MIRA INFORM REPORT
|
Report Date : |
24.07.2007 |
IDENTIFICATION
DETAILS
|
Correct Name : |
ESKAY
ENGICHEM PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot
No.-3A, D-1, MIDC, Chinchwad, Pune, |
|
|
|
|
Country : |
|
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
13.07.2005 |
|
|
|
|
Com. Reg. No.: |
21006 |
|
|
|
|
CIN No.: [Company Identification No.] |
U29299PN2005PTC021006 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
PNEE01769F |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer
and Supplier of Speciality Chemicals, Bulk Drugs, Pharmaceutical
Intermediates, Buformin Hydrochloride, Clofibric Acid, Fenofibric Acid, 2-
Phenoxyisobutyric Acid, Semicarbazide Hydrochloride, Phthalide and 2-
Indolinone |
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 2094388 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well-established and reputed company having satisfactory track.
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/ Factory : |
Plot
No.-3A, D-1, MIDC, Chinchwad, Pune, |
|
Tel. No.: |
91-20-27474519
/27479665 / 27479665 / 91-9371020676 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
(10000
Sq.ft.) Built – up Area / Plot area + 70000 sq. fts. |
|
Location : |
Leased
( |
DIRECTORS
|
Name : |
Mr.
Deepak S. Munot |
|
Designation : |
Director |
|
Date of Birth/Age : |
46
years |
|
Qualification : |
Post
Graduate |
|
Experience : |
24
years |
|
|
|
|
Name : |
Mr.
Dinesh Munot |
|
Designation : |
Director |
|
Date of Birth/Age : |
39
years |
|
Qualification : |
Graduate |
|
Experience : |
16
years |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturer
and Supplier of Speciality Chemicals, Bulk Drugs, Pharmaceutical
Intermediates, Buformin Hydrochloride, Clofibric Acid, Fenofibric Acid, 2-
Phenoxyisobutyric Acid, Semicarbazide Hydrochloride, Phthalide and 2-
Indolinone |
|
|
|
|
Products : |
Crown
Ethers Ø
18-Crown-6 [17455-13-9] Bulk
Drugs, Pharmaceutical Intermediates & Specialty Chemicals Ø 2-Phenoxyisobutyric Acid
[943-45-3] Ø Clofibric Acid [882-09-7] Ø Fenofibric Acid [42017-89-0] Ø 2-Indolinone i.e. Oxindole
[59-48-3] Ø Inorganic Acids and Anhydrides Ø Phenols, Polyphenols, Ethers,
Aldehydes, Ketones, Quinones Ø Row Materials for
Pharmaceuticals |
|
|
|
|
Exports
: |
|
|
Products : |
Bulk
Druge, Pharmaceutical Intermediates and Speciality Chemicals |
|
Countries : |
|
|
|
|
|
Imports from : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash
and Credit |
|
|
|
|
Purchasing : |
Cash
and Credit |
GENERAL
INFORMATION
|
Suppliers : |
Ø
AMB And Company Ø
Amit P Punde Ø
Anand Industries Ø
Bora And Company Ø
BSNL Ø
Chemo Fab Industries Ø
Chemo Test Laboratories Ø
Deore Transport Service Ø
Dhananjay Traders Ø
Efficient Industrial Services Ø
Enopeck Security Seals ( Ø
Esteem Enginnering Works Ø
Excel Engineering And Consultant Ø
Fine Lasercut Private Limited Ø
Fit Fast Engineering Ø
Geo Remedies Ø
H N Corporation Ø
Hari Trading Company Ø
Industrial Coating Ø
Jyoti Heat – Treat Industries Ø
Konark Technocomp Private Limited Ø
Krypton Powder Paints Private Limited Ø
Kunusha Steels Ø
Lakshmi Enterprises Ø
M M Traders Ø
M K Die Works Ø
Marpol Private Limited Ø
Mittal Precision Steel Tubes Private Limited Ø
New Star Chemicals Ø
Nutraplus Products ( Ø
Perfect Courier Services Ø
Ø
Precise Springs Ø
Pure Filter Systems Ø
Ravi Corporation Ø
Renuka Enterprises Ø
Rohit Engineering Works Ø
Roopali Coating Ø
Sai – Tech Scientific Ø
Sanjivani Enterprises Ø
Sankalp Steeltech Corp Private Limited Ø
Sapana Galvanizers Ø
Sharada Industries Ø
Shree Ajinkya Electrical Company Ø
Shree Sadguru Entp Ø
Shripad Lubricants Ø
Sigma Gases Ø
Star Delt Engineers Ø
Suresh Tukaram Gavhane Ø
Suttatti Enpt Private Limited Ø
SVS Chemical Corporation Ø
The Printing People Ø
TUV India Limited Ø
Venus Fabco Ø
Vishwakarma Engineering Works Ø
Yashwant Engineers |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customers : |
Ø
Ø
Lucy Switchgear Ø
Suzlon Energy Limited Ø
Suzlon Windfarm Services Private Limited, Tamilnadu Ø
Suzlon Windfarm Services Private Limited, Satara Ø
Alpha Foam Limited (Chakan Division) Ø
Automag India Private Limited Chakan Unit Ø
D Maniar And Brothers Ø
Force Motors Limited Ø
Force Motors Limited (Pithampur Unit) Ø
Thermax Limited – Chemical Division Ø
Sanket Pharmaceuticals Limited Ø
Panchsheel Organica Limited Ø
Deepak Nitrite Limted Ø
Hildose |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
20 |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø
Bank of Maharashtra, Navi Peth, Pune-411030, Ø
Citibank N.A., Pune, Ø
Central Bank of |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities: |
SECURED LOANS
UNSECURED LOAN
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
AMB
& Company Chartered
Accountants |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs.10/- each |
Rs.1.000 million |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs.10/- each |
Rs.0.100 million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ESKAY INDUSTRIES
PROP. MR. DEEPAK S. MUNOT
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
28.09.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
1]
Share Capital |
|
0.000 |
|
|
2]
Share Application Money |
|
0.000 |
|
|
3]
Reserves & Surplus |
|
0.000 |
|
|
4]
(Accumulated Losses) |
|
0.000 |
|
|
NETWORTH |
|
0.000 |
|
|
LOAN
FUNDS |
|
|
|
|
1]
Secured Loans |
|
0.000 |
|
|
2]
Unsecured Loans |
|
8.890 |
|
|
TOTAL BORROWING |
|
8.890 |
|
|
DEFERRED
TAX LIABILITIES |
|
0.000 |
|
|
|
|
|
|
|
TOTAL |
|
8.890 |
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
|
2.242 |
|
|
Capital
work-in-progress |
|
0.000 |
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
|
|
DEFERREX
TAX ASSETS |
|
0.000 |
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
|
0.000 |
|
|
Sundry
Debtors |
|
4.006 |
|
|
Cash
& Bank Balances |
|
0.838 |
|
|
Other
Current Assets |
|
0.507 |
|
|
Loans
& Advances |
|
4.558 |
|
Total Current
Assets |
|
9.909 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
Current
Liabilities |
|
|
|
|
Provisions |
|
3.262 |
|
Total Current
Liabilities |
|
3.262 |
|
|
Net Current Assets |
|
6.647 |
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
0.000 |
|
|
|
|
|
|
|
TOTAL |
|
8.890 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
28.09.2005 |
|
|
Sales Turnover |
|
17.192 |
|
|
Other Income |
|
0.000 |
|
|
Total
Income |
|
17.192 |
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.180 |
|
|
Provision for Taxation |
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
1.180 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
Audit and tax consultation fees |
|
0.012 |
|
|
Books and periodicals |
|
0.005 |
|
|
Advertisement |
|
0.002 |
|
|
Bank charges |
|
0.012 |
|
|
Telecommunication expenses |
|
0.070 |
|
|
Freight outward |
|
2.150 |
|
|
Courier expenses |
|
0.003 |
|
|
Entertainment expenses |
|
0.010 |
|
|
Legal and professional fees |
|
0.020 |
|
|
Bad debts |
|
0.000 |
|
|
Repairs and maintenance |
|
0.132 |
|
|
Other administrative expenses |
|
0.131 |
|
|
Commission on sale |
|
0.316 |
|
|
Bank interest |
|
0.026 |
|
|
Salary to others |
|
0.333 |
|
|
Interest to other |
|
0.592 |
|
|
Depreciation |
|
0.182 |
|
Total
Expenditure |
|
4.178 |
|
KEY RATIOS
|
PARTICULARS |
|
|
28.09.2005 |
|
PAT / Total Income |
(%) |
|
6.86 |
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
6.86 |
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.71 |
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.00 |
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.03 |
ESKAY ENGICHEM PRIVATE LIMITED
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
1]
Share Capital |
|
0.100 |
|
|
2]
Share Application Money |
|
0.000 |
|
|
3]
Reserves & Surplus |
|
0.423 |
|
|
4]
(Accumulated Losses) |
|
0.000 |
|
|
NETWORTH |
|
0.523 |
|
|
LOAN
FUNDS |
|
|
|
|
1]
Secured Loans |
|
1.112 |
|
|
2]
Unsecured Loans |
|
9.805 |
|
|
TOTAL BORROWING |
|
10.917 |
|
|
DEFERRED
TAX LIABILITIES |
|
0.000 |
|
|
|
|
|
|
|
TOTAL |
|
11.441 |
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
|
2.723 |
|
|
Capital
work-in-progress |
|
0.000 |
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
|
|
DEFERREX
TAX ASSETS |
|
0.097 |
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
|
4.530 |
|
|
Sundry
Debtors |
|
5.261 |
|
|
Cash
& Bank Balances |
|
1.869 |
|
|
Other
Current Assets |
|
0.553 |
|
|
Loans
& Advances |
|
0.866 |
|
Total Current
Assets |
|
13.081 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
Current
Liabilities |
|
|
|
|
Provisions |
|
4.492 |
|
Total Current
Liabilities |
|
4.492 |
|
|
Net Current Assets |
|
8.589 |
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
0.030 |
|
|
|
|
|
|
|
TOTAL |
|
11.441 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
|
|
Sales Turnover |
|
22.090 |
|
|
Other Income |
|
0.094 |
|
|
Total
Income |
|
22.185 |
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.573 |
|
|
Provision for Taxation |
|
0.150 |
|
|
Profit/(Loss) After Tax |
|
0.423 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
Other administrative expenses |
|
2.301 |
|
|
Commission on sale |
|
0.000 |
|
|
Bank interest |
|
0.000 |
|
|
Salary to others |
|
0.000 |
|
|
Interest to other |
|
0.000 |
|
|
Depreciation |
|
0.203 |
|
|
Purchases |
|
11.917 |
|
|
Direct expenses |
|
4.908 |
|
|
Other manufacturing expenses |
|
2.280 |
|
Total
Expenditure |
|
21.611 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.90 |
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.59 |
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.62 |
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
1.09 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
29.46 |
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.29 |
LOCAL
AGENCY FURTHER INFORMATION
History:
Originally
started as Eskay Industries in year 1973 as a Proprietory Concern of Mr. S. L.
Munot. Converted into a Private Limited Company on 13.07.2005 having Company
Registration No. 021006.
Trade
References – Local:
Dishman
Pharmaceuticals
Deepak
Nitrite Limited, Mumbai
Fixed Assets:
Ø
Plant and machinery
Ø
Electric installation
Ø
Building
Ø
Vehicles
Ø
Furniture and fixtures
Ø
Computer
Website
Details:
A professionally managed company, subject is
a well known speciality chemicals manufacturers and suppliers of Pharmaceutical
Chemicals, Bulk Drugs, Pharmaceutical Intermediates & Specialty Chemicals.
Company
Profile
Subject is a leading manufacturer and supplier of Bulk Drugs, Pharmaceutical
Chemicals & Specialty Chemicals.
With rudimentary understanding of the needs and wants of their clients, they
offer products that suit both their requirements and budget. A thorough
analysis of their clients' needs and provision of customized services sets us
apart from their competitors. Their principal aim is to not only meet but
exceed their clients' expectations through their expertise.
They have never compromised on quality and have successfully achieved a high
level of customer satisfaction resulting in long-lasting relations. They have
made an indelible imprint on the minds of their clients all over the country by
offering pro-active services.
Their Strengths
Their Excellence
Quality consistency and excellent after sales service in best possible way
their main concern. All the raw materials are inspected and regular checks are
undertaken on the products. Their team of experts maintains a strict vigil on
the manufacturing process to ensure that all the products are without any
defects.
Infrastructure
The credit for their phenomenal growth goes to their sound infrastructure that
is equipped with state-of-the-production unit. Their dedicated and diligent
workforce helps them abreast with the newer trends in market. They possess
requisite technology and hi-tech machines for yielding excellent results. Their
team of chemists and professionals are engaged in coming out with high quality
chemicals.
Their Laboratory
They possess a state-of-the-art laboratory. Their laboratories are equipped
with sophisticated analytical and performance testing equipment to ensure their
products meet the performance requirements needed by their customers.
Considerable research is carried out, both in the development of existing
products as well as into new chemical entities and products. Their scientists
are pivotal in bringing forth authentic and pure chemicals.
Customer Satisfaction
They have maintained long lasting relations with their clients by offering them
customized products of international standard. Their persistent efforts have
earned us a loyal clientele across
Their Clients
They have been exporting to world's best markets and have created a worldwide
presence. They have won the trust & confidence of their customers because
of their customer friendly services and their ability to fulfil all their
commitments on time.
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.40.34 |
|
|
1 |
Rs.83.08 |
|
Euro |
1 |
Rs.55.80 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|