MIRA
INFORM REPORT
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Report Date : |
04.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ESSEM TIPS PRIVATE LIMITED |
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Registered Office : |
26/1 MIDC, Satpur, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.01.1997 |
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Com. Reg. No.: |
105444 |
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CIN No.: [Company
Identification No.] |
U36990MH1997PTC105444 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing, importing and exporting of stationary articles including pens, sketch pen, micro tip pen, pencils, refills, ballpoint refills, jetter tubes ink, printing ink and accessories |
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 1000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is 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
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Registered Office/ Factory : |
26/1 MIDC, Satpur, |
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Tel. No.: |
91-253-2353687, 2357890, 2360196, 361563, 2360196 |
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Fax No.: |
91-253-2354890 |
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E-Mail : |
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Branches : |
Plot No. F-109/3, MIDC, Satpur, |
DIRECTORS
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Name : |
Mr. Sandip Kumar Mahansaria |
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Designation : |
Director |
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Address : |
4 A, Kolkata –700 019, West |
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Date of Birth/Age : |
16.09.1962 |
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Date of Appointment : |
09.06.1997 |
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Name : |
Mr. Puneet Kumar Keshan |
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Designation : |
Director |
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Address : |
Desari Building, |
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Date of Birth/Age : |
28.03.1971 |
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Date of Appointment : |
09.01.1997 |
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Name : |
Mr. Deepak R. Vasandani |
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Designation : |
Director |
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Address : |
46, Palms Springs
Gangapur Road, Nasik-422 005, |
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Date of Birth/Age : |
07.01.1957 |
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Date of Appointment : |
01.03.1997 |
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Name : |
Ms. Vinita Mahansaria |
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Designation : |
Director |
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Address : |
4 A, Kolkata –700 019,
West |
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Date of Birth/Age : |
18.11.1974 |
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Date of Appointment : |
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Name : |
Ms. Vinita Mahansaria |
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Designation : |
Director |
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Address : |
4 A, Kolkata –700 019, West |
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Date of Birth/Age : |
23.08.1967 |
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Date of Appointment : |
12.09.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Micron Tips Private Limited |
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370000 |
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Mr. Sandip Kumar Mahansaria |
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2,52,000 |
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Hi-Tech Exports Private Limited |
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4,32,000 |
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Mr. D. R. Mahansaria |
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17,60,000 |
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Mr. D. R. Mahansaria |
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4,000 |
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Mr. S. S. Mahansaria |
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2,92,000 |
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Micron Tips Private Limited |
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5,30,000 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing, importing and exporting of stationary articles including pens, sketch pen, micro tip pen, pencils, refills, ballpoint refills, jetter tubes ink, printing ink and accessories |
PRODUCTION STATUS
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Particulars |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Ball point pen tips |
N.A |
6375000 Grs |
-- |
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Ball point pen tips |
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451675 Grs |
91603 Kgs |
GENERAL INFORMATION
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Suppliers : |
v Modi Enterprises v Zeolot Ball Industries v Avanti protective Service Private Limited v Star Multitips Private Limited v Alash Industries. v Cric colour roop(I) Limited v Wilson Gandhi Logistics Private Limited v Tristar Capitals Private Limited v Passage cargo Private Limited v Link Cargo Agencies Private Limited |
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Customers : |
v Micros Stationery Private Limited v Silverline India Private Limited v Dat Industries Private Limited v Cello pen and Stationery Private Limited v Indo-Japan Pen Manufacturer Company Private Limited v Chengas Per Products Private Limited v Nippon Plastics Private Limited v Saber pern Private Limited v Stic Pens Limited v Uni Traders Private Limited |
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No. of Employees : |
25 persons (20 Factory; 5Office) |
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Bankers : |
2,
Suyojit Sankul,
Bharat chambers,22/26,
Rampart Row, K.D. Marg, kKala Ghoda Fort , Mumbai-23, |
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Facilities : |
Secured Loans: 1)
Bank cash credit and Term Loan the Thaen Jagesh Sahakari
Bank Limited, Thane NAsik 2)
Bharat Overseas Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
v Ashok S. Zawar and Company Chartered Accountants, |
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Associates/Subsidiaries : |
v Micron Tips Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3750000 |
Equity shares |
Rs.10/- each |
Rs.37.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3640000 |
Equity Shares |
Rs.10/-each |
Rs.36.400
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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36.400 |
36.4000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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217.619 |
214.675 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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254.019 |
251.075 |
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LOAN FUNDS |
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1] Secured Loans |
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195.903 |
100.691 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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195.903 |
100.691 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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449.922 |
351.766 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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328.052 |
266.477 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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20.252 |
19.745 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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2] Share Application Money |
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0.000 |
5.772 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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45.715 |
34.427 |
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Sundry Debtors |
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67.432 |
38.653 |
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Cash & Bank Balances |
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6.826 |
1.596 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.156 |
14.814 |
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Total
Current Assets |
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125.129 |
89.490 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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23.817 |
30.182 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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23.817 |
30.182 |
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Net Current Assets |
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101.312 |
59.308 |
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MISCELLANEOUS EXPENSES |
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0.048 |
0.076 |
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Pre Operative exp. |
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0.258 |
0.388 |
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TOTAL |
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449.922 |
351.766 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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221.200 |
163.495 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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221.200 |
163.495 |
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Profit/(Loss) Before Tax |
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2.539 |
5.239 |
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Provision for Taxation |
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0.403 |
1.065 |
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Profit/(Loss) After Tax |
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2.942 |
4.174 |
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Imports : |
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Raw Materials |
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52.682 |
47.587 |
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Stores & Spares |
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4.600 |
1.845 |
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Capital Goods |
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77.488 |
16.884 |
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Total Imports |
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134.770 |
66.316 |
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Expenditures : |
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Interest |
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154.063 |
130.875 |
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Depreciation & Amortization |
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24.634 |
13.247 |
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Total Expenditure |
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178.697 |
144.122 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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1.33 |
2.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.14 |
3.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.56 |
74.86 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.09 |
0.12 |
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Current Ratio (Current Asset/Current Liability) |
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5.25 |
2.96 |
LOCAL AGENCY FURTHER INFORMATION
The company’s fixed assets of imported value include land, buildings, computer, electrical Install, furniture and fixtures, plant and machinery.
Director Reports:
Your Company has diversified in making various
types of ballpoint tips with tremendous response from the customers. As the
product of the company has received good response in the market, the directors
except good results in the coming year.
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Name of the company |
ESSEM TIPS
PRIVATE LIMITED |
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Presented By |
Mr. Amit
Tibrewal, director |
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1) Date and description of instrument creating the change |
Term Loan Agreement Letter of Hypothecation and Hypothecation and hypothecation of bank
Debts Agreement 3) Import L/C Agreement for raw materials 4) Bank Guarantee EPCS Agreement for Machinery (all the above Agreement dated 25.08.2004 Creates Single Charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
a) Rs.82.000
Millions b) Rs.20.000 Millions c) Rs.20.000
Millions d) Rs.12.500 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 |
Hypothecation of
Machinery : LX-24 Machine (doubt Cycle) -8 Nos. TR-42 Machines, Ultrasonic
Machine Air Compressor. Writing Test Machines- 2 Nos Micro Soopes and Nos.
and Miscellaneous indigenous items Hypothecation on Pari-Passu Basic of Stock
of Raw Materials Work in Process, Finished goods and Hypothecation of Book-
Debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1) Rate of
Interest 11% P.A. Repayment Schedules as per sheet attached 2) Rate of
Interst 11% p.a Margin 25% and 3) Terms and
conditions are as per the Bank Norms From time to time |
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5) Name and Address and description of the person entitled to the charge. |
Bharat Overseas
|Bank Limited Bharat
chambers,22/26, Rampart Row, K.D. Marg, kKala Ghoda Fort, Mumbai-23, |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.78 |
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1 |
Rs.80.34 |
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Euro |
1 |
Rs.55.53 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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