MIRA INFORM REPORT

 

 

Report Date :

30.07.2011

 

IDENTIFICATION DETAILS

 

Name :

ANKIT EQUIPMENTS PRIVATE LIMITED

 

 

Registered Office :

113D, Bommasandra Industrial Area, Hebbagods, Bangalore – 560099, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

26.08.1996

 

 

Com. Reg. No.:

08-21041

 

 

Capital Investment/ Paid-up Capital:

Rs. 0.104 Million

 

 

CIN No.:

[Company Identification No.]

U29150KA1996PTC021041

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA06244A

 

 

PAN No.:

[Permanent Account No.]

AACCA6453G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and exporter of all types of cranes and hoists

 

 

No. of Employees:

Approximately 40

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Maximum Credit Limit :

USD 6700

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some caution.

 

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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. C G Sasidharan

Designation :

Director

Contact No.:

91-9880050016

Date :

26.07.2011

 

 

LOCATIONS

 

Registered Office /Factory/Head Office/Corporate Office:

Plot No. 113D, Bommasandra Industrial Area, Hebbagods, Bangalore – 560099, Karnataka, India

Tel. No.:

91-80-27831643/26685846

Mobile No.:

91-9880050016 (Mr. Sasidharan)

Fax No.:

91-80-26685846

E-Mail :

ankitequipment@dataone.in

Website :

www.ankitequipment.com

Location :

Owned

 

 

Branch Office :

Plot No. 18 and 19, 42nd Main, 4th Cross, BTM II Stage, Bangalore – 560099, Karnataka

Tel. No.:

91-80-26685846

Area :

3800 Sq.fts

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Sasidharann Gopalkrishnan Chandralayam

Designation :

Director

Address :

No. 18, and 19, Sri Lakshmi, 42nd Main, 4th cross, BTM layout, Bangalore – 560068, Karnataka, India.

Date of Birth/Age :

06.10.1950

Qualification :

Degree in electrical engineering from regional engineering college, Calicut University, Kerala in 1973

Date of Appointment :

26.08.1996

DIN No.:

02776024

 

 

Name :

Mr. Kalasamy Shekaran Birla

Designation :

Director

Address :

2/695, NGO colony, second Main, Hosur – 635 109, Tamilnadu, India 

Date of Birth/Age :

09.05.1961

Qualification :

Degree in mechanical engineering from Madurai Kamraj University, Tamilnadu in 1986

Date of Appointment :

26.08.1996

DIN No.:

02817829

 

 

Name :

Mr. Vellolil Gopinathan

Designation :

Director

Address :

No. 3, Site No. 14, Jayamma Nivas, Honga Sandra main, G B Palya, Bangalore – 560068, Karnataka, India.

Date of Birth/Age :

26.06.1957

Qualification :

Bachelor Degree in science from Kerala University

Date of Appointment :

26.08.1996

DIN No.:

02775962

 

 

Name :

Mr. Madiraju Raju Hari

Designation :

Director

Address :

NC-254 Vijaya Enclave, Bilekally Sundaram Shetty Ngr., Bangalore – 560068, Karnataka, India.

Date of Birth/Age :

01.06.1964

Date of Appointment :

09.01.1998

DIN No.:

02775904

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

 

 

 

Sasidharan Gopalkrishnan Chandralayam

 

20

Birla Sekaran Kalasamy

 

20

Gopinathan Vellolil

 

20

Kalai Selvi

 

20

Kanchana Gopinathan

 

20

Vasanthi

 

20

 

 

 

Total

 

120

 

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

 

Category

 

Percentage of Holding

 

 

 

Directors or relatives of directors

 

100.00

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and exporter of all types of cranes and hoists

 

 

Products :

·         Electric Hoist

·         Electric Wire Rope Hoist

·         Monorail Hoist

·         Monorail Hoist Crane

·         Electric Winch

·         EOT Cranes

·         Over head Crane

·         Industrial EOT Crane,

·         Single Girder EOT Cranes

·         Double Girder Cranes

 

 

Exports :

 

Products:

Cranes and Hoists

Countries :
  • Sri Lanka
  • Dubai
  • Nigeria
  • Bangladesh

 

 

Terms :

 

Selling :

L/C, Cash, Credit

 

 

GENERAL INFORMATION

 

Customers :
  • OEM’s

 

 

No. of Employees :

Approximately 40

 

 

Bankers :
  • Bank of India, Madiwala Branch, Bangalore, Karnataka, India
  • ABN Amro Bank
  • Barclays Bank
  • ICICI Bank
  • Standard Chartered Bank
  • Citi Bank N.A.
  • HDFC Bank Limited

 

 

Facilities :

Secured Loans

31.03.2010

(Rs. in Millions)

31.03.2009

(Rs. In Millions)

From Banks and FIS

 

 

ABN Amro Bank

0.499

0.839

Barclays Bank

0.282

1.029

Cholamandalam

0.000

0.133

Citi Bank Loan

0.191

0.344

DCBL

0.000

0.224

Ge Money Financial

0.050

0.195

ICICI Bank

0.000

0.082

Indian Bulls

1.869

0.535

Religare Finvest Limited

0.567

0.868

Standard Chartered Bank

0.238

0.458

Reliance Capital – Car Loan – Alto

0.224

0.000

Reliance Capital – Car Loan- I20

0.328

0.000

HDFC Bank Loan

0.290

0.000

Total

4.538

4.707

 

 

 

Unsecured Loans

31.03.2010

(Rs. in Millions)

31.03.2009

(Rs. In Millions)

From Directors

0.159

0.279

From Others

0.167

0.413

Total

0.326

0.692

 

 

 

Banking Relations :

-

 

 

Auditors :

 

Name :

Jayatheertha and company

Chartered Accountants

Address :

# 337/1A, 18th Cross, upper Palace Orchards, Sadashivnagar, Bangalore – 560080, Karnataka, India

 

 

Sister Concerns :

E- max Inc., Bangalore, Karnataka 

Activity : dealer of components

 

 

CAPITAL STRUCTURE

 

 

AS ON 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500

Equity Shares

Rs.1000/- each

Rs. 0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

120

Equity Shares

Rs.1000/- each

Rs. 0.120 Million

 

 

 

 

 

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500

Equity Shares

Rs.1000/- each

Rs. 0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

104

Equity Shares

Rs.1000/- each

Rs. 0.104 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.104

0.104

0.104

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1.582

1.257

1.531

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1.686

1.361

1.635

LOAN FUNDS

 

 

 

1] Secured Loans

4.538

4.707

0.000

2] Unsecured Loans

0.326

0.692

7.385

TOTAL BORROWING

4.864

5.399

7.385

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

6.550

6.760

9.020

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.231

1.656

1.919

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
3.523
5.666

22.526

 

Sundry Debtors
15.507
14.708

15.628

 

Cash & Bank Balances
2.216
1.328

3.555

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
1.660
3.516

1.922

Total Current Assets
22.906
25.218

43.631

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
9.124
12.027

11.058

 

Other Current Liabilities
9.308
7.823

25.472

 

Provisions
0.155
0.264

0.000

Total Current Liabilities
18.587
20.114

36.530

Net Current Assets
4.319
5.104

7.101

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

6.550

6.760

9.020

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Turnover

75.950

81.149

59.463

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

75.471

80.456

58.678

 

 

 

 

 

 

PROFIT BEFORE TAX              

0.479

0.693

0.785

 

 

 

 

 

Less

TAX                                                                 

NA

0.264

0.000

 

 

 

 

 

 

PROFIT AFTER TAX

NA

0.429

0.785

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.61

43

7.55

 

 

Particulars

 

 

 

31.03.2011

Sales Turnover (Approximately)

 

 

100.000

 

Expected Sales (2011-2012) : Rs. 120.000 Millions          

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
NA

0.53

1.32

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.91

2.58

1.72

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.28

0.51

0.48

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
13.91

18.75

26.86

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.23

1.25

1.19

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note – The Registered office address of the company has been shifted from 168/2, Kudlu, Off. Hosur Road, Bangalore – 560056, Karnataka, India to present address w.e.f. 19.10.2009

 

Trade References:

 

·         BML

·         KGF

·         Sura Industry

 

Operations:

 

During the current year the company’s order book position has substantially been improved. The company hopes to double the turnover in the coming year. The products and services rendered by the company are well received in the  market and they have received good enquires for the products.

 

Fixed Assets

 

  • Computer
  • Office Equipment
  • Plant nad Machinery
  • Tools and Dies
  • Furniture and Fixture
  • Mobile Phones
  • Vehicle
  • Mobile Crane
  • Mini Tempo Force

 

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.44.16

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--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

NO

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

26

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.