MIRA
INFORM REPORT
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Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
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Name : |
ACCUWEIGH AUTOMATION AND SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Flat No.6 and 7, 636/637, Narayan Peth, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.01.2006 |
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Com. Reg. No.: |
11-021805 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U29196PN2006PTC021805 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA09849A |
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PAN No.: [Permanent Account No.] |
AAFCA5271P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Conveyors, Automated Assembly Solutions
and Automated Material Handling Systems. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 13000 |
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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 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
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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. Kaustubh Madhav Bhagwat |
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Designation : |
Director |
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Contact No.: |
91-9921872872 |
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Date : |
31.01.2012 |
LOCATIONS
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Registered Office : |
Flat No.6 and 7, 636/637, Narayan Peth, |
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Tel No.: |
91-20-64700634 |
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Mobile No.: |
91-9921872872 (Mr. Kaustubh) |
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Fax No.: |
91-20-24391086 |
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E-Mail : |
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Corporate Office/ Factory : |
Shed No.1 and 2, Survey No.34,
Bhumkar Industrial Estate, Near Zeal Education Society, Village Narhe,
Taluka-Haveli, Pune – 411 041, |
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Tel No.: |
91-20-64700634/ 24391086/
65261699 |
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Fax No.: |
91-20-24391086 |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Sachin Suresh Bhokte |
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Designation : |
Director |
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Address : |
Flat No.6 and 7, 636/637, Narayan Peth, |
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Date of Birth/Age : |
26.02.1981 |
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Date of Appointment : |
09.01.2006 |
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DIN No.: |
02372171 |
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Other Directorship :
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Name : |
Mr. Kaustubh Madhav Bhagwat |
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Designation : |
Director |
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Address : |
3, Sitabaug Colony, 9 DM Plaza, Ganeshmala, |
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Date of Birth/Age : |
26.11.1980 |
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Date of Appointment : |
09.01.2006 |
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DIN No.: |
01716868 |
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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 |
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No. of Shares |
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Sachin Suresh Bhokte |
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5000 |
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Kaustubh Madhav Bhagvat |
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5000 |
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Total |
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10000 |
As on 30.09.2011
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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 |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Conveyors, Automated Assembly Solutions
and Automated Material Handling Systems. |
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Products : |
v
Modular
Belt Conveyors v
Special
Conveyors
v
Gravity
Conveyors v
Aluminum
Extruded Profiles v
Ergonomic
Workstations v
Turntables v
Special
Assembly Fixtures |
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Exports : |
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Products : |
Material Handling Systems |
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Countries : |
v
v
v
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash
and Credit |
GENERAL INFORMATION
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Suppliers : |
v Able Enterprises
v Access
Industrial Solutions v Accordtech
Marketing Services v Advance Control
Systems v Aim Electronics v Ajabsha Trading
Company v Ajit Gijare and
Associates v Akansha
Enterprises v Alfa Enterprises
v Alif Engineering
Works v Arth Consultants
v Atharva Powder
Coating v Balkrishna
Fabrication v Belting
International v Bharat Tempo
Service v Chobe and Mate
Associates v Chotu
Electricals v Corros Metals
(Private) Limited v Creative
Corporation v D B Associates v Ghule Patil
Crane Service v Grace Industrial
Products v Green Build
Products ( v Hanamghar (Patil)
Crane Service v Hare Krishna
Agency v
v
Rajdeep Industrial Products Private Limited v Shri Ganesh
Profile v
Shri Siddeshwar Traders v
Vijaya Engieering Works v
Yadav Fabrication and Contractor v
Yash Moduler Furniture Private Limited |
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Customers : |
Wholesalers and Retailers v
Cummins India Limited v
Gravtech Engineering Private Limited v
Hassia Redtron Packaging Private Limited v
Kairav Enterprises v
Lektronix India Private Limited v
M.S. International Corporation v
Mahale Filter Systems ( v
Mechtron Engineers v
Nitin Engineering Works v
v
Raptech Industries v
Shriram Machining Company v
Sai Samarth Engineering v
Speed Automation v
Vedhak Engineers v
Venus Automation Private Limited v
Warna Diary and Agro Indus. Limited v
Pesmel Packaging v
Magplastic Asia Private Limited v
Jaya Hind Sciaky Limited v
Interlables Industries Private Limited |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
v Industrial Development Bank of India Limited, Anand Nagar (Dhayari) Branch, Sinhagad Road, Pune-411051, Maharashtra, India v ABN Amro Bank Limited v HDFC Bank Limited v Kotak Mahindra Bank Limited v IDBI Bank Limited, IDBI Building Near Dnyaneashwar Paduka Chowk, Ferguson College Road, Shivaji Nagar, Pune – 411 005, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chobe and Mate Associates Chartered Accountants |
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Address : |
Flat No.2, Phadke Sankul, 1785, Sadashiv Peth, Near Khajina Vihir, Off
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Tel. No.: |
91-20-24478627/ 24454721 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAATC1235D |
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Associates/Subsidiaries : |
Multitex
Services Pune, |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.194 |
1.915 |
0.828 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.294 |
2.015 |
0.928 |
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LOAN FUNDS |
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1] Secured Loans |
9.465 |
6.974 |
3.678 |
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2] Unsecured Loans |
0.348 |
0.098 |
0.148 |
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TOTAL BORROWING |
9.813 |
7.072 |
3.826 |
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DEFERRED TAX LIABILITIES |
0.028 |
0.017 |
0.005 |
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TOTAL |
13.135 |
9.104 |
4.759 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.588 |
4.827 |
1.242 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.587 |
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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 |
7.366
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6.982
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3.458
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Sundry Debtors |
5.846
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3.455
|
2.876
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Cash & Bank Balances |
0.244
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(0.575)
|
0.147
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Other Current Assets |
1.464
|
0.878
|
0.507
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Deposits |
0.635
|
0.170
|
0.195
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Loans & Advances |
1.366
|
0.701
|
0.224
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Total
Current Assets |
16.921
|
11.611
|
7.407
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.092
|
4.067 |
2.588
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Other Current Liabilities |
0.030
|
0.030
|
0.000
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Provisions |
5.285
|
3.282
|
1.945
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Total
Current Liabilities |
10.407
|
7.379
|
4.533
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Net Current Assets |
6.514
|
4.232
|
2.874
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MISCELLANEOUS EXPENSES |
0.033 |
0.045 |
0.056 |
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TOTAL |
13.135 |
9.104 |
4.759 |
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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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Income |
46.682 |
37.087 |
23.799 |
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Other Income |
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TOTAL |
46.682 |
37.087 |
23.799 |
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Less |
EXPENSES |
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|
44.305 |
35.067 |
22.551 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
44.305 |
35.067 |
22.551 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.377 |
2.020 |
1.248 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.486 |
0.435 |
0.237 |
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PROFIT BEFORE
TAX |
1.891 |
1.585 |
1.011 |
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Less |
TAX |
0.612 |
0.498 |
0.378 |
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PROFIT AFTER TAX
|
1.279 |
1.087 |
0.633 |
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Balance carried
forward to Balance Sheet |
1.279 |
1.087 |
0.633 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.150 |
1.341 |
NA |
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TOTAL EARNINGS |
0.150 |
1.341 |
NA |
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Earnings Per
Share (Rs.) |
127.89 |
111.00 |
63.34 |
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Expected Sales (2011-2012): Rs.50.000 millions
The above information has been parted by Mr. Kaustubh (Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.74 |
2.93
|
2.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.04 |
9.64
|
11.69 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.57 |
0.79
|
1.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.14 |
7.17
|
9.01 |
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Current Ratio (Current Asset/Current Liability) |
|
1.63 |
1.57
|
1.63 |
LOCAL AGENCY FURTHER INFORMATION
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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 three years |
Yes |
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12) Profitability
for last three years |
-- |
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13) Reasons for
variation <> 20% |
-- |
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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 |
Yes |
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17) Major
suppliers |
No |
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18) Major
customers |
No |
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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 involved in |
-- |
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23) Banking
Details |
Yes |
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24) Banking
facility details |
-- |
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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 |
-- |
REVIEW OF OPERATIONS AND FUTURE PROSPECTS:
The company has reported increase in the profitability of the company as
compared to previous year, the Net Profit after tax reported is Rs.1.279 millions for the financial year
ended 31st March 2011 as compared to previous year’s profit of Rs.1.087 millions.
The Management is hopeful to yield maximum profitability in the coming
financial years and will continue to strive for growth in the profitability of
the company. The company is also planning to adopt various strategies and plans
which would be advantageous and in the best interest of the company.
FORM 8:
|
Corporate
identity number of the company |
U29196PN2006PTC021805 |
|
Name of the
company |
ACCUWEIGH AUTOMATION AND SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No.6 and 7, 636/637, Narayan Peth, E-Mail: office@chandakcs.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10010229 |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
IDBI Bank Limited, IDBI Building Near Dnyaneashwar Paduka Chowk, Ferguson College Road, Shivaji Nagar, Pune – 411 005, Maharashtra, India E-Mail: ravindra.bondre@idbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
loan/facility agreement dated 13th August, 2010 |
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Date of
instrument Creating the charge |
13.08.2010 |
|
Amount secured by
the charge |
Rs.9.500 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment: Cash Credit - 12
months line of credit, payable on demand, review to be taken every year Bank Guarantee -
12 months line of credit, tenure not to exceed 36 months including claim
period Margin: Cash Credit - 25%
on stock and 40% on debtors upto 90 days Bank Guarantee -
25% in FDR duly discharged Extent and
Operation of the charge: Charge by way of
hypothecation on movables including stocks of raw materials, semi finished
and finished goods, consumable stores, book debts and such other movables as
may be agreed from time to time. Others: Type of facility Cash Credit :
8.000 millions Bank Guarantee :
1.500 millions Also personal guarantee
of Mr. Sachin Bhokte and Mr. Kaustubh Bhagwat. |
|
Short particulars
of the property charged |
Stocks of raw
materials, semi finished and finished goods consumable stores book debts,
movable machinery, spares, tools and accessories |
|
Date of latest
modification prior to the present modification |
22.06.2009 |
|
Particulars of
the present modification |
By this
modification total facility stands enhances to Rs.9.500 millions comprising
of: 1. Cash Credit of
Rs.8.000 millions [enhanced by Rs.4.000 millions over and above previous
facility of Rs.4.000 millions] 2. Bank Guarantee
[performance] of Rs.1.500 millions [reduced by Rs.1.000 million against
earlier limit of Rs.2.500 millions] Making total
facility to Rs.9.500 millions |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10010229 |
|
Corporate
identity number of the company |
U29196PN2006PTC021805 |
|
Name of the
company |
ACCUWEIGH AUTOMATION AND SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No.6 and 7, 636/637, Narayan Peth, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Industrial Development Bank of India Limited, Anand Nagar (Dhayari)
Branch, Sinhagad Road, Pune - 411 051, Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Loan/ Facility Agreement Dated 2nd June 2009 Ominibus Counter
Guarantee Dated 22.06.2009 |
|
Date of
instrument Creating the charge |
22.06.2009 |
|
Amount secured by
the charge |
Rs. 6.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit:
Interest at BPLR p.a. (Present BPLR is 12.75%), Presently at the rate 12.75% or at such rate as may be fixed by the IDBI
Bank Limited from time to time. Bank Guarantee –
Commission @ 3% per annum subject to minimum of Rs.0.001 Million Terms of
Repayment Cash Credit – 12
Months Line, Repayable on Demand, Review to be taken every year. Bank Guarantee –
12 Month’s Line of Credit, Period of individual bank guarantee should not
exceed 36 Months. Margin Cash Credit – 25%
on Stock and Debtors Bank Guarantee-
25% of FDR Extent and
Operation of the charge Charge Created (Modified)
by IDBI Bank Limited for Rs.6.500 Millions to the following: First Charge on
stocks (Including raw material, semi finished and finished goods) and book
debts of the company. Others Type of Facility:
|
|
Short particulars
of the property charged |
Movables
including stocks of raw materials, semi finished and finished gods and book
debts |
|
Date of latest modification
prior to the present modification |
22.04.2008 |
FIXED ASSETS:
v Plant and Machinery
v Computers
v Computers Equipments
v Computers Software
v Furniture and Fixtures
v Office Equipments
v Mobile Handsets
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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.49.07 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.65.15 |
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 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.