MIRA
INFORM REPORT
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Report Date : |
08.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
ARCHON
ENGICON PRIVATE LIMITED |
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Registered Office : |
A-1, Shivam Sundram Complex, Above Ahmedabad District
Co-operative Bank, Opposite Haresh Dudhiya, Gurukul Road, Memnagar,
Ahmedabad-380052, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.12.2004 |
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Com. Reg. No.: |
04-45191 |
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CIN No.: [Company
Identification No.] |
U45204GJ2004PTC045191 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA04914A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of Micro Tower, Telecommunication Tower, Micro Wave Tower, Mobile Tower,
Transmission Tower, Galvanize Tower and Galvanizing |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and has established satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported as usually
correct and as per commitments. The
company can be considered for small business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office / Corporate Office : |
A-1, Shivam Sundram Complex, Above Ahmedabad District
Co-operative Bank, Opposite Haresh Dudhiya, Gurukul Road, Memnagar,
Ahmedabad-380052, Gujarat, India |
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Tel. No.: |
91-79-55221057 / 65221057 |
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Mobile No.: |
91-9824274204 |
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Fax No.: |
91-79-27431072 |
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E-Mail : |
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Website : |
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Factory : |
Plot # 3, Navkar Industrial Estate, Near G.E.B. Sub Station,
Santej-Khatrej Road, Village Santej, Taluko Kalol, Dist: Gandhinagar, Gujarat |
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Tel.
No.: |
91-9824752155 |
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Fax
No.: |
91-2764-281818 |
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E-Mail
: |
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Regional Office : |
Maharashtra-Pune: Rajsthan-Jaipur: |
DIRECTORS
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Name : |
Mr. Chandrashekhar Balkrishna Panchal |
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Designation : |
Director |
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Address : |
11, Pandavnagar Society, Mirambika Road, naranpura, Ahmedabad –
380013 91-9824033842 / 9376033842 |
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Date of Appointment : |
22.12.2004 |
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Name : |
Mr. Hiren Patel |
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Designation : |
Director |
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Address : |
B-703, Chinmay Crystal, Nehru Park,
Vastrapur, Ahmedabad - 380015 91-9824274204 |
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Date of Appointment : |
22.12.2004 |
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Name : |
Mr. Pintu Shamjibhai Patel |
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Designation : |
Director |
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Address : |
A/2, Kailashnagar Society, Behind Sahyog Society, Taluka
Chikhali, Navsari |
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Date of Appointment : |
10.01.2005 |
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Name : |
Mr. Jayesh Jagdishprashad Sharma |
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Designation : |
Director |
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Address : |
263/2, Sector – 1C, Gandhinagar, Gujarat – 382009, India |
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Date of Appointment : |
10.01.2005 |
MAJOR SHAREHOLDERS
As On
22nd December, 2006
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Names
of Shareholders |
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No. of Shares |
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Mr. Chandrashekhar Balkrishna Panchal |
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505,000 |
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Mr. Hiren Patel |
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1,495,000 |
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Total |
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2,000,000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Micro Tower, Telecommunication Tower, Micro Wave Tower, Mobile Tower,
Transmission Tower, Galvanize Tower and Galvanizing |
GENERAL
INFORMATION
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Bankers : |
Bank
of Baroda Usmanpura
Branch, Ahmedabad Industrial
Development Bank of India |
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Banking Relations : |
Satisfactory
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Auditors : |
Naresh
J. Patel and Company Chartered
Accountants A-602,
Premium House, Near Natraj Railway Crossing, Ashram Road, Ahmedabad – 380009,
Gujarat, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 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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10.000 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.668 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
[0.174] |
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NETWORTH |
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12.668 |
[0.074] |
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LOAN FUNDS |
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1] Secured Loans |
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26.847 |
0.000 |
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2] Unsecured Loans |
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8.068 |
5.466 |
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TOTAL BORROWING |
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34.915 |
5.466 |
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DEFERRED TAX LIABILITIES |
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0.799 |
0.000 |
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TOTAL |
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48.382 |
5.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.634 |
7.867 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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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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27.537 |
2.198 |
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Sundry Debtors |
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56.336 |
0.000 |
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Cash & Bank Balances |
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0.860 |
0.028 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.270 |
0.000 |
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Total Current Assets |
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89.003 |
2.226 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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53.012 |
4.842 |
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Provisions |
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4.370 |
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Total Current Liabilities |
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57.382 |
4.842 |
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Net Current Assets |
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31.621 |
[2.616] |
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MISCELLANEOUS EXPENSES |
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0.127 |
0.141 |
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TOTAL |
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48.382 |
5.392 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
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|
31.03.2005 |
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Sales Turnover [including other income] |
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2.198 |
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Net
Profit |
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[0.174] |
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Total
Expenditure |
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2.372 |
KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
[7.92] |
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Net
Profit Margin (PBT/Sales) |
(%) |
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NA |
[7.92] |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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NA |
[1.72] |
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Return
on Investment (ROI) (PBT/Networth) |
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NA |
[2.35] |
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Debt
Equity Ratio (Total
Liability/Networth) |
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7.29 |
[139.30] |
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Current
Ratio (Current
Asset/Current Liability) |
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1.55 |
0.46 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS
- Land at Santej
- Factory Building
- Plant and Machinery
- Computer
- Electrical
- Office Equipments
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Name of the company |
ARCHON ENGICON PRIVATE LIMITED |
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Presented By |
Mr. Chandrashekhar Balkrishna
Panchal, Director |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement Dated 10.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
15.000 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
of all machinery stores, book debts situated at Block 1852/P, plot No. 3,
Navkar Road, Billage santej, Kalol, Gandhinagar |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin
Raw
material, WIP, Finished Goods – 25 %, Book debts 30 %, Interest 0.25 % Below
BPLR [PR 10.5 %] |
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5) Name and Address and description of the person entitled to the charge. |
Bank
of Baroda Usmanpura
Branch, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Not
Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not
Applicable |
AS PER WEBSITE
Archon Engicon Private Limited has
started the manufacturing unit at Santej, Gandhinagar in 2005 after successful
completion of many turnkey projects of civil work and errection of telecommunication
tower for many years. Company is providing turnkey solutions in
Telecommunication sector including civil work, fabrication, errection, painting
& electrical work of tower site. They also deal into power transmission
structures. They are having expertise in OFC Cable-laying, civil work.
Company
has achieved very high growth in its short span of establishment by always
exceeding the customer needs by providing hand and gloves supports.
Archon
has already received ISO 9001:2000 certificate.
The plant
has the land area of 36,000 Square yard with shaded area of 16,000 Square yard.
Archon also provides accommodation facility for staff and labor at the plant
with all the required amenities. Their Regional offices in different states
also handle the customer need by instant solutions.
Their
monthly production capacity is 1500 MT/ Month with all the modern manufacturing
facilities. Company follows strict working guidelines as per Quality Management
system to ensure that production conforms to requirement.
They
also have the state of the art hot dip galvanizing plant to cater even process
work to their premier customers. Galvanizing Plant is capable of 1500 MT/Month
production.
Plant is
managed by highly experienced and professional team to ensure that production
meets the IS requirements.
Archon
is TSEC certified by BSNL for manufacturing the Telecommunication towers.
They are proud on their highly ambitious management
who has vision of major player in telecommunication, power transmission and
civil works. Archon team is young, talented and fully capable of making the
vision into reality.
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.44.06 |
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UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
35 |
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 |
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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 |
|
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 |
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