MIRA INFORM REPORT
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Report No. : |
304828 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
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Name : |
AIROX NIGEN EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
Flat No. 2 B Wing, Jatayu Sector 5, Srishti Complex, Mira Road East, District
Thane - 401105, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.10.1994 |
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Com. Reg. No.: |
11-082550 |
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Capital
Investment / Paid-up Capital : |
Rs. 40.000 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1994PTC082550 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Design, Engineering, Manufacturing and commissioning of Adsorption
Based Gas Generators and Air and Gas Drying Equipments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of delay by ANEPL in servicing
its debt obligation and moderate financial risk profile of the company. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on safe and
secured 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating C |
|
Rating Explanation |
Poor credit quality and limited prospects of recovery |
|
Date |
March 07, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating A4 |
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Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
March 07, 2014 |
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.
LOCATIONS
|
Registered Office : |
Flat No. 2 B Wing, Jatayu Sector 5, Srishti Complex, Mira Road East,
District Thane - 401105, Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office : |
410, 4th Floor, Sarthik Square, Near Pizza Hut, Bodakdev, Ahmedabad – 380054, Gujarat, India |
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Tel. No.: |
91-79-40029591-94 |
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Fax No.: |
91-79-40029595 |
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E-Mail : |
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Project Management
Office : |
413-416 SPAZE- I-Tech Park Sector-49, Sohna Road, Gurgaon Haryana – 122001, Punjab, India |
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Tel. No.: |
91 -124-4820300/310 |
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E-Mail : |
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Regional Office - |
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Overseas Office - |
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DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Anilkumar Ramprasad Agrawal |
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Designation : |
Director |
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Address : |
House No. 43, Dev Kutir, Ambli, Village Vejalpur (M+OG), Ahmedabad -
380058, Gujarat, India |
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Date of Birth/Age : |
29.10.1966 |
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Date of Appointment : |
13.02.2006 |
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DIN No. : |
01096976 |
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Other Directorship :
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Name : |
Mrs. Surbhi Anilkumar Agrawal |
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Designation : |
Director |
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Address : |
House No. 43, Dev Kutir, Ambli, Village Vejalpur (M+OG), Ahmedabad -
380058, Gujarat, India |
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Date of Birth/Age : |
13.10.1971 |
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Date of Appointment : |
31.10.1994 |
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DIN No. : |
01097182 |
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Other Directorship :
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MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Anilkumar Ramprasad Agrawal |
2000000 |
50.00 |
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Surbhi Anilkumar Agrawal |
2000000 |
50.00 |
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Total |
4000000 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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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 : |
Design, Engineering, Manufacturing and commissioning of Adsorption
Based Gas Generators and Air and Gas Drying Equipments. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
A.K. Govil and Company Chartered Accountants |
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Address : |
C 602 Hetal Aarch, Opposite Natraj Market, S V Road, Malad West,
Mumbai – 400064, Maharashtra, India |
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PAN No.: |
AACPG3591J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4000000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
40.000 |
40.000 |
40.000 |
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(b) Reserves &
Surplus |
61.800 |
56.818 |
56.538 |
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(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
101.800 |
96.818 |
96.538 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
23.478 |
25.030 |
16.945 |
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(b) Deferred tax
liabilities (Net) |
1.654 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
1.831 |
0.000 |
14.077 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
26.963 |
25.030 |
31.022 |
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(4) Current Liabilities |
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(a) Short term borrowings |
63.660 |
94.701 |
92.023 |
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(b) Trade payables |
47.845 |
66.927 |
80.347 |
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(c) Other current
liabilities |
4.208 |
16.516 |
24.230 |
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(d) Short-term provisions |
7.353 |
3.891 |
5.154 |
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Total Current Liabilities
(4) |
123.066 |
182.035 |
201.754 |
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TOTAL |
251.829 |
303.883 |
329.314 |
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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 |
47.460 |
38.414 |
43.367 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.167 |
0.201 |
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(d) Long-term Loan and Advances |
1.086 |
0.000 |
0.000 |
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(e) Other Non-current
assets |
0.129 |
0.162 |
0.162 |
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Total Non-Current Assets |
48.675 |
38.743 |
43.730 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
33.243 |
37.317 |
51.535 |
|
(c) Trade receivables |
130.032 |
157.238 |
179.261 |
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(d) Cash and cash
equivalents |
17.903 |
25.198 |
25.872 |
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(e) Short-term loans and
advances |
21.976 |
45.387 |
28.916 |
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(f) Other current assets |
0.000 |
0.000 |
0.000 |
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Total Current Assets |
203.154 |
265.140 |
285.584 |
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TOTAL |
251.829 |
303.883 |
329.314 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
215.616 |
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Other Income |
12.768 |
3.463 |
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TOTAL |
228.384 |
354.778 |
511.992 |
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Less |
TOTAL EXPENSES |
219.898 |
491.053 |
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(Including
Financial and depreciation Expenses) |
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
8.486 |
20.939 |
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Less |
EXCEPTIONAL
ITEM |
0.033 |
|
0.000 |
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PROFIT/ (LOSS) BEFORE TAX |
8.453 |
1.214 |
20.939 |
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Less |
TAX |
3.472 |
0.934 |
7.039 |
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PROFIT/ (LOSS) AFTER TAX |
4.981 |
0.280 |
13.900 |
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EARNINGS IN FOREIGN
CURRENCY |
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F.O.B. Value of Exports |
49.924 |
NA |
51.394 |
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TOTAL EARNINGS |
49.924 |
NA |
51.394 |
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IMPORTS |
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|
Raw Materials |
32.806 |
21.728 |
67.106 |
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TOTAL IMPORTS |
32.806 |
21.728 |
67.106 |
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Earnings / (Loss) Per
Share (Rs.) |
1.25 |
0.07 |
3.48 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
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Net Profit Margin (PAT / Sales) |
(%) |
2.18 |
0.08 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.36 |
0.40 |
6.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.01 |
0.22 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.86 |
1.24 |
1.13 |
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Current Ratio (Current Asset/Current Liability) |
|
1.65 |
1.46 |
1.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
40.000 |
40.000 |
40.000 |
|
Reserves & Surplus |
56.538 |
56.818 |
61.800 |
|
Net worth |
96.538 |
96.818 |
101.800 |
|
|
|
|
|
|
long-term borrowings |
16.945 |
25.030 |
23.478 |
|
Short term borrowings |
92.023 |
94.701 |
63.660 |
|
Total borrowings |
108.968 |
119.731 |
87.138 |
|
Debt/Equity ratio |
1.129 |
1.237 |
0.856 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
511.992 |
354.778 |
228.384 |
|
|
|
(30.706) |
(35.626) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
511.992 |
354.778 |
228.384 |
|
Profit |
13.900 |
0.280 |
4.981 |
|
|
2.71% |
0.08% |
2.18% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two 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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
Yes |
FINANCIAL STATEMENT
The Company has got a Net Profit before provision for tax amounting to Rs.8.453 Millions against the Net profit before provision of tax amounting to Rs.1.214 Millions made in immediately proceeding year.
PERFORMANCE
The companies has restricted its operation mainly to domestic market. The Company has made Sale Turnover of Rs.215.616 Millions as compared to Rs.351.315 Millions made in last year.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans from NBFC and Financial Institution |
0.000 |
0.695 |
|
Loans from other related parties |
0.000 |
0.100 |
|
Total |
0.000 |
0.795 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10263295 |
14/10/2010 * |
229,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
B12616876 |
|
2 |
10223300 |
14/10/2010 * |
229,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
A98956865 |
* Date of charge modification
FIXED ASSETS
- Freehold Land
- Building
- Industrial Shed
- Plant and Equipment
- Furniture and fixture
- Office Equipment
- Vehicle
- Computer and Peripherals
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. 61.41 |
|
|
1 |
Rs. 93.18 |
|
Euro |
1 |
Rs. 69.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
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 |
|
18 |
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.