MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ATHULYA BELLOWS AND ENGINEERING PRIVATE LIMITED |
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Registered Office : |
B – 3, Sahajanand Aptarment, Near Ward office, No.6, Old Padra Road, Vadodara
– 390020, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
6.12.1999 |
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Com. Reg. No.: |
036967 |
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CIN No.: [Company
Identification No.] |
U29120GJ1999PTC036967 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDA00956E |
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PAN No.: [Permanent
Account No.] |
AACCA4007C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Metallic
Expansion Bellows and Hoses |
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 9424 |
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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 experienced 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 : |
B – 3, Sahajanand Aptarment, Near Ward office, No.6, Old Padra Road,
Vadodara – 390020, Gujarat |
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Tel. No.: |
91-265-2344238 / 6544238 |
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Fax No.: |
91-265-2352805 |
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E-Mail : |
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Website : |
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Area : |
2500sq.fts |
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Location : |
Owned |
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Unit No.1 : |
B – 14 / 81, Saraswati, Industrial Estate, Opp. Chhani Octroi Naka,
Baroda – 390002, Gujarat |
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Tel. No.: |
91-265-6557028 |
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Area : |
10000sq.fts |
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Location : |
Owned |
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Unit No.2 : |
336 / 41, GIDC Estate, Makarpura, |
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Tel. No.: |
91-265-6595938 |
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Area : |
35000sq.fts |
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Location : |
Owned |
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Branches : |
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DIRECTORS
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Name : |
Mr. Alpesh Shah |
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Designation : |
Director |
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Date of Birth/Age : |
35 Years |
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Qualification : |
Mechanical Engineering |
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Experience : |
15 Years |
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Name : |
Mr. Dharmesh Shah |
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Designation : |
Finance Director |
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Date of Birth/Age : |
39 Years |
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Qualification : |
Graduate in Commerce |
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Experience : |
15 Years |
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Name : |
Mr. Tejas Shah |
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Designation : |
Director |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Mechanical Engineering |
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Experience : |
10 Years |
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Name : |
Mr. Vastupal Shah |
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Designation : |
Director |
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Date of Birth/Age : |
65 Years |
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Qualification : |
Graduate |
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Experience : |
30 – 35 Years |
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Name : |
Mr. Jaydeep |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Metallic Expansion Bellows and Hoses |
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Exports : |
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Products : |
All products |
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Countries : |
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Imports : |
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Products : |
Incol Materials |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 days / 60 days / 90 days / 120 days) depends on
parties |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
♠
End Users ♠
Petrol Pump
Manufacturing Industry |
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No. of Employees : |
79 |
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Bankers : |
Bank of Old |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shah Sanghvi and Company Chartered Accountants |
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CAPITAL STRUCTURE
Authorised Capital :
Not Available
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/-each |
Rs.0.500
millions |
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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0.500 |
0.500 |
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2] Share Application Money |
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0.372 |
0.372 |
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3] Reserves & Surplus |
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1.484 |
0.588 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.356 |
1.460 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.055 |
0.056 |
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TOTAL BORROWING |
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0.055 |
0.056 |
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DEFERRED TAX LIABILITIES |
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0.014 |
0.031 |
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TOTAL |
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2.425 |
1.547 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.794 |
2.485 |
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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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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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0.567 |
0.543 |
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Sundry Debtors |
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11.080 |
10.185 |
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Cash & Bank Balances |
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1.272 |
0.588 |
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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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0.776 |
0.292 |
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Total
Current Assets |
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13.695 |
11.608 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.643 |
11.985 |
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Provisions |
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0.421 |
0.572 |
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Total
Current Liabilities |
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14.064 |
12.557 |
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Net Current Assets |
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(0.369) |
0.949 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.011 |
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TOTAL |
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2.425 |
1.547 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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26.183 |
19.342 |
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Other Income |
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0.164 |
0.271 |
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Total Income |
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26.347 |
19.613 |
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Profit/(Loss) Before Tax |
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0.721 |
0.426 |
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Provision for Taxation |
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0.126 |
0.202 |
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Profit/(Loss) After Tax |
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0.595 |
0.224 |
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Expenditures : |
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Manufacturing Expenses |
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3.358 |
1.551 |
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Administrative Expenses |
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2.607 |
2.174 |
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Raw Material Consumed |
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17.602 |
13.755 |
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Increase/(Decrease) in Finished Goods |
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0.133 |
0.131 |
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Managerial Remuneration |
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1.739 |
1.700 |
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Interest |
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0.040 |
0.040 |
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Depreciation & Amortization |
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0.145 |
0.096 |
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Total Expenditure |
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25.624 |
19.447 |
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Expected Sales (2007-08) : Rs.55.000 millions
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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2.25 |
1.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.75 |
2.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.37 |
3.02 |
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Return on Investment (ROI) (PBT/Networth) |
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30.60 |
29.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.96 |
8.600 |
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Current Ratio (Current Asset/Current Liability) |
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0.97 |
0.92 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
©
J.B.S. Rak. Fz. Llc
©
Mr.
Website details
attached:
Company Details:
Incorporated in 1999 by a visionary Mr.
Alpesh Shah, Subject has become
a name of repute in Expansion Bellows and Corrugated Hoses Industry. The
company was set up with a goal of becoming a leading producer of high quality metallic
expansion bellows coupled with optimum services. The company takes its inspiration from its founder who has a rich
experience of over a decade in the manufacturing of Metallic Expansion Bellows
/ Joints / Compensators and Corrugated Hoses.
Today Subject has become a
specialist designer and manufacturer of varied range of metallic expansion
bellows and corrugated hoses.
Comprehensive Infrastructure
The company has a sophisticated
infrastructure consisting of state of art machinery and expert staff in
management, sales and engineering department. They believe in the highest
degree of customization in their operations, hence remain fine tuned to their
customers' needs. They specialize in providing innovative solutions for the
most demanding bellows applications. Their experienced engineering staff is
dedicated solely to the design, development, and manufacture of metallic
expansion bellows and corrugated hoses. Drawing upon years of experience
serving numerous industries, they can provide comprehensive assistance in every
aspect of product development - from theoretical analysis, design, and material
selection to manufacturing, evaluation and testing. Their consistent effort of
providing the best to their clients has resulted into big cost savings and the
most effective solutions for their clients; thus satisfying them to the fullest
extent.
In a nutshell....
- Gradually
consolidating its position in the market with world class products and
services.
- Expertise in
manufacturing bellows for varied applications, serving core sector
industries like steel, cement, power, sugar, paper, fertilizer,
petrochemical , allied chemical, pharmaceutical and nuclear industries.
- Highest level
of customization
- Sophisticated
Infrastructure consisting of state of art machinery and professional team
consisting of engineers and administrative staff.
- Stringent
Quality assurance leading to the production of most reliable and efficient
range of bellows. Their inhouse CAD based design and drawing
documentation methodologies stress on high quality design, based on EJMA
standards. They focus on conforming to the highest quality standards and
timely delivery schedules.
- Greater
emphasis on R&D, paving path to make it
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.40.75 |
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1 |
Rs.81.63 |
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Euro |
1 |
Rs.54.19 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
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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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