MIRA
INFORM REPORT
|
Report Date : |
02.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
YOGESHWAR ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
3/4, Ashok Society, Plot No. 40, behind Mohiniraj Building, Gangapur Road,
Nashik, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
29.08.1986 |
|
|
|
|
Com. Reg. No.: |
11-40779 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28920MH1986PTC040779 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKY00022B |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturing and Supply of Tungsten Carbide Powder, Mining
Tips Weal Parts, Cutting Tips, Heading and Forging Dies and Pallets, Tungsten
Copper Electrodes, Loose Slips and Slips and Slip Gauge Sets |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 60440 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track records. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered good
for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
3/4, Ashok Society, Plot No. 40, behind Mohiniraj Building, Gangapur
Road, Nashik, Maharashtra, India |
|
Tel. No.: |
91-253-2382830 |
|
Mobile No.: |
919820143331 / 9823018528 |
|
Fax No.: |
91-253-2381445 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office
: |
E-405 Kailash Industrial Complex, 90-D P Road, park Site
Vikroli [West] Mumbai – 400079, Maharashtra, India |
|
Tel. No.: |
91-22-25170665 / 20632116 |
|
Fax No.: |
91-22-25170665 |
|
|
|
|
Factory : |
W-150/A, MIDC, Ambad, Nashik -
422010, Maharashtra, India |
|
Tel. No.: |
91-253-2382830 / 2384232 / 2384601 |
|
Fax No.: |
91-253-2381445 / 2382830 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Yogesh Khushaldas Kanani |
|
Designation : |
Managing Director |
|
Address : |
3 & 4, Ashok Society, Plot No. 40, Kamal, Gangapur
Road, Nashik – 422 005, Maharashtra |
|
Date of Birth/Age : |
09.16.1950 |
|
Date of Appointment : |
29.08.1986 |
|
|
|
|
Name : |
Mrs. Bhavana Sunil Majethia |
|
Designation : |
Director |
|
Address : |
26, IIIrd Floor, 15 C Lohana Niwas, Shankar Beri Lane,
Chitra Bazar, Mumbai – 400 002, Maharashtra, India |
|
Date of Birth/Age : |
29.08.1961 |
|
Date of Appointment : |
29.08.1986 |
|
|
|
|
Name : |
Mr. Ramesh Khushaldas Kanani |
|
Designation : |
Director |
|
Address : |
3, Silver Cascade, Nasik Co-operative Housing Society, Mahatma
Nagar, Nashik – 422 007, Maharashtra, India |
|
Date of Birth/Age : |
26.03.1959 |
|
Date of Appointment : |
09.11.1987 |
|
|
|
|
Name : |
Mr. Kiran Khushaldas Kanani |
|
Designation : |
Director |
|
Address : |
38A, Savitri Sadan, Somar Peth, Poona, Maharashtra, India |
|
Date of Birth/Age : |
21.03.1956 |
|
Date of Appointment : |
09.11.1987 |
|
|
|
|
Name : |
Mr. Himanshu Yogesh Kanani |
|
Designation : |
Director |
|
Address : |
3 & 4, Ashok Society, Plot No. 40, Kamal, Gangapur
Road, Nashik, Maharashtra, India |
|
Date of Birth/Age : |
22.07.1979 |
|
Date of Appointment : |
01.06.1999 |
|
|
|
|
Name : |
Mr. Alok Yogesh Kanani |
|
Designation : |
Director |
|
Address : |
3 & 4, Ashok Society, Plot No. 40, Kamal, Gangapur
Road, Nashik, Maharashtra, India |
|
Date of Birth/Age : |
19.04.1977 |
|
Date of Appointment : |
25.03.2004 |
|
|
|
|
Name : |
Mrs. Sheetal Yogesh Kanani |
|
Designation : |
Director |
|
Address : |
Flat No. 07, Ashok A, Kamal Housing Society, Gangapur Road, Nashik –
422005, Maharashtra, India |
|
Date of Birth/Age : |
16.02.1956 |
|
Date of Appointment : |
23.05.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Yogesh Khushaldas Kanani |
|
1,607 |
|
Ms. Bhavana Sunil Majethia |
|
896 |
|
Mr. Ramesh Khushaldas Kanani |
|
400 |
|
Mr. Kiran Khushaldas Kanani |
|
310 |
|
Mr. Shital Yogesh Kanani |
|
624 |
|
Mr. Sunil Majethia |
|
400 |
|
Mr. Khushaldas Vitthaldas Kanani |
|
664 |
|
Mrs. Hansa Kiran Kanani |
|
50 |
|
Mrs. Neelaben Avinash Suchak |
|
1,000 |
|
Total
|
|
5,951 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Supply of Tungsten Carbide Powder, Mining
Tips Weal Parts, Cutting Tips, Heading and Forging Dies and Pallets, Tungsten
Copper Electrodes, Loose Slips and Slips and Slip Gauge Sets |
|
|
|
|
Products : |
Item Code No. : 8209.00 Production Description : Tungsten
Carbide Product ·
Wear Parts: Mechanical Seal Rings, Flats,
Rods, Blocks, Guides and Bushes, Pins, Nozzles ·
Mining Tool Inserts: Standard Buttons, Special
Buttons for R.R. Bits, Stone Auger Tips, Coal Augur Tips, D.S. Inserts, etc. ·
Cutting Tools and Inserts: Slitting Saws, Non
Standard Inserts, End Mills, Reamers ·
Heading and Wire Drawings (Metal Forming Tools) ·
Tungsten Copper Electrodes ·
Tungsten Metal and Carbide Powder ·
Slip Gauge Sets |
|
|
|
|
Brand Names : |
|
|
|
|
|
Exports : |
|
|
Products : |
T. C. Products |
|
Countries : |
·
Israel ·
UAE ·
Europe ·
Indonesia ·
Singapore ·
USA |
|
|
|
|
Imports : |
|
|
Products : |
T. C. Products |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (60 to 90 days) terms |
|
|
|
|
Purchasing : |
L/C or Credit (30 to 90 days) terms |
GENERAL
INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
|
|
|
|
|
No. of Employees : |
Around 25 |
|
|
|
|
Bankers : |
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S. K. Raja and Associates Chartered Accountants |
|
Address : |
01, Rajhans Complex, Behind Swimming Pool, Tilak Wadi, Nashik –
422002, Maharashtra, India |
|
Tel. No.: |
91-253-2572763 |
|
|
|
|
Memberships : |
Engineering Export Promotion Council (EEPC) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5951 |
Equity Shares |
Rs. 100/- each |
Rs. 0.595
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.595 |
0.595 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
14.515 |
12.710 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
15.110 |
13.305 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
7.959 |
6.875 |
|
|
2] Unsecured Loans |
|
2.465 |
2.731 |
|
|
TOTAL BORROWING |
|
10.424 |
9.606 |
|
|
DEFERRED TAX LIABILITIES |
|
0.184 |
0.206 |
|
|
|
|
|
|
|
|
TOTAL |
|
25.718 |
23.117 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
11.839 |
11.265 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.002 |
0.002 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2.873 |
1.282 |
|
|
Sundry Debtors |
|
15.206 |
14.347 |
|
|
Cash & Bank Balances |
|
0.198 |
0.123 |
|
|
Other Current Assets |
|
0.197 |
0.215 |
|
|
Loans & Advances |
|
1.120 |
0.830 |
|
Total
Current Assets |
|
19.594 |
16.797 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
5.625 |
4.796 |
|
|
Provisions |
|
0.092 |
0.151 |
|
Total
Current Liabilities |
|
5.717 |
4.947 |
|
|
Net Current Assets |
|
13.877 |
11.850 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
25.718 |
23.117 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
29.975 |
24.333 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
29.975 |
24.333 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
2.342 |
2.587 |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
2.342 |
2.587 |
|
|
|
|
|
|
Export Value |
|
N.A. |
N.A. |
|
|
|
|
|
|
Import Value |
|
N.A. |
N.A. |
|
|
|
|
|
|
Total Expenditure |
|
27.633 |
21.746 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
7.81 |
10.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.81 |
10.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.45 |
9.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.15 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.07 |
1.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.43 |
3.40 |
LOCAL AGENCY
FURTHER INFORMATION
The company is in trade terms with:-
·
Microtools Limited, Israel
·
Xiemen Golden, China
·
Alloy Company Limited
Fixed
Assets
·
Land
·
Factory Building
·
Furniture and Fixtures
·
Plant and Machinery
·
Electrical Installation
·
Instruments
·
Tools and Hardware
·
Laboratory Equipments
·
Vehicles
·
Two Wheelers
Bankers Charges
Report as per Registry
|
Name of the company |
YOGESHWAR
ENGINEERING PRIVATE LIMITED |
|
Presented By |
Director of the company |
|
1) Date and description of instrument creating the change |
Memorandum of
Record of Equitable Mortgage dated 02.08.1997 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
Millions |
|
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 |
Equitable
Mortgage of land and Factory building and other structures, fixtures,
fittings thereon laying at Plot No. W-150 A additional MIDC Ambad, District
Nashik being collaters for working capital facilities sanctioned. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Securing the
payment of all principal amounts, interest, penal interest, additional
interest, liquidated damages compensation, costs, and other outstanding
amounts whatsoever due to the Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Maharashtra,
Ambad Industrial Estate Branch, Nashik
|
|
6) Date and brief description of instrument modifying the charge |
Memorandum of
Entry dated 18.11.2000 |
|
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. |
Earlier charge of
Rs. 1.500 Millions is extended up to Rs. 2.000 Millions by making addition of
Rs. 0.500 Million All other terms
and conditions remained unchanged. |
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.39.60 |
|
UK Pound |
1 |
Rs.78.29 |
|
Euro |
1 |
Rs.58.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|