MIRA
INFORM REPORT
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Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
AURTECH GLOBAL – DIVISION OF SURETECH INFRASTRUCTURE PRIVATE LIMITED |
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Registered Office : |
28 A, Madhuban Apartment, Worli Sea Face, Worli, Mumbai – 400018,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.11.1990 |
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Com. Reg. No.: |
11-59049 |
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CIN No.: [Company
Identification No.] |
U59049MH2003PTC059049 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject offer specialized infrastructure construction, foundation engineering
equipments and materials to the Building & Construction industry |
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 : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track
records. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however
reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
28 A, Madhuban Apartment, Worli Sea Face, Worli, Mumbai – 400018 |
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Tel. No.: |
91-22-27424888 |
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Website. |
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Head Office : |
48, Jawahar Industrial Area, Kamothe, Panvel, Navi Mumbai - 410 209 |
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Tel. No.: |
91 22 3259 4282 / 27424888 |
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Fax No.: |
91 22 2742 4685 |
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E-Mail : |
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Branches : |
Chennai
Branch No. : 91-93801 80080 |
DIRECTORS
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Name : |
Mr. Newatia Nandkishore S |
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Designation : |
Director |
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Address : |
28 A, Madhuban Apartment, Worli Sea Face, Worli, Mumbai – 400018 |
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Date of Birth/Age : |
10.05.1965 |
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Date of Appointment : |
28.11.1990 |
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Name : |
Mr. Newatia Sunil Pallu |
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Designation : |
Director |
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Address : |
28 A, Madhuban Apartment, Worli Sea Face, Worli, Mumbai – 400018 |
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Date of Birth/Age : |
28.12.1968 |
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Date of Appointment : |
10.11.2002 |
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Name : |
Mr. Mukharjee Tarunkumar |
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Designation : |
Director |
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Address : |
38, Milan, 16 Pali Road, Bandra – 400050 |
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Date of Birth/Age : |
10.10.1961 |
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Date of Appointment : |
15.02.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Ayush Sunil Newatia |
1000 |
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Mr. N K Newatia |
500 |
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Mr. Pallu Sunil Newatia |
10000 |
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Mr. Sharada N Newatia |
2500 |
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Mr. Sunil N Newatia (HUF) |
30000 |
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Mr. Sunil N Newatia |
74000 |
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Mr. Surajit T Mukherjee |
17000 |
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Mr. Collien A Gonsalves |
15000 |
BUSINESS DETAILS
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Line of Business : |
Subject offer specialized infrastructure construction, foundation engineering
equipments and materials to the Building & Construction industry |
GENERAL
INFORMATION
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No of Employees |
About 5 |
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Customers |
v ACC v Afcons Limited v Ashoka Buildcon v Atlanta Infrastructure v Bharat Infrastructure v Essar Constructions Chowgule Industries v Gammon India v Grasim v Gujarat Ambuja v HCC v Ispat Industries v L&T Ecc v Mukand Limited v Neeraj Infrastructure v Patel Engineering v PBA Infrastructure v Pratibha Industries v Reliance Industries v Simplex Infrastructure v Skanska v Spcl Limited v Valecha Engineering |
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Bankers : |
Dena Bank, Worli, Mumbai |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinod G. Rana Chartered Accountant |
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Address : |
52, 1st Khattar Gali, No. 47, 1st Floor, Amar
Wadi Back Building, Mumbai – 400004 |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
1.500 |
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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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1.954 |
1.575 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.454 |
3.075 |
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LOAN FUNDS |
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1] Secured Loans |
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0.399 |
0.000 |
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2] Unsecured Loans |
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0.400 |
1.837 |
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TOTAL BORROWING |
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0.799 |
1.837 |
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DEFERRED TAX LIABILITIES |
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0.195 |
0.190 |
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TOTAL |
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4.448 |
5.102 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.370 |
1.739 |
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INVESTMENT |
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0.000 |
0.007 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.512 |
3.044 |
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Sundry Debtors |
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3.548 |
1.948 |
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Cash & Bank Balances |
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0.737 |
0.816 |
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Loans & Advances |
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0.466 |
0.262 |
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Total
Current Assets |
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7.263 |
6.070 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.843 |
2.643 |
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Provisions |
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0.342 |
0.071 |
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Total
Current Liabilities |
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7.185 |
2.714 |
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Net Current Assets |
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0.078 |
3.356 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4.448 |
5.102 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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16.555 |
12.244 |
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Other Income |
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Total Income |
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16.555 |
12.244 |
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Profit/(Loss) Before Tax |
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0.655 |
0.330 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.655 |
0.330 |
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Expenditures : |
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Interest |
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0.062 |
0.042 |
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Depreciation & Amortization |
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0.361 |
0.286 |
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Other Expenditure |
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15.900 |
11.914 |
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Total Expenditure |
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16.323 |
12.242 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.96 |
2.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.96 |
2.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.63 |
4.23 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.31 |
1.48 |
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Current Ratio (Current Asset/Current Liability) |
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1.01 |
2.23 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
AURTECH GLOBAL –
DIVISION OF SURETECH INFRASTRUCTURE PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of goods dated 10.11.1998 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.400 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 |
All stock of raw material, semi finished goods, stores and spares
packaging material, jath or other place of storages at Mumbai or other place
whatsoever and wherever in the possession or occupation of the company |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Security is given in respect cash credit facility Interest @ 16.585 or as fixed by the bank from time to time Margin – 25% Security to cover principal amount together with interest, discount,
commission, costs, charge etc |
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5) Name and Address and description of the person entitled to the
charge. |
Dena Bank, Worli, Mumbai |
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6) Date and brief description
of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Not Applicable |
AS PER WEBSITE DETAILS
Aurtech Group, a division of Suretech Infrastructure Private Limited. was incorporated in 1990, to offer specialized infrastructure construction, foundation engineering equipments and materials to the Building & Construction industry, throughout the Indian subcontinent.
They are a 100% Indian owned company, managed by professional engineers and qualified personnel, with extensive experience in the construction industry
Their diversified areas of operation include:
v Piling, foundation & ground improvement solutions
v Road construction & maintenance solutions
v Infrastructural construction solutions
They are proud to be distributors for the following overseas equipment manufacturers:
International Construction Equipment BV : Hydraulic vibratory piling hammers & extractors, excavator mounted hammers & diesel impact hammers.
IHC Hydrohammers & IHC Fundex BV : Hydraulic impact hammers, piling & drilling rigs.
Enteco Srl, Italy : A complete range of deep foundation engineering equipment, hydraulic rotary drilling rigs & accessories, diaphragm wall equipment, mud handling gear, crawler drill rigs, anchoring machines, jet grouting rigs, forepoling machines, etc.
Terra AG, Switzerland : Hydraulic trenchless pipe laying & jacking equipment.
They are also proud to represent Indian based companies like Ingersoll Rand & Atlas Copco, marketing and selling high quality Road development & Drilling solution equipments.
Their office is located in Navi Mumbai, and their representative offices are in Ahemdabad, Goa, Delhi, Chennai & Kolkata, manned by competent sales & service teams. They are also proud of their backup support service that has given us the name, fame and an enviable reputation in the industry.
Dealers
Aurtech offers majority of the equipments through its tie-ups with affiliates like
v Ingersoll Rand India Limited.
v IHC Hydrohammer and IHC Fundex
v Terra AG
Ingersoll Rand India Limited. is a diversified industrial enterprise serving its customers in Infrastructure Development, Industrial Productivity, Climate Control, Security and Safety.
ICE international is a specialist company offering leading edge foundation technology
worldwide. ICE is the largest manufacturers of Vibrating Hammers in the world.
IHC Hydrohammer BV is one of the largest manufaturers of hydraulic impact
hammers which have appliaction in the offshore oil industry.
Enteco is a dynamic company with nearly twenty years of experience in the
design & manufacture of innovative foundation equipment which include
hydraulic bored piling, rigs, fore poling machines and crawl cranes.
Terra AG is the largest Swiss manufacturer of construction equipment for
underground trenchless pipe and cable laying.
Atlas Copco is a leading manufacturer of compressors, generators, construction
& mining equipment, industrial tools, assembly systems and equipment
rental.
Services
GENUINE SPARES :
They maintain extensive stocks of genuine spares and their customers can place the orders via e-mail / fax.
SERVICE SUPPORT :
v A team of OEM trained engineers with thorough knowledge of handling the hydraulic equipments.
v Service - on - call " to help customers minimize down time.
v Annual Service Contracts (ASC)
v Annual Maintenance Contracts
v Operation and Maintenance Contracts
TRAINED OPERATORS :
They provide training to clients, operators and can also supply trained
operators to their valued customers.
AGGREGATE REPAIRS :
They undertake repairs of Motors, Pumps, Hydraulic cylinders etc. at their
facilities at Panvel. They use genuine spares and their repairs are accredited
and guaranteed against faulty workmanship.
EQUIPMENT OVERHAUL :
They offer total equipment overhaul at their Kamothe works and can also
recondition the old equipments.
USED EQUIPMENT :
They offer services in buying & selling of old equipments and provide a
platform that ensures the best price for the seller & gives value of money
for the buyer.
INSPECTIONS & VALUATION :
They carry valuation of equipments for the purpose of insurance, financing
& for prospective buyers of used equipments.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.15 |
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UK Pound |
1 |
Rs.85.22 |
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Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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30 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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