MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARGUS TECHNOLOGISTS PRIVATE LIMITED |
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Registered Office : |
B 3, Basement Shree Krishna Centre, Mithakhali Six Road,
Navrangpura, Ahmedabad 380009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.11.2007 |
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Com. Reg. No.: |
52138 |
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CIN No.: [Company
Identification No.] |
U45309GJ2007PTC052138 |
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PAN No.: [Permanent
Account No.] |
AABCA7893F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Exporting
of Thermoformed domes-pyramids, polyurethane, silicone elasto metric
coatings, rigid polyurethane foam, turbo ventilators, curtain wall, double
glass |
RATING &
COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has taken over the running business of erstwhile
Argus Agencies Private Limited from January 2008. The management has
confirmed to part with financials, and if they provide, will send a
supplementary report. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Kamalesh Dangarwala |
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Designation : |
(Managing Director) |
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Contact No.: |
91-982508656 / 9228482217 |
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Date : |
01.04.2008 |
LOCATIONS
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Registered Office : |
B 3, Basement Shree Krishna Centre, Mithakhali Six Road,
Navrangpura, Ahmedabad 380009 |
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Tel. No.: |
91-79-26404456 / 26431371 |
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Mobile No.: |
91-982508656 / 9228482217 |
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Fax No.: |
91-79-26463617 / 26404456 |
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E-Mail : |
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Website : |
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Area : |
300 sq. ft. [Rented] [Shifting to own premises of 2000 sq. ft. within 30-45 days, please
note] |
DIRECTORS
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Name : |
Mrs. Nayanbala Dangarwala |
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Designation : |
Director |
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Address : |
6, Aangan Abatement, Nehru Park, Lad Society Road, Bastrapur,
Ahmedabad 380016, Gujarat, India Tel No. : 91-79-26752764 |
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Date of Birth : |
10.10.1937 |
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Qualification : |
B. A. [Hons] |
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Experience : |
5 Years |
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Name : |
Mr. Kamalesh Dangarwala |
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Designation : |
Director |
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Address : |
6, Aangan Abatement, Nehru Park, Lad Society Road, Bastrapur,
Ahmedabad 380016, Gujarat, India Tel No. : 91-79-26752764 |
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Date of Birth/Age : |
27.09.1959 |
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Qualification : |
M.B.A., B. B. A. [Gold Medalist] |
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Experience : |
27 Years |
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Name : |
Mrs. Hina Dangarwala |
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Designation : |
Director |
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Address : |
6, Aangan Abatement, Nehru Park, Lad Society Road, Bastrapur,
Ahmedabad 380016, Gujarat, India Tel No. : 91-79-26752764 |
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Date of Birth/Age : |
03.01.1961 |
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Qualification : |
B. Sc. |
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Experience : |
10 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Nayanbala Dangarwala |
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300 |
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Mr. Kamalesh Dangarwala |
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400 |
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Mrs. Hina Dangarwala |
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300 |
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Total |
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1000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and
Exporting of Thermoformed domes-pyramids, polyurethane, silicone elasto
metric coatings, rigid polyurethane foam, turbo ventilators, curtain wall,
double glass |
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Products : |
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Services Offered : |
Turn Key Services like design, fabrication and
installation of Structure and Sheet Fixing for Industrial Sheds, Stadiums,
Multiplexes, etc. with Aluminium/Pre (Colour) Coated/Bare
Galvalume/Galvanized- Plain and Coloured Roofing Sheets and various
Polycarbonate/FRP Sheets. |
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Exports : |
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Countries : |
North and South Africa, East
Africa, Europe and other countries |
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Terms : |
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Purchasing : |
Credit [60-90 days] |
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Selling : |
Credit [60 days] |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Wind Driven Turbo Ventilators |
PCS p.a. |
5000 |
3600 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 [In office : 09, In Factory : 07 and In Branch : 14] |
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Bankers : |
Bank of India, Surendra Mangaldas Road Branch, Satellite Road,
Ahmedabad 380015, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
U R Dangarwala and Company Chartered Accountants |
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Address : |
Near Aurbindo Ashram, Dandia Bazaar, Baroda |
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Mobile No.: |
91-9824019199 |
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Fax No.: |
91-265-2422452 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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120 |
Equity Shares |
Rs. 100/- each |
Rs. 0.012 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ARGUS
AGENCIES PRIVATE LIMITED
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.012 |
0.012 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.978 |
0.873 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.990 |
0.885 |
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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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0.485 |
0.651 |
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TOTAL BORROWING |
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0.485 |
0.651 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.475 |
1.536 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.595 |
0.535 |
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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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0.325 |
0.116 |
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Sundry Debtors |
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0.404 |
0.680 |
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Cash & Bank Balances |
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0.126 |
0.106 |
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Other Current Assets |
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0.100 |
0.000 |
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Loans & Advances |
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0.060 |
0.280 |
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Total
Current Assets |
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1.015 |
1.182 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.090 |
0.181 |
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Provisions |
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0.045 |
0.000 |
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Total
Current Liabilities |
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0.135 |
0.181 |
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Net Current Assets |
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0.880 |
1.001 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1.475 |
1.536 |
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PROFIT & LOSS
ACCOUNT
ARGUS
AGENCIES PRIVATE LIMITED
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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3.410 |
2.720 |
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Profit/(Loss) Before Tax |
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0.138 |
0.066 |
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Provision for Taxation |
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0.045 |
0.020 |
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Profit/(Loss) After Tax |
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0.093 |
0.046 |
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Expenditures : |
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Cost of Goods Sold |
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2.739 |
2.297 |
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Administrative Expenses |
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0.407 |
0.319 |
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Depreciation & Amortization |
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0.025 |
0.037 |
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Other Expenditure |
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0.100 |
0.000 |
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Total Expenditure |
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3.271 |
2.653 |
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KEY RATIOS
ARGUS
AGENCIES PRIVATE LIMITED
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.73 |
1.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.05 |
2.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.57 |
3.84 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.63 |
0.94 |
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Current Ratio (Current Asset/Current Liability) |
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7.52 |
6.53 |
LOCAL AGENCY
FURTHER INFORMATION
Notes :
Earlier company was started in the Year 1989 by the name Argus Agencies Private
Limited. Another company in the name of Argus Technologists Private Limited
started in November 2007 and the company Argus Agencies Private Limited got
amalgamated with Argus Technologists Private Limited in January 2008.
About Argus Agencies Private
Limited
Registration No.: 04-12285;
Registered Office : 17, Shree Krishna Centre, Near Mithakhali Six Road,
Navrangpura, Ahmedabad 380009
Other Activity
- Contract Manufacturing of : Polycarbonate Sky domes
- Strategic tie up Wind Driven Turbo Ventilators
- On Site Fabrication of M. S. Structure for Skylights Roofings
Trade Reference
Shri Nimish B Patel
Abhikram [Architects and Planner], Ahmedabad
Shri Chintan N Parikh
Chairman and Managing Director
Ashima Group of Companies Ahmedabad
Shri Bipinbhai Shah
Pyramid Associates
[Structural Consultants] Ahmedabad
Shri C B Dasadia
Industrial Advisor / Consultants
[Regd. Joint Commissioner of Industires
Government of Gujarat] Ahmedabad
Initially, they started as marketing Agents
Lexan Sheets of GE Plastics India Limited in 1993, later on when Polygal India
Limited introduced a speciality varieties of Polycarbonate Sheets, they are
Marketing Agent thereto. Sunlite Sheets takes care of varieties not offered /
available from GE / Polycarbonate sheets for all 3 together there is no
conflict of interest among manufacturer.
Where as Argus Skylights Domes etc. and
maruti Wind Driven Turbo Ventilators are their own products manufactured with
exclusive third party strategic arrangements / Tie Up.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Intl
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 companys 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.39.98 |
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UK Pound |
1 |
Rs.79.09 |
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Euro |
1 |
Rs.62.25 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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30 |
This score serves as a reference to assess SCs 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. |
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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