MIRA
INFORM REPORT
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Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ACCORD COMMUNICATION PRIVATE LIMITED |
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Registered
Office : |
Shukla Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.01.2003 |
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Com. Reg. No.: |
04-41867 |
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Capital
Investment / Paid-up Capital : |
Rs. 41.615 Millions |
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CIN No.: [Company Identification
No.] |
U30007GJ2003PTC041867 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Telecom Turnkey through Outsourcing. |
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No. of Employees
: |
Not Available |
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 740000 |
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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. 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.
ECGC Country Risk Classification List – September 30, 2011
|
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 |
LOCATIONS
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Betullakhan Ashdullakhan Pathan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.01.1971 |
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Date of Appointment : |
21.01.2003 |
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DIN No.: |
01914482 |
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Name : |
Mr. Asdullakhan Alafkhan Pathan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.05.1940 |
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Date of Appointment : |
21.01.2003 |
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DIN No.: |
01952438 |
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Name : |
Mr. Mohdyusufkhan Mohd Husain Babi |
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Designation : |
Director |
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Address : |
B – 804, The Empror, Fatehgunj, Vadodara – 390008, |
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Date of Birth/Age : |
16.05.1967 |
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Date of Appointment : |
25.08.2005 |
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DIN No.: |
01914506 |
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Name : |
Mr. Roli Betulla Khan Pathan |
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Designation : |
Director |
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Address : |
Shuklanagar, |
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Date of Birth/Age : |
24.07.1978 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02243511 |
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Name : |
Mr. Nitinkumar Manchhabhai Patel
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Designation : |
Director |
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Address : |
9, Udaynagar Society, |
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Date of Birth/Age : |
19.09.1966 |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
03021212 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Betullakhan Ashdullakhan Pathan |
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3000000 |
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Mohdyusufkhan Mohd Husain Bani |
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125000 |
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Asdullakhan Alafkhan Pathan |
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375000 |
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Roli Betulla Khan |
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250000 |
|
Poli Wealth Creators Private Limited |
|
99500 |
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F. S Infrastructure Private Limited |
|
312000 |
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TOTAL |
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4161500 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
9.89 |
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Directors or relatives of directors |
90.11 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Telecom Turnkey through Outsourcing. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Indian Overseas Bank, Alkapuri Branch, Ground
Floor, Darpan Apartments, Vadodara – 390007, · HDFC Bank · ICICI Bank · Axis Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Sanjay C. Shah and Company Chartered Accountants |
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Address : |
701/A, Arihant Supper market, Near Lalbaug Corssing, Majalpur,
Vadodara – 390001, Gujarat, India |
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Tel. No.: |
91-265-2660958 |
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Mobile No.: |
91-9825029948 |
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Fax No.: |
91-265-2663098 |
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E-Mail : |
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PAN.: |
AFOPS7054M |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4161500 |
Equity Shares |
Rs.10/- each |
Rs.41.615
Millions |
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|
Notes: 4161500 Equity shares of Rs.10 Each including Bonus Shares of
22,50,000
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 |
41.615 |
41.615 |
1.500 |
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2] Share Application Money |
0.765 |
0.000 |
0.000 |
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3] Reserves & Surplus |
142.545 |
85.928 |
23.592 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
184.925 |
127.543 |
25.092 |
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LOAN FUNDS |
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1] Secured Loans |
320.720 |
253.335 |
44.365 |
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2] Unsecured Loans |
0.000 |
0.554 |
2.975 |
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TOTAL BORROWING |
320.720 |
253.889 |
47.340 |
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DEFERRED TAX LIABILITIES |
1.087 |
0.000 |
0.000 |
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TOTAL |
506.732 |
381.432 |
72.432 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
92.551 |
54.785 |
20.577 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.179 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
146.493
|
88.219
|
23.574 |
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Sundry Debtors |
454.792
|
395.246
|
99.852 |
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Cash & Bank Balances |
23.167
|
2.437
|
0.871 |
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Deposit |
30.595
|
7.544
|
2.652 |
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Loans & Advances |
33.015
|
42.197
|
10.967 |
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Total
Current Assets |
688.062
|
535.643 |
137.916 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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Provisions |
45.141
|
37.405
|
9.906 |
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Total
Current Liabilities |
274.344
|
209.697 |
86.069 |
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Net Current Assets |
413.718
|
325.946 |
51.847 |
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MISCELLANEOUS EXPENSES |
0.463 |
0.522 |
0.008 |
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TOTAL |
506.732 |
381.432 |
72.432 |
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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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Income |
915.889 |
899.234 |
315.090 |
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Other Income |
0.592 |
0.080 |
0.041 |
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TOTAL (A) |
916.481 |
899.314 |
315.131 |
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Less |
EXPENSES |
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Materials Purchased and Consumable |
538.498 |
552.891 |
150.310 |
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Direct Expenses |
194.970 |
197.084 |
112.723 |
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Employee’s Remuneration and Benefits |
41.553 |
28.453 |
9.564 |
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Administrative and Other Expenses |
27.539 |
20.673 |
10.952 |
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TOTAL (B) |
802.560 |
799.101 |
283.549 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
113.921 |
100.213 |
31.582 |
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Less |
INTEREST/
FINANCIAL EXPENSES (D) |
31.526 |
22.243 |
3.685 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
82.395 |
77.970 |
27.897 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.445 |
4.657 |
2.865 |
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PROFIT BEFORE
TAX (E-F) (G) |
75.950 |
73.313 |
25.032 |
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Less |
TAX (H) |
26.568 |
25.512 |
8.809 |
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PROFIT AFTER TAX
(G-H) (I) |
49.382 |
47.801 |
16.223 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
48.893 |
23.592 |
7.369 |
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Less |
APPROPRIATIONS
PROFIT |
-- |
22.500 |
-- |
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BALANCE CARRIED
TO THE B/S |
98.275 |
48.893 |
23.592 |
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|
Earnings Per
Share (Rs.) |
11.65 |
11.49 |
108.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.39
|
5.32
|
5.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.29
|
8.15
|
7.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.73
|
12.96
|
30.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.57
|
0.99 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.22
|
3.44
|
2.23 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.51
|
2.76
|
1.60 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
Sales/ Income from operations at Rs.915.889 Millions registered and
Increase over more than 1.85% as compared to the previous year’s sales of Rs.899.234
Millions. Further profit from current operations, Net off income tax Rs.49.382
Millions registered and increases of 3.31% as compares to previous years profit
of Rs.47.801 Millions.
BUSINESS
ACHIEVEMENT / DEVELOPMENT:
The company could achieve above results because it has started
manufacturing activity on its own plant situated at GIDC, Por-Ramangamadi,
district
FORM 8:
|
Corporate
identity number of the company |
U30007GJ2003PTC041867 |
|
Name of the
company |
ACCORD
COMMUNICATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shukla Nagar, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10095580 |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Indian Overseas
Bank Alkapuri Branch, Ground
Floor, Darpan Apartments, Vadodara – 390007, |
|
Nature of
instrument creating charge |
Ninth
supplemental memorandum of deposit of title deeds by way of equitable
mortgage |
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Date of
instrument Creating the charge |
02.06.2011 |
|
Amount secured by
the charge |
Rs. 625.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Additional 1% Interest
to be charged over the applicable interest rates Terms of
Repayment : N.A Margin : N.A Extent and
operation of the charge : To cover the
company's immoveable properties together with interests, costs, charges, etc.
More particularly described in the agreement. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Company'
Immoveable Property Being Industrial Plot/Shed No. 408, 409 And 410, Admeas 8186.34
Sq. Mtrs ,Gidc Industrial Estate, Por Ramangamdi, Vadodara, Situated At Surv
No. 163/P, 164/P 167/P and 169/P. Company'
Immoveable Property Being Industrial Plot/Shed No 423,Admeasuring 2738sq
Mtrs, Gidc Industrial Estate, Por Ramangamdi, ,Vadodara, Situated At Survey No. 163/P and 172/P. Company's
Immoveable Property Being Industrial Plot/Shed No 15,Admeasuring 25200 Sq
Mtrs, Gidc Industrial Estate, Savali, (Manjusar), Vadodara, At Survey Nos 142/P, 143/P, 144/P
and 147/P. |
|
Date of instrument
modifying the charge |
27.01.2011 |
|
Particulars of
the present modification |
The limits have
been enhanced from Rs. 599.800 millions To 625.800 millions by addition of
350.000 millions. The aggregate limits of rs.625.800 millions shall continue to
cover the immoveable properties more as particularly detailed in the
agreement. |
FIXED ASSETS:
· Air Conditioner
· Computers and Accessories
· Furniture
· Land
· Building
· Electric Fittings
· Machinery
· Site Master and Frequency Counter
· Zerox Machine
· Mobile Craine
· Santro Xing
· Tools and Equipments
·
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. 48.82 |
|
|
1 |
Rs. 78.57 |
|
Euro |
1 |
Rs. 69.29 |
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 |
|
|
|
--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 |
|
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 |
|
- |
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.