MIRA
INFORM REPORT
|
Report Date : |
13.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
ENTEC INDUSTRIAL FURNACES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 186, Sector – 24, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
19.10.2000 |
|
|
|
|
Com. Reg. No.: |
05-34567 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31909HR2000PTC034567 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTKE00856C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCE0275B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers & exporters of various types of Industrial oil/gas fired/electrically
heated fuel efficient furnaces, combustion equipment like burners, blowers,
oil recuperators, ovens, hot air generators and air pollution control systems |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot No. 186, Sector – 24, |
|
Tel. No.: |
91-129-2239081/2441239 |
|
Mobile No.: |
91-9811121733 / 9810005354 |
|
Fax No.: |
91-129-4061105 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Sunil V. Sehgal |
|
Designation : |
Director |
|
Address : |
170, Sector 8, |
|
Date of Appointment : |
09.10.2000 |
|
|
|
|
Name : |
Mrs. Vinod Vinay Agnihotri |
|
Designation : |
Director |
|
Address : |
2332, Sector 9, |
|
Date of Appointment : |
09.10.2000 |
|
|
|
|
Name : |
Mrs. Madhu Sehgal |
|
Designation : |
Director |
|
Address : |
170, Sector 8, |
|
Date of Appointment : |
08.04.2003 |
|
|
|
|
Name : |
Mr. Vinay Agnihotri |
|
Designation : |
Director |
|
Address : |
2332, Sector 9, |
|
Date of Appointment : |
08.04.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sunil V. Sehgal |
|
5750 |
|
Mrs. Vinod Vinay Agnihotri |
|
7450 |
|
Mrs. Madhu Sehgal |
|
10500 |
|
Mr. Vinay Agnihotri |
|
7450 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors of relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers & exporters of various types of Industrial oil/gas fired/electrically
heated fuel efficient furnaces, combustion equipment like burners, blowers,
oil recuperators, ovens, hot air generators and air pollution control systems |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Suppliers: |
˛
Indian Organics Private Limited ˛
Energy Saving and Allied Products ˛
Kanishka Bearing Enterprises ˛
Agarwal Metal and Alloys ˛
˛
Marshal Foundry Works Private Limited ˛
Entec Combustion Engineering ˛
Mini Industries |
|
|
|
|
Customers: |
SMT Machine Private Limited ˛
Haryana Auto Casting Limited ˛
Samsung overseas ˛
Surya Shakti Vessels Private Limited ˛
Sadhu Forging Limited |
|
|
|
|
Bankers : |
Union Bank of Sector – 7, Standard Chartered Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
A. S. Patwa and Company Chartered Accountants |
|
Address : |
B – 545, Nehru Ground, |
|
|
|
|
Memberships : |
SSI, FCCI, FIA. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32,500 |
Equity Shares |
Rs. 10/- each |
Rs. 0.325
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.325 |
0.312 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.664 |
1.019 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.989 |
1.331 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.827 |
1.381 |
|
|
2] Unsecured Loans |
|
0.000 |
0.200 |
|
|
TOTAL BORROWING |
|
0.827 |
1.581 |
|
|
DEFERRED TAX LIABILITIES |
|
0.196 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.012 |
2.912 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.667 |
2.054 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.894 |
2.147 |
|
|
Sundry Debtors |
|
5.931 |
4.926 |
|
|
Cash & Bank Balances |
|
0.108 |
0.138 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.238 |
0.495 |
|
Total
Current Assets |
|
8.171 |
7.706 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
7.280 |
6.776 |
|
|
Provisions |
|
0.546 |
0.076 |
|
Total
Current Liabilities |
|
7.826 |
6.852 |
|
|
Net Current Assets |
|
0.345 |
0.854 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.012 |
2.912 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
22.511 |
22.056 |
|
|
Other Income |
|
0.095 |
0.101 |
|
|
Total Income |
|
22.606 |
22.157 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.564 |
0.670 |
|
|
Provision for Taxation |
|
0.287 |
0.286 |
|
|
Profit/(Loss) After Tax |
|
0.277 |
0.384 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Consumption of Materials |
|
18.735 |
17.238 |
|
|
Manufacturing Expenses |
|
1.027 |
0.758 |
|
|
Financial Charges |
|
0.147 |
0.114 |
|
|
Depreciation & Amortization |
|
0.187 |
0.208 |
|
|
Other Expenditure |
|
2.406 |
3.004 |
|
Total Expenditure |
|
22.502 |
21.322 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.22 |
1.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.50 |
3.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.73 |
6.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.57 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
8.75 |
6.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.04 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ENTEC INDUSTRIAL
FURNACES PRIVATE LIMITED |
|
Presented By |
Vinay Agnihotri |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement of goods and debts dated 02.03.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million |
|
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 |
Hypothecation of
Stock, Raw materials, WIP, Finished Goods, Fixed and Current assets, Plant
and Machinery, Present and Future book debts
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
Minimum 12.25 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of Sector – 7, |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
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. |
-- |
Profile
They are one of the leading manufacturers & exporters of various types of
Industrial oil/gas fired/electrically heated fuel efficient furnaces, combustion
equipment like burners, blowers, oil recuperators, ovens, hot air generators
and air pollution control systems as per customers' requirements.
They are a trusted manufacturer and supplier for wide range of furnaces like
Billet reheating furnace, Heat treatment furnace, Aluminium melting &
holding furnace, Copper melting furnace, Ingot casting machines and Pollution
control systems. Competitive prices and world class quality makes their
products widely preferred.
Background
Entec is materialized by a team of qualified engineers with extensive
experience in every aspect of furnaces design & control. Their ability to
produce specialised furnaces for demanding applications was soon recognized in
entire
Their experience and continuous thirst for new developments and business
opportunities has inevitably led to the establishment of 'ENERGY TECHNOLOGY'
specializing in design & manufacture of furnaces with the latest technology
of modular ceramic fibre lining along with monoblock automatic burners in order
to minimise the fuel consumption in Aluminium Industries and Pressure Die
Casting units.
Policy
They aim for total customer satisfaction through a close working
relationship with the clients. This extends from the initial sales/tendering
stage, through installation, commissioning and continues with a first class
after sales services, borne out by the customers who come back to them time and
again.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.67 |
|
|
1 |
Rs.82.12 |
|
Euro |
1 |
Rs.55.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|