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MIRA INFORM REPORT
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Report No. : |
486436 |
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Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ACE DESIGNERS LIMITED (w.e.f. 27.12.2001) |
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Formerly Known
As : |
ACE DESIGNERS PRIVATE LIMITED (w.e.f. 26.11.2001) ACE DESIGNERS LIMITED (w.e.f. 01.11.1996) ANUPAM MACHINE TOOLS LIMITED (w.e.f. 01.07.1995) ANUPAM MACHINE TOOLS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 7 and 8,
Phase II, Peenya Industrial Area, Bangalore – 560058, Karnataka |
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Tel. No.: |
91-80-22186700 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.09.1986 |
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Com. Reg. No.: |
08-007816 |
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Capital
Investment / Paid-up Capital : |
INR 142.400 Million |
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CIN No.: [Company Identification
No.] |
U29199KA1986PLC007816 |
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GSTIN/UIN: |
29AABCA2364F1ZW |
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IEC No.: |
0788001213 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCA2364F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is primarily engaged in design, development and
manufacture of CNC Lathes and Iron Castings. [Registered Activity] |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1986. It is a manufacturer of CNC lathes and iron castings. As per the financial of 2017, the company has achieved 20.23% growth
in its revenue as compared to the previous year revenue and has earned an
average profitability margin of 4.26%. Rating takes into consideration the company’s favourable Earnings Per
Share (EPS) of INR 157.00 as against its Face Value (FV) of INR 100. The company possesses healthy financial position marked by above
average net worth base along with negligible debt level and satisfactory
liquidity position. Business is active. Payments are reported to be regular and as per
commitment. In view of aforesaid, the company can be considered for 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Long Term Loans= AA- |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
15.12.2017 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Loans= A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
15.12.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 15.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No. 7 and 8,
Phase II, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-22186700-719/
40370400-599/ 22186730 |
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Fax No.: |
91-80-22186723 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No. 533, 10th
Main, Main IV, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-28361503-06 |
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Fax No.: |
91-80-28361507 |
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E-Mail : |
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Factory 3 : |
Survey No. 53 / 5A
/ 5B / 5C, 53/6, 53 / 7A / 7B , 531 / 8, Thyama Gandlu Road, Minnapura,
Nelamangala, Bangalore – 562132, Karnataka, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Shrinivas Govindrao Shirgurkar |
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Designation : |
Managing director |
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Address : |
Rajkrupa, No. 586, 1st Main, 2nd Stage, 3rd Block, Rmv Extension, Bangalore – 560094, Karnataka, India |
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Date of Birth/Age : |
08.04.1948 |
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Qualification: |
B.E. Mechanical |
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Date of Appointment : |
25.09.1986 |
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PAN No.: |
AKMPS5682E |
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DIN No.: |
00173944 |
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Other Directorship:
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Name : |
Mr. Benedict Machado |
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Designation : |
Managing director |
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Address : |
583, 1st Main, 2nd Stage, 3rd Block,
RMV Extension, Bangalore – 560094, Karnataka, India |
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Date of Birth/Age : |
04.12.1948 |
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Qualification: |
B.E. Mechanical |
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Date of Appointment : |
25.09.1986 |
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PAN No.: |
AEJPM7124C |
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DIN No.: |
00174074 |
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Other Directorship:
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Name : |
Mr. Ashok Vishwanath Sathe |
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Designation : |
Whole-time director |
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Address : |
252, 15th “D” Cross, 2nd Phase, 2nd
Stage, Mahalakshmipuram, Bangalore – 560086, Karnataka, India |
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Date of Birth/Age : |
17.03.1940 |
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Qualification: |
M. Tech |
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Date of Appointment : |
25.09.1986 |
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PAN No.: |
ADOPS5056R |
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DIN No.: |
00174204 |
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Other Directorship:
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Name : |
Mr. Badkilaya Raghavendra |
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Designation : |
Whole-time director |
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Address : |
17, Bhel Officers Colony, Nandini Layout, Bangalore – 560096, Karnataka,
India |
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Date of Birth/Age : |
10.05.1963 |
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Date of Appointment : |
13.07.2013 |
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PAN No.: |
AAUPV0564G |
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DIN No.: |
01807643 |
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Other Directorship:
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Name : |
Mr. Srinivasan Rangarajan |
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Designation : |
Director |
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Address : |
126, Dhanya, Nandidurga Road, Bangalore – 560046, Karnataka, India |
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Date of Birth/Age : |
10.09.1941 |
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Qualification: |
Mechanical Engineer |
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Date of Appointment : |
09.02.2002 |
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PAN No.: |
ABTPS5434Q |
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DIN No.: |
00043658 |
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Other Directorship:
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Name : |
Ms. Hema Ashok Hattangady |
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Designation : |
Director |
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Address : |
Flat 3E, Kenilworth Apartments, 6, G.C. Road Sivan Chetty Gardens, Ulsoor,
Bangalore – 560042, Karnataka, India |
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Qualification: |
11.01.1963 |
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Date of Appointment : |
18.07.2015 |
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PAN No.: |
AACPH2627L |
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DIN No.: |
00175563 |
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Other Directorship:
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Name : |
Mr. Shankar Arunachalam |
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Designation : |
Director |
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Address : |
7/6, A – 23, Fascinate Homes, 12th Cross, 6th Main, Malleswaram, Bangalore – 560003, Karnataka, India |
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Date of Birth/Age : |
02.02.1959 |
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Qualification: |
B.Com, ACA, LLB |
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Date of Appointment : |
27.07.2002 |
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PAN No.: |
ABXPS1746B |
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DIN No.: |
00203948 |
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Name : |
Manisha Gurudas Kannur |
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Designation : |
Director |
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Address : |
#57, Opposite Varun Apartment, Chikkamaranahalli RMV Extension, IInd
Stage Bangalore – 560094, Karnataka, India |
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Date of Appointment : |
23.07.2017 |
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DIN No.: |
07906093 |
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Name : |
Madhavi Chandrashekar |
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Designation : |
Director |
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Address : |
No 516, 2nd Main, RMV 2nd Stage, 3rd A Cross, 3rd Block,
Bangalore – 560094, Karnataka, India |
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Date of Appointment : |
23.07.2017 |
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DIN No.: |
06450819 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Badkilaya Raghavendra |
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Designation : |
Chief Financial Officer (KMP) |
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Address : |
17, Bhel Officers Colony, Nandini Layout, Bangalore – 560096,
Karnataka, India |
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Date of Birth/Age : |
10.05.1963 |
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Date of Appointment : |
11.11.2016 |
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PAN No.: |
AALPR6034Q |
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Name : |
Mr. Thirumalnamasamudhram Padmanabhan Sridhar |
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Designation : |
Chief Executive Officer (KMP) |
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Address : |
#203, 8th Main, Mathikere Extension, Bangalore – 560054, Karnataka, India |
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Date of Appointment : |
06.08.2016 |
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PAN No.: |
ABOPS9762N |
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Name : |
Mr. Chadnra Sekhar Kandukoori |
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Designation : |
Company Secretary |
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Address : |
Hose # 16, A.G.B. Lay Out, 2nd Stage Mahalakshmipuram, Bangalore – 560086, Karnataka, India |
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Date of Appointment : |
05.02.2010 |
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PAN No.: |
AIYPK1629D |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
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Names of Shareholders |
|
No. of Shares |
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Shrinivas Govindrao Shirgurkar |
|
432000 |
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Bharathi Shirgurkar |
|
108000 |
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Manisha Gurudas Kannur |
|
13500 |
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Madhavi Chandrasekhara Bharathi |
|
13500 |
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G D Shirgurkar HUF |
|
27000 |
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Benedict Machado |
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432000 |
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Philomena Machado |
|
148500 |
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Preeti Machado |
|
13500 |
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Ashok Vishwanath Sathe |
|
77000 |
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Padma Sathe |
|
159000 |
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Total |
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1424000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 22.07.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
66.08 |
|
Promoters- Others |
33.92 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in design, development and
manufacture of CNC Lathes and Iron Castings. [Registered Activity] |
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Products / Services
: |
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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 : |
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 : |
· Export- Import Bank of India, Centre One Building, Floor 21, World Trade Center, Cuffe Parade, Mumbai – 400005, Maharashtra, India ·
Syndicate Bank, Industrial Finance Branch,
Manipal Cetnre, II Floor, Bangalore – 560043, Karnataka, India |
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Facilities : |
(INR
In Million)
|
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Auditors : |
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|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
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PAN No.: |
AABFS3421N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
Associate: |
· ACE Manufacturing Systems Limited, India [U85110KA1994PLC015321] · ACE Multi Axes Systems Limited, India [U85110KA1995PLC018544] · Micromatic Machine Tools Private Limited, India [U74899DL1987PTC029798] |
|
|
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|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives: |
· Auto CNC Machining Limited, India [U02922KA1987PLC008415] · Anupam CNC Machining Private Limited, India [U29299KA2002PTC031340] · Ace Micromatic Charitable Trust · Micromatic Machine Tools (Shanghai) Limited, China · Pragati Automation Private Limited, India [U29199KA2001PTC029247] · Ace Micromatic Manufacturing Intelligence Technologies Private Limited · Sphoorti Machine Tools Private Limited, India [U29221KA1996PTC019863] · Pragati Transmission Private Limited, India [U34300KA2005PTC037594] · Pioneer Computing Technologies · Ace Micromatic Institute of Learning |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 100/- each |
INR 200.000 Million |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1424000 |
Equity Shares |
INR 100/- each |
INR 142.400 Million |
|
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|
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FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
142.400 |
142.400 |
142.400 |
|
(b) Reserves and Surplus |
2050.036 |
1868.808 |
1734.494 |
|
(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) |
2192.436 |
2011.208 |
1876.894 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17.500 |
307.243 |
493.972 |
|
(b) Deferred tax liabilities (Net) |
45.007 |
52.756 |
37.535 |
|
(c) Other long-term
liabilities |
10.850 |
7.795 |
7.220 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
73.357 |
367.794 |
538.727 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term borrowings |
159.227 |
160.740 |
166.020 |
|
(b) Trade
payables |
830.462 |
936.589 |
755.292 |
|
(c) Other
current liabilities |
547.036 |
479.606 |
453.150 |
|
(d) Short-term
provisions |
95.109 |
60.280 |
101.778 |
|
Total Current
Liabilities (4) |
1631.834 |
1637.215 |
1476.240 |
|
|
|
|
|
|
TOTAL |
3897.627 |
4016.217 |
3891.861 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1448.551 |
1521.437 |
1535.907 |
|
(ii)
Intangible Assets |
10.544 |
6.854 |
3.129 |
|
(iii) Tangible assets
capital work-in-progress |
18.043 |
7.403 |
91.241 |
|
(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 loans and advances |
153.711 |
107.230 |
103.835 |
|
(e) Other
Non-current assets |
8.272 |
33.489 |
136.347 |
|
Total Non-Current
Assets |
1651.015 |
1688.307 |
1882.353 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
65.119 |
100.000 |
0.000 |
|
(b)
Inventories |
1151.211 |
968.062 |
1169.795 |
|
(c) Trade
receivables |
580.446 |
636.531 |
443.940 |
|
(d) Cash and
bank balances |
200.348 |
260.943 |
91.391 |
|
(e) Short-term
loans and advances |
226.443 |
324.209 |
282.981 |
|
(f) Other
current assets |
23.045 |
38.165 |
21.401 |
|
Total
Current Assets |
2246.612 |
2327.910 |
2009.508 |
|
|
|
|
|
|
TOTAL |
3897.627 |
4016.217 |
3891.861 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
5259.316 |
4374.229 |
4348.855 |
|
|
Other Income |
56.766 |
79.341 |
60.242 |
|
|
TOTAL |
5316.082 |
4453.570 |
4409.097 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3555.144 |
2812.032 |
3001.917 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.986 |
76.051 |
(143.122) |
|
|
Employee benefit expense |
736.277 |
670.932 |
626.993 |
|
|
CSR expenditure |
5.382 |
4.155 |
0.903 |
|
|
Other expenses |
504.037 |
437.476 |
402.506 |
|
|
TOTAL |
4801.826 |
4000.646 |
3889.197 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
514.256 |
452.924 |
519.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
49.186 |
78.204 |
92.417 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
465.070 |
374.720 |
427.483 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
161.994 |
163.172 |
158.644 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
303.076 |
211.548 |
268.839 |
|
|
|
|
|
|
|
Less |
TAX |
79.001 |
25.818 |
84.506 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
224.075 |
185.730 |
184.333 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
1679.683 |
1563.942 |
1466.665 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim equity dividend |
35.600 |
42.720 |
35.600 |
|
|
Tax on interim equity dividend |
7.247 |
8.696 |
11.662 |
|
|
Transfer to general reserve |
22.408 |
18.573 |
18.434 |
|
|
Proposed Final Dividend |
0.000 |
0.000 |
21.360 |
|
|
Balance
Carried to the B/S |
1838.503 |
1679.683 |
1563.942 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
338.497 |
234.939 |
251.288 |
|
|
TOTAL EARNINGS |
338.497 |
234.939 |
251.288 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
125.687 |
200.695 |
278.171 |
|
|
Capital Goods |
4.706 |
4.850 |
32.966 |
|
|
TOTAL IMPORTS |
130.394 |
205.545 |
311.137 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
157.00 |
130.00 |
129.00 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
247.032 |
221.636 |
214.656 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
239.127 |
478.143 |
346.649 |
|
Net cash flows from (used in) operating activities |
305.698 |
502.312 |
299.697 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
40.28 |
53.11 |
37.26 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
9.06 |
6.87 |
9.80 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
85.26 |
121.57 |
91.84 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.45 |
0.47 |
0.44 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.35 |
0.29 |
0.32 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.49 |
0.54 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.19 |
0.34 |
0.47 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.74 |
0.81 |
0.79 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.67 |
0.76 |
0.87 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
10.46 |
5.79 |
5.63 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
4.26 |
4.25 |
4.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.75 |
4.62 |
4.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
10.22 |
9.23 |
9.82 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.38 |
1.42 |
1.36 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.67 |
0.83 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.56 |
0.50 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.98 |
4.84 |
6.14 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.38 |
1.42 |
1.36 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are INR
Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
142.400 |
142.400 |
142.400 |
|
Reserves & Surplus |
1734.494 |
1868.808 |
2050.036 |
|
Net
worth |
1876.894 |
2011.208 |
2192.436 |
|
|
|
|
|
|
Long-term borrowings |
493.972 |
307.243 |
17.500 |
|
Short term borrowings |
166.020 |
160.740 |
159.227 |
|
Current maturities of
long-term debts |
214.656 |
221.636 |
247.032 |
|
Total
borrowings |
874.648 |
689.619 |
423.759 |
|
Debt/Equity
ratio |
0.466 |
0.343 |
0.193 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4348.855 |
4374.229 |
5259.316 |
|
|
|
0.583 |
20.234 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4348.855 |
4374.229 |
5259.316 |
|
Profit/ (Loss) |
184.333 |
185.730 |
224.075 |
|
|
4.24
% |
4.25
% |
4.26
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
142.400 |
142.400 |
|
(b) Reserves and Surplus |
|
3027.089 |
2736.720 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
3169.489 |
2879.120 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
17.500 |
307.243 |
|
(b) Deferred tax liabilities (Net) |
|
45.008 |
52.756 |
|
(c) Other long-term
liabilities |
|
10.850 |
7.795 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
73.358 |
367.794 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
159.227 |
160.740 |
|
(b) Trade
payables |
|
830.462 |
936.589 |
|
(c) Other
current liabilities |
|
547.036 |
479.606 |
|
(d) Short-term
provisions |
|
95.109 |
60.280 |
|
Total Current
Liabilities (4) |
|
1631.834 |
1637.215 |
|
|
|
|
|
|
TOTAL |
|
4874.681 |
4884.129 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1448.551 |
1521.437 |
|
(ii)
Intangible Assets |
|
10.544 |
6.854 |
|
(iii) Tangible assets
capital work-in-progress |
|
18.043 |
7.403 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
988.948 |
879.807 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
153.711 |
107.230 |
|
(e) Other
Non-current assets |
|
8.272 |
33.489 |
|
Total Non-Current
Assets |
|
2628.069 |
2556.220 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
65.119 |
100.000 |
|
(b)
Inventories |
|
1151.211 |
968.062 |
|
(c) Trade
receivables |
|
580.446 |
636.531 |
|
(d) Cash and
bank balances |
|
200.348 |
260.943 |
|
(e)
Short-term loans and advances |
|
226.443 |
324.208 |
|
(f) Other
current assets |
|
23.045 |
38.165 |
|
Total
Current Assets |
|
2246.612 |
2327.909 |
|
|
|
|
|
|
TOTAL |
|
4874.681 |
4884.129 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
5259.316 |
4374.229 |
|
|
Other Income |
|
44.722 |
37.645 |
|
|
TOTAL |
|
5304.038 |
4411.874 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
3555.144 |
2812.032 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
0.986 |
76.051 |
|
|
Employee benefit expense |
|
736.277 |
670.932 |
|
|
CSR expenditure |
|
5.382 |
4.155 |
|
|
Other expenses |
|
504.037 |
437.476 |
|
|
TOTAL |
|
4801.826 |
4000.646 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
502.212 |
411.228 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
49.186 |
78.204 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
453.026 |
333.024 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
161.994 |
163.172 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
291.032 |
169.852 |
|
|
|
|
|
|
|
Less |
TAX |
|
79.001 |
25.818 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
212.031 |
144.034 |
|
|
|
|
|
|
|
Add |
SHARE OF PROFIT (LOSS) OF ASSOCIATES |
|
123.106 |
101.865 |
|
|
|
|
|
|
|
|
Total profit (loss) for period |
|
335.137 |
245.899 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
235.00 |
173.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
CORPORATE
INFORMATION:
Subject 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 Lathes and Iron Castings. The Company caters to both domestic and international markets.
OPERATIONS:
Subject achieved heighted Turnover of INR 5259.300 Million during the Financial Year 2016-17 as against INR 4374.200 Million during the corresponding Financial Year by selling 2,921 CNC machines as against 2,353 CNC machines during the corresponding year registering a growth of 24.14% in numbers and 20.23% in terms value. The other income for the year is INR 56.700 million as compared to INR 79.300 million during the corresponding year. Depreciation for the year was INR 161.900 million as compared to INR 163.100 million during the corresponding year.
Subject achieved Earnings Before Interest, Tax and Depreciation (EBITDA) of INR 514.200 Million as compared to INR 452.900 Million during the corresponding year which is increase by 13.54%
Foundry Division has successfully completed third year of its operations and produced 5,487 M.T of Castings during the year compared with 4,170 M.T productions during the corresponding previous year.
Further expansion plan of Machine Tool Division is proposed to be taken up during current Financial Year 2017-18. During the year, the Company participated in various international and domestic shows to increase the market shares.
BUSINESS PROSPECTS:
Buoyant domestic demand with Govt. predicting good monsoon is likely to spur healthy economic growth. The Indian automobile industry during Financial Year 2016-17 ended on a positive note with about 6.80 percent growth in two wheeler segment and 9.23 percent, in passenger vehicle segment and 4.16 percent in commercial vehicle segment compared to previous year. Auto industry being the major consumer of Machine Tools, growth in this industry will have positive impact on the performance of Machine Tool Industry. Industry needs to diversify its product range to other emerging sectors to sustain the growth in the long-term basis. With emphasis on ‘Make in India’ by the Govt. of India manufacturing sector growth is obvious, for which machine tools sector, serves as the mother industry.
Subject has envisaged more emphasis on digital marketing and database marketing. Also participation in local shows and house shows will be increased to enhance brand value and awareness in the uncovered regional space.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from directors |
0.000 |
154.500 |
|
|
|
|
|
Total |
0.000 |
154.500 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G53622874 |
100123139 |
KOTAK MAHINDRA BANK LIMITED |
30/08/2017 |
- |
- |
200000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E), MUMBAI KA560058IN |
|
2 |
C41984659 |
10546127 |
STANDARD CHARTERED BANK |
27/01/2015 |
- |
- |
31500000.0 |
NO. 112, "SERENITY", KORAMANGALA INDUSTRIAL AREA KORAMANGALA BANGALORE KA560095IN |
|
3 |
C58585803 |
10388496 |
SYNDICATE BANK |
16/11/2012 |
30/06/2015 |
- |
300000000.0 |
INDUSTRIAL FINANCE BRANCHMANIPAL CENTRE, II FLOOR BANGALORE KA560043IN |
|
4 |
B45507399 |
10335783 |
STANDARD CHARTERED BANK |
08/02/2012 |
08/08/2012 |
- |
450000000.0 |
# 112, SERENITY, 3RD FLOOR, EAST WING, KORAMANGALA INDL AREA, 5TH BLOCK, KORAMANGALA BANGALORE KA560095IN |
|
5 |
G55060388 |
10070140 |
STANDARD CHARTERED BANK |
11/10/2007 |
18/09/2017 |
- |
455000000.0 |
NO. 112, SERENITY, KORAMANGALA INDUSTRIAL AREA KORAMANGALA BANGALORE KA560095IN |
|
6 |
G50805944 |
10337548 |
EXPORT- IMPORT BANK OF INDIA |
04/02/2012 |
22/05/2012 |
07/08/2017 |
250000000.0 |
CENTRE ONE BUILDING, FLOOR 21WORLD TRADE CENTER, CUFFE PARADE MUMBAI MH400005IN |
|
7 |
G49234503 |
10330850 |
SYNDICATE BANK |
19/01/2012 |
16/11/2012 |
30/06/2017 |
550000000.0 |
INDUSTRIAL FINANCE BRANCH MANIPAL CETNRE, II FLOOR BANGALORE KA560043IN |
|
8 |
C45754066 |
10269632 |
STANDARD CHARTERED BANK |
08/03/2011 |
04/08/2011 |
09/03/2015 |
107000000.0 |
RAHEJA TOWERS 6TH FLOOR, # 26-27, BANGALORE KA560001IN |
|
9 |
B63835185 |
80051704 |
SYNDICATE BANK |
16/11/1989 |
30/01/2009 |
07/12/2012 |
420000000.0 |
INDUSTRIAL FINANCE BRANCH, 204-205 NORTH BLOCK, MANIPAL CENTRE, DICKENSON ROAD BANGALORE KA560042IN |
|
10 |
A96064308 |
10114079 |
STANDARD CHARTERED BANK |
29/07/2008 |
- |
11/10/2010 |
100000000.0 |
RAHEJA TOWERS, SIXTH FLOOR NO. 26-27, M. G. ROAD BANGALORE KA560001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
|
|
|
|
Claims against company not acknowledged as debt |
12.683 |
15.590 |
|
Guarantees |
82.286 |
89.359 |
|
Other indirect tax matters |
112.468 |
118.340 |
|
|
|
|
|
Total |
207.437 |
223.289 |
FIXED ASSETS:
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Computer equipments
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.53 |
|
|
1 |
INR 86.05 |
|
Euro |
1 |
INR 76.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.