MIRA
INFORM REPORT
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Report No. : |
305259 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
TAS-AGT SYSTEMS LIMITED (w.e.f. 20.03.2014) |
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Formerly Known
As : |
AVANA
INTEGRATED SYSTEMS LIMITED (w.e.f. 20.08.2010) AVANA INTEGRATED SYSTEMS PRIVATE LIMITED (w.e.f. 05.04.2010) TRIF ERECTORS PRIVATE LIMITED |
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Registered
Office : |
Bombay House-24, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.12.2008 |
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Com. Reg. No.: |
11-188713 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U72900MH2008PLC188713 |
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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 : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader, Exporter and Importer of Solutions Surveillance Equipments. |
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No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
TAS-AGT Systems Limited (Erstwhile Avana Integrated Systems Limited) is a joint
venture between Tata Advanced Systems Limited (TASL) and AGT International
(AGT). It is an established company having fine track. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
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. Ashish Sharma |
|
Designation : |
Deputy Manager – Account |
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Contact No.: |
91-11-66070600 |
|
Date : |
28.01.2015 |
LOCATIONS
|
Registered Office : |
Bombay House-24, Homi Mody street, Fort, Mumbai – 400001, 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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Website : |
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Corporate Office / Branch : |
7th Floor, IFCI Tower, 61, Nehru Place, New Delhi - 110 019, India |
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Tel. No.: |
91-11-66070600 |
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Fax No.: |
91-11-66070699 |
DIRECTORS
AS ON 10.09.2014
|
Name : |
Sukaran Singh |
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Designation : |
Director |
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Address : |
Flat No.101, Gitanjali Garden, 1st Floor, 68e Nepeon Sea Road, Rungta Lane, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
14.05.1969 |
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Date of Appointment : |
24.09.2010 |
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DIN No.: |
01485745 |
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Name : |
Kersi Rustom Bhagat |
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Designation : |
Additional director |
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Address : |
Peregrine, Flat 6b, 400 Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
02.11.1958 |
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Date of Appointment : |
24.09.2010 |
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DIN No.: |
00033802 |
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Name : |
Amir Shahaf Poshinski |
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Designation : |
Director |
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Address : |
Hamatsbi, IM 8/A, TEL AVIV- 6993504, Isreal |
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Date of Birth/Age : |
27.09.1960 |
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Date of Appointment : |
18.09.2012 |
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DIN No.: |
05296967 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Sharma |
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Designation : |
Deputy Manager – Account |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Tata Advanced Systems Limited, India |
|
50,995 |
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Tata Advanced Systems Limited Jointly held
with Sukaran Singh |
|
1 |
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Tata Advanced Systems Limited Jointly held
with S. K. Mehta |
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1 |
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Tata Advanced Systems Limited Jointly held
with Tapas Mehta |
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1 |
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Tata Advanced Systems Limited Jointly held
with S. R. Venkatesan |
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1 |
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Tata Advanced Systems Limited Jointly held
with Kersi Rustom Bhagat |
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1 |
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A.G. Technologies Holdings Limited, Cyprus |
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49,000 |
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Total |
|
100,000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 10.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.00 |
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Bodies corporate |
51.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Exporter and Importer of Solutions Surveillance Equipments. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Dubai |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
USA |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
75 (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 : |
M.A. Parikh and Company Chartered Accountants |
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Address : |
Yusuf Building, 2nd Floor, 43, Mahatma Gandhi Road, Fort, Mumbai –
400001, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFM1433H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Tata Advanced Systems Limited |
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Ultimate Holding Company : |
Tata Steels Limited |
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Fellow Subsidiaries : |
·
Tata AIG General Insurance Company Limited ·
Tata Capital Forex Limited (Formerly Known
as IT Holdings and Services Limited) ·
Tata Teleservices Limited |
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Associates : |
·
AGT Group GmbH ·
AGT International GmbH (Formerly Known as
ATS Group GmbH) ·
AGT India Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100,000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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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 |
1.000 |
1.000 |
1.000 |
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(b) Reserves & Surplus |
179.480 |
145.747 |
124.905 |
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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) |
180.480 |
146.747 |
125.905 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.359 |
0.419 |
|
(d) long-term provisions |
4.349 |
5.101 |
3.474 |
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Total
Non-current Liabilities (3) |
4.349 |
5.460 |
3.893 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
48.054 |
37.911 |
143.125 |
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(c) Other current liabilities |
25.881 |
315.179 |
304.288 |
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(d) Short-term provisions |
42.116 |
12.791 |
0.419 |
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Total
Current Liabilities (4) |
116.051 |
365.881 |
447.832 |
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TOTAL |
300.880 |
518.088 |
577.630 |
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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 |
22.201 |
15.429 |
7.613 |
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(ii) Intangible Assets |
4.170 |
0.639 |
0.744 |
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(iii) Capital work-in-progress |
0.000 |
0.000 |
7.742 |
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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) |
1.846 |
1.531 |
1.137 |
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(d) Long-term Loan and Advances |
7.958 |
3.304 |
9.396 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
36.175 |
20.903 |
26.632 |
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(2) Current assets |
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(a) Current investments |
104.839 |
116.449 |
209.156 |
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(b) Inventories |
0.000 |
0.028 |
0.000 |
|
(c) Trade receivables |
74.914 |
242.591 |
329.568 |
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(d) Cash and cash equivalents |
4.424 |
115.076 |
2.537 |
|
(e) Short-term loans and
advances |
26.636 |
22.987 |
9.712 |
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(f) Other current assets |
53.892 |
0.054 |
0.025 |
|
Total
Current Assets |
264.705 |
497.185 |
550.998 |
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|
|
|
|
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TOTAL |
300.880 |
518.088 |
577.630 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
403.010 |
366.011 |
885.421 |
|
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Other Income |
22.950 |
14.402 |
18.856 |
|
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TOTAL (A) |
425.960 |
380.413 |
904.277 |
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Less |
EXPENSES |
|
|
|
|
|
Direct Cost of Operation |
132.889 |
64.294 |
376.237 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.028 |
(0.028) |
0.000 |
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|
Employees benefits
expense |
80.376 |
83.178 |
78.601 |
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|
Other expenses |
159.703 |
202.102 |
276.542 |
|
|
TOTAL (B) |
372.996 |
349.546 |
731.380 |
|
|
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|
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
52.964 |
30.867 |
172.897 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
52.964 |
30.867 |
172.897 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.136 |
5.619 |
3.414 |
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|
|
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|
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|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
45.828 |
25.248 |
169.483 |
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Less |
TAX (H) |
12.095 |
4.406 |
53.630 |
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|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
33.733 |
20.842 |
115.853 |
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|
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|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
145.747 |
124.905 |
9.052 |
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|
|
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|
|
BALANCE CARRIED TO THE
B/S |
179.480 |
145.747 |
124.905 |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
288.467 |
344.684 |
683.705 |
|
|
TOTAL EARNINGS |
288.467 |
344.684 |
683.705 |
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|
|
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|
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|
Earnings / (Loss) Per
Share (Rs.) |
337.33 |
208.42 |
1158.53 |
Expected Sales ( 2014-2015 ) : Rs.550.000 Millions
The above information has been parted / denied by Mr. Ashish Sharma.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.37 |
5.69 |
13.08 |
|
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|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.14 |
8.43 |
19.53 |
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.33 |
4.89 |
29.80 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.17 |
1.35 |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
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|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28 |
1.36 |
1.23 |
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 |
1.000 |
1.000 |
1.000 |
|
Reserves & Surplus |
124.905 |
145.747 |
179.480 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
125.905 |
146.747 |
180.480 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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) |
|
Sales |
885.421 |
366.011 |
403.010 |
|
|
|
(58.662) |
10.109 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
885.421 |
366.011 |
403.010 |
|
Profit |
115.853 |
20.842 |
33.733 |
|
|
13.08% |
5.69% |
8.37% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAIALBLE
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
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 |
INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY
FIXED ASSETS
· Furniture and Fixture
· Vehicles
· Office Equipments
· Computer including software
· Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.93.18 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.