MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
NOVATECH PROCESS EQUIPMENTS [PRIVATE] LIMITED |
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Formerly Known As : |
SPACE TECH PROCESS EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
6, Yashwant Co-operative Society, Near Swimming Pool, Manisha Nagar,
Kalwa, Thane - 400605, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.08.1984 |
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Com. Reg. No.: |
11-33793 |
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CIN No.: [Company
Identification No.] |
U28100MH1984PTC033793 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEN04353G |
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PAN No.: [Permanent
Account No.] |
AAACN5828J |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer, exporter, importer and supplier of Reaction Kettles,
Heat Exchangers, Columns, Pressure Vessels, Storage Tanks, etc. |
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 39000 |
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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 a well-established and reputed company having satisfactory
track. Directors are reported as experience 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 : |
6, Yashwant Co-operative Society, Near Swimming Pool, Manisha Nagar,
Kalwa, Thane - 400605, Maharashtra, India |
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Tel. No.: |
91-22-55719617 / 25339975 / 25400893 |
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Mobile No.: |
91-9821079415 |
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Fax No.: |
91-22-25389549 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sukumar Ghosh |
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Designation : |
Director |
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Address : |
17-103, Vindagiri Siddhachal, Phase – III, Pakhran Road No. 2, Thane –
400601, Maharashtra, India |
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Date of Birth/Age : |
10.11.1951 |
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Date of Appointment : |
21.08.1984 |
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Name : |
Ms. Madhuri Ghosh |
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Designation : |
Director |
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Address : |
17-103, Vindagiri Siddhachal, Phase – III, Pakhran Road No. 2, Thane –
400601, Maharashtra, India |
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Date of Birth/Age : |
17.08.1952 |
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Date of Appointment : |
17.10.2003 |
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Name : |
Mr.
Soumadeep Sukumar Ghosh |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sukumar Ghosh |
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20445 |
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Balaram Mallick |
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5888 |
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Nakul Mallick |
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7312 |
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Arup Roy |
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3300 |
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Soumadeep Ghosh |
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8837 |
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Madhuri Ghosh |
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2718 |
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Rajdeep Ghosh |
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1000 |
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Total |
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49500 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, exporter, importer and supplier of Reaction Kettles,
Heat Exchangers, Columns, Pressure Vessels, Storage Tanks, etc. |
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Products : |
• Reaction kettles |
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Exports : |
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Countries : |
Malaysia, Bangladesh, Dubai and Iran |
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Imports : |
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Countries : |
China and Singapore |
GENERAL INFORMATION
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Bankers : |
Bank of
Maharashtra SSI branch, Wagle
Estate Thane – 400604 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. S. Sanghvi and Company Chartered Accountants |
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Address : |
3, Supraj Apartment, Annaji Sunder Road, Charai, Thane [West], Mumbai
– 400601, Maharashtra, India |
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Memberships : |
EEPC |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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49,500 |
Equity Shares |
Rs. 10/- each |
Rs. 0.495
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.495 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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9.224 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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9.719 |
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LOAN FUNDS |
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1] Secured Loans |
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17.317 |
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2] Unsecured Loans |
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4.000 |
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TOTAL BORROWING |
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21.317 |
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DEFERRED TAX LIABILITIES |
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0.114 |
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TOTAL |
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31.150 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.714 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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34.400 |
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Sundry Debtors |
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7.286 |
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Cash & Bank Balances |
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0.000 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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8.138 |
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Total
Current Assets |
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49.824 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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27.488 |
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Provisions |
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0.900 |
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Total
Current Liabilities |
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28.388 |
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Net Current Assets |
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21.436 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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31.150 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.11 |
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1.76 |
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Current Ratio (Current Asset/Current Liability) |
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LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
NOVATECH PROCESS
EQUIPMENTS [PRIVATE] LIMITED |
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Presented By |
Mr. Sukumar
Ghosh, Director |
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1) Date and description of instrument creating the change |
Composite Deed of
Hypothecation for all facilities dated 13.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.000
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 |
First an
exclusive charge and security by way of hypothecation security charge in favour
of the Bank over the borrowers present and future movable plant, machineries,
goods, stocks of Raw materials, items, inventories, stocks in process, semi
finished and finished goods stores and spares not relating to plant and
machinery, stock in trade, goods in process,
movable in transit, bills receivable and book debts and all the
borrower’s other movable assets and properties both present and future
situated or located at nay place and now lying, being affixed or installed at
any place at any time outstanding monies, claims, receivables book debts due
or become due to the borrower at any time or time or from time to time and
all of the borrower’s rights, title or interest therein. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
– 2 % over Basis PLR with minimum 13.25 % p.a. with monthly rests. Penal interest @
2 % p.a. in case of default. The loan should
be repaid before 31.12.2005 Margin – 25 % Charge to cover
all outstanding sums, interest costs and charges payable by the company to
the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra SSI branch, Wagle
Estate Thane – 400604 |
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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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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10005613 |
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Corporate
identity number of the company |
U28100MH1984PTC033793 |
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Name of the
company |
NOVATECH PROCESS EQUIPMENTS [PRIVATE] LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
6, Yashwant Co-operative Society, Near Swimming Pool, Manisha Nagar,
Kalwa, Thane - 400605, Maharashtra, India |
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Type of charge |
Movable property |
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Particular of
charge holder |
Bank of
Maharashtra SSI branch, Wagle
Estate Thane – 400604,
Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Composite deed of hypothecation for all facilities |
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Date of
instrument Creating the charge |
16.10.2006 |
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Amount secured by
the charge |
Rs. 45.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Applicable Per
credit Rating – MB 5, BPLR presently 11.50 % p.a. with monthly rest. Terms of
repayment Within a year Margin 25 % for cash
credit, 10 % for packing credit, nil for FOBN / FOBP, 15 % for Bank Guarantee
Extent operation
of the charge First and
exclusive charge by way of hypothecation over the present and future all
kinds of stocks, book debts, receivables and movables belonging to the
company and also patents, copy rights, trademarks, goodwill, intellectual
property rights. |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
25.03.2006 |
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Particulars of
the present modification |
Cash credit limit
revised from Rs. 12.500 Millions to Rs. 20 Millions packing credit from 6.000
Millions to Rs. 10.000 Millions FONB / FOBP / FOBD form Rs. 6.000 Millions to
Rs. 10.000 Millions and bank guarantee from Rs. 17.500 Millions to Rs. 25.000
Millions subject to over all Rs. 45.000 Millions |
As Per Website
Subject take great pride in introducing themselves as one of
the state-of-the-art engineering companies established in the year 1984, to
cater to the needs of various industries such as Chemical, Petrochemical,
Agrochemical, Fertilizer, Pharmaceutical, Detergent, Paints & Dyes, Food
Processing, Ceramics, Foundry Chemicals, Thermal & Hydral Power, Cement and
Cosmetics.
Subject is the manufacturer, exporter, importer and supplier
of Reaction Kettles, Heat Exchangers, Columns, Pressure Vessels, Storage Tanks,
etc. They make every sincere effort in order to elevate the quality standards
that are at par with the international standards. Their customers have always
been appreciated by them for excellent services.
Infrastructure
Subject
have in-house capabilities in terms of full fledged design department, dynamic
team of engineers, skilled and experienced workforce and a well-equipped
factory at Ambernath / Taloja, in the outskirts of Mumbai, India. Their
manufacturing unit comprises of the latest advanced machineries and equipments
that are updated at regular intervals. Their highly skilled, dedicated and
diligent workforce have always been the vital components of their organization.
Their
strong infrastructural base has the capability to handle multiple projects with
precision and perfection – “ANYWHERE IN THE WORLD”.
Quality
Their
prime focus is on producing and delivering high quality products that give
complete satisfaction to their customers. They adhere to the stringent quality
checks that are in compliance with the highest standards. Their thrust for
quality has endowed them with immense recognition and fame.
CMT REPORT
(Corruption, Money Laundering & 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.39.32 |
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UK Pound |
1 |
Rs.81.35 |
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Euro |
1 |
Rs.56.75 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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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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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
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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. |
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 |
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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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