MIRA
INFORM REPORT
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Report Date : |
10.11.2011 |
IDENTIFICATION DETAILS
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Name : |
AARKAY INSTRUMENTS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.11.1981 |
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Com. Reg. No.: |
11-25723 |
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Capital Investment / Paid-up Capital : |
Rs.0.212 million |
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CIN No.: [Company
Identification No.] |
U33100MH1981PTC025723 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA22118F |
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PAN No.: [Permanent
Account No.] |
AAACA4036D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provider of various kinds of services such as Engineering, Fabrications,
Construction, Installation, Hook-Up and Commissioning and Maintenance etc. |
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No. of Employees : |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 220000 |
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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 a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
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Name : |
Mr. Shivaji |
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Designation : |
Finance Executive |
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Date : |
09.11.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-24945780 |
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Fax No.: |
91-22-24965928 |
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E-Mail : |
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Website : |
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Corporate Office : |
423, Shah and Nahar Industrial Estate (A-1), S.J. Marg, Lower Parel, Mumbai
- 400 013. |
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Tel. No.: |
91-22-24968934 / 24945780 / 66605956 |
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Fax No.: |
91-22-24965928 |
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Project Office: |
201, Agarwal Arcade -VI, Plot-31 Sector-1, Nerul, Navi Mumbai - 400
706, |
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Tel. No.: |
91-22-27725205 |
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Fax No.: |
91-22-27706093 |
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Work Shop: |
D-76/5 T.T.C.
Industrial Area, Turbhe, Off. |
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Tel. No.: |
91-22-64116159 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Rameshchandra Khimji Dave |
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Designation : |
Director |
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Address : |
B-22, Textila Society, Veer Savarkar Marg, Prabhadevi, Mumbai – 400
025, |
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Date of Birth/Age : |
17.12.1940 |
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Date of Appointment : |
28.11.1981 |
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DIN No.: |
00983927 |
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Other Directorship :
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Name : |
Mrs. Niranjana Rameshchandra Dave |
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Designation : |
Director |
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Address : |
B-22, Textila Society, Veer Savarkar Marg, Prabhadevi, Mumbai – 400
025, |
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Date of Birth/Age : |
13.08.1940 |
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Date of Appointment : |
28.11.1981 |
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DIN No.: |
00988463 |
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Other Directorship :
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Name : |
Mrs. Archana Naimish Dave |
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Designation : |
Director |
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Address : |
B-22, Textila Society, Veer Savarkar Marg, Prabhadevi, Mumbai – 400
025, |
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Date of Birth/Age : |
13.01.1971 |
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Date of Appointment : |
02.05.2008 |
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DIN No.: |
01256780 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Shivaji |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
No. of Shares |
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Rameshchandra Khimji Dave |
1000 |
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Niranjana Rameshchandra Dave |
1000 |
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Bharat Radhakrishna Agarwal |
10 |
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Parul Bharat Agarwal |
10 |
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Archana Naimish Dave |
100 |
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Total |
2120 |
As on 29.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
99.05 |
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Other top fifty shareholders |
|
0.95 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Provider of various kinds of services such as Engineering,
Fabrications, Construction, Installation, Hook-Up and Commissioning and
Maintenance etc. |
GENERAL INFORMATION
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Suppliers : |
·
Constant Engineering Private Limited ·
D V Motta ·
Flotomatic Engineering Private Limited ·
J P Ratnakar ·
Larsen and Toubro Limited ·
R P Palija and Company ·
Sahani Electricals ·
Team Technical Services ·
Universal Engineering Company ·
Vinayak Engineering Services ·
Yadav Electricals ·
V K Computer Services Private Limited |
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Customers : |
·
BG Exploration and Production ( ·
L and T Modular Fabrication Yard LLC ·
·
Spectron Automation Private Limited ·
Suvidha Engineers India Private Limited ·
ONGC ·
Tata Honeywell ·
Larsen and Toubro Limited ·
Hyundai Heavy Industries Company Limited ·
Das Offshore Engineering Private Limited ·
Engineers India Limited ·
Emerson Process Management ·
Bharat Heavy Plate and Vessels Limited ·
Indcon Projects ·
Saipem Triune Engineering Private Limited ·
Mathew Associates ·
Supreme ·
Solar Turbines Foreign
Customers ·
Yokogawa ·
Sembawang Industrial ·
Triconex ·
Shapadu Energy and Engineering Sdn. Bhd. ·
Boustead |
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
Canara Bank Prabhadevi Branch, Kohinoor Building, Veer
Savarkar Marg, Opposite Siddhi Vinayak Temple, Mumbai – 400 025, Maharashtra,
India ·
State Bank of ·
Citibank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R P Palija and Company Chartered Accountants |
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Address : |
13 Radha, 4th Floor, |
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Tel. No.: |
91-22-26823361 / 26824887 / 22917091 |
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Fax No.: |
91-22-26823361 |
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E-Mail : |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000 |
Equity Shares |
Rs.100/-each |
Rs.0.300 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2120 |
Equity Shares |
Rs.100/-each |
Rs.0.212
million |
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 |
0.212 |
0.212 |
0.202 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
54.368 |
51.261 |
45.667 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
54.580 |
51.473 |
45.869 |
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LOAN FUNDS |
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1] Secured Loans |
0.864 |
0.373 |
0.705 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.864 |
0.373 |
0.705 |
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DEFERRED TAX LIABILITIES |
0.149 |
0.113 |
0.103 |
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TOTAL |
55.593 |
51.959 |
46.677 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.960 |
10.432 |
9.268 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.500 |
0.501 |
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 |
1.533
|
1.470 |
1.602 |
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Sundry Debtors |
25.493
|
31.176 |
29.813 |
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Cash & Bank Balances |
12.228
|
12.317 |
10.442 |
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Other Current Assets |
0.006
|
0.014 |
0.015 |
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Loans & Advances |
25.637
|
17.951 |
23.432 |
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Total
Current Assets |
64.897
|
62.928 |
65.304 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.440
|
5.816 |
5.810 |
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Other Current Liabilities |
8.702
|
7.817 |
5.667 |
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Provisions |
9.622
|
8.269 |
16.418 |
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Total
Current Liabilities |
24.764
|
21.902 |
27.895 |
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Net Current Assets |
40.133
|
41.026 |
37.409 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
55.593 |
51.959 |
46.677 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
77.583 |
63.360 |
86.189 |
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|
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Export Marketing Commission |
2.194 |
0.216 |
0.000 |
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|
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Interest |
0.756 |
0.754 |
0.809 |
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Dividend |
0.045 |
0.004 |
0.000 |
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Gain on Mutual Fund |
0.069 |
0.056 |
0.000 |
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Miscellaneous Income |
0.087 |
0.433 |
0.000 |
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TOTAL |
80.734 |
64.823 |
86.998 |
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Less |
EXPENSES |
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Increase (Decrease) in Stock |
(0.062) |
0.131 |
0.289 |
|
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Materials |
13.510 |
2.591 |
22.474 |
|
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|
Hire |
1.569 |
2.333 |
2.827 |
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Labour |
4.873 |
3.414 |
8.219 |
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Loss in Share Trading (PMS) |
0.000 |
0.633 |
0.000 |
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Loss in Derivatives |
0.027 |
0.012 |
0.000 |
|
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Administrative and Other Expenses |
54.748 |
45.094 |
37.339 |
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TOTAL |
74.665 |
54.208 |
71.148 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.069 |
10.615 |
15.850 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.573 |
1.468 |
1.237 |
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PROFIT/LOSS
BEFORE TAX |
4.496 |
9.147 |
14.613 |
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Less |
TAX |
1.390 |
3.553 |
5.073 |
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PROFIT/LOSS
AFTER TAX |
3.106 |
5.594 |
9.540 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.009 |
0.065 |
0.025 |
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Less |
APPROPRIATIONS |
|
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|
Transfer to General Reserve |
3.100 |
5.650 |
9.500 |
|
|
BALANCE CARRIED
TO THE B/S |
0.015 |
0.009 |
0.065 |
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EARNINGS IN
FOREIGN CURRENCY |
8.446 |
4.297 |
0.061 |
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IMPORT VALUE |
0.434 |
0.233 |
5.006 |
|
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Earnings Per
Share (Rs.) |
1465.09 |
2638.68 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.85
|
8.63 |
10.97 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.80
|
14.44 |
16.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.77
|
12.47 |
19.60 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.18 |
0.32 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
0.43 |
0.62 |
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Current Ratio (Current Asset/Current Liability) |
|
2.62
|
2.87 |
2.34 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS (PARTIAL)
|
Sundry Creditors
|
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
|
Constant Engineering Private Limited |
0.096 |
0.258 |
0.000 |
|
D V Motta |
0.014 |
0.013 |
0.013 |
|
Flotomatic Engineering Private Limited |
0.001 |
0.011 |
0.000 |
|
J P Ratnakar |
0.065 |
0.063 |
0.064 |
|
Larsen and Toubro Limited |
0.000 |
3.374 |
0.037 |
|
R P Palija and Company |
0.125 |
0.123 |
0.127 |
|
Sahani Electricals |
0.000 |
0.155 |
1.890 |
|
Team Technical Services |
0.054 |
0.054 |
0.000 |
|
Universal Engineering Company |
0.003 |
0.027 |
0.000 |
|
Vinayak Engineering Services |
0.002 |
0.169 |
0.000 |
|
Yadav Electricals |
0.050 |
0.158 |
0.000 |
|
V K Computer Services Private Limited |
0.010 |
0.010 |
0.005 |
FINANCIAL RESULTS
The performance of the company improved during this year. The directors
hope to maintain the trend during the year.
FORM 8
|
Corporate identity
number of the company |
U33100MH1981PTC025723 |
|
Name of the
company |
AARKAY INSTRUMENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of
the charge to be modified |
90187837 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Canara Bank Prabhadevi, Mumbai – 400 025, |
|
Nature of
instrument creating charge |
Supplimental common hypothecation agreement |
|
Date of
instrument Creating the charge |
03.06.2011 |
|
Amount secured by
the charge |
Rs.18.290 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest at such rates as may be specified by the bank from time to
time. Terms of repayment On Demand Margin As per agreement Extent and operation of the charge 100% Others The above is to secure OD limit of Rs.2.000 millions, BGST Rs.5.500
millions, Guarantee Rs.10.000 millions and LHV Rs.0.790 million aggregating
to Rs.18.290 millions |
|
Short particulars
of the property charged (Including location of the property) |
First charge on all the stocks and book debts and hypothecation of
vehicle |
|
Particulars of
the present modification |
Extent of operation of charge enhanced from Rs.12.000 millions to
Rs.18.290 millions i.e. OD limit of Rs.2.000 millions, BGST Rs.5.500
millions, Guarantee Rs.10.000 millions and LHV Rs.0.790 million aggregating
to Rs.18.290 millions. others terms and conditions remain same. |
FIXED ASSETS
·
Industrial Gala
·
Project Office
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicle
·
Air conditioner
·
Refrigerator
·
Computer
·
Typewriter
·
Fax Machine and EPABX
·
·
Bicycle
·
Copier
·
Walkie Talkie Set
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.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.82 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.