MIRA
INFORM REPORT
|
Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
AESSEAL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 85, Village Varve, Tal-Bhor, Khed Shivapur, Pune – 412205, |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.12.2010 |
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|
|
|
Date of
Incorporation : |
01.11.2002 |
|
|
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Com. Reg. No.: |
25-017399 |
|
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|
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Capital
Investment / Paid-up Capital : |
Rs.12.445 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN2002PTC017399 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA04543A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The main business of the company is to develop designs and drawings
and manufacturing of engineering products including mechanical seals and
sealing system. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 810000 |
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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. There appears
some accumulated losses recorded by the company. Profitability of the company
is under pressure. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Gat No. 85, Village Varve, Tal-Bhor, Khed Shivapur, Pune – 412205, |
|
Tel. No.: |
91-2113-302222 |
|
Fax No.: |
91-2113-302111 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. James Stuart Welsh |
|
Designation : |
Director |
|
Address : |
20, |
|
Date of Birth/Age : |
01.11.1968 |
|
Date of Appointment : |
26.06.2007 |
|
DIN NO.: |
01636295 |
|
Name : |
Mr. Sultan Patel Mohmed |
|
Designation : |
Executive Director |
|
Address : |
Plot No. 17,18,19, F-4, Flat No. 5C, Muvva Nest Apartment, |
|
Date of Birth/Age : |
28.10.1963 |
|
Date of Appointment : |
03.09.2008 |
|
DIN No.: |
02260208 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U26932KA2005PTC035992 |
Technical
Ceramics Private Limited |
Director |
05-04-05 |
05-04-05 |
- |
Active |
|
|
2 |
U74999AP2006PTC051870 |
Standard
Mechanical Seals ( |
Director |
02-12-06 |
02-12-06 |
24-11-10 |
Active |
|
|
3 |
U29299PN2002PTC017399 |
Aesseal India
Private Limited |
Director |
29-06-09 |
03-09-08 |
- |
Active |
NO |
|
4 |
U45400AP2011PTC072925 |
Sfc
Constructions Private Limited |
Director |
25-02-11 |
25-02-11 |
- |
Active |
NO |
|
Name : |
Mr. Stephen Martin Shaw |
|
Designation : |
Additional Director |
|
Address : |
|
|
Date of Birth/Age : |
24.02.1958 |
|
Date of Appointment : |
03.06.2010 |
|
DIN No.: |
02453838 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U29299PN2002PTC017399 |
Aesseal India
Private Limited |
Director |
30-06-10 |
10-02-09 |
- |
Active |
NO |
|
2 |
U29190MH2005PTC157184 |
Aesseal Cold Weld
Private Limited |
Director |
30-09-09 |
23-02-09 |
- |
Active |
NO |
|
Name : |
Mr. Yogesh Harish Karia |
|
Designation : |
Director |
|
Address : |
Flat No. 1301, 13th Floor, |
|
Date of Birth/Age : |
04.06.1960 |
|
Date of Appointment : |
11.08.2010 |
|
DIN No.; |
00394691 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U28113MH1997PTC109997 |
Cold Weld
Engineers Private Limited |
Director |
11-08-97 |
11-08-97 |
- |
Active |
NO |
|
2 |
U29190MH2005PTC157184 |
Aesseal Cold
Weld Private Limited |
Managing
director |
12-11-05 |
12-11-05 |
- |
Active |
NO |
|
3 |
U29299PN2002PTC017399 |
Aesseal India
Private Limited |
Managing
director |
29-09-11 |
11-08-10 |
- |
Active |
NO |
|
Name : |
Mr. Andrew Colverson |
|
Designation : |
Director |
|
Address : |
4, Fulford Way Conisbrouh |
|
Date of Birth/Age : |
05.07.1975 |
|
Date of Appointment : |
29.09.2011 |
|
DIN no.: |
02996391 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U29190MH2005PTC157184 |
Aesseal Cold Weld
Private Limited |
Director |
28-09-10 |
09-06-10 |
- |
Active |
NO |
|
2 |
U29299PN2002PTC017399 |
Aesseal India
Private Limited |
Director |
29-09-11 |
29-09-11 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Yogesh Karia, Nominee of A. E. S. Engineering Limited Jointly with
A.E.S. Engineering Limited ( |
|
1 |
|
A.E.S. Engineering Limited( |
|
1305197 |
|
Total |
|
1305198 |
As On 30.06.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 % |
|
Directors / Relatives |
|
0.01 % |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The main business of the company is to develop designs and drawings
and manufacturing of engineering products including mechanical seals and
sealing system. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kirtane and Pandit Chartered Accountants |
|
Address : |
‘Sangati’, 73/2/2, Bhakti Marg, Off |
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Tel. No.: |
91-20-25433104 / 25438764 / 25421997 |
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Fax No.: |
91-20-25447603 |
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E-Mail : |
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Website : |
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PAN No.: |
AACFK3469M |
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Holding Company : |
A.E.S. Engineering Limited ( |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Share |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1305198 |
Equity Share |
Rs.10/- each |
Rs.13.052
Millions |
|
|
|
|
|
As On 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Share |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1244470 |
Equity Share |
Rs.10/- each |
Rs.12.445
Millions |
|
|
|
|
|
All the above shares are held by AES Engineering Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.445 |
11.915 |
10.232 |
|
|
2] Share Application Money |
0.001 |
0.000 |
25.021 |
|
|
3] Reserves & Surplus |
289.960 |
267.433 |
227.942 |
|
|
4] (Accumulated Losses) |
(99.854) |
(36.832) |
0.000 |
|
|
NETWORTH |
202.551 |
242.516 |
263.195 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.139 |
0.262 |
0.358 |
|
|
2] Unsecured Loans |
91.160 |
93.365 |
29.612 |
|
|
TOTAL BORROWING |
91.299 |
93.627 |
29.970 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
2.044 |
7.460 |
|
|
|
|
|
|
|
|
TOTAL |
293.850 |
338.187 |
300.625 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
262.717 |
302.509 |
168.934 |
|
|
Capital work-in-progress |
4.750 |
4.750 |
97.971 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38.968
|
50.243
|
50.736 |
|
|
Sundry Debtors |
46.274
|
42.355
|
51.908 |
|
|
Cash & Bank Balances |
8.399
|
5.599
|
18.178 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
23.081
|
20.039
|
18.882 |
|
Total
Current Assets |
116.722
|
118.236
|
139.704 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.864
|
27.421
|
45.138 |
|
|
Other Current Liabilities |
60.261
|
54.007
|
54.208 |
|
|
Provisions |
6.214
|
5.880
|
6.638 |
|
Total
Current Liabilities |
90.339
|
87.308
|
105.984 |
|
|
Net Current Assets |
26.383
|
30.928
|
33.720 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
293.850 |
338.187 |
300.625 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from engineering services |
33.650 |
37.738 |
52.789 |
|
|
|
Domestic Sales |
139.849 |
116.312 |
50.326 |
|
|
|
Export Sales |
26.377 |
24.725 |
17.476 |
|
|
|
Other Income |
15.356 |
7.676 |
8.914 |
|
|
|
Total |
215.232 |
186.451 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personnel Expenses |
67.076 |
65.523 |
|
|
|
|
Manufacturing, Administrative
and General Expenses |
166.037 |
140.233 |
|
|
|
|
TOTAL (B) |
233.113 |
205.756 |
|
|
|
|
|
|
NA |
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(17.881) |
(19.305) |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.282 |
2.819 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(21.163) |
(22.124) |
17.555 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.105 |
37.889 |
12.855 |
|
|
|
|
|
|
|
|
|
|
|
(64.268) |
(60.013) |
4.700 |
|
|
|
|
|
|
|
|
|
Add/ (Less) |
Prior Period
Expenses |
(0.686) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(64.954) |
(60.013) |
4.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(1.932) |
(5.452) |
7.422 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(63.022) |
(54.561) |
(2.722) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(36.832) |
17.885 |
|
|
|
|
|
|
|
NA |
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.156 |
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(99.854) |
(36.832) |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenue from engineering services |
33.650 |
37.738 |
52.789 |
|
|
|
FOB value of Exports |
25.377 |
24.725 |
17.476 |
|
|
|
Service Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other (Miscellaneous receipts) |
0.000 |
4.319 |
0.000 |
|
|
TOTAL EARNINGS |
59.027 |
66.782 |
70.265 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
21.544 |
20.541 |
|
|
|
Capital Goods |
NA |
13.592 |
14.876 |
|
|
TOTAL IMPORTS |
NA |
35.136 |
35.417 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(52.11) |
(48.77) |
(5.98) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
(29.28)
|
(29.26) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(39.08)
|
(42.55) |
6.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.12) |
(14.26) |
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32) |
(0.25) |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.90
|
0.75 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.35 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Aesseal India
Private Limited ('the Company') was incorporated under the Indian Companies
Act, 1956 on November 1'' 2002 as a subsidiary of AES Engineering Limited,
NOTE
The registered address of the company has sifted from “Flat No.34/35, A
Wing, Ganesh Garden Opposite Sugandha Lawns, Offf Satara Road, Bibewadi, Pune –
411037, Maharashtra, India” to “Gat No. 85, Village Varve, Taluka - Bhor, Khed
Shivapur, Pune – 412105, Maharashtra, India” w.e.f. 08.04.2009. The Registered
address of the company has again sifted from “Gat No. 85, Village Varve, Taluka
- Bhor, Khed Shivapur, Pune – 412105,
OPERATIONAL REVIEW
The company carried on the activities of manufacturing and distribution
of mechanical seals related sealing products to both domestic and export
markets.
The company is wholly owned subsidiary of A.E.S. Engineering Limited U.
K.
The company has two units situated at Pune and
As a result of investigation into financial regularities of the
Labour disruption together with
lost business due to suspension of service of the managing director and one of
the other director led the board to believe there was no reasonable prospect of
continuing seal manufacturing operation on that site at that time.
Consequently manufacturing and all associated activities ceased at the
end of February 2011. The assets plant, Machinery and inventories were reloaded
to the Pune facility over the following 5 months. The board remains committed
to maintaining a facility in
The company filed the legal suits against the managing director and one
of the directors in the above matter. The board is unable to comment upon the
financial or any other loss suffered in this matter and its impact on the state
of affairs of the company as the cases are pending in the courts of law.
The company incurred loss in the year.
The board is hopeful about the improvement in the situation in the
current year.
FIXED ASSETS
- Plant and Machinery
- Office Equipments
- Furniture and Fixture
- Computers
- Land
- Building
- Electrical Installation
- 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.52.23 |
|
|
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.66.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.