MIRA
INFORM REPORT
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Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELECTROPENUMATICS AND HYDRACULICS INDIA PRIVATE LIMITED |
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Registered Office : |
72, MIDC, Marol Industrial Area, Cross Road, C Off
Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.06.1983 |
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Com. Reg. No.: |
11-30253 |
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CIN No.: [Company
Identification No.] |
U28932MH1983PTC030253 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in as manufacturers, makers, assemblers and dealers
of Plant and Machines, Machine Tools, Industrial Equipments, Components,
Spare Parts and Accessories based on Pneumatic and Hydraulic technology. |
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 172944 |
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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. Enclosed is the last available financials as per Government Records.
Mrs. Lilavati Alwa, Accounts Officer denied to part March 2007 financials. |
LOCATIONS
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Registered Office : |
72, MIDC, Marol Industrial Area, Cross Road, C Off
Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra India |
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Tel. No.: |
91-22-28203490 |
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Fax No.: |
91-22-28363825 |
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E-Mail : |
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Website : |
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Head Office : |
Unit No. 230, 2nd Floor, 5/B Sanjay Building, Mittal Industrial
Estate, Andheri Kurla Road, Andheri (East), Mumbai 400 059, Maharashtra,
India |
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Tel. No.: |
91-22-28513490 / 40492525 |
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Fax No.: |
91-22-28513501 / 4049 2500 |
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E-Mail : |
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Websites: |
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Factory : |
Kharabe Wadi, Gat No. 2791 / 92, Chakan Talegaon Road,
Taluka Raiguru Nagar, Chakan – 410 501, Dist. Pune, Maharashtra, India |
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Tel. No.: |
91-2135-252907 / 471 / 194 |
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Fax No.: |
91-2135-252291 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Antony Rasquinha |
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Designation : |
Chairman |
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Address : |
Ash Ville, Gat No. 102, Vellage Rohkal, Rajgurunagar, Pune 410 501, Maharashtra, India |
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Date of Birth/Age : |
31.03.1940 |
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Date of Appointment : |
21.06.1983 |
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Name : |
Mr. Vishweshwar Reddy |
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Designation : |
Director |
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Address : |
51 B, Kalumal Estate, Opposite Juhu P. O., A.B. Nair Road, Juhu, Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
18.09.1939 |
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Date of Appointment : |
29.08.1983 |
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Name : |
Mr. Ashok Shetty |
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Designation : |
Director |
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Address : |
62, Bachitar Apartments, Churh Road, Marol, Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
17.06.1948 |
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Date of Appointment : |
01.05.1994 |
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Name : |
Ms. Molly Miranda |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mrs. Lilavati Alwa |
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Designation : |
Account Officer |
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Tel. No.: |
91-2135-252907 / 252471 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2006) |
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No. of Shares |
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Mr. Antony Rasquinha |
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280200 |
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Mr. Visheshwar R. Reddy |
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120110 |
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Ranga Securities Private Limited |
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10 |
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Mrs. Irene A. Rasquinha |
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40000 |
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Ms. Ingrid A Rasquinha |
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40000 |
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Mr. Pawan V. Reddy |
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59880 |
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Mr. Ashley S. Rasquinha |
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59720 |
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Mr. Prashant C. Shah |
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10 |
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Mr. Chandrakant Shah |
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10 |
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Mrs. Laxmi S. Shah |
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10 |
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Mr. Nitin S. Shah |
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10 |
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Mrs. Hansa N. Shah |
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10 |
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Mrs. Arti Nitin Shah |
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10 |
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Mrs. Neelam N. Patel |
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10 |
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Mr. Ashok Shetty |
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10 |
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Total |
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600000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2006):-
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
99.98 |
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2 |
Other top fifty (50) shareholders (other
than listed above) |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in as manufacturers, makers, assemblers and dealers of Plant and Machines, Machine Tools, Industrial Equipments, Components, Spare Parts and Accessories based on Pneumatic and Hydraulic technology. |
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Products : |
·
Special Purpose Machines ·
Special Purpose Machines NC ·
Honing Machines Hor ·
Honing Machines NC ·
Bending, Folding, Straightening or Flattening Machines (Including
Presses) NC ·
Presses NC ·
Parts and Accessories & Attachment for M/C Tools ·
Industrial Robots ·
Hydraulic Power Pack & Booster Pump ·
E.P. Jogger ·
Fluid Power Products ·
Hydraulic Presses ·
Compacting Presses ·
Special Purposes Machines ·
Robotics & Automation ·
Hydroforming Systems & Services ·
Control Electronics ·
Electrotek Treadmills. |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Vales |
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20976 |
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cylinders |
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7467 |
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Power Packs |
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128 |
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Tube Pipe Benders |
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40 |
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Hydraulic Press |
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28 |
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Honing Machines |
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3 |
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Industrial Robotic Systems |
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1 |
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Special Purpose Machinery |
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27 |
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EP Jogger Sport Goods |
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165 |
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Timer |
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60 |
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Booster Pump |
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19 |
GENERAL
INFORMATION
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No. of Employees : |
700 |
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Bankers : |
Saraswat Co-operative Bank Limited Marol Branch, Marol Maroshi Road, Andheri (East), Mumbai – 400 059 |
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Facilities : |
The company enjoy the Loan facility worth Rs.16.500 millions from its banker hypothecated against Movable Property |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s A. R. Shetty & Company Chartered Accountants |
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Address : |
Plot No. 112, Sion Kaoliwada Road Sion (East), Mumbai – 400 022, Maharashtra, India |
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Tel. No.: |
91-22-24077888 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity shares |
Rs. 10/- each |
Rs. 6.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity shares |
Rs. 10/- each |
Rs. 6.000 millions |
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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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.000 |
6.000 |
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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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44.829 |
12.008 |
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4] (Accumulated Losses) |
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(7.593) |
0.000 |
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NETWORTH |
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43.236 |
18.008 |
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LOAN FUNDS |
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1] Secured Loans |
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10.007 |
28.454 |
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2] Unsecured Loans |
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49.651 |
58.911 |
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TOTAL BORROWING |
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59.658 |
87.365 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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102.894 |
105.373 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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113.873 |
92.172 |
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Capital work-in-progress |
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0.000 |
5.968 |
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INVESTMENT |
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0.076 |
0.075 |
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DEFERREX TAX ASSETS |
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5.354 |
6.010 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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57.522 |
79.692 |
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Sundry Debtors |
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37.817 |
62.121 |
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Cash & Bank Balances |
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9.325 |
12.138 |
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Other Current Assets |
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0.000 |
0.102 |
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Loans & Advances |
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11.174 |
12.942 |
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Total
Current Assets |
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115.838 |
166.995 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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131.716 |
165.219 |
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Provisions |
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0.531 |
0.628 |
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Total
Current Liabilities |
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132.247 |
165.847 |
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Net Current Assets |
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(16.409) |
1.148 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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102.894 |
105.373 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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444.847 |
406.640 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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444.847 |
406.640 |
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Profit/(Loss) Before Tax |
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36.431 |
(3.359) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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36.431 |
(3.359) |
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Expenditures : |
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Interest |
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6.900 |
9.286 |
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Depreciation |
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8.635 |
6.645 |
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Other Expenses |
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392.880 |
394.069 |
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Total Expenditure |
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408.415 |
410.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
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8.19 |
(0.83) |
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Net Profit Margin (PBT/Sales) |
(%) |
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8.19 |
(0.83) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.86 |
(1.30) |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
(0.19) |
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Debt Equity Ratio (Total Liability/Networth) |
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4.43 |
14.06 |
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Current Ratio (Current Asset/Current Liability) |
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0.87 |
1.00 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 21st June 1983 at Mumbai in
Maharashtra having Company Registration Number 30253
More than 30 years of designing, manufacturing and servicing Machines
and Systems has earned Electropneumatics a well-established name in the metal
forming industry. There are currently more than 3000 installations in various
countries world wide. This itself is
proof of their strong commitment to building reliable quality products. Its customers have come to expect the most
technologically advanced products with practical designs that not only enhance
the performance of their equipment, but also reduce costs.
BUSINESS
The company has experienced design engineers, most modern manufacturing
methods and stringent quality control standards along with innovative
technologies guarantee the ELECTROPNEUMATICS quality.
Competence in Production and
Assembly
Its employs approximately 650 people working in two plants in Mumbai and
Chakan with more than 24000 m of land and 10000 m3 of built-up space. Several
ancillary units work exclusively for it providing component manufacturing
services. All necessary design, fabrication, machining, assembly and testing
facilities are available to produce the most complicated structures and
equipments.
The advantage of getting a complete system from a single source.
It was started in 1972 for the manufacturing of pneumatic control valves
by its acting Chairman and Managing Director, Mr. A. Rasquinha. From a team of five persons to its present
strength of 600, they have grown steadily, bringing in newer technologies,
improvements and innovations in its products over the years. They have supplied more than 3000 machines
with capacities up to 2500 tons, and have been a pioneer in introducing several
new technologies and machines for the first time in India.
The company’s policy and practice can be summarized as follows: -
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Willingness to recognise and accept challenges
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Always strive for improvement and perfection
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Contribute to customer satisfaction through quality products and
services
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Uphold the well-established company values of honesty and trust in
dealings with customers and employees
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Create a global identity for itself.
It unveils its newly developed 6 – Axes Robot
Its newly re-modelled and upgraded 6-axes robot has been designed to be
the “best in its class”. This robot
finds wide use in welding, plasma cutting, palletising and other handling
applications.
Its scope of supply included: -
¨
Conceptual designing
¨
Detailed design and engineering, including civil construction,
mechanical construction, electrical/electronics and hydraulics.
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Selection and incorporation of specialised equipment for training in
real-life scenario and monitoring such training through closed circuit TV and
other communication gadgets.
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Building/Manufacture as per navy standards under inspection of Indian
Register of Shipping and Indian Navy.
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Trials and testing.
It now introduces Mechanical Presses as an addition to its product
range. Some of its salient features
are:
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Robust structural straight-sided design
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Wide bed area
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8-point slide bearing
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2/4 – point slide loading
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Hydraulic overload safety
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Electrical and Electronic overload protection
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Electronic photo guard for operator’s safety
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Hydraulic die cushion for excellent blank holding control
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LCD panel with touch sensitive controls
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Manufactured to JIS standards
The items are being manufactured against specific orders from the
parties hence installed capacity as such cannot be specified.
Form 8 Particular for
creation or modification of charges
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Name of the company |
Electropenumatics And Hydraculics India Private Limited |
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Presented By |
Electropenumatics And Hydraculics India Private Limited and The
Saraswat Co. Op. Bank Limited, Marol Branch, Marol Maroshi Road, Andheri
(East), Mumbai 400 059, Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of movable property dated 07.01.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.000 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 |
All the stocks, tangible movable property etc. and more particularly as shown in the above referred agreement dated 07.01.1998 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Other terms and conditions as per the above referred agreements dated 07.01.1998 |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co. Op. Bank Limited, Marol Branch, Marol Maroshi Road, Andheri (East), Mumbai 400 059, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Deed of hypothecation for additional advances (Supplementary Deed) dated 22.08.2005 |
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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. |
Original charge was created for Rs. 3.000 millions on 07.01.1998. by this modification dated 22.08.2003, the charge has been further enhanced and increased from Rs. 3.000 millions to Rs. 12.000 million (increase by Rs. 9.000 millions) By this modification dated 14.06.2004, the charge has been further modified and increased from Rs. 12.000 to Rs. 15.000 millions (Increasing the limit by Rs. 3.000) making now total limit to Rs. 15.000 millions. Other terms and conditions as per the above referred deed dated 14.06.2004 |
FIXED ASSETS:
· Leasehold Land,
· Freehold Land,
· Factory Premises,
· Residential,
· Plant & Machinery,
· Furniture and Fixtures,
· Vehicles and
· Computers.
AS PER WEBSITE
DETAILS:
From design to turnkey manufacturing systems
More
than 30 years of designing, manufacturing and servicing machines and systems
has earned the company a well-established name in the metal forming industry.
There are currently more than 3000 installations in various countries
worldwide. This itself is proof of their strong commitment to building reliable
quality products. Their customers have come to expect the most technologically
advanced products with practical designs that not only enhance the performance
of their equipment, but also reduce costs.
Whether
a single press or a turnkey system, subject can offer complete solutions right
from concept to overall planning to successful execution. Experienced design
engineers, most modern manufacturing methods and stringent quality control
standards along with innovative technologies guarantee the subject quality.
A Tradition of Quality and
Commitment.
Subject
began by manufacturing pneumatic control valves and slowly graduated to more
sophisticated products. Its history has been charted by the development of a
number of new processes and products, many of which are first in India. Several
awards and recognitions have come along the way, which have only added to its
zeal to expand current boundaries and venture into newer horizons. Subject’
consistent investment in improvement of its existing core strengths and the
development of newer technologies for different market segments is opening the
doors to new possibilities in metal forming.
Fluid Power
Products
Subject provides
pneumatic and hydraulic solutions in terms of individual components or complete
control systems. The extensive range of fluid power products finds application
in steel mills, textile and packaging industry, general engineering, etc.
Hydraulic Presses
The core expertise
of subject is the manufacture of sturdy, reilable and efficient production
machines. These presses exhibit an impressively high level of performance and operating
profitability, and are optimised using a combination of innovative design and
manufacturing techniques. They can be used for sheet metal stamping and forming
operations, moulding of plastic, rubber, etc., tool spotting, fine blanking and
many more applications.
Compacting Presses
Subject compacting
presses are highly efficient and can product accurate consistent parts. They
can be used to produce parts for applications in the automotive, machine
and equipment engineering, cutting
tool, medical and electrical/electronics industries.
Honing Machines
Subject range of
hydraulic honing machines are designed to meet the critical specifications of
the honing process in a wide variety of honing applications. These precision
machines are accurate and reliable, and produce honed parts with consistent
levels of surface finish.
Tube Bending
Machines
Subject has been
in the field of manufacture of tube bending equipment for over 25 years. Their
machines can meet a variety of customer requirements from the small production
job shop to the high end user. They cater to the automobile and auto component
supplier industries, chemical and boiler plants, furniture industry, moulded
luggage manufacturers and suppliers of pre-formed tubes for hydroforming.
Special Purpose
Machines
Subject has earned
a reputation of being one of India's foremost special purpose machine
manufacturers. They have supplied a number of custom-built machines for almost
every industrial sector. Come to them with the requirement and they will work
out an optimum solution.
Robotics and Automation
Efficient and
flexible production of formed parts necessitates customised automation
equipment. Their handling systems, robots and custom automation solutions can
help become more productive - lower costs, improve operational efficiency,
increase repeatability and accuracy, minimise labour and much more. Subject can
offer automation to suit the requirements. They take the responsibility of
designing and integrating their sytem with the operation.
Hydroforming
Systems and Services
Subject makes
hydroforming presses and systems for high pressure tube fluid forming of parts
for the automotive industry, sanitary and
plumbing industry, etc. This manufacturing technology can bring in
tremendous multi-fold benefits to the user. They also offer their services for
volume production and supply of hydroformed parts.
Control
Electronics
High-technology
machines require high-technology controls. The R and D department at subject
works round the clock to keep pace with the latest in electronics technology.
The new generation PLC/CNC systems are tough, durable and are designed to
handle just about any application in the industry. Their control systems let
exploit the machines performance to the fullest. They also offer stand-alone
drive units for integration with machines of other manufacturers.
Electrotrek
Treadmills
For health
conscious enthusiasts, subject has its sophisticated feature-packed exercise
jogging machines. They are suitable for home and club use.
Structural Steel
Fabrication Equipment
Electropneumatics
specialises in making flexible, high performance marking, punching and cropping
machines for angles used in the construction of transmission and telephone
towers.
Component Manufacturing
The leader in
manufacture of metal forming machinery now offers its technical expertise and
services for production and supply of components
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.39.94 |
|
UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|