MIRA
INFORM REPORT
|
Report Date : |
12th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
ACE PIPELINE CONTRACTS PRIVATE LIMITED |
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Registered Office : |
10, Beach Resort, Juhu Azad Road, Juhu Koliwada,
Santacruz (West), Mumbai – 400049, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
07.04.1989 |
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Com. Reg. No.: |
11-051308 |
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CIN No.: [Company
Identification No.] |
U45200MH1989PTC051308 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA23947A |
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PAN No.: [Permanent
Account No.] |
AABCA3913G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Procure and execute or to get any contract, works contract or
labour work for lying underground or above ground pipeline. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company have moderate track. Trade relations are fair.
Payments are reported as slow but correct. However,
the company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
10, Beach Resort, Juhu Azad Road, Juhu Koliwada,
Santacruz (West), Mumbai – 400049, Maharashtra, India |
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Tel. No.: |
91-22-26047078 / 26047079 /
26042265 / 26486286 / 26602265 |
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Fax No.: |
91-22-26498358 |
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E-Mail : |
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DIRECTORS
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Name : |
Mr. Anoop Satnam Singh |
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Designation : |
Director |
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Address : |
10,
Beach Resort, Juhu Azad Road, Juhu Koliwada, Santacruz (West), Mumbai –
400049, Maharashtra, India |
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Date of Birth/Age : |
31/10/1948 |
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Date of Appointment : |
07/04/1989 |
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Name : |
Mr. Gurumeet Satname Singh |
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Designation : |
Director |
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Address : |
10, Beach Resort, Juhu Azad Road,
Juhu Koliwada, Santacruz (West), Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
25/07/1955 |
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Date of Appointment : |
07/04/1989 |
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Name : |
Mr. Ravindra V. Joshi |
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Designation : |
Company
Secretary |
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Address : |
10-B/301,
Lokhandwala Complex, Kandivli
(East), Mumbai – 400101, Maharashtra, India |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr. Anoop S. Singh |
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30300 |
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Mr. Gurumeet S. Singh |
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30250 |
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Mrs. Govinder Kaur |
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3700 |
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Mrs. Minal G. Singh |
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3250 |
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Mr. Ravneet A. Singh |
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2000 |
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Mr. Stanam G. Singh |
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5500 |
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Grand Total |
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75000 |
BUSINESS DETAILS
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Line of Business : |
Procure and execute or to get any contract, works contract or
labour work for lying underground or above ground pipeline. |
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Products : |
Civil and Pipeline Contractor |
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GENERAL INFORMATION
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Suppliers : |
>
Burner Morision and company >
Gmmco Limited >
Pacific Forging and Fasteners Private Limited >
Photos Engineering Corporation
>
Shic Aym Steel Private Limited >
Sree krishnarjuna Steel and Pipe Distributors >
Zebra Weblift Private Limited >
Corrosion Control Services B Private Limited >
Damodar Tech International Private limited >
Fair Deal Channels Private Limited >
Indian Engineering Company >
PLN Construction Limited >
OTIS (India) Private Limited >
Raychem RPG Limited >
TDW India Limited >
Esab India Limited >
T D W India Limited >
T K Infrastructures Private limited >
Agarwal Earth movers Private Limited >
Jai Hind Project Limited >
JCE Engineering and Management Services Private limited >
Ricoh India Limited >
Sachkhand Travels Private Limited >
Sri Dhanalakshmi Iron and General Merchants >
Steelage Industries
Limited |
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Customers : |
>
B P C L – MMPL >
MDL Project Private Limited >
Shri
Ganesh Enterprises >
Mahanagar
Gas Limited >
Coe
Drilling Australia Private Limited >
RNGS
Consortium |
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No. of Employees : |
300 |
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Bankers : |
>
Allahabad Bank Tilak Nagar, New Delhi –
110018 >
Allahabad Bank, Baruch >
Allahabad Bank, Paradeep >
Allahabad Bank, Haldia >
Allahabad Bank, Sayajigunj >
Allahabad Bank, Bangalore >
Allahabad Bank, Mumbai >
Indian Bank, Nagapattinam >
Punjab and Sind Bank >
State Bank of India, Pata >
State Bank of India, Lakwa >
State Bank of India, Kudrekutch >
State Bank of India, R’Mundry >
State Bank of India, Mumbai >
Citi Bank N A Bandra Kurla Complex, Bandra (East),
Mumbai, Maharashtra >
ICICI
Bank – New Delhi |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
A. J. Bhatt & Company Chartered Accountants 7/10, Botawala Building, 1st Floor, Road No. 6,
Nariman Circle, Mumbai – 400023, Maharashtra, India |
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Tel. No.: |
91-22-56290279 |
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Fax No.: |
91-22-56346482 |
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CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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75000 |
Equity Shares |
Rs.100/- each |
Rs. 7.500 millions |
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Share
Application Money |
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Rs. 0.750 millions |
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Total
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Rs. 8.250 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.250 |
8.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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32.168 |
39.374 |
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NETWORTH |
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40.418 |
47.874 |
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LOAN FUNDS |
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1] Secured Loans |
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32.633 |
48.410 |
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2] Unsecured Loans |
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19.936 |
11.875 |
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TOTAL BORROWING |
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52.569 |
60.285 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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92.987 |
108.159 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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49.110 |
78.423 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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9.890 |
11.689 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.036 |
23.882 |
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Sundry Debtors |
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72.006 |
50.027 |
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Cash & Bank Balances |
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1.745 |
0.218 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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19.867 |
42.504 |
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Total Current Assets |
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94.654 |
116.631 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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49.214 |
98.584 |
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Provisions |
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11.453 |
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Total Current Liabilities |
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60.667 |
98.584 |
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Net Current Assets |
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33.987 |
18.047 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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92.987 |
108.159 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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114.409 |
302.202 |
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Profit/(Loss)
Before Tax |
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(6.625) |
5.080 |
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Provision
for Taxation |
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-- |
1.822 |
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Profit/(Loss)
After Tax |
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(6.625) |
3.258 |
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Total
Expenditure |
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121.034 |
297.122 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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(5.79) |
1.08 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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(6.47) |
1.74 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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(4.60) |
2.60 |
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Return
on Investment (ROI) (PBT/Networth) |
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(0.16) |
0.11 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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2.80 |
3.32 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.56 |
1.18 |
LOCAL AGENCY
FURTHER INFORMATION
Subject has changed its name from Mid East Construction Private
Limited to the present name with effect from 02.04.1990.
Business
Subject is engaged in the business of Procuring and executing or
to get any contract, works contract or labour work for laying underground or
above ground pipeline, erection and installation of Heavy Equipments, Vessels,
Tanks, Mechanical, Electrical or Instrumentation work or to construct building,
road, bridges and repair thereof or to undertake construction, repair or
fabrication work for fixing and fitting and any kind of pipelines, building,
roads etc.
Subject is a pipe laying company.
It had successfully carried out pipeline and associate civil contracts
across India.
The company’s fixed assets of important value include office
premises, machinery, car, computers and fax machine.
Its major clients are from large oil companies to large
multinationals.
Business
Development :
The
company’s Turnover for the year 2004-2005 was Rs. 102.466 millions in
comparison to turnover of earlier year i.e. 2003-2004 of Rs. 291.214 millions.
The company has incurred loss during the year of Rs. 6.625 millions a profit of
Rs. 5.080 millions. The company is anticipating turnover of Rs. 150 millions
for the Year 2005-2006.
Prospectus
:
The
company foresees bright prospects in the future.
Dividend
:
The
board of directors has not recommended any dividend during the year.
|
Name of the company |
ACE PIPELINE CONTRACTS PRIVATE LIMITED |
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Presented By |
CITICORP FINANCE
INDIA LIMITED AND ACE PIPELINE CONTRACTS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Dated : 28th November, 2004 Loan Cum Hypothecation Agreement. (Contract No. LRI – 2594468) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.900 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of 3 Nos. Vehicles namely Pipelayer, Excavator and 3 D JCB bearing Chassis No. 15026, H0627662170 and 38D1947 respectively purchased / to be purchased out of the finance availed from CITICORP FINANCE INDIA LIMITED |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The loan repayable in 36 equal monthly instalments each of Rs. 0.167 millions starting form 25th January, 2005 Interest @ 12.84 % p.a. to be computed with monthly rests on the outstanding balance. |
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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] 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. 45.98 |
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UK
Pound |
1 |
Rs. 84.54 |
|
Euro |
1 |
Rs. 57.82 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
37 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |