MIRA
INFORM REPORT
|
Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
ACE
PIPELINE CONTRACTS PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
MID EAST CONSTRUCTION PRIVATE LIMITED |
|
|
|
|
Registered Office : |
4, Stan Burg Estate,
Ground Floor, Hira Buwa Gawde Marg, Juhu Koliwada, Santacruz [West], Mumbai –
400049, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
07.04.1989 |
|
|
|
|
Com. Reg. No.: |
11-051308 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U45200MH1989PTC051308 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA23947A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCA3913G |
|
|
|
|
Legal Form : |
Private
Limited Liability Company. |
|
|
|
|
Line of Business : |
Procure
and execute or to get any contract, works contract or labour work for lying
underground or above ground pipeline. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 30000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
4, Stan Burg
Estate, Ground Floor, Hira Buwa Gawde Marg, Juhu Koliwada, Santacruz [West],
Mumbai – 400049, Maharashtra, India |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr.
Anoop Satnam Singh |
|
Designation : |
Director |
|
Address : |
10, Beach Resort, |
|
Date of Birth/Age : |
31/10/1948 |
|
Date of Appointment : |
07/04/1989 |
|
|
|
|
Name : |
Mr.
Gurmeet Satnam Singh |
|
Designation : |
Director |
|
Address : |
10, Beach Resort, |
|
Date of Birth/Age : |
25/07/1955 |
|
Date of Appointment : |
07/04/1989 |
KEY EXECUTIVES
|
Name : |
Mr.
Ravindra V. Joshi |
|
Designation : |
Company Secretary |
|
Address : |
10-B/301, Lokhandwala Complex, Kandivli (East), Mumbai –
400101, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Mr.
Anoop S. Singh |
|
30300 |
|
Mr. Gurumeet S. Singh |
|
30250 |
|
Mrs.
Govinder Kaur |
|
3700 |
|
Mrs.
Minal G. Singh |
|
3250 |
|
Mr.
Ravneet A. Singh |
|
2000 |
|
Mr.
Stanam G. Singh |
|
5500 |
|
Grand Total |
|
75000 |
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 % |
As on 01.02.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mr.
Anoop S. Singh |
|
5000 |
|
Mr. Gurumeet S. Singh |
|
5000 |
|
Total |
|
10000 |
BUSINESS DETAILS
|
Line of Business : |
Procure
and execute or to get any contract, works contract or labour work for lying
underground or above ground pipeline. |
|
|
|
|
Products : |
Civil
and Pipeline Contractor |
GENERAL INFORMATION
|
Suppliers : |
>
Burner Morision and company >
Gmmco Limited >
Pacific Forging and Fasteners Private Limited >
Photos Engineering Corporation
>
Shic Aym Steel Private Limited >
Sree krishnarjuna Steel and Pipe Distributors >
Zebra Weblift Private Limited >
Corrosion Control Services B Private Limited >
Damodar Tech International Private limited >
Fair Deal Channels Private Limited >
Indian Engineering Company >
PLN Construction Limited >
OTIS ( >
Raychem RPG Limited >
TDW India Limited >
Esab India Limited >
T D W India Limited >
T K Infrastructures Private limited >
Agarwal Earth movers Private Limited >
Jai Hind Project Limited >
JCE Engineering and Management Services Private limited >
Ricoh India Limited >
Sachkhand Travels Private Limited >
Sri Dhanalakshmi Iron and General Merchants >
Steelage Industries
Limited |
|
|
|
|
Customers : |
>
B P C L – MMPL >
MDL Project Private Limited >
Shri
Ganesh Enterprises >
Mahanagar
Gas Limited >
Coe
Drilling Australia Private Limited >
RNGS
Consortium |
|
|
|
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
>
Allahabad Bank Tilak Nagar, >
Allahabad Bank, Baruch >
Allahabad Bank, Paradeep >
Allahabad Bank, Haldia >
Allahabad Bank, Sayajigunj >
Allahabad Bank, >
Allahabad Bank, Mumbai >
Indian Bank, Nagapattinam >
>
State Bank of >
State Bank of >
State Bank of >
State Bank of >
State Bank of >
Citi Bank N A Bandra Kurla Complex, Bandra (East), Mumbai, >
ICICI
Bank – New Delhi |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
A. J.
Bhatt & Company Chartered
Accountants |
|
Address : |
7/10,
|
|
Tel. No.: |
91-22-56290279 |
|
Fax No.: |
91-22-56346482 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Share |
Rs. 100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Share |
Rs. 100/- each |
Rs. 7.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.500 |
7.500 |
8.500 |
|
|
2] Share Application Money |
1.750 |
0.750 |
0.000 |
|
|
3] Reserves & Surplus |
37.156 |
32.168 |
39.374 |
|
|
NETWORTH |
46.406 |
40.418 |
47.874 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
24.948 |
32.633 |
48.410 |
|
|
2] Unsecured Loans |
22.115 |
19.936 |
11.875 |
|
|
TOTAL BORROWING |
47.063 |
52.569 |
60.285 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
93.469 |
92.987 |
108.159 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
46.349 |
49.110 |
78.423 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.190 |
9.890 |
11.689 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.298
|
1.036 |
23.882 |
|
|
Sundry Debtors |
40.050
|
72.006 |
50.027 |
|
|
Cash & Bank Balances |
2.722
|
1.745 |
0.218 |
|
|
Loans & Advances |
30.974
|
19.867 |
42.504 |
|
Total Current Assets |
95.044
|
94.654 |
116.631 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
59.114
|
49.214 |
98.584 |
|
|
Provisions |
0.000
|
11.453 |
|
|
Total Current Liabilities |
59.114
|
60.667 |
98.584 |
|
|
Net Current Assets |
35.930
|
33.987 |
18.047 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
93.469 |
92.987 |
108.159 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
114.409 |
302.202 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
(6.625) |
5.080 |
|
Provision for
Taxation |
|
-- |
1.822 |
|
Profit/(Loss)
After Tax |
|
(6.625) |
3.258 |
|
|
|
|
|
|
Total Expenditure |
|
121.034 |
297.122 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
(5.79) |
1.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(6.47) |
1.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(4.60) |
2.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
(0.16) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.29
|
2.80 |
3.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.56 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been shifted from 10, Beach Resort, Juhu Azad Road, Juhu Koliwada, Santacruz (West), Mumbai – 400049, Maharashtra to the present address w.e.f. 01.02.2007
Subject
has changed its name from Mid East Construction Private Limited to the present
name with effect from 02.04.1990.
Business
Subject
is engaged in the business of Procuring and executing or to get any contract,
works contract or labour work for laying underground or above ground pipeline,
erection and installation of Heavy Equipments, Vessels, Tanks, Mechanical,
Electrical or Instrumentation work or to construct building, road, bridges and
repair thereof or to undertake construction, repair or fabrication work for
fixing and fitting and any kind of pipelines, building, roads etc.
Subject
is a pipe laying company. It had
successfully carried out pipeline and associate civil contracts across
The
company’s fixed assets of important value include office premises, machinery,
car, computers and fax machine.
Its
major clients are from large oil companies to large multinationals.
|
Name of the company |
ACE PIPELINE CONTRACTS PRIVATE LIMITED |
|
Presented
By |
CITICORP FINANCE INDIA LIMITED AND ACE
PIPELINE CONTRACTS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Dated : 28th November, 2004 Loan Cum Hypothecation Agreement. (Contract No. LRI – 2594468) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.900 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of 3 Nos. Vehicles namely Pipelayer, Excavator and 3 D JCB bearing Chassis No. 15026, H0627662170 and 38D1947 respectively purchased / to be purchased out of the finance availed from CITICORP FINANCE INDIA LIMITED |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The loan repayable in 36 equal monthly instalments each of Rs. 0.167 millions starting form 25th January, 2005 Interest @ 12.84 % p.a. to be computed with monthly rests on the outstanding balance. |
Bankers Charges
Report as per Registry
|
Name of the company |
ACE PIPELINE CONTRACTS PRIVATE
LIMITED |
|
Presented By |
Director |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement for Goods Security an Hypothecation agreement for Vehicles
constituting a collective charge of Rs. 5.000 Millions dated 24.03.2007 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total Loan
facility of Rs. 5.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation
agreement for goods security and hypothecation agreement for vehicles 1999 TATA
EXCAVATOR EX 200 1999 BEML BP 41 2000 BEML BP 41 1999 ESCORTS JCB
– HR 38D1747 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First and exclusive
charge to secure a loan facility of Rs. 5.000 millions @ of 15.5 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Citi Bank N. A. Citi Business Citi Bank Centre,
2nd Floor, Bandra Kurla Complex, Bandra [East], Mumbai – 400051. |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.47 |
|
|
1 |
Rs.80.28 |
|
Euro |
1 |
Rs.54.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|