MIRA
INFORM REPORT
|
Report Date : |
02.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
ACCUMAX ENGINEERING PRIVATE LIMITED (w.e.f. 09.06.2010) |
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Formally Known
As : |
ACCUMAX ENGINEERING LIMITED |
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Registered
Office : |
Plot No.D-302, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai –
400705, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.10.1979 |
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Com. Reg. No.: |
11-021743 |
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Capital
Investment / Paid-up Capital : |
Rs.22.650 Millions |
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CIN No.: [Company Identification
No.] |
U28900MH1979PTC021743 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19107E |
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PAN No.: [Permanent Account No.] |
AABCA0150B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter, Importer of Cutting Tools. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 91000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track recorded. The
company has been successful in wipping-off the accumulated losses of the previous
years. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 |
LOCATIONS
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Registered Office/ Factory : |
Plot No.D-302, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai –
400705, |
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Tel. No.: |
91-22-65205280 / 64553600 / 64553615 / 65205262 |
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Fax No.: |
91-22-27615107 |
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E-Mail : |
dinkar.kamath@accumaxsaws.com |
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Website : |
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Location : |
Rented |
DIRECTORS
AS ON 05.09.2011
|
Name : |
Mr. Dinkar Anant Kamat |
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Designation : |
Director |
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Address : |
Flat No.8, Avon Apartments, 153, Veer Savarkar Marg, Mahim, Mumbai –
400016, |
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Date of Birth/Age : |
29.06.1948 |
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Date of Appointment : |
04.10.1979 |
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DIN No.: |
01532948 |
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Name : |
Mrs. Nilima Dinkar Kamat |
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Designation : |
Director |
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Address : |
Flat No.8, Avon Apartments, 153, Veer Savarkar Marg, Mahim, Mumbai – 400016,
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Date of Birth/Age : |
01.11.1955 |
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Date of Appointment : |
01.11.1990 |
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DIN No.: |
02029859 |
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Name : |
Ms. Amrita Dinkar Kamat |
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Designation : |
Director |
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Address : |
Flat No.8, Avon Apartments, 153, Veer Savarkar Marg, Mahim, Mumbai –
400016, |
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Date of Birth/Age : |
22.05.1981 |
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Date of Appointment : |
01.04.2006 |
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DIN No.: |
02842917 |
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Name : |
Mr. Sachit Dinkar Kamat |
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Designation : |
Director |
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Address : |
Flat No.8, Avon Apartments, 153, Veer Savarkar Marg, Mahim, Mumbai –
400016, |
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Date of Birth/Age : |
23.08.1979 |
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Date of Appointment : |
01.01.2010 |
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DIN No.: |
02932802 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Dinkar Anant Kamat |
|
763190 |
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Nilima Dinkar Kamat |
|
384500 |
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Amrita Dinkar Kamat |
|
30370 |
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Sanchit Dinkar Kamat |
|
46440 |
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Kishor Anant Kamat |
|
318000 |
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Chhaya Kishor Kamat |
|
182000 |
|
Pradeep Jagdish Vohra |
|
125760 |
|
Sarvapriya Leasine Private Limited, |
|
374240 |
|
Sachi Danand and Company (HUF), |
|
40500 |
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Total |
|
2265000 |
AS ON 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
78.00 |
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Other top fifty shareholders |
22.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer of Cutting Tools. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
HDFC Bank ·
UCO Bank ·
Corporation Bank ·
N. K. G. S. B. Co-Operative Bank Limited ·
Central Bank of ·
The Cosmos Co-Operative Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S Chandulal and Company Chartered Accountants |
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Address : |
6/D/80, |
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PAN : |
AACPS6025N |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2265000 |
Equity Shares |
Rs.10/- each |
Rs.22.650
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
22.650 |
22.650 |
22.650 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.136 |
0.000 |
4.072 |
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4] (Accumulated Losses) |
0.000 |
(3.490) |
0.000 |
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NETWORTH |
22.786 |
19.160 |
26.722 |
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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 |
16.001 |
17.506 |
10.885 |
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TOTAL BORROWING |
16.001 |
17.506 |
10.885 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.787 |
36.666 |
37.607 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.390 |
23.287 |
25.379 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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Goodwill |
0.300 |
0.300 |
0.300 |
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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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|
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Inventories |
13.457
|
11.933
|
16.569 |
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Sundry Debtors |
6.976
|
4.212
|
2.609 |
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Cash & Bank Balances |
0.353
|
0.802
|
0.414 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
1.696
|
3.298
|
8.343 |
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Total
Current Assets |
22.482
|
20.245
|
27.935 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
3.138
|
3.193
|
3.365 |
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Other Current Liabilities |
4.745
|
4.970
|
14.138 |
|
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
7.883
|
8.163
|
17.503 |
|
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Net Current Assets |
14.599
|
12.082
|
10.432 |
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MISCELLANEOUS EXPENSES |
0.498 |
0.997 |
1.496 |
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TOTAL |
38.787 |
36.666 |
37.607 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
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Income |
33.340 |
21.577 |
22.625 |
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Other Income |
0.000 |
0.712 |
76.696 ( |
|
|
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TOTAL |
33.340 |
22.289 |
99.321 |
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Less |
EXPENSES |
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Manufacturing Expenses |
|
|
|
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Office Administrative Expenses |
27.519 |
27.440 |
37.241 |
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Selling and Distribution Expenses |
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TOTAL |
27.519 |
27.440 |
37.241 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.821 |
(5.151) |
62.080 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.195 |
2.412 |
3.147 |
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PROFIT / (LOSS)
BEFORE TAX |
3.626 |
(7.563) |
58.933 |
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Less |
TAX |
0.000 |
0.000 |
9.701 |
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PROFIT / (LOSS)
AFTER TAX |
3.626 |
(7.563) |
49.232 |
|
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|
Earnings /
(Loss) Per Share (Rs.) |
1.60 |
(3.34) |
21.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.88
|
(33.93) |
49.57 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
10.88
|
(35.05) |
260.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.85
|
(17.25) |
109.92 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.39 |
2.21 |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.05
|
1.34 |
1.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.85
|
2.48 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The company changed its registered office from “Plot No 1off Deonar Village Road,
Deonar Mumbai – 400088, Maharashtra, India” to “Plot No. 9, 1st Floor, Sector
24, Mumbai Pune Road, Opposite Sanpada Railway Station, Turbhe, Navi Mumbai –
400705, Maharashtra, India” w.e.f .19.07.2007. The registered office has again
sifted from “Plot No. 9, 1st Floor, Sector 24, Mumbai Pune Road, Opposite
Sanpada Railway Station, Turbhe, Navi Mumbai – 400705, Maharashtra, India” to
“Plot No.D-302, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai – 400705,
Maharashtra, India” w.e.f. 16.02.2010
REVIEW OF OPERATIONS:
During the year,
the Company’s turnover increased by Rs11.763 Millions as compared to the
previous year. The total income of the Company stands at Rs.33.341 Millions as
compared to Rs.22.289 Millions in the previous year. The Company during the
year marketed non-standard cutting tools viz. bigger sized saw blades mostly
for non-ferrous metals which resulted in highest value addition. The Company
test marketed 3 new products which are new generation advance cutting tools,
reportedly performed as per expected standards. With repeat orders, the company
is all set to commence commercial production of these products, Similarity; the
Company took several steps to reduce overheads, which resulted in higher
profits during the year. The Company earned net profit after depreciation of
Rs3.626 Millions as compared to previous year’s loss of Rs7.562 Millions.
FORM 8:
|
Corporate identity number of the company |
U28900MH1979PTC021743 |
|
Name of the company |
ACCUMAX ENGINEERING PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
Plot No D-302, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai –
400705, E-Mail : dinkarkamat@gmail.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Any interest in immovable property Book debts Movable property (not being pledge) |
|
Particular of charge holder |
Corporation Bank, 520, Mangireesh Building, Ground Floor, L J Cross
Road, Mahim Mumbai – 400016, Maharashtra, India E-Mail : cb2009@corpbank.co.in
|
|
Nature of instrument creating charge |
Certified Copy of Common Deed of Hypothecation of
movables/assets/debts Certified Copy of Guarantee Agreement Certified Copy of Memorandum of Deposit of Title Deeds Certified Copy of Demand Promissory Note |
|
Date of instrument Creating the charge |
13.10.2011 |
|
Amount secured by the charge |
Rs.12.500 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest Cash Credit ( Hypothecation) Base Rate + 3.10% = 13.75% per annum with
monthly rests Terms of repayment Cash Credit running account repayable on Demand Subject to Annual
Renewal Margin Inventories Raw Materials indigenous
25% Work in progress 25% Finished goods 25% Book Debts 30% Extent and operation of the charge Cash Credit RS.12.500 Millions To secure the due repayment of the aforesaid limits and for interest
and other charges thereon, the bankers, first hypothecation charge on borrowers
entire current assets consisting of stock of raw material viz steel strips,
steel sheets, sheet plates, industrial diamond powder, work in process,
finished goods and book debts(upto 90 days) |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
The first charge and hypothecation charge on Borrower's entire current
assets consisting of Raw materials,
WIP and finished stock viz steel steel strips, steel sheets, steel plates,
industrial diamond powder, tungsten carbide tips and cutting tools stored at
Company's manufacturing works (address) - Plot No D- 302, TTC Industrial
Area, MIDC Turbhe, Navi Mumbai 400 705 The first charge and hypothecation charge on company's present and
future book debts, upto 90 days, outstanding retention moneys, tender
deposits, A/c receivables and claims. The first charge and hypothecation charge on Company' s plant and
machinery and other movable assets installed at Company's manufacturing works
EMG of residential premises situated at Ground Floor + First floor, Villa No
11A, Valley Queen Park CHS Ltd,
Village Tungarli, Plot No 48/1, Taluka Maval, Lonavala, District Pune
owned by Mr. Dinkar Kamat and Mrs. Nilima D Kamat |
FIXED ASSETS:
- Land
- Building
- Lift
- Bore well
- Plant and Machinery
- Office Equipments
- Material Handling Equipments
- Furniture and Fixtures
- Fire Fighting Equipments
- Electrical Installation
- Computer and Printer
- Air Conditioner
- Motor Car
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 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.49.08 |
|
|
1 |
Rs.78.78 |
|
Euro |
1 |
Rs.67.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.