MIRA
INFORM REPORT
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Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AVCON CONTROLS PRIVATE LIMITED |
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Registered Office : |
Plot No. 65, Road 13, MIDC, Andheri (East), Mumbai 400 093, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.06.1976 |
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Com. Reg. No.: |
19050 |
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CIN No.: [Company
Identification No.] |
U01110MH1976PTC019050 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21146G |
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PAN No.: [Permanent
Account No.] |
AABCA1716D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of different types of valves and control
equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 353228 |
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Status : |
Good |
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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 re 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 / Factory: |
Plot No. 65, Road 13, MIDC, Andheri (East), Mumbai 400 093, Maharashtra,
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Tel. No.: |
91-22-28349971 / 28349973 / 28349134 |
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Fax No.: |
91-22-28216917 / 28213298 |
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E-Mail : |
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Website: |
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Factory 1 : |
T-109, MIDC, Bhosari, Pune - 411 026, |
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Branches : |
AVCON CONTROLS PRIVATE LIMITED Plot No. T - 108, MIDC Area, Bhosari, Pune 411 026, Tel. No: 91-20-2712 0776 / 91-20-2712 0540 Fax No: 91-20-2712 0647
Flat No. 708, 7th Floor, 94, Meghdoot, Tel. No: 91-11-2646 0811
/ 91-11-2641 2314 Fax No: 91-11-2621 5074 AVCON CONTROLS PRIVATE LIMITED 307, Mangaldeep Complex, Sampatrao Colony, Tel. No: 91-265-2351441 Fax No: 91-265-2351441 AVCON CONTROLS PRIVATE LIMITED 720 Marshal House, 33 / 1, Tel. No: 91-33-2230 2471 Fax No: 91-33-2230 2471 AVCON CONTROLS
PRIVATE LIMITED Instrumentation & Control Systems, S-3, Iind Floor, Kgeyes Pavithram Appartments, T-34 & 36, 7th Avenue, Madha Church Road, Besant Nagar, Chennai – 600 090, Tamilnadu, India Tel. No: 91-44-4215 1572 Fax No: 91-44-2446 2584 AVCON CONTROLS
PRIVATE LIMITED ICS – AVCON, Hi Tel. No: 91-40-2341 0682 Fax No: 91-40-2340 3093 B/12, First Floor, 9 & 10, Tel. No. 91-44-24341149 Fax No. 91-44-24341149 |
DIRECTORS
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Name : |
Mr. Avinash Namdeo Kawale |
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Designation : |
Managing Director |
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Address : |
31 A, Ekata, Grn Vaidya Marg, Goregaon (East), Mumbai 400 063, |
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Date of Birth/Age : |
23.09.1938 |
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Qualification : |
L.E.E. |
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Date of Appointment : |
02.06.1976 |
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Name : |
Mr. Rajan Avinash Kawale |
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Designation : |
Director |
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Address : |
31 A, Ekata, Grn Vaidya Marg, Goregaon (East), Mumbai 400 063, |
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Date of Birth/Age : |
09.06.1965 |
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Date of Appointment : |
01.04.1989 |
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Name : |
Mr. Pramila Avinash Kawale |
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Designation : |
Director |
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Address : |
31 A, Ekata, Grn Vaidya Marg, Goregaon (East), Mumbai 400 063, |
KEY EXECUTIVES
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Name : |
Mr. R. M. Shenvi |
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Designation : |
Vice President (Finance & Accounts) |
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Name : |
Mr. S. E. Charikar |
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Designation : |
Vice President (Production) |
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Name : |
Mr. P. M. Gore |
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Designation : |
Vice President (Marketing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Avinash Namdeo Kawale |
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20000 |
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Mr. Pramila Avinash Kawale |
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12000 |
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Mr. Avinash Namdeo Kawale |
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8000 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors ore relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of different types of valves and control
equipments. |
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Products : |
Ø
Gas Products Ø
Butterfly Valves Ø
Diaphragm Seated Valves Ø
Control Vales Ø
Pneumatic On/Off Valves Ø
Solenold Valves Ø
Ball Valves Ø
Actuators
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Exports : |
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Countries : |
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Imports : |
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Products : |
S. S. rods, gas components,
electric actuators, diaphragm |
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Countries : |
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The company's production status for the year 31st March, 2002 was as under :
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Class of goods |
Installed Capacity (Nos.) |
Actual Production (Nos.) |
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Valves |
50000 |
24140 |
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Spare parts |
50000 |
7023 |
GENERAL INFORMATION
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Bankers : |
Syndicate Bank Marol Branch, B / 59, Giriraj Industrial Estate, Mahakali
Caves Road, Andheri (East), Mumbai 400 093, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Wandrekar and Company Chartered Accountants |
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Address : |
Building No. C 20, Block No. 181, M I G Colony, Gandhinagar, Bandra
(East), Mumbai 400 051, |
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Tel. No.: |
91-22-6400592 / 612 |
CAPITAL STRUCTURE
Authorised 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 |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity shares |
Rs. 10/-
each |
Rs. 4.000
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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4.000 |
4.000 |
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2] Share Application Money |
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84.307 |
67.304 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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88.307 |
71.304 |
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LOAN FUNDS |
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1] Secured Loans |
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22.218 |
24.904 |
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2] Unsecured Loans |
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12.009 |
8.296 |
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TOTAL BORROWING |
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34.227 |
33.200 |
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DEFERRED TAX LIABILITIES |
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13.529 |
13.308 |
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TOTAL |
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136.063 |
117.812 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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71.482 |
73.206 |
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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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0.017 |
0.017 |
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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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15.044 |
21.209 |
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Sundry Debtors |
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28.018 |
25.097 |
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Cash & Bank Balances |
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49.312 |
26.729 |
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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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6.453 |
4.808 |
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Total
Current Assets |
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98.827 |
77.843 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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30.721 |
29.904 |
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Provisions |
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3.542 |
3.350 |
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Total
Current Liabilities |
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34.263 |
33.254 |
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Net Current Assets |
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64.564 |
44.589 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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136.063 |
117.812 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.77 |
0.93 |
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Current Ratio (Current Asset/Current Liability) |
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2.88 |
2.34 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
AVCON
CONTROLS PRIVATE LIMITED |
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Presented
By |
SYNDICATE
BANK CONTROLS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Dated: 17.12.1992 a) Deed of Hypothecation of Machinery and Plant, Goods b) Deed of Hypothecation of Goods and Monies, Receivablesetc c)memorandum of deposit of title deeds (Collectively constitute a single charge for Rs. 7.118 Millions) |
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2) Amount secured by the charge/amount owing on the securities of charge |
2 Rs. 7.118 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 |
1. First Charge on all the company plant and machinery accessories, equipments tools, implements, electrical installations lying at Plot No. 65, Road No. 13, MIDC Morol Area, Andheri, Mumbai 400 093, and at 109, MIDC Bhasari, Pune 26, and or anywhere else in India and also on all present and future investments, deposits, outstanding all monies receivables and all current assets etc. 2. First charge on all the company’s stock in trade i.e. raw materials, semi-finished and finished goods, stores and apares etc. stored and or lying from time to time in company’s factory premises at plot no. 65, road no. MIDC, Marol Area, Andheri East, Mumbai 400 093, and at T 109, MIDC Bhosari, Pune 411 026 and / or in transit and or any where else in India and also on all present and future investments, deposits, outstanding all monies receivables and all other current assets etc. 3. First charge on company’s land and building at plot no. 65, road no. 13, MIDC, Marol Area, Andheri East, Mumbai 400 093 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. The charge is created to secure credit facilites aggregating to Rs. 7.118 millions with interest, discount, commission etc. as detailed below
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank Marol Branch, B / 59, Giriraj Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai 400 093, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Composite Hypothecation agreement dated 24.03.2005 executed for the same charge |
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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. |
1. a) Past modification The original charge created on 17.12.1992 for Rs. 7.118 millions was modified form time to time on: i) 06.07.1994 from Rs. 7.118 millions to 13.194 millions ii) 25.10.1994 from Rs. 13.194 millions to Rs. 13.029 millions iii) 24.10.1995 from Rs. 13.030 millions to Rs. 13.062 millions iv) 17.11.1995 from Rs. 13.062 millions to Rs. 18.062 millions v) 22.04.1997 from Rs. 18.062 millions to Rs. 20.200 millions further modified on 22.04.1997 against equitable mortgage in respect of immovable properties being plot no. 65 in marol industrial area of MIDC Andheri, as security by way of second charge for due repayment of various facilities aggregating Rs. 27.395 millions further modified on 12.09.1998 against extension of equitable mortgage on the said immovable properties by way of second charge to secure due repayment of various facilities aggregating Rs. 19.146 millions further modified on 30.03.2000 against extension of equitable mortgage on the said immovable property by way of 2nd /subsequent charge to secure due repayment of various facilities aggregating Rs. 16.393 millions further modified on 04.04.2000 for Rs. 16.393 millions further modified on 29.10.2001 for Rs. 19.393 millions for charge under hypothecation further modified on 29.10.2001 for Rs. 15.944 millions for creation of second equitable mortgage. Further modified on 28.08.2003 for Rs. 15.999 millions for creation of second equitable mortgage and composite hypothecation agreement Further modified on 11.03.2004 as under
Present modification
2. Interest @12% being 1% over and above the Syndicate Bank’s Prime Lending rate (PLR) raising or falling therewith from time to time with calendar monthly rests. |
operations
The sales turnover of the company decreased from Rs. 100.088 millions to Rs. 96.502 millions, as compared to the previous year [decreased by about 3.58%]. The performance of the company is satisfactory if compared to the other similar type of industries, under the given economic scenario.
export
The company had achieved a Export turnover of Rs. 10.629 millions during the year from Rs. 0.141 millions as compared to previous year. This is due to the efforts taken by the management by chasing the foreign market.
profile
The company is a highly motivated team of Technical, Managerial Professionals with strong committments to excellence in presentation of AUTOMATED VALVES. Which includes SOLENOID-MOTORISED-PNEUMATIC OPERATED VALVES, used in diversed field where automation is needed.
The company's motto is "QUALITY + TECHNOLOGY + PERFORMANCE". This
ensures "the worth of money you spend on buying automated valves".
Three plants located in MUMBAI and PUNE, Sales Offices in DELHI,CHENNAI, BARODA, KOLKATA, HYDRABAD, VISAKAPATNAM, COIMBATORE, are equipped with factory trained Sales and Service Engineers. Who are ready to solve application problem, related to automated Valves, needed for automation. Complete Computerised order Processing and Production Quality Control System, Latest Manufacturing Technique by using CAD/CAM, CNC Machining and assembling systems, ensures high precision product, completely interchangeable and suiting to asthetic of modern times, yet economically produced.
collaboration
The company has technical collaboration with Alexander
Controls Limited,
Subject is an ISO 9002 Certified Company.
The name board of the company could be sighted. The visibility of the company is high. It is easy to locate the office of the company.
The company employs around 136 persons in its' set up consisting of 51 persons in factory, 66 persons in office and 19 others.
It operates from caption owned office premises.
Caption factory premises is also owned by the company, which is located in an industrial as well as in a commercial area.
The company's fixed assets of important value include leasehold land, building, plant & machinery, computers, dies and tools, computers, air conditioner, fax machine, telephone, etc.
OFFSHORE
CAPABILITIES
Ø ENCORD SDN.BHD (
No. 1A, Jalan, USJ 1/31,
47600, USJ1 Subang, Jaya,
Selangor Darul Eshan.
Mr. Tommy NG, Director
Tel. no. 00-603-80240919
Fax no. 00-603-80240943
Email: encord@tm.net.my
Ø THERMOTECH SDN BHD
No. 18, Block-D, Lot 757
Prime Subang Light Industrial Park
Jalan subang 3,
Off Persiaran Subang
47610 Subang Jaya,
Selangor, Malaysia.
Mr. S.T.Kong, Technical Director
Tel. no. 00-603-56327248/7268
Fax no. 00-603-56327263
Email: thermotech@time.net.my
Ø TRITHERM CORPORATION PTE
LIMITED
10,
#06-81
Mr. Godfrey Foo, Chief Executive Officer.
Tel. no. 00-65-68534270
Fax no. 00-2-68534269
Email: godfrey@tritherm.com
Ø A.P.S. CONTROL COMPANY
LIMITED
7 SOI ON-NUCH 62
Sukhumvit 77 Road,
Suanluang
Mr. Danai Hutaprapi
Tel. no. 00-62-27211800
Fax no. 00-62-27211791
Email: aps_control@hotmail.com
Ø SOLUTION CONTROL &
ENGINEERING
655, MOO 5, SOI DANSAMRONG 6
Samutprakarn 10270,
Mr. Adisak S, Sales Manager
Tel. no. 00-662-7573231
Fax no. 00-662-3801063
Ø
OOO’THE RESEARCH-AND-PRODUCTION
CORPORATION “RASKO”
Leningradskiy Prospect 35
Mr. S. Zolotarevskiy, Gen. Director
Mr. Alex S. Osipov
Tel. no. 00-7495-9701683
Fax no. 00-7495-2528054
Email: rasko@orc.ru/osipov@packo.ru
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.63 |
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1 |
Rs.82.42 |
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Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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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