MIRA INFORM
REPORT
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Report
Date : |
15.12.2007 |
IDENTIFICATION DETAILS
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Name : |
MEGATHERM ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
123, SDF
Building, Block – Gp, Sector – V , Salt Lake City, Kolkata – 700 091, West
Bengal |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
22.06.1989 |
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Com.
Reg. No.: |
21-47097 |
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CIN
No.: [Company
Identification No.] |
U47999WB1989PTC047097 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
CALM02078G |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturer, Trader, and Exporter of Medium furnaces induction melting furnaces, induction
furnaces melting, Automated machines for induction hardening of Auto
components, Adopt transformers etc. |
RATING & COMMENTS
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MIRA’s
Rating : |
A |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum
Credit Limit : |
USD
100000 |
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Status
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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 fine track.
Trade relations are fair. General financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
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LOCATIONS
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Registered
Office : |
123, SDF
Building, Block – Gp, Sector – V , Salt Lake City, Kolkata – 700 091, West
Bengal, India |
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Tel No:
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91-33-23577854
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Fax
No: |
91-33-23577757 |
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E-Mail
: |
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Websites:
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Administrative
Office: |
1/E, Baikunth, 11A N. S. C. Bose Road, Kolkata, West
Bengal |
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Corporate
Office : |
Plot L-1,
Block GP, Sector V, Kolkata 700091, West Bengal, India |
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Tel.
No.: |
91-33-23577854/23577745/23577352/23577757 |
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E-Mail
: |
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Website
: |
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Area : |
46000 Sq fts |
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Location : |
Leased |
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Factory/Branch
: |
11A/ N. S. C. Bose Road, Kolkata 700 032 |
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Area : |
18000 Sq. fts |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ashim Dutta |
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Designation
: |
Director |
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Address
: |
1F, Baikunth, ¼ N.S.C Bose Road, Kolkata-700 040 |
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Date
of Birth/Age : |
23.07.1959 |
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Qualification
: |
BE. Cal |
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Experience
: |
10 years |
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Name : |
Mr. S. Biswas |
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Designation
: |
Director |
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Address
: |
17/2, N.S.C. Bose Road, Kolkata-700 045 |
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Date
of Birth/Age : |
07.021960 |
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Qualification
: |
BE. Cal |
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Experience
: |
9 years |
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Name : |
Mr. Sheshadri Chandra |
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Designation
: |
Director |
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Address
: |
114, N.S.C. Bose Road, Kolkata-700 045 |
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Date
of Birth/Age : |
15.051949 |
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Qualification
: |
BE. Cal |
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Name : |
Mr. Vikas Varshneya |
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Designation
: |
Director |
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Address
: |
CL – 227, Ground floor, Sector – II, Salt lake City,
Kolkata – 700 091, Wets Bengal, India |
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Date
of Birth/Age : |
08.11.1966 |
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Date
of Appointment : |
27.09.1995 |
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Name : |
Mr. Sarkar Debasish |
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Designation
: |
Director |
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Address
: |
Bay Tower, Flat No. 12c2, Hiland Park, Kolkata, West
Bengal – 700 094, India |
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Date
of Appointment : |
03.03.1997 |
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Name : |
Mr. Gautam Talukdar |
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Designation
: |
Director |
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Address
: |
Bay Tower, Flat No. 12c2, Hiland Park, Kolkata, West Bengal
– 700 094, India |
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Date
of Appointment : |
02.04.2001 |
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Name : |
Mr. Aashish Dutta |
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Designation
: |
Director |
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Address
: |
1 F Baikunth , 114 NSC Bose Road, Kolkata - 700 040, West Bengal, India |
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Date
of Appointment : |
22.06.1989 |
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Name : |
Mr. Tej Partap Singh |
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Designation
: |
Director |
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Address
: |
154 Sector -33, Chandigarh, Punjab, India |
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Date
of Appointment : |
14.06.1990 |
KEY EXECUTIVES
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Name : |
Mr. Chanda Bhushan Shesadri |
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Designation
: |
Chairman |
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Address
: |
1050/ 1, Survey Park, kolkata – 700 075, West Bengal,
India |
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Date
of Appointment : |
22.06.1989 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
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Mr. Sarkar
Debasish |
2400 |
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Mr.
Gautam Talukdar |
2400 |
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Mr. Tej Partap Singh |
13000 |
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Mr.
Gurpreet Kaur |
2000 |
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Mr.
Vikash Varshneya |
3705 |
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Mrs.
Sarika Varshneya |
270 |
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Mr. Mr.
Shesadri Bhushan Chanda Mrs.
Ayati Chanda |
33900 |
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Mrs. Ayati
Chanda Mr.
Shesadri Bhushan Chanda |
1925 |
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Total |
59600 |
Equity
Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer, Trader, and Exporter of Medium furnaces induction melting furnaces, induction
furnaces melting, Automated machines for induction hardening of Auto
components, Adopt transformers etc. |
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Products
: |
Medium furnance
induction melting furnance, induction furnance melting, Automated
machines for induction hardening at Auto components, Adopt transformers, etc. |
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Exports: |
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Countries: |
UAE, Nepal, Bangladesh |
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Terms
: |
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Selling : |
L/C or Credit (30 Days) |
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Purchasing : |
L/C or Credit (30 Days) |
GENERAL INFORMATION
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Customers
: |
Wholesalers, Retailers |
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No. of
Employees : |
250 |
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Bankers
: |
v State Bank of India, Commercial Branch,
Kolkata-700016, India v State Bank of India, 24 Park
Street, Kolkata - 700 016, West Bengal, India v CITI Bank, N.S.C. Bose Road,
Kolkata-700040 |
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Banking Relations : |
Satisfactory |
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Auditors
: |
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Name: |
Bhattacharjee Roy Chaudhari & Associates Chartered Accountant |
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Address 1: |
Braborne Road, Kolkata 700 001, West Bengal, India. |
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Address 2: |
36, Strand Road, Kolkata – 700 001, West Bengal, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Capital |
Rs. 100/-
each |
Rs.
10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
59600 |
Equity Capital |
Rs. 100/-
each |
Rs. 5.960
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
|
5.960 |
5.960 |
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2] Share
Application Money |
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6.095 |
0.000 |
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3]
Reserves & Surplus |
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71.261 |
19.457 |
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4]
(Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH
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|
83.316 |
25.417 |
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LOAN
FUNDS |
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1]
Secured Loans |
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46.000 |
38.125 |
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2]
Unsecured Loans |
|
0.120 |
1.109 |
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TOTAL
BORROWING
|
|
46.120 |
39.234 |
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DEFERRED
TAX LIABILITIES |
|
0.762 |
0.280 |
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TOTAL
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130.198 |
64.931 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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28.973 |
25.051 |
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Capital work-in-progress
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|
0.000 |
1.684 |
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INVESTMENT
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|
5.610 |
0.000 |
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DEFERREX TAX ASSETS
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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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222.485 |
12.175 |
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Sundry Debtors
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|
42.902 |
13.000 |
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Cash & Bank Balances
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|
23.915 |
22.000 |
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Other Current Assets
|
|
0.000 |
5.000 |
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Loans & Advances
|
|
10.558 |
2.100 |
Total Current Assets
|
|
299.860 |
54.275 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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|
201.255 |
10.089 |
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Provisions
|
|
2.990 |
7.000 |
Total Current Liabilities
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204.245 |
17.089 |
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Net
Current Assets
|
|
95.615 |
37.186 |
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MISCELLANEOUS EXPENSES
|
|
0.000 |
1.010 |
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TOTAL
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|
130.198 |
64.931 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
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|
31.03.2005 |
Sales Turnover [including other income]
|
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|
296.280 |
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Profit/(Loss) Before Tax
|
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|
8.558 |
Provision for Taxation
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|
2.860 |
Profit/(Loss) After Tax
|
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|
5.698 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
PAT / Total Income
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(%)
|
|
NA |
1.92 |
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Net Profit Margin
(PBT/Sales)
|
(%) |
|
NA |
2.88 |
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Return on Total Assets
(PBT/Total Assets}
|
(%) |
|
NA |
10.78 |
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Return on Investment
(ROI)(PBT/Networth)
|
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NA |
0.33 |
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Debt Equity Ratio
(Total Liability/Networth)
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|
3.00 |
2.21 |
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Current Ratio
(Current Asset/Current Liability)
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|
1.46 |
3.17 |
LOCAL AGENCY FURTHER
INFORMATION
TRADE
REFERENCES:
- Sail
- Coal India
- Semens
FORM 8:-
|
Name
of the company |
MEGATHERM ELECTRONICS PRIVATE LIMITED |
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Presented By |
Mr. S D
Basu , Company Secretary in WTP |
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1) Date and
description of instrument creating the change |
Memorandum of deposit for creation of charge for overall
limit dated 17.03.2005 (In office of state Bank of India, Commercial Branch,
24 park, Street, kolkata – 700 016,
wets Bengal, India) |
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2) Amount
secured by the charge/amount owing on the securities of charge |
Overall Limit : Rs. 100.700 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 |
The scope and benefit of creating mortgage by deposit of
title deed of the properties of the company as specified in the schedule
below is to create mortgage by deposit of title deeds under section 79 of the
Transfer of property Act 1882 and within the meaning OF Section 58 (f) of the
said Act to secure repayment of the sum of Rs. 100.700 millions granted by
the bank to the company under credit facilities together with interest,
commission, discount, cost and charges thereon. Schedule of
properties: Apartment No. 5c2 admeasuring 1328 sq.fts super built up
area on the 5th floor of the brook residential tower at Hiland
park alongwith one car parking No. 83 located at the multi –tier car park at
Hiland Park. All that piece and parcel of land admeasuring 8.2725 acres
more or less being portion of municipal premises No. 1925 Chak Garia, kolkata
– 700 075 situate within ward No. 109 of the Kolkata Municipal Corporation PS
formerly Jadavapore at present Purva Jadavpur Previously comprised in R S
Plot No. 53 (p) of mouza Chakmasar, J L No. 30 and 1002 (p) , 1012 (p) ,
1013(p), 1018 and 1019 of Mouza Rajpur, JL No. 23 on which piece and parcel
of land the complex known as Hiland Park Comprising of nine numbers of
residential towers and various allied facilities and infrastructure are being
developed and constructed and butted and bounded in the following manner. On the north : by the 12m wide common road, On the east: by a 10m wide road common between the
baitalik housing co-operative society limited. On the south: by the boundary wall of hiland park and
beyond that the land allotted by the vendor to rehabilitated person. Title Deed No. I
-05546 of 2003] Together with building and erection thereon , both present
and future situated at Highland Park,
1925 Chak Garia, Kolkata - 94 |
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4) Gist
of the terms and conditions and extent and operation of the charge. |
The borrower shall not do or allow
anything which may prejudice the security. Interest, commission, discount,
costs and charges as may be current from time to time for the credit
facilities according to Banking norms and RBI Guidelines. |
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5) Name
and Address and description of the person entitled to the charge. |
State Bank of India address: Commercial Branch Kolkata,
24, park Street, Kolkata – 700 016, West Bengal, India |
OTHER INFORMATION:
Subject was formed in 1990 by a group of
technocrat, who had several years of Industrial experience of Induction technology
behind them. In a short span, the company registered a sharp growth. The
company is now well established in the Indian Market and a regular exporter of
Induction Furnace
LOCATION AND INFRASTRUCTURE
The Company has a state of the art assembly unit
at Salt Lake Electronics Complex near Kolkata and equipped with comprehensive
load testing setup and modern quality control tools. Subject's design faculty
includes experts equipped with CAD workstations and simulation software in the
area of Power Electronics and electromagnetics. The Company has extensive
Customer Support Network across the country having its branches spread all over
India
CURRENT MARKET
·
Foundries
in India and abroad
Mini Steel Plants.
Automobile and Engineering Industries.
·
Forging and Extrusion Plants
Product Profile
Subject's
major operation is currently focused on the manufacturing of Medium Frequency
Induction Melting Furnaces, which caters to the modern foundries as well as Induction
heating and hardening equipment for Automobile and Forging Industries. The
critical technology of such Induction Furnaces is centered around the Medium
Frequency Power Supplies based on State of the art Solid State Power
Electronics Technology.
They provide Turnkey solutions for:
- Induction
Melting
- Induction
Heating
- Induction
Hardening
- Induction
Annealing
Product Range
·
Medium Frequency Power Sources for
Induction Heating, Melting, Annealing, etc.
·
Induction Melting Furnace Crucibles
up to 20 Ton Steel Holding Capacity.
·
Continuous Induction Billet and Bar
end Heaters for Forging Industry.
CMT REPORT [Corruption, Money laundering and 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 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.39.37 |
|
UK Pound |
1 |
Rs.79.47 |
|
Euro |
1 |
Rs.56.83 |
SCORE and RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
|
64 |
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
|
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 and 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 and 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 |