MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
ACCORD INDUSTRIES LIMITED |
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Formerly Known
As : |
ACCORD INDUSTRIES PRIVATE LIMITED w.e.f. 29.03.2012 ACCORD COMMUNICATION PRIVATE LIMITED |
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Registered
Office : |
Shukla Nagar Eme Circles |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.01.2003 |
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Com. Reg. No.: |
04-041867 |
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Capital
Investment / Paid-up Capital : |
Rs. 42.380 Millions |
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CIN No.: [Company Identification
No.] |
U30007GJ2003PLC041867 |
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PAN No.: [Permanent Account No.] |
AAECA2117R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Telecom Turnkey through Outsourcing. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 820000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Shukla Nagar Eme Circles |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
4th Floor, R.K Centre, Opposite Saffron Complex, Fatehgunj,
Vadodara – 390002, |
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E-Mail : |
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Administrative Office : |
504, Sarjan Apartment, |
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Tel. No.: |
91-265-2793198/ 6673198 |
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Fax No.: |
91-265-2791623 |
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E-Mail : |
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Factory : |
Plot No.423, GIDC Indutrial Estate, Por Ramangamdi, Taluka and District. Vadodara – 390002, |
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Tel. No.: |
91-265-2831679 |
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Fax No.: |
91-265-2831679 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Roli Betulla Khan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.01.1971 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02243511 |
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Name : |
Mr. Asdullakhan Alafkhan Pathan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.05.1940 |
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Date of Appointment : |
21.01.2003 |
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DIN No.: |
01952438 |
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Name : |
Mr. Mohdyusufkhan Mohd Husain Babi |
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Designation : |
Director |
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Address : |
B-804, The Emperor, Fatehgunj, Vadodara – 390002, |
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Date of Birth/Age : |
16.05.1967 |
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Date of Appointment : |
25.08.2005 |
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DIN No.: |
01914506 |
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Name : |
Mr. Betullakhan Ashdullakhan Pathan |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.01.1971 |
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Date of Appointment : |
21.01.2003 |
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DIN No.: |
01914482 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Betullakhan Ashdullakhan Pathan |
|
3000000 |
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Asdullakhan Alafkhan Pathan |
|
375000 |
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Mohdyusufkhan Mohd Husain Bani |
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125000 |
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Roli Betulla Khan |
|
250000 |
|
Polo Wealth Creators Private Limited, |
|
99500 |
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F. S Infrastructure Private Limited, |
|
312000 |
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Total |
|
4161500 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
90.00 |
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Others |
|
10.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Telecom Turnkey through Outsourcing |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Indian Overseas Bank, Alkapuri Branch, Ground
Floor, Darpan Apartments, Vadodara – 390007, · HDFC Bank · ICICI Bank · Axis Bank |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Sanjay C Shah and Company Chartered Accountants |
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Address : |
701/A, Arihant Super Market, Near Lalbaug Crossing, Manjalpur , Baroda-11 |
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Tel. No.: |
91-265-2660958 |
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Mobile No.: |
91-9825029948 |
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Fax No.: |
91-265-2663098 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AFOPS7054M |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4161500 |
Equity Shares |
Rs. 10/- each |
Rs. 41.615
Millions |
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AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
4238000 |
Equity Shares |
Rs. 10/- each |
Rs. 42.380
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
42.380 |
42.380 |
41.615 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
164.598 |
142.545 |
85.928 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
206.978 |
184.925 |
127.543 |
|
|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
358.642 |
320.720 |
253.335 |
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2] Unsecured Loans |
2.000 |
0.000 |
0.554 |
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TOTAL BORROWING |
360.642 |
320.720 |
253.889 |
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DEFERRED TAX LIABILITIES |
1.908 |
1.087 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
569.528 |
506.732 |
371.432 |
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|
|
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
118.888 |
92.551 |
54.785 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
NEGETIVE BALANCE OF DEFFERED TAX LIABILITY |
0.000 |
0.000 |
0.179 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
265.480
|
146.493 |
88.219 |
|
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Sundry Debtors |
262.828
|
454.792 |
385.246 |
|
|
Cash & Bank Balances |
1.497
|
23.167 |
2.437 |
|
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Other Current Assets |
68.785
|
30.595 |
7.544 |
|
|
Loans & Advances |
21.725
|
33.015 |
42.197 |
|
Total
Current Assets |
620.315
|
688.062 |
525.643 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
132.886
|
229.203 |
172.292 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
37.193
|
45.141 |
37.405 |
|
Total
Current Liabilities |
170.079
|
274.344 |
209.697 |
|
|
Net Current Assets |
450.236
|
413.718 |
315.946 |
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.404 |
0.463 |
0.522 |
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|
|
|
|
|
|
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TOTAL |
569.528 |
506.732 |
371.432 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1066.451 |
915.889 |
899.234 |
|
|
|
Other Income |
2.272 |
0.592 |
0.080 |
|
|
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TOTAL (A) |
1068.723 |
916.481 |
899.314 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
538.498 |
552.891 |
|
|
|
Direct Expenses |
|
194.970 |
197.084 |
|
|
|
Employee’s Remuneration and Benefits |
|
41.553 |
28.453 |
|
|
|
Administrative and Other Expenses |
|
27.539 |
20.673 |
|
|
|
TOTAL (B) |
1024.202 |
802.560 |
799.101 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including
Financial Expenses) |
113.921 |
100.213 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST/
FINANCIAL EXPENSES (D) |
|
31.526 |
22.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44.521 |
82.395 |
77.970 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.969 |
6.445 |
4.657 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
33.552 |
75.950 |
73.313 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
11.499 |
26.568 |
25.512 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
22.053 |
49.382 |
47.801 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
98.275 |
48.893 |
23.592 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
-- |
-- |
22.500 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
120.328 |
98.275 |
48.893 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.30 |
11.65 |
11.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.06
|
5.39
|
5.32
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.15
|
8.29
|
8.15
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.54
|
9.73
|
12.96
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.41
|
0.57
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.56
|
3.22
|
3.63
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.65
|
2.51
|
2.51
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constitution of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
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6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three 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 |
No |
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18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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 |
Yes |
|
30. Major Shareholders, if available |
Yes |
OPERATIONS :
Sales / income from operations at Rs. 1066.451 Millions registered and increase over more than 16.44% as compared to the previous years' sale of Rs. 915.889 Millions. Other income includes income from interest received from bank and other parties.
BUSINESS ACHIEVEMENT
/DEVELOPMENTS:
During the year, the company could manage to achieve above results because in order to penetrate in the Power Transmission Sector, the company has acquired Quality Electric Company, Mehsana during last year who is one of the registered vendors of Government Entities like GETCO, PSEB, MSEB Etc. As a result it has added source of revenue from civil erection and commissioning projects carried out during the year from such new customers.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U30007GJ2003PTC041867 |
|
Name of the
company |
ACCORD
COMMUNICATION PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10095580 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Indian Overseas
Bank, Alkapuri Branch, Ground Floor, Darpan Apartments, Alkapuri, Vadodara –
390007, |
|
Nature of description
of the instrument creating or modifying the charge |
Ninth
Supplemental Memorandum of Deposit of Title Deeds by way of Equitable
Mortgage |
|
Date of
instrument Creating the charge |
02.06.2011 |
|
Amount secured by
the charge |
Rs. 625.800 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Additional 1%
Interest to be charged over the applicable interest rates Terms of Repayment N.A Margin N.A Extent and Operation of the charge To cover the
company's immoveable properties together with interests, costs, charges, etc.
More particularly described in the agreement. |
|
Short particulars
of the property charged |
Company'
Immoveable Property Being Industrial Plot/Shed No. 408, 409 and 410,
Admeasuring 8186.34 Sq Mtrs, GIDC Industrial Estate, Por Ramangamdi,
Vadodara, Situated At Survey No. 163/P, 164/P 167/P and 169/P. Company'
Immoveable Property Being Industrial Plot/Shed No 423, Admeasuring 2738 Sq
Mtrs, GIDC Industrial Estate, Por Ramangamdi, ,Vadodara, Situated at Survey No. 163/P and 172/P. Company's
Immoveable Property Being Industrial Plot/Shed No 15, Admeasuring 25200 Sq
Mtrs, GIDC Industrial Estate, Savali, (Manjusar), Vadodara, At Surv Nos 142/P, 143/P, 144/P
and 147/P. |
|
Date of latest
modification prior to the present modification |
27.01.2011 |
|
Particulars of
the present modification |
The limits have
been enhanced from Rs. 590.800 millions to 625.800 millions by addition of
35.000 millions the aggregate limits of Rs. 625.800 millions shall continue
to cover the immoveable properties more as particularly detailed in the
agreement. |
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. 55.86 |
|
|
1 |
Rs. 87.93 |
|
Euro |
1 |
Rs. 70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.