MIRA
INFORM REPORT
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Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALLIED CONSULTING ENGINEERS PRIVATE LIMITED |
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Registered Office : |
Allied House, 1st Road, Chembur, Mumbai – 400071,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.01.1973 |
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Com. Reg. No.: |
016218 |
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CIN No.: [Company
Identification No.] |
U74210MH1973PTC016218 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21428B MUMA22258F |
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PAN No.: [Permanent
Account No.] |
AAACA8938Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Industrial Furnaces, Heating Systems and
Incinerators. |
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 152632 |
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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. Trade relations are fair. Business is active. Payments are reported as
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 |
Allied House, 1st Road, Chembur, Mumbai – 400071,
Maharashtra, India |
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Tel. No.: |
91-22-25284028/29/30/31/32 - 67973018/19/20/ 55973018 |
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Fax No.: |
91-22-25563805 |
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E-Mail : |
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Website : |
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Factory : |
Located at Wagle Industrial Estate, Thane (West), India |
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Area : |
18000 sq. ft. |
DIRECTORS
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Name : |
Mr. Natesan Rajgopal |
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Designation : |
Director |
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Address : |
301 – 302m Shanti Apartments, Sarvodaya Nagar Road, Mulund, Mumbai –
400080, Maharashtra, India |
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Date of Birth/Age : |
07.06.1938 |
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Date of Appointment : |
21.10.1993 |
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Name : |
Mr. Vishnu Newandram Nasta |
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Designation : |
Director |
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Address : |
301, Dev Kripa Mogul Lane, Opp. Shitaladevi Temple Road, Mumbai –
400016, Maharashtra, India |
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Date of Birth/Age : |
14.07.1944 |
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Date of Appointment : |
21.10.1993 |
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Name : |
Mr. Udayavara Venkatraja Rao |
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Designation : |
Chairman cum Managing Director |
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Address : |
402, Ashiana, 21st Pauls Road, Bandra West, Mumbai –
400050, Maharashtra, India |
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Date of Birth/Age : |
20.08.1941 |
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Date of Appointment : |
21.10.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vishnu Newandram Nasta |
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33570 |
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Mr. Udayavara Venkatraja Rao |
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30150 |
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Mr. Natesan Rajgopal |
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36450 |
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Mrs. Veena Vishnu Nasta |
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2880 |
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Mr. Mithra Venkatraja Rao |
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4500 |
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Mr. Jaidev Venkatraja Rao |
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900 |
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Mr. Maithali Venkatraja Rao |
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900 |
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Total |
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109350 |
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Industrial Furnaces, Heating Systems and
Incinerators. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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Suppliers : |
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Bankers : |
Chembur Branch,
MY Mother Co-op Housing Society, R. C. Marg, Chempur, Mumbai – 400074, India
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Singavi Oturkar and Kelkar Chartered Accountant |
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Address : |
202 Ashwani, 2nd Floor, Ram Maruti Road, Dadar (West),
Mumbai – 400028, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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125000 |
Equity Share |
Rs.100/- each |
Rs.12.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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109350 |
Equity Share |
Rs.100/- each |
Rs.10.935 Millions |
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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 |
10.935 |
10.935 |
10.935 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.223 |
20.670 |
15.692 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.158 |
31.605 |
26.627 |
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LOAN FUNDS |
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1] Secured Loans |
30.464 |
4.386 |
3.818 |
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2] Unsecured Loans |
16.517 |
9.167 |
8.329 |
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TOTAL BORROWING |
46.981 |
13.553 |
12.147 |
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DEFERRED TAX LIABILITIES |
0.335 |
0.303 |
0.248 |
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TOTAL |
85.474 |
45.461 |
39.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.770 |
4.541 |
4.165 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.119 |
1.085 |
2.261 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
27.952
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11.630 |
8.794 |
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Sundry Debtors |
70.623
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39.253 |
18.491 |
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Cash & Bank Balances |
40.370
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29.772 |
31.701 |
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Other Current Assets |
5.129
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3.151 |
2.342 |
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Loans & Advances |
3.116
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3.429 |
2.220 |
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Total
Current Assets |
147.190
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87.235 |
63.548 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
67.076
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46.955 |
30.633 |
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Provisions |
0.529
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0.445 |
0.319 |
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Total
Current Liabilities |
67.605
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47.400 |
30.952 |
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Net Current Assets |
79.585
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39.835 |
32.596 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
85.474 |
45.461 |
39.022 |
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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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Sales Turnover |
265.181 |
186.648 |
129.436 |
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Other Income |
0.000 |
0.000 |
3.307 |
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Total Income |
265.181 |
186.648 |
132.743 |
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Profit/(Loss) Before Tax |
11.113 |
7.847 |
3.458 |
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Provision for Taxation |
0.000 |
0.000 |
1.34 |
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Profit/(Loss) After Tax |
11.113 |
7.847 |
2.134 |
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Import Value |
NA |
NA |
1.810 |
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Expenditures : |
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Cost of Material Consumed |
0.000 |
0.000 |
87.025 |
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Manufacturing Expenses |
0.000 |
0.000 |
18.294 |
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Administration and Establishment Expenses |
0.000 |
0.000 |
20.827 |
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Bank Charges, Commission and Interest |
1.717 |
0.998 |
1.948 |
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Depreciation |
0.868 |
0.827 |
0.684 |
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Other Expenditure |
251.483 |
176.976 |
0.507 |
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Total Expenditure |
254.068 |
178.801 |
129.285 |
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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 |
(%) |
4.19
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4.20 |
1.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.19
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4.20 |
2.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.31
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8.55 |
5.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29
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0.25 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.00
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1.93 |
1.62 |
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Current Ratio (Current Asset/Current Liability) |
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2.18
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1.84 |
2.05 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
ALLIED CONSULTING ENGINEERS PRIVATE LIMITED |
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Presented By |
Jointly by the
company and Union Bank of India |
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1) Date and description of instrument creating the change |
Hypothecation Agreement
of Goods and Debts Dated 2nd December, 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.100 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 |
Hypothecation of
:- Entire stock in
trade, stock procured through import L C including all raw materials, semi
finished and finished goods, consumable stores and spares and movable
property of any kind, present and future stored in or about borrower premises
at Thane and Chembur and other places hired by borrower in Union of India or
wherever else. The Borrower’s
book debts, outstanding, monies, deposited, receivables, claims and bills,
contracts, securities, investments which are now due and owing or which may
at any time hereafter during the continuance of this security becoming due
and owing to the borrower in the course of its business by any person or
party including any Government or any Local or Public body authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Details of credit
facilities as under :- Cash Credit
Rs.0.800 Million Letter of
Credit
Rs.0.300 Million ---------------------------- Total
Rs.1.100 Million
----------------------------- Interests @
12.25% p.a. and Margin 25% Security to cover
principle amount together with interests, costs, charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Chembur Branch,
MY Mother Co-op Housing Society, R. C. Marg, Chempur, Mumbai – 400074, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number (CIN) Foreign company registration number |
U74210MH1973PTC016218 |
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Name of the
Company |
ALLIED CONSULTING ENGINEERS PRIVATE LIMITED |
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Address |
Allied House, 1st Road, Chembur, Mumbai – 400071,
Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of Charge |
Immovable
Property |
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Particulars of
the charge holder |
Union Bank of
India Chembur Branch,
My Mothers Co-op Housing Society, Building A Wing, Plot No.412 R C Marg,
Chembur, Mumbai – 400074, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
Deposit of Title Deeds |
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Date of the
instrument creating or modifying the charge |
04.04.2007 |
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Amount secured by
the charge |
Rs.61.100
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests as
Determined by the Bank from time to time Terms of
repayment: On Demand Margin: As per Sanction
Terms Extent and
operation of the charge: The property as
stated in column 14 below has been equitable mortgage to union Bank of India
to secure the due repayment to the said Bank of all amounts advanced or to be
advances and of all the amount under the various facilities granted or to be
granted by the Bank to the extent of Rs.61.100 Millions to the company
together with interests, compound and/ or additional Interests in case of
default, exchange fluctuation costs, charges, expenses etc. |
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Short particulars
of the property charged (including location of the property) |
Plot No.A-373, In
the thane Industrial area, situated at Village panchpakhadi, Taluka Thane, District
Thane and within the limit of Thane municipal Corporation, Registration
District and sub-registered District of Thane Admeasuring 1610 sq. mtrs, or
Thereabout. |
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Particular of the
present modification |
NA |
Fixed Assets:
- Leasehold
Land
- Factory and
Building
- Office
Premises
- Plant and
Machinery
- Office
Equipment
- Furniture and
Fixture
- Typewriter
- Motor Car
- Air
Conditioner
- Computers
- Telex
- Xerox Machine
- Telephone and
EPABX
Profile:
Subject is a
company which laid its foundation in the year 1971, has today grown to be the
foremost engineering company for high quality Industrial Furnaces, Heating
systems and Incinerators.
With well qualified and experienced team of engineers,
Allied has developed many innovative designs of furnaces through extensive in
house R and D, which are at par with latest international developments.
Their manufacturing unit situated at Wagle Industrial Estate, in plot of approximately 18,000 Sq. ft. area, follows
stringent quality control procedures.
Since last 30 years they are supplying furnaces to reputed
steel and non-ferrous industries, both in India and abroad. They have developed
wide range of furnaces which are well suited to particular needs.
Needless to say, the furnace can only be as good as the
components and materials which go into its making. Hence our emphasis on proper
and cost effective selection of structural steel, combustion system, heating
elements, insulation and refractory materials, drive elements, electrical and
instruments etc. which are used for the manufacture of their furnaces.
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.39.91 |
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UK Pound |
1 |
Rs.78.44 |
|
Euro |
1 |
Rs.59.13 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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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