MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ICEM ENGINEERING COMPANY LIMITED |
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Registered Office : |
A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400
093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.08.1964 |
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Com. Reg. No.: |
11-12994 |
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CIN No.: [Company
Identification No.] |
U27200MH1964PLC012994 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI04976G |
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PAN No.: [Permanent
Account No.] |
AAAC16282M |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer of Dished Ends, Toricones, Flat bottom heads, Flanged and
Fluid Joints, Rolled Shells, Rolled Cones and Other Formed Products. |
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 860000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Satishs Agarwal |
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Designation : |
Accounts Manager |
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Date : |
06.12.2008 |
LOCATIONS
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Registered Office/Factory : |
A-201, Floral Deck Plaza, Central MIDC, Andheri (East), Mumbai – 400
093, Maharashtra, India |
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Tel. No.: |
91-22-30880032 |
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Fax No.: |
91-22-28217128 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vinod D Tibrewala |
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Designation : |
Director |
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Address : |
6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra,
India |
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Date of Birth/Age : |
05.03.1946 |
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Date of Appointment : |
17.06.1968 |
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Name : |
Mr. Vishal Vinod Tibrewala |
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Designation : |
Director |
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Address : |
6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra,
India |
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Date of Birth/Age : |
26.03.1972 |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mrs. Uma Vishal Tibrewala |
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Designation : |
Director |
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Address : |
6, Tibrewala House, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra,
India |
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Date of Birth/Age : |
22.04.1972 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Namdeo Kisan Pingle |
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Designation : |
Director |
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Address : |
2nd Floor, Devdaya Nagar Ch-Operative Housing Limited, Pokhran
Road No. 1, Thane – 400 059, Maharashtra, India |
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Date of Birth/Age : |
23.05.1970 |
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Date of Appointment : |
13.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
|
Names of Shareholders |
No. of Shares |
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Vinod D Tibrewala |
255710 |
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Vishal Vinod Tibrewala |
244200 |
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Uma Vinod Tibrewala |
15400 |
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Ramakant J Tibrewala |
900 |
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Shrikant J Tibrewala |
900 |
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Kanta R Tibrewala |
690 |
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Anju R Tibrewala |
200 |
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Narayan Kejariwala |
100 |
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Rajesh Kejariwala |
100 |
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Rohit Tibrewala |
100 |
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Radhkishan Tibrewala |
100 |
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Neeraj Tibrewala |
100 |
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Seema Tibrewala |
100 |
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Ratan Kumar Tibrewala |
100 |
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Rahul Tibrewala |
100 |
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Sheetal Tibrewala |
100 |
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Saroj Tibrewala |
100 |
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Kaushalya Tibrewala |
100 |
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Kaushalya and Premlata Tibrewala |
100 |
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Uma Vishal Tibrewala |
800 |
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Total |
520000 |
List of Allotment (As on 22.07.2008)
(As on 29.09.2007)
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Names of Allottees |
No. of Shares |
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Uma Vinod Tibrewala |
10000 |
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Vinod D Tibrewala |
10000 |
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Uma Vishal Tibrewala |
5000 |
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Uma Vishal Tibrewala |
14000 |
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Vishal Vinod Tibrewala (HUF) |
20000 |
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Total |
59000 |
Equity share breakup
(percentage of total equity)
(As on
30.09.2007)
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Category |
Percentage |
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Directors and relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Dished Ends, Toricones, Flat bottom heads, Flanged and
Fluid Joints, Rolled Shells, Rolled Cones and Other Formed Products. |
GENERAL
INFORMATION
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Bankers : |
The Thana Janata Sahakari Bank Tip Top Plaza, Wagle Estate, Thane – 400 604, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ramesh S Joshi and Company Chartered Accountants |
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Address : |
2 A/1, Asawari, J B Nager, Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-28310327 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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520000 |
Equity Shares |
Rs.10/- each |
Rs.5.200
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 |
5.200 |
5.200 |
5.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
166.878 |
1.956 |
1.615 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
172.078 |
7.156 |
6.815 |
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LOAN FUNDS |
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1] Secured Loans |
122.399 |
51.118 |
22.614 |
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2] Unsecured Loans |
4.137 |
2.988 |
3.168 |
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TOTAL BORROWING |
126.536 |
54.106 |
25.782 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
298.614 |
61.262 |
32.597 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
186.854 |
12.267 |
8.918 |
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Capital work-in-progress |
5.551 |
1.306 |
0.229 |
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INVESTMENT |
1.327 |
0.403 |
0.479 |
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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 |
14.581
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32.185 |
10.721 |
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Sundry Debtors |
21.196
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29.883 |
12.512 |
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Cash & Bank Balances |
61.609
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12.757 |
8.576 |
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Other Current Assets |
12.653
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3.379 |
4.105 |
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Loans & Advances |
31.603
|
15.974 |
6.432 |
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Total
Current Assets |
141.642
|
94.178 |
42.346 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
34.812
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46.398 |
19.051 |
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Provisions |
2.378
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0.924 |
0.754 |
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Total
Current Liabilities |
37.190
|
47.322 |
19.805 |
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Net Current Assets |
104.452
|
46.856 |
22.541 |
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MISCELLANEOUS EXPENSES |
0.430 |
0.430 |
0.430 |
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TOTAL |
298.614 |
61.262 |
32.597 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
210.047 |
95.559 |
98.478 |
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Other Income |
3.818 |
6.523 |
1.489 |
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Total Income |
213.865 |
102.082 |
99.967 |
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Profit/(Loss) Before Tax |
3.781 |
1.248 |
1.249 |
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Provision for Taxation |
1.794 |
0.744 |
0.300 |
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Profit/(Loss) After Tax |
1.987 |
0.504 |
0.949 |
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Expenditures : |
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Manufacturing Expenses |
41.407 |
21.445 |
15.714 |
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Administrative Expenses |
15.765 |
11.252 |
8.617 |
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Consumption of Materials |
120.864 |
63.660 |
61.044 |
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Selling Expenses |
9.488 |
5.914 |
4.794 |
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Increase/(Decrease) in Finished Goods |
8.500 |
(9.819) |
2.596 |
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Bad Debts and Adv to suppliers W/Off |
0.553 |
1.876 |
0.000 |
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Interest |
10.486 |
4.702 |
4.516 |
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Depreciation & Amortization |
3.021 |
1.804 |
1.437 |
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Total Expenditure |
210.084 |
100.834 |
98.718 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.93
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0.49 |
0.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.80
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1.31 |
1.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.15
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1.17 |
2.44 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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0.17 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.95
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14.17 |
6.69 |
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Current Ratio (Current Asset/Current Liability) |
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3.81
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1.99 |
2.14 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered office of the company has been shifted from 75-D,
Government Industrial Estate, Charkop, Kandivali (West), Mumbai – 400 067,
Maharashtra, India to the present address w.e.f. 01.04.2008
Details of
Remuneration
During the year the Company has not employed any person drawing a salary
of Rs.0.200 million p.m. if employed part of the year of Rs.2.400 millions p.a.
if employed for the full year.
Fixed Assets
·
Land
·
Flat
·
Office
·
Building
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Plant and Machinery
·
Dies
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Cranes
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Furniture and Fixtures
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Electric Installation
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Office Equipments
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Factory Equipments
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Motor Car
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Air Conditioner
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Water Cooler
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Refrigerator
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Pump Set
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Cycles
·
Computer and Software
Form No. 8
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Name of the company |
ICEM ENGINEERING COMPANY LIMITED |
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Presented By |
ICEM Engineering Company Limited |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement of Vehicle dated 28.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.397 million |
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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 |
Car No.
MH-OA-CJ-7392, Make Santro, Model XL, Engine no. 586543, Chasiss no. 669568,
Year of manufacture 2005. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable within
36 months from the date of disbursement, Interest @ 9%, Installment of
Rs.0.013 p.m. |
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5) Name and Address and description of the person entitled to the charge. |
The Thana Janata Sahakari Bank Tip Top Plaza, Wagle Estate, Thane – 400 604, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U27200MH1964PLC012994 |
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Name of the
company |
ICEM ENGINEERING COMPANY LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
75-D, Government Industrial Estate, Charkop, Kandivali (West), Mumbai
– 400 067, Maharashtra, India |
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This form is for |
Immovable
property |
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Type of charge |
The Thana Janata Sahakari Bank Tip Top Plaza, Wagle Estate, Thane – 400 604, Maharashtra, India |
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Particular of
charge holder |
Record of
Mortgage by Deposit of Title Deeds |
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Nature of instrument
creating charge |
21.01.2008 |
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Date of
instrument Creating the charge |
Rs.210.000
millions |
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Amount secured by
the charge |
·
Rate of
interest @ 11.00% p.a. ·
Terms of
repayment Up to Renewal i.e. 31.12.2007 ·
Margin 10% margin in F D R ·
Extent and
operation of the charge Rs.210.000 millions |
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Particulars of
the property charged |
Equitable
Mortgage by deposit of Title Deeds of and in respect of property, owned by
the company being all that piece and parcel of the land, admeasuring on or
about 4795 Sq. Yards equivalent to 4000922 Sq. Mtrs. bearing Suevey No. 93
(P), 94/1 and 3, situate at village Naupada, Tal and Dist. Thane, within the
local limits of the Thane Municipal Corporation. |
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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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 |
|