MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ATS CONVEYORS INDIA PRIVATE LIMITED |
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Registered Office : |
W-17, F2 Block, MIDC, Pimpri, Pune - 411018, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.04.2005 |
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Com. Reg. No.: |
25-020541 |
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CIN No.: [Company
Identification No.] |
U29299PN2005PTC020541 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA07595A |
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PAN No.: [Permanent
Account No.] |
AAFCA4457P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Conveyors |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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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 290000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Financial position is good. The company is
faring well. It's payments are correct and as per commitments. The company can be considered good for normal 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) |
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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 DENIED BY
|
Name : |
Mr. Umesh |
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Designation : |
Accounts Department |
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Date : |
15.03.2011 |
LOCATIONS
|
Registered
Office/ Factory : |
W-17, F2 Block, MIDC, Pimpri, Pune - 411018, |
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Tel. No.: |
91-20-66300104 |
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Fax No.: |
91-20-66300105 |
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E-Mail : |
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Website : |
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Area : |
30000sq.fts |
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Location : |
Rented |
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Factory 2
: |
Plot No. 302, Sector - 7, PCNTDA, Bhosari, Pune - 411026, |
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Area : |
30000sq.fts |
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Location : |
Rented |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Yves Daniel Rieffel |
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Designation : |
Director |
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Address : |
1, Rue Du Coteau 8720 Flaxlanden |
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Date of
Birth/Age : |
01.12.1977 |
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Date of
Appointment : |
25.07.2005 |
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DIN No. : |
01858645 |
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Name : |
Mr. Michel Paul Letzelter |
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Designation : |
Director |
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Address : |
1, Rue Saint Vincent, 67500, |
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Date of
Birth/Age : |
01.06.1955 |
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Date of
Appointment : |
25.07.2005 |
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DIN No. : |
01858660 |
KEY EXECUTIVES
|
Name : |
Mr. Umesh |
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Designation : |
Accounts Department |
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Name : |
Mr. Dayananad Dalvi |
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Designation : |
Chief Executive Officer |
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Address : |
41 Years |
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Qualification : |
Engineer |
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Date of
Appointment : |
01.01.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Appalete Tourtellier Systems (ATS) |
|
124297 |
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ATS Group SA |
|
704349 |
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TOTAL |
|
828646 |
As On 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturer of Conveyors |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Actual
Production |
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Overhead conveyors |
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|
32333360 |
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Floor conveyors |
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|
109007795 |
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Electric monorail conveyors |
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|
176614442 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
35 (approximately) |
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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 : |
B.D. Jokhakar and Company Chartered Accountant |
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Address : |
8-Ambalal Doshi Marg, Fort, Mumbai – 400001, |
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Tel. No.: |
91-22-22654882/22651731 |
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Pan No.: |
AADFB1729J |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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900000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
828646 |
Equity Shares |
Rs. 10/- each |
Rs. 8.286 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 |
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|
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1] Share Capital |
8.286 |
8.286 |
8.286 |
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2] Share Application Money |
0.184 |
0.184 |
0.184 |
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3] Reserves & Surplus |
65.416 |
42.166 |
27.488 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.886 |
50.636 |
35.958 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
1.253 |
1.317 |
1.853 |
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TOTAL |
75.139 |
51.953 |
37.811 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.804 |
19.248 |
16.683 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.627 |
16.880 |
16.094 |
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Sundry Debtors |
114.313 |
86.632 |
108.359 |
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Cash & Bank Balances |
46.743 |
37.806 |
21.976 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
14.836 |
32.564 |
9.080 |
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Total Current Assets |
208.519 |
173.882 |
155.509 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Sundry Creditors |
67.563 |
28.955 |
64.257 |
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Other Current Liabilities |
65.589 |
68.133 |
44.548 |
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Provisions |
19.032 |
44.089 |
25.576 |
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Total Current Liabilities |
152.184 |
141.177 |
134.381 |
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Net Current Assets |
56.335 |
32.705 |
21.128 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.139 |
51.953 |
37.811 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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INCOME |
342.114 |
191.690 |
243.456 |
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EXPENSES
(Excluding Deprecation) |
293.223 |
160.333 |
196.858 |
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Less/ Add |
DEPRECIATION |
4.003 |
3.034 |
1.997 |
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PROFIT / (LOSS)
BEFORE TAX |
44.888 |
28.323 |
44.601 |
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Less/ Add |
PROVISION FOR
TAXATION |
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FOR CURRENT TAX |
15.500 |
9.800 |
14.700 |
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FOR DEFERRED TAX |
(0.064) |
(0.536) |
2.103 |
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FOR FRINGE
BENEFIT TAX |
-- |
0.365 |
0.290 |
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PREVIOUS
YEAR’S PROFIT / (LOSS) |
40.297 |
27.488 |
(0.020) |
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PROFIT / (LOSS)
AFTER TAX CARRIED TO THE BALANCE SHEET |
69.663 |
46.175 |
27.488 |
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IMPORTS |
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Raw Materials and components |
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Purchase net |
55.524 |
25.009 |
36.664 |
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Add: Custom duty net of CENVAT Credit |
3.166 |
0.253 |
3.273 |
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Add: Import freight and Clearing Agent Charges |
1.119 |
2.285 |
1.189 |
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TOTAL IMPORTS |
59.809 |
27.547 |
41.126 |
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Earnings Per
Share (Rs.) |
35.44 |
22.55 |
33.20 |
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Expected Sales (2010-2011) : Rs.450.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit
Margin (PBT/Sales) |
(%) |
13.12 |
14.78 |
18.32 |
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Return on Total
Assets (PBT/Total
Assets} |
(%) |
19.75 |
14.67 |
25.90 |
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Return on
Investment (ROI) (PBT/Networth) |
|
0.61 |
0.56 |
1.24 |
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Debt Equity
Ratio (Total
Liability/Networth) |
|
2.06 |
2.79 |
3.74 |
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|
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|
Current Ratio (Current
Asset/Current Liability) |
|
1.37 |
1.23 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
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Micro, Small and Medium Enterprise and
others |
- |
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|
Others |
67.563 |
28.955 |
64.257 |
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Total |
67.563 |
28.955 |
64.257 |
Contingent Liabilities as on
31.03.2010
Guarantees given to parties by company’s
bankers – Rs. 30.373 Millions
Form 8:
|
Corporate
identity number of the company |
U29299PN2005PTC020541 |
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Name of the
company |
ATS CONVEYORS
INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
W 17 F 2 Block
MIDC, Pimpri, Pune - 411018, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
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||||||
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Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
15.02.2011 |
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Amount secured by
the charge |
Rs. 100.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As per Agreement with the Bank Terms of Repayment
- As per Agreement with the Bank Margin - As per
Agreement with the Bank Extent and
Operation of the charge - First charge on current assets of the Company. The
charge on hypothecated assets continues till full repayment of Loan. Details
of Facilities (Rs.in millions) : Cash Credit(Sub limit of Bank Guarantee)
(50), Bank Guarantee 1000, Inland/Import Letter of Credit ( Sub-limit of Bank
Guarantee) (50), Adhoc Bank Guarantee 0* * Adhoc Bank
Guarantee Limit of Rs.11.298 millions absorbed in the enhanced BG Limit. Others - As per
Agreement with the Bank |
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|
Particulars of
the property charged |
(A) All tangible
movable machineries, plant machinery, fixtures, fittings, other installation,
cranes, furniture, computers and other accessories, vehicles together with
spares, tools, accessories and all other articles. (B) Movable goods and
assets both present and future and including but without prejudice to
generality of the foregoing words all stocks of raw material, work in
progress, semi finished goods and finished goods, packing materials,
consumable stores and spares. (C) All the present and future book debts,
outstanding monies, receivables, claims, bills, contracts, engagements and
securities. |
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|
Date of
instrument modifying the charge |
07.04.2010 |
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|
Particulars of
the present modification |
Facilities
enhanced upto Rs.100.000 millions. Details of Facilities (Rs.in millions) : Cash
Credit(Sub limit of Bank Guarantee) (50), Bank Guarantee 1000, Inland/Import
Letter of Credit ( Sub-limit of Bank Guarantee) (50), Adhoc Bank Guarantee 0* * Adhoc Bank
Guarantee Limit of Rs.11.298 millions absorbed in the enhanced BG Limit. The charge on
hypothecated assets continues till full repayment of Loan. |
Fixed Assets:
- Plant and Machinery
- Furniture and Fittings
- Office Equipment
- Computers
- Vehicles
- Technical Fees
- Buildings
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. 45.27 |
|
|
1 |
Rs. 72.95 |
|
Euro |
1 |
Rs. 63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.