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MIRA
INFORM REPORT
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Report Date : |
2nd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ELECTROMECH
MATERIALS HANDLING SYSTEMS (INDIA) PRIVATE LIMITED |
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Registered Office : |
5,
Priyaniali Apartment, 64/5, Erandawana, Pune 411005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
08.05.1996 |
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Com. Reg. No.: |
11-99346 |
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CIN No.: [Company
Identification No.] |
U31109MH1996PTC099346 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01757A |
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PAN No.: [Permanent
Account No.] |
AABCE2527J |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing
of Material Handling Equipments |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Moderate
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a small company having moderate track. Trade relations are fair. Payments
are usually correct and as per commitments. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
5,
Priyaniali Apartment, 64/5, Erandawana, Pune
411005, Maharashtra |
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Factory
: |
Gate No. 316, Plot No. IA/IB Kasar Amboli, Industrial Zone, Taluka
Mulshi, Pune 411004, Maharashtra |
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Tel.
No.: |
91-20-27474616 |
DIRECTORS
|
Name : |
Mr.
Tushar Vinayak Mehendale |
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Designation : |
Director
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Address : |
5,
Priyaniali Apartment, 64/5, Erandawana, Maharashtra 411005, Maharashtra |
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Date of Appointment : |
09.04.1996 |
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Name : |
Ms.
Surekha Vinayak Mehendale |
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Designation : |
Director
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Address : |
5,
Priyaniali Apartment, 64/5, Erandawana, Maharashtra 411005, Maharashtra |
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Date of Appointment : |
03.01.2000 |
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Name : |
Ms.
Awanti Tushar Mehendale |
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Designation : |
Director
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Address : |
5,
Priyaniali Apartment, 64/5, Erandawana, Maharashtra 411005, Maharashtra |
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Date of Appointment : |
01.01.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Tushar Vinayak Mehendale |
9000 |
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Ms.
Surekha Vinayak Mehendale |
1000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Material Handling Equipments |
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Products : |
Material
Handling Equipments |
GENERAL
INFORMATION
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No. of Employees : |
10 |
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Bankers : |
v
Bank
of Baroda v
Citibank
v
Lord
Krishna Bank v
State
Bank of India, Industrial Finance Branch, Tara Chambers, Wekdewadi, Pune
411003 |
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Auditors : |
Bhushans
Bapat Chartered
Accountant |
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Address: |
120,
Shukrawar Peth, Pune 411002, Maharashtra, India |
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Tel. No.: |
91-20-56017302 |
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Associates/Subsidiaries : |
v
Electromech
Engineers v
Tushar
Construction v
Electromech
Enterprises |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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50,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.100 Millions |
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|
Shares
Application Money |
|
Rs. 0.500 Millions |
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Total
|
|
Rs. 0.600 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.600 |
0.100 |
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2] Reserves & Surplus |
|
0.515 |
0.000 |
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NETWORTH |
|
1.115 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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5.511 |
0.000 |
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TOTAL BORROWING |
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5.511 |
0.000 |
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TOTAL |
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6.626 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.674 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.752 |
0.000 |
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Sundry Debtors |
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2.010 |
0.000 |
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Cash & Bank Balances |
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0.377 |
0.071 |
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Loans & Advances |
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0.023 |
0.000 |
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Total Current Assets |
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7.162 |
0.071 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.047 |
0.001 |
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Provisions |
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1.189 |
0.000 |
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Total Current Liabilities |
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5.236 |
0.001 |
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Net Current Assets |
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1.926 |
0.070 |
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MISCELLANEOUS EXPENSES |
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0.026 |
0.030 |
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TOTAL |
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6.626 |
0.100 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Sales Turnover [including other income] |
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4.189 |
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Profit/(Loss)
Before Tax |
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0.515 |
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Provision
for Taxation |
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|
0.000 |
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Profit/(Loss)
After Tax |
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|
0.515 |
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Total
Expenditure |
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3.673 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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12.29 |
-- |
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Net
Profit Margin (PBT/Sales) |
(%) |
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12.29 |
-- |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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4.35 |
-- |
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Return
on Investment (ROI) (PBT/Networth) |
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0.46 |
-- |
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Debt
Equity Ratio (Total
Liability/Networth) |
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9.63 |
0.01 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.36 |
71.00 |
LOCAL AGENCY
FURTHER INFORMATION
Divided
The
company is in the process of expansion of its business activities and plans to
construct new factory building and acquire new plant and machinery in the
coming year and hence the directors have decided to retain the profit in the
business and not declare any dividend
Fixed
Assets
v
Electrical
Installation
v
Factory
Building
v
Furniture
& Fixture
v
Plant
& Machinery
v
Typewriter
v
Computer
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Name of the company |
ELECTROMECH
MATERIALS HANDLING SYSTEMS (INDIA) PRIVATE LIMITED |
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Presented By |
State Bank of India |
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1) Date and description of instrument creating the change |
13.10.2005 of loan cum hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 84.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
For working capital First Charge on entire current assets of the company For term loan First charge on entire fixed assets of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Working capital facilities Demand cash credit 30.000 EPC/PCFC (10.000) EBD/EBR (10.000) Standby line of credit 4.500 Letter of credit bank guarantee 15.000 Total 64.500 All the above facilities with the limits payable on demand Term Loan Rs. 20.000 Millions Repayable 59 instalment of Rs. 0.533 and final instalment of Rs. 0.353 from October, 2005 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Industrial Finance Branch, Tara Chambers, Wekdewadi, Pune 411003 |
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6) Date and brief description of instrument modifying the charge |
20.10.2005 Memorandum for recording creation of mortage by deposit of title deeds |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
All the piece and land bearing plot nos. 16/1 in F II, Block of the pimpri industries area within the village limits of pimpri adm. 780 sq, mts. On or towards the East By Plot No. 16/2 On or towards the South By Plot No. 15 On or towards the west by road On or towards the north by road Within the limits of pimpri chinchwad muchipal cooperation All the piece and parcel of land bearing plot nos. 1 A, about 4512.50 sq. ft totally adm. On east proposed 36 mtr road carved out of gat no 316 and government road On West Plot no 3 Carved out of gat no. 316 On north remaining part of gat no. 316 On south Plot No. 2A, 2B & 3C carve out of gat no. 316 |
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Name of the company |
ELECTROMECH
MATERIALS HANDLING SYSTEMS (INDIA) PRIVATE LIMITED |
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Presented By |
State Bank of India |
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1) Date and description of instrument creating the change |
13.10.2005 of agreement of loan cum hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 84.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
For working capital First Charge on entire current assets of the company For term loan First charge on entire fixed assets of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Working capital facilities Demand cash credit 30.000 EPC/PCFC (10.000) EBD/EBR (10.000) Standby line of credit 4.500 Letter of credit bank guarantee 15.000 Total 64.500 All the above facilities with the limits payable on demand Term Loan Rs. 20.000 Millions Repayable 59 instalment of Rs. 0.533 and final instalment of Rs. 0.353 from October, 2005 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Industrial Finance Branch, Tara Chambers, Wekdewadi, Pune 411003 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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 Intl 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
companys 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.44.85 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
37 |
This score serves as a reference to assess SCs 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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |