MIRA
INFORM REPORT
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Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
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Name : |
AQUARIUS ENGINEERS PRIVATE LIMITED |
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Registered Office : |
Aquarius House, Plot No. 65, S No. 297,
Sheelavihar Colony, Off Karve Road, Erandavana, Pune-411038,
Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.08.1997 |
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Company. Reg. No.: |
11-110008 |
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CIN No.: [Company
Identification No.] |
U29244MH1997PTC110008 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA02409B |
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PAN No.: [Permanent
Account No.] |
AACCA2748L |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporters of
Concrete Pump, Concrete Batching Plants, Batching Plant, Concrete Paver and
Slip Form Paver. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 272000 |
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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. There is
a dip in the sales turnover and profitability of the company it is due to recession.
However, trade relations are fair. Business is active. Payments are reported
to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions with slight 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
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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. Prasad |
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Designation : |
Accountant |
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Date : |
04.05.2011 |
LOCATIONS
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Registered Office : |
Aquarius House, Plot No. 65, S No. 297,
Sheelavihar Colony, Off Karve Road, Erandavana, Pune-411038, Maharashtra,
India |
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Tel. No.: |
91-20-25445227 |
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Mobile No.: |
91-9822553384 (Mr. Nitin Vaidya) |
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Fax No.: |
91-20-25445228 |
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E-Mail : |
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Website : |
http://www.aquariusconsult.biz http://www.aquriusengineers.biz
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Area : |
3500 Sq.ft. |
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Location : |
Owned |
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Factory 1 : |
190, 191 Kundaim Industrial Estate, Kundaim, |
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Tel. No.: |
91-832-2396334 / 2395974 |
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Fax No.: |
91-832-2396253 |
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Factory 2 : |
Survey No. 480,481,482 Ambadvet, Taluka, Mulshi, District
Pune, |
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Tel. No.: |
91-20-32348053 / 25171636 |
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Fax No.: |
91-20-32348054 / 25171635 |
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Warehouse : |
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Tel. No.: |
91-20-32664425 |
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Tele Fax No.: |
91-20-20291251 |
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E-Mail : |
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Regional Offices : |
Located
at :
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DIRECTORS
AS ON 25.09.2010
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Name : |
Mr. Milind S. Bhadbhade |
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Designation : |
Managing Director |
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Address : |
7, Anand Baugh Society, Navi Peth, Pune – 411030, |
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Date of Birth/Age : |
27.01.1955 |
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Date of Appointment : |
15.09.2004 |
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Name : |
Mr. Ashok V. Dikshit |
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Designation : |
Director |
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Address : |
12 Shamali Society, |
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Date of Birth/Age : |
13.01.1953 |
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Date of Appointment : |
16.08.1997 |
KEY EXECUTIVES
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Name : |
Mr. Shridhar S. Kulkarni |
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Designation : |
Company Secretary |
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Address : |
C-21/16, Kaivalya, Kothrud, Pune-411029, |
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Name : |
Mr. Nitin Vaidya |
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Designation : |
Marketing Manager |
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Name : |
Mr. Prasad |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
|
Names of Equity Shareholders |
No. of Shares |
|
Milind Bhadbhade |
1350000 |
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Nita M. Bhadbhade |
150000 |
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Ashok Dikshit |
15000 |
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Total |
1515000 |
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Names of Preference Shareholders |
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Indumati S. Bhadbhade |
10 |
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Tanvi M Bhadbhade |
10 |
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Sadashiv T Bhadbhade |
10 |
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Mona M Bhadbhade |
10 |
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Mona M Bhadbhade - HUF |
10 |
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Milind Bhadbhade – HUF |
10 |
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Total |
60 |
AS ON 25.09.2010
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of
Concrete Pump, Concrete Batching Plants, Batching Plant, Concrete Paver and Slip
Form Paver. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
GENERAL INFORMATION
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Customers : |
Customer |
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No. of Employees : |
250 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 : |
Shah Khandelwal Jain and Associates Chartered Accountants |
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Address 1: |
1st Floor, |
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Tel. No.: |
91-20-40186999 |
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Fax No.: |
91-20-40186922 |
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E-Mail : |
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Website : |
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Address 2: |
3rd Floor, |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
AS ON 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1950000 |
Equity Share |
Rs.10/- Each |
Rs.19.500 millions |
|
50000 |
Preference Shares |
Rs.10/- Each |
Rs.0.500 million |
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Total |
|
Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1515000 |
Equity Share |
Rs.10/- Each |
Rs.15.150
millions |
|
60 |
Preference Shares |
Rs.10/- Each |
Rs.0.001
million |
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Total |
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Rs.15.151 millions |
Note:
Out of
the above 1209100 equity shares have been allotted as fully paid up by way of
Bonus Shares.
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 |
15.150 |
15.151 |
13.001 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.086 |
50.868 |
30.558 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
68.236 |
66.019 |
43.559 |
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LOAN FUNDS |
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1] Secured Loans |
68.927 |
76.027 |
56.843 |
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2] Unsecured Loans |
16.455 |
6.180 |
11.445 |
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TOTAL BORROWING |
85.382 |
82.207 |
68.288 |
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DEFERRED TAX LIABILITIES |
2.095 |
0.000 |
1.068 |
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TOTAL |
155.713 |
148.226 |
112.915 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
51.110 |
53.536 |
55.494 |
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Capital work-in-progress |
13.217 |
5.319 |
3.646 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.492 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
81.848
|
84.903
|
67.942 |
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Sundry Debtors |
44.769
|
42.807
|
59.301 |
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Cash & Bank Balances |
20.311
|
4.491
|
10.644 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
27.269
|
30.726
|
52.206 |
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Total
Current Assets |
174.197
|
162.927
|
190.093 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
52.166
|
43.054
|
83.924 |
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Current Liabilities |
16.462
|
21.516
|
33.268 |
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Provisions |
14.183
|
9.478
|
19.126 |
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Total
Current Liabilities |
82.811
|
74.048
|
136.318 |
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Net Current Assets |
91.386
|
88.879
|
53.775 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
155.713 |
148.226 |
112.915 |
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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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Sales |
267.193 |
382.669 |
269.102 |
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Other Income |
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TOTAL (A) |
267.193 |
382.669 |
269.102 |
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Less |
EXPENSES |
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Administrative Expenses |
255.559 |
355.419 |
239.181 |
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TOTAL (B) |
255.559 |
355.419 |
239.181 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.634 |
27.250 |
29.921 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.634 |
27.250 |
29.921 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.836 |
4.173 |
1.632 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.798 |
23.077 |
28.289 |
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Less |
TAX (H) |
5.581 |
8.142 |
10.041 |
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PROFIT AFTER TAX
(G-H) (I) |
2.217 |
14.935 |
18.248 |
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EARNINGS IN
FOREIGN CURRENCY |
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Commission Earnings |
2.682 |
0.938 |
1.754 |
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Sales |
2.732 |
0.230 |
0.126 |
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TOTAL EARNINGS |
5.414 |
1.168 |
1.880 |
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IMPORTS |
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Purchases |
60.100 |
40.441 |
6.411 |
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Traveling Expenses |
0.000 |
0.039 |
0.141 |
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TOTAL IMPORTS |
60.100 |
40.480 |
6.552 |
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Earnings Per
Share (Rs.) |
1.46 |
9.86 |
200.75 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.82 |
3.90 |
6.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.46 |
10.66 |
11.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.35 |
0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.49 |
2.37 |
4.70 |
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Current Ratio (Current Asset/Current Liability) |
|
2.10 |
2.20 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
HIGHLIGHTS
The Company
recorded turnover of Rs. 267.900 millions as against Rs. 382.600 millions during the previous year, this is reduction
of about 30%. The profit after tax also decreased to Rs. 2.217 millions as against Rs. 14.935
millions during the previous year.
The last year was a difficult year for the
company. Global financial turmoil affected many sectors but more particularly infrastructure spending. Many of
their customers cut down their capex plans
and this resulted in reduction in demand for company's products. Further price realisation for the
company's products was under pressure due to overall economic factors. But in spite of difficult
year company continued to work without any reduction in workforce. All
reasonable measures were taken to keep the costs to the minimum.
The directors are
confident of achieving
better results in the current year due to incentive package given by the government and change in business
environment.
TRADE REFERENCES
- Hindustan
Construction Company Limited
- Tarapur
Atomic Power Project
FORM 8
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified |
90084909 |
|
Corporate
identity number of the company |
U29244MH1997PTC110008 |
|
Name of the
company |
AQUARIUS ENGINEERS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Aquarius House, Plot No. 65, S No. 297,
Sheelavihar Colony, Off Karve Road, Erandavana, Pune-411038,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Immovable
property |
|
Particular of
charge holder |
Bank of Email ID: boipunmb@vsnl.net |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental deed
of hypothecation dated 24.03.2009 to the principle deed of hypothecation
executed as on 29.09.1998 and charge on book debts charging all movable
properties and assets and oral assent. |
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Date of instrument
Creating the charge |
24.03.2009 |
|
Amount secured by
the charge |
Rs.75.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0% over and above
BPLR with minimum interest rate of 12.50% per annum with the monthly rests. Terms of
Repayment Repayable on
demand with the interest rate 12.50% per annum with the monthly rests. Margin 25% against the
hypothecation of stock 30% against the hypothecation
of book debts upto 120 days and 100% over 120 days. Extent and
Operation of the charge Hypothecation by
way of first charge of stock of spares parts of concrete
mixers/pumps/plastering machine, pipes, raw material, steel plants,
subassemblies, concrete batch plants and book debts. |
|
Short particulars
of the property charged |
The company has
Hypothecated stock of spares parts of concrete mixers/pumps/plastering
machine, pipes, raw material, steel plants, subassemblies, concrete batch
plants and all the future and present book debts, outstanding, money
receivable, claims, bills. |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Electrical Installations
- Furniture and Fixture
- Motor Car
- Vehicle
- Computer
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.44.59 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
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 |
|
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--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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.