%20PRIVATE%20LIMITED%20-%20INVERTO%20AG%2005-Sep-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
ESS ENN AUTO (CNC) PRIVATE LIMITED |
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Formerly Known As : |
AUTO COMBINE ENGINEERS PRIVATE LIMITED |
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Registered Office : |
43 / D, 1st R Block, Rajaji Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.03.1981 |
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Com. Reg. No.: |
4157 |
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CIN No.: [Company
Identification No.] |
U32109KA1981PTC004157 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE04071E |
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PAN No.: [Permanent
Account No.] |
AABCE3813B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of
Precision Machined Products and Components. |
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 |
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Maximum Credit Limit : |
USD 15832 |
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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 reported company having satisfactory
track records. 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
|
Registered Office : |
43 / D, 1st R Block, Rajaji Nagar, |
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Tel. No.: |
91-80-3226272 |
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Mobile No.: |
91-9845069882 |
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Fax No.: |
91-80-41288272 |
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E-Mail : |
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Corporate Office : |
82, 2nd Main, 2nd Block, 3rd Stage,
Behind KEB Office, Basaceshwara Nagar, |
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Tel. No.: |
91-80-23226272 |
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Fax No.: |
91-80-41288272 |
DIRECTORS
|
Name : |
Mr. Hosmane Srihari Anand |
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Designation : |
Director |
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Address : |
43 / D. I R Block, Rajaj Nagar, |
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Date of Birth/Age : |
24.04.1940 |
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Date of Appointment : |
25.03.1981 |
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Name : |
Mrs. Hosmane Srihari Ratnamala |
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Designation : |
Director |
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Address : |
43 / D. I R Block, Rajaj Nagar, |
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Date of Birth/Age : |
16.02.1949 |
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Date of Appointment : |
20.08.1985 |
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Name : |
Mr. Manohar D Naik |
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Designation : |
Director |
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Name : |
Mr. S K Pai |
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Designation : |
Director |
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Name : |
Mr. Subodh Sangar |
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Designation : |
Director |
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Name : |
Mr. C K Mohan Rao |
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Designation : |
Director |
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Name : |
Mr. H D Srihari |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Vandana Lohia |
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Designation : |
Company Secretary |
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Address : |
No. 105 / 15, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Hosmane Srihari Anand |
|
100 |
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Mrs. Hosmane Srihari Ratnamala |
|
300 |
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Mr. H D Srihari |
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23367 |
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Total |
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23767 |
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Equity share breakup (percentage of total equity)
|
S. No. |
Category |
Percentage |
|
1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Precision Machined Products and Components. |
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Products : |
Ø
Core Machine Components Ø
Precision Auto turned Components |
GENERAL INFORMATION
|
Suppliers : |
Ø Beereshwara Automats Ø Bhansali Bright Bars Private Limited Ø Dhanesh Sales Corporation Ø Distinct Productivity Solutions Ø
G W Precision Tools ( Ø Hydropower Engg System Ø Magod Laser Machining Private Limited Ø Manjushree Technologies Ø
Manish Metal Ø Shiv Shakti Enterprises Ø Shankara Pipes India Private Limited |
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Customers : |
Ø AMP Rose Private Limited Ø Motor Industries Company Limited Ø Quality Engg And Software Technologies Private Limited Ø SAS Engineering Group Ø Rollon Hydraulics Private Limited Ø Trelawney Surface Preparation Technology Ø Uniglass Industries Private Limited Ø
Trelawny Surface Preparation Technology Ø
SAS Engg Ø Rollon Hydraulics (Hydraulic Parts ) |
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Bankers : |
State
Bank of Industrial
Estate Branch, Rajajinagar, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K V Shenoy and Company Chartered Accountants |
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Address : |
No. 57, First Floor, 7th Cross, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity shares |
Rs. 100/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23767 |
Equity shares |
Rs. 100/-
each |
Rs. 2.377
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
2.377 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1.581 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
(0.144) |
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NETWORTH |
|
3.958 |
(0.044) |
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|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
|
5.203 |
0.000 |
|
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2] Unsecured Loans |
|
2.245 |
0.066 |
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TOTAL BORROWING |
|
7.448 |
0.066 |
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DEFERRED TAX LIABILITIES |
|
0.033 |
0.000 |
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TOTAL |
|
11.439 |
0.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
7.407 |
0.000 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
1.547 |
0.000 |
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Sundry Debtors |
|
5.735 |
0.000 |
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Cash & Bank Balances |
|
0.577 |
0.020 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
2.544 |
0.001 |
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Total
Current Assets |
|
10.403 |
0.021 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
5.404 |
0.000 |
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Provisions |
|
0.967 |
0.000 |
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Total
Current Liabilities |
|
6.371 |
0.000 |
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Net Current Assets |
|
4.032 |
0.021 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.001 |
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TOTAL |
|
11.439 |
0.022 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
24.318 |
0.000 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
24.318 |
0.000 |
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Profit/(Loss) Before Tax |
|
2.724 |
(0.047) |
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Provision for Taxation |
|
0.999 |
0.000 |
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Profit/(Loss) After Tax |
|
1.725 |
(0.047) |
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Earnings in Foreign Currency : |
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Total Earnings |
|
15.829 |
0.000 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
|
21.594 |
0.047 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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21.594 |
0.047 |
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%20PRIVATE%20LIMITED%20-%20INVERTO%20AG%2005-Sep-2007_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20INVERTO%20AG%2005-Sep-2007_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
7.09 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
11.20 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.29 |
(223.80) |
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Return on Investment (ROI) (PBT/Networth) |
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0.68 |
1.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
3.49 |
(1.5) |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.63 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of the company |
U32109KA1981PTC004157 |
|
Name of the company |
ESS ENN AUTO (CNC) PRIVATE LIMITED |
|
Address |
43 / D, 1st R Block, Rajaji
Nagar, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Book debts, Movable property (not being pledge), Floating Charges |
|
Particular of the charge holder |
State
Bank of Industrial
Estate Branch, Rajajinagar, |
|
Nature or description of the instrument creating charge |
Supplemental agreement of loan cum Hypothecation SME – 4 and Link Letter – SME 12 (Both the above pertain to the same charge) |
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Date of the instrument creating charge |
26.06.2007 |
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Amount Secure by the charge |
Rs. 30.900 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest: Rate:WCL – at 1% above SBAR 12.75% with a minimum of 13.75% p.a. rising or falling therewith, on daily precuts with monthly rests. Pre. Eff. Rate 13.75% p. a. TL (III) – at 1.50% above SBAR 12.75% with a minimum of 14.25% p. a. rising or falling therewith on daily precuts with monthly rests. Pre. Eff. Rate 14.25% p. a. penal int. for non compliance of terms of sanction max 2% p. a. over the normal rate. Wherever expedient, intt. Rate is directly linked to CRA of the Borrower b) Terms of Repayment: Working capital facility repayable on demand Term Loan (III): in 78 Instalments 1) 72 Installments of Rs. 0.100 million each 2) 6 Installments of Rs. 0.200 million each Start from October, 2007 c) Margin: Raw Materials – semifinished goods / finished goods – 25% Term Loan – 30% LC/BG – 25% d) Extent and operation of the charge: Exclusive first charge on the assets of the company and to the full extent e) Others: Cash credit – hypothecation of stocks and receivables) Rs. 8.500 millions Term Loan (I) – Rs. 0.700 million (sanctioned limit Rs. 2.000 millions Term Loan (II) – Rs. 1.100 millions (sanctioned limit Rs. 6.000 millions) Term Loan (III) – Rs. 8.400 Millions Letter of Credit – Rs. 11.200 millions Bank Guarantee - Rs. 1.000 million total Limit – Rs. 30.900 millions |
|
Particulars of the Property charged |
Hypothecation of present and future all of the borrower’s stocks of raw materials, semi finished and finished goods, book debts, bills , claims, receivables, outstanding, plant and machineries, other movable assets etc. wherever situated, held or stored or in transit or in the custody of any third party. |
As per website
details:
About Them
Subject was established in the
year 1975. They are the unmatched manufacturer and exporter of Core Machine Components and Precision Auto
turned Components. They aspire for total customer satisfaction by serving
their prestigious client with optimum quality products at most reasonable
prices. With the voluminous experience of the industry, they have accustomed
the needs, trends and wants of their clients. All their quality products are
sourced from the finest raw materials ensuring flawless manufacturing of the
products. They strive to establish a mutually beneficial and long lasting
relationship with their clients by fulfilling the requirements within the
requested time. They believe in continuous innovation and constantly invest in
the technological up-gradation to meet the demands of ever changing global
market
Their Products
They constantly enhance and improve upon their product range to serve their
esteemed clients with the best products. They offer range of superior quality Core Machine Components and Precision Auto
turned Components at most reasonable rates. Their products find there
application in Automobile, Earth moving
parts, Aircraft components, Components for atomic energy establishments, Hydraulic
components, Components for Pneumatic tools and Tools for communication and
electronic industry.
Their Quality
They never compromise on the quality and this has help them to win the trust, confidence,
support of their worldwide client base. They follow stringent quality measures
to ensure flawless production of world class products. Their team of highly
qualified quality analyst check each and every stage of manufacturing, starting
from procurement of raw material to the dispatch of finished product to the
market. All their quality procedures are in accordance with the national and
international quality standards. Quality products, reasonable price and prompt
delivery has further established them as the unmatched manufacturer and
exporter of Core Machine Components and
Precision Auto turned Components.
Their Infrastructure
They are empowered with sound infrastructure coupled with innovative and cutting edge technologies. Their state of the art manufacturing unit is complacent with hi-tech and most modern machineries which remain under the observation of the technocrats. Their range of machineries include:
Ø
Two
MAZAK Turning Centers
Ø
One
DAEWOO Turning Centers
Ø
Two LMW
Turning Centers
Ø
Fourteen
Single spindle Automate
Ø
Supporting
machinery
They are headed by technocrats, business oriented professionals and quality conscious management who work with utmost dedication ensuring that only the superlative quality product reach the customers.
Their Patrons
For last three decades, they are serving their customers with optimum quality
products at most reasonable rates, this has helped them to achieve maximum
degree of customer satisfaction.
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.40.91 |
|
|
1 |
Rs.82.57 |
|
Euro |
1 |
Rs.55.72 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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. |
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 |
|