MIRA
INFORM REPORT
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Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ARCUM ENGINEERING PRIVATE LIMITED |
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Registered Office : |
39, Shakespeare Sarani, Premlata
6th Floor R No. 602, Kolkata – 700 017, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.12. 1987 |
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Com. Reg. No.: |
21-43521 |
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CIN No.: [Company
Identification No.] |
U51505WB1987PTC043521 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALA01943E |
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PAN No.: [Permanent
Account No.] |
AACCA1163F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, backed by dedicated techno-commercial service
to core sector comprising of steel, power, oil & gas, petrochemicals,
marine & offshore. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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Maximum Credit Limit : |
USD 93204 |
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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 is a well established company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Head Office : |
39, Shakespeare Sarani, Premlata
6th Floor R No. 602, Kolkata – 700 017, |
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Tel. No.: |
91-33-22824383 / 84 |
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Fax No.: |
91 33 2283 4385 / 86 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Branches : |
Mumbai
Bangalore |
DIRECTORS
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Name : |
Mr. Ashok Kumar Lohiya |
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Designation : |
Managing Director |
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Address : |
Jassal House,
4-A, |
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Date of Birth/Age : |
15.06.1955 |
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Qualification : |
B. Com, FICWA,
FCS |
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18.12.1987 |
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Other Directorships : |
Delton Chemicals
Private Limited |
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Name : |
Mr. Parasram Lohiya |
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Designation : |
Director |
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Name : |
Mr. F. Cmainsukia |
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Designation : |
Director |
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Name : |
Mr. Sujit Chakrborty |
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Designation : |
Director |
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Address : |
28 / 1 A Gariahat Road, Block – 2, Kolkata - 700029, |
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Date of Birth/Age : |
01.04.1934 |
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Date of Appointment : |
01.07.2003 |
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Name : |
Mr. S K Mahesuri |
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Designation : |
Director |
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Name : |
Mrs. Rajni Lohiya |
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Address: |
Jassal House,
4-A, |
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Designation : |
Director |
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Date of Birth/Age: |
16.08.1960 |
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Date of Appointment: |
05.07.1999 |
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Name : |
Mr. Dinesh Phophaliya |
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Designation : |
Directors |
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Address : |
4 A, Benjamin Moloise, Square, Kolkata – 700 017 |
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Date of Birth/Age : |
10.10.1978 |
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Date of Appointment : |
01.11.2004 |
KEY EXECUTIVES
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Name : |
M/S D Raut And Associates |
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Designation : |
Company Secretary |
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Address : |
42/1, B. B .Ganguly Street, 2nd Floor, Kolkata – 700 012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Chainsukh Ramgopal Fofalia |
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3500 |
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Mr. Laxmikant Nand Kishore |
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4000 |
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Mr. Hitesh Fofalia |
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6000 |
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Mr. Ashok Kumar Lohiya |
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25724 |
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Mrs. Rajni Lohiya |
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106500 |
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Mrs. Jamuna Devi Lohiya |
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202692 |
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Mr. Navin Maheshwari |
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1 |
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Mrs. Shakuntala Maheshwari |
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27865 |
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Mr. Chainsukh Fofaliya |
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8001 |
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Mr. Shamboo LaL Fofaliya |
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10601 |
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Mr. Vijay Laxmi Fofaliya |
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20761 |
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Mrs. Indra Devi Fofaliya |
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4501 |
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Mr. Shiv Chand Dargar |
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19211 |
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Mrs. Urmila Dargar |
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4501 |
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Mr. Keshav Lohiya |
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12500 |
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Mr. Manu Lohiya |
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12000 |
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Mr. Anurag Maheshwari |
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1 |
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Mr. M.M. Maheshwari |
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2700 |
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Mrs. Asha Devi Maheshwari |
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9001 |
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Mr. Basant Kumar Kishore Nand |
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6500 |
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Mr. Amarchand Kishore Nand |
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4000 |
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Mrs. Shanti Devi Lohiya |
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4000 |
Equity share Break up ( Percentage Of Total Equity)
|
Sr. No. |
Category |
Percentage |
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1. |
Directors or Relatives of
Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, backed by dedicated techno-commercial
service to core sector comprising of steel, power, oil & gas,
petrochemicals, marine & offshore. |
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Agencies Held : |
Ř
Aakers International AB, Ř
Ameridrives International (formerly Zurn), Ř
Ř
Ř
Gega Lotz Ř
Howden Fans, Ř
Hunt Valve company, Ř
Ř
Ř
Kingsbury Inc., Ř
Linde AG, Ř
Malmedie Ř
Scheuerle Ř
TML (Formerly Wieger), |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Contract and Credit terms |
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Purchasing : |
Contract, L/C and Credit terms |
GENERAL INFORMATION
|
Suppliers : |
Ř
Aakers International AB, Ř
Ameridrives International (formerly Zurn), Ř
Ř
Ř
Gega Lotz Ř
Howden Fans, Ř
Hunt Valve company, Ř
Ř
Ř
Kingsbury Inc., Ř
Linde AG, Ř
Malmedie Ř
Scheuerle Ř
TML (Formerly Wieger), |
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Customers : |
Manufacturers and Government Bodies Ř
Ř ASP Ř Bharat Aluminium Company Limited Ř
Bharat Heavy Electrical Limited - Ř Bharat Petroleum Corporation Limited Ř Bhilai Steel Plant Ř BOC India Limited Ř Braithwaite & Company Limited Ř BTPS Ř Burn Standard Company Limited Ř CISL Ř CIMMCO Ř Cochin Refinery Limited Ř Damodar Valley Corporation Ř Dishergarh Power Supply Company Limited Ř DMC Limited Ř
Ř Engineers Project India Limited Ř Essar Steel Limited Ř FACT Ř
Fertiliser Corporation of Ř Flat Products Limited Ř GAIL Ř Garden Reach Shipbuilders & Engineers Limited Ř
GIPCL - Ř GRAC Ř Greaves Limited Ř
Gujarat Alkalies & Chemicals Limited Ř Hindalco Industries Limited Ř Hindustan Copper Limited Ř Hindustan Newsprint Limited Ř Hindustan Fertilisers Corporation Limited - Barauni & Namrup Ř Hindustan Paper Corporation Limited Ř Hindustan Shipyard Limited Ř HOCL Ř Hyderabad Industries Limited Ř
IICT - Ř IFFCO - Kalol & Phulpur Ř Indian Aluminium Company Limited Ř Indian Iron & Steel Company Limited Ř Indian Oil Corporation Limited Ř Indian Petrochemicals Corporation Limited Ř ISPL Ř
Ispat Industries Limited Ř Kaveri Engineering Industries Limited Ř Kerala Minerals Ř Lyoods Steel Industries Limited Ř Madras Refinery Limited Ř
Ř Mahindra Ugine Steel Limited Ř Mazgaon Docks Limited Ř MECON Ř MFCL Ř MFL Ř MICO Industries Limited Ř Modi Cement Limited Ř Mukund Limited Ř Mysore Paper Mills Limited Ř Nagarjuna Steel Limited Ř National Fertilisers Limited - Guna, Naya Nangal & Panipat Ř Neyveli Ř NOCIL Ř Oil & Natural Gas Commission Ř Paradeep Phosphate Limited Ř Rajinder Steel Limited Ř National Thermal Power Corporation Limited - Korba, Rihand & Singrauli Ř RCF Ř Rourkela Fertilizers Limited Ř
Ř SPIC Limited Ř Tamilnadu Petrochemicals Limited Ř The Tata Iron & Steel Company Limited Ř Tata Sponge Iron Limited Ř Tata Steel Cement Ř Vasind & Bangalore Ř Vinyi Chemicals India Limited Ř
Ř Wheels India Limited |
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No. of Employees : |
More or less 325 |
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Bankers : |
v
Bank of v
Union Bank of v
Bank of v
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chandak and Associates ( Vidhi Chandak) Chartered Accountants |
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Address : |
15 B Hemanta Basu Sarani, Kolkata – 700001, |
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Associates/Subsidiaries : |
Ř Delton Chemicals Private Limited Ř Lemgerg Chemical Company |
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Parent company : |
Lohiya Group Company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Share |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
494560 |
Equity Share |
Rs.10/- each |
Rs.4.945
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
4.946 |
4.946 |
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2] Reserves & Surplus |
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18.355 |
12.074 |
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NETWORTH |
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23.301 |
17.02 |
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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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0.000 |
5.012 |
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TOTAL BORROWING |
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0.000 |
5.012 |
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DEFERRED TAX LIABILITIES |
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1.236 |
0.990 |
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TOTAL |
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24.537 |
23.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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24.177 |
20.316 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
|
0.849 |
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Sundry Debtors |
|
1.679
|
1.212 |
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Cash & Bank Balances |
|
2.477
|
3.241 |
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Other Current Assets |
|
10.440
|
6.846 |
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Loans & Advances |
|
0.071
|
0.085 |
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Total
Current Assets |
|
14.667 |
12.233
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Current Liabilities |
|
7.823
|
4.979 |
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Provisions |
|
6.484
|
4.548 |
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Total
Current Liabilities |
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14.307
|
9.527 |
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Net Current Assets |
|
0.360
|
2.706 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
24.537 |
23.022 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover ( Including Other Income) |
|
45.427 |
27.580 |
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Total Income |
|
45.427 |
27.580 |
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Profit/(Loss) Before Tax |
|
9.970 |
6.053 |
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Provision for Taxation |
|
3.666 |
2.458 |
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Profit/(Loss) After Tax |
|
6.304 |
3.595 |
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Earnings in Foreign Currency |
|
32.983 |
23.738 |
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|
|
|
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Total Imports |
|
0.279 |
0.607 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
13.87
|
13.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
21.94
|
21.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
25.66
|
18.59 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.42
|
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
37.608
|
0.85 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.02
|
1.28 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was incorporated on 18th December,
1987 at
Subject undertakes contracting of indigenous components
on behalf of their overseas principals
as per international standards
WEBSITES DETAILS:
Activities
Arcum offers latest technologies
from world's leading manufacturers, backed by dedicated techno-commercial
services to core sectors comprising of Steel, Power, Oil and Gas,
Petrochemicals, Marine and Offshore, Fertilizers and other allied industries.
Besides this Arcum undertakes contracting and sourcing of indigenous equipment
on behalf of their overseas principals as per International standards.
Team - Key to Success
Arcum's team consists of experienced engineers and professional
executives with sound techno-commercial expertise and undivided loyalty,
resulting into outstanding performance. Arcum believes in a high degree of self
responsibility of each staff member coupled with enough freedom for self
motivated operation.
Methodology
Well defined procedure,
coupled with catering to the needs of the customers have made Arcum undisputed
leaders in the field. Periodical status reports to customers and principals
have made all parties more focused and effective for better performance.
Professional Management
All of Arcum's offices are professionally managed and equipped with
latest communication systems including tailor made business software installed
in each computer available individually for optimum performance.
Quality and Reliability
Arcum has been
chosen to represent world's leading producers in the respective fields because
of it's commitment to Total Quality Management for marketing functions.
Customers and principals find Arcum a reliable partner for their positive
approach for providing practical solutions in any situation to save valuable
time and money.
Effective After Sales
Arcum offers quick spot service calls and is well organized for
co-ordinating timely solutions on problems faced during and after warranty
periods. After sales service is provided by personnel who are trained at
Principal's works abroad. Arcum co-ordinates periodical visits of foreign
experts to end users for seminars and technical guidance for optimum usage and
maintenance of their equipment.
Back-up from
Overseas Partners
Arcum's strong partnership with world's renowned manufacturers coupled
with its unblemished reputation for service has made Arcum the major Indian
source for leading brands of products and best technologies from all over the
world.
Growing Goodwill
An increasing number of new customers and repeat orders indicate the growing
goodwill towards Arcum, due to positive reference and recommendations from
Principals as well as existing clients.
Rupee Business
Arcum also offers imported equipments and components in local currency to their
esteemed customers.
Services
After Sales Services
Arcum offers quick spot service calls and co-ordinates timely solutions
on problems faced during and after warranty periods using their own personnel trained
at Principal's plants. Arcum co-ordinates periodical visits of foreign experts
to end users for product presentation and technical guidance for optimum usage
and maintenance
of their equipment
.
Site Services
Arcum offers their own service engineers for erection and commissioning of new
equipment. Arcum's Service Engineers undertake repairs of running equipment as
well as impart training to customers on regular basis for effective
maintenance.
Arcum's Service engineers working at sites
on different equipment :
Screw Pump
Allweiler, Houttuin, IMO, Warren
Heavy duty Industrial Fan
Howden
Taphole Drilling Machine
TML Technik
De-bricking Machine
TML Technik
Hot Metal Carrier
Scheuerle
Slag Pot Carrier
Scheuerle
Scarfing Manipulator
Gega
Gunning Machine
Velco
Others:
i) Stock and Sell
Arcum provides Stock and
ii) Sourcing of components for principals.
Clients
Iron and
Steel
Tata Steel, BSP, BSL, RSP, DSP, Salem, ASP, Essar, ISPAT, Maharastra
Seamless, IISCO, Jindal-Hisar and Vasind, Jindal Steel and Power, JVSL,
Mahindra Ugine, Mukand, VISL, Tata Sponge, NINL, Konark Metcoke, EBG, Rathi,
Sunflag, Lloyds, Tinplate, Tata SSL, Usha Martin, Indian Seamless, Bhushan.
Power
NTPC, Tata Power, GIPCL, Sanjay Gandhi, APGENCO, MSEB, UPSEB, CESC,
ESSAR Power, Gujarat Power, IB Thermal, PSEB, Panipat Thermal, WBPDCL, Reliance
Salgaocar, DVC, Rolls Royce, KTPS, Lanco.
Oil and Gas
ONGC, BPCL,
Chemical/Petrochemical
Reliance , Haldia Petro, DMC, GACL, HOCL, IPCL, NOCIL, Tamil Nadu
Petrochemicals, Vinyl Chemicals, Gujarat Heavy Chemical, MRPL, Narmada
Chematur, Reliance Petro, HPCL, GAIL Pata.
Fertilizer
GNFC, NFL, RCF, BVFCL, FACT, Indo Gulf , IFFCO-Kalol and Phulpur,
IFFCO-Aonla, MFL, MFCL, SPIC, Paradeep Phosphate, Chambal , Shriram , Deepak,
GSFC, KRIBHCO, OSWAL.
Marine
Mazagon Docks, GRSE, Hindustan Shipyard, Naval Dockyards, ABG
Shipyard,Goa Shipyard, South East Asia Marine, Western India Shipyard, Cochin
Shipyard, Shipping Corp. of India, Essar Shipping, Bharati Shipyard, Great
Eastern Shipping, India Steamship,Barber Ship.
Aluminium
Balco, Indal, Hindalco, Nalco, Sangam
Paper
Hindustan Paper, Hindustan Newsprint,
Mineral
Hindustan Copper, Kerala Minerals, Neyveli Lignite,
Automobile
Telco, MICO, Wheels
Material Handling
Braithwaite and Company, Tata Growth Shop, Greaves, Jessop and Company
Cement
Lafarge Cement,
Ports
Contracting and Equipment Manufacturing
LandT, BHEL, Mecon, Mukand, Flat Products, Hyd Industries, PDIL, DCL,
Bridge and Roof, EPIL, Beekay, BHPV, CIMMCO, HEC, Uhde, OTTO, Triveni, 21st
Century, Fouress Engg, Flex Industries, IGP Engineers, McNally Bharat, Jayaswal
NECO, Thermex, Unitech, Burn Standard, Simplex, Concast, Goodwill Engg., Kaveri
Misc
Hyundai, Domex Filter, Deepak Industries, FCRI, GTRE, ISGEC, Indo Count,
India Glycols, Indian Acrylics, Indo Worth, Modipon Fiber, Powerica, Polyplex,
Parveen Industries, SIIL, Unicon, Vidyut Metallics, ISRO, ABB Ltd, Banco
Product, Ester, Enpro, Goodricke, KWIDIA, Nu-Calcutta, Regent, Videocon
Iron and Steel
Power
Oil,
Gas and Petrochemical
Fertilizer
and Chemical
- Seamless, stainless steel and
nickel alloy tubes, heat exchanger tubes, U-Bend tubes special alloy pipe
and fittings.
Material
Handling
Aluminium
- Valves (Directional Control
valves, Combo valves, Pressure Relief valves). Hydraulic cylinders direct
chill ingot casting.
Cement
Marine
and Offshore
TRADE REFERENCE:
- SMS
demag AG,
- TML
- Werreb
- Houttuim,
The
- Broady
Valves,
- Peel
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.41.57 |
|
|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.55.74 |
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 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
54 |
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. |
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 |
|