MIRA INFORM REPORT
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Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ANAND TEKNOW AIDS ENGINEERING INDIA LIMITED |
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Registered Office : |
Kunal Puram, Commercial Complex, IInd Floor, Opt. Atlas Copco, Mumbai,
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
25.07.2007 |
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Com. Reg. No.: |
25-130488 |
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CIN No.: [Company
Identification No.] |
U29299PN2007PLC130488 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA09784F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Trader and Distributors of Electro Forged Gratings and Others
Engineering items. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 550000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION denied BY
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Name : |
Mr. Appa |
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Designation : |
Accountant |
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Contact No.: |
91.20-27145710 |
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Date : |
07.04.2011 |
LOCATIONS
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Registered Office/ Corporate Office : |
Kunal Puram, Commercial Complex, IInd Floor, Opt. Atlas Copco, Mumbai,
Pune Road, Dapodi – 411012, Maharashtra, India |
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Tel. No.: |
91-20-27145710 |
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Tele - Fax No.: |
91-20-27145592 |
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E-Mail : |
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Website : |
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Area : |
3500 sq.ft (approximately) |
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Location : |
Owned |
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Factory 1: |
Plot No. A - 18, 5 star
MIDC, Indapur, Loni - Devkar, Taluka Indapur, District Pune, |
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Factory 2: |
Gat No 213, 214/1, Markal Udyog Nagar, Plot No C and D , Post
Markal, Taluka Khed, District Pune - 412 105, Maharashtra, India |
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Tel. No.: |
91-20-27145710 |
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Telefax No.: |
91-20-27145592 |
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E-Mail: |
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Factory 3: |
Sector No. 10, Plot No. 308, PCNTDA, MIDC, Bhosari, Pune –
411026, |
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Branches : |
Located At
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DIRECTORS
As On 28.09.2010
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Name : |
Mr. Rakesh Niranjan Ranjan |
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Designation : |
Managing Director |
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Address : |
Row House 21, Kunal Icon, Saudagarpimple Aundh, Pune- 411027, |
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Date of Birth/Age : |
08.11.1968 |
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Date of Appointment : |
26.09.2009 |
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DIN No. : |
01656465 |
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Name : |
Mrs. Ragini Rakesh Ranjan |
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Designation : |
Director |
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Address : |
Row House 21, Kunal Icon, Saudagarpimple Aundh, Pune- 411027, |
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Date of Birth/Age : |
25.10.1973 |
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Date of Appointment : |
25.07.2007 |
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DIN No. : |
01434411 |
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Name : |
Mr. Niranjanprasad Nagendraprasad Sinha |
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Designation : |
Director |
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Address : |
C/0, Rakesh Ranjan Kunal, Icon Row House4-21, Pimplesaudagar, Pune-
411027, |
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Date of Birth/Age : |
30.07.1942 |
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Date of Appointment : |
25.07.2007 |
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DIN No. : |
01641227 |
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Name : |
Mr. Chandrashekhar Narayanan Menon |
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Designation : |
Additional Director |
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Address : |
Yogi Apartments Flat No. 4 and 5 Near Tanushree Hospital Sinde Nagar
Sanghvi, Pune – 411027, Maharashtra, India |
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Date of Birth/Age : |
08.04.1953 |
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Date of Appointment : |
01.01.2010 |
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DIN No. : |
02916958 |
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Name : |
Mr. Dattatray Narayan Ghandge |
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Designation : |
Additional Director |
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Address : |
FT 5/B, Ujwal Apartment Hingane KH. Vitthalwadi, Pune – 411030, |
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Date of Birth/Age : |
10.08.1953 |
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Date of Appointment : |
01.01.2010 |
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DIN No. : |
02921499 |
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Name : |
Mr. Krishnamohan Venkata Darbha |
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Designation : |
Director |
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Address : |
H 403 Vasant Avenue |
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Date of Birth/Age : |
21.11.1961 |
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Date of Appointment : |
01.01.2010 |
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DIN No. : |
02921532 |
KEY EXECUTIVES
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Name : |
Mr. J P Kulkarni |
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Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
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Names of Shareholders |
No. of Shares |
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Rakesh Niranjan Ranjan |
1252453 |
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Ragini Rakesh Ranjan |
1127207 |
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Niranjanprasad Nagendraprasad Sinha |
25049 |
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Sharda Niranjan Sinha |
25049 |
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Chandrashekar Narayan Menon |
25049 |
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Jetendra P. Kulkarni |
25049 |
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Nilesh Gulabrao Salunkhe |
25049 |
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Total |
2504905 |
As On 28.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Distributors of Electro Forged Gratings and Others
Engineering items. |
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Agencies Held : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs. 740.000 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.P. Kshirsagar and company Chartered Accountant |
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Address : |
10 Phulwari Apartments, Shahu College Road, Opp. State Bank Colony No.
2, Shankarnagar, Pune- 411009, |
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Tel. No.: |
91-20-24230423 |
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Mobile No.: |
91-9422028785 |
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Fax No.: |
91-20-24230324 |
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E-mail : |
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Pan No.: |
ACDPK4164K |
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Associates : |
·
Balaji Technical Services ·
Greatweld Steel Grating Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs. 10/- each |
Rs.120.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2504905 |
Equity Shares |
Rs. 10/- each |
Rs.25.049
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.049 |
25.049 |
25.049 |
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2] Share Application Money |
85.000 |
85.000 |
0.000 |
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3] Reserves & Surplus |
28.147 |
20.732 |
9.882 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
138.196 |
130.781 |
34.931 |
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LOAN FUNDS |
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1] Secured Loans |
368.844 |
137.312 |
110.886 |
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2] Unsecured Loans |
68.400 |
47.961 |
63.971 |
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TOTAL BORROWING |
437.244 |
185.273 |
174.857 |
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DEFERRED TAX LIABILITIES |
6.651 |
0.278 |
0.000 |
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TOTAL |
582.091 |
316.332 |
209.788 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
255.155 |
66.024 |
12.615 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.174 |
0.174 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.087 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
104.964
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56.553 |
51.026 |
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Sundry Debtors |
116.519
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128.777 |
134.772 |
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Cash & Bank Balances |
56.006
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21.945 |
23.426 |
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Other Current Assets |
22.590
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4.623 |
4.027 |
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Loans & Advances |
82.206
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57.209 |
0.082 |
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Total
Current Assets |
382.285
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269.280 |
213.332 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
42.011
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10.180 |
10.415 |
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Other Current Liabilities |
7.071
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2.676 |
1.573 |
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Provisions |
7.093
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6.979 |
4.707 |
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Total
Current Liabilities |
56.175
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19.835 |
16.695 |
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Net Current Assets |
326.110
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249.445 |
196.637 |
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MISCELLANEOUS EXPENSES |
0.652 |
0.863 |
0.448 |
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TOTAL |
582.091 |
316.332 |
209.788 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
603.277 |
378.283 |
285.357 |
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Other Income |
6.587 |
1.604 |
1.393 |
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TOTAL (A) |
609.864 |
379.887 |
286.750 |
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Less |
EXPENSES |
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Purchase and Others Expense |
557.476 |
316.401 |
228.930 |
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Administrative and Established Expenses |
33.030 |
27.761 |
21.337 |
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Change In Inventory |
(48.410) |
(5.526) |
2.643 |
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Income tax |
0.660 |
0.000 |
0.000 |
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Deferred tax expenses |
6.373 |
0.365 |
0.000 |
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TOTAL (B) |
549.129 |
339.001 |
252.910 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
60.735 |
40.886 |
33.840 |
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Less |
FINANCIAL
EXPENSES (D) |
32.883 |
22.330 |
16.486 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.852 |
18.556 |
17.354 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.270 |
2.265 |
1.464 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.582 |
16.291 |
15.890 |
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Less |
TAX (I) |
3.168 |
5.441 |
6.008 |
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PROFIT AFTER TAX
(G-I) (J) |
7.414 |
10.850 |
9.882 |
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BALANCE CARRIED TO
THE B/S |
7.414 |
10.850 |
9.882 |
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Earnings Per
Share (Rs.) |
2.96 |
4.33 |
NA |
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Expected Sales (2010-2011) : Rs. 800.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.22
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2.85 |
3.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.75
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4.29 |
5.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.66
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4.85 |
7.03 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08
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0.12 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.57
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1.57 |
0.48 |
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Current Ratio (Current Asset/Current Liability) |
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6.80
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13.57 |
12.78 |
LOCAL AGENCY FURTHER INFORMATION
sundry creditors details:
(Rs. in millions)
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
42.011 |
10.180 |
10.414 |
change of address:
The Registered Office of the company was S.Mo. 338 White
House, Opposite Sandvik Asia Limited, PUne – Mumbai Road, Dapodi, Pune,
Maharashtra change to present Registered Address w.e.f 01.03.2008.
REVIEW OF THE operations AND FUTURE PROSPECTS:
During the year the Company has received sales and other income of Rs.609.863 millions and The Company has earned Net Profit of is Rs. 7.414 millions at the end of the Financial year. The Directors are continuously looking for avenues for future growth of the Company. In the next financial year the Company is expected to achieve better turnover with higher percentage of profit.
MANAGEMENT DISCUSSIONS AND ANALYSIS:
The Company is carrying on mainly two business activities viz. trading and manufacturing. The trading segment is mainly identified for the distributors of Lamina Technologies SA, Grindwell Norton Limited and Siemens Limited for engineering products and manufacturing segment comprises of manufacturing of MS Flats from the MS Ingots and secondly galvanizing of the steel gratings or the steel products by coating Zinc thereon. This business segmentation forms the basis for review of operational performance. The information about business segments on primary reporting format is given in detail in the Notes to accounts provided by the Auditors of the Company which is attached herewith this report.
Bankers Charges Report as per Registry
|
Corporate
identity number of the company |
U29299PN2007PlC130488 |
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Name of the
company |
Anand Teknow Aids
Engineering India Limited |
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Address of the
registered office or of the principal place of business in |
Kunal Puram
Commercial Complex, 2nd Floor, Opp. Atlas Copco, Mumbai Pune Road,
Dapodi, Maharashtra- 411012, India |
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This form is for |
Modification of
charge |
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Type of charge |
Movable Property Book Debts Stock in all
elements |
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Particular of
charge holder |
State Bank Of
India - Industrial Finance Branch, Tara Chambers, 2nd Floor, Near Mariaaipolicechowky,
Mumbai Pune Highway, Wakdewadi, Pune – 411 003, Maharashtra, India E-mail: milind.bankapure@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in Overall Limit
(Form C.2-A) executed to create a single charge over all the present and
future current assets including the assets that would come into existence
through the credit facilities extended by the Bank to the Borrower Company. |
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Date of
instrument Creating the charge |
12.03.2011 |
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Amount secured by
the charge |
Rs. 740.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 5.00% above BASE
RATE. Effective Rate:13% pa with monthly rests. Penal interest @2% on default
as per RBI's Norms. For EPC/PCFC and FBD/EBR limit as per norms of the Bank
/RBI Directives. Terms of Repayment - DCC: On Demand. The tenor would be of 12
months subject to review. Margin For RM:25%
SIP:25% FG:25% Domestic Receivables:35%(Cover Period 110 days) For LC:25% Extent and Operation of the charge SBI IFB Pune will
have first and exclusive charge over all the present and future current
assets.The Company has extended the collateral security by way of EM of Row
House No.21S.No.126(P) Kunal Ikon PimpleSoudagar,EM over Plot No10
S.No.152Village Gahunge Tal WadgaonMaval.EM of Residential Flat
No.B1,S.No.67/BSunshine Residency Sanghvi Pune.2ndpari passu charge over
fixed assets of Greatweld Steel Grating Private Limited. Personal Guarantee
of Directors and Corporate Guarantee of Greatweld Steel Grating Others The Company, by
virtue of the Board Resolution passed on 11/02/2011,has given assent to all
the Terms and Conditions, Covenants, as provided in the Bank's Sanction
Letter IFB/CREDIT/AMT-1/341Dated 28/01/2011, have executed the related loan
document(s)/ Agreement(s) through the Director(s),who have received and signed the documents in physical form
and who have been authorized to file
eform-8 for modifications in the existing limits and in nature of the
charge on agreed terms |
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Short particulars
of the property charged |
All the present
and future current assets inclusive of Book Debts and records thereof
maintained at the Registered Office and at the Works of the Company Mumbai
Pune Road Dapodi Pune-411012 Collateral Security:Row House No21 S.No.126(P)
Kunal Ikon Pimple Saudagar Pune. Collateral Security:Plot No.10 S.No.152
Village Gahunge Tal Wadgaon Maval District Pune.Land adm.3029 Sq.ft 2nd pari passu charge over fixed assets of
Greatweld Steel Grating Private Limited. Collateral Security: Flat No.B1
S.No.67/B Sunshine Residency Sanghvi Pune. |
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Date of last
modification prior to the present modification |
29.12.2010 |
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Particulars of
the present modification |
By this present modification
the existing charge of Rs.680.000 millionss has been enhanced to Rs.740.000
millions |
FIXED ASSETS
- Goodwill
- Land
- Building
- Plant and machinery
- Computer
- Furniture and fixture
- Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.22 |
|
|
1 |
Rs.71.97 |
|
Euro |
1 |
Rs.63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.