MIRA
INFORM REPORT
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Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
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Name : |
AAPSEE CONTROLS AND SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Flat 1/ 34, North
Wing, Pratik Nagar Housing Society, Yerawada, Pune – 411 006, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
18.05.2005 |
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Com. Reg. No.: |
11-20751 |
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CIN No.: [Company
Identification No.] |
U29259PN2005PTC020751 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA07553A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Leak, Flow and Process Controls
Applications and Instruments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 16000 |
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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 well established company, having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular 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 PARTED BY
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Name : |
Mr. Vijayababu Kumara Venkata
Rama Davuluru. |
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Designation : |
Director |
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Contact No.: |
91-9049860981 |
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Date : |
10.02.2011 |
LOCATIONS
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Registered Office : |
Flat 1/ 34, North
Wing, Pratik Nagar Housing Society, Yerawada, Pune – 411 006, |
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Tel. No.: |
91-20-26699848/ 30687389/ 90/ 1/ 2/ 3 |
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Mobile No.: |
91-9049860981 (Mr. D K V R Vijaya Babu) |
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Fax No.: |
91-20-26699848 |
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E-Mail : |
dkvr.vijayababu@aapseecontrols.comdb.manjusha@aapseecontrols.com |
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Website : |
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Area : |
800 sq ft |
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Location : |
Rented |
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Factory : |
Plot No.29, S.N. 74/ 80, B.U. Bhandai Skyine Behind Row Houses, Dighi,
Pune, Maharashtra, India |
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Tel. No.: |
91-20-30687389 |
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Area : |
2000 sq ft |
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Location : |
Rented |
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Branch Office : |
Located at:
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Vijayababu Kumara Venkata
Rama Davuluru. |
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Designation : |
Director |
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Address : |
1/ 34, North
Wing, Pratik Nagar Housing Society, Yerawada, Pune – 411 006, |
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Date of Birth/Age : |
04.07.1962 |
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Qualification : |
B.E. Mech. |
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Date of Appointment : |
18.05.2005 |
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Name : |
Mrs. Manjusha Bharathi Davuluru |
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Designation : |
Director |
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Address : |
1/ 34, North
Wing, Pratik Nagar Housing Society, Yerawada, Pune – 411 006, |
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Date of Birth/Age : |
07.03.1964 |
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Qualification : |
M.A. |
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Date of Appointment : |
18.05.2005 |
KEY EXECUTIVES
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Name : |
Mr. Sangeeth |
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Designation : |
Sales Department |
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E-Mail : |
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Name : |
Mr. V. Manoj |
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Designation : |
Production Department |
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E-Mail : |
manoj.v@aapseecontrols.com |
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Name : |
Mr. Anand |
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Designation : |
Accounts Department |
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E-Mail : |
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Name : |
Ms. Asha |
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Designation : |
Admin Department |
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E-Mail : |
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Name : |
Mr. Prashant |
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Designation : |
Embedded Engineer |
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E-Mail : |
prashant@aapseecontrols.com |
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Name : |
Mr. Narendra |
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Designation : |
M/C Designs |
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E-Mail : |
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Name : |
Mr. D. Prabhukumar |
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Designation : |
Head (Chennai Branch) |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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D. Bharathi Manjusha |
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50000 |
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D.K.V.R. Vijayababu |
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50000 |
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Total |
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100000 |
Equity Share Breakup (Percentage of Total
Equity)
As on 30.09.2010
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Category |
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Percentage of Holding |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Leak, Flow and Process Controls
Applications and Instruments. |
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Products : |
- ACFS - Leak Testing Mass Flow - I24 - Leak Testing Pr Decay, Mass Flow - M24 - Leak Testing Pr Decay, Mass Flow - M0.5-1500 – Mass Flow Transmitter (Gas) - L 10 – Flow Transmitter (Water)- - KCM 300-60K – C Flow Coriolis Mass Flow Meter - KPS – Turbidity (Flow) Meter - MC0.5 - MCR1500 - Flow Control (Gas Mixing, Gas Sputtering, Paint Control) - SAM100 - Press Force Monitoring (Single Stn.) - SAM400 – Press Force Monitoring (Multiple Stn.) - SAM300 – Press Force Monitoring (Servo Controlled Stn.) |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit ( 30-60-90 Days) |
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Purchasing : |
L/C, Cash and Credit ( 30-60-90 Days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
Approximately 30 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.B. Gandhi and Associates Chartered Accountants |
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Address : |
1-Ground Floor, Gauri Apartments, 250/ A, Shaniwar Peth, Pune – 411
030, |
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Tel. No.: |
91-20-2477603/ 24494240 |
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Fax No.: |
91-20-24494240 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares (Class A) |
Rs.1/- each |
Rs.0.100 million |
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10000 |
Equity Shares (Class B) |
Rs.10/- each |
Rs.0.100 million |
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Total |
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Rs.0.200 million
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.1/- each |
Rs.0.100
million |
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.015 |
2.094 |
1.793 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.115 |
2.194 |
1.893 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.048 |
0.127 |
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2] Unsecured Loans |
0.300 |
0.266 |
0.459 |
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TOTAL BORROWING |
0.300 |
0.314 |
0.586 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.415 |
2.508 |
2.479 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.943 |
1.006 |
1.164 |
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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 |
0.005 |
0.004 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.214
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4.519 |
2.196
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Sundry Debtors |
4.419
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2.268 |
3.781
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Cash & Bank Balances |
0.576
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0.067 |
0.365
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Other Current Assets |
0.337
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0.383 |
0.218
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Loans & Advances |
0.388
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0.048 |
0.668
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Total
Current Assets |
7.934
|
7.285 |
7.228
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.528
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2.371 |
2.582
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Other Current Liabilities |
2.570
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2.198 |
0.964
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Provisions |
1.369
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1.221 |
2.375
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Total
Current Liabilities |
4.467
|
5.790 |
5.921
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Net Current Assets |
3.467
|
1.495 |
1.307
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MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.008 |
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TOTAL |
4.415 |
2.508 |
2.479 |
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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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|
13.703 |
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14.649 |
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Other Income |
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|
0.259 |
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TOTAL |
13.703 |
10.806 |
14.908 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
10.913 |
10.317 |
12.869 |
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Advertising Expenses |
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TOTAL (Including Depreciation) |
10.913 |
10.317 |
12.869 |
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PROFIT BEFORE
TAX |
2.790 |
0.489 |
2.039 |
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Less |
TAX |
0.869 |
0.188 |
0.660 |
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PROFIT AFTER TAX
|
1.921 |
0.301 |
1.379 |
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IMPORTS |
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Import Value |
2.520 |
0.449 |
2.308 |
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TOTAL IMPORTS |
2.520 |
0.449 |
2.308 |
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Earnings Per
Share (Rs.) |
19.21 |
-- |
-- |
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Expected Sales (2010-11): Rs.20.000 millions
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
14.02
|
2.79 |
9.25
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
13.92
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Return on Total Assets (PBT/Total Assets} |
(%) |
31.43
|
5.90 |
24.30
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Return on Investment (ROI) (PBT/Networth) |
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0.68
|
0.22 |
1.08
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Debt Equity Ratio (Total Liability/Networth) |
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1.16
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2.78 |
3.44
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Current Ratio (Current Asset/Current Liability) |
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1.78
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1.26 |
1.22
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LOCAL AGENCY FURTHER INFORMATION
TRADE REFRENCES:
- Tricol
Limited – Chennai
- Sundaran
Claydon - Chennai
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U29259PN2005PTC020751 |
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Name of the
company |
AAPSEE CONTROLS AND SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Flat 1/ 34, North
Wing, Pratik Nagar Housing Society, Yerawada, Pune – 411 006, |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10065285 |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of
Maharashtra, Vishrantwadi Branch, Vishrantwadi, Pune – 411 015, |
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Nature of
instrument creating charge |
Composite Deed of
Hypothecation for All Facilities |
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Date of
instrument Creating the charge |
24.12.2009 |
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Amount secured by
the charge |
Rs. 2.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest @ BPLR + 1.50% @
13.75% p.a. at monthly rests or as notified by the bank from time to time. Terms of
Repayment Repayment on Demand Margin 25% Extent and
Operation of the charge First Charge Others
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Short particulars
of the property charged |
First and exclusive
charge and security by way of hypothecation charge in favour of the Bank over
the borrower’s present and future movable plants, machineries, goods, stock
of raw materials, items, inventories, stock in process, semi finished and
finished goods, stores and spares (consumable stores and spares), stock in
trade, goods in process, movable in transit and present and future tangible
intangible assets, vehicles, goodwill, trademark, copyright, patent and all
the right title interest and benefit of the borrower in upon or over all
contracts and agreements and amounts and right to collect receive and recover
the same together with all movables situated or located at any place and now
lying, being, affixed or installed at any place at any time and all outstanding
monies, claims, bills, receivables, book debts due or to become due to the
borrower/s at any time or from time to time and all of the Borrower’s rights,
title or interest therein. |
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Particulars of
the present modification |
The bank has
enhanced Cash Credit from Rs. 1.000 Million to Rs. 2.500 Millions |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29259PN2005PTC020751 |
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Name of the
company |
AAPSEE CONTROLS AND SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Flat 1/ 34, North
Wing, Pratik Nagar Housing Society, Yerawada, Pune – 411 006, |
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Type of charge |
Movable Property |
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Particular of charge
holder |
Bank of
Maharashtra, Vishrantwadi Branch, Vishrantwadi, Pune – 411 015, E-Mail: email@mahabank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Composite Deed of
Hypothecation for all facilities. |
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Date of
instrument Creating the charge |
31.07.2007 |
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Amount secured by
the charge |
Rs.1.000 million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
BPLR + 1% i.e. @ 14.25% p.a. at Monthly Rests or as notified by the Bank from
time to time. Terms of
Repayment: Repayment on demand Margin: Margin – 25%
in Bank’s favour Extent and
Operation of the charge: First and exclusive charge and security by way of
hypothecation charge in favour of the Bank.
Others: Facility:
Fund based limit: Cash Credit Limit Rs.1.000 million |
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Short particulars
of the property charged |
Present and
future movable plants, machineries, goods, stocks of raw materials, items,
inventories, stocks in process, semi finished and finished goods, stores and
spares (consumable stores and spares). Stock in trade, goods in process, movables
in transit and present and future tangible and intangible assets, vehicles,
goodwill, trade mark, copy right, patent and all the right, title, interest
and benefit of the borrower etc. |
FIXED ASSETS:
- Computer and
Software
- Furniture and
Fixture
- Office
Equipments
- Maruti Zen
- Plant and
Machinery
WEBSITE DETAILS:
COMPANY:
The company Aapsee Controls was
established in the millennium year 2000. In the year 2005 Aapsee Controls has become
a Private Limited company under the name “Aapsee Controls And Systems
Private Limited ” - ACSPL.
The main objective has been to Study, Design, Manufacture and Supply
- Leak Testing, Flow Testing machines
- Press Force Monitoring and Signature Analysis Equipments
- Low Cost Automation Projects
- Process control Equipments/ Elements
- Gas Mixing Equipments
- SCADA
For the Automotive, Engineering, Medical, Packaging, Pharmaceutical,
Refrigeration and Processing Industries
HISTORY:
Established in 2000, Subject manufactures and exports precisely
engineered products such as Flow Meter Controller and Leak Testing Equipment
for Automotive / Medical / Packaging / Pharmaceutical and Refrigeration
industries. They also supply and commission process control equipment for
processing industries.
They manufacture these Special Purpose Machines with utmost precision to ensure
that it offers complete satisfaction in every application. High quality raw
material and accessories are used in the manufacturing process and each level
of the production processes is monitored carefully.
With the help of a team of proficient designers, engineers and technocrats they
are able to provide the most suitable solution to the leak / flow testing
applications. They also have the facility for designing the jigs and fixtures
suitable to the equipment being used.
Armed with the latest designing tools, they are able to study the feasibility
of the application and guide the user throughout the applicability. If desired,
the user can also have on hand experience of the final product.
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
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.