MIRA INFORM REPORT
|
Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ANKIT EQUIPMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.113D, Bommasandra Industrial Area, Hebbagodi, Bangalore –
560099, Karnataka |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2011 |
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|
Date of
Incorporation : |
26.08.1996 |
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Com. Reg. No.: |
08-021041 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.120
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29150KA1996PTC021041 |
|
|
|
|
TIN No.: |
29430097697 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA06244A |
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|
|
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PAN No.: [Permanent Account No.] |
AACCA6453G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and exporter
of all types of cranes and hoists. |
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|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8580 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
management of the company has failed to file its financials with the government
department for the year 2012 and 2013. As per previous year’s record [2011],
the profitability of the company appears to be low. However, trade relations
are reported as fair. Business is active. Payments are reported to be
unknown. The company can be considered for business dealings with some caution.
Note: Banker reported
that the company maintains proper and good relation with the bank. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 : |
Ms. Smita |
|
Designation : |
Office Executive |
|
Contact No.: |
91-80-27833697 |
|
Date : |
14.08.2013 |
LOCATIONS
|
Registered / Head / Corporate Office / Factory : |
Plot No.113D, Bommasandra Industrial Area, Hebbagodi, Bangalore – 560099,
Karnataka, India |
|
Tel. No.: |
91-80-27831643/ 26685846/ 27833697 |
|
Mobile No.: |
91-9880050016 (Mr. Sasidharan) |
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Fax No.: |
91-80-26685846 |
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E-Mail : |
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Website : |
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Area : |
45000 sq ft |
|
Location : |
Owned |
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|
|
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Branch Office : |
Plot No.18 and 19, 42nd Main, 4th Cross, BTM II
Stage, Bangalore – 560099, Karnataka, India |
|
Tel. No.: |
91-80-26685846 |
|
Area : |
3800 sq ft |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Sasidharan Gopalakrishnan Chandralayam |
|
Designation : |
Director |
|
Address : |
No.18, and 19, Sri Lakshmi, 42nd Main, 4th
Cross, BTM Layout, Second Stage, Bangalore – 560068, Karnataka, India |
|
Date of Birth/Age : |
06.10.1950 |
|
Qualification : |
Degree in Electrical Engineering from Regional Engineering College,
Calicut University, Kerala in 1973 |
|
Date of Appointment : |
26.08.1996 |
|
DIN No.: |
02776024 |
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|
|
|
Name : |
Mr. Birla Sekaran Kalasamy |
|
Designation : |
Director |
|
Address : |
2/695, NGOS Colony, Bagalur Road, Hosur – 635109, Tamilnadu,
India |
|
Date of Birth/Age : |
09.05.1961 |
|
Qualification : |
Degree in Mechanical Engineering from |
|
Date of Appointment : |
26.08.1996 |
|
DIN No.: |
02817829 |
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|
|
|
Name : |
Mr. Gopinathan Vellolil |
|
Designation : |
Director |
|
Address : |
14, Jayamma Nivas Road Cross, G B Palya, Nandi Eswara L/O Honga Sandra
Main, Bangalore – 560068, Karnataka, India |
|
Date of Birth/Age : |
26.06.1957 |
|
Qualification : |
Bachelor Degree in science from |
|
Date of Appointment : |
26.08.1996 |
|
DIN No.: |
02775962 |
|
|
|
|
Name : |
Mr. Hari Raju Madiraju |
|
Designation : |
Director |
|
Address : |
NC-254 Vijaya Enclave, Bilekally Sundaram Shetty Nagar, Bangalore –
560068, Karnataka, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Date of Appointment : |
01.09.1998 |
|
DIN No.: |
02775904 |
KEY EXECUTIVES
|
Name : |
Ms. Smita |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sasidharan Gopalkrishnan Chandralayam |
|
20 |
|
Birla Sekaran Kalasamy |
|
20 |
|
Gopinathan Vellolil |
|
20 |
|
Kalai Selvi |
|
20 |
|
Kanchana Gopinathan |
|
20 |
|
Vasanthi |
|
20 |
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|
|
|
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Total |
|
120 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter
of all types of cranes and hoists. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
v Nigeria v Bangladesh |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
v China v Korea |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
· Bank of India, Madiwala, Bangalore, Karnataka, India [Tel No.: 91-80-22959462] · Bank of India, SSI Branch, Bangalore, Karnataka, India · ABN Amro Bank · Barclays Bank · ICICI Bank Limited · Standard Chartered Bank · Citi Bank N.A. · HDFC Bank Limited, Bangalore, Karnataka, India · South Indian Bank Limited, Bangalore, Karnataka, India [Tel. No.: 91-80-65627339] |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jayatheertha and company Chartered Accountants |
|
Address : |
#337/1A, 18th Cross, Upper Palace Orchards, Sadashiva Nagar, Bangalore
– 560080, Karnataka, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AANPJ4180B |
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Sister Concern : |
· E-max Inc. Address: No.83/3, Ramchandra
Reddy Building, Bommasandra Industrial Area,
Bangalore - 560099, Karnataka, India Activity: Dealer of
components. |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500 |
Equity Shares |
Rs. 1000/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120 |
Equity Shares |
Rs. 1000/- each |
Rs. 0.120
Million |
|
|
|
|
|
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 |
0.120 |
0.104 |
0.104 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.025 |
1.582 |
1.257 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.145 |
1.686 |
1.361 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.390 |
4.538 |
4.707 |
|
|
2] Unsecured Loans |
0.507 |
0.326 |
0.692 |
|
|
TOTAL BORROWING |
5.897 |
4.864 |
5.399 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.042 |
6.550 |
6.760 |
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.926 |
2.231 |
1.656 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.172
|
3.523
|
5.666
|
|
|
Sundry Debtors |
21.193
|
15.507
|
14.708
|
|
|
Cash & Bank Balances |
2.897
|
2.216
|
1.328
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
5.527
|
1.660
|
3.516
|
|
Total
Current Assets |
41.789
|
22.906 |
25.218 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.239
|
9.124
|
12.027
|
|
|
Other Current Liabilities |
18.225
|
9.308
|
7.823
|
|
|
Provisions |
0.209
|
0.155
|
0.264
|
|
Total
Current Liabilities |
36.673
|
18.587 |
20.114 |
|
|
Net Current Assets |
5.116
|
4.319
|
5.104
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.042 |
6.550 |
6.760 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
86.316 |
75.950 |
81.149 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
85.664 |
|
80.456 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
85.664 |
75.471 |
80.456 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.652 |
0.479 |
0.693 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
NA |
0.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.652 |
NA |
0.429 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5433.00 |
4605.77 |
4125.00 |
|
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Sales Turnover (Approximately) |
|
100.000 |
85.000 |
|
|
|
|
|
The above information has been parted by Ms. Smita [Office Executive]
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.76
|
NA
|
0.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.46
|
1.91
|
2.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.28
|
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.75
|
2.88
|
3.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.23
|
1.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
From Directors and their relatives |
0.339 |
0.159 |
|
From Others |
0.168 |
0.167 |
|
Total |
0.507 |
0.326 |
Note:
The Registered office of the company has been shifted from 168/2, Kudlu,
Off Hosur Road, Bangalore – 560056, Karnataka, India to present address
w.e.f.19.10.2009.
FINANCIAL RESULTS:
During the current
year the company’s order book position has substantially been improved. The
company hopes to double the turnover in the coming year. The products and
services rendered by the company are well received in the market and we have
received good enquires for our products.
FIXED ASSETS
v Computer
v Office Equipment
v Plant and Machinery
v Tools and Dies
v Furniture and Fixtures
v Mobile Phones
v Vehicle
v Mobile Crane
v Mini Tempo Force
v Land
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. 61.82 |
|
|
1 |
Rs. 96.57 |
|
Euro |
1 |
Rs. 82.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.