, |
|
Date of Birth/Age : |
23.02.1968 |
|
Qualification : |
B.COM |
|
Date of Appointment : |
14.07.2010 |
|
DIN No.: |
03124453 |
|
|
|
|
Name : |
Mr. Mastram Mataprasad Verma |
|
Designation : |
Additional Director |
|
Address : |
Ranjee Gupta Chl., Rajiv Nagar, Gazder Bandh, Santacruz (West), Mumbai
– 400054 |
|
Date of Birth/Age : |
17.08.1987 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
14.07.2010 |
|
DIN No.: |
03137611 |
|
|
|
|
Name : |
Ramsagar Ramnewan Yadav |
|
Designation : |
Director |
|
Address : |
Mohan Seth Ki Chl, Gordhead Bandh Road, Santacruz (West), Mumbai -
400054 |
|
Date of Birth/Age : |
10.10.1983 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
10.05.2010 |
|
DIN No.: |
03163805 |
KEY EXECUTIVES
|
Name : |
Mr. Mustafa |
|
Designation : |
HR Admin Department |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Yousuf M Kagzi |
|
6501000 |
|
Vishnu Kumar Ajitsaria |
|
149400 |
|
Parvez Akhter |
|
148000 |
|
Vijay Miglani |
|
100000 |
|
Soeb Hussain Cyclewala |
|
100000 |
|
Avigo Venture Investment Limited, |
|
637 |
|
Bond Street Custodians Limited, |
|
300 |
|
Avigo Trustees Company Private Limited, |
|
63 |
|
Mustafa Kachwala |
|
100 |
|
Mataram Mataprasad Verma |
|
100 |
|
Ramsagar Ramnewan Yadav |
|
100 |
|
Ather Shakeel Ansari |
|
100 |
|
Shah Alam |
|
100 |
|
Vijendra Singh Gusain |
|
100 |
|
Total |
|
7000000 |
|
Names of Shareholders (First Tranche Series of Preference Shares) |
|
No. of Shares |
|
Avigo Venture Investments Limited, |
|
636363 |
|
Avigo Trustee Company Private Limited, |
|
62937 |
|
Bond Street Custodians Limited, |
|
299700 |
|
Total |
|
999000 |
|
Names of Shareholders (Second Tranche Series of Preference Shares) |
|
No. of Shares |
|
Avigo Venture Investments Limited, |
|
637000 |
|
Avigo Trustee Company Private Limited, |
|
63000 |
|
Bond Street Custodians Limited, |
|
300000 |
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.01 |
|
Directors or relatives of Directors |
92.88 |
|
Other top fifty shareholders |
7.11 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing of stainless steel flexible hose and trading in CR coil/ sheet. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Customers : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
Information denied by management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Y.S. Moochhala and Company Chartered Accountants |
|
Address : |
1-B, Kagdy Manzil, 1st Floor, 119, |
|
Tel. No.: |
91-22-22633121 / 40020887 |
|
Email : |
|
|
PAN No. : |
AACPM1108P |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs. 10/- each |
Rs.240.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
1000000 |
Preference Shares |
Rs.200/-each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity shares |
Rs.10/- each |
Rs.70.000 Millions |
|
999000 |
Preference Shares |
Rs.10/- each |
Rs.9.990 Millions |
|
1000000 |
Preference Shares |
Rs.200/-each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.279.990
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
279.990 |
279.990 |
279.990 |
|
(b) Reserves & Surplus |
(1,194.442) |
(620.153) |
(598.962) |
|
(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) |
(914.452) |
(340.163) |
(318.972) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
2.429 |
2.429 |
2.429 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
46.400 |
46.400 |
46.401 |
|
Total Non-current Liabilities
(3) |
48.829 |
48.829 |
48.830 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,898.573 |
1,357.523 |
1,357.545 |
|
(b) Trade
payables |
108.404 |
71.579 |
79.910 |
|
(c) Other
current liabilities |
18.680 |
7.830 |
5.512 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
2,025.657 |
1,436.932 |
1,442.967 |
|
|
|
|
|
|
TOTAL |
1,160.034 |
1,145.598 |
1,172.825 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
647.904 |
689.498 |
766.919 |
|
(ii)
Intangible Assets |
0.442 |
0.239 |
0.378 |
|
(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 |
86.530 |
84.736 |
67.464 |
|
(e) Other Non-current
assets |
0.186 |
0.666 |
1.146 |
|
Total Non-Current
Assets |
735.062 |
775.139 |
835.907 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
129.148 |
131.241 |
141.399 |
|
(c) Trade
receivables |
146.533 |
137.383 |
131.614 |
|
(d) Cash
and cash equivalents |
27.422 |
9.728 |
9.156 |
|
(e)
Short-term loans and advances |
121.869 |
92.107 |
54.749 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
424.972 |
370.459 |
336.918 |
|
|
|
|
|
|
TOTAL |
1,160.034 |
1,145.598 |
1,172.825 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
707.155 |
584.164 |
534.680 |
|
|
|
|
Other Income |
20.456 |
8.817 |
13.040 |
|
|
|
|
TOTAL (A) |
727.611 |
592.981 |
547.720 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
521.357 |
444.428 |
392.933 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
2.093 |
10.157 |
23.638 |
|
|
|
|
Employee Benefits Expenses |
52.065 |
39.218 |
33.287 |
|
|
|
|
Other Expenses |
108.034 |
34.797 |
36.447 |
|
|
|
|
Prior period items before tax |
381.011 |
6.673 |
6.207 |
|
|
|
|
TOTAL (B) |
1,064.560 |
535.273 |
492.512 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(336.949) |
57.708 |
55.208 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
167.661 |
1.442 |
2.436 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(504.610) |
56.266 |
52.772 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
69.676 |
77.457 |
90.558 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(574.286) |
(21.191) |
(37.786) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(574.286) |
(21.191) |
(37.786) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(810.753) |
(789.562) |
(751.776) |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(1,385.039) |
(810.753) |
(789.562) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
619.547 |
493.043 |
449.221 |
|
|
|
TOTAL EARNINGS |
619.547 |
493.043 |
449.221 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
223.870 |
205.430 |
152.645 |
|
|
|
|
Capital Goods |
22.314 |
0.199 |
0.708 |
|
|
|
TOTAL IMPORTS |
246.184 |
205.629 |
153.353 |
||
|
|
|
|
|
|
||
|
|
Earnings / (Loss)
Per Share (Rs.) |
(82.00) |
(3.00) |
(5.00) |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(81.21) |
(3.63) |
(7.07) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(47.65) |
9.88 |
10.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(49.51) |
(1.85) |
(3.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.63 |
0.06 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.08) |
(3.99) |
(4.26) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.21 |
0.26 |
0.23 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
279.990 |
279.990 |
279.990 |
|
Reserves & Surplus |
(598.962) |
(620.153) |
(1194.442) |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(318.972) |
(340.163) |
(914.452) |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
1357.545 |
1357.523 |
1898.573 |
|
Total
borrowings |
1357.545 |
1357.523 |
1898.573 |
|
Debt/Equity
ratio |
(4.256) |
(3.991) |
(2.076) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
534.680 |
584.164 |
707.155 |
|
|
|
9.255 |
21.054 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
534.680 |
584.164 |
707.155 |
|
Profit |
(37.786) |
(21.191) |
(574.286) |
|
|
(7.07%) |
(3.63%) |
(81.21%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
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 |
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 |
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 |
COMPANY STATUS
|
Case No. |
Company name |
Address |
Status |
Date of Last Order |
|
|
|
|
|
|
|
43/2010 |
Aeroflex Industries Limited |
----- |
Abated |
16/04/2012 |
CORPORATE
INFORMATION:
Subject is domiciled in India and incorporated under the provision of companies Act, 1956. The company is engaged in manufacturing of stainless steel flexible hose and trading in CR coil/ sheet. The Company has during the financial year 2010-11 approach the Board of Industrial and Financial Reconstruction (BIFR) on 16/08/2010 u/s 15(1) of Sick Industrial Companies (Special Provisions) Act 1985 and has been registered with the BIFR as case no 43/2010, presently pending in AAIFR as a consequence interest on Loan to Bank have been accounted in the Books of Accounts up to 30/09/2010. No Interest has been provided from 01/10/2010 onwards amounting to Rs.376.919 Millions (Rs.209.737 Millions).
OPERATIONS
During the year the Company recorded revenue of Rs.727.611 Millions and incurred a loss of Rs.574.289 Millions (including interest provision of earlier years of Rs. 3810.11 lakhs after interest and depreciation as compared with the corresponding figures in the previous year of Rs.592.981 Millions and a loss of Rs.21.191 Millions respectively
The bottom line of the Company continues to be under stress due to non-availability of adequate working capital to support the optimum operations of the Company on the one hand and increase in the input cost since the same could not be passed on to customers. In spite of adverse operating conditions , the Company has been able to control and manage its operations in focused way and the results culminated into cash profit.
SICK INDUSTRY:
Consequent upon the erosion of the entire net worth during the year 2009-2010 your Company filed a reference to the Board for Industrial and Financial Reconstruction, New Delhi in terms of the provisions of the Sick Industrial Companies (Special Provisions) Act,1985. The reference has been abated by the BIFR. In view of this the Company's reference has been de-registered.
FUTURE OUTLOOK:
The Company despite gloomy performance believes that the products of the Company are good and have wide applications in industries and it can be revived. The customers of the Company are of high repute. To reduce the cost of production, control the expenses and increase the productivity and quality of products, it is taking all imperative steps in this directions. The efforts of the Company have resulted yields and the same are evident from the financial statements of the Company. To further the efforts of the Company it requires co-operations, assistance of all the concerned authorities /institutions such as banks, governments, semi governments in extending financial and non-financial assistance which is of paramount importance.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10240006 |
31/08/2010 |
16,000,000.00 |
Bank of India |
Kalbadevi Branch, Round Building, Shamldas Gandhi Marg, Kalbadevi, Mumbai, Maharashtra - 400002, India |
A94746989 |
|
2 |
10213933 |
31/03/2011 * |
30,000,000.00 |
International
Asset Reconstruction Company Private |
709, 7th Floor, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi, Delhi - 110001, India |
B12880027 |
|
3 |
10139796 |
11/02/2014 * |
1,382,500,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, India |
C35673466 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.15 |
|
|
1 |
Rs.94.24 |
|
Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.