MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
AVANT GARDE ENGINEERS AND CONSULTANTS PRIVATE LIMITED |
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Registered Office : |
68A, Kundrathur High Road, Porur, Chennai 600116, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.03.1990 |
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Com. Reg. No.: |
18-018843 |
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CIN No.: [Company
Identification No.] |
U74210TN1990PTC018843 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Design and Engineering services for Water Tube Boiler. Engineering
Consultancy services for Power Projects.
Design and Engineering Chemical Plant |
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 178000 |
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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 meeting its normal
commitments. Trade relations are fair.
The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
68A, Kundrathur High Road, Porur, Chennai 600116, Tamilnadu, India |
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Tel. No.: |
91-44-24828717 / 24827843 / 24828532 |
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Fax No.: |
91-44-24828531 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. G. V. Raman |
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Designation : |
Director |
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Address : |
342, 6th Main Road, Ram Nagar, Vela Cherry, Chennai 600042,
Tamilnadu, India |
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Date of Birth/Age : |
15.06.1950 |
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Date of Appointment : |
09.03.1990 |
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Name : |
Mr. S. Balsubramaniam |
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Designation : |
Director |
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Address : |
73, Avenue, 3rd Street, Viru, Chennai 600092, Tamilnadu,
India |
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Date of Birth/Age : |
03.03.1951 |
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Date of Appointment : |
09.03.1990 |
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Name : |
Mr. P. S. Sankara Narayanan |
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Designation : |
Director |
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Address : |
68, 1st Main Road, Sridevi Nagar, Apapakkam, Porur, Chennai 600116,
Tamilnadu, India |
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Date of Birth/Age : |
01.02.1953 |
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Date of Appointment : |
09.03.1990 |
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Name : |
Mr. K. Ragothaman |
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Designation : |
Director |
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Date of Birth/Age : |
21.05.1954 |
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Date of Appointment : |
09.03.1990 |
KEY EXECUTIVES
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Name : |
Ms. P. R. Sudha |
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Designation : |
Company Secretary |
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Address : |
Flat C, Lakshmi Apartments, 171, 3rd Cross Street, Lakshmi Nagar,
Porur, Chennai 600116, Tamilnadu, India |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31.03.2007]
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Names of Shareholders |
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No. of Shares |
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G. V. Raman |
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9428 |
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S. Balasubramanian |
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9428 |
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P. S. Sankara Narayanan |
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9428 |
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K. Ragothaman |
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9428 |
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N. Soundara rajan |
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2288 |
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Total |
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40000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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95.00 |
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Other top fifty shareholders |
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5.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Design and Engineering services for Water Tube Boiler. Engineering
Consultancy services for Power Projects.
Design and Engineering Chemical Plant |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
No. 21, Patullos Road, Chennai 600002, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gopikumar Associates Chartered Accountants |
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Address : |
AP 345, 36th Street, 7th Sector, K. K. Nagar,
Chennai 600078, Tamilnadu, India |
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Group Company : |
Avant-Garde
Systems And Controls (Private) Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs. 100/-
each |
Rs. 4.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.612 |
22.483 |
15.072 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
44.612 |
24.483 |
17.072 |
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LOAN FUNDS |
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1] Secured Loans |
12.984 |
3.928 |
4.882 |
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2] Unsecured Loans |
141.611 |
47.814 |
26.753 |
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TOTAL BORROWING |
154.595 |
51.742 |
31.635 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
199.207 |
76.225 |
48.707 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.784 |
31.850 |
29.903 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
80.535
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24.297 |
11.898 |
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Cash & Bank Balances |
19.765
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12.479 |
1.107 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
108.346
|
38.197 |
25.976 |
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Total
Current Assets |
208.646
|
74.973 |
38.981 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.223
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24.241 |
14.521 |
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Provisions |
16.000
|
6.357 |
5.656 |
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Total
Current Liabilities |
45.223
|
30.598 |
20.177 |
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Net Current Assets |
163.423
|
44.375 |
18.804 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
199.207 |
76.225 |
48.707 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
245.457 |
121.610 |
94.583 |
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Total Income |
245.457 |
121.610 |
94.583 |
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Net Profit |
26.726 |
9.051 |
7.190 |
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Expenditures : |
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Financial Charges |
0.000 |
0.585 |
0.463 |
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Depreciation & Amortization |
5.619 |
4.729 |
3.447 |
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Other Expenditure |
213.112 |
107.245 |
83.483 |
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Total Expenditure |
218.731 |
112.559 |
87.393 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
10.88
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7.44 |
7.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.88
|
7.44 |
7.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.93
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8.47 |
10.43 |
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Return on Investment (ROI) (PBT/Networth) |
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0.59
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0.36 |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.47
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3.36 |
3.03 |
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Current Ratio (Current Asset/Current Liability) |
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4.61
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2.45 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
AVANT GARDE
ENGINEERS AND CONSULTANTS PRIVATE LIMITED |
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Presented By |
Sundaram Finance Limited No. 21, Patullos Road, Chennai 600002, Tamilnadu, India |
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1) Date and description of instrument creating the change |
Loan Agreement
dated 31.08.2004 bearing loan cont. no. WT-6056 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.300
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 |
On the security
of I. No. 2004 Model, Hyndai Sonata bearing no. G4JP4061557 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The total loan
amount of Rs. 1.300 Millions is repayable in 44 monthly installments as
follows: The 1st 22 monthly installments of Rs. 0.040 Million
each, the next 21 installments of Rs. 0.020 Million each, the Ist loan
installment falls due on 31.08.2004. |
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5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited No. 21, Patullos Road, Chennai 600002, Tamilnadu, 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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Corporation identity number or foreign company registrations number of the company |
U74210TN1990PTC018843 |
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Name of the company |
AVANT GARDE
ENGINEERS AND CONSULTANTS PRIVATE LIMITED |
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Address |
68A, Kundrathur High Road, Porur, Chennai 600116, Tamilnadu, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Sundaram Finance Limited No. 21, Patullos Road, Chennai 600002, Tamilnadu, India |
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Nature or description of the instrument creating charge |
Loan Agreement bearing cont No-BX-1662 |
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Date of the instrument creating charge |
03.06.2006 |
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Amount Secure by the charge |
Rs. 0.384 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
The total amount of Rs. 0.384 Million is repayable in 55 monthly installments. 1st installment of Rs. 0.007 Million, 53 installment of Rs. 0.006 Million each and last installment of Rs. 0.006 Million. Rate of interest 11.55% |
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Description of the property charged |
Vehicles |
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Particulars of the Property charged |
1 No.2006 Model-Maruti-Swift E No.-277255 Ch No.154776 |
AS PER WEBSITE
DETAILS
PROFILE
Subject is a professionally managed
engineering consultancy and detailed engineering organisation provides services
to the development of power from non-conventional energy, renewable energy,
energy conservation projects and equipment design.
Subject has been promoted by a group
of well qualified engineers who have worked earlier with M/s.Bharat Heavy
Electricals Limited. AVANT-GARDE consists of a group of professionals with
proven capability in the area of Feasibility Studies, Equipment and System
Design, Pressure Vessel & Heat Exchanger Design, Steam Generator Design
& Engineering, Piping Design & Engineering, Electrical &
Instrumentation System Design, Project Management, Procurement Services and
Field Erection / Commissioning Services.
AVANT-GARDE offers the above
engineering services for chemical and petrochemical projects, drugs &
pharmaceutical industries, energy and power system, steam generators, waste
heat recovery systems, mini hydro electric power plants, wind power plants and
pollution control systems.
AVANT-GARDE brings together, well
trained and experienced engineers and designers with specialization in
preparation of design & engineering calculations, layout, plant design and
detailed engineering of equipment and system. The company has developed quality
consciousness in design and engineering and has worked to the requirements of
National and International Standards.
AVANT-GARDE engineers have worked
for variety of Industries and in association with renowned consultants.
AVANT-GARDE has exported its engineering services to countries such as
Singapore, United States, United Kingdom, Malaysia etc.
AVANT-GARDE is approved by almost
all of the financial institutions for detailed project preparation, detailed design
& engineering, Energy Audit and Energy Conservation Studies. AVANT-GARDE is
registered with Power Finance Corporation, Asian Development Bank, and other
financial institution.
AWARDS & AFFILIATIONS
Affiliated to The International Federation of Consulting
Engineers through Consulting Engineers Association of India, Industrial
Associates of IIT, Anna University, enlisted with Financing organizations in
India (PFC), Bureau of Energy Enterprises, Business Development Associate of
Indian Renewable Energy The Institution of Engineers (India) and members of
orgnaisations such as FICCI, CII, MCCI, EEPC, ICCI expertise in Consultancy. It
has been recognised with the Award for best consultancy by the Consultancy
Development Center, supported by DSIR and Ministry Of Science & Technology,
during the years 1995, 1996 and 1999. It has also been recognized as the Best
Consultancy Organization for Renewable Energy (in all sectors) by IREDA for the
year 1997.
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 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. 42.64 |
|
UK Pound |
1 |
Rs. 83.00 |
|
Euro |
1 |
Rs. 66.00 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|