MIRA
INFORM REPORT
|
Report Date : |
4th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
ASIAN
POWER CONTROLS LIMITED |
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Registered Office : |
96, Arcadia, Nariman Point, Mumbai - 400 021, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.01.1984 |
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Com. Reg. No.: |
11-31791 |
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CIN No.: [Company
Identification No.] |
U31101MH1984PLC031791 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21060E |
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PAN No.: [Permanent
Account No.] |
AACCA6535B |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacturing
of Power Generator Equipments, Diesel Gensets incorporating Lister Petter
Diesel Engines. It is also engaged in manufacturing of engine power
generators of all kinds. They are original equipment manufacturers. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD
250000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having fine track. Trade relations are fair.
Financial position is good. Payments are reported as usually correct and as
per commitments. The company is doing well. It can be considered good for any
normal business dealings at usual trade terms and conditions. It can be regarded
as a promising business partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
96, Arcadia, Nariman Point, Mumbai - 400 021,
Maharashtra, INDIA |
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Tel. No.: |
91-22-22832281/22845232/22025083 |
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Mobile No.: |
91-9223417921 |
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Fax No.: |
91-22-22025083 |
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E-Mail : |
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Website : |
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Area : |
600
sq. ft. |
|
Location : |
Owned |
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Factory
1 : |
Kondwa,
Budruk, Opp. Angraj Resort, Pune - 411 048, Maharashtra, India |
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Tel.
No.: |
91-20-26930225/
1503 |
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Fax
No.: |
91-20-26924334 |
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Area : |
20000
sq. ft. |
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Location : |
Owned |
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Factory
2 : |
Panchal
Udyog Nagar, Phimpore, Maharashtra, India |
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Tel.
No.: |
91-260-2221240 |
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Fax
No.: |
91-260-2221240 |
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Area : |
4500
sq. ft. |
|
Location : |
Rented
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Factory
3 : |
Located
at: >
Daman
and Pune |
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Branches
: |
Located
at :-
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DIRECTORS
|
Name |
Mr.
Girish Devdas Prabhu |
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Designation |
Director |
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Date of Birth |
14. 06.1971 |
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Qualification |
H.S.C. |
|
Experience |
15 Years |
|
Date of Appointment |
20.01.1992 |
|
Address |
E-9, Bane Compound, Arthur Road, Tardeo,
Mumbai – 400 034, Maharashtra, India |
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|
|
|
Name |
Mr.
Shiv Mohan Mukkar |
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Designation |
Director |
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Date of Birth |
05.06.1943 |
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Qualification |
B. Com. |
|
Experience |
40 Years |
|
Date of Appointment |
14.07.2003 |
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Address |
M-16, Kailash Colony, New Delhi – 110 048,
India |
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|
Name |
Ms. Sonika Wadhwa |
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Designation |
Director |
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Date of Birth |
28 Years |
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Qualification |
F C A |
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Experience |
6 Years |
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Address |
1332-B/ 8, Gobindpuri, Kalkaji, New Delhi
– 110 019, India |
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|
Name |
Mr. Rajesh
Walke |
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Designation |
Director |
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Date of Appointment |
21.04.2004 |
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Address |
2-A, Munshi Chambers, 3rd Pasta
Lane, Colaba, Mumbai – 400 005, Maharashtra, India |
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|
|
|
Name |
Mr.
Shrikant Shridhar Ranade |
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Designation |
Director |
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Date of Birth |
25.11.1947 |
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Date of Appointment |
12.04.1989 |
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Address |
B-1/2, Yashodhan Society, Chintamani Nagar
II, Bibvewadi, Pune – 411 037, Maharashtra, India |
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Date of Ceasing |
05.07.2003 |
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|
|
|
Name |
Mrs.
Vimla Devi |
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Designation |
Director |
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Date of Birth |
07.10.1920 |
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Date of Appointment |
01.04.1997 |
|
Address |
M-16, Kailash Colony, New Delhi – 110 048,
India |
|
Date of Ceasing |
25.08.2003 |
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|
|
|
Name |
Mr.
Kurian Utthup K. |
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Designation |
Director |
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Date of Birth |
07.08.1922 |
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Date of Appointment |
09.01.1984 |
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Address |
14, Deepali, St. Cyril Road, Off Perry
Road, Bandra, Mumbai – 400 050 |
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Date of Ceasing |
30.06.1987 |
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|
|
Name |
Mr.
Sunil Malhotra |
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Designation |
Director |
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Date of Birth |
09.10.1965 |
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Date of Appointment |
22.05.1987 |
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Address |
23, Ishwar Bhavan, 6th Floor,
Churchgate, Mumbai – 400 020 |
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Date of Ceasing |
31.03.1990 |
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|
|
|
Name |
Mr.
Suraj Arora |
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Designation |
Director |
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Date of Birth |
31.12.1954 |
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Date of Appointment |
06.03.1990 |
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Address |
BP-18, Shalimar Baug, Delhi |
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Date of Ceasing |
31.12.1992 |
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|
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|
Name |
Mr.
Harish R. Baliga |
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Designation |
Director |
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Date of Birth |
30.09.1963 |
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Date of Appointment |
10.06.1993 |
|
Address |
921, Saraswathy Building, Kennedi Bridge,
Mumbai – 400 004 |
|
Date of Ceasing |
30.04.1997 |
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|
|
|
Name |
Mr. Satish Puri |
|
Designation |
Director |
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Date of Birth |
17.03.1948 |
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Date of Appointment |
05.10.2005 |
|
Address |
Plot No. 529, Puri Niketan, 12th
Road, Chembur, Mumbai 400 071, Maharashtra, India |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr.
Shiv Mohan Mukkar |
|
6290 |
|
Mrs.
Kiran Mohan Mukkar |
|
1390 |
|
Mr.
Mohnish Mohan Mukkar |
|
15 |
|
Mr.
Girish Devdas Prabhu |
|
15 |
|
Mr.
Stephen George |
|
15 |
|
Mr.
Devairaja |
|
10 |
|
Mr.
Harish R. Baliga |
|
15 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Power Generator Equipments, Diesel Gensets incorporating Lister Petter
Diesel Engines. It is also engaged in manufacturing of engine power
generators of all kinds. They are original equipment manufacturers. |
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|
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|
Products : |
Electrical
Goods |
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Brand Names : |
"
Powerman Powerpack" |
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Agencies Held : |
Lister
Petter Limited – Original Equipment Assembler Cummins
Generators – OEA |
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Imports from : |
UK |
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Terms : |
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Selling : |
Credit
upto 90 days basis |
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Purchasing : |
Credit
upto 90 days basis |
PRODUCTION
STATUS
|
Particulars |
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Installed Capacity |
Actual Production |
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|
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|
Diesel Bensets |
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|
5000 annually |
2500 |
GENERAL INFORMATION
|
Suppliers : |
Some
of it’s major suppliers are :- >
Newage
International Limited, UK >
Lister
Peter (UK) Limited, UK -- |
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Customers : |
®
Institutional
Seller Some
of it’s major customers are:- >
Siemens
Public Communications Network Limited, Gurgaon, Haryana >
Birla
AT & T Communications Limited, Pune, Maharashtra >
BPL
US - West Limited, Bangalore, Karnataka >
BPL
Mobile, Mumbai |
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|
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|
No. of Employees : |
Around
72 |
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|
Bankers : |
®
ABN
Amro Bank NV
Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra,
India ®
Corporation
Bank Limited
Nariman Point, Mumbai, Maharashtra, India ®
ICICI
Bank Limited
Free Press Journal Marg, Nariman Point, Mumbai, Maharashtra,
India |
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Banking Relations : |
Satisfactory
|
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Auditors : |
V Nair
and Associates Chartered
Accountants |
|
Address : |
B 48,
Gurudev Apartments, Chembur Naka, Mumbai – 400 071, Maharashtra, India |
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Tel. No.: |
91-22-25296336 |
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Fax No.: |
91-22-25296354 |
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|
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Associates : |
˜
Autofield
Engineers Private Limited Pune, Maharashtra Line of Business - Manufactures
of Automobile Engine Valves. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000 |
Equity Shares |
Rs. 100/- |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7750 |
Equity Shares |
Rs. 100/- |
Rs. 0.775 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.775 |
0.775 |
0.775 |
|
|
2] Reserves & Surplus |
66.777 |
58.034 |
54.543 |
|
|
NETWORTH |
67.552 |
58.809 |
55.318 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
1.723 |
|
|
2] Unsecured Loans |
7.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7.000 |
0.000 |
1.723 |
|
|
|
|
|
|
|
|
TOTAL |
74.552 |
58.809 |
57.041 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.197 |
6.957 |
7.221 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
18.777 |
12.730 |
26.007 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
54.128
|
46.954 |
18.697 |
|
|
Sundry Debtors |
114.075
|
47.435 |
33.099 |
|
|
Cash & Bank Balances |
18.494
|
11.554 |
14.868 |
|
|
Loans & Advances |
24.108
|
32.972 |
9.312 |
|
Total Current Assets |
210.805
|
138.915 |
75.976 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
162.227
|
95.585 |
50.076 |
|
|
Provisions |
0.000
|
4.208 |
2.087 |
|
Total Current Liabilities |
162.227
|
99.793 |
52.163 |
|
|
Net Current Assets |
48.578
|
39.122 |
23.813 |
|
|
|
|
|
|
|
|
TOTAL |
74.552 |
58.809 |
57.041 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
424.778 |
263.815 |
194.002 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
13.179 |
5.612 |
5.520 |
|
Provision
for Taxation |
4.436 |
2.121 |
2.630 |
|
Profit/(Loss)
After Tax |
8.743 |
3.491 |
2.890 |
|
|
|
|
|
|
Import
Value |
NA |
NA |
14.589 |
|
|
|
|
|
|
Total
Expenditure |
411.599 |
258.202 |
188.482 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.06
|
1.32 |
1.49 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
3.10
|
2.12 |
2.84 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
5.56
|
3.53 |
5.05 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.09 |
0.10 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
3.50
|
2.69 |
1.97 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.30
|
1.39 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
The
group has been first to introduce:
Portable
Generators in Indian Market and largest O/E customer of Cummins
Large
Captive Power Generating Sets from Mirrlees Blackstone, UK, leading to UK
Company setting up own manufacturing in India.
STAMFORD
range of Brushless Alternators in India, sourced from UK which has been very
well accepted in Indian Market for its high performance and reliability. The
business generated over the years by us prompted the UK parent company to set
up an Indian JV to manufacture these alternators in India.
Compact
Diesel Genset packages tailor made packages to the operating environment of
Telecom sector in India, sourcing the WORLD’S BEST ORIGINAL EQUIPMENTS – LISTER
PETTER Diesel Enginees and STAMFORD Alternators. These Genset packages are the
preferred equipments now by all the leading Telecom operators in the Private
Sector in India, for high standard of performance and dependability.
They are
an approved vendors actively associated with various Defence Establishments in
the country for developing customised solutions in power related area
conforming to the stringent MIL standards.
They are
the leading vendors for the Telecom Industry and have gained valuable insight
into the operating conditions of the Telecom Industry and their power
requirements. In the course of last 7-8 years since the privatisation of
telecom sector, having actively associated with these companies in providing solutions
to their emerging problems in power. They have built up considerable expertise
and domain knowledge in this industry. Over 6000 client sites are powered by
their packages, all over India with all the leading Telecom (GSM and CDMA)
operators in the private sector (Airtel, IDEA, BPL Spice Telecom, Tata
Teleservices), besides we are currently executing a contract for supply of 1750
Gensets for BSNL GSM Project.
Trade
References:
®
Lister
Petter India Private Limited, Pune
Contact Person: Mr. S G Kulkarni
Mobile No.: 91-9850896029
®
Cummins
Generators Limited, Pune
Contact Person: Mr. Ajit Joshi
Mobile No.: 91-9850832503
®
Meccalte
UK Limited
About Group
®
Were the largest
O/E assemblers of diesel generating sets of CUMMINS
®
First in India to
introduce PORTABLE GENERATORS imported from Honda Japan and created market in
India that led to Honda establishing JV for manufacturing
®
First to offer
MEGA WATT diesel gensets assembled with engines impoted form UK from MIRRLEES
BLACKSTONE as captive power in core industries such as cement etc.
About Company
Established in 1982 as
a partnership and later on incorporated into a LLC. Head office in Mumbai, with
offices in Chennai, Pune, Delhi and dealers / channel partners all over India.
Presently since 1993, the company's focus has been in providing industry
specific power solutions away from comoditised market of genset selling with
focus in the following sector :
®
Telecom
®
Defence
®
Railway
®
Mobile Power (For
cold chains and other utility based power applications)
Over the years, the
company has gained core competencies in developing solutions answering to the
industry specific power problems. And we have worked closely with these
industries, which has given us valuable insight into the unique problems and
situations of these user groups.
Strengths
®
This is
well-focussed company serving niche customer segments meeting their specialized
needs
®
They have the
agility of a small company to respond proactively to customer needs without
having to go thru the layers as in large corporate environment
®
It has been
closely involved with all the private sector TELECOM operators since inception.
Understanding their unique problems in the area of power and providing them
with custom designed and engineered solutions. We are now the largest and most
preferred vendors in the private sector TELECOM PROJECTS. Similarly
establishments such as R&DE, VRDE, BEL, ECIL, GCEL etc to design and
develop specialized solutions in power needs.
®
They fully
understand the CRITICAL nature of POWER in these industries we are serving and
have the track-record to serving this segment with focus. This critical need
for QUALITY POWER is going to become even more acute and significant in the
emerging new NETWORKED WORLD OF COMPUTERS AND COMMUNICATION driving every
sector of economy. Powering this whole system relies on specialised solutions
that are zero tolerant to faults, considering even 99.9% reliability will not
be good enough in future and already in the western world they are talking of
FIVE NINE (99.999%) reliable power quality to maintain their critical networks
and facilities.
The
company’s fixed assets of important value include plant & machinery,
typewriter, air conditioner, refrigerator, fax machine, Xerox machine, electrical
equipment, fired extinguisher, furniture & fixtures, land, motor vehicles,
computers, buildings, T.V., office equipment and land & factory building.
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.44.90 |
|
UK
Pound |
1 |
Rs.85.91 |
|
Euro |
1 |
Rs.57.78 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|