MIRA
INFORM REPORT
|
Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
EEL INDIA LIMITED |
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Registered Office : |
402, Udyog Vihar Phase – III, Dundahera, Gurgaon – 122016, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.10.1988 |
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Com. Reg. No.: |
032878 |
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CIN No.: [Company
Identification No.] |
L51909HR1988PLC032878 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELE00443C |
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PAN No.: [Permanent
Account No.] |
AAACE0094P |
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Legal Form : |
Public Limited Liability Company |
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Line of Business : |
Manufacturers of Bag Packing Machine, Bag Loading Machine
and Conveyors. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
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 1699000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well established and reputed company. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Several cases are pending against the company, but it does not seem to
have much effect on the operations of the company. Payments are usually
correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Marketing Office : |
402, Udyog Vihar Phase – III, Dundahera, Gurgaon – 122016, Haryana |
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Tel. No.: |
91-124-3012050 / 52 |
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Fax No.: |
91-124-2340633 / 2250 |
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E-Mail : |
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Website : |
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Area : |
8000sq.fts |
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Location : |
Owned |
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Spares Division / Work Unit 1 : |
509, Udyog Vihar, Phase – III, Dundahera, Gurgaon, Haryana |
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Tel. No.: |
91-124-3917570 / 74 |
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Fax No.: |
91-124-3917568 |
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E-Mail : |
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Area : |
2000sq.fts |
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Location : |
Owned |
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Work Unit- 3 : |
Unit No. 710 and 711, 7th Floor – B – Wing, Kanara Business
Centre, Laxmi Nagar, Off Ghatkopar – Andheri Link Road, Ghatkopar (East),
Mumbai – 400075 |
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Tel. No.: |
91-22-25003439 |
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Fax No.: |
91-22-25000641 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. R. C. Kapoor |
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Designation : |
Director |
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Address : |
E-364, Greater Kailash, Part-1, News Delhi-10048 |
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Date of Birth/Age : |
19.03.1937 |
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Date of Appointment : |
30.06.2004 |
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Name : |
Mrs. Anjana Kapoor |
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Designation : |
Director |
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Address : |
E-364, Greater Kailash, Part-1, News Delhi-10048 |
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Date of Birth/Age : |
09.07.1944 |
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Date of Appointment : |
27.09.2004 |
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Name : |
Ms. Pooja Kapoor |
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Designation : |
Director |
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Address : |
E-364, Greater Kailash, Part-1, News Delhi-10048 |
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Date of Birth/Age : |
16.2.1970 |
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Date of Appointment : |
11.03.2001 |
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Name : |
Mr. Rajiv Sharma |
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Designation : |
Director |
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Address : |
E-364, Greater Kailash, Part-1, News Delhi-10048 |
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Date of Birth/Age : |
16.09.1954 |
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Date of Appointment : |
27.09.2004 |
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Name : |
Mr. Vijay Krishan Louria |
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Designation : |
Director |
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Address : |
E-364, Greater Kailash, Part-1, News Delhi-10048 |
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Date of Birth/Age : |
15.07.1942 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. D.D. Pruthi |
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Designation : |
Director |
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Address : |
61 – D, Navyug Adarsh Apartment, F – Block, Vikaspuri, New Delhi –
110018 |
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Date of Birth/Age : |
01.01.1942 |
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Date of Appointment : |
01.10.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ramesh Chander Kapoor |
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659694 |
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Mrs. Ramesh Chander Kapoor (HUF) |
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201396 |
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Ms. Pooja Kapoor |
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737646 |
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Mrs. Sunita Krishna |
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106652 |
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Mrs. Anand Nagarth |
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95160 |
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Mr. Vijay Krishna Lauria |
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13 |
|
ESPL System Private Limited |
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13 |
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26 |
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149500 |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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7.67 |
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Directors or relatives of directors |
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92.33 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Bag Packing Machine, Bag Loading Machine
and Conveyors. |
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Products : |
Ř Rotopacker Ř Netweigher Ř Air Packer Ř Impeller Packer Ř Big Bag Machine Ř Bag Loading Ř Bucket Elevator Ř Screen Ř Loading Spout Ř Silo Ř Stainless Steel Fabrication |
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Exports : |
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Products : |
Cements, Chemical, Fertilizer Industries |
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Countries : |
Bangladesh, Sri Lanka, Uzbekistan, UAE, U.K. and Mauritius |
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Imports : |
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Products : |
Raw materials and machineries |
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Countries : |
Germany. |
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Terms : |
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Selling : |
L/C or Credit (30 days) terms. |
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Purchasing : |
Cash or Credit (30 days) terms. |
GENERAL
INFORMATION
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Suppliers : |
˛ Anubhav Autos Private Limited ˛ Arjun Auto Private Limited ˛ Captain Engineering Works ˛ Deepak industries ˛ K.K. Engineers ˛ Metal Cast ˛ S.K. Engineers ˛ N.S. Enterprises ˛ Pee Vee Industries ˛ Raj Engineers ˛ Khosla Foundry Limited |
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Customers : |
˛ Akhangaran Cement, Uzbekistan ˛ Larsen and Toubro Ceylinco Private Limited, Sri Lanka ˛ Ceylon Ambuja Cements Limited, Sri Lanka ˛ RMC, Group of Companies of United Kingdom, UAE ˛ Binani Cement, UAE ˛ Gama Civic Mauritius ˛ Cemex, Bangladesh ˛ Confidence Cement, Bangladesh ˛ MTC Cement Limited, Bangladesh ˛ S. Company Cement Limited, Bangladesh ˛ Chittagong Cement, Bangladesh ˛ Shah Cement, Bangladesh ˛ Russell Finex, United Kingdom ˛ Akhangaran Cement, Uzbekistan Some of its Domestic Customers are ˛ Grasim Industries, Raipur, India ˛ Vasavadatta Cement, Sedam, India ˛ India Cement, Dalovai, India ˛ Madras Cement Limited |
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No. of Employees : |
320 (69 Office , 251 Factory) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Agarwal Gulati and Company Chartered Accountants |
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Address : |
A – 11 (Front Basement), Chitranjan Park, New Delhi - 110019 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5850000 |
Equity Shares |
Rs.10/- each |
Rs.58.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
58.500 |
19.500 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
366.250 |
115.478 |
116.268 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
424.750 |
134.978 |
136.268 |
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LOAN FUNDS |
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1] Secured Loans |
19.287 |
24.541 |
21.139 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
19.287 |
24.541 |
21.139 |
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DEFERRED TAX LIABILITIES |
6.338 |
6.957 |
7.235 |
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TOTAL |
450.375 |
166.476 |
164.642 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
340.154 |
50.575 |
50.592 |
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Capital work-in-progress |
0.470 |
0.000 |
0.000 |
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INVESTMENT |
54.355 |
31.396 |
40.519 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
74.910
|
77.469 |
69.442 |
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Sundry Debtors |
64.086
|
66.698 |
55.633 |
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Cash & Bank Balances |
18.678
|
7.202 |
9.090 |
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Other Current Assets |
0.120
|
0.782 |
0.464 |
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Loans & Advances |
35.832
|
18.161 |
14.730 |
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Total
Current Assets |
193.626
|
170.312 |
149.359 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
117.719
|
73.507 |
64.985 |
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Provisions |
20.511
|
12.300 |
10.853 |
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Total
Current Liabilities |
138.230
|
85.807 |
75.838 |
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Net Current Assets |
55.396
|
84.505 |
73.521 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.010 |
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TOTAL |
450.375 |
166.476 |
164.642 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
405.093 |
360.302 |
279.528 |
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Other Income |
2.921 |
12.421 |
3.177 |
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Total Income |
408.014 |
372.723 |
282.706 |
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Profit/(Loss) Before Tax |
25.687 |
24.619 |
20.121 |
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Provision for Taxation |
8.638 |
18.462 |
4.802 |
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Profit/(Loss) After Tax |
17.049 |
6.157 |
15.319 |
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Earnings in Foreign Currency : |
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FOB Value of Exports |
NA |
96.512 |
47.585 |
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Services Rendered |
NA |
0.615 |
0.364 |
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Freight and Insurance |
NA |
1.468 |
0.773 |
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Total Earnings |
NA |
98.595 |
48.722 |
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Imports : |
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Raw Materials and Components |
NA |
30.266 |
28.747 |
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Total Imports |
NA |
30.266 |
28.747 |
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Expenditures : |
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Manufacturing Expenses |
-- |
272.051 |
191.222 |
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Administrative Expenses and Selling Expenses |
-- |
43.559 |
31.418 |
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Raw Material Consumed |
286.250 |
244.419 |
-- |
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Consumption of stores and spares parts |
14.136 |
10.659 |
-- |
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Increase/(Decrease) in Finished Goods |
(7.086) |
(3.797) |
5.627 |
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Salaries, Wages, Bonus, etc. |
29.694 |
25.137 |
27.876 |
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Managerial Remuneration |
2.363 |
4.986 |
-- |
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Interest |
0.245 |
0.317 |
-- |
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Insurance Expenses |
0.724 |
1.060 |
-- |
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Power & Fuel |
4.652 |
3.937 |
-- |
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Depreciation & Amortization |
38.360 |
36.732 |
4.596 |
|
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Other Expenditure |
12.919 |
24.584 |
0.009 |
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Total Expenditure |
382.257 |
663.644 |
260.748 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
4.17
|
1.65 |
5.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.34
|
6.83 |
7.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.81
|
11.14 |
23.79 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.18 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.63 |
0.55 |
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Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.98 |
1.96 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
˛
Land – Free Hold
˛
Building
˛
Office Equipment
˛
Plant and Machinery
˛
Vehicles
˛
Tube Well
˛
Computers
˛
Furniture and Fixtures
Form 8:
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Name of the company |
EEL INDIA LIMITED |
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Presented
By |
Corporation Bank, greater Kailash – 2, New Delhi |
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1) Date and description of instrument creating the change |
Charge Create on
24.03.2001 and Registered on 17.04.2001 Previously
modified on 5.04.2004 for amount of charge on immovable properties stands enhanced
from Rs.74.500 millions to Rs.92.000 millions and modification registered on
23.04.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.74.500
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 |
Equitable
mortgage by way of deposit of title deeds in respect of company’s immovable
properties situated at plot No. 509 and 510, Udyog Vihar, Phase – 3, Dundajera,
Gurgaon, Haryana admeasuring 2000sq.mtrs with work shop sheds and building
and other super structures threat belonging to the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is
mortgaged to collaterally secure the credit facilities granted to the company
to the extent of Rs.74.500 millions |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Greater Kailash –
2, New Delhi |
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6) Date and brief description of instrument modifying the charge |
08.07.2005 |
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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. |
The extent of operation
of charge on equitable mortage of company’s immovable property situated at
plot No. 509 and 510, Udyog Vihar, Phase – 3, Dundajera, Gurgaon, Haryana,
admeasuring 2000sq.mtrs with work shop sheds and buildings other and other
super structures threat belonging to the company stands enhanced
fromRs.92.000 millions to Rs.106.500 millions shall also collaterally secure
following credit facilities granted to the company. Cash credit
(hypothecation) limited 7.500 millions Bill discounting
/ cheque limit 2.000 million Packing credit
(hypothecation) limit 13.500 millions FDBN Limit 13.500
millions Bank Guarantee
Limit 70.000 millions Sub Limit for
foreign BG (25.000) millions Sub limit for
import / inland LC (DP/DA) (15.000 ) millions |
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Corporate
identity number (CIN) Foreign company registration number |
L51909HR1988PLC032878 |
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Name of the
Company |
EEL INDIA LIMITED |
|
Address |
402, Udyog Vihar Phase – III, Dundahera, Gurgaon – 122016, Haryana |
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This form is for |
Creation of Charges |
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Type of Charge |
immovable share
capital |
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Particulars of
the charge holder |
Corporation Bank Greater Kailash –
2 Branch, Greater Kailash New Delhi E-Mail: selvamkalai@sify.com |
|
Amount secured by
the charge |
Rs.577.000
millions |
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Brief of the
principal terms and conditions |
Rate of Interest: interest as per
loan agreement and bank norms Terms of
Repayment Repayment as per
bank norms Margin Margin as per
bank norms |
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Description of
the property charged indicating |
Memorandum of
deposit of title deeds by a company |
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Date of
Instrument creating / modifying the charge |
15.09.2007 |
As Per Wed Details Attached
Company Profile:
Subject, New Delhi was established
in the year 1988 and is dedicated to serve Cement, Chemical, Petrochemical,
Fertilizer, Sugar and Rice Industry. It is a Public Limited Company & a
leading turn-key manufacturer of Bag Packing (Roto Packers 3 to 16 Spouts) & Bag
Loading Systems, Silo feeding and extraction system, Belt and Chain type Bucket
elevators, Bulk loading systems and other Material handling equipments for
Cement, Chemical, Fertilizer, Sugar and other Industries. Some of the
above equipment have been developed in Technical
collaboration with leading machinery manufacturers of Europe. The technology so received has
been further improved by in-house Research & Developed to achieve better
performance of equipment. SUBJECT has
so far supplied 450 Roto Packers, 800 Truck & Wagon Loading Machines, which
speaks about its achievements in a span of just 18 Years of its coming into
existence.
Subject has also supplied several Raw Meal Blending & Cement Extraction Silos,
Big Bag Machines 1 to 4 loop, Roto Big bag Machines, Stationary &
Travelling Bulk Loading chutes, Paddle Mixers, Air Packers for Ready Mix.
Subject has big list of export
references of Bag Packing Lines to the Cement Industries in Kuwait, Iran, Syria,
Tunisia, South Africa, Zambia, Uganda, Mozambique, Sudan, Bolivia & other
Countries of World. The Bag Packing Lines consist of Roto-Packers, Screens, Bag
Placer, Check-Weigher, Bag Rejecting & Bag Destroyer units, Truck &
Wagon Loaders. Subject’s Client List includes ACC-Holcim, Lafarge (India),
Lafarge (South Africa), Ital Cementi (India), Heidelberg (India), Thyssen Krupp
for its Supplies to Clients for Africa, Grasim Industries, Ultra Tech, Gujarat
Ambuja, Madras Cement, India Cement, Dalmia Cement, Kesoram Cement.
Subject has
exported Bag Packing & Loading Plants alongwith Silo auxilary equipments
& Bulk Loading Chutes on Turnkey basis including supply of equipment,
Electrification, Fire Protection, Air conditioning, Instrumentation &
including supervision of erection & Commissioning of equipment
supplied.
The manufacturing
facilities today available at its Gurgaon plant which is located at a distance
of 10km from Delhi International Airport, consists of 10,000 sq. mts. covered area
under 6 bays with several 5 T, 7.5 T, 10 T, 12.5 T capacity cranes.
Subject employs approx 300 people. SUBJECT
is further constructing a new Factory on an area of 9300 sq meters to augment
its manufacturing capacities.
Subject markets
it's machinery Worldwide & has sales agents in many countries of the World.
The company also has a regional office in Mumbai-India. Please see below
Subject’s Supplies Worldwide.
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 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.39.34 |
|
UK Pound |
1 |
Rs.80.72 |
|
Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YE |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|