MIRA
INFORM REPORT
|
Report Date : |
21.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ACTION
CONSTRUCTION EQUIPMENTS LIMITED |
|
|
|
|
Registered Office : |
Plot No. 7,
Pocket II Market, H - Block, Sarita Vihar, New Delhi – 110044 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
13.01.1995 |
|
|
|
|
Com. Reg. No.: |
55 – 64347 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1995PLC064347 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTKA02093A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACA6089P |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business : |
Manufacturers of Hydraulic
Mobile Cranes, Earthmoving and Construction Equipment. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to
meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The company came out
with IPO in October, 2006 for a sum of Rs. 598 millions [including premium],
successfully. The Paid up
Capital has increased by Rs. 46.000 millions and remaining by premium [Rs.
552 millions]. Subject is a well
established and reputed company having fine track. Trade relations are fair.
Financial position is satisfactory.
Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Plot No. 7,
Pocket II Market, H - Block, Sarita Vihar, New Delhi – 110044 |
|
Tel. No.: |
91-11-26953623 /
26953626 / 26953633 |
|
Fax No.: |
91-11-26953717 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office/ Factory : |
Jajru Road, 25th
Mile Stone, Delhi Mathura Road, Ballabgarh, Faridabad District, Haryana –
121004, Uttar Pradesh, India |
|
Tel. No.: |
91-129-2307922/2307933/2307924 |
|
Fax No.: |
91-129-2307562 |
|
E-Mail : |
works@ace-cranes.com |
|
|
|
|
Factory 2 : |
Dudhola Village
Road, Dudhola, Faridabad, Haryana, Uttar Pradesh, India |
|
|
|
|
Spares &
Product Support Division : |
17 / Sector 11A,
Mathura Road, Faridabad, Haryana, Uttar Pradesh, India |
|
Tel. No.: |
91-129-5087922 /
33 |
|
Fax No.: |
91-129-5087924 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Vijay Agarwal |
|
Designation : |
Whole Time
Director |
|
Address : |
854, Sector – 15
A, Faridabad, Haryana, India |
|
Date of Birth/Age : |
13.01.1995 |
|
DIN / PAN No. : |
00057634 |
|
|
|
|
Name : |
Ms. Mona Agarwal |
|
Designation : |
Whole Time
Director |
|
Address : |
854, Sector – 15 A,
Faridabad, Haryana, India |
|
Date of Birth/Age : |
13.01.1995 |
|
|
|
|
Name : |
Mr. Vijay Kumar
Singh |
|
Designation : |
Director |
|
Address : |
854, Sector – 15
A, Faridabad, Haryana, India |
|
Date of Birth/Age : |
14.11.1997 |
|
DIN / PAN No. : |
00102292 |
|
|
|
|
Name : |
Mr. Sorab Agarwal |
|
Designation : |
Whole Time
Director |
|
Address : |
House No. 854,
Sector – 15A, Faridabad – 121007, Haryana, India |
|
Date of Appointment : |
20.03.1998 |
|
DIN / PAN No. : |
00057666 |
|
|
|
|
Name : |
Mr. Subhash
Chander Verma |
|
Designation : |
Director |
|
Address : |
House No. 34,
Greater Kailash – I, New Delhi – 110048, India |
|
DIN / PAN No. : |
00098019 |
|
|
|
|
Name : |
Mr. Keshav
Chandra Agarwal |
|
Designation : |
Director |
|
Address : |
House No. 350,
Sector – 29, Noida – 201303, Uttar Pradesh, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
|
No. of Shares |
|
Mr. Deepak Sharma |
|
1000 |
|
Mr. Arun Malhotra |
|
1000 |
|
Mr. Kundan Singh
Attr |
|
2000 |
|
Mr. Vaibhav
Bansal |
|
2000 |
|
Mr. Rajeev Puri |
|
2000 |
|
Mr. Vijay Soni
& Mr. Anooj Handa |
|
2500 |
|
Mr. Jai Bhagwan
Singh |
|
1000 |
|
Turno Tools India |
|
5000 |
|
Mr. Sudhir Kumar
Kapoor |
|
1500 |
|
Mr. Amar Singhal |
|
10000 |
|
Mr. D. K. Agrawal |
|
2000 |
|
R R Engineers
& Fabricators |
|
2000 |
|
Mr. Narinder
Kumar Sharma |
|
4000 |
|
Mr. Ajay Kumar
Gupta |
|
5000 |
|
Mr. P. K. Singh |
|
1000 |
|
Ms. Neena Bajaj |
|
4000 |
|
Mr. Sanjay
Agrawal |
|
2000 |
|
Ms. Sushma Bajaj |
|
1000 |
|
Ms. Reeta Malik |
|
5000 |
|
Mr. Parveen KR.
Malik |
|
5000 |
|
Mr. Amit Bohra |
|
4000 |
|
Mr. Shrikant Jain |
|
4000 |
|
Ms. Anupma Mittal |
|
2000 |
|
Ms. Nilanjana
Kishore |
|
3000 |
|
Asian Contec
Limited |
|
10500 |
|
Mr. Rajan Kalra |
|
40000 |
|
Mr. Vinay Nagrath |
|
10500 |
|
Mr. Jayantilal L.
Gala |
|
8000 |
|
Mr. Subhash
Chander Verma |
|
5000 |
|
Mr. Aman Kishore |
|
10000 |
|
Ms. Veena Kishore |
|
10000 |
|
Sturdy Engineers |
|
1000 |
|
Dr. Divya Singhal |
|
4000 |
|
Dr. Amar Singhal |
|
6000 |
|
Mr. Vijay Agarwal
/ Mrs. Mona Agarwal |
|
5885130 |
|
Mrs. Mona Agarwal
/ Mr. Vijay Agarwal |
|
5400660 |
|
Mr. Sorab Agarwal |
|
414210 |
|
Mr. W. R. Chhabra |
|
5000 |
|
Mrs. Manju
Chhabra |
|
2000 |
|
Bennett, Coleman
& Company Limited |
|
400000 |
|
Ms. Anuradha Garg |
|
10000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Hydraulic Mobile Cranes, Earthmoving and Construction Equipment. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL
INFORMATION
|
Customers : |
Government Clients : Central Coalfields Limited, Ranchi Western Coalfields Limited, Nagpur South Eastern Coalfields Limited, Bilaspur Northern Coalfields Limited, Singrauli S.C.C.L., Kothagudem Colleries Punjab State Electricity Board, Ropar Punjab State Electricity Board, Patiala Rajasthan State Electricity Board, Jaipur C.P.R.I., Bhopal COFMOW, New Delhi Ordnance Factory, Ambernath NHPC, Faridabad Chennai Port Trust, Chennai South Eastern Railway, Bhubaneshwar Southern Railway, Chennai U.P. State Bridge Corporation Limited, Lucknow NTPC Limited, Dadri Burns Standard, Burnpur Department of Irrigation, Roorkee Ministry of Defense, New Delhi Delhi Jal Board P.W.D., Rishikesh Haryana Vidyut Prasan Nigam Limited, Panchkula MPEB, Korba MPEB, Sarni Nepal Irrigation Sector Project, Nepal Indian Oil Corporation Limited, Vadodara BHEL, Kolkata and Nagpur NALCO, Angul Paradip Port Trust NTPC, Vindhyachal Richardson Cruddas Gujrat Industries Power Company Vikram Sarabhai Space Centre Mangalore Refinery and Petrochemicals Limited Haryana State Supplies and Disposal South Central Railway Integral Coach Factory, Chennai Airport Authority of India, Mumbai Municipal Corporation, Hyderabad Indian Petrochemical Corporation Limited, Nagothane Bridge and Roof, Kolkata A.A.I., Chennai NTPC, Vizag Gujrat Electricity Board, Baroda Nuclear Power, Kota NTPC, Rihand DGQA
IFFCO
BSNL
BBMB
IISCO
ECL
Numaligarh Refinery Private Clients : Reliance Industries Limited, Mumbai Punj Lloyd Limited, New Delhi ACC Limited, Madhya Pradesh Cimmco Birla Limited Shapoorji Pallonji Company Limited, Mumbai Oswal Chemical Fertilizers Limited, New Delhi Gannon Dunkerley & Company Limited, Kolkata KEC International Limited, Jaipur Gammon India Limited, Mumbai PSL Holdings, Mumbai SAE (India) Limited, New Delhi Prakash Industries, New Delhi Petron Civil Engineering Limited, Mumbai Petron Engineering Construction Limited, Mumbai Indure Limited, New Delhi Dodsal Limited, Mumbai Jyoti Structures Limited, Nasik Express Crane Hiring Company, Baroda Grasim Industries Limited, Dharwad Humphreys & Glasgow Consultants Limited, Mumbai Steel Products Limited, New Delhi Vijay Tanks & Vessels Limited, Baroda Globe Hi-Fab Limited, New Delhi Shrinivas Plates & Structural Co. Pvt. Limited, Mumbai Visakha Cements, Chennai Kalptaru Power Transmission Limited, Gandhinagar South India Structural Corporation Limited, Chennai Maharishi Ayurveda, Delhi Bharati Shipyards Limited, Mumbai IVR Construction Limited, Hyderabad Nile Limited, Hyderabad R. K. Marbles, Udaipur Duncan Industries, Kanpur Gayatri Products, Hyderabad Adani Port Limited, Ahmedabad Jindal Polyesters Limited, New Delhi Gujrat Ambuja Cement Johnson Eastern Power, Aizwal Spic Jel Engineering Constructions, Chennai A. L. Sudershan, Hyderabad Sumitomo Corporation, Philippines Patel Engineering, Mumbai Simplex Concrete Piles, Calcutta ACE Pipe Lines, Mumbai B. G. Shirke, Pune L.G. / Patel JV, Vapi Praj Industries, Pune Jai Hind Projects, Ahmedabad Degremont Projects, Delhi Alstom Power, Delhi Tata Chemicals Limited, Uttar Pradesh Ahluwalia Contracts, Delhi Beekay Engineering (BSBK), Bhilai New Structo, Surat ISPAT Limited, Nagpur Arvind Techno/Somdutt Builders, Delhi Mukat Pipes, Mumbai Havell's, Delhi BSES
ABG, Mumbai
Bajaj Sugar, U.P. Essar
Nagarjuna
L & T (ECC) Hindalco
ABB
Unitech
UB Engineering Krupp
Welspun
ISGEC
IJM
|
|
|
|
|
Bankers : |
Punjab National Bank 46 – Dohil Chamber, Nehru Place, New Delhi – 110019 ICICI Bank Limited NBCC Place, Bhishma Pitamah Marg, Pragati
Vihar, New Delhi – 110003, India E-mail : appl.helpdesk@mca.gov.in |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Rajan Chhabra
& Company Chartered
Accountants, 32A, Sector – 11
E, Faridabad – 121006, Haryana, India |
|
Tel. No.: |
91-129-2224557 /
5008089 |
|
Mobile No.: |
91-9811058089 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13377000 |
Equity Shares |
Rs. 10/- each |
Rs. 133.770 millions |
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 |
133.770 |
16.735 |
13.985 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
275.445 |
89.913 |
29.939 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
409.215 |
106.648 |
43.924 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.087 |
25.693 |
22.726 |
|
|
2] Unsecured Loans |
0.000 |
0.671 |
18.400 |
|
|
TOTAL BORROWING |
15.087 |
26.364 |
41.126 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.618 |
|
|
|
|
|
|
|
|
TOTAL |
424.302 |
133.012 |
85.668 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
124.568 |
43.555 |
39.481 |
|
|
Capital work-in-progress |
2.379 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
122.918 |
65.817 |
39.867 |
|
|
Sundry Debtors |
210.563 |
121.111 |
38.632 |
|
|
Cash & Bank Balances |
66.624 |
8.045 |
5.726 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
177.233 |
37.018 |
6.847 |
|
Total Current Assets |
577.338 |
231.991 |
91.072 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
187.208 |
117.830 |
43.827 |
|
|
Provisions |
96.104 |
24.704 |
1.058 |
|
Total Current Liabilities |
283.312 |
142.534 |
44.885 |
|
|
Net Current Assets |
294.026 |
89.457 |
46.187 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
3.329 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
424.302 |
133.012 |
85.668 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
1659.892 |
879.367 |
418.499 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
198.522 |
67.423 |
3.925 |
|
Provision for
Taxation |
0.000 |
23.699 |
1.436 |
|
Profit/(Loss)
After Tax |
198.522 |
43.724 |
2.489 |
|
|
|
|
|
|
Export Value |
N.A. |
5.765 |
1.878 |
|
|
|
|
|
|
Total Expenditure |
1461.369 |
811.943 |
414.574 |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Type |
1st
Qtr |
2nd
Qtr |
3rd
Qtr |
|
Sales
Turnover |
491.500 |
520.400 |
6060.100 |
|
Other
Income |
01.900 |
00.800 |
13.800 |
|
Total
Income |
493.400 |
521.200 |
619.900 |
|
Total
Expenditure |
430.200 |
453.200 |
550.600 |
|
Operating
Profit |
63.200 |
68.000 |
69.300 |
|
Interest |
00.700 |
00.800 |
00.900 |
|
Gross
Profit |
62.500 |
67.200 |
68.400 |
|
Depreciation |
02.600 |
02.800 |
03.300 |
|
Tax |
20.300 |
22.000 |
17.900 |
|
Reported
PAT |
39.600 |
42.400 |
47.100 |
200606 Result has been calculated by Capitaline and not
published by the company.Extra Ordinary Items have not been calculated for the
Quarter
200609 The above
financia (results reviewed by the AuditCommittee were approved by the Board of
Directors at its meeting held on 28th October2006. 2 The Company operates
mainly in one segment only viz. 'CRANES'. 3 The Company concluded its IPO in
September 2006 and its Equity Shares listed in BSE Ltd and NSE Ltd on 26th
September 2006. The IPO comprised of46,00,000 Equity Shares offace value of Rs.
10 each allotted at a premium of Rs. 120 each. 4 Number of lnvestors complaints
received during this quarter-13, resolved during this quarter-13, pending at
the end ofthe quarter -Nil. 5 The Limited Review as required under clause41
ofthe Listing Agreement with the Stock Exchanges has been carried out by the
Statutory Auditors. 6 Out of the funds raised through IPO Rs. 5980lac, Rs.
150lac has been utilised so far and balance Rs. 5830lac is lying unutilised and
will be 10 utilised as per the 'Proposed Deployment of Funds' mentioned in the
Chapter'Objects ofthe Issue' of the Prospectus. 7 Previous year /period figures
have been regrouped /rearranged wherever considered necessary.
200612 Net Sales includes Gross Sales Rs 721.973 million
Excise Duty & Sales Tax Rs(115.910) million Expenditure Includes Materials
& Trading Expenses Rs 464.557 million Manufacturing Expenses Rs 34.422
million Staff Cost Rs 17.498 million Selling & distribution Expenses Rs
20.429 million Administration & Other Expenses Rs 13.725 million Tax
includes Current Tax Rs 17.356 million Deferred Tax (Assets)/Liabilities Rs
0.108 million Wealth Tax Rs 0.039 million Fringe benefit tax Rs 0.460 million
Status of Investor Complaints for the quarter ended December 31, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 155 Complaints disposed off during the quarter 155
Complaints unresolved at the end of the quarter Nil 1. The above financial
results reviewed by the Audit Committee were approved by the Board of Directors
at its meeting held on January 25, 2007. 2. The Company concluded its IPO in
September 2006 and its Equity Shares listed in BSE and NSE on September 26, 2006.
The IPO comprised of 46,00,000 Equity Shares of face value of Rs 10 each
allotted at a premium of Rs 120 each. 3. Out of the funds raised through IPO Rs
598.00 million, Rs 200.40 million has been utilised so far and balance will be
utilised as per the 'Proposed Deployment of Funds' mentioned in the Chapter
'Objects of the Issue' of the Prospectus. 4. During the Quarter the Company has
incorporated its wholly owned subsidiary (WOS) in the name of FRESTED LTD in
Cyprus for overseas investments. 5. In the Board meeting held on January 11,
2007, Board of Directors has approved to acquire 73.90% stake in Romanian
Company thru its WOS in Cyprus for a cost of 2.15 M USD in the line of its
'Objects of the issue' mentioned in the prospectus. 6. The Limited Review as
required under clause 41 of the Listing Agreement with the Stock Exchanges has
been carried out by the Statutory Auditors. 7. The Segment Report has been
prepared in accordance with the Accounting Standard 17, 'Segment Reporting'
issued by the Institute of Chartered Accountants of India. 8. Previous year
/period figures have been regrouped /rearranged wherever considered necessary.
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
11.95
|
4.97 |
0.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.95
|
7.66 |
0.93 |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total Assets} |
(%) |
28.28
|
24.46 |
3.00 |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
0.48
|
0.63 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total
Liability/Networth) |
|
0.72
|
1.58 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
2.03
|
1.62 |
2.02 |
STOCK PRICES
|
Face Value |
Rs.10.00 |
|
High |
Rs.231.55 |
|
Low |
Rs.244.25 |
LOCAL AGENCY
FURTHER INFORMATION
Action Construction Equipments Limited was initially
promoted by Mr. Vijay Agarwal, Mrs. Mona Agarwal, Mr. Khem Karan Arora and Mrs.
Laj Arora as subscribers to the Memorandum. Subsequently, Mr. Khem Karan Arora
and Mrs. Laj Arora ceased to be the members of the Company and the shares were
transferred to the current promoters of the Company. The Company commenced its
activities in the year 1995 and started manufacturing Hydraulic Mobile Cranes
in 1995 under the brand name 'ACE'. Apart from the company has started
manufacturing of mobile tower cranes and loaders subsequently. ACE is the
leading mobile Crane Manufacturing Company in India that has progressed all
along to become a professionally managed ISO 9001 Certified company.
The Company's manufacturing facility is based in Industrial town of
Faridabad and now the company is in the process of setting up of its second
manufacturing plant at Dudhaula (Faridabad) for manufacturing Back Hoe Loaders
and Fixed Tower cranes up to capacity of six tons.
ACE equipment is being successfully used in many industrial sectors like
infrastructure, construction, road, engineering industry, coal mines, chemical
and fertilizer plants, power stations, ports, railways, oil Industry, defence
etc.
During the year 1995-96, the Company has manufactured 110 mobile cranes and for
the year 2004-05, the company has manufactured 1146 equipment.
In September 2006, The company is entering the capital market with an
initial public offer of 46,00,000 Equity Shares of Rs.10/-. The company has
fixed the price of Rs.130/- per Share.
Subject was
incorporated on 13th January, 1995 under the Companies Act, 1956 as
Action Construction Equipments Private Limited and received a fresh Certificate
of Incorporation on October 4, 2005 consequent to change of name to Action
Construction Equipments Limited.
Further the name of the company has been changed to Action Construction
Equipment Limited with effect from March 23, 2006.
The company’s
Registered Office was shifted from 352, Mandankini Enclave, New Delhi – 110019
to the present address w.e.f. 21st May, 1998.
Public Issue of 4600000
Equity Shares of Rs. 10/- each issued for cash at a premium of Rs. 120/- per
Equity Share and at a Price of Rs. 130/- per Equity Share aggregating to Rs.
598 millions [hereinafter referred to as “The Issue”] including employees
reservation of 100000 Equity Shares of face value of Rs. 10/- each at a price
of Rs. 130/- for cash aggregating Rs. 13 millions and net issue to the public
of 4500000 Equity shares of face value of Rs. 10/- each at a premium of Rs.
120/- per equity share and at a price of Rs. 130/- per equity share for cash
aggregating Rs. 585 millions [hereinafter referred to as the “Net Issue to the
Public”]. The net issue to the public
would constitute 25.03% of the fully diluted post issue paid – up capital of
the company.
Fixed Assets
Land, Computer,
Electric Equipment, Plant & Machinery, Furniture & Fixtures, Fax
Machine, Generators, Scooters, Type Writers, Test Weights, Motor Vehicles,
Photocopy Machines, Air Conditioners, Cooler & Refrigerator, Cranes,
Building, etc.
|
Name of the company |
ACTION CONSTRUCTION EQUIPMENT PRIVATE LIMITED |
|
Presented By |
Director [Hereinafter referred to as ‘The Company’] |
|
1) Date and description of instrument creating the change |
Deed of Hypothecation to secure FLC (DA/DP) trading facility dated 07.02.2000 registered on 22.02.2000, Modified on 07.02.2000, 18.08.2001 and 29.07.2002, Regd., on 22.02.2000, 03.09.2001 and 27.08.2002 up to Rs. 5.000 millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 millions |
|
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 goods / assets is represented by documents drawn / covered under letter of credit issued under the above said limit and finished goods |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest / Comm. As per bank rules changes from time to time |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank 46 – Dohil Chamber, Nehru Place, New Delhi – 110019 |
|
6) Date and brief description of instrument modifying the charge |
Letter regarding equitable mortgage created on 25.01.2005 |
|
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. |
The said FLC (DA) limit of Rs. 5 millions is now collaterally secured by equitable mortgage of immovable property i.e. office / shop no. 96, Ist Floor, East Street, Galleria Complex, [Powel Plaza] Pune – 411001 Other terms and conditions same |
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign
company registrations number of the company
|
U74899DL1995PLC064347 |
|
Name of the company |
ACTION CONSTRUCTION EQUIPMENT PRIVATE LIMITED |
|
Address |
Plot No. 7, Pocket
II, Market Sarita Vihar, New Delhi – 110044 |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation, equitable mortgage or
mortgage of property by depositing the title deeds and others |
|
Particular of the charge holder |
ICICI Bank Limited NBCC Place, Bhishma Pitamah Marg, Pragati
Vihar, New Delhi – 110003, India E-mail : appl.helpdesk@mca.gov.in |
|
Amount Secure by the charge |
Rs. 80.000 millions |
|
Date of instrument modifying the charge |
28.07.2006 |
|
Brief of the principal terms and conditions
and extent and operation of the charge |
The above is to secure the following
facilities : Cash Credit [CC] Limit of Rs. 50 million Working Capital Demand Loan [WCDL]
[Sub-limit of CC Limit of Rs. 30 millions] Derivates [Sub-limit of CC Limit] of Rs.
1.20 million LC Limit of Rs. 30 millions BG Limit [Sub-limit of LC Limit] of Rs. 15
million |
|
Description of the property charge whether
it is a charge on |
Immovable Properties, Plant and Machinery,
Furniture and Fixtures, Stock in trade, Book debts, Vehicles and Others |
|
Modification charge Charge identification number of the charge
to be modified |
80002427 |
|
Brief description of the instrument modifying
the charge |
Letter ceding pari passu charge issued by
ICICI Bank dated 28.07.2006 |
|
Particulars of the Property charged |
Property situated at Jajru Road, 25th
Mile Stone, Mathura Road, Ballabgah, Haryana |
|
Particulars of present modification |
For mortgage and charge of ICICI shall in
all respects rank pari passu with the mortgage and charges of Citi Bank N.A.
to secure their working capital facilities of Rs. 120 millions |
|
Corporation identity number or foreign company
registrations number of the company |
U74899DL1995PLC064347 |
|
Name of the company |
ACTION CONSTRUCTION EQUIPMENT PRIVATE LIMITED |
|
Address |
Plot No. 7,
Pocket II, Market Sarita Vihar, New Delhi – 110044 |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation, equitable mortgage or
mortgage of property by depositing the title deeds and others |
|
Particular of the charge holder |
ICICI Bank Limited NBCC Place, Bhishma Pitamah Marg, Pragati
Vihar, New Delhi – 110003, India E-mail : appl.helpdesk@mca.gov.in |
|
Amount Secure by the charge |
Rs. 80.000 millions |
|
Date of instrument modifying the charge |
12.05.2006 |
|
Brief of the principal terms and conditions
and extent and operation of the charge |
The above is to secure the following
facilities : Cash Credit [CC] Limit of Rs. 50 million Working Capital Demand Loan [WCDL]
[Sub-limit of CC Limit of Rs. 30 millions] Derivates [Sub-limit of CC Limit] of Rs.
1.20 million LC Limit of Rs. 30 millions BG Limit [Sub-limit of LC Limit] of Rs. 15
million |
|
Description of the property charge whether
it is a charge on |
Immovable Properties, Plant and Machinery, Furniture
and Fixtures, Stock in trade, Book debts, Vehicles and Others |
|
Modification charge Charge identification number of the charge
to be modified |
80002427 |
|
Brief description of the instrument
modifying the charge |
Letter of amendments to master facility
agreement & master facility agreement dt. 12.05.2006 |
|
Particulars of the Property charged |
Property situated at Jajru Road, 25th
Mile Stone, Mathura Road, Ballabgah, Haryana |
|
Particulars of present modification |
Interest on cash credit limit has been
changed as following 3.25% below IBAR + CC Pemia at monthly rests subject to
a minimum of 10% p.a. The ICICI IBAR as on date is 12.75% p.a. and The CC
Premia as on |
WEBSITE DETAILS
ACE, Action Construction Equipment Limited is the leading mobile crane manufacturing company in India which has progressed all along to become a professionally managed ISO 9OOI Certified company. ACE is promoted by a technocrat, assisted by a team of experienced managers and engineers, managers and engineers.
ACE is a dynamic and powerful enterprise with it's full
fledged production facilities based in industrial township of Faridabad, which
is 45 Kms. from New Delhi, National Capital of India.
ACE equipment is being successfully used in many industrial
sectors like infrastructure, construction, roads, engineering industry, coal
mines, chemical and fertilizer plants, power stations, ports, heavy project
engineering industry, railways, cement industry, oil industry, defense etc. to
name a few. ACE range of cranes can be adapted to satisfy a vast range of
possible applications due to their versatility.
In India ACE has conquered a consolidated presence in it's sector. An efficient sales and service network and a comprehensive follow up system makes it possible to provide, all customers with efficient distribution and service assistance that has the priority of satisfying their real needs.
The policy of responding with speed and expertise has been rewarded over the
years by a constant growth of the company and today ACE is a leading
manufacturer of cranes in the country.
ACE has always firmly believed in the quality of it's
products and product support, ever since it's inception and this is the secret
of their capacity to satisfy customers.
First rate team work and carefully targeted investment in
technology and human resources has made ACE one of the most efficient business
in it's sector.
ACE has it's central marketing office in New Delhi and
workforce employed in the sections of production, research and development,
materials, marketing, after sales assistance, finance and administration are
engaged to take the company to new horizons of success. This fact and accurate
organizational structure allows customers to promptly receive technical
solutions that fully satisfy their requirements.
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.40.97 |
|
UK Pound |
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.56.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|