|
Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
AGGREKO ENERGY RENTAL INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 501, The Chambers, Plot No. 4/12/13, Viman Nagar, Pune –
411014, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.08.2008 |
|
|
|
|
Com. Reg. No.: |
11-132669 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.119.360 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01122PN2008FTC132669 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA11204E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCA2440E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter and Importer of Temporary Power, Temperature Control
Solutions etc. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 558000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company has
been successful in wiping off the accumulated losses of the previous years.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Nagesh |
|
Designation : |
Supply chain head |
|
Contact No.: |
91-7798578602 |
|
Date : |
02.05.2012 |
LOCATIONS
|
Registered Office : |
Office No. 501, The Chambers, Plot No. 4/12/13, Viman Nagar, Pune –
411014, Maharashtra, India |
|
Tel. No.: |
91-20-40192900 |
|
Mobile No.: |
91-7875440434 (Mr. Abhijeet Kulkarni) 91-7798578602 (Mr. Nagesh) |
|
Fax No.: |
91-20-41282519/ 40192928 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Located at: v
v
Chennai |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Abid Dilshad Ahmed |
|
Designation : |
Additional Director |
|
Address : |
202, |
|
Date of Birth/Age : |
27.11.1973 |
|
Date of Appointment : |
29.09.2010 |
|
DIN No.: |
02166156 |
|
|
|
|
Name : |
Mr. Kashyap Pushpkant Pandya |
|
Designation : |
Director |
|
Address : |
Somersby – Grange, Morpeth, Great Britan, NE612DX |
|
Date of Birth/Age : |
09.01.1963 |
|
Date of Appointment : |
29.04.2009 |
|
DIN No.: |
02551712 |
|
|
|
|
Name : |
Mr. Angus George Cockburn |
|
Designation : |
Director |
|
Address : |
27, Dreghorn Loan, |
|
Date of Birth/Age : |
24.06.1963 |
|
Date of Appointment : |
22.08.2008 |
|
DIN No.: |
01826633 |
|
|
|
|
Name : |
Mr. Frederick Alexander Bruce Shepherd |
|
Designation : |
Director |
|
Address : |
46, Heriot Row, Edinberg EH36EX, |
|
Date of Birth/Age : |
24.11.1942 |
|
Date of Appointment : |
22.08.2008 |
|
DIN No. : |
01826617 |
KEY EXECUTIVES
|
Name : |
Mr. Nagesh |
|
Designation : |
Supply chain head |
|
|
|
|
Name : |
Mr. Abid Ahmed |
|
Designation : |
Country Manager |
|
|
|
|
Name : |
Mr. Anthony Smith |
|
Designation : |
General Manager Project |
|
|
|
|
Name : |
Mr. Boben Mathew |
|
Designation : |
National Sales Manager |
|
|
|
|
Name : |
Mr. Arcot Ranganathan |
|
Designation : |
Area Operation Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Aggreko Holdings Limited, |
|
1181664 |
|
Aggreko Rest of the World Holdings BV Limited, |
|
11936 |
|
Total
|
|
1193600 |
As on 06.03.2012
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Aggreko ( |
|
274047 |
|
Total
|
|
274047 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Importer of Temporary Power, Temperature Control
Solutions etc. |
|
|
|
|
Products : |
DG Sets Hiring |
|
|
|
|
Exports : |
|
|
Products : |
Temporary Power, Temperature Control Solutions |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
Top Cables, |
||||||||||||
|
|
|
||||||||||||
|
Customers : |
End Users
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
100 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
HSBC Bank – Branch Panda Guarden, Pune, |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
|
|
PAN.: |
AABFL5878L |
|
|
|
|
Holding Company : |
Aggreko Holdings Limited, |
|
|
|
|
Ultimate Holding Company : |
Aggreko Plc |
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8700000 |
Equity Shares |
Rs.100/- each |
Rs.870.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1467647 |
Equity Shares |
Rs.100/- each |
Rs.146.765 Millions |
|
|
|
|
|
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8700000 |
Equity Shares |
Rs.100/- each |
Rs.870.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1193600 |
Equity Shares |
Rs.100/- each |
Rs.119.360 Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1193600 |
Equity Shares |
Rs.100/- each |
Rs.119.360 Millions |
|
|
|
|
|
Note:
(Of the above 1,181,664 Equity Shares of Rs.100 each fully paid up are held by
the Holding Company, Aggreko Holdings
Limited U.K
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
119.360 |
119.360 |
119.360 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
20.055 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(102.340) |
(40.323) |
|
|
NETWORTH |
139.415 |
17.020 |
79.037 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
697.910 |
336.743 |
202.089 |
|
|
TOTAL BORROWING |
697.910 |
336.743 |
202.089 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
837.325 |
353.763 |
281.126 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
801.635 |
469.901 |
265.287 |
|
|
Capital work-in-progress |
21.828 |
11.785 |
2.820 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
26.541 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
42.856
|
7.437 |
3.651 |
|
|
Sundry Debtors |
306.258
|
66.540 |
29.161 |
|
|
Cash & Bank Balances |
25.426
|
14.578 |
3.432 |
|
|
Other Current Assets |
0.114
|
0.134 |
0.000 |
|
|
Loans & Advances |
23.689
|
20.157 |
4.233 |
|
Total
Current Assets |
398.343
|
108.846 |
40.477 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
370.861
|
217.711 |
24.116 |
|
|
Other Current Liabilities |
24.648
|
18.774 |
3.342 |
|
|
Provisions |
15.513
|
0.284 |
0.000 |
|
Total
Current Liabilities |
411.022
|
236.769 |
27.458 |
|
|
Net Current Assets |
(12.679
|
(127.923) |
13.019 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
837.325 |
353.763 |
281.126 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
TOTAL
INCOME
|
853.893 |
199.158 |
36.019 |
|
|
|
|
|
|
|
Less |
EXPENSES |
484.229 |
136.726 |
35.129 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
369.664 |
62.432 |
0.890 |
|
|
|
|
|
|
|
Less |
INTEREST |
68.632 |
29.807 |
6.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
301.032 |
32.625 |
(5.310) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
149.082 |
94.642 |
34.839 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
151.950 |
(62.017) |
(40.149) |
|
|
|
|
|
|
|
Less |
TAX |
29.555 |
0.000 |
0.174 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
122.395 |
(62.017) |
(40.323) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(102.340) |
(40.323) |
0.000 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
20.055 |
(102.340) |
(40.323) |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
83.39 |
(51.96) |
(99.04) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.33
|
(31.14) |
(111.95) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.06
|
(10.66) |
(13.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.09
|
(3.64) |
(0.51) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.95
|
33.88 |
2.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.47 |
1.47 |
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) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
DETAILS OF SUNDRY CREDITORS
|
Particulars |
31.03.2011
|
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
Rs. in Millions |
||
|
Creditors due small micro enterprises |
0.000
|
0.000 |
0.000 |
|
Creditors due others |
370.861
|
217.711 |
24.116 |
|
TOTAL |
370.861
|
217.711 |
24.116 |
OPERATIONS AND
FUTURE PROSPECTS
The Company fully turned around in this year and the
accumulated losses until the previous year amounting to Rs.102.340 Millions were
wiped out. This has put the company on the road to financial stability and will
enable the company to meet the financing requirements of business going
forward. The profitability and sales volume growth of the company is critically
dependent upon continuing investment in installed capacity and a higher
proportion of projects business in the business portfolio. During the year,
nearly Rs.421.000 Millions were spent in increasing the capacity of the company
and Capital works of about Rs.10.000 Millions were under completion. The
company will continue to add to capacity during 2011-2012. During the year, the
company bagged three major project contracts in the Oil and Gas Industry
involving providing temporary power of nearly 73 MW. These projects have made a
significant contribution to the improved performance of the company. The
company added one more Depot in Manesar in Haryana and another Depot in Chennai
shall be added during the current financial year 2011-12 in. Proximity to
customers is an important competitive edge and adding new depots is a part of
this process. The company also strengthened the organization and the staff
strength has increased by 30 during the year. With sustained economic growth,
the demand for power will continue to grow in
FIXED ASSETS
Tangible Assets
v Plant and machinery
v Furniture and Office Equipment
v Leasehold Improvements
Intangible Assets
v Goodwill
v Non Competition Rights
v Dealer Relationships
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.52.93 |
|
|
1 |
Rs.85.85 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
MYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
27 |
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.