MIRA
INFORM REPORT
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Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
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Name : |
A. K. POWER INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Shrutineer Apartment (On HIT Main Road), 1st Floor,
23/2/1/1, Bhagaban Chatterjee Lane, Howrah – 711101, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.11.2008 |
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Com. Reg. No.: |
21-130530 |
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Capital
Investment / Paid-up Capital : |
Rs.125.797 Millions |
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CIN No.: [Company Identification
No.] |
U40104WB2008PTC130530 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALA11377C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Electrical Transmission, Distribution and
Substation Materials. |
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No. of Employees
: |
95 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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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 814000 |
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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. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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. Ayan |
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Designation : |
Director |
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Contact No.: |
91-9830028880 |
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Date : |
23.11.2011 |
LOCATIONS
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Registered Office : |
Shrutineer Apartment (On HIT Main Road), 1st Floor, 23/2/1/1,
Bhagaban Chatterjee Lane, Howrah – 711101, West Bengal, India |
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Tel. No.: |
91-33-26775149 |
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Mobile No.: |
91-9830028880 (Mr. Ayan) |
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Fax No.: |
91-33-26775147 |
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E-Mail : |
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Website : |
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Area : |
4000 Sq. ft |
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Location : |
Owned |
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Factory 1 : |
33, 34, 36/6, Dasarath Ghosh Lane, Howrah – 711101, West Bengal, India |
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Factory 2 : |
Howrah Amta Road, Kantalia Nibra, Howrah – 711409, West Bengal, India |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Ayan Mallick |
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Designation : |
Director |
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Address : |
6/9, Nabin Banerjee Lane, Shibpur, Sadar, Howrah – 711104, West
Bengal, India |
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Date of Birth/Age : |
07.07.1980 |
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Qualification : |
Graduate |
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Experience : |
8 Years |
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Date of Appointment : |
12.11.2008 |
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DIN No.: |
02143809 |
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Other Directorship :
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Name : |
Ms. Archana Mallick |
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Designation : |
Director |
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Address : |
6/9, Nabin Banerjee Lane, Shibpur, Sadar, Howrah – 711104, West
Bengal, India |
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Date of Birth/Age : |
15.12.1952 |
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Date of Appointment : |
12.11.2008 |
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DIN No.: |
02143823 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
No. of Shares |
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Ayan Mallick |
8092654 |
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Archana Mallick |
4487000 |
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Total |
12579654 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Electrical Transmission, Distribution and
Substation Materials. |
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Exports : |
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Products : |
Electrical Transmission |
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Countries : |
·
Korea ·
Nepal ·
Sri Lanka |
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Terms : |
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Selling : |
L/C/ Cash/ Credit |
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Purchasing : |
L/C/ Cash/ Credit |
PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Unit |
Actual
Production |
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Steel Structure, Part of Structure and Nut Bolt |
MT |
15591.00 |
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GENERAL INFORMATION
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Suppliers : |
·
Paras Steel ·
Hindustan Zinc |
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Customers : |
Wholesalers Retailers ·
L and T ·
A to Z |
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No. of Employees : |
95 (Approximately) |
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Bankers : |
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Facilities : |
(A) From Ayan
Mallick: Rs.0.076 Millions From Archana Mallick: Rs.0.044 Millions Total:
Rs.0.120 Millions (B) From Ayan Mallick:
Rs.0.121 Millions From Archana Mallick: Rs.0.089 Millions Total: Rs.0.210
Millions |
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Banking
Relations : |
-- |
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Auditor 1 : |
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Name : |
Nilantri Chatterjee and Company Chartered Accountants |
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Address : |
Howrah, West Bengal, India |
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Auditor 2 : |
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Name : |
Prantik Roy and Company Chartered Accountants |
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Address : |
P – 15, New C. I. T. Road, Ground Floor, Kolkata – 700073, West
Bengal, India |
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PAN.: |
AAKFP7832K |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12579654 |
Equity Shares |
Rs.10/- each |
Rs.125.797
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12579654 |
Equity Shares |
Rs.10/- each |
Rs.125.797
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
125.797 |
62.100 |
0.100 |
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2] Share Application Money |
63.000 |
63.697 |
0.000 |
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3] Reserves & Surplus |
14.915 |
5.003 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.015) |
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NETWORTH |
203.712 |
130.800 |
0.085 |
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LOAN FUNDS |
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1] Secured Loans |
127.324 |
56.512 |
0.000 |
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2] Unsecured Loans |
0.120 |
0.210 |
0.098 |
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TOTAL BORROWING |
127.444 |
56.722 |
0.098 |
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DEFERRED TAX LIABILITIES |
0.147 |
0.000 |
0.000 |
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TOTAL |
331.303 |
187.522 |
0.183 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.621 |
13.308 |
0.000 |
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Capital work-in-progress |
0.975 |
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 |
227.780
|
101.880 |
0.000 |
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Sundry Debtors |
370.027
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299.390 |
0.000 |
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Cash & Bank Balances |
37.540
|
9.451 |
0.017 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
50.958
|
38.141 |
0.000 |
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Total
Current Assets |
686.305
|
448.862 |
0.017 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
364.454
|
269.767 |
0.000 |
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Other Current Liabilities |
4.536
|
3.135 |
0.006 |
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Provisions |
7.181
|
2.244 |
0.000 |
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Total
Current Liabilities |
376.171
|
275.146 |
0.006 |
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Net Current Assets |
310.134
|
173.716 |
0.011 |
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MISCELLANEOUS EXPENSES |
0.573 |
0.498 |
0.172 |
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TOTAL |
331.303 |
187.522 |
0.183 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
1050.100 (Gross Turnover) |
625.511 |
0.000 |
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Other Income |
NA |
0.000 |
0.000 |
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TOTAL |
1050.100 |
625.511 |
0.000 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
NA |
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Advertising Expenses |
|
617.323 |
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TOTAL |
|
617.323 |
0.015 |
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PROFIT/
LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION |
18.136 |
8.188 |
(0.015) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.139 |
0.926 |
0.000 |
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PROFIT/ LOSS
BEFORE TAX |
14.997 |
7.262 |
(0.015) |
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Less |
TAX |
5.084 |
2.244 |
0.000 |
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PROFIT/ LOSS
AFTER TAX |
9.913 |
5.018 |
(0.015) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.003 |
(0.015) |
NA |
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BALANCE CARRIED
TO THE B/S |
14.916 |
5.003 |
NA |
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Earnings Per
Share (Rs.) |
0.79 |
0.81 |
(1.50) |
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Expected Sales (2011-12) : Rs.1500.000 Millions
The above information has been parted by Mr. Ayan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
0.80 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.12
|
1.57 |
(88.23) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.05 |
(0.176) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.47
|
2.54 |
1.22 |
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Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.63 |
2.83 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
OPERATIONS AND REVIEW
During the year, the Company has achieved Gross Turnover of Rs.1050.100
Millions as against Rs.632.200 Millions in the previous year. In view of the buoyancy
in the economy as a whole and in the sector in which the Company is dealing in
particular, the Directors hope and strive to achieve bigger heights in the
years to come.
|
Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last two years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
No |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
FORM 8
|
Corporate
identity number of the company |
U40104WB2008PTC130530 |
|
Name of the
company |
A. K. POWER
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shrutineer, 23/2/1/1, Bhagaban Chatterjee Lane, (On HIT Main Road), 1st
Floor, Howrah – 711101, West Bengal, India Email Id : mail@akpi.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10261414 |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Axis Bank
Limited, Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3rd
Floor, Kolkata – 700071, West Bengal, India Email Id : Siddhartha.Saha@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Link Document for
Earmarking of Limit |
|
Date of
instrument Creating the charge |
16.08.2011 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest LC Banked Bill
Discounting: BR + 2.25% , i.e. 11.00% p.a. presently and CC:BR+4%
p.a.(presently 12% p.a) at monthly rests, WCDL (180 days)-BR+3%
p.a.(presently 11% p.a) at monthly rests Terms of
Repayment Cash Credit
repayable on demand, WCDL - 6 months Margin .RMs, FGs, WIP/
Components/ Consumables/ Spares: 25%, Domestic Receivables (Cover period 90
days): 30%, LC Banked Bill Discounting: 15% Foreign Bank
Guarantee facility: 20% in the form of FD with Axis Bank with Banks lien
market thereon. 100% in case of disputed liabilities Extent and
Operation of the charge Hypothecation
charge over the entire current assets of the company, present and future Others Commission: One
Time Foreign Bank Guarantee facility: 1.50% p.a. payable upfront |
|
Short particulars
of the property charged |
All the stock in
trade both present and future consisting stock including RMs,SIP,FGs, cash
and outstanding, monies, receivable, claims and bills etc. |
|
Date of Last
modification |
22.07.2011 |
|
Particulars of
the present modification |
By this
modification, Overall limit has been realigned/ revised. Overall limit remain
unchanged at Rs.200.000 Millions. |
Contingent Liabilities not provided for 31.03.2011 :
Outstanding Letter to Credit Rs.4.102 Millions
Counter Guarantee Issued to Bank for issuing
Bank Guarantee Rs.3.453 Millions
Fixed Assets
·
Building
·
Office Equipments
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
TRADE REFERENCES
·
L and T
·
A to Z
·
Paras Steel
·
Hindustan Zinc
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.52.25 |
|
|
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.69.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.