%20PRIVATE%20LIMITED%20-%20133040%2002-Mar-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
AXIS ELECTRICAL COMPONENTS ( |
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Registered
Office : |
Axis House Plot No. 104C, Government Industrial Estate, Kandivali
West, Mumbai – 400067, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.05.1997 |
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Com. Reg. No.: |
11-108174 |
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CIN No.: [Company Identification
No.] |
U31200MH1997PTC108174 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18966D |
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PAN No.: [Permanent Account No.] |
AAACA9691C |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturer and Exporter of Electrical Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 460000 |
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|
tatus : |
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Gangesh |
|
Designation : |
Accounts Department |
|
Date : |
24.02.2011 |
LOCATIONS
|
Registered Office / Warehouse : |
Axis House Plot No. 104/C, Government Industrial Estate, Kandivali
West, Mumbai – 400067, |
|
Tel. No.: |
91-22-28696636 / 28686405 |
|
Mobile No.: |
91-22-28678491 / 28683561 |
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E-Mail : |
marketing@axis-india.com
(Marketing) purchase@axis-india.com (Purchase) logistics@axis-india.com
(Logistics) accounts@axis-india.com
(Accounts) |
|
Website : |
DIRECTORS
As On 30.09.2009
|
Name : |
Mr. Kanderp Seventilal Khandwala |
|
Designation : |
Director |
|
Address : |
401, Megh Apartment, 4th |
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Date of Birth/Age : |
27.09.1958 |
|
Date of Appointment : |
21.05.1997 |
|
DIN No.: |
00514555 |
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|
Name : |
Mr. Nimish Premsingh Taterh |
|
Designation : |
Director |
|
Address : |
1902 Great Eastern Height CTS Limited, |
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Date of Birth/Age : |
15.010.1967 |
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Date of Appointment : |
21.05.1997 |
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DIN No.: |
00517983 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nimisah Premsingh Taterh |
|
100000 |
|
Kanderp Seventilal Khandwala |
|
100000 |
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|
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|
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Total |
|
200000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electrical Components. |
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Exports : |
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Products : |
Electrical Components |
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Countries : |
Asian Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
300 (In Office : 30; In Factory : 270) |
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Bankers : |
Central Bank of India – Mumbai Main Office, Documentation Cell, 2nd
Floor, Central Bank Building, Fort, Mumbai – 400001, Maharashtra, India |
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Facilities : |
Rs in Millions
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Banking
Relations : |
- |
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Auditors : |
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Name : |
N P Patwa and Company Chartered Accountant |
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Address : |
102, Sudaive, Plot No. 97, Hindu Colony Road No. 3, Dadar (CR), Mumbai
– 400014, Maharashtra, India |
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Tel. No.: |
91-22-24118146 / 24115870 / 24114590 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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|
|
|
|
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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
106.097 |
96.396 |
66.127 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
116.097 |
106.396 |
76.127 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19.326 |
16.552 |
22.408 |
|
|
2] Unsecured Loans |
0.267 |
4.468 |
8.468 |
|
|
TOTAL BORROWING |
19.593 |
21.020 |
30.876 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.379 |
|
|
|
|
|
|
|
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TOTAL |
135.690 |
127.416 |
107.382 |
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APPLICATION OF FUNDS |
|
|
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|
|
|
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FIXED ASSETS [Net Block] |
18.550 |
16.859 |
16.302 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
34.156 |
16.865 |
15.718 |
|
|
DEFERREX TAX ASSETS |
0.070 |
0.066 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
67.571
|
40.798
|
39.066 |
|
|
Sundry Debtors |
15.925
|
33.790
|
46.636 |
|
|
Cash & Bank Balances |
3.311
|
17.784
|
4.018 |
|
|
Other Current Assets |
7.742
|
0.000
|
0.000 |
|
|
Loans & Advances |
13.217
|
23.136
|
11.907 |
|
Total
Current Assets |
107.766
|
115.508
|
101.627 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.884
|
18.286
|
24.086 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
0.000
|
3.644
|
2.243 |
|
Total
Current Liabilities |
24.884
|
21.930
|
26.329 |
|
|
Net Current Assets |
82.882
|
93.578
|
75.298 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.032 |
0.048 |
0.064 |
|
|
|
|
|
|
|
|
TOTAL |
135.690 |
127.416 |
107.382 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
298.759 |
329.724 |
|
|
|
|
Other Income |
18.366 |
23.170 |
|
|
|
|
TOTAL |
317.125 |
352.894 |
253.581 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
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Advertising Expenses |
|
|
|
|
|
|
TOTAL |
288.607 |
306.985 |
221.636 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
28.518 |
45.909 |
31.945 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
26.618 |
15.640 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.900 |
30.269 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
225.307 |
272.624 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
9.831 |
6.310 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.00 |
302.69 |
-- |
|
%20PRIVATE%20LIMITED%20-%20133040%2002-Mar-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20133040%2002-Mar-2011_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20133040%2002-Mar-2011_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.60
|
8.58 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.55
|
13.92 |
-- |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.58
|
34.68 |
27.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.43 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.40 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.33
|
5.27 |
3.86 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
During the year
the company earned an income of Rs.3.264 Millions as against Rs. 3.592 Millions
achieved during the corresponding period of previous year. After offsetting the
expenses the company incurred profit (after tax) of Rs. 0.155 Million as
against incurred profit Rs. 0.303 Million achieved during the corresponding
period of the previous year. The directors are optimistic about the future of
the company.
|
This form is for |
Modification of
charge |
||||||
|
Charge
identification number of the modified |
90149148 |
||||||
|
Corporate
identity number of the company |
U31200MH1997PTC108174 |
||||||
|
Name of the
company |
AXIS ELECTRICAL
COMPONENTS ( |
||||||
|
Address of the
registered office or of the principal place of business in |
AXIS HOUSE PLOT
NO 104CGOVT INDUSTRIL ESTATE, KANDIVALI WEST, MUMBAI – 400067, |
||||||
|
Type of charge |
Immovable
Property |
||||||
|
Particular of charge
holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
||||||
|
Date of
instrument Creating the charge |
12.07.2007 |
||||||
|
Amount secured by
the charge |
Rs. 87.500
millions |
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As notified by the Bank from time to time. Terms of
Repayment - On demand Margin - As
stipulated by Bank from time to time. Extent and Operation
of the charge - Security by way of first charge in favour of Bank to secure
advance facilities aggregating Rs.87.500 Millions together with interest,
compound interest, and /or additional
interest , penal interest, letter liquidated damages, commitment charges,
premia on prepayment or on redemption, costs, charges, expenses, commission
etc. remaining outstanding at any time and /or for any advance or facilities
of any nature which may be due to Bank by company and for all other
indebtedness and liabilities whatsoever of the Company to Bank. Others - Revised
Limits: C/C (Hyp) Rs.5.000 Millions , PC Cum EBP/EBD Rs.35.000 Millions ,
EBP/EBD against L/C - Outside MPBF Rs.30.000 Millions , O/D against Book
Debts Rs.5.000 Millions Total Rs.75.000 Millions ,Letter of Bank Guarantee
Rs.12.500 Millions , Grand Total Rs.87.500 Millions. |
||||||
|
Short particulars
of the property charged |
Plot of land
bearing Plot No.104-C,situate lying and being at Government Industrial
Estate, Charkop, Kandivali (West),Taluka Borivali, Mumbai- 400 062 adms.
323.58 sq mtrs. And bearing C.S.T. No. 546 (4) and bounded as follows: North:
By Plot bearing No.1048,South:By Plot bearing No. 1040,East:By public Road,
West: By Park ,Together with buildings and other structures, fixed plant and
machinery, fixtures and fittings constructed erected or installed or to be
constructed, erected or installed. |
||||||
|
Date of latest
modification prior to the present modification |
24.10.2005 |
||||||
|
Particulars of
the present modification |
3rd Modification.
The charge is increased from Rs.72.500 Millions to Rs.87.500 Millions. |
FIXED ASSETS
- Air
conditioners
- computers
- Dies and tools
- Electrical
fittings
- Mobile phones
- Office
equipments
- Plant and
machinery
- Vehicles
- Furniture and
fixtures
- Building
AS PER WEB SITE
DETAILS:
Profile:
Subject is a leading manufacturer of vast range of electrical
components for transmitting, joining, continuing, supporting and other safety
electrical products used in electrical systems.
Subject products are manufactured strictly by the specifications
and designs laid by accepted International Standards.
Subject being the manufacturer has a total control over the
quality of the products right from the raw materials to the finished products.
Rigorous quality testing and control is enforced.
Only that material which passes
the rigid norms; finds its way into the market. This is the only reason that subject products have gained
popularity among the quality conscious customers.
The company is not lacking its innovativeness.
A generous part of the company's funds are used in R and D.
Newer varieties of products are constantly being developed to cater to the need
of the customer, taking into consideration the ease of usage, efficiency and
cost of effectiveness of the products.
AXIS Electrical Components offers:
• Copper Lugs, ferrules and
Connectors 1.5mm2 ---1200mm2
• Brass Glands Metric, NPT,
Imperial, PG
• Coated/Galvn Flex Conduits
• Brass Conduit fittings
• Neutral Bars, Terminals,
Contacts
• Earth rods and fittings
• Lightning Protection Systems
• Line taps, Split Bolts, C-taps
• Clamping Systems
• O-H line Hardware
• Piercing Connectors and PG
Clamps
• Brass fittings for Switchgears
and Transformers
• Tinned Copper Wire Braids,
Jumpers, Sheild wire
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.