MIRA
INFORM REPORT
|
Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AXIOM ENERGY CONVERSION PRIVATE LIMITED |
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Registered Office : |
Plot No. 207/4 and 5, IDA, Phase – II, Charlapally, Hyderabad –
500051, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.09.1997 |
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Com. Reg. No.: |
01-27946 |
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CIN No.: [Company
Identification No.] |
U40108AP1997PTC027946 |
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PAN No.: [Permanent
Account No.] |
AACCA0120E |
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CST : |
HYR/0601/2351 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporter and Importer of Switch Mode Power
supplies for Telecommunication Application |
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 110000 |
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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 records. Trade relations are reported as satisfactory. 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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Shreenivas |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9959055195 |
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Date : |
05.05.2008 |
LOCATIONS
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Registered Office / Head Office/ Factory : |
Plot No. 207/4 and 5, IDA, Phase – II, Charlapally, Hyderabad –
500051, Andhra Pradesh, India |
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Tel. No.: |
91-40-27265820 / 27261069 |
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Fax No.: |
91-40-27268963 |
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E-Mail : |
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Website : |
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Corporate/Innovation Centre/ Head Office : |
Plot No. B-5, Kolan Arcade, Electronic Complex, First
Floor, Kushaiguda, ECIL X Roads, Hyderabad - 500 062, Andhra Pradesh, India |
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Tel. No.: |
91-40-27140880 / 27136227 |
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Fax No.: |
91-40-27143619 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mohanlal Jesaji Purohit |
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Designation : |
Managing Director |
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Address : |
Flat No. 104, Srinivasa
Palace, Plot No. C – 9, Kamala Nagar, ECIL, Hyderabad - 500062 |
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Date of Birth/Age : |
21.01.1961 |
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Date of Appointment : |
12.09.1997 |
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Name : |
Ms. Shakuntala Purohit |
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Designation : |
Director |
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Address : |
Flat No. 104,
Srinivasa Palace, Plot No. C – 9, Kamala Nagar, ECIL, Hyderabad – 500062 |
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Date of Birth/Age : |
25.11.1963 |
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Date of Appointment : |
12.09.1997 |
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Name : |
Mr. Dudharam Punamji Purohit |
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Designation : |
Director |
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Address : |
Flat No. 104,
Srinivasa Palace, Plot No. C – 9, Kamala Nagar, ECIL, Hyderabad – 500062 |
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Date of Birth/Age : |
01.06.1959 |
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Date of Appointment : |
12.09.1997 |
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Name : |
Mr. Manchalal Punamji Purohit |
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Designation : |
Director |
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Address : |
Flat No. 104,
Srinivasa Palace, Plot No. C – 9, Kamala Nagar, ECIL, Hyderabad – 500062 |
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Date of Birth/Age : |
19.07.1962 |
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Date of Appointment : |
12.09.1997 |
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Name : |
Mr. N. V. S. Sivaram Krishna |
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Designation : |
Director |
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Address : |
SRT – 434, Santi Nagar, Hyderabad – 500018 |
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Date of Birth/Age : |
18.02.1977 |
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Date of Appointment : |
12.09.1997 |
KEY EXECUTIVES
|
Name : |
Mr. A. S. Rajkumar |
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Designation : |
GM - Corporate sales (Inverters) |
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E-Mail : |
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Mobile No.: |
91-9959055159 |
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Name : |
Mr. S. M. Gani |
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Designation : |
GM - Marketing (OEM Products) |
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E-Mail : |
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Mobile No.: |
91-9908388802 |
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Name : |
Mr. Amruth Chary |
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Designation : |
RM - Channel Sales(Mobile Charger) |
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E-Mail : |
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Mobile No.: |
91-9959055215 |
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Name : |
Mr. A. V. Reddy |
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Designation : |
GM - Manufacturing (Adapter Unit) |
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E-Mail : |
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Mobile No.: |
91-9959055160 |
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Name : |
Mr. K. Prasad |
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Designation : |
Manager Operation (Head power supply manufacturing unit) |
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E-Mail : |
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Mobile No.: |
91-9959055166 |
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Name : |
Mr. D. Lokesh Raj Purohit |
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Designation : |
Head-ECD |
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Mobile No.: |
91-9441535655 |
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Name : |
Mr. Mahesh Verma |
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Designation : |
Manager - National Sales |
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Mobile No.: |
919959055157 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2007)
|
Names of Shareholders |
|
No. of Shares |
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|
Mohanlal Jesaji Purohit |
|
266000 |
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Dudharam Punamji Purohit |
|
266000 |
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Manchalal Punamji Purohit |
|
266000 |
|
N. V. S. Sivaram Krishna |
|
266000 |
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Shakuntala Purohit |
|
266000 |
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V. P. Sudarshan |
|
10000 |
|
V. R. Shiju |
|
10000 |
|
A. Venkata Reddy |
|
10000 |
|
A. S. Raj Kumar |
|
10000 |
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TOTAL |
|
1370000 |
(As On 30.09.2007)
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Category |
|
Percentage |
|
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Directors or relatives of directors |
|
99.70 |
|
Other top fifty shareholders |
|
0.30 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporter and Importer of Switch Mode Power
supplies for Telecommunication Application |
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|
|
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Products : |
·
Car Inverters
(75W/150W/300W) ·
Mobile Travel Chargers
(Basic/Advanced) ·
Car Mobile Chargers ·
WLL Phone Adapters ·
Custom Designed Products -
Switching
Power Supplies for Wireless Application -
Laptop
Adapters -
WLL
Talktime Extenders |
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Exports : |
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Countries : |
·
East Asia ·
South Asia ·
South Korea ·
Bangladesh ·
Europe |
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Importers : |
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Products : |
Electronics Items |
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Countries : |
China |
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Terms : |
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Selling : |
Credit (90 -140 days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
350 |
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Bankers : |
· State Bank of Hyderabad SSI Cherlapally Branch, Cherlapally, Hyderabad – 500051, Andhra
Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
VPS and Associates Chartered Accountants |
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Address : |
Flat No. 401, Mans Apartments, 8-3-678/57, Pragathinagar, Yousufguda
[PO], Hyderabad – 500045, Andhra Pradesh, India |
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Memberships : |
Federation of Andhra Pradesh
Chambers of Commerce and Industry (FAPCCI) |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1330000 |
Equity Shares |
Rs.10/- each |
Rs.13.300
Millions |
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|
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|
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
13.300 |
7.775 |
2.000 |
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|
2] Share Application Money |
0.301 |
1.026 |
2.760 |
|
|
3] Reserves & Surplus |
14.998 |
7.581 |
3.539 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.599 |
16.382 |
8.299 |
|
|
LOAN FUNDS |
|
|
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1] Secured Loans |
42.790 |
21.128 |
10.462 |
|
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2] Unsecured Loans |
16.767 |
8.591 |
5.575 |
|
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TOTAL BORROWING |
59.557 |
29.719 |
16.037 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.156 |
46.101 |
24.336 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.686 |
22.016 |
11.901 |
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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 |
21.986
|
20.541 |
11.892 |
|
|
Sundry Debtors |
51.724
|
32.063 |
26.611 |
|
|
Cash & Bank Balances |
6.001
|
0.212 |
0.264 |
|
|
Other Current Assets |
5.446
|
2.588 |
2.001 |
|
|
Loans & Advances |
15.356
|
8.246 |
1.663 |
|
Total
Current Assets |
100.513
|
63.650 |
42.431 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
48.043
|
39.565 |
25.038 |
|
|
Provisions |
0.000
|
0.000 |
4.958 |
|
Total
Current Liabilities |
48.043
|
39.565 |
29.996 |
|
|
Net Current Assets |
52.470
|
24.085 |
12.435 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
88.156 |
46.101 |
24.336 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
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Sales Turnover |
294.912 |
94.764 |
90.781 |
|
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Other Income |
0.304 |
0.031 |
0.050 |
|
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Total Income |
295.216 |
94.795 |
90.831 |
|
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
16.361 |
5.847 |
5.577 |
|
|
Provision for Taxation |
6.094 |
1.805 |
1.800 |
|
|
Profit/(Loss) After Tax |
10.267 |
4.042 |
3.777 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
5.971 |
2.101 |
1.604 |
|
|
Depreciation & Amortization |
3.973 |
2.837 |
1.698 |
|
|
Other Expenditure |
268.911 |
84.010 |
81.952 |
|
Total Expenditure |
278.855 |
88.948 |
85.254 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
03.47
|
04.26 |
04.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
05.54
|
06.17 |
06.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.01
|
06.82 |
10.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
57.20
|
35.69 |
67.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.76
|
4.23 |
5.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
1.61 |
1.41 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
·
Reliance
·
Tata
·
BSNL
Form 8:
|
Name of the company |
AXIOM ENERGY
CONVERSION PRIVATE LIMITED |
|
Presented By |
Mr. G. Purohit, Director |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of goods Machinery dated 5th may, 1999 Agreement against
overdraft against supply bills and counter indemnity dated 05.05.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 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 |
The whole of
moveable property of the company comprising of stocks, finished goods semi
finished goods and aprčs and other consumable moveable plant and machinery
both present and future stored at factory premised and godowns of company.
First charge on property 1158.71 sq. meters. Together with land and buildings
constructed and to be constructed by way of deposit of title deeds. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25 % ROI 2 % above SBH
PLR Minimum 14 % |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Hyderabad SSI Cherlapally Branch, Cherlapally, Hyderabad – 500051, Andhra
Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
Agreement of
Hypothecation of goods and assets dated 13th March 2004 |
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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. |
Limits enhanced
from Rs. 6.700 Millions and Rs. 11.500 Millions. Extension of equitable
Mortgage on Land and Buildings ROI 13.25 and on MTI and ILC 15.75 % |
|
This form is for |
Modification of
charge |
|||||||||||||||||||||
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Charge
identification number of the modified |
90129695 |
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Corporate
identity number of the company |
U40108AP1997PTC027946 |
|||||||||||||||||||||
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Name of the
company |
AXIOM ENERGY CONVERSION PRIVATE LIMITED |
|||||||||||||||||||||
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 207/4 and 5, IDA, Phase – II, Charlapally, Hyderabad –
500051, Andhra Pradesh, India |
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Type of charge |
|
|||||||||||||||||||||
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Particular of
charge holder |
State Bank of Hyderabad SSI Cherlapally Branch, Cherlapally, Hyderabad – 500051. Andhra
Pradesh, India |
|||||||||||||||||||||
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental agreement
of hypothecation of goods and assets for increase in the over all limit as
per form C 2A Letter regarding the grant of individual limits within the
overall limit as per C.5 Memorandum of
Deposit of title deeds Sanction
letter |
|||||||||||||||||||||
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Date of instrument
Creating the charge |
12.12.2007 |
|||||||||||||||||||||
|
Amount secured by
the charge |
Rs. 66.452
Millions |
|||||||||||||||||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.5 % [As applicable
to SBH 2 rated borrowers] Terms of
Repayment Working capital :
On Demand Term Loan : as
per earlier sanction letter Margin Inventories 25 %
and book debts 50 % [Cover period 90 days] Extent and
Operation of the charge Hypothecation of
raw materials, stock in process, finished goods, consumable stores, book
debts and receivables. First charge on factory land and buildings and plant
and machinery of the company at plot No. 207/4 and 5, Phase II, cherlapally
and first charge on other net block [excluding land and building] EM of Plot No.
207/7 in Sy. No. 260 situated at IDA, Cherlapally, Phase II, R. R. Dist.
Standing in the name of the company Others Cash credit
[Hypothecation] Rs.35 Millions [sub limit DDP Cheques Rs.2.500 Millions] Term Loan Rs.
16.452 Millions [Rs.15.000 and 1.452 Millions] LC Rs.15.000
Millions Total limit of
Rs.66.452 Millions |
|||||||||||||||||||||
|
Short particulars
of the property charged |
First charge on
all the current and fixed assets of the company present and future. First charge on
factory land and buildings and plant and machinery of the company at plot No.
207/4 and 5, Phase II, cherlapally and first charge on other net block
[excluding land and building] EM of Plot No.
207/7 in Sy. No. 260 situated at IDA, Cherlapally, Phase II, R. R. Dist.
Standing in the name of the company |
|||||||||||||||||||||
|
Particulars of
the present modification |
(Rs. In
Millions)
|
As Per Website
Subject is an ISO 9001 Certified company started in 1996, engaged in
manufacturing of Power Products for Telecom and office Automation. They
manufacture Power supplies for Radio Communications and AC-DC Adapters for WLL
Phones, Printers, and Lap Top Computers etc.
Subject is known for Quality and it enjoys a leadership status in the
Radio Communication Power Supplies. AC – DC Adaptors manufactured by subject
are well received by the market, their customers are reputed multinational
companies like M/s. MOTOROLA, M/s. TATA Teleservices, M/s. Simoco
Telecommunications (South Asia) Ltd, Link well Teleservices and M/s. Reliance
India to name a few.
Right from inception, the production facilities and quality systems have been
established in line with the international standards. As a result Axiom was
awarded ISO 9001 certificate in 1998. Axiom’s manufacturing facility is located
in an area of 73000 SFT. Company has a dedicated 20 member team of Research and
Development, ever striving to develop International quality products.
Subject’s philosophy is to restrict itself into a narrow field of Power
Conversion and make itself a world class company in this field. It is this
philosophy that has enabled Axiom to have an edge over the rest of the
competitors.
Subject Family is a 340 member highly motivated team, ever striving to provide
quality products and Services. The core Executive consists of 12 functional
heads ever ready to serve the customers and 5 boards of directors Mr. M.J.
Purohit, Mr. N.V.S. Shiva rama krishna, Mr. Dudharam purohit, Mr. Manchalal
purohit and Mrs. Shakuntala purohit. The team is headed by the CEO Mr. M.J.
Purohit, who is an Electronic Engineer, with over 20 years of experience of the
field.
Trust seal Acceptance Chart:
|
Statutory Approvals |
Details |
|
Income Tax
Registration (PAN) |
AACCA0120E |
|
Central Sales
Tax Registration |
HYR/0601/2351 |
|
Service Tax
Registration |
AACCAO120EST001 |
|
TIN Registration |
28820213567 |
|
Excise Registration |
AACCA0120EXM002 |
|
Name of Bank |
Sate Bank of
Hyderabad |
|
Current Account
Number |
52112199478 |
|
Account Since |
10 years |
|
|
|
|
Trade Affiliations |
|
|
SSI Registration |
Yes |
|
Chambers of
Commerce Membership |
Yes |
|
|
|
|
Standards and Certifications |
|
|
Quality Management Systems |
Yes |
|
Products Certificates |
Yes |
|
Other Certificates |
(ISO-) |
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.47.71 |
|
UK Pound |
1 |
Rs.83.30 |
|
Euro |
1 |
Rs.65.12 |
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 |
NO |
|
--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 |
|