MIRA
INFORM REPORT
|
Report Date: |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ATCO CONTROLS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
38 B Nariman Bhavan, Nariman Point, Mumbai-400021,Maharashtra, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
01.01.1996 |
|
|
|
|
Com. Reg. No.: |
11-95760 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U30000MH1996PTC095760 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA09841G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Ballasts |
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 184950 |
|
|||
|
|
|
|
|||
|
Status : |
Satisfactory |
|
|||
|
|
|
|
|||
|
Payment Behaviour : |
No Complaints |
|
|||
|
|
|
|
|||
|
Litigation : |
Clear |
|
|||
|
|
|
|
|||
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have been
heard. The company can be considered good for normal business dealings |
|
|||
LOCATIONS
|
Registered Office : |
38 B Nariman Bhavan, Nariman Point, Mumbai 400021, Maharashtra, India. |
|
Tel. No.: |
91-22-66324944 |
|
Fax No.: |
91-22-22022304,66982624 |
|
E-Mail : |
|
|
Website : |
www.atcocontrols.com (Under
Construction) |
DIRECTORS
|
Name : |
Mr. Bhavin H. Doonderji |
|
Designation : |
Managing Director |
|
Address : |
1502,Benhur Apartment, 32, Narayan Dabholkar Road, Malabar Hill,
Mumbai-400006 |
|
Date of Birth/Age : |
04.11.1970 |
|
Date of Appointment : |
24.01.1996 |
|
|
|
|
Name : |
Mr. Joseph H. Kramer |
|
Designation : |
Director |
|
Address : |
A M Roemerkastell-9,d 73525, Schwaebisch Gmeund, Germany |
|
Date of Birth/Age : |
28.07.1953 |
|
Date of Appointment : |
15.04.2003 |
|
|
|
|
Name : |
Ms. Jyotsna H. Soonderji |
|
Designation : |
Director |
|
Address : |
1502,Benhur Apartment, 32, Narayan Dabholkar Road, Malabar Hill,
Mumbai-400006 |
|
Date of Birth/Age : |
09.08.1938 |
|
Date of Appointment : |
15.04.2003 |
|
|
|
|
Name : |
Mr. Savvas Christodoulous |
|
Designation : |
Director |
|
Address : |
10, Summerhill Road, Brington East, Melbourne, Australia. |
|
Date of Birth/Age : |
19.01.1959 |
|
Date of Appointment : |
01.08.2007 |
|
|
|
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Mr. Giorgio S. Gjergia |
10 |
|
Mr. Bhavin H. Soonderji |
300000 |
|
M/s Atco C. Pty Limited |
359990 |
|
Ms. Jyotsna H. Soonderji |
840000 |
As on 31.03.2007
|
S.No. |
Category |
Percentage |
|
1 |
Foreign holdings (Foreign institutional
investor(s), Foreign Companie(s), Foreign financial
institution(s),Non-resident Indian(s) or Overseas corporate bodies or Others) |
24.00 |
|
2 |
Directors or relatives of directors |
76.00 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ballasts |
PRODUCTION STATUS
|
Particulars |
Unites |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Ballast |
Pieces |
- |
3,000,000 |
749,539 |
GENERAL
INFORMATION
|
|
|
||||||
|
Bankers : |
Bank of Baroda, Nariman Point Branch, Mumbai-400021 |
||||||
|
|
|
||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
No Complaints |
|
|
|
|
Auditors : |
|
|
Name : |
N. Varma and Associates Chartered Accountant |
|
Address : |
General Insurance Building,3rd floor, D. N. Road,
Mumbai-400001. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
10.00 |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity shares |
10 |
Rs.15.00
Millions |
FINANCIAL DATA
[all figures are in Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.000 |
15.000 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.990 |
14.430 |
13.532 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
36.990 |
29.430 |
28.532 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.148 |
9.755 |
10.926 |
|
|
2] Unsecured Loans |
2.100 |
2.250 |
3.250 |
|
|
TOTAL BORROWING |
10.248 |
12.005 |
14.176 |
|
|
DEFERRED TAX LIABILITIES |
0.808 |
0.980 |
1.197 |
|
|
|
|
|
|
|
|
TOTAL |
48.046 |
42.415 |
43.905 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.946 |
10.930 |
12.401 |
|
|
Capital work-in-progress |
0.150 |
0.150 |
0.150 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.994 |
1.994 |
1.994 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
43.306
|
24.198 |
25.737 |
|
|
Sundry Debtors |
62.660
|
55.026 |
49.676 |
|
|
Cash & Bank Balances |
0.449
|
0.626 |
0.747 |
|
|
Other Current Assets |
0.045
|
0.045 |
0.045 |
|
|
Loans & Advances |
4.618
|
2.245 |
3.054 |
|
Total
Current Assets |
111.078
|
82.140 |
79.259 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
74.997
|
47.344 |
49.899 |
|
|
Provisions |
0.126
|
5.455 |
0.000 |
|
Total
Current Liabilities |
75.123
|
52.799 |
49.899 |
|
|
Net Current Assets |
35.955
|
29.341 |
29.360 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
48.046 |
42.415 |
43.905 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
Sales Turnover and other income |
195.127 |
140.679 |
127.607 |
|
|
|
Total Income |
195.127 |
140.679 |
127.607 |
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
12.066 |
9.752 |
2.023 |
|
|
|
Provision for Taxation |
4.507 |
3.723 |
0.930 |
|
|
|
Profit/(Loss) After Tax |
7.559 |
6.029 |
1.093 |
|
|
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
NA |
|
|
|
Commission Earnings |
1.155 |
3.357 |
NA |
|
|
|
Other Earnings |
NA |
NA |
NA |
|
|
Total Earnings |
33.570 |
13.620 |
NA |
Na |
|
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
|
Raw Materials |
49.568 |
30.500 |
NA |
|
|
|
Others |
66.311 |
39.037 |
NA |
|
|
Total Imports |
115.871 |
69.537 |
NA |
|
|
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
|
Other Expenditure |
183.061 |
130.927 |
125.584 |
|
|
Total Expenditure |
183.061 |
130.927 |
125.584 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.87
|
4.28 |
0.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.18
|
6.93 |
1.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.96
|
10.47 |
2.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.33 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.30
|
2.20 |
2.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.55 |
1.58 |
OURHER FURTHER
INFORMATION
Fixed Assets are :
Land, Building,
Bore Well, Plant and Machinery, Computers, Electrical Equipments,
Furniture,
Motor Car, Equipments.
|
Name of the Company : |
ATCO CONTROLS (INDIA) PRIVATE LIMITED . |
|
Presented By : |
BANK OF BARODA, NARIMAN POINT
BRANCH,MUMBAI-4000 021. |
|
|
|
|
Date and description of the Instrument
creating the charge. |
Instrument of Hypothecation of Goods dated
16 April,2005. |
|
Amount secured by the charge/Amount owing on
security of the charge |
Rs.2.000 Millions |
|
Short particulars of the property charged.
If the property acquired is subject of charge, date of acquisition of
property should be given. |
All the singular and borrower`s stocks of
raw material semi-finished and finished goods, stores and spares not realiting
to plant and machinery (consumable stores and spares) both present and
further being and lying at Mumnai in the borrower`s premises, factory or
godowns at Shahpur and other places or those rented and whether lying loose
or in cases or otherwise used in business of the borrower or in transit now
belonging to or that may at any time, during the continuance of the aforesaid
facilities and this security belongs to the borrower or that may be held by
any party to the order or disposition of the borrower. |
|
Gist of the terms and conditions and extent
and operation of the charge. |
Interest-0.25% over PLR of theBank with
minimum of 10.75%p.a. plus interest tax. Margin-Nil. |
|
Names, addresses and description of the
persons entitled to charge. |
Bank of Baroda, Nariman Point Branch, Mumbai-400021. |
|
Date and brief description of instrument
modifying the charge. |
Not Applicable. |
|
Particulars of modifications specifying the
terms and condition or the extent or operation of the charge in which modification
is made, and the details of modification. |
Not Applicable. |
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 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.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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. |
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 |
|