MIRA
INFORM REPORT
|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
AIRON TECHNICAL SOLUTIONS INDIA
PRIVATE LIMITED (w.e.f.25.062011) |
|
|
|
|
Formerly Known
as: |
AIRON TELECOM SOLUTIONS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, 32/1495, B-1, Chakos Chambers, Civil |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
07.05.2009 |
|
|
|
|
Com. Reg. No.: |
09-024136 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45309KL2009PTC024136 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNA03919G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCA6971A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Control Panel, automation,
Instrumentation, service provider of telecom, etc. |
|
|
|
|
No. of
Employees: |
95 (Approximately) (In Mumbai – 60, |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 35000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company to be low. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. Sandip |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-27788400 |
|
Date : |
15.10.2012 |
LOCATIONS
|
Registered Office : |
2nd Floor, 32/1495, B-1, Chakos Chambers, Civil Lines Road, Bye Pass JN,
Palarivattom Cochin – 682025, Kerala, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9987934702 (Mr. Shine Thilakan) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory/Branch office : |
Plot No. A -791/2, TTC Industrial Area, MIDC Khairane, Navi Mumbai –
400705, |
|
Tel. No.: |
91-22-43456000 |
|
Fax No.: |
91-22-27788400 |
DIRECTORS
AS ON.30.09.2011
|
Name : |
Mr. Shine Andezhath Thilakan |
|
Designation : |
Director |
|
Address : |
Andezhath House, Talikulam, P. O. Trichur -680569, |
|
Date of Birth/Age : |
29.04.1978 |
|
Date of Appointment : |
07.05.2009 |
|
Din No.: |
02629035 |
|
|
|
|
Name : |
Mr. Dileep Kakkanadan Balan |
|
Designation : |
Director |
|
Address : |
Kakkanatt House, |
|
Date of Birth/Age : |
02.05.1977 |
|
Date of Appointment : |
07.05.2009 |
|
Din No.: |
02630649 |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Sandip |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON.30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shine Andezhath Thilakan |
|
250 |
|
Dileep Kakkanadan Balan |
|
250 |
|
|
|
|
|
Total |
|
500 |
|
|
|
|
As on 09.01.2012
|
Names of Allottes |
|
No. of Shares |
|
Anil Kumar Nanatty |
|
300 |
|
|
|
|
|
Total |
|
300 |
As on 27.01.2012
|
Names of Allottes |
|
No. of Shares |
|
Dileep Kakkanadan Balan |
|
1749 |
|
Shine Andezhath Thilakan |
|
1751 |
|
Anil Kumar Nanatty |
|
100 |
|
|
|
|
|
Total |
|
3600 |
As on.27.01.2012
|
Names of Allottes |
|
No. of Shares |
|
Dileep Kakkanadan Balan |
|
188 |
|
Shine Andezhath Thilakan |
|
187 |
|
Anil Kumar Nanatty |
|
225 |
|
|
|
|
|
Total |
|
600 |
As on 09.02.2012
|
Names of Allottes |
|
No. of Shares |
|
Anil Kumar Nanatty |
|
1000 |
|
|
|
|
|
Total |
|
1000 |
Equity Share Break up (Percentage of Total Equity)
AS ON.30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Control Panel, automation,
Instrumentation, service provider of telecom, etc. |
|
Terms : |
|
|
Selling : |
Cash/Credit |
|
|
|
|
Purchasing : |
Cash/Credit |
GENERAL INFORMATION
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Customers : |
Others ·
Reliance Telecom ·
L and T ·
Alcatel Lucent |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
95 (Approximately) (In Mumbai – 60, |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Dena Bank, Sion Circle Branch, 43B, Premkuunj
Society, Maharani Laxmibhai Chowk, Mumbai – 400022, Maharashtra, India ·
HDFC Bank |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Rs.
In Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain Vinay and Associates Chartered Accountant |
|
Address : |
16-17, Shri Kamdhenu Estate, Next To Tangent, Furniture Mall, OFF.
Link Road, Malad (west) Mumbai – 400064, |
|
Tel. No.: |
91-22-4003 0069 |
|
Mobile No.: |
91-9820139232 |
|
E-Mail : |
|
|
Pan No.: |
ABOPJ3710D |
|
|
|
|
Associates : |
Max Alert Systems Private Limited |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.1000/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000 |
Equity Shares |
Rs.1000/- each |
Rs.6.000
Million |
|
|
|
|
|
As on.31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.1000/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500 |
Equity Shares |
Rs.1000/- each |
Rs.0.500
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
|
0.500 |
0.500 |
|
|
|
2] Share Application Money |
|
7.500 |
7.500 |
|
|
|
3] Reserves & Surplus |
|
0.739 |
0.408 |
|
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
|
NETWORTH |
|
8.739 |
8.408 |
|
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
|
5.326 |
0.000 |
|
|
|
2] Unsecured Loans |
|
3.750 |
0.501 |
|
|
|
TOTAL BORROWING |
|
9.076 |
0.501 |
|
|
|
DEFERRED TAX LIABILITIES |
|
0.152 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
17.967 |
8.909 |
|
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.600 |
0.750 |
|
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.555 |
0.128 |
|
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
|
3.840
|
0.983 |
|
|
|
Sundry Debtors |
|
28.761
|
9.630 |
|
|
|
Cash & Bank Balances |
|
0.089
|
0.190 |
|
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
|
Loans & Advances |
|
2.682
|
0.344 |
|
|
Total
Current Assets |
|
35.372
|
11.147 |
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
|
15.642
|
1.045 |
|
|
|
Other Current Liabilities and Provisions |
|
3.967
|
2.101 |
|
|
Total
Current Liabilities |
|
19.609
|
3.146 |
0.000 |
|
|
Net Current Assets |
|
15.763
|
8.001 |
|
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.049 |
0.030 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
17.967 |
8.909 |
|
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
59.887 |
11.405 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
59.187 |
10.674 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
0.731 |
|
|
|
|
|
Including
Interest and Deprecation |
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.006 |
||
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.725 |
||
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.107 |
||
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
0.700 |
0.618 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.216 |
0.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
0.484 |
0.408 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
9.68 |
8.16 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
81.900 |
Expected Sales (2012-2013): Rs.120.000 Millions
The above information has been parted by Mr. Sandip (Finance Department)
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
0.81 |
3.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.89 |
5.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.08 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.28 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.80 |
3.54 |
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 |
No |
|
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 three 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] |
No |
|
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 |
FORM 8
|
Corporate
identity number of the company |
U64203KL2009PTC024136 |
|
Name of the
company |
AIRON
TELECOM SERVICES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Door No.2B, 2nd Floor, Email: santhosh@dtil.net |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Dena Bank, Sion Circle Branch, 43B, Premkuunj Society, Maharani
Laxmibhai Chowk, Mumbai – 400022, Maharashtra, India Email: sion@denabank.co.in |
|
Nature of
instrument creating charge |
Agreement
of Hypothecation (Goods, book debts and other movable assets to secure
multiple facilities) |
|
Date of
instrument Creating the charge |
06.09.2010 |
|
Amount secured by
the charge |
Rs.10.000 Million |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Base Rate + 6% i.e.
(8.25% + 6% =14.25% p.a.) with monthly rest or at such other rate as would be
fixed by the bank from time to time. Term
of Payment: On Demand Margin Margin to be
maintained for cash credit at 25% each on stock and book debts or at such
other rate as may be stipulated by the bank from time to time. Extent and
operation of the charge Security
created by way of first charge and to cover the principal amount together
with interest, discount, commission, charges, costs, expenses etc. Others: Security
created in respect of cash credit (stock / book debts) facility. |
|
Short particulars
of the property charged (Including location of the property) |
a)
All stocks of materials, goods in process and finished goods such as
installation material and accessories etc., both present and future now or
hereafter in course of transit to any godowns, jathas or place whatsoever and
wheresoever in the possession or occupation of the company; b)
All the tangible, movable properties and assets of the company of whatsoever
nature including plant, machinery, tools and accessories, stores, spares
relating to plant and machinery, furniture, office equipments, computers,
and things belonging to the company and lying and being at their premises/
factories at Nanathy House, Near Apollo Tyers, Perambra, Thrissur, Kerala
being movable properties and capable of passing delivery, both present and
future, whether installed or not and whether now lying loose or in cases and
now being or at any time hereinafter brought into or upon or at any time in
course of transit to the premises/ factories of the borrower at Nanathy
House, Near Apollo Tyers, Perambra, Thrissur, Kerala either by way of
substitution or addition or other place whatsoever and wheresoever in the
possession or occupation of the company; c)
All the present and future book debts, outstandings, moneys, receivables,
claims, bills, rights, to or in movable properties and movable assets and
which are now due, owing or payable or belonging to the Company or which may
at anytime hereafter during the continuance of this security become due,
owing, payable or belonging to the company in the course of its business by
any person, firm, company or public
or semi government body or authority or any body corporate or undertaking or
project whatever in the public sector. |
FIXED ASSETS:
·
Computer
·
Tally Software
·
Furniture and Fixtures
·
Tools and Equipment
·
Vehicles
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.52.82 |
|
|
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.