MIRA
INFORM REPORT
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Report Date : |
08.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
ASSOCIATED
POWER STRUCTURES PRIVATE LIMITED |
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Registered Office : |
905/3,
GIDC, Makarpura, Vadodara – 390010, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.05.1996 |
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Com. Reg. No.: |
04-29688 |
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CIN No.: [Company
Identification No.] |
U29299GJ1996PTC029688 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDA01392G |
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PAN No.: [Permanent
Account No.] |
AABCA6602N |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturer of Hot Dip Galvanized all type of Steel Structures viz
Towers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
625000 |
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Status : |
Satisfactory
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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 having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
905/3,
GIDC, Makarpura, Vadodara – 390010, Gujarat, India |
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Tel. No.: |
91-265-2644789 |
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Mobile No.: |
91-9879002789 |
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Fax No.: |
91-265-2635245
/ 2644789 / 2656272 |
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E-Mail : |
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Website : |
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Factory :
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7th
Mole Stone, Karjan [Private] Limited, National Highway No. 8, Village
Manglej, Baroda, Gujarat, India |
DIRECTORS
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Name : |
Mr.
Ajay Mukund Patel |
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Designation : |
Director
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Address : |
D / 2,
Sundram Society, B/H Varj Dham Mandir, Manjalpur, Vadodara, Gujarat, India |
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Date of Birth/Age : |
14.10.1962 |
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Date of Appointment : |
21.05.1996 |
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Name : |
Mr.
Parag Vinod Kothari |
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Designation : |
Director
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Address : |
A /
208 Akash Ganga Apartments, Near Moti Baug Substat, Vadodara – 390001,
Gujarat, India |
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Date of Birth/Age : |
22.08.1963 |
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Date of Appointment : |
21.05.1996 |
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Name : |
Mr.
Satish Ramesh Desai |
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Designation : |
Director
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Address : |
28,
Chinar Wood, B/H Hotel Taj Resident Akota, Vadodara – 390020, Gujarat, India |
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Date of Birth/Age : |
04.06.1963 |
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Date of Appointment : |
21.05.1996 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Ajay Mukund Patel |
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20000 |
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Mr.
Parag Vinod Kothari |
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20000 |
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Mr.
Satish Ramesh Desai |
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20000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Hot Dip Galvanized all type of Steel Structures viz
Towers. |
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Products : |
Telecom Towers, Wind Mill Towers and Transmission Towers |
GENERAL INFORMATION
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No. of Employees : |
101-500 |
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Bankers : |
Central
Bank of India Makarpura
Branch, Makarpura, Vadodara – 390010, Gujarat, India State
Bank of India Industrial
Finance Branch, Marble Arch, Race Course Road, Vadodara – 390007, Gujarat,
India Centurion
Bank Limited 5th
Floor, National Plaza, R. C. Dutt Road, Vadodara - 390005, Gujarat, India |
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Banking Relations : |
Satisfactory
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Auditors : |
Shah
Mehta and Bakshi Chartered
Accountants Prasanna
House, Associated Society, Opp. Radhakrishna Park, Near Akota Stadium,
Vadodara – 390020, Gujarat, India |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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240000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.400 Millions |
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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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2.400 |
0.600 |
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2] Share Application Money |
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0.000 |
0.265 |
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3] Reserves & Surplus |
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155.663 |
60.042 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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158.063 |
60.907 |
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LOAN FUNDS |
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1] Secured Loans |
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83.706 |
23.021 |
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2] Unsecured Loans |
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25.528 |
5.853 |
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TOTAL BORROWING |
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109.234 |
28.874 |
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DEFERRED TAX LIABILITIES |
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5.395 |
4.561 |
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TOTAL |
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272.692 |
94.342 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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66.876 |
40.493 |
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Capital work-in-progress |
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1.162 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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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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69.160 |
40.143 |
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Sundry Debtors |
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303.014 |
124.217 |
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Cash & Bank Balances |
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21.628 |
8.898 |
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Other Current Assets |
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3.429 |
1.574 |
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Total Current Assets |
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397.231 |
174.832 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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187.415 |
114.214 |
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Provisions |
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5.228 |
6.771 |
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Total Current Liabilities |
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192.643 |
120.985 |
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Net Current Assets |
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204.588 |
53.847 |
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MISCELLANEOUS EXPENSES |
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0.066 |
0.002 |
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TOTAL |
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272.692 |
94.342 |
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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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Debt
Equity Ratio (Total
Liability/Networth) |
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1.91 |
2.46 |
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Current
Ratio (Current
Asset/Current Liability) |
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2.06 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry
on the business of manufacture, sale, resale, agent, assemble, fabricate,
erect, purchase, process, design, develop, distribute, repair, service,
renovate, import, export, generate, supply, let on hire and otherwise deal in
all types kinds, sizes and description of transmission towers and power supply
equipments, tools, machinery, plant and implements required for power supply
industry in particular and for industrial, commercial, agricultural related
industries and deal in its spare parts, components, articles, auxiliaries and
accessories, foundries of all types of metals.
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Name of the company |
ASSOCIATED POWER STRUCTURES PRIVATE
LIMITED |
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Presented By |
MR. AJAY M. PATEL AND CENTURION BANK
LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation
agreement dated 24.11.2005 thereby securing Bank for granting of credit
facility to the company. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.700 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 |
Hypothecation
by way of First Charge in favour of Bank the Vehicle bearing Make – Ace Hydra
Mobile Crane Rhino – 110C as security for due repayment to the bank of the
said loan along with interest and all costs, charges and expenses incurred by
the bank for the protection preservation, defence and perfection of the
security and for attempted or actual realisation thereof. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
8.03 % p.a. Tenor
35 months EMI
Rs. 0.023 Millions |
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5) Name and Address and description of the person entitled to the charge. |
Centurion
Bank Limited 5th
Floor, National Plaza, R. C. Dutt Road, Vadodara - 390005, Gujarat, India |
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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 |
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Name of the company |
ASSOCIATED POWER STRUCTURES PRIVATE
LIMITED |
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Presented By |
MR. AJAY M. PATEL AND CENTURION BANK
LIMITED |
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1) Date and description of instrument creating the change |
Not
Applicable |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
25.500 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 |
Against
hypothecation of Stock of Raw Materials, Work in Process, Stores, Spares,
Finished Goods and Book Debts including movable machinery and spares parts
present or future lying at the premises, warehouses or godowns of the company
or at any where else Equitable
mortgage on factory land and building and hypothecation of plant and
machineries situated at 905/3, GIDC, Makarpura, Vadodara – 390010, Gujarat
and 7th Mole Stone, Karjan [Private] Limited, National Highway No.
8, Village Manglej, Vadodara |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
on Cash Credit @ 1.5 % above BPLR & 2 % above BPLR on Term Loan Margin
25 % -50 % Repayment
16 Quarterly Equal Instalments Commencing from June, 2003 |
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5) Name and Address and description of the person entitled to the charge. |
Central
Bank of India Makarpura
Branch, Makarpura, Vadodara – 390010, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Deed of Hypothecation dated 18.01.2005 for Rs. 8.000 Millions Supplemental
Memorandum of deposit of title deeds dated 19.01.2005 |
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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. |
Charges
for Rs. 25.500 Millions created by Memorandum of Entry on 21.04.2003 stands
extended to Rs. 62.500 Millions in view of revision in credit facilities as
detailed below : Cash
credit limit raised from Rs. 3.500 Millions to Rs. 8.00 Millions Bills
discounting and bills purchase facility Rs. 4.500 millions cancelled. Letter
of credit Rs. 5.000 Millions Performance
Bank Guarantee rs. 7.500 Millions Finished
Bank Guarantee only for one Transaction Rs. 22.500 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 Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.09 |
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UK
Pound |
1 |
Rs.86.84 |
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Euro |
1 |
Rs.57.21 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
51 |
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 |
|
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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