MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ANCHOR ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
41, 3rd Floor, Merchant Chambers, New Marine Lines,
Mumbai-400020, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.08.2000 |
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Com. Reg. No.: |
11-128292 |
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CIN No.: [Company
Identification No.] |
U31200MH2000PTC128292 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA18689G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Electrical Goods and Accessories. |
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 5180000 |
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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 records. 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 : |
41, 3rd Floor, Merchant Chambers, New Marine Lines,
Mumbai-400020, |
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Tel. No.: |
91-22-30952426 |
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E-Mail : |
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Head Office : |
Unit No.101, Innova C, Marathon Nextgen, Ganpatrao Kadam Marg, Lower
Parel (West), Mumbai-400013, |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Hiten J Vakharia |
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Designation : |
Director |
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Address : |
A-102, Sunder Dham, Rambaug, Poisar, Borivali (West), Mumbai-400092, |
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Date of Birth/Age : |
04.01.1961 |
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Date of Appointment : |
15.05.1995 |
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Date of Ceasing : |
24.06.2005 |
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Name : |
Mr. Rajesh N Karani |
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Designation : |
Director |
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Address : |
C/9, |
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Date of Birth/Age : |
04.11.1964 |
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Date of Appointment : |
15.05.1995 |
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Date of Ceasing : |
24.06.2005 |
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Name : |
Mr. Ravindra K Myatra |
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Designation : |
Director |
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Name : |
Mr. Jadavji L Shah |
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Designation : |
Director |
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Address : |
25/2, |
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Date of Birth/Age : |
09.05.1939 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Sanjay D Shah |
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Designation : |
Director |
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Address : |
304, Tehni Height, Petit Hall, 66, Nepean Sea Road, Malabar Hill, Mumbai-400006,
Maharashtra |
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Date of Birth/Age : |
15.01.1967 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Mehul J Shah |
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Designation : |
Director |
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Address : |
25/2, |
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Date of Birth/Age : |
05.05.1971 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Sudhir H Trivedi |
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Designation : |
Director |
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Address : |
B/404, Shri Vallahyog, Near |
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Date of Birth/Age : |
13.12.1972 |
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Date of Appointment : |
01.09.2005 |
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Name : |
Mr. Atul Damji Shah |
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Designation : |
Director |
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Address : |
B-2/20, Prithvi Apartment, 21, |
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Date of Birth/Age : |
24.04.1963 |
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Date of Appointment : |
01.11.2004 |
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Date of Ceasing : |
20.06.2005 |
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Name : |
Mr. Damji L Shah |
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Designation : |
Director |
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Address : |
304, Tehni Height, Petit Hall, 66, Nepean Sea Road, Malabar Hill, Mumbai-400006,
Maharashtra |
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Date of Birth/Age : |
25.09.1937 |
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Date of Appointment : |
01.11.2004 |
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Date of Ceasing : |
20.06.2005 |
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Name : |
Mr. Hemang J Shah |
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Designation : |
Director |
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Address : |
25/2, |
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Date of Birth/Age : |
23.02.1975 |
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Date of Appointment : |
01.11.2004 |
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Date of Ceasing : |
20.06.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Ms. Usha A Shah |
2925000 |
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Mr. Sanjay D Shah |
398700 |
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Mr. Mehul J Shah |
2389500 |
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Mr. Hemang J Shah |
2929300 |
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Ms. Heena S Shah |
2601300 |
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Ms. Julie M Shah |
610500 |
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Mr. Jadavji Shah |
100 |
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Mr. Damji L Shah |
100 |
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Total |
11854500 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Electrical Goods and Accessories. |
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Products : |
v
Electrical Switches v
Electric Fuses |
GENERAL INFORMATION
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Bankers : |
GEB |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N B Purohit & Company Chartered Accountants |
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Address : |
3-G/2, Court Chambers, 35, New Marine Lines, Mumbai-400020, |
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Associates/Subsidiaries : |
Roma Electricals Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11854500 |
Equity Shares |
Rs.10/- each |
Rs.118.545
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
118.545 |
118.545 |
7.903 |
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2] Share Application Money |
0.000 |
0.00 |
0.000 |
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3] Reserves & Surplus |
1176.766 |
455.948 |
561.038 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1295.311 |
574.493 |
568.941 |
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LOAN FUNDS |
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1] Secured Loans |
35.869 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
35.869 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1331.180 |
574.493 |
568.941 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
287.274 |
7.158 |
7.634 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
92.697 |
101.747 |
105.149 |
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DEFERREX TAX ASSETS |
29.473 |
0.726 |
1.345 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1166.876
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0.000 |
0.000 |
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Sundry Debtors |
1791.937
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0.400 |
0.000 |
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Cash & Bank Balances |
179.253
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0.650 |
0.479 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
328.356
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463.817 |
454.443 |
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Total
Current Assets |
3466.422
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464.867 |
454.922 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2432.983
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0.005 |
0.109 |
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Provisions |
111.703
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0.000 |
0.000 |
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Total
Current Liabilities |
2544.686
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0.005 |
0.109 |
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Net Current Assets |
921.736
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464.862 |
454.813 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1331.180 |
574.493 |
568.941 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Total Income |
3203.126 |
8.970 |
7.437 |
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Profit/(Loss) Before Tax |
757.772 |
8.349 |
6.727 |
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Provision for Taxation |
-- |
NA |
1.043 |
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Profit/(Loss) After Tax |
757.772 |
8.349 |
5.684 |
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Export Value |
0.786 |
NA |
NA |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
0.162 |
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Interest |
0.610 |
0.000 |
0.000 |
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Depreciation & Amortization |
17.254 |
0.121 |
0.219 |
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Other Expenditure |
2427.490 |
0.500 |
0.328 |
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Total Expenditure |
2445.354 |
0.621 |
0.719 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
23.66
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93.08
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76.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
23.66
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93.08
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0.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.19
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1.77
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1.45 |
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Return on Investment (ROI) (PBT/Networth) |
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0.59
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0.01
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0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.99
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0.00 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
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1.36
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92973.40 |
4173.60 |
LOCAL AGENCY FURTHER INFORMATION
Company’s fixed assets include Land, Building, Motor Car and Electric
Fittings.
Contingent Liabilities :
Estimated amount of contract remaining to be
executed on capital account and not provided for Rs. Nil.
Loans given to subsidiary companies Esskays Contractions
Private Limited Rs..194.673 millions (Previous year Rs.228.373 millions).
Jopline Real Estate Private Limited Rs.3.971
millions (Previous year Rs.3.920 millions)
Anchor Lampa Private Limited Rs.1.878 millions
(Previous year Rs.1.878 millions)
Avanti Health Care Private Limited Rs.3.630
millions where no interest is charged by the company.
Loans given to following parties were received
back during the year where no interest charged to Profit and Loss Account :
John Oak Remedies Private Limited Rs.0.100
millions.
Loans also includes loan given to :
Akai Impex Limited Rs.0.291 millions (Previous
year Rs.0.291 millions)
Asoj Soft Caps Private Limited Rs.25.553
millions (Previous year Rs.25.653 millions)
Shree Asheem Corporation Rs.47.645 millions
(Previous year Rs.47.645 millions)
Dimple Finance Rs.1.292 millions (Previous
year Rs.3.529 millions)
Thakker Finance Rs.1.130 millions (Previous
year Rs.1.130 millions)
Bahubali Constructions Private Limited
Rs.3.940 millions (Previous year Rs.3.940 millions)
Bali Plastics Private LimitedRs.0.040 millions
(Previous year Rs.0.840 millions)
Meena Enterprises Rs.1.797 millions (Previous
year Rs.1.797 millions)
Dilipkumar Nanji & Company Rs.1.670
millions (Previous year Rs.1.670 millions)
Mrs. Vimla Maheshwari Rs.1.000 millions
(Previous year Rs.1.000 millions) in respect of which no interest received is
provided in the Profit and loss account.
The Income Tax Authority has raised a demand
of Rs.1.703 millions in respect of Assessment year 1996-97. The company has
preferred appeal against this assessment. The company has not been legally
advised that the demand is likely to be vacated in appeals.
Additional information pursuant to provision
of paragraphs 3, 4, 4C and 4D of part II of schedule VI of the companies act,
1956
Quantitative information in respect of opening
stock, purchases, production sales and closing stock for each class of goods
dealt with by companies.
The company does not possess information as to
which of its suppliers are ancillary industrial undertaking/small scale
undertaking holding permanent registration on certificate issued by the
director of the industrial of state or union territory consequently the
liabilities if any, of interest which would be payable under interest on
deferred payment to small scale and ancillary industrial undertaking ordinance,
1992 can not be ascertained. However the company has not received any claim in
respect of interest from such suppliers.
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.40.64 |
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|
1 |
Rs.80.44 |
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Euro |
1 |
Rs.54.65 |
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 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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53 |
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 |
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