MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
AUTOMETERS ALLIANCE LIMITED |
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Formerly Known As : |
AUTOMETERS SECHERON LIMITED |
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Registered Office : |
101C, Shiv House, Hari Nagar, Ashram, New Delhi-110014 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.07.1995 |
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Com. Reg. No.: |
55-70835 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PLC070835 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA11683A |
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Legal Form : |
Closely Held Public Limited Liability company |
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Line of Business : |
Manufacturing and sale of Tachographs including sub-assemblines, relays and sub-assemblies, wheel flange lubricating systems, energy-cum-speed monitoring systems, power conditioning systems, vaccum circuit breakers and DC-DC converters. |
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 1900000 |
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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. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
101C, Shiv House, Hari Nagar, Ashram, New Delhi-110014, India |
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Tel. No.: |
91-11-2583545/ 26343774 |
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Fax No.: |
91-120-2583542 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. meters |
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Location : |
Owned |
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Head Office : |
C-63, Sector 57, Noida – 201307, Uttar Pradesh, India |
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Tel. No.: |
91-120-2583545, 2583546 / 2479200 |
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Fax No.: |
91-120-2583542 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Keshav Kumar Thirani |
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Designation : |
Managing Director |
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Address : |
B-104/2, Western Avenue, Maharani Bagh, New Delhi-110065, India |
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Date of Birth/Age : |
11.08.1947 |
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Qualification : |
B. Com. (Hons.) |
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Date of Appointment : |
14.07.1995 |
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Previous Employment : |
Autometers Limited |
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Name : |
Mr. H V Kejriwal |
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Designation : |
Director |
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Address : |
12/1, Allpore Park Road, Kolkata-700027, West Bengal, India |
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Date of Birth/Age : |
02.05.1947 |
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Date of Appointment : |
26.10.1995 |
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Name : |
Mr. M K Venkateshwaram |
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Designation : |
Director |
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Address : |
304/10, Shanti Park Apartments, Jaya Nagar, B lock No.9,
Bangalore-560069, Karnataka, India |
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Date of Birth/Age : |
03.03.1936 |
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Date of Appointment : |
05.04.1998 |
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Name : |
Mr. Shri Gopal Rajgarhia |
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Designation : |
Director |
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Address : |
33/1, Friends Colony (East), New Delhi-110065, India |
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Date of Birth/Age : |
21.08.1946 |
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Date of Appointment : |
05.10.2000 |
KEY EXECUTIVES
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Name : |
Mr. Dharam V Jain |
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Designation : |
Company Secretary |
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Address : |
A-201, Masara Apartments, C-9, Vasundhara Enclave, Delhi-110096, India |
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Date of Birth/Age : |
04.04.1966 |
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Date of Appointment : |
01.12.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.08.2005)
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Names of Shareholders |
No. of Shares |
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Autometers Limited |
7000000 |
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Mr. G D Thirani |
2 |
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Mr. K K Thirani |
1 |
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Mr. H V Kejriwal |
1 |
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Mrs. Jayshree Thirani |
1 |
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Mrs. Girija Jhunjhunwala |
1 |
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Ms. Aditi Thirani |
1 |
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Total |
7000007 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Bodies corporate |
99.99 |
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Directors or relatives of directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and sale of Tachographs including sub-assemblines, relays and sub-assemblies, wheel flange lubricating systems, energy-cum-speed monitoring systems, power conditioning systems, vaccum circuit breakers and DC-DC converters. |
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Products : |
Transportation
Sector (Rail Road Application) ·
Power Switch Gear ·
Control Switch Gear ·
Power Conditioning ·
Data Acquisition and Control Devices ·
Display Systems Industrial
Sector ·
UPS ·
Wireless Information Display Systems ·
Surveillance Systems |
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Brand Name : |
“PEGASUS-UP” |
GENERAL
INFORMATION
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Customers : |
Export-Rail
Application ·
Siemens ·
Bombardier ·
Rotem ·
SLS Heavy Industries Company Limited ·
Secheron Domestic
Customer (India) - Rail Application ·
Delhi Metro Rail Corporation Limited ·
BEML ·
BHEL ·
North Eastern Railway Industrial :
Others ·
Punjab University ·
beml ·
Indian Railways |
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No. of Employees : |
350 |
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Bankers : |
Central Bank of India 70, Janpath, New Delhi – 110 001, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
Hindustan Times House, 6th Floor, K G Marg, New Delhi – 110 001, India B-26, Qutab Institutional Area, New Delhi – 110 016, India |
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Memberships : |
· Engineering Export Promotion Council · Indian Electrical & Electronics Manufacturers’ Association |
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Parent Company : |
Autometers Limited |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000007 |
Equity Shares |
Rs.10/- each |
Rs.70.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
70.000 |
70.000 |
70.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
308.690 |
233.336 |
131.529 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
378.690 |
303.336 |
201.529 |
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LOAN FUNDS |
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1] Secured Loans |
121.214 |
45.050 |
46.592 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
121.214 |
45.050 |
46.592 |
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DEFERRED TAX LIABILITIES |
4.171 |
4.012 |
4.736 |
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TOTAL |
504.075 |
352.398 |
252.857 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
198.148 |
85.120 |
86.940 |
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Capital work-in-progress |
53.028 |
22.889 |
3.892 |
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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 |
177.311
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104.296 |
74.044 |
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Sundry Debtors |
163.899
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177.555 |
152.410 |
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Cash & Bank Balances |
58.097
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114.478 |
11.809 |
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Other Current Assets |
0.083
|
3.831 |
2.468 |
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Loans & Advances |
26.138
|
15.006 |
9.034 |
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Total
Current Assets |
425.528
|
415.166 |
249.765 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
122.031
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127.994 |
56.036 |
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Provisions |
50.598
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42.783 |
31.704 |
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Total
Current Liabilities |
172.629
|
170.777 |
87.740 |
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Net Current Assets |
252.899
|
244.389 |
162.025 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
504.075 |
352.398 |
252.857 |
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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 |
742.986 |
692.955 |
494.090 |
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Other Income |
14.461 |
13.406 |
11.503 |
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Total Income |
757.447 |
706.361 |
505.593 |
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Profit/(Loss) Before Tax |
136.000 |
160.083 |
87.298 |
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Provision for Taxation |
(45.859) |
(54.576) |
31.664 |
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Profit/(Loss) After Tax |
181.859 |
214.659 |
55.634 |
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Export Turnover |
N.A. |
N.A. |
4.229 |
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Expenditures : |
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Raw Material Consumed |
391.051 |
303.041 |
192.987 |
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Purchases made for re-sale |
0.438 |
0.727 |
0.519 |
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Consumption of stores and spares parts |
0.000 |
0.000 |
6.651 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
26.345 |
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Salaries, Wages, Bonus, etc. |
111.389 |
92.822 |
75.421 |
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Managerial Remuneration |
8.159 |
9.698 |
5.746 |
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Payment to Auditors |
0.000 |
0.000 |
0.771 |
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Interest |
0.000 |
0.000 |
9.158 |
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Insurance Expenses |
0.000 |
0.000 |
3.458 |
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Power & Fuel |
0.000 |
0.000 |
4.126 |
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Depreciation & Amortization |
14.329 |
11.875 |
17.674 |
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Other Expenditure |
96.081 |
128.115 |
75.439 |
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Total Expenditure |
621.447 |
546.278 |
418.295 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
24.01
|
30.39 |
11.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
18.30
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23.10 |
17.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.81
|
31.99 |
25.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36
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0.53 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.78
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0.71 |
0.67 |
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Current Ratio (Current Asset/Current Liability) |
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2.46
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2.43 |
2.85 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
AUTOMETERS ALLIANCE LIMITED |
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Presented By |
Mr. K K Thirani, Managing Director |
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1) Date and description of instrument creating the change |
Letter of Industrial Development Bank of India dated 22.05.2000 with copy of Declaration and undertaking in the matter of mortgage by deposit of Title deeds. (Charge Registered
on 13.06.2000) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.120.000 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 |
2nd Charge on land admeasuring 7248.44 Sq. mtrs.bearing Plot No. 61, 62, 63 situated at Block-C, Sector-57, Phase-III, Noida together with building, Plant and Machinery thereon against working capital limit of Rs.120.000 millions. (Charge Registered on 13.06.2000) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Not Applicable |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India 70, Janpath, New Delhi – 110 001, India |
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6) Date and brief description of instrument modifying the charge |
Certificate from Industrial Development Bank of India Dated 27.11.2003 |
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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. |
2nd Charge to Central Bank of India, 70 Janpath, New Delhi on land admeasuring 7248.44 Sq. mtrs. bearing Plot No. 61, 62, 63 situated at Block-C, Sector-57, Phase-III, Noida together with building, Plant and Machinery thereon against working capital limit amount increase by Rs.53.000 millions from 120.000 to Rs.173.000 millions |
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Corporation identity number or foreign company registrations number of the company |
U74899DL1995PLC070835 |
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Name of the company |
AUTOMETERS ALLIANCE LIMITED |
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Address |
101C, Shiv House, Hari Nagar, Ashram, New Delhi-110014, India |
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This Form is for |
Creation of charge |
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Type of Charges |
·
Immovable property ·
Movable property (not being pledge) ·
Others o
Entire Block Assets |
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Particular of the charge holder |
Central Bank of India 70, Janpath, New Delhi – 110 001, India |
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Nature or description of the instrument creating charge |
·
Agreement of Hypothecation to secure Demand Cash Credit against goods. ·
Oral Assent for extension of equitable mortgage by deposit of title
deeds. |
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Date of the instrument creating charge |
10.01.2008 |
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Amount Secure by the charge |
Rs.55.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
·
Rate of interest Interest to be charged @ BPLR – 1.50% =
11.50% per annum with monthly rests or at such other rate(s) as may be
notified by the Bank to the Borrower from time to time. ·
Terms of repayment Repayable on demand ·
Margin 25% ·
Extent and operation of the charge The Company’s properties as mentioned
hereunder (as per column No. 14) are hypothecated to secure Cash Credit
(Stocks) limit of Rs.55.000 millions granted by the Bank to the Borrower. |
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Particulars of the Property charged |
All tangible movable property such as products, stocks in trade, raw
materials, stock in process, finished goods like static invertors,
Techograph, relay etc and also charge on entire Block Assets (present and
future) of the Company i.e. Factory Land and building , Plant and Machinery
and other assets at Plot No. 60, 61, 62, 63, Block C, Sector – 57, Phase –
III, Noida (Uttar Pradesh) and at Cillage – Beli, Deyod, Baddi, Nalagarh,
District Solan (H.P) |
Web Details
HISTORY
1959
Company Incorporated
Setup Plant in Ballabhgarh (Haryana) for manufacture of Automotive instruments
1988
·
Major diversification of business activity for manufacture of traction
equipment for Indian Railways
·
New production facility at Noida established
·
Local production of Railway Tachograph started in technical
collaboration with Hasler Ltd, Switzerland
1989
Local production of Protection
Relays for Indian Railways started in technical collaboration with Secheron SA,
Switzerland
1993
·
R and D centre recognised by Ministry of Government of India
·
Local production of Wheel Flange Lubricating System for Indian Railways
started in technical collaboration with Secheron SA, Switzerland
1994
Local production of Online Uninterruptible Power Supply Systems upto 40
kVA started in technical collaboration with Powertronics S.p.A, Italy
1998
·
Local production of Vacuum Circuit Breaker for Electric Locomotives and
EMUs started in technical collaboration with Secheron SA, Switzerland
·
Relocated to a larger and modern manufacturing facility in Sector 57,
Noida
1999
·
Local production of 300 kVA GTO based Auxiliary Converter for Electric
Locomotives (AC propulsion) started in technical collaboration with
Chittaranjan Locomotive Works, Indian Railways
·
Local production of IGBT based 25 kVA Underslung Converter (DC to AC)
for Passenger Coaches started in technical collaboration with Hyundai Heavy
Industries Co. Limited, South Korea
2000
·
Local production of IGBT based 180 kVA Static Converter(1ø to 3ø) for
Electric Locomotives (DC propulsion) started in technical collaboration with
Hyundai Heavy Industries Co. Limited, South Korea
·
Local production of IGBT based 25kVA Onboard Converter (DC to AC) for
Passenger Coaches started in technical collaboration with Hyundai Heavy
Industries Co. Ltd, South Korea
2001
Local production of Electrical Circular Connectors for traction
application started in technical collaboration with Gimota AG, Switzerland
2002
·
Signed an exclusive technical license agreement with Whiteley
Electronics Limited, UK, for local production of Public Address & Passenger
Information Systems for Indian Railways and Metro Rails
·
Local production of IGBT based 25 kVA Underslung Converter (1ø to 3ø)
for Passenger Coaches started in technical collaboration with Hyundai Heavy
Industries Company Limited, South Korea
2006
·
Signed technical collaboration agreement with Ganz Transelectro Traction
Electrics Limited, Hungry for production of Onload tap changer for Electric
Locomotives
·
Signed technical collaboration agreement with Powertronix S.p.A., Italy
for manufacturing UPS systems upto 2400 kVA(8x300 kVA).
·
Signed technical collaboration agreement with AlfaUnion, a.s. Czech
Republic for development of specialised switchgear items for traction
application.
·
Signed technical license agreement with Pixy AG, Switzerland for development
and local production of Diagnostic terminal.
BUSINESS
The company is engaged in manufacturing and sale of Tachographs including sub-assemblines, relays and sub-assemblies, wheel flange lubricating systems, energy-cum-speed monitoring systems, power conditioning systems, vaccum circuit breakers and DC-DC converters.
The Company has a well organised production and corporate premises
covering floor area of about 7000 sq meters, in the Industrial City of Noida
(near Delhi), which is well recognised on the business map of India. The
Company also has its own in - house Government recognised R and D center,
working on the ideology of constant technology improvement.
The quality standards and manufacturing facilities employed are at par
with the prevailing global standards.
Year of Establishment
1959
Focus Area
Designing, Manufacturing, Supply, Installation & Servicing of various
Measuring , Switchgear and
Power Conditioning equipment for Railways and Uninterruptible Power
Supply (UPS) for various Applications.
Strategic Alliance
|
Whiteley Electronics Limited, United Kingdom |
Public Address and Passenger Information system for Rail and Road
Applications and GPS / GIS based vehicle tracking system. |
|
Powertronix S.p.A., Italy |
Uninterruptible power supply systems. |
|
Hyundai Heavy Industries Company Limited, South Korea |
Power conditioning equipment for
air conditioning package
unit of railway passenger coaches and
auxiliary converter for 25KV AC electric locomotives with DC
propulsion system. |
|
Indian Railways (CLW), India |
Auxiliary converter for 25KV AC electric locomotives with 3-phase
propulsion system. |
|
Ganz Transelektro Traction Electrics Limited, Hungery |
Tap changer for Locomotives |
Alliances
|
Existing Technology Provider |
Products |
|
Hyundai Heavy
Industries Company Limited, South Korea |
·
IGBT based Static Converter for Electric Locomotives (DC Propulsion): o
180kVA, 750V 1ø,50Hz to 415V,3ø,50Hz o
·
IGBT based Static Converter for Passenger Coaches: o
Underslung mounted 25kVA, 110 V DC to 415 V, 3ø, 50Hz o
Onboard mounted 25kVA, 110 V DC to 415 V, 3ø,
50Hz o
Underslung mounted 25kVA, 675 V 1ø,50Hz to 415 V, 3ø, 50Hz |
|
Chittaranjan
Locomotive Works, Indian Railways, India (Technology
bought from ABB now Bombardier Transport) |
300 kVA GTO based Auxiliary Converter for Electric Locomotives (AC
propulsion) |
|
Whiteley
Electronics Limited, United Kingdom |
Public Address and Passenger Information System for Rail and Metro
applications |
|
Ganz
Transelektro Traction Electrics Limited, Hungary |
Onload Tap changer for Electric Locomotives |
|
Alfa
Union, a.s. Czech Republic |
Specialised Switchgear items for traction application |
|
Pixy
AG, Switzerland |
Diagnostic Terminal for onboard application |
|
Powertronix
S.p.A, Italy |
True Online IGBT based, Green Power Uninterruptible Power Supply
Systems upto 2400 kVA (8x300 kVA) |
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|