MIRA
INFORM REPORT
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Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ACE GAS CONVERSIONS PRIVATE LIMITED (w.e.f. 19.12.2010) |
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Formerly Known
As : |
ACE LPG CAR KITS PRIVATE LIMITED |
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Registered
Office : |
A 101, Amrutt Industrial Estate, Opposite Vasani Petrol Pump, Western Express
Highway, Mir Road (East), Thane-401104, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.07.2001 |
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Com. Reg. No.: |
11-132654 |
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Capital Investment/
Paid-up Capital: |
Rs. 1.000
Million |
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CIN No.: [Company Identification
No.] |
U50200MH2001PTC132654 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA14875A/ PNEA07889A |
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PAN No.: [Permanent Account No.] |
AADCA1395A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Subject is engaged in blending, compounding, and re-refining
lubricating oils and greases from purchased minerals, animal and vegetable
materials. |
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No. of
Employees: |
Not Divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 17000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under pressure. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
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Name : |
Mr. Sanjay Gandhi |
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Designation : |
Finance Head |
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Date : |
27.07.2011 |
LOCATIONS
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Registered Office : |
A 101, Amrutt Industrial Estate, Opposite Vasani Petrol Pump, Western Express
Highway, Mir Road (East), Thane-401104, Maharashtra, India |
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Tel. No.: |
91-22-28457431/ 28457935/ 36 |
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Fax No.: |
91-22-28457432 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Amit Lalitchandra Shah |
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Designation : |
Director |
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Address : |
78/9, |
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Date of Birth/Age : |
26.12.1970 |
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Date of Appointment : |
09.07.2001 |
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DIN No.: |
00109901 |
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Name : |
Mr. Manoj Chandrkant Vithalani |
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Designation : |
Director |
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Address : |
2003, C-Wing, |
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Date of Birth/Age : |
014.05.1962 |
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Date of Appointment : |
09.07.2001 |
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DIN No.: |
00109739 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Gandhi |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Manoj Vithlani |
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40750 |
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Amit Shah |
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40750 |
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Parul Vithlani |
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200 |
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Manolj Vithlani – HUF |
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300 |
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Kosha Shah |
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300 |
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Charulata Shah |
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200 |
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Pankaj Taneja |
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7500 |
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Santosh Shetty |
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10000 |
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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 |
Percentage |
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Directors or relatives of Directors |
82.50 |
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Others |
17.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in blending, compounding, and re-refining
lubricating oils and greases from purchased minerals, animal and vegetable
materials. |
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Products : |
LPG Conversion Kits for Vehicles |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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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 : |
Sunil Vasant and Company Chartered Accountant |
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Address : |
5-B, Neelakamal, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.000
Million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.312 |
7.704 |
15.129 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.312 |
8.704 |
16.129 |
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LOAN FUNDS |
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1] Secured Loans |
24.808 |
24.654 |
24.534 |
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2] Unsecured Loans |
4.549 |
3.234 |
0.734 |
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TOTAL BORROWING |
29.357 |
27.888 |
25.268 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
33.669 |
36.592 |
41.397 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.253 |
10.296 |
10.820 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.543 |
0.543 |
0.546 |
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DEFERREX TAX ASSETS |
0.250 |
0.231 |
0.194 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.824
|
14.420 |
20.403 |
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Sundry Debtors |
11.378
|
19.403 |
13.945 |
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Cash & Bank Balances |
15.064
|
14.648 |
2.165 |
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Other Current Assets |
0.000
|
0.000 |
14.951 |
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Loans & Advances |
6.880
|
11.541 |
10.290 |
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Total
Current Assets |
47.146
|
60.012 |
61.754 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.238
|
27.965 |
21.759 |
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Other Current Liabilities |
0.080
|
0.940 |
4.846 |
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Provisions |
0.230
|
5.635 |
5.378 |
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Total
Current Liabilities |
24.548
|
34.540 |
31.983 |
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Net Current Assets |
22.598
|
25.472 |
29.771 |
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MISCELLANEOUS EXPENSES |
0.025 |
0.050 |
0.066 |
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TOTAL |
33.669 |
36.592 |
41.397 |
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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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Income |
78.106 |
139.275 |
223.780 |
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Kit Fitting Charges |
|
0.135 |
1.229 |
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Bank Interest |
|
1.329 |
0.992 |
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Other Income |
|
5.466 |
8.206 |
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TOTAL |
78.106 |
146.205 |
234.207 |
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Less |
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Purchased |
81.772 |
121.473 |
206.845 |
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Operational Expenses |
|
25.290 |
26.803 |
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TOTAL |
81.772 |
146.763 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
[3.666] |
[6.540] |
3.522 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.537 |
0.692 |
0.747 |
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PROFIT BEFORE
TAX |
[4.203] |
[7.232] |
2.775 |
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Less |
TAX |
[0.020] |
0.193 |
1.149 |
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PROFIT AFTER TAX
|
[4.183] |
[7.425] |
1.626 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.704 |
15.129 |
13.503 |
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Short Provision for earlier tax |
0.209 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
3.312 |
7.704 |
15.129 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
8.236 |
17.251 |
11.901 |
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TOTAL EARNINGS |
8.236 |
17.251 |
11.901 |
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IMPORTS |
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Import Value |
8.407 |
13.822 |
77.827 |
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TOTAL IMPORTS |
8.407 |
13.822 |
77.827 |
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Earnings Per
Share (Rs.) |
[41.83] |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[5.36]
|
[5.08] |
0.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
[5.19] |
1.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[7.32]
|
[10.28] |
3.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.97]
|
[0.83] |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
12.50
|
7.17 |
3.55 |
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Current Ratio (Current Asset/Current Liability) |
|
1.92
|
1.74 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
24.238 |
27.865 |
21.759 |
FINANCIAL
PERFORMANCE AND OUTLOOK:
As can be seen from the financial performance reported above, the
scenario for alternative fuel industry has continued to worsen. The company’s turnover
has declined by 47%. However, with greater emphasis on purchase cost and
several cost control measures initiated by the company has resulted in a
decline in loss by about 40% (as compared to previous year) in spite of decline
in Turnover.
As reported in last year’s Directors Report, the company conducted the
test marketing of 2 wheelers LPG kit in several states where the Auto LPG is
available. However, the response so far has been very slow, and not as per
the expectations of the company.
With auto LPG conversion market not showing any signs of pick up, the
company continues to emphasise on building up the network for approval and
distribution of CNG kits which has a good potential in current scenario.
The company has already applied for Euro IV approvals (mandatory from
1/04/2010) for CNG kits and they expect increase in business on receipt of the
same.
SUBSIDIARY COMPANY
The companies merger with its subsidiary company Ace Gas Conversions
Private Limited has already been approved by High Court – Mumbai vide order
dated 18th March,2010.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Name of the
company |
ACE GAS CONVERSIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
A 101, Amrut Industrial Estate, Opposite Vasani Petrol Pump, Western
Express Highway, Mir Road (East), Thane-401104, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Citi Bank N.A., |
|
Nature of
description of the instrument creating or modifying the charge |
i)
Loan
Agreement ii)
Memorandum
of Entry Recording Past transaction of Equitable Mortgage by Deposit of title
Deeds (Both collectively constituted a single charge of Rs. 14.500 Millions) |
|
Date of
instrument Creating the charge |
01.11.2007 |
|
Amount secured by
the charge |
Rs. 14.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest i) Term Loan of
Rs. 8.000 Millions – 0.25% over and above/ less than the applicable Citibank
PLR which is currently 13.75% p.a. (Applicable rate= 13.50%) ii) Term Loan of
Rs. 5.500 Millions – 0.25% over and above/ less than the applicable Citibank
PLR which is currently 13.75% p.a. (Applicable Rate= 13.50%) and iii) Unsecured
Term Loan of Rs. 1.000 Million – 4.25% over and above / less than the
applicable Citibank PLR which is currently 13.75% p.a. (Applicable Rate= 18%)
and Terms of
Repayment i) Secured TL of
Rs 8.000 Millions and Rs. 5.500 Millions shall be repayable in 60 months and ii) Unsecured TL
of Rs. 1.000 Million shall be repayable in 22 months. Margin As may be
stipulated by Bank from time to time Extent and
Operation of the charge The company
created an equitable mortgage by way of deposit of title deed sin respect of
its immovable properties as security for repayment of credit facility,
together with interest, liquidated damages, costs, charges and expenses and
all other moneys due and payable by the said borrower to the bank. |
|
Short particulars
of the property charged |
Immovable
property situated at Unit No. 204, 2nd Floor, A Wing, Amrut Industrial
Estate, Western Express, Highway, |
Fixed Assets:
·
Godown Premises
·
Mobile Phone
·
Motor Car
·
Furniture and Fixture
·
Computers
·
Fax Machine
·
Dies and Moulds
·
Air Conditioner
·
EPABX System
·
Demo Kit
·
Water Cooler
·
Electrical Installation
·
Tools
·
Testing Equipments
·
Automatic
·
Car hoist
·
Scooter
·
Vehilce Two Wheeler
·
Tools and Parts
·
Mini Hydraulic Hand
Pallet Truck
·
Office Premises
·
Telephone
·
Xerox Machine
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.43.95 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.