MIRA
INFORM REPORT
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Report Date : |
24.03.2011 |
Note: Given address was old factory address.
IDENTIFICATION DETAILS
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Name : |
ACCUWEIGH AUTOMATION AND SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
Flat No. 6 and 7, 636/637, Narayan Peth, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.01.2006 |
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Com. Reg. No.: |
11-21805 |
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CIN No.: [Company
Identification No.] |
U29196PN2006PTC021805 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA09849A |
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PAN No.: [Permanent
Account No.] |
AAFCA5271P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Conveyors, Automated Assembly
Solutions and Automated Material
Handling Systems |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 8200 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Kaustubh |
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Designation : |
Director |
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Contact No.: |
91-9921872872 |
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Date : |
23.03.2011 |
LOCATIONS
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Registered Office : |
Flat No. 6 and 7, 636/637, Narayan Peth, |
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Tel No.: |
91-20-64700634 |
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E mail: |
91-9921872872 (Mr. Kaustubh ) |
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Fax No.: |
91-20-24391086 |
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E-Mail : |
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Factory : |
Survey No. 34, Shed No. 2, Bhumkar Estate Haresh, Near |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Sachin Suresh Bhokte |
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Designation : |
Director |
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Address : |
Flat No. 6 and 7, 636/637, Narayan Peth, |
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Date of Birth/Age : |
26.02.1981 |
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Date of Appointment : |
09.01.2006 |
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DIN No.: |
02372171 |
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Name : |
Mr. Kaustubh Madhav Bhagwat |
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Designation : |
Director |
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Address : |
9 DM Plaza, Ganeshmala, 3B, Sitabaug Colony, |
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Date of Birth/Age : |
26.11.1980 |
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Date of Appointment : |
09.01.2006 |
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DIN No.: |
01716868 |
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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Sachin Suresh Bhokte |
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5000 |
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Kaustubh Madhav Bhagvat |
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5000 |
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Total |
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10000 |
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 Exporter of Conveyors, Automated Assembly
Solutions and Automated Material
Handling Systems |
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Products : |
·
Modular Belt Conveyors ·
Special Conveyors ·
Gravity Conveyors ·
Aluminum Extruded Profiles ·
Ergonomic Workstations ·
Turntables ·
Spercial Assembly Fixtures |
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Exports : |
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Products : |
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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 : |
Cash
and Credit |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
Approximately 45 (Office 10, Factory 35) |
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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 : |
Chobe and Mate Associates Chartered Accountant |
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Address : |
Flat No. 2, Phadke Sankul, 1785, Sadashiv Peth, Near Khajina Vihir,
Off Tilak Road, Pune-411030, Maharashtra, India |
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Tel. No.: |
91-20-24478627/ 24454721 |
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E-Mail : |
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Associates/Subsidiaries
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Multitex Services, Pune |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- 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 |
1.938 |
0.828 |
0.195 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.038 |
0.928 |
0.295 |
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LOAN FUNDS |
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1] Secured Loans |
6.974 |
3.678 |
1.460 |
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2] Unsecured Loans |
0.098 |
0.148 |
0.198 |
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TOTAL BORROWING |
7.072 |
3.826 |
1.658 |
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DEFERRED TAX LIABILITIES |
0.027 |
0.005 |
0.000 |
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TOTAL |
9.137 |
4.759 |
1.953 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.861 |
1.242 |
0.743 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.587 |
0.051 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.982
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3.458
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2.477 |
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Sundry Debtors |
3.455
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2.876
|
0.834 |
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Cash & Bank Balances |
[0.575]
|
0.147
|
0.032 |
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Other Current Assets |
0.878
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0.507
|
0.087 |
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Deposits |
0.170
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0.195
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0.160 |
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Loans & Advances |
0.701
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0.224
|
0.025 |
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Total
Current Assets |
11.611
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7.407
|
3.615 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.067
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2.588
|
2.011 |
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Current Liabilities |
1.884
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3.907
|
0.282 |
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Provisions |
1.428
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0.625
|
0.232 |
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Total
Current Liabilities |
7.379
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4.532
|
2.525 |
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Net Current Assets |
4.232
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2.875
|
1.090 |
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MISCELLANEOUS EXPENSES |
0.044 |
0.055 |
0.069 |
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TOTAL |
9.137 |
4.759 |
1.953 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
37.087 |
23.799 |
11.704 |
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Other Income |
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TOTAL |
37.087 |
23.799 |
11.704 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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22.551 |
11.364 |
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Advertising Expenses |
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TOTAL |
35.067 |
22.551 |
11.364 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.020 |
1.248 |
0.340 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.401 |
0.237 |
0.123 |
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PROFIT BEFORE
TAX |
1.619 |
1.011 |
0.217 |
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Less |
TAX |
0.509 |
0.378 |
0.093 |
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PROFIT AFTER TAX
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1.110 |
0.633 |
0.124 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
1.341 |
NA |
NA |
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TOTAL EARNINGS |
1.341 |
NA |
NA |
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Earnings Per
Share (Rs.) |
111.00 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.37
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2.66 |
1.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.83
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11.69 |
4.98 |
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Return on Investment (ROI) (PBT/Networth) |
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0.79
|
1.09 |
0.74 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.09
|
9.01 |
14.18 |
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Current Ratio (Current Asset/Current Liability) |
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1.57
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1.63 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Volkswagen
Review of
Operations:
During this year the total income of the company increased from Rs.
23.799 Millions in the previous year ot Rs. 37.087 Millions in the current financial
year. The company has earned a profit of
Rs. 1.110 Millions as compared to previous year’s profit of Rs. 0.633
Million.
Considering the company’s consistent performance, the Management is
hopeful of sustaining the growth rate in the years to come.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10010229 |
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Corporate
identity number of the company |
U29196PN2006PTC021805 |
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Name of the
company |
ACCUWEIGH AUTOMATION AND SOLUTIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Flat No. 6 and 7, 636/637, Narayan Peth, |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Industrial Development Bank of India Limited, Anand Nagar (Dhayari)
Branch, Sinhagad Road, Pune-411051, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
Loan/ Facility Agreement Dated 2nd June 2009 Ominibus Counter
Guarantee Dated 22.06.2009 |
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Date of
instrument Creating the charge |
22.06.2009 |
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Amount secured by
the charge |
Rs. 6.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit :
Interest at BPLR p.a. (Present BPLR is 12.75%), Presently at the rate 12.75% or at such rate as may be fixed by the IDBI
Bank Limited from time to time. Bank Guarantee –
Commission @ 3% per annum subject to minimum of Rs. 0.001 Million Terms of
Repayment Cash Credit – 12
Months Line, Repayable on Demand, Review to be taken every year. Bank Guarantee – 12
Month’s Line of Credit, Period of individual bank guarantee should not exceed
36 Months. Margin Cash Credit – 25%
on Stock and Debtors Bank Guarantee-
25% of FDR Extent and
Operation of the charge Charge Created
(Modified) by IDBI Bank Limited for Rs. 6.500 Millions to the following: First Charge on
stocks (Including raw material, semi finished and finished goods) and book
debts of the company. Others Type of Facility:
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Short particulars
of the property charged |
Movables
including stocks of raw materials, semi finished and finished gods and book
debts |
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Date of latest
modification prior to the present modification |
22.04.2008 |
Fixed Assets:
·
Plant and Machinery
·
Computers
·
Computers Equipments
·
Computers Software
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Furniture and Fixtures
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Office Equipments
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Mobile Handsets
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Motor Car and Vehicles
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Web Site
·
Software
·
Land
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
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|
1 |
Rs.73.57 |
|
Euro |
1 |
Rs.63.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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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 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
44 |
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.