MIRA
INFORM REPORT
|
Report Date : |
26.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
AVCON TECHNICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2, Vastu Chaya, 326, Navi Peth, Pune – 411030, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
28.07.1994 |
|
|
|
|
Com. Reg. No.: |
11-079912 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH1994PTC079912 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA03040C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA4587A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Services Include Industries Construction, Industrial
Flooring and Pavements and Structural Strengthening. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 42000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The
management have not filed the latest financial detail with government department.
However from the previous year track records company seem to be performing
well. Trade relations are reported to be fair. Business is active. Payments’
are reported to be unknown. 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.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Bharat Tapadia |
|
Designation : |
Senior Manager |
|
Contact No.: |
91-9325019411 |
|
Date : |
25.07.2012 |
LOCATIONS
|
Registered Office : |
2, Vastu Chaya, 326, Navi Peth, Pune – 411030, Maharashtra, India |
|
Tel. No.: |
91-20-24332066/ 24321966 |
|
Mobile No.: |
91-9325019411 (Mr. Bharat Tapadia) |
|
Fax No.: |
91-20-24321966 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Ajay Mahadev Singam |
|
Designation : |
Director |
|
Address : |
Flat No. 662, Alankapuri Housing Society, MIT College Road, Rambaug
Colony, Kothrud, Pune-411038, Maharashtra, India |
|
Date of Birth/Age : |
09.10.1964 |
|
Date of Appointment : |
28.07.1994 |
|
Voter ID No.: |
SAO1568617 |
|
DIN No.: |
00406617 |
|
|
|
|
Name : |
Mrs. Anjali Ajay Singam |
|
Designation : |
Additional Director |
|
Address : |
Flat No.A-662, Alankapuri Housing Society, MIT College Road, Rambaug
Colony, Kothrud, Pune-411038, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1969 |
|
Date of Appointment : |
19.11.2010 |
|
Voter ID No.: |
SAO1568609 |
|
DIN No.: |
03182792 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat Tapadia |
|
Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vijaykumar Pandurang Kulkarni |
|
1440 |
|
Ajay Mahadeo Singam |
|
1440 |
|
Vasudha Vijay Kulkarni |
|
1000 |
|
Chinmay Vijay Kulkarni |
|
60 |
|
Anjali Ajay Singam |
|
1060 |
|
|
|
|
|
Total |
|
5000 |
(AS ON 30.09.2010)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Services Include Industries Construction, Industrial
Flooring and Pavements and Structural Strengthening. |
|
|
|
|
Imports : |
|
|
Products : |
Chemical and Raw Materials |
|
Countries : |
· Europe · US · Dubai |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Credit |
|
|
|
|
Purchasing : |
L/C, Credit |
GENERAL INFORMATION
|
Customers : |
Corporation |
|
|
|
|
No. of Employees : |
100 (Approximately) |
|
|
|
|
Bankers : |
· Bank of India Fergusson Road Branch, Fergusson College Road, Pune – 411004,
Maharashtra, India · Citi Bank N. A. Onyx Tower, 37/3,
North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Prasad Jahagirdar Chartered Accountants |
|
Address : |
13/9, Padmanabhan, Tirupati Nagar, Warje Naka, Pune – 411052,
Maharashtra, India |
|
PAN No.: |
ACIPJ5721D |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.144 |
0.144 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.882 |
6.324 |
3.370 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.382 |
6.468 |
3.514 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.733 |
2.641 |
2.225 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.435 |
|
|
TOTAL BORROWING |
5.733 |
2.641 |
2.660 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.115 |
9.109 |
6.174 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.058 |
6.680 |
6.267 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.320 |
0.020 |
0.020 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.076
|
0.047
|
0.075 |
|
|
Sundry Debtors |
13.214
|
6.113
|
4.257 |
|
|
Cash & Bank Balances |
0.004
|
0.024
|
0.023 |
|
|
Other Current Assets |
6.183
|
4.872
|
1.595 |
|
|
Loans & Advances |
0.025
|
0.000
|
0.000 |
|
Total
Current Assets |
19.502
|
11.056 |
5.950 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
9.009 |
4.991
|
4.167 |
|
|
Other Current Liabilities |
2.198
|
1.176
|
0.687 |
|
|
Provisions |
3.013
|
2.480
|
1.209 |
|
Total
Current Liabilities |
14.220
|
8.647
|
6.063 |
|
|
Net Current Assets |
5.282
|
2.409
|
(0.113) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
TDS Deducted |
0.455 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.115 |
9.109 |
6.174 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income From Operations |
54.944 |
52.005 |
45.239 |
|
|
|
Work in Progress |
0.352 |
0.344 |
0.075 |
|
|
|
Other Income |
0.042 |
0.000 |
0.147 |
|
|
|
TOTAL |
55.338 |
52.349 |
45.461 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Opening Stock |
|
0.075 |
7.507 |
|
|
|
Purchase |
|
27.012 |
15.795 |
|
|
|
Labour Expenditure |
|
11.928 |
13.978 |
|
|
|
Machine Hire Charges |
49.102 |
0.508 |
0.693 |
|
|
|
Testing Charges |
|
0.025 |
0.065 |
|
|
|
Consultation |
|
0.294 |
0.082 |
|
|
|
Other Expenditure |
|
6.864 |
3.482 |
|
|
|
Transport and Octroi |
|
0.367 |
1.103 |
|
|
|
TOTAL |
49.102 |
47.073 |
42.705 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.236 |
5.276 |
2.756 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.874 |
0.956 |
0.584 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5.362 |
4.320 |
2.172 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.708 |
1.382 |
0.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.654 |
2.938 |
1.452 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
730.80 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.60
|
5.61
|
3.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.76
|
8.31
|
4.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.14
|
24.36
|
17.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.67
|
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
1.75
|
2.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.28
|
0.98 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
9.009 |
4.991
|
4.167 |
|
|
|
|
|
|
Total |
9.009 |
4.991
|
4.167 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
No |
|
Major Shareholders, if available |
Yes |
|
PAN of
Proprietor/Partner/Director, if available |
No |
|
Passport No of
Proprietor/Partner/Director, if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
NOTE:
The registered office of the company has been shifted from, Vinmra Omkar Society, Katraj Kandhava Road, Pune – 411046, Maharashtra, India to the present address w.e.f. 19.11.2010.
FINANCIAL RESULTS:
The company has made profits of Rs.3.654 Millions as compared to last
year where the profit was of Rs.2.938 Millions.
FORM 8:
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U51909MH1994PTC079912 |
|
Name of the
company |
AVCON TECHNICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2, Vastu Chaya,
326, Navi Peth, Pune – 411030, Maharashtra, India |
|
Type of charge |
Any interest in immovable property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Citi Bank N. A. Onyx Tower, 37/3,
North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Goods Security
Agreement Cum Loan Agreement for Hypothecation of Stocks, Book Debts and for
property mortgage. |
|
Date of
instrument Creating the charge |
03/02/2012 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Interest on
principal amount of the aforesaid fund based facilities advanced and
outstanding form time to time @ 13.25% p.a. (Exclusive of applicable interest
tax). Terms of
Repayment On demand Margin 20% against
Stocks, Book Debts, Property. Extent and
Operation of the charge The hypothecated
Assets by way of first charge shall remain as security to the Bank for the
due repayment by Borrower to the Bank of the credit facilities together with
interest, costs, charges and expenses and other monies payable by the
Borrowers and also for due payment and discharge of all
indebtedness/liability of the Borrowers to the Bank. The Company further
agree to create first charge on Immovable Properties of the Company situated
at Raigad. Others The Company expressly recognises and accepts that the
Bank shall be absolutely entitled and have full power/authority to sell,
assign or transfer in any manner and on such terms as the Bank may decide any
or all outstanding dues of the Company to any third party of the Bank's
choice without any further reference or intimation to the Company. |
|
Short particulars
of the property charged |
The whole of Company's
present and future Stocks of raw materials, goods in process of manufacture,
semi-finished goods and all finished and manufactured goods. All the Company's
present and future book debts, outstanding monies, receivables, claims,
bills, investments, rights to or in movable properties and First exclusive
charge on immovable properties being Survey No.18/2, Village Honad,
Adoshi-Takai Road, Khopoli, Tal-Khalapur, District Raigad. Pledge/lien in
favour of the Bank on Fixed deposit of Rs.1.125 Millions. |
FIXED ASSETS:
· Air Cooler
· Office Equipments
· Computer
· Fax Machines
· Machines
· Fax Machines
· Invertor
· Hand Held Saw
· Tile Polishing Machine
· Borwell
· Flooring Machine
· Furniture and Fixtures
· Factory Equipments
· Lab Equipments
· Plant and Machinery
· Compressor
· Weigh Scales
· Forgberg Mixer
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.56.38 |
|
|
1 |
Rs.87.44 |
|
Euro |
1 |
Rs.68.05 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.