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Report Date : |
01.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ACME AIR EQUIPMENTS COMPANY PRIVATE LIMITED |
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Registered
Office : |
Plot No.57/3, 4, 5, Phase-1, G.I.D.C, Ahmedabad- 382445, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.05.2009 |
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Com. Reg. No.: |
04-56856 |
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Capital
Investment/ Paid-up Capital: |
Rs.6.000 Millions |
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CIN No.: [Company Identification
No.] |
U29100GJ2009PTC056856 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA09000F |
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PAN No.: [Permanent Account No.] |
AAHCA7079D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Blower. |
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No. of
Employees: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 28000 |
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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. The
profitability of the company appears to be low. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. Company can be considered for business dealings with some caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ 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
|
Name : |
Mr. Mehul Gosai |
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Designation : |
Chief Accountant |
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Contact No.: |
91-9998620333 |
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Date : |
28.09.2012 |
LOCATIONS
|
Registered Office/Factory : |
Plot No.57/3, 4, 5, Phase-1, G.I.D.C, Ahmedabad- 382445, |
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Tel. No.: |
91-79-40265999 / 25831985/25835995 |
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Fax No.: |
91-79-25832336 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. Mtrs. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Somnath S Ranade |
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Designation : |
Managing Director |
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Address : |
C/3, Nilampark Flat, Near Premchand Nagar, Satelite, Ahmedabad-
3800054, |
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Date of Birth/Age : |
27.11.1953 |
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Qualification : |
B. E. Mechanical |
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Date of Appointment : |
07.05.2009 |
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Din No.: |
02156323 |
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Other Directorship:
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Name : |
Mr. Ajaysinh Pratapsinh Pardesi |
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Designation : |
Managing Director |
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Address : |
9 Shantakaram Shivranjani Society, Satelite, Ahmedabad- 380015, |
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Date of Birth/Age : |
29.10.1948 |
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Qualification : |
B. Com. |
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Date of Appointment : |
07.05.2009 |
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Din No.: |
02136816 |
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Other Directorship:
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Name : |
Mrs. Shaileja S. Ranade |
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Designation : |
Director |
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Address : |
C/3, Nilampark Flat, Near Premchand Nagar, Satelite, Ahmedabad-
3800054, |
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Date of Birth/Age : |
07.08.1957 |
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Qualification : |
B. Com. |
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Date of Appointment : |
07.05.2009 |
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Din No.: |
02294416 |
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KEY EXECUTIVES
|
Name : |
Mr. Mehul Gosai |
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Designation : |
Chief Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Ajaysinh P Pardeshi |
|
240000 |
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Somnath S. Ranade |
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240000 |
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Ritaben A Pardeshi |
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30000 |
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Pradyumna A Pardeshi |
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30000 |
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Shaileja Ranade |
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30000 |
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Induben S Ranade |
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12000 |
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Mukund Chorghade |
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18000 |
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Total |
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600000 |
As on 30.09.2011
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Blower. |
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Products : |
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Exports : |
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Products : |
Blower |
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Countries : |
·
Srilanka ·
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·
·
·
·
·
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Terms : |
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Selling : |
Cash/Credit |
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Purchasing : |
Cash/Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Blowers |
Nos. |
NA |
NA |
231 |
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GENERAL INFORMATION
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Customers : |
End users ·
The India Cement Limited |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
·
State Bank of ·
HDFC Bank Limited Ahmedabad, ·
Yes Bank Limited, 9th Floor, Nehru Centre,
Discovery of · Axis Bank Limited “Trishul “ Opposite Smartheshwar Temple, Law Garden, Ellisbridge Ahmedabad -380006 Gujarat, India |
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Facilities : |
CC
– 10.000 Millions (Yes Bank Limited) Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D Shah and Associates Chartered Accountant |
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Address : |
311, Panorama Complex, Near Navjivan Press, |
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PAN No.: |
ACAPS5276J |
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Associates : |
· Eleganz Technics |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 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 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
6.000 |
2.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1.060 |
0.413 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
7.060 |
2.913 |
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LOAN FUNDS |
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1] Secured Loans |
|
10.546 |
11.348 |
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2] Unsecured Loans |
|
7.247 |
10.964 |
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TOTAL BORROWING |
|
17.793 |
22.312 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.031 |
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TOTAL |
|
24.853 |
25.256 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
18.483 |
20.917 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.503 |
0.503 |
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DEFERREX TAX ASSETS |
|
0.083 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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|
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Inventories |
|
10.047 |
5.426 |
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Sundry Debtors |
|
15.877 |
16.667 |
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Cash & Bank Balances |
|
2.250 |
0.926 |
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Other Current Assets |
|
0.000 |
0.000 |
|
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Loans & Advances |
|
2.536 |
2.017 |
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Total
Current Assets |
|
30.710 |
25.036 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
23.643 |
20.222 |
|
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Other Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
1.410 |
1.042 |
|
Total
Current Liabilities |
|
25.053 |
21.264 |
|
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Net Current Assets |
|
5.657 |
3.772 |
|
|
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
|
0.127 |
0.064 |
|
|
|
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|
|
|
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TOTAL |
|
24.853 |
25.256 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
84.433 |
57.019 |
|
|
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Other Income |
|
1.359 |
1.005 |
|
|
|
TOTAL (A) |
|
85.792 |
58.024 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
|
63.918 |
40.326 |
|
|
|
Manufacturing Expenses |
|
2.164 |
1.893 |
|
|
|
Personnel Cost |
|
7.631 |
5.284 |
|
|
|
Selling, Distribution, Administrative and Other Expenses |
|
4.518 |
3.401 |
|
|
|
Audit Fees |
|
0.085 |
0.025 |
|
|
|
Directors Remuneration |
|
0.900 |
0.720 |
|
|
|
Foreign Exchange Fluctuation |
|
0.006 |
0.000 |
|
|
|
Preliminary Expenses Written off |
|
0.015 |
0.007 |
|
|
|
TOTAL (B) |
|
79.237 |
51.656 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
6.555 |
6.368 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2.166 |
2.782 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
4.389 |
3.586 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
3.375 |
2.983 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
1.014 |
0.603 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.367 |
0.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
0.647 |
0.412 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
|
0.412 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
1.059 |
0.413 |
|
|
|
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|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
1.174 |
3.631 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
1.08 |
1.65 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
89.000 |
|
|
|
|
|
Expected Sales (2012-2013): Rs.100.000 Millions
The above information has been parted by Mr. Mehul Gosai
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
0.75 |
0.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.20 |
1.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.06 |
1.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.14 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.07 |
14.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.23 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last two years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from 38, Satnam
Industrial Estate,
FORM 8:
|
Corporate
identity number of the company |
U29100GJ2009PTC056856 |
|
Name of the
company |
ACME AIR
EQUIPMENTS COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 57/3, 4,
5, Phase I, GIDC, Vatva, Ahmedabad – 382445, Email: info@airequipments.com |
|
This form is for |
Book Debts Others |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of Email: dlbbcadahm@yesbank.in
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
18.07.2012 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests: CC:3% above Yes
Bank rate,BG:1.50% p.a, PCFC/EPC/PSFC/FBN/FBP/FBD: 2.50% above Yes Bank Base
(For Adv. in INR) Libor + 350 bps (For Adv. in Foreign Currency). (Prevailing
from time to time) Terms of Repayment: Repayable on
demand/End of Tenor/ Annual Review. Margin: 25% ON BOOK debts
less than 120 Days Plus Stocks Less Creditors Extent and Operation of the charge: Exclusive charge
on the current assets, (both present and future) |
|
Short particulars of the property or asset(s) charged
(including complete address and location of the property |
Whole of the
current assets of the borrower's stocks of raw material, semi-finished and finished goods, stores and spares
including relating to plant and machinery, bills receivables and moveables All the book and
receivables (both present and future) |
FIXED ASSETS
· Building
· Plant and Machinery
· Furniture and Fixture
· Vehicles
· Computer
·
Patent
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 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.52.70 |
|
|
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
33 |
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.