MIRA
INFORM REPORT
|
Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
A. K. POWER INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Shrutineer Apartment (On HIT Main Road), 1st Floor,
23/2/1/1, Bhagaban Chatterjee Lane, Howrah – 711101, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.11.2008 |
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Com. Reg. No.: |
21-130530 |
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Capital
Investment / Paid-up Capital : |
Rs.125.797 Millions |
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CIN No.: [Company Identification
No.] |
U40104WB2008PTC130530 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALA11377C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Electrical Overhead Equipments and
Various Hardware Fittings. |
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No. of Employees
: |
90 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 815000 |
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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 have fail to file its latest financials with the government department. As per previous year’s, the profitability of the company appears to be
low and a reserve seems to be insufficient. However, trade relations are reported to be fair. Business is active.
Payments are reported to be unknown. The 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
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. Ayan |
|
Designation : |
Director |
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Contact No.: |
91-9830028880 |
|
Date : |
14.01.2013 |
LOCATIONS
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Registered Office : |
Shrutineer Apartment (On HIT Main Road), 1st Floor,
23/2/1/1, Bhagaban Chatterjee Lane, Howrah – 711101, West Bengal, India |
|
Tel. No.: |
91-33-26775149 |
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Mobile No.: |
91-9830028880 (Mr. Ayan) |
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Fax No.: |
91-33-26775147 |
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E-Mail : |
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Website : |
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Area : |
4000 Sq. ft |
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Location : |
Owned |
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Factory 1 : |
33, 34, 36/6, Dasarath Ghosh Lane, Howrah – 711101, West Bengal, India |
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Factory 2 : |
Howrah Amta Road, Kantalia Nibra, Howrah – 711409, West Bengal, India |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Ayan Mallick |
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Designation : |
Director |
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Address : |
6/9, Nabin Banerjee Lane, Shibpur, Sadar, Howrah – 711104, West Bengal,
India |
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Date of Birth/Age : |
07.07.1980 |
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Qualification : |
Graduate |
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Experience : |
8 Years |
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Date of Appointment : |
12.11.2008 |
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DIN No.: |
02143809 |
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Other Directorship :
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Name : |
Ms. Archana Mallick |
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Designation : |
Director |
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Address : |
6/9, Nabin Banerjee Lane, Shibpur, Sadar, Howrah – 711104, West
Bengal, India |
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Date of Birth/Age : |
15.12.1952 |
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Date of Appointment : |
12.11.2008 |
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DIN No.: |
02143823 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
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No. of Shares |
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Ayan Mallick |
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8092654 |
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Archana Mallick |
|
4487000 |
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Total |
|
12579654 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
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Percentage |
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Directors or relatives of Directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Electrical Overhead Equipments and
Various Hardware Fittings. |
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Exports : |
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Products : |
Electrical Transmission |
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Countries : |
·
Europe ·
Sri Lanka ·
Korea ·
Nepal ·
Japan |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Unit |
Actual Production |
|
Steel Structure, Part of Structure and Nut Bolt |
MT |
15591.00 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
·
State
Bank of India, Howrah Branch, 9, G. T. Road (South), Howrah-711 101, West
Bengal, ·
Federal Co-Operative Limited, Howrah, West
Bengal, India ·
Axis Bank Limited, Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3rd
Floor, Kolkata – 700071, West Bengal, India ·
ICICI
Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditor 1 : |
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Name : |
Nilantri Chatterjee and Company Chartered Accountants |
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Address : |
Howrah, West Bengal, India |
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Auditor 2 : |
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Name : |
Prantik Roy and Company Chartered Accountants |
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Address : |
P – 15, New C. I. T. Road, Ground Floor, Kolkata – 700073, West
Bengal, India |
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PAN.: |
AAKFP7832K |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital : Rs.350.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.284.297 Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
12579654 |
Equity Shares |
Rs.10/- each |
Rs.125.797
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 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
125.797 |
62.100 |
0.100 |
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2] Share Application Money |
63.000 |
63.697 |
0.000 |
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3] Reserves & Surplus |
14.915 |
5.003 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.015) |
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NETWORTH |
203.712 |
130.800 |
0.085 |
|
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LOAN FUNDS |
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1] Secured Loans |
127.324 |
56.512 |
0.000 |
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2] Unsecured Loans |
0.120 |
0.210 |
0.098 |
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TOTAL BORROWING |
127.444 |
56.722 |
0.098 |
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DEFERRED TAX LIABILITIES |
0.147 |
0.000 |
0.000 |
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TOTAL |
331.303 |
187.522 |
0.183 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.621 |
13.308 |
0.000 |
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Capital work-in-progress |
0.975 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
227.780
|
101.880 |
0.000 |
|
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Sundry Debtors |
370.027
|
299.390 |
0.000 |
|
|
Cash & Bank Balances |
37.540
|
9.451 |
0.017 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
50.958
|
38.141 |
0.000 |
|
Total
Current Assets |
686.305
|
448.862 |
0.017 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
364.454
|
269.767 |
0.000 |
|
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Other Current Liabilities |
4.536
|
3.135 |
0.006 |
|
|
Provisions |
7.181
|
2.244 |
0.000 |
|
Total
Current Liabilities |
376.171
|
275.146 |
0.006 |
|
|
Net Current Assets |
310.134
|
173.716 |
0.011 |
|
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MISCELLANEOUS EXPENSES |
0.573 |
0.498 |
0.172 |
|
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TOTAL |
331.303 |
187.522 |
0.183 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
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Income |
1050.100 (Gross Turnover) |
|
0.000 |
|
|
|
Other Income |
NA |
|
0.000 |
|
|
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TOTAL |
NA |
625.511 |
0.000 |
|
|
|
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Less |
EXPENSES |
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|
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|
|
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
617.323 |
0.015 |
|
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|
PROFIT/
LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION |
18.136 |
8.188 |
(0.015) |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.139 |
0.926 |
0.000 |
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|
PROFIT/ LOSS
BEFORE TAX |
14.997 |
7.262 |
(0.015) |
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Less |
TAX |
5.084 |
2.244 |
0.000 |
|
|
|
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|
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PROFIT/ LOSS
AFTER TAX |
9.913 |
5.018 |
(0.015) |
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.003 |
(0.015) |
NA |
|
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|
BALANCE CARRIED TO
THE B/S |
14.916 |
5.003 |
NA |
|
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|
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|
|
|
|
Earnings Per
Share (Rs.) |
0.79 |
0.81 |
(1.50) |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
1100.000 |
|
|
|
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|
Expected Sales (2012-13): Rs.1200.000 Millions
The above information has been parted by Mr. Ayan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
0.80 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.12
|
1.57 |
(88.23) |
|
|
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|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.05 |
(0.176) |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.47
|
2.54 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.63 |
2.83 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 LOAN
|
Particulars |
As on 31.03.2011 (Rs. in Millions) |
As on 31.03.2010 (Rs. in Millions) |
|
|
|
|
|
Loans directors |
0.120 (A) |
0.210 (B) |
|
Public Deposits |
0.000 |
0.000 |
|
|
|
|
|
Total |
0.120 |
0.210 |
|
(A) From Ayan
Mallick: Rs.0.076 Millions From Archana Mallick: Rs.0.044 Millions Total:
Rs.0.120 Millions (B) From Ayan
Mallick: Rs.0.121 Millions From Archana Mallick: Rs.0.089 Millions Total: Rs.0.210
Millions |
||
FINANCIAL
OPERATIONS AND REVIEW
During the year, the Company has achieved Gross Turnover of Rs.1050.100
Millions as against Rs.632.200 Millions in the previous year. In view of the buoyancy
in the economy as a whole and in the sector in which the Company is dealing in
particular, the Directors hope and strive to achieve bigger heights in the
years to come.
CONTINGENT LIABILITIES NOT PROVIDED FOR 31.03.2011:
Outstanding Letter to Credit Rs.4.102 Millions
Counter Guarantee Issued to Bank for issuing
Bank Guarantee Rs.3.453 Millions
FORM 8
|
Corporate
identity number of the company |
U40104WB2008PTC130530 |
|
Name of the
company |
A. K. POWER
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shrutineer, 23/2/1/1, Bhagaban Chatterjee Lane, (On HIT Main Road), 1st
Floor, Howrah – 711101, West Bengal, India Email Id : mail@akpi.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10261414 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Axis Bank Limited,
Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3rd
Floor, Kolkata – 700071, West Bengal, India Email Id : Siddhartha.Saha@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Link Document for
Earmarking of Limit |
|
Date of
instrument Creating the charge |
16.08.2011 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest LC Banked Bill
Discounting: BR + 2.25% , i.e. 11.00% p.a. presently and CC:BR+4%
p.a.(presently 12% p.a) at monthly rests, WCDL (180 days)-BR+3%
p.a.(presently 11% p.a) at monthly rests Terms of
Repayment Cash Credit
repayable on demand, WCDL - 6 months Margin .RMs, FGs, WIP/
Components/ Consumables/ Spares: 25%, Domestic Receivables (Cover period 90
days): 30%, LC Banked Bill Discounting: 15% Foreign Bank Guarantee
facility: 20% in the form of FD with Axis Bank with Banks lien market
thereon. 100% in case of disputed liabilities Extent and
Operation of the charge Hypothecation
charge over the entire current assets of the company, present and future Others Commission: One
Time Foreign Bank Guarantee facility: 1.50% p.a. payable upfront |
|
Short particulars
of the property charged |
All the stock in
trade both present and future consisting stock including RMs,SIP,FGs, cash
and outstanding, monies, receivable, claims and bills etc. |
|
Date of Last
modification |
22.07.2011 |
|
Particulars of
the present modification |
By this
modification, Overall limit has been realigned/ revised. Overall limit remain
unchanged at Rs.200.000 Millions. |
FIXED ASSETS:
·
Building
·
Office Equipments
·
Plant and Machinery
·
Furniture and Fixtures
·
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.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.