MIRA
INFORM REPORT
|
Report Date : |
20.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
AQUA CLEAN SERVICES PRIVATE LIMITED |
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Registered Office : |
E-7, MIG-159, 2nd Floor, Arera Colony, Bhopal- 462016,
Madhya Pradesh |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
23.10.2001 |
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Com. Reg. No.: |
10- 014854 |
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Capital
Investment/ Paid-up Capital: |
Rs. 2.200
Millions |
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CIN No.: [Company
Identification No.] |
U51399MP2001PTC014854 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
BPLA01393A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of trading of water purifying
machines, water cooler, cleaning machines and mechanized housekeeping
contracts. |
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No. of Employees: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 22000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 |
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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 |
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. Manish Gangele |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9229103933 |
|
Date : |
19.06.2013 |
LOCATIONS
|
Registered Office : |
E-7, MIG- 159, 2nd Floor, Arera Colony, |
|
Tel. No.: |
91-755-6458016/ 6458005 |
|
Mobile No.: |
91-9229103933 (Mr. Manish Gangele) |
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Fax No.: |
91-755-2424159 |
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E-Mail : |
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Area : |
1700 Sq. Ft. |
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Location : |
Owned |
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Branches : |
Locate at
|
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Ganesh Shanker Gangele |
|
Designation : |
Director |
|
Address : |
211 LIG/B, E-7, Arera Colony, |
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Date of Birth/Age : |
02.09.1945 |
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Qualification : |
Engineer |
|
Date of Appointment : |
10.12.2007 |
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DIN No.: |
01902675 |
|
|
|
|
Name : |
Mr. Manish Gangele |
|
Designation : |
Managing Director |
|
Address : |
E-7, 211-B, Arera Colony, |
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Date of Birth/Age : |
18.10.1973 |
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Qualification : |
MBA |
|
Date of Appointment : |
23.10.2001 |
|
DIN No.: |
00927757 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Manish Gangele |
200000 |
|
Ganesh Shanker Gangele |
20000 |
|
TOTAL
|
220000 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of trading of water purifying machines,
water cooler, cleaning machines and mechanized housekeeping contracts. |
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Products : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
Others |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.C.P Jain and Company Chartered Accountant |
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Address : |
E-2/33, Arera Colony, Bhopal-462016, |
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Tele/ Fax No.: |
91-755-2420136/ 2460110 |
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E-Mail : |
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PAN No.: |
AAYPJ4518N |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220000 |
Equity Shares |
Rs.10/- each |
Rs. 2.200
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
|
2.200 |
0.100 |
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(b) Reserves & Surplus |
|
3.373 |
4.233 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
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|
|
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(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
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(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
3.630 |
4.030 |
|
(b) Deferred tax liabilities (Net) |
|
0.108 |
0.108 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
10.400 |
8.476 |
|
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|
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|
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(4) Current liabilities |
|
|
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(a) Short term
borrowings |
|
4.257 |
7.072 |
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(b) Trade payables |
|
1.403 |
0.527 |
|
(c) Other current
liabilities |
|
1.230 |
0.988 |
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(d) Short-term provisions |
|
0.000 |
0.000 |
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TOTAL |
|
26.601 |
25.534 |
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II. ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
|
10.579 |
10.276 |
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(ii) Intangible Assets |
|
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
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(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
|
2.289 |
1.729 |
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(e) Other Non-current assets |
|
0.010 |
0.050 |
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(2) Current assets |
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|
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(a) Current investments |
|
0.000 |
0.000 |
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(b) Inventories |
|
0.386 |
0.250 |
|
(c) Trade receivables |
|
11.568 |
11.291 |
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(d) Cash and cash
equivalents |
|
0.099 |
0.072 |
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(e) Short-term loans
and advances |
|
0.267 |
0.050 |
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(f) Other current
assets |
|
1.403 |
1.816 |
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TOTAL |
|
26.601 |
25.534 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
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2] Share Application Money |
|
|
0.000 |
|
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3] Reserves & Surplus |
|
|
3.746 |
|
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4] (Accumulated Losses) |
|
|
0.000 |
|
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NETWORTH |
|
|
3.846 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4.991 |
|
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2] Unsecured Loans |
|
|
1.192 |
|
|
TOTAL BORROWING |
|
|
6.183 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.121 |
|
|
|
|
|
|
|
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TOTAL |
|
|
10.150 |
|
|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
|
6.691 |
|
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Capital work-in-progress |
|
|
0.000 |
|
|
|
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|
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INVESTMENT |
|
|
0.050 |
|
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DEFERREX TAX ASSETS |
|
|
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.212
|
|
|
Sundry Debtors |
|
|
4.791
|
|
|
Cash & Bank Balances |
|
|
0.113
|
|
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Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
3.708
|
|
Total
Current Assets |
|
|
8.824 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.808
|
|
|
Other Current Liabilities |
|
|
4.607
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
5.415 |
|
|
Net Current Assets |
|
|
3.409
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
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TOTAL |
|
|
10.150 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
83.889 |
54.319 |
40.537 |
|
|
|
Other Income |
0.000 |
0.010 |
0.000 |
|
|
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TOTAL (A) |
83.889 |
54.329 |
40.537 |
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Stock in Trade |
5.847 |
5.008 |
|
|
|
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Employee Benefits Expenses |
63.473 |
42.758 |
|
|
|
|
Other Expenses |
9.990 |
3.140 |
|
|
|
|
Changes in Inventories of Finished Goods work in progress and stock in
trade |
(0.135) |
(0.037) |
|
|
|
|
TOTAL (B) |
79.175 |
50.869 |
38.157 |
|
|
|
|
|
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.714 |
3.460 |
[Including Financial |
|
|
|
|
|
|
Expenses ] |
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.774 |
0.527 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.940 |
2.933 |
2.380 |
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.087 |
1.686 |
1.207 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1.853 |
1.247 |
1.173 |
|
|
|
|
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|
|
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|
Less |
TAX (H) |
0.623 |
0.761 |
0.000 |
|
|
|
|
|
|
|
|
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1.230 |
0.486 |
1.173 |
|
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|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.59 |
48.64 |
-- |
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Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
110.000 |
|
|
|
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|
Expected Sales (2013-2014) : Rs. 140.000
The above information has been parted by Mr. Manish Gangele.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.47
|
0.89 |
2.89 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.21
|
2.30 |
2.89 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.97
|
9.25 |
7.56 |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.29 |
0.30 |
|
|
|
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|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.42
|
2.56 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
1.57 |
1.63 |
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) |
No |
|
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 |
Yes |
|
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 |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Loans and
Advances from Related Parties |
|
|
|
Shri Manish Gangele |
1.904 |
0.904 |
|
Shri O P Tiwari |
0.100 |
0.100 |
|
Shri G S Gangele |
0.188 |
0.188 |
|
|
|
|
|
TOTAL |
2.192 |
1.192 |
NATURE OF BUSINESS
The Company is engaged in the business of trading of water purifying
machines, water cooler, cleaning machines and mechanized housekeeping
contracts.
FORM 8
|
Corporate identity
number of the company |
U51399MP2001PTC014854 |
|
Name of the
company |
AQUA CLEAN
SERVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-7/ Mig-159, 2nd
Floor, Area Colony, Bhopal, Madhya Pradesh India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others |
|
Particular of
charge holder |
Axis Bank Limited, E-5, Star Plaza, 1st Floor, Plot No.6, Bittan
Market, Area Colony, Bhopal-462011, Madhya Pradesh, India |
|
Nature of
instrument creating charge |
Hypothecation of
Current assets |
|
Date of
instrument Creating the charge |
20.07.2012 |
|
Amount secured by
the charge |
Rs. 8.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base Rate +4.50%
i.e. 14.5% p.a. at monthly resis Base Rate is 10% Terms of repayment On demand Margin 25% on book debts
coverage period 60 days. 15% cash margin would be collected at time of issue
of BG & kept in form of FDR under Bank's lien The period of FDR should
not be less than period of BG. 100% cash margin in case of disputed
liabilities. The cash margin shall not be refunded to company till original
BG or confirmation of termination of our liability is received from the
beneficiary. Extent and operation of the charge hypothecation of
entire current assets Other loan is covered
under CGTMSE guarantee |
|
Short particulars
of the property charged (Including location of the property) |
Cash credit:
primary security ; hypothecation of entire current assets (present and
future) Bank Guarantee:
primary security - 15% cash margin in the shape of TDR |
FIXED ASSETS
- Plant and Machinery
- Vehicles
- Computer
- Office Equipment
- Furniture and Fixture
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 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. 58.74 |
|
|
1 |
Rs. 91.98 |
|
Euro |
1 |
Rs. 78.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.