MIRA
INFORM REPORT
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Report Date : |
24.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
COGENT ENGINEERS PRIVATE LIMITED |
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Formerly Known As : |
LIPI ENGINEERING SERVICES PRIVATE LIMITED |
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Registered Office : |
Gat No. 823 / 824, Sanaswadi, Shirur, Pune – 412 208, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.08.1981 |
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Com. Reg. No.: |
11-24954 |
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CIN No.: [Company
Identification No.] |
U74140MH1981PTC024954 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEL00109E |
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PAN No.: [Permanent
Account No.] |
AAACC8498H |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Water Tube Boilers |
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 65000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Mr. Mahendra Jadhav of the company denied business and financial
details. Subject is a well – established and reputed company having satisfactory
track. Trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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LOCATIONS
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Registered Office / Factory: |
Gat No. 823 / 824, Sanaswadi, Shirur, Pune – 412 208, Maharashtra,
India |
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Tel. No.: |
91-2137- 252413 / 252416 |
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Fax No.: |
91-2137- 252401 |
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E-Mail : |
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Website : |
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Marketing Office : |
2nd Floor, Hermes Minor, Ramwadi, Pune-Nagar Road, Pune-411014,
Maharashtra,
India |
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Tel. No / Fax No.: |
91 - 20 – 26633221 / 26633907 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Suchinto Roy |
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Designation : |
Director cum Chairman |
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Address: |
Florina Estate A2 -202 Silver oak, Kalyaninagar Pune – 411 014,
Maharashtra, India |
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Date of Appointment : |
01.10.1996 |
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Name : |
Mrs. Malobika Roy |
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Designation : |
Director |
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Address : |
Florina Estate A2 -202 Silver oak, Kalyaninagar Pune – 411 014,
Maharashtra, India |
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Date of Appointment : |
27.02.1988 |
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Name : |
Mr. Supratik Roy |
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Designation : |
Director |
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Address : |
Florina Estate A2 -202 Silver oak, Kalyaninagar Pune – 411 014,
Maharashtra, India |
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Date of Appointment : |
10.07.2003 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (31.03.2007) |
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No. of Shares |
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Mr. Suchinto Roy |
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14180 |
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Mr. Malobika Roy |
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86800 |
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Dr. Lokendranath Banerjee |
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35600 |
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Mrs. Indira L Banerjee J/W Ms.
Subha Roy |
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35600 |
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Mr. Jayantkumar Chatterjee J/W Mr, Supratik Roy |
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1400 |
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Mrs. Gopa Chatterjee J/W Mr Supratik Roy |
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1900 |
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Mr. Karnaditya Negi |
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200 |
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Mr. Supratik Roy |
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2000 |
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Ms. Subha Roy |
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2200 |
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Mrs Jarna Dasgupta J/W Mr. Suchinto Roy |
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1300 |
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Mr. Suchnito Roy (HUF) |
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50000 |
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Mr. Supratik Roy J/W Mr. Suchinto Roy |
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2000 |
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Ms. Subha Roy J/W Mrs. Malobika Roy |
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2000 |
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Total
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235180 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
78.65 |
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2 |
Others |
21.35 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Water Tube Boilers |
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Products : |
· Water True Boilers · Energy Services Power Generation · Field Activity · Renovation and Modernisation |
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Terms : |
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Selling : |
Credit (30-60 Days) and contractual |
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Purchasing : |
Credit (30-60 Days) |
GENERAL
INFORMATION
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Customers : |
· Dhampur Sugar Mills Limited. · Ugar Sugar Works Limited. · Balrampur Chini Mills Limited. · Jeypore Sugar · J.K Group · IndoGulf Corporation Limited. · Kesar Enterprises Limited. · KBK Chem Engineering Private Limited. (Project Indo Distilleries Limited.) · Chattisgarh Electricity Company Limited. · Sonhira S.S.K. Limited. · DLF Industries · DSCL Sugar Limited. · Vijay Solvex Industries · Kunal Calcium Limited. · Shri Durga Electric Company · Narmada Sugar |
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No. of Employees : |
200 (10 in Office, 180 in Factory and 10 In branches) |
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Bankers : |
Union Bank of India Address: Agakhan Palace Branch Indira Park Co-Op Housing , Society
Limited, Plot No. 119 Nagar Road, Yerwada , Pune – 411 006, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Udyen Jain and Associates Chartered Accountants |
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Address : |
540, 5th Floor, D Wing, Clover Centre, 7 Moledina Road,
Pune – 411 001, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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235180 |
Equity Shares |
Rs. 10/- each |
Rs. 2.352
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.352 |
2.352 |
2.352 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.758 |
15.287 |
12.988 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.110 |
17.639 |
15.340 |
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LOAN FUNDS |
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1] Secured Loans |
23.384 |
15.219 |
7.314 |
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2] Unsecured Loans |
0.623 |
0.628 |
0.641 |
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TOTAL BORROWING |
24.007 |
15.847 |
7.955 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.117 |
33.486 |
23.295 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.230 |
6.416 |
5.925 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.182 |
0.268 |
0.261 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
28.845
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29.673 |
10.330 |
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Sundry Debtors |
30.718
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22.552 |
13.759 |
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Cash & Bank Balances |
10.222
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16.914 |
4.455 |
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Other Current Assets |
3.446
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3.056 |
0.638 |
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Loans & Advances |
2.027
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0.705 |
0.625 |
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Total
Current Assets |
75.258
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72.900 |
29.807 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
42.126
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45.105 |
12.291 |
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Provisions |
1.427
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0.993 |
0.407 |
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Total
Current Liabilities |
43.553
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46.098 |
12.698 |
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Net Current Assets |
31.705
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26.802 |
17.109 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.117 |
33.486 |
23.295 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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170.282 |
89.237 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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170.282 |
89.237 |
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Profit/(Loss) Before Tax |
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[0.938] |
2.858 |
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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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[0.938] |
2.858 |
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Export Value |
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42.183 |
16.567 |
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Expenditures : |
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Interest |
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1.723 |
0.914 |
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Depreciation & Amortization |
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1.047 |
0.709 |
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Other Expenditure |
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168.450 |
84.756 |
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Total Expenditure |
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171.220 |
86.379 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.55
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3.20 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.55
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3.20 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.12
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3.59 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.06
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0.16 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.19
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3.51 |
1.35 |
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Current Ratio (Current Asset/Current Liability) |
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1.73
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1.58 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
COGENT ENGINEERS PRIVATE LIMITED |
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Presented By |
Mr. Supratik roy
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of plant and Machinery dated 04.06.2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 2.500 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 |
The company
hereby hypothecates and charges to the bank all the tangible movable
machinery and plant of the borrower
together with accessories, spares tool and other movables, both present and
future, at the borrower, premises and godowns or wherever else the same may be purchased by the company
hereinafter during the continuance of this security. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Term Loan Rs. 2.500 millions Rate of Interest : 1.5% over the prevailing
prime lending rate of the bank with a minimum of 12.25% p.a with monthly
rests to be taken Monthly installments Rs. 0.055 Period 45 months starting from September
2004 |
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5) Name and
Address and description of the person entitled to the charge. |
Union Bank of India Address : Agakhan Palace branch , Pune |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
WEBSITE DETAILS:
The company is an ISO 9001- 2000 water tube boiler manufacturing company based in Pune India.
They have an in-house capability to carry out engineering, manufacturing, project execution, erection and commissioning of boilers.
Their client base includes sugar, paper, solvent extraction, calcium carbonate,
ethanol, alloy steel etc. Over 50 satisfied clients in India and Nepal use
their equipment to burn bagasse, mustard husk, rice husk, chicken litter,
biogas, coal and a variety of other fuel.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.95 |
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UK Pound |
1 |
Rs.79.46 |
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Euro |
1 |
Rs.63.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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