MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
DO ALL ENGINEERS PRIVATE LIMITED |
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Registered Office : |
W - 108 (A), MIDC, Ambad, Nashik – 422 010, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.09.1985 |
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Com. Reg. No.: |
11-037366 |
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CIN No.: [Company
Identification No.] |
U29198MH1985PTC037366 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Transformers and Torrodial Cores. |
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 41000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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. No complaints have been
heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Avinash Narke |
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Designation : |
Director |
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Date : |
09.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
W - 108 (A), MIDC, Ambad, Nashik – 422 010, Maharashtra, India |
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Tel. No.: |
91-253-2381894/ 2381891 |
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Fax No.: |
91-253-6601397 |
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E-Mail : |
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Area : |
5000 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Avinash V. Narke |
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Designation : |
Managing Director |
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Address : |
37, Ghantali Sahaniwas, Naupada, Thane – 400 602, Maharashtra, India |
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Date of Birth/Age : |
02.06.1943 |
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Qualification : |
B.E. |
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Date of Appointment : |
06.10.1990 |
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Name : |
Mr. Balkrishna K. Mahajan |
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Designation : |
Director |
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Address : |
Harita, Plot No.31, Sion East, Mumbai – 400 022, Maharashtra, India |
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Date of Birth/Age : |
03.12.1947 |
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Qualification : |
Mechanical Engineer |
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Date of Appointment : |
06.10.1990 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 27.09.2007
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Names of Shareholders |
No. of Shares |
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Avinash V. Narke |
1050 |
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Balkrishna K. Mahajan |
1050 |
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B.K. Mahajan (HUF) |
15 |
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Meena Mahajan |
15 |
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A.V. Narke (HUF) |
10 |
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Sadhana Narke |
10 |
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Vidhya Narke |
10 |
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Total |
2160 |
As on 30.03.2008
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Names of Allottees |
No. of Shares |
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Avinash V. Narke |
5250 |
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Balkrishna K. Mahajan |
5250 |
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B.K. Mahajan (HUF) |
75 |
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Meena Mahajan |
75 |
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A.V. Narke (HUF) |
50 |
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Sadhana Narke |
50 |
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Vidhya Narke |
50 |
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Total |
10800 |
As on 28.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Transformers and Torrodial Cores. |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
20 (contract workers – 7) |
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Bankers : |
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Facilities : |
Secured Loans :
. Unsecured Loans :
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
A.J. Kotwal and Company Chartered Accountants |
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Address : |
14, Rajebahadur Mansion, Ambalal Doshi Marg, Fort, Mumbai – 400 023,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000 |
Equity Shares |
Rs.100/- each |
Rs.0.300 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2160 |
Equity Shares |
Rs.100/-
each |
Rs.0.216
million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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100.000 |
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Expected Sales (2008-09): Rs.80.000 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 |
0.216 |
0.216 |
0.216 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.002 |
4.391 |
1.736 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.218 |
4.607 |
1.952 |
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LOAN FUNDS |
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1] Secured Loans |
7.643 |
2.572 |
3.559 |
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2] Unsecured Loans |
2.580 |
2.580 |
2.580 |
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TOTAL BORROWING |
10.223 |
5.152 |
6.139 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.441 |
9.759 |
8.091 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.467 |
3.198 |
1.732 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.071
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0.683 |
2.133 |
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Sundry Debtors |
22.068
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12.423 |
8.113 |
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Cash & Bank Balances |
1.028
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0.832 |
0.573 |
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Other Current Assets |
0.908
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0.825 |
0.887 |
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Loans & Advances |
0.943
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0.000 |
0.000 |
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Total
Current Assets |
29.018
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14.763 |
11.706 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.612
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8.138 |
5.041 |
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Provisions |
0.432
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0.064 |
0.306 |
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Total
Current Liabilities |
14.044
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8.202 |
5.347 |
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Net Current Assets |
14.974
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6.561 |
6.359 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.441 |
9.759 |
8.091 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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2.95
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2.90 |
5.88 |
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Current Ratio (Current Asset/Current Liability) |
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2.07
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1.80 |
2.19 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
DO ALL ENGINEERS PRIVATE LIMITED |
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Presented By |
Canara Bank, Satpur Branch, Nashik – 422 007 |
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1) Date and description of instrument creating the change |
Agreement re:
Advances against Book debts as prime security NF-450 dated 28.04.2000. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 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 |
Hypothecation of
book debts, outstanding moneys, receivables, claims, bills, which are now due
and owing or which may at any time hereafter during the continuance of this
security become due and owing to the Borrower in the course of its business
by any person, firm, company or by the Government, or any Local or Public
Body or Authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : 2.04%
p.a. above on going PLR with min. of 14.79% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Satpur Nashik Branch, Nashik – 422 007 |
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6) Date and brief description of instrument modifying the charge |
a) Supplemental
Agreement b) Link Letter in
respect of enhancement of credit facilities c) Promissory
Note. All the above
agreements are dated 20.05.2005 and executed for the creation of a single
modification. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge was created on 28.04.2000 for Rs.0.500 million. 1stly modified on
08.01.2003 for Rs.1.000 million. 2ndly modified on 22.12.2003 for Rs.2.000
millions and by giving an additional security way of deposit of title deeds
over the immovable properties. Now by present modification dated 20.05.2005
the overdraft/ book debts facilities increased from Rs.2.000 millions to Rs.2.500
millions. R.O.I.: 2% over
PLR rate with a minimum of 12.75% p.a. compounded quarterly. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90238359 |
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Corporate
identity number of the company |
U29198MH1985PTC037366 |
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Name of the
company |
DO ALL ENGINEERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
W - 108 (A), MIDC, Ambad, Nashik – 422 010, Maharashtra, India |
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Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge Goodwill Patent, license
under a patent Trademark |
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Particular of
charge holder |
Canara Bank, Satpur Branch, Trimak Road, Nashik – 422 007,
Maharashtra, India E-Mail: canbank@india.com |
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Nature of
description of the instrument creating or modifying the charge |
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Date of instrument
Creating the charge |
29.03.2008 |
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Amount secured by
the charge |
Rs.8.572 millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
@ BPLR+0.25%, present effective rate 13.00% Terms of
Repayment: Cash Credit on demand Existing Term
Loan as per original repayment schedule Margin: Inventory
25% Book Debts 50% Extent and
Operation of the charge: First charge in favour of Canara Bank, Satpur
Branch, Nashik |
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Short particulars
of the property charged |
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TRADE REFRENCES:
- Crompton
Greaves Limited (95% of Business is with them)
FIXED ASSETS:
- Factory Building
- Plant and Machinery
- Computer
- Motor Cycle
- Furniture and Fixture
- Weighing Machine
- Electrical Installation
- Maruti Car
- Motor Car – Honda Citi
- Office Equipment
- Scooter
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.49.12 |
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UK Pound |
1 |
Rs.72.59 |
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Euro |
1 |
Rs.63.52 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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48 |
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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