MIRA
INFORM REPORT
|
Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ACE MULTI AXES SYSTEMS LIMITED |
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Registered Office : |
Plot No. 533, 10th Main , IV, Phase Peenya Industrial Area,
Bangalore 560 058, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.08.1995 |
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Com. Reg. No.: |
18544 |
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CIN No.: [Company
Identification No.] |
U02922KA1995PLC018544 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA01388C |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Machines tools / components, machine parts, etc. and
providing CNC job shop for machining. |
RATING &
COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 400000 |
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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 and reputed company. Available
information indicates high financial responsibility of the company. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 533, 10th Main , IV, Phase Peenya Industrial Area,
Bangalore 560 058, Karnataka, India |
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Tel. No.: |
91-80-28360024 |
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Fax No.: |
91-80-28360024 |
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E-Mail : |
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Factory : |
Shed No. A 50, 2nd Main Road, II Stage, Peenya Industrial
Estate, Bangalore 560 058, Karnataka, India |
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Tel. No.: |
91-80-28360024 / 28390024 |
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Fax No.: |
91-80-28362651/28360024 |
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Corporate Office: |
Unit 2, Site No. 17, Plot No. 467, 648 And 469, 4th Phase,
Peenya Industrial Area, Bangalore 560 058, Karnataka, India |
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Tel. No.: |
91-80-28360024 |
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Fax No.: |
91-80-28360024 |
DIRECTORS
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Name : |
Mr. Ramesh Lingappaiah Hariharapura |
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Designation : |
Director |
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Address : |
No. 583 I Main Road, RHV Extension Dollars Colony, Bangalore 560
094, Karnataka, India |
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Date of Birth/Age : |
28.12.1951 |
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Date of Appointment : |
16.08.1995 |
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Name : |
Mr. Shirgurkar Govindarao
Srinivas |
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Designation : |
Director |
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Address : |
17 , Behl Officers Colony
Nandini Layout, Bangalore 560 096, Karnataka, India |
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Date of Birth/Age : |
08.04.1948 |
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Date of Appointment : |
16.08.1995 |
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Name : |
Mr. Ashok Vishwanath Sathe |
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Designation : |
Director |
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Address : |
Flat S -6, 2nd Floor, Akar Apartments Raju Road, Kumarapark
West, Bangalore 560 020, Karnataka, India |
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Date of Birth/Age : |
17.03.1940 |
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Date of Appointment : |
16.08.1995 |
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Name : |
Mr. Machado Benedict |
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Designation : |
Director |
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Address : |
No. 1273, 7th Cross V Stage I Phase Behl Layout Rajarajeshwari
, Bangalore- 560 098, Karnataka,
India |
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Date of Birth/Age : |
04.12.1948 |
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Date of Appointment : |
16.08.1995 |
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Name : |
Mr. Raghavendra Badkilaya |
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Designation : |
Director |
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Address : |
No. 588 I Main Road, II Block RHV Extension Dollars Colony, Bangalore
560 094, Karnataka, India |
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Date of Birth/Age : |
10.05.1963 |
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Date of Appointment : |
16.08.1995 |
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Name : |
Mr. Jayantilal Bharat Vinchhi |
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Designation : |
Director |
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Address : |
No. 252, 15 D Cross, Mahalakshmi Puram, II Stage, Bangalore 560 086,
Karnataka, India |
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Date of Birth/Age : |
25.02.1957 |
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Date of Appointment : |
16.08.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mrs. Shirgurkar Bharati |
|
9150 |
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Mr. Machado Philohena |
|
9150 |
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Mrs. Sathe Padma |
|
9150 |
|
Ace Designers Limited |
|
75000 |
|
Microhatic Grinding Technologies Limited |
|
75000 |
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Mr. Ramesh Lingappaiah Hariharapura |
|
45150 |
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Mr. Shirgurkar Govindarao Shrinivas |
|
40800 |
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Mr. Raghavendra Badkilaya |
|
20025 |
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Mr. Jayantilal Bharat Vinchhi |
|
20025 |
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Mr. Machado Benedict |
|
40800 |
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Mr. Ashok Vishwanath Sathe |
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40800 |
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Total
|
385050 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Machines tools / components, machine parts, etc. and
providing CNC job shop for machining. |
GENERAL
INFORMATION
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Bankers : |
Canara Bank Address:
Specialised SSI Branch, Peenya Industrial Estate , Bangalore 560 058,
Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P A Ghatage and Company Chartered Accountants |
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Address : |
124, Margosa Road, Malleswaram , Bangalore 560 003, Karnataka, India
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
385000 |
Equity shares |
Rs. 10/-
each |
Rs. 3.850
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
3.850 |
3.850 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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82.013 |
52.286 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
85.863 |
56.136 |
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LOAN FUNDS |
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1] Secured Loans |
|
65.965 |
47.574 |
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2] Unsecured Loans |
|
0.651 |
0.574 |
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TOTAL BORROWING |
|
66.616 |
48.148 |
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DEFERRED TAX LIABILITIES |
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5.808 |
3.209 |
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TOTAL |
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158.287 |
107.493 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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116.243 |
54.551 |
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Capital work-in-progress |
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0.000 |
21.500 |
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INVESTMENT |
|
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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25.164 |
12.726 |
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Sundry Debtors |
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37.050 |
22.575 |
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Cash & Bank Balances |
|
3.376 |
7.369 |
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Other Current Assets |
|
25.099 |
25.032 |
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Loans & Advances |
|
1.929 |
14.646 |
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Total
Current Assets |
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92.618 |
82.348 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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27.896 |
18.551 |
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Provisions |
|
22.683 |
32.360 |
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Total
Current Liabilities |
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50.579 |
50.911 |
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Net Current Assets |
|
42.039 |
31.437 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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158.287 |
107.493 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.36 |
1.76 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.83 |
1.61 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8:-
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Name of the
company |
ACE MULTI SYSTEMS LIMITED |
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Presented
By |
ACE MULTI SYSTEMS LIMITED And Canara Bank , SSI Branch, Peenya, Bangalore |
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1) Date and
description of instrument creating the change |
6.11.2002, regd
on 21.11.2002 ( D No.. No. 51, Cash credit Agreement. Hypothecation agreement
for packing Credit Advances agreement to be obtained for CDB / SDB / BE
Advances. Deed of hypothecation re: Machinery. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 5.630
millions )(OCC Rs. 2.500 millions ,; PC/ FDB Rs. 0.500 millions; CDB / LCDB
Rs. 0.300 millions ; Term loan Rs. 2.330 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 |
Present and
future stock of raw materials , goods in process of manufacture and all
finished goods and manufacturing goods and articles such as machine tool components,
machine parts, etc; all of the borrower present and future book debts,
outstanding moneys, receivables , claims, bills, rights to or in movable
properties and movable assets; Goods comprising
machine tool components, machine parts, all the documents, receipts,
endorsement or nay other pertaining to the packing Credit Limit. All plant ,
machinery , tools and accessories already purchased and those to be purchased
including (a) MCV 400 Machining Centre; (b) L5-KVA Voltage Stabilizer; (c)
3 Ton /EUT Crane. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest CC / CDB @ 14.25% p.a, PCL @ 8%p.a TL @ 15% pa TL repayable in 60 months, comprising 59 installments of Rs. 0.038 millions
and last installments of Rs. 0.037 millions. |
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5) Name and
Address and description of the person entitled to the charge. |
Canara Bank Address: Specialised SSI Branch, Peenya Industrial Estate , Bangalore
560 058, Karnataka, India |
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6) Date and brief description of instrument
modifying the charge |
19.0.12006 Supplemental
Agreement (OCC limit) Supplemental
Agreement (PC limit) Deed of
hypothecation re : Machinery Agreement Re:
Collateral Security: machinery: Vehicles. |
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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. |
By the above, the
amount secured by charge stands enhanced from Rs. 5.630 millions to Rs.
53.755 millions (OCC enhanced from Rs. 2.500 millions to Rs. 10.000 millions;
PC / FDB enhanced from Rs. 0.500 millions to Rs. 2.500 millions; CDB / LCDB
enhanced from Rs. 0.300 millions to Rs. 2.500 millions; BG Rs. 2.500
millions, ILC / FLC Rs. 2.000 millions and new TL To Rs. 31.925 millions now
sanctioned; Existing TL Rs. 2.330 millions continued at the existing level). The company has
now offered the additional security of machineries detailed in the list
attached to the deed of hypothecation and the agreement of collateral
security. Rate of interest
OCC @ 8.75% p.a, PC @ 7.5% p.a; TL @ 9% Repayment New TL Repayable in 57
monthly installment comprising in installment of Rs. 0.560 millions each and
last installments of Rs. 0.565 millions commencing 3 month after first
disbursement. The charge on movables comprising stocks, book debts plant,
machineries, etc, shall cover the enhanced amount said above. |
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Corporation identity number or foreign company registrations number of
the company |
U02922KA1995PLC18544 |
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Name of the company |
ACE MULTI AXES SYSTEMS LIMITED |
|
Address |
Plot No. 533, X Main , IV, Phase Peenya Industrial Area, Bangalore
560 058, Karnataka, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
|
Canara Bank Address: SME Branch, 473 D, 13th Cross, IV phase, peenya ,
Bangalore 560 058, Karnataka, India Email ID: tr_jairam@vsnl.net |
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Nature or description of the instrument creating charge |
Letter re: Extension of equitable mortgage |
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Date of the instrument creating charge |
28.03.2007 |
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Amount Secure by the charge |
Rs. 112.359 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: OC / ODBD BPLR 0.25% , i.e, 12.25% p.a at present CDB / LCDB 12.25% p.a PC 9.25% p.a BG/ LC commission as per guidelines. Terms of repayment: OCC/ ODBD running account repayable on demand subject to annual
review / renewal PC Period 90 days 90; FBE Usance 90 days BG Period 2 years including claim period. ILC / FLC Usance period 90 days Margin: OCC / ODBD 25% for stock ;
30% for book debts PC / FDB / FBE 10% BG 10% for performance guarantee ; 25% - APG , other guarantees ILC / FLC 10% fore other
than DALC ; DALC 25% Extent and operation of
charge : The charge shall operate to the extent of Rs. 112.359 millions plus interest,
costs, expenses and other charges thereon. Others: The said amount of Rs. 112.359 millions comprises OCC / ODBVD Rs.
20.000 millions ; ILC / FLC Rs. 2.000 millions ; CDB / LDB Rs. 2.500 millions
; BG Rs. 2.500 millions , BG (ST) Rs. 13.454 millions ; PC / FBE Rs. 2.500
millions ; TL Rs. 69.405 millions |
|
Shorts particulars of the
Property charged |
Continuing security by way of first charge on immovable property, viz
land with building and other structures (existing and to be constructed) on
Site No. 17 formed on plot No. 467, 468, 469 in sy. No. 46 measuring 4020.47
sq.mtrs in Nallakardaranahalli Village , Yeshwanthpur Hobli, Bangalore North
Tq. Bounded on North by Site No. 21;
South by site No. 16; east by road;
West by site No. 20. |
|
Particulars of the present modification |
By the above, the charge on the immovable property No. 17 in plot No.
467, 468, 469 and 469 , Sy .no 46, Nallakardaranahalli village , Yeshwanthpur
, Hubli, Bangalore North Tq. Morefully described above shall extended to the
present modified limits aggregating Rs. 112.359 millions. |
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 Intl
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 companys 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.39.57 |
|
UK Pound |
1 |
Rs.79.91 |
|
Euro |
1 |
Rs.56.99 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
|
66 |
This score serves as a reference to assess SCs 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 |
|