MIRA
INFORM REPORT
|
Report Date : |
03.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ABBY LIGHTING AND SWITCHGEAR LIMITED |
|
|
|
|
Registered Office : |
56-B, Government
Industrial Estate, Charkop, Kandivali (W), Mumbai - 400 067 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
11.04.2000 |
|
|
|
|
Com. Reg. No.: |
11-125776 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L31200MH2000PLC125776 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA15047E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Lighting Fixtures. |
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 50000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having satisfactory track
records. Financial position is satisfactory. Trade relations are fair.
Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
56-B, Government
Industrial Estate, Charkop, Kandivali (W), Mumbai - 400 067. India |
|
Tel. No.: |
91-22-55742080 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
401/2/3, Orbit Industrial Estate, Opposite Tangent, Chincholi Bunder Road, Malad (W), Mumbai- 400 064. India |
|
Tel. No.: |
022-40038030/6574 2080 |
|
Fax No.: |
91-22-40038033 |
DIRECTORS
|
Name : |
Mrs. Anupama Suresh Bajaj |
|
Designation : |
Director |
|
Address : |
Flat No. 1, Madhusagar Villa, 4 Yari Road, Versova, Mumbai – 400 061,
Maharashtra, India |
|
Date of Birth/Age : |
07.01.1966 |
|
Date of Appointment : |
11.04.2000 |
|
Email ID: |
|
|
|
|
|
Name : |
Mr. Sanjay Gopaldas Bajaj |
|
Designation : |
Director |
|
Address : |
1, Madhusagar Villa, 4 Yari Road, Versova, Mumbai – 400 061,
Maharashtra, India |
|
Date of Birth/Age : |
1812.1966 |
|
Date of Appointment : |
11.04.2000 |
|
|
|
|
Name : |
Mr. Suresh Gopaldas Bajaj |
|
Designation : |
Director |
|
Address : |
1, Madhusagar Villa, 4 Yari Road, Versova, Mumbai – 400 061,
Maharashtra, India |
|
Date of Birth/Age : |
31.03.1962 |
|
Date of Appointment : |
11.04.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sanjay Bajaj Gopaldas |
|
96001 |
|
Mr. Suresh Gopaldas Bajaj |
|
94501 |
|
Mrs. Anupama Suresh Bajaj |
|
2001 |
|
Mrs. Ritu Sanjay Bajaj |
|
1 |
|
Mr. Gopal Das Narandas Bajaj |
|
140001 |
|
Mrs. Saroj Gopaldas Bajaj |
|
1 |
|
Mr. Manoj Sunderdas Narang |
|
1 |
|
|
Total |
332507 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Lighting Fixtures. |
|
|
|
|
Products : |
Electrical goods |
GENERAL
INFORMATION
|
Customers : |
· HDFC · Carrier · Orange · Elf · NDTV · Allergan · Versant · Navneet · LT · EIL · I-flex · Unwired soft |
|
|
|
|
No. of Employees : |
60 |
|
|
|
|
Bankers : |
· Bank of Baroda Address: Goregaon West Branch, Sanjay Building,
111, Jawahar Nagar, Goregaon (West), Mumbai – 400 062, Maharashtra · UCO Bank Address:Mamlatdarwadi Branch, Trimurti Tower, Zakeria Road, Malad
(West), Mumbai 400 064, Maharashtra |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
A C Phakde and Company Chartered Accountants |
|
Address : |
1, Rajguru Apartment, Near Pinky Talkies, New Nagardas Road, Andheri
(East), Mumbai – 400 069, Maharashtra |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
332507 |
Equity shares |
Rs. 10/-
each |
Rs. 3.325
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 |
3.325 |
3.325 |
0.225 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7.013 |
3.861 |
2.480 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.338 |
7.186 |
2.705 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.395 |
7.235 |
1.178 |
|
|
2] Unsecured Loans |
1.690 |
1.223 |
0.569 |
|
|
TOTAL BORROWING |
10.085 |
8.458 |
1.747 |
|
|
DEFERRED TAX LIABILITIES |
0.066 |
0.113 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20.489 |
15.757 |
4.452 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.305 |
7.062 |
2.939 |
|
|
Capital work-in-progress |
0.000 |
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 |
2.670
|
2.761 |
2.548 |
|
|
Sundry Debtors |
15.959
|
12.165 |
9.352 |
|
|
Cash & Bank Balances |
0.134
|
0.152 |
0.005 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.503
|
5.065 |
1.572 |
|
Total
Current Assets |
25.266
|
20.143 |
13.477 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
15.111
|
11.482 |
12.004 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
15.111
|
11.482 |
12.004 |
|
|
Net Current Assets |
10.155
|
8.661 |
1.473 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.029 |
0.034 |
0.040 |
|
|
|
|
|
|
|
|
TOTAL |
20.489 |
15.757 |
4.452 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
20.090 |
36.349 |
26.475 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
20.090 |
36.349 |
26.475 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
5.122 |
2.279 |
2.060 |
|
|
Provision for Taxation |
0.000 |
0.785 |
0.600 |
|
|
Profit/(Loss) After Tax |
5.122 |
1.494 |
1.460 |
|
|
|
|
|
|
|
|
Export Value |
35.118 |
NA |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
22.691 |
16.797 |
|
|
Employees Emoluments |
0.000 |
2.879 |
2.071 |
|
|
Administrative Expenses |
0.000 |
7.094 |
4.850 |
|
|
Consumption Of Stores And Spares Parts |
33.252 |
0.000 |
0.000 |
|
|
Increase/(Decrease) In Finished Goods |
0.074 |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, Etc. |
1.379 |
0.000 |
0.000 |
|
|
Managerial Remuneration |
1.085 |
0.000 |
0.000 |
|
|
Payment To Auditors |
0.063 |
0.000 |
0.000 |
|
|
Interest |
0.949 |
0.578 |
0.121 |
|
|
Insurance Expenses |
0.000 |
0.000 |
0.000 |
|
|
Power & Fuel |
0.559 |
0.000 |
0.000 |
|
|
Depreciation & Amortization |
1.412 |
0.000 |
0.000 |
|
|
Other Expenditure |
11.310 |
0.000 |
0.000 |
|
Total Expenditure |
50.083 |
33.242 |
23.839 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
25.49
|
4.11 |
5.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.49
|
6.26 |
7.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.25
|
8.37 |
12.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.31 |
0.76 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.43
|
2.77 |
5.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.75 |
1.12 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
To acquire and take over as a going concern the business now carried on
by the Proprietory concerns M/s. Abby lighting systems and all or any of the tangible
assets of the said concern used in connection therewith or belonging thereto in
any manner whatsoever as also the liabilities of the concern of any nature
whatsoever.
Form 8:-
|
Corporation identity number or foreign company registrations number of
the company |
L31200MH2000PLC125776 |
|
Name of the company |
ABBY LIGHTING AND SWITCHGEAR LIMITED |
|
Address |
56-B, Government
Industrial Estate, Charkop, Kandivali (W), Mumbai - 400 067. India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
· Book debts · Movable property |
|
Particular of the charge holder
|
Bank of Baroda Address:
Goregaon West Branch, Sanjay Building, 111, Jawahar Nagar, Goregaon
(West), Mumbai – 400 062, Maharashtra Email ID: shirishshetye@gmail.com |
|
Nature or description of the instrument creating charge |
Composite hypothecation agreement. |
|
Date of the instrument creating charge |
06.07.2007 |
|
Amount Secure by the charge |
Rs.17.500 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: 0.50% below BPLR on cash credit and Demand loan 0.50% over BPLR on FBP Terms of repayments: On demand Margin: 25% on cash credit 33.33% on demand Loan Extent and operation of
charge: The charge is created to secure cash credit facility of Rs. 7.500
millions FBP facility of Rs. 7.500 millions and Demand loan of Rs. 2.500
millions aggregating to Rs. 17.500 millions together with interest, interest
tax, further interest, Additional interest, penal interest , commission fees,
cost, charges and expenses incurred or to be incurred by the bank till date
of payment. |
|
Shorts particulars of the
Property charged |
The whole of stocks , both present and future and including all stocks
of RMs, WIP, SFGs and FGs such as lighting fittings AND florescent fixtures,
packing materials and stores, etc and all the present and future book debts,
outstanding, monies receivable, claims, bills, contract, engagements, and
securities, etc. And all the tangible movable machinery and plant and cranes,
boats and craft and the vehicles of the borrower both present and future. |
|
Name of the
company |
ABBY LIGHTING AND SWITCHGEAR LIMITED |
|
Presented
By |
ABBY LIGHTING
AND SWITCHGEAR LIMITED And UCO Bank,
Mamlatdar Wadi Branch, Zakeria Road, Malad (West), Mumbai – 400 064,
Maharashtra |
|
1) Date and
description of instrument creating the change |
Deed of hypothecation
of goods to secure a demand cash credit dated 27.07.2004 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 7.000
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 |
All stocks
products, goods, tangible movable property etc and more particularly as shown
in the above referred deed dated 27.07.2004 |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interest:
@ 25% p.a above the BPLR rate subject to min of 13.5% p.a and more
particularly as shown in the above referred deed dated 27.07.2004 Other terms and
conditions as per above referred deed dated 27.07.2004 |
|
5) Name and
Address and description of the person entitled to the charge. |
UCO Bank Address:Mamlatdarwadi Branch, Trimurti
Tower, Zakeria Road, Malad (West), Mumbai 400 064, Maharashtra |
WEBSITE DETAILS:
The company is promoted by technocrats who have 20 years of entrepreneurial history, and is on the path of becoming a leading and recognized player in lighting industry.
This is being achieved thanks to an entrepreneurial philosophy that has always
been a strategy for development on three basic principles: Innovation, Quality
and Commitment.
Technology, design, high quality raw materials and thorough testing help ensure
continual improvement in the standards of every product manufactured under the
ABBY trademark, the mark that guarantees performance, better quality and better
customer service.
Subject manufactures a range of lighting fixtures that are styled for
the lighting projects of now and the future. A comprehensive range of
attachments - Diffusers, Prismatic light controllers, Parabolic Louvres and
Mirrors are available to fulfill an important role in light distribution.
For those who view lighting as a meaningful component of architecture, the
company product and service guarantee the success. They are continually seeking
ways to bring the architecture to the forefront. They treat our role in the
project with serious respect. From installation to project completion, they
care enough to care about the details - not because they have to but because
they choose to.
AstraGlo range of luminaires is characterized by the versatility to adapt different louvers for different lighting scenes Dark Light Strip louvers, Clear Strip Louvers, Plastic parabolic louvers and metal louvers lend themselves to this range to create functional and aesthetic lighting solutions.
There is no more dramatic, efficient or flexible way to
provide light than with recessed down lighting. It is an ideal choice for
general lighting, highlighting artwork and precious objects, brightening walls
and providing proper light for a varity of tasks. Downlights are designed to
complement any decor and can be effectively combined with decorative lighting.
With downlights virtually hidden in the ceiling, the lighted space, not the
fixtures themselves, will stand out
Industrial lighting solutions from Abby focus on suggesting and supplying robust dependable and energy efficient fixtures to perform continuously in the most demanding environments. Fluorescents and HID lamp sources are used in open or enclosed versions as required in multiple lamp and reflector options as the situation demands
LX Range is a range of Flat Light solutions easily installed where recess depth in the ceiling is shallow Range of attachments provides different beam pattern – narrow to wide spread
T5- Range
A range of recessed and surface luminaires with various optic attachments for different application areas. The low luminance dark lite and lit effect caters to areas where category lighting takes precedence and the wide spread low brightness and the wide bat wing distribution attachments are used in areas where more light is required.
ParaGlo was created – using plastic metallized louvers – to provide appropriate lighting levels for large open office areas where VDT’s are used. Designed for precise light control, plastic metallized parabolic louvers have become a mainstay in today’s computerized world Plastic Parabolic louvers provide a subtle luminous quality, well-ordered architectural appearance, excellent visual comfort and light efficiency. The open cell design permits free circulation of air, which results in lower operating temperatures, thus increasing ballast life and improving lamp performance.
SoftGlo is a premium example of our commitment to E3 design philosophy .it integrates the art of formed and perforated metal. Perforated metal is the milestone for some of today’s’ most innovative lighting designs. Creative solutions for every application with options of materials, shapes, finish, and up, down, or up and down lighting are within the designer’s reach.
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.39.56 |
|
UK Pound |
1 |
Rs.81.39 |
|
Euro |
1 |
Rs.58.04 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
6 |
|
--BUSINESS SCALE |
1~10 |
|
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--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 |
|