|
Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
AB AND CO GLOBAL PRIVATE LIMITED (w.e.f. 21.01.2008) |
|
|
|
|
Formerly Known
As : |
AB AND CO ADVISORS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
30, 32/33, Gopal Bhuvan, 2nd Floor, 199, Princess Street,
Mumbai – 400002, Maharashtra |
|
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
09.10.1997 |
|
|
|
|
Com. Reg. No.: |
11-111176 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.440 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67190MH1997PTC111176 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA30512G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA1095J |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Importers and Dealers in Chemicals and Petroleum Products. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 202000 |
|
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|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track record. Latest
financial 2011-12 are missing from the government department. From the available
financials i.e. 2011 it seems that the profitability of the company appears
to be low. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB – [Long Term, Fund Based Limits] |
|
Rating Explanation |
The inadequate credit quality. It carry high credit risk. |
|
Date |
June 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 [Short Term, Fund Based Limits] |
|
Rating Explanation |
The risk prone credit quality. It carry high credit risk. |
|
Date |
June 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
30, 32/33, Gopal Bhuvan, 2nd Floor, 199, Princess Street,
Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-22036714 / 40223200 |
|
Fax No.: |
91-22-22036713 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Sunil Hariprasad Agrawal |
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|
Designation : |
Additional director |
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|
Address : |
B-602, Avon Majesty, Dattapada Road, Opposite
Tata SSL, Borivali (East), Mumbai – 400066, Maharashtra, India |
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Date of Birth/Age : |
05.08.1979 |
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Date of Appointment : |
14.07.2003 |
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DIN No.: |
00022713 |
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Other Directorship :
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|
Name : |
Mr. Natwar Hariprasad Agrawal |
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|
Designation : |
Director |
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|
Address : |
B-602, Avon Majesty, Dattapada Road, Opposite
Tata SSL, Borivali (East), Mumbai – 400066, Maharashtra, India |
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Date of Birth/Age : |
01.07.1969 |
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Date of Appointment : |
09.10.1997 |
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|
DIN No.: |
00022752 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Natwar Hariprasad Agrawal |
|
15500 |
|
Sunil Hariprasad Agrawal |
|
4000 |
|
AB and Compny Corporate Services Limited,
India |
|
15000 |
|
Enrich Properties Private Limited, India |
|
81750 |
|
Hariprasad Agrawal |
|
44000 |
|
TVC Skyshop Limited, India |
|
6250 |
|
|
|
|
|
TOTAL
|
|
166500 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
61.86 |
|
Directors
or relatives of directors |
|
38.14 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers and Dealers in Chemicals and Petroleum Products. |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Financial Institute : |
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Banking
Relations : |
-- |
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|
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Auditors : |
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|
Name : |
Yuvraj Singh and Associates Chartered Accountants |
|
Address : |
30, Gopal Bhuwan, 2nd Floor, 199, Princess Street, Mumbai –
400002, Maharashtra, India |
|
PAN.: |
ADOPR7558P |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
166500 |
Equity Shares |
Rs.10/- each |
Rs.1.665
Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
144000 |
Equity Shares |
Rs.10/- each |
Rs.1.440
Millions |
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 |
|
|
|
|
|
1] Share Capital |
1.440 |
1.440 |
1.340 |
|
|
2] Share Application Money |
9.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
40.186 |
35.754 |
27.409 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
50.626 |
37.194 |
28.749 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
47.016 |
9.280 |
7.214 |
|
|
2] Unsecured Loans |
1.867 |
6.500 |
1.300 |
|
|
TOTAL BORROWING |
48.883 |
15.780 |
8.514 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
99.509 |
52.974 |
37.263 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.006 |
4.967 |
3.807 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.665 |
0.000 |
|
|
Sundry Debtors |
196.472
|
123.034 |
72.705 |
|
|
Cash & Bank Balances |
0.616
|
0.381 |
0.441 |
|
|
Other Current Assets |
95.525
|
50.194 |
37.153 |
|
|
Loans & Advances |
21.860
|
17.655 |
13.323 |
|
Total
Current Assets |
314.473
|
191.929 |
123.622 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
209.828
|
133.576 |
84.347 |
|
|
Other Current Liabilities |
8.783
|
7.765 |
4.695 |
|
|
Provisions |
3.359
|
2.581 |
1.124 |
|
Total
Current Liabilities |
221.970
|
143.922 |
90.166 |
|
|
Net Current Assets |
92.503
|
48.007 |
33.456 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
99.509 |
52.974 |
37.263 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
SALES |
855.762 |
587.566 |
NA |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
NET PROFIT
(AFTER TAX) |
4.432 |
3.445 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.78 |
23.92 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.35
|
4.29 |
3.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.33 |
1.37 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FORM 8
|
Corporate
identity number of the company |
U67190MH1997PTC111176 |
|
Name of the
company |
AB AND CO GLOBAL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
30, Gopal Bhuvan,
2nd Floor, 199, Princess Street, Mumbai – 400002, Maharashtra,
India Email Id : abnco@live.in |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10041187 |
|
Type of charge |
Book debts Movable property (not
being pledge) |
|
Particular of
charge holder |
Union Bank of
India, M.M.O. Branch, 239, Vidhan Bhavan Marg, Groud Floor, Nariman Point,
Mumbai – 400021, Maharashtra, India Email Id : cbsmmo@unionbankofindia.com |
|
Nature of
instrument creating charge |
Supplementary
Hypothecation Agreement of Goods and Debt |
|
Date of
instrument Creating the charge |
10.01.2011 |
|
Amount secured by
the charge |
Rs.350.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest BR+5.25% i.e.
14.75% p.a. with monthly rest or at
such other revised rate/s as may be prescribed by the bank from time to time
depending upon the changes in the Base Rate of the Bank Terms of
Repayment On Demand Margin Inland and Import
L/C DP 10%, DA 10+15%, LG Performance Guarantee 10%, Financial Guarantee 25%
and Book Debts 25% Extent and
operation of the charge To secure
Inland/Import L/C DP/DA 180 days facility of Rs.350.000 Millions (W/w
Sub-limit Buyers Credit Rs.150.000 Millions, Bank Guarantee Rs.50.000
Millions and CC Hypothecation Rs.50.000 Millions) granted by the Bank to the
Company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
To secure the due
repayment of the Inland / foreign letter of credit Limits of Rs.350.000
Millions and for all costs interest and other charges thereon first charge
and hypothecation of all stock of goods arising out of LC, all raw materials,
semi finished and finished goods, consumable stores and spares movable
property of any kind now or at the time hereafter belonging to or at the
disposal of the borrower and all the present and future Book debts of the
Company |
|
Date of
instrument modifying the charge |
27.11.2009 |
|
Particulars of
the present modification |
Earlier charge
dated 27.11.2009 of Rs.200.000 Millions is hereby modified by sanction additional
sum of Rs.150.000 Millions. Therefore enhanced Import / Local L/C for
Rs.200.000 Millions to Rs.350.000 Millions (W/w Sub-limit Buyers Credit
Rs.150.000 Millions, Bank Guarantee Rs.50.000 Millions and CC Hypothecation
Rs.50.000 Millions) against security of Hypothecation by way of 1st charge on
stock & book debts |
CONTINGENT LIABILITY AS ON 31.03.2011:
FIXED ASSETS
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 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.54.39 |
|
|
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
29 |
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.