MIRA
INFORM REPORT
|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ACE DESIGNERS LIMITED (w.e.f.27.12.2001) |
|
|
|
|
Formerly Known
As : |
ACE DESIGNERS PRIVATE LIMITED ANUPAM MACHINE TOOLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 7 and 8,
Phase II, Peenya Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.09.1986 |
|
|
|
|
Com. Reg. No.: |
08-007816 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 142.400
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199KA1986PLC007816 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA00221E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA2364F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in design, development and
manufacture of CNC Lathe machines. |
|
|
|
|
No. of Employees
: |
600 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 6600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having a fine track
record. There seems dip in the sales turnover as well as profit of the company
during 2013. However, financially company performance seems to be good. Liquidity
position is strong. The promoters seem to be well experienced and reputed businessmen. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based facilities = AA- |
|
Rating Explanation |
High degree of safety and carry very low
credit risk. |
|
Date |
December 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non-fund based facilities = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
December 2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Baban |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-80-22186700 |
|
Date : |
06.08.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 7 and 8,
Phase II, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80-22186700-719/
40370400-599/ 22186730 |
|
Fax No.: |
91-80-22186723 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Plot No. 282, Phase IV, Peenya Industrial Area, Bangalore
– 560058, Karnataka, India |
|
Tel. No.: |
91-80-28394119 |
|
Fax No.: |
91-80-28361507 |
|
|
|
|
Factory 3 : |
Plot No. 533, 10th
Main, Main IV, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80-28361503-06 |
|
Fax No.: |
91-80-28361507 |
|
E-Mail : |
DIRECTORS
AS ON 13.07.2013
|
Name : |
Mr. Shrinivas Govindrao Shirgurkar |
|
Designation : |
Managing director |
|
Address : |
583, 1st Main, 2nd Stage, 3rd Block,
RMV Extension, Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
08.04.1948 |
|
Qualification: |
B.E. Mechanical |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
AKMPS5682E |
|
DIN No.: |
00173944 |
|
|
|
|
Name : |
Mr. Benedict Machado |
|
Designation : |
Managing director |
|
Address : |
583, 1st Main, 2nd Stage, 3rd Block,
RMV Extension, Bangalore – 560094, Karnataka, India |
|
Date of Birth/Age : |
04.12.1948 |
|
Qualification: |
B.E. Mechanical |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
AEJPM7124C |
|
DIN No.: |
00174074 |
|
|
|
|
Name : |
Mr. Ashok Vishwanath Sathe |
|
Designation : |
Whole-time director |
|
Address : |
252, 15th “D” Cross, 2nd Phase, 2nd Stage,
Mahalakshmipuram, Bangalore – 560086, Karnataka, India |
|
Date of Birth/Age : |
17.03.1940 |
|
Qualification: |
M. Tech |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
ADOPS5056R |
|
DIN No.: |
00174204 |
|
|
|
|
Name : |
Mr. Shankar Arunachalam |
|
Designation : |
Director |
|
Address : |
A – 23, Fascinate Homes, 12th Cross, 6th Main,
Malleswaram, Bangalore – 560003, Karnataka, India |
|
Date of Birth/Age : |
02.02.1959 |
|
Qualification: |
B.Com, ACA, LLB |
|
Date of Appointment : |
27.07.2002 |
|
DIN No.: |
00203948 |
|
|
|
|
Name : |
Mr. Srinivasan Rangarajan |
|
Designation : |
Director |
|
Address : |
126, Dhanya, Nandidurga Road, Bangalore – 560046, Karnataka, India |
|
Date of Birth/Age : |
10.09.1941 |
|
Qualification: |
Mechanical Engineer |
|
Date of Appointment : |
27.07.2002 |
|
DIN No.: |
00043658 |
|
|
|
|
Name : |
Mr. Badkilaya Raghavendra |
|
Designation : |
Whole-time director |
|
Address : |
17, Bhel Officers Colony, Nandini Layout, Bangalore - 560096,
Karnataka, India |
|
Date of Birth/Age : |
10.05.1963 |
|
Date of Appointment : |
13.07.2013 |
|
DIN No.: |
01807643 |
KEY EXECUTIVES
|
Name : |
K Chandra Sekhar |
|
Designation : |
Secretary |
|
Address : |
16 – A, G.B. Layout, 2nd Stage, Mahalakshmipuram, Bangalore
– 560086, Karnataka, India |
|
Date of Birth/Age : |
01.06.1974 |
|
Date of Appointment : |
05.02.2010 |
|
PAN No.: |
AIYPK1629D |
|
|
|
|
Name : |
Mr. Baban |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.07.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shrinivas G
Shirgurkar |
432000 |
30.34 |
|
Bharati S
Shirgurkar |
108000 |
7.58 |
|
Madhavi Trust |
13500 |
0.95 |
|
Manisha Trust |
13500 |
0.95 |
|
G D Shirgurkar
(HUF) |
27000 |
1.90 |
|
Benedict Machado |
432000 |
30.34 |
|
Philomena Machado |
148500 |
10.43 |
|
Preethi Trust |
13500 |
0.95 |
|
Ashok Vishnanath
Sathe |
77000 |
5.41 |
|
Padma A Sathe |
159000 |
11.17 |
|
|
|
|
|
Total |
1424000 |
100.00 |
AS ON 13.07.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in design, development and
manufacture of CNC Lathe machines. |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
· Russia China Europe Middle East |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
· UK Japan Korea Taiwan Europe |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, L/C and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
No. of Employees : |
600 [Approximately] |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
v Syndicate Bank, Industrial Finance Branch, 204-205, North Block, Manipal Centre, Dickenson Road, Bangalore - 560042, Karnataka, India v Standard
Chartered Bank, 3rd Floor, Vaishnavi Serenity, 112, Koramangala Industrial
Area, 5th Block, Koramangal, Bangalore - 560095, Karnataka, India v Export-
Import Bank of India, Centre One Building, Floor 21, World Trade Center,
Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
12 and 13th Floor,
U.B. City, Canberra block - 24, Vittal Malya Road, Bangalore - 560001,
Karnataka India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFS3421N |
|
|
|
|
Auditors 2 : |
|
|
Name : |
P.A. Ghatage and Company Chartered Accountants |
|
Address : |
Bangalore, Karnataka India |
|
Income-tax
PAN of auditor or auditor's firm : |
AANPG1439N |
|
|
|
|
Associates
: |
v Ace Manufacturing
Systems Limited [U85110KA1994PLC015321] v Ace Multi Axes
Systems Limited [U85110KA1995PLC018544] v Micromatic
Machine Tools Private Limited [U74899DL1987PTC029798] |
|
|
|
|
Enterprises
which are owned, or have significant influence
of or are partners with
Key management personnel and their relatives : |
v Auto CNC
Machining Limited [U02922KA1987PLC008415] v Anupam CNC
Machining Private Limited [U29299KA2002PTC031340] v Ace Micromatic
Charitable Trust v Ace Micromatic
Institute of Learning v Micromatic
Machine Tools (Shanghai) Limited, China v Pragati
Automation Private Limited [U29199KA2001PTC029247] v Pragati
Transmission Private Limited [U34300KA2005PTC037594] v Pioneer
Computing Technologies |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,424,000 |
Equity Shares |
Rs. 100/- each |
Rs. 142.400
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
142.400 |
142.400 |
155.200 |
|
(b) Reserves & Surplus |
1508.105 |
1223.894 |
1115.668 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1650.505 |
1366.294 |
1270.868 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
729.008 |
142.359 |
34.556 |
|
(b) Deferred tax liabilities (Net) |
3.863 |
13.290 |
6.944 |
|
(c) Other long term liabilities |
4.370 |
2.039 |
1.471 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
737.241 |
157.688 |
42.971 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
6.325 |
|
(b) Trade payables |
673.014 |
868.506 |
505.535 |
|
(c) Other current
liabilities |
457.012 |
397.074 |
331.705 |
|
(d) Short-term provisions |
114.417 |
148.636 |
91.200 |
|
Total Current Liabilities (4) |
1244.443 |
1414.216 |
934.765 |
|
|
|
|
|
|
TOTAL |
3632.189 |
2938.198 |
2248.604 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
829.967 |
879.125 |
664.925 |
|
(ii) Intangible Assets |
5.074 |
4.597 |
0.000 |
|
(iii) Capital
work-in-progress |
747.663 |
45.851 |
52.299 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11.894 |
11.894 |
11.894 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
98.337 |
167.128 |
86.872 |
|
(e) Other Non-current assets |
22.148 |
21.000 |
21.000 |
|
Total Non-Current Assets |
1715.083 |
1129.595 |
836.990 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
62.498 |
92.209 |
|
(b) Inventories |
924.757 |
840.595 |
642.023 |
|
(c) Trade receivables |
462.754 |
390.789 |
302.943 |
|
(d) Cash and cash
equivalents |
358.997 |
315.328 |
116.572 |
|
(e) Short-term loans and
advances |
164.728 |
187.269 |
149.480 |
|
(f) Other current assets |
5.870 |
12.124 |
108.387 |
|
Total Current Assets |
1917.106 |
1808.603 |
1411.614 |
|
|
|
|
|
|
TOTAL |
3632.189 |
2938.198 |
2248.604 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3693.746 |
4901.769 |
3355.096 |
|
|
|
Other Income |
66.327 |
72.461 |
43.638 |
|
|
|
TOTAL (A) |
3760.073 |
4974.230 |
3398.734 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2528.586 |
3358.462 |
2321.759 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(146.748) |
(66.118) |
(91.463) |
|
|
|
Employee benefit expense |
419.854 |
390.865 |
295.195 |
|
|
|
Other expenses |
311.231 |
363.565 |
272.344 |
|
|
|
TOTAL (B) |
3112.923 |
4046.774 |
2797.835 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
647.150 |
927.456 |
600.899 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.711 |
22.670 |
10.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
621.439 |
904.786 |
590.583 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
94.084 |
86.460 |
67.303 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
527.355 |
818.326 |
523.280 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
126.853 |
248.279 |
167.628 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
400.502 |
570.047 |
355.652 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1128.724 |
1054.738 |
1169.779 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
56.960 |
92.560 |
54.320 |
|
|
|
Interim Dividend paid |
42.720 |
49.840 |
31.040 |
|
- |
|
Corporate Tax on Dividend (Interim and
final) |
16.611 |
23.101 |
13.968 |
|
|
|
Transferred to General Reserves |
40.050 |
57.005 |
35.565 |
|
|
|
Reserves utilised for buy back of shares |
0.000 |
260.755 |
312.800 |
|
|
|
Capital Redemption Reserve created |
0.000 |
12.800 |
23.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1372.885 |
1128.724 |
1054.738 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
304.5816 |
289.277 |
192.820 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
147.506 |
222.041 |
|
|
|
|
Capital Goods |
172.609 |
141.600 |
|
|
|
TOTAL IMPORTS |
320.115 |
363.641 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
281.00 |
380.41 |
216.17 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
3350.000 |
|
|
|
|
|
Expected Sales (2014-2015): Rs. 4500.000 Millions
The above information has been parted by Mr. Baban [Accounts Manager]
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.65
|
11.46 |
10.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.28
|
16.69 |
15.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.36
|
28.41 |
23.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.60 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.44
|
0.10 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.28 |
1.51 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
155.200 |
142.400 |
142.400 |
|
Reserves & Surplus |
1115.668 |
1223.894 |
1508.105 |
|
Net
worth |
1270.868 |
1366.294 |
1650.505 |
|
|
|
|
|
|
long-term borrowings |
34.556 |
142.359 |
729.008 |
|
Short term borrowings |
6.325 |
0.000 |
0.000 |
|
Total
borrowings |
40.881 |
142.359 |
729.008 |
|
Debt/Equity ratio |
0.032 |
0.104 |
0.442 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3355.096 |
4901.769 |
3693.746 |
|
|
|
46.099 |
(24.645) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3355.096 |
4901.769 |
3693.746 |
|
Profit |
355.652 |
570.047 |
400.502 |
|
|
10.60% |
11.63% |
10.84% |
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 |
No |
|
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 |
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE PENDING
|
High Court of Karnataka - Bangalore Bench |
ITA 256/2013 |
|
Petitioner/Appnt.
Name |
THE COMMISSIONER
OF INCOME-TAX |
Respondent/Defnt.
Name |
M/A ACE
DESIGNERS LTD |
||
|
Petnr./Appnt.
Advocate |
K V ARAVIND |
Respnt./Defnt.
Advocate |
|
||
|
Date Filed |
27/05/2013 |
Classification |
|
District |
Bangalore City |
|
Stage |
HEARING |
Last Posted For |
ADMISSION |
|
|
Last Action Taken |
ADMIT/RULE |
Last Date of Action |
12/08/2013 |
Next Hearing Date |
|
Latest Order |
TO EXAMINE SUBSTANTIAL QUESTIONS OF LAW |
|||
|
Before Hon'ble Judge/s |
D.V.SHYLENDRA KUMAR |
|||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10388496 |
16/11/2012 |
250,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE
BRANCH, MANIPAL CETNRE, II FLOOR, BANGALORE, KARNATAKA - 560043, INDIA |
B62782875 |
|
2 |
10335783 |
08/08/2012 * |
450,000,000.00 |
STANDARD
CHARTERED BANK |
# 112, SERENITY,
3RD FLOOR, EAST WING,, KORAMANGALA INDL AREA, 5TH BLOCK, KORAMANGALA, BANGALORE,
KARNATAKA - 560095, INDIA |
B45507399 |
|
3 |
10337548 |
22/05/2012 * |
250,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTER, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B41625997 |
|
4 |
10330850 |
16/11/2012 * |
550,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL
FINANCE BRANCH, MANIPAL CETNRE, II FLOOR, BANGALORE, KARNATAKA - 560043,
INDIA |
B62782958 |
|
5 |
10269632 |
04/08/2011 * |
107,000,000.00 |
STANDARD
CHARTERED BANK |
RAHEJA TOWERS, 6TH
FLOOR, # 26-27,, BANGALORE, KARNATAKA - 560001, INDIA |
B17762576 |
|
6 |
10070140 |
08/08/2012 * |
155,000,000.00 |
STANDARD
CHARTERED BANK |
3RD FLOOR,
VAISHNAVI SERENITY, 112, KORAMANGALA INDUSTRIAL AREA, 5TH BLOCK, KORAMANGAL,
BANGALORE, |
B45507845 |
* Date of charge modification
CORPORATE INFORMATION
Ace Designers Limited (the Company) is a public company
domiciled in India and incorporated under the provisions of the Companies Act, 1956.
The Company is primarily engaged in design, development and manufacture of CNC
Lathe machines. The Company caters to both domestic and international markets.
OPERATIONS
The Company achieved a turnover of Rs.3693.700 Millions during the financial
year as against 4901.700 Millions during the corresponding financial year by
selling 1,905 CNC lathes during the current year as against 2,962 CNC lathes.
The current year turnover has declined by 24.64% over the previous year and
35.68% in terms of quantity. The decline in turnover is due to poor market
conditions, slow down of automobile, general engineering and infrastructure
based industries, coupled with high interest rates. The other income is
Rs.66.300 Millions. Depreciation for the year was Rs.94.000 Millions as
compared to Rs.86.400 Millions during the corresponding year. The additional
depreciation is on account of procurement of certain high end machines during
the year; The Company achieved Earnings before Interest Tax and Depreciation (EBITDA)
of Rs.647.100 Millions as compared to Rs.927.400 Millions during the
corresponding year by registering a negative growth of 30.22%. The year was
challenging from many fronts. Inflation pressure unabated during the year
coupled with steep depreciation of Indian Rupee impacted company’s
profitability.
During the year realization from premium products and tooled up products
increased due to sale of machines to new projects which were in pipe line.
However, per unit realisation from standard products got reduced due to stiff
competition for such products from unorganized sector. The company saw
stagnation in revenues from the second quarter of the year due to sluggish
demand. To mitigate sluggish demand, the company offered new schemes for
standard machines like Jobber XL, Jobber LM under “Dhamaka” scheme during
Sept’- Nov 2012 and again re-introduced the same for Super Jobber, Super Jobber
LM and Super Jobber 500 LM post IMTEX-2013, which enhanced sales for standard
products with improved topline.
According to the latest estimate, the Indian economy grew by 5% for the
year 2012-13, reflecting lower than expected growth in industry. However, with
various policy initiatives coming through, the economy is estimated to grow
above 5.5% for the financial year 2013-14 with inflation under control. The
performance of Machine Tool business is likely to be impacted for the financial
year 2013-14 also due to the sluggish business environment.
The Company’s expansion plan of setting up of state-art Foundry Division
at Thyamagondlu Hobli, Nelamangala, Bangalore, is at completion stage.
Commercial Production is expected to start by next month. The Company has
already invested Rs.820.000 Millions on land and building and plant and
machinery etc., as against the projected cost of Rs.1030.000 Millions. The
project is expected to complete within the budget. The installed capacity of
newly commissioned foundry plant is 12,000 M.T per annum and will meet part of
Company’s input casting requirements. Further expansion plan of CNC assembly
unit is temporarily on hold and will start once the market recovers.
BUSINESS PROSPECTS
To reduce the lead time in delivery of fast moving machines, a warehouse
is taken on rent to stock standard finished goods, which helps ex-stock delivery.
In order to achieve targeted sales, the Company has planned to increase in
manpower in certain strategic areas. Also creation of SBU and Small Group based
on product portfolios should enhance the business volume.
In order to focus on segmented customer market and to meet ACE vision
2020, the Company’s business model is proposed for a change. Strategic Business
Units (SBU) will be created based on product portfolios in order to achieve
synergy in operations. In that direction, during the year HVM-SBU for high
volume Machines like Jobber XL, Super Jobber and Jobber LM and for low volume
like Machines Simple Turn, a separate Group is planned. HVM Business and
Special Business Units will concentrate on the specific segments and can
manufacture the products in advance based on the market expectation leading to
reduced lead time.
FIXED ASSETS:
v Land
v Buildings
v Factory building
v Plant and equipment
v Other plant and equipment
v Furniture and fixtures
v Vehicles
v Motor vehicles
v Office equipment
v Computer equipments
v Computer software
PRESS RELEASE
ACE DESIGNERS EMBARKS
ON RS 2500.000 MILLIONS EXPANSION
FEBRUARY 13, 2013
To commission foundry at Nelamangala in April; expand plant capacity
Bangalore-based machine tools major Ace Designers Limited has embarked on a major expansion drive involving an investment of over Rs 2500.000 Millions. The company, which manufactures CNC machines, is planning to expand capacity at its plant and is also setting up a foundry for captive consumption.
“We had planned this expansion about six years ago and acquired 82 acres in
Nelamangala taluk from the Karnataka Industrial Area Development Board (KIADB)
for Rs 280.000 Millions. We are now building a modern foundry with Italian
technology which will be commissioned by the end of March or early April this
year,” Shrinivas G Shirgurkar, managing director, Ace Designers, said.
He said, the foundry will produce 12,000 tonnes of castings per annum. Of this,
about 60 per cent of the capacity would be used for captive requirements and
the balance would be for outside orders.
Shirgurkar said, the company’s proposed plan to expand capacity of CNC
machines’ plant in Bangalore will be executed from June onwards. The company
planned to expand capacity nearly three times to 10,000 machines per annum. The
company’s products include 2-axis, 3-axis and 5-axis CNC (computer numerically
controlled) machines used in automobile, general engineering and electrical
among other sectors.
“We have already secured all approvals from the state government for the
proposed expansion. However, we delayed the expansion due to economic slowdown
last year. As the market has shown signs of improvement this year, we are going
ahead with the expansion during the next fiscal,” Shirgurkar told Business
Standard.
The State High Level Clearance Committee (SHLCC) headed by chief minister has
approved the company’s proposal to set up a foundry and expand its plant
capacity at a meeting held in September last year. SHLCC also approved the
company’s request for a two-year extension to execute the expansion programme.
He said, the company has also tied up finances for the project. Of a planned
investment of Rs 2500.000 Millions, the foundry has seen an investment of Rs
1100.000 Millions, he said. Shirgurkar said, the company had witnessed slowdown
in order booking during the second half of the present fiscal and as a result
its turnover would decline 20 per cent for year-ending March 2013. It reported
a turnover of Rs 4900.000 Millions in 2011-12.
“There are signs of improvement for the next fiscal and we
are getting enquiries from the user industries. During the next fiscal, we are
looking at recovering the lost business in this year and hope to report 10-15
per cent growth,” he added. Ace Designers exports about 10 per cent of its
capacity to China, Italy, France, Russia and Germany.
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. 60.87 |
|
|
1 |
Rs. 102.67 |
|
Euro |
1 |
Rs. 81.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
63 |
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.