MIRA
INFORM REPORT
|
Report Date : |
07.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ENPRO INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
D 12/4, MIDC Chinchwad, Pune – 411 019, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.03.1999 |
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Com. Reg. No.: |
25-13421 |
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CIN No.: [Company
Identification No.] |
U74210PN1999PTC013421 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01528C |
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PAN No.: [Permanent
Account No.] |
AAACE6137H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Engineering Goods. |
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 340000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Ajit Kumar Nair |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9764999460 |
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Date : |
04.07.2008 |
LOCATIONS
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Registered Office / Factory : |
D 12/4, MIDC Chinchwad, Pune – 411 019, Maharashtra, India |
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Tel. No.: |
91-20-66113656 / 27478292 / 27472157 / 27459402 / 27481300 |
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Mobile No.: |
91-9764999460 |
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Fax No.: |
91-20-27470909 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. with Factory |
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Location : |
Owned |
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Head Office / Factory : |
A-17, H Block, MIDC Pimpri, Pune – 411 018, Maharashtra, India |
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Tel. No.: |
91-20-66113666 / 27472157 |
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Fax No.: |
91-20-27470909 |
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Area : |
18000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Srikrishna Bhargava Karkare |
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Designation : |
Director |
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Address : |
378 Sector, 24 PCNTDA, Tilak Road, Pradhikaran, Nigdi – 411 044, Pune,
Maharashtra, India |
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Date of Birth/Age : |
13.10.1959 |
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Date of Appointment : |
15.03.1999 |
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Name : |
Mrs. Alka Srikrishna Karkare |
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Designation : |
Director |
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Address : |
378 Sector, 24 PCNTDA, Tilak Road, Pradhikaran, Nigdi, Pune – 411 044,
Maharashtra, India |
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Date of Birth/Age : |
21.10.1959 |
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Date of Appointment : |
15.03.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Srikrishna Bhargava Karkare |
1068622 |
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Alka Srikrishna Karkare |
637523 |
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Siddha Srikrishna Karkare |
43478 |
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Anuj Srikrishna Karkare |
43477 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Engineering Goods. |
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Products : |
·
Lube Oil Systems ·
Fuel Handling Skids ·
Fuel Gas / Offshore Gas / Refinery Gas Handling
Systems ·
Chemical Injection Systems ·
Seal Gas Units ·
Water Wash Units ·
Air Processing Units ·
Code stamped Pressure Vessels & Heat exchangers |
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Exports : |
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Countries : |
·
USA ·
Germany ·
Switzerland ·
Japan ·
France ·
Italy ·
Uk ·
Holland |
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Imports : |
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Countries : |
·
UK ·
USA ·
Italy ·
Germany |
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Terms : |
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Selling : |
Cash and Credit – 30 days |
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Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
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Suppliers : |
·
Inovators – Pune ·
Bhagwati Filters Private Limited – Ahmedabad ·
Steels Strong Valves Private Limited – Mumbai |
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Customers : |
End Users ·
Ciemens – Mumbai ·
Alstom – Delhi ·
Shin Thermodynamic – Chennai ·
GE Power Systems, USA and Europe ·
Hitachi Industries, Japan ·
Peter Brotherhood, UK ·
ZEECO Inc, USA ·
Larsen and Toubro Limited |
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No. of Employees : |
200 |
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Bankers : |
Saraswat Co-Operative Bank Pimpri Branch, Pune – 411 018, Maharashtra, India The Saraswat Co-Operative Bank Limited Akurdi Branch, Pune – 411 044, Maharashtra, India State Bank of Saurashtra Gresham House, Sir P. M. Road, Fort, Mumbai – 400 001, Maharashtra,
India HDFC Bank Pimpri, Pune, Maharashtra, India |
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Facilities : |
Rs.460.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R M Rajapurkar and Company Chartered Accountants |
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Address : |
1-Regent Avenue, Sambhaji Chowk, Pradhikaran, Nigdi, Pune – 411 044,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4050000 |
Equity Shares |
Rs.10/- each |
Rs.40.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4034475 |
Equity Shares |
Rs.10/- each |
Rs.40.345
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
40.345 |
40.345 |
17.931 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.838 |
8.386 |
30.799 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
67.183 |
48.731 |
48.730 |
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LOAN FUNDS |
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1] Secured Loans |
92.806 |
42.206 |
51.299 |
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2] Unsecured Loans |
4.336 |
4.825 |
8.370 |
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TOTAL BORROWING |
97.142 |
47.031 |
59.669 |
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DEFERRED TAX LIABILITIES |
0.309 |
0.721 |
0.871 |
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TOTAL |
164.634 |
96.483 |
109.270 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.833 |
24.507 |
25.515 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
0.000 |
0.052 |
1.085 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
88.514
|
33.595 |
37.106 |
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Sundry Debtors |
88.975
|
27.874 |
61.491 |
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Cash & Bank Balances |
2.378
|
0.522 |
0.362 |
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Other Current Assets |
18.425
|
16.035 |
9.562 |
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Loans & Advances |
7.434
|
0.185 |
4.305 |
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Total
Current Assets |
205.726
|
78.211 |
112.826 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
56.656
|
4.759 |
28.746 |
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Provisions |
12.319
|
1.589 |
1.483 |
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Total
Current Liabilities |
68.975
|
6.348 |
30.229 |
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Net Current Assets |
136.751
|
71.863 |
82.597 |
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MISCELLANEOUS EXPENSES |
0.025 |
0.036 |
0.048 |
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TOTAL |
164.634 |
96.483 |
109.270 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
321.562 |
206.988 |
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Other Income |
|
1.441 |
1.289 |
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Total Income |
|
323.003 |
208.277 |
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Profit/(Loss) Before Tax |
|
25.943 |
7.010 |
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Provision for Taxation |
|
8.645 |
1.216 |
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Profit/(Loss) After Tax |
|
17.298 |
5.794 |
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Expenditures : |
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Material Costs |
|
189.913 |
117.991 |
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Employee Costs |
|
23.977 |
16.273 |
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Manufacturing Costs |
|
45.990 |
24.425 |
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Administration Costs, Selling and
Distribution Costs |
|
26.125 |
28.734 |
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Financial Charges |
|
8.115 |
11.246 |
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Depreciation & Amortization |
|
2.940 |
2.598 |
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Total Expenditure |
|
297.060 |
201.267 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.36
|
2.78 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
8.07
|
3.39 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.11
|
6.82 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
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0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.47
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1.10 |
1.84 |
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Current Ratio (Current Asset/Current Liability) |
|
2.98
|
12.32 |
3.73 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References :
· GE Power Systems, U.S.A
· Hitachi Limited, Japan
· Toyo Engineering Corporation, Japan
· Thomassen International B.V, Holland
· GE Energy Products, France
· Reliance Industries Limited, India
· ABB ABL Limited, India
· Thermax, Babcock & Wilcox Limited, India
· Larsen & Toubro Limited, India
· DLF Industries Limited, India
· Toyo Engineering India Limited, India
· Nuovo Pignone, Italy
· Shin Nippon Machinery Company Limited, Japan
· Tessag Edeleanu
· Air Liquide, Thailand
· Alstom Power Boilers Limited, India
· T.D. Power Systems, India
· Mitsui Babcock, India
· Anderson Greenwood Crosby, USA
· Heatshrink.com, USA
· MSC Industrial Supply, USA
· Intersource Management Group, USA
· GE Supply, USA
· ABL Sursum, Germany
· Charter Queen Limited, China
· ERDCO Engineering Corporation, USA
· Heatrex Incorporated, USA
· Penberthy Inc., USA
· Tobul Accumulators Inc., USA
· United Electric Controls Company
· Unipack Automation Private Limited, Singapore
· Lewa GmbH, Germany
· Endress Houser, Germany
· Magnetrol, U.K.
· Krohne Marshall, U.K.
· KSB Pumps Limited, India
· Crompton Greaves Limited, India
· Audco India Limited, India
· Tushaco Pumps, India
· Tyco Sanmar, India
· Switzer Instruments, India
· FCH Hydraulics, Bangalore, India
Form
No. 8
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Name of the company |
ENPRO INDUSTRIES PRIVATE LIMITED |
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Presented By |
ENPRO INDUSTRIES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Vehicle dated 13.08.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.275 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 |
Purchase of
Vehicle |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Payment in 59
instalments of Rs.0.005 million |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-Operative Bank Limited Pimpri Chinchwad Branch, Pimpri, Pune – 411 018, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporate
identity number of the company |
U74210PN1999PTC013421 |
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Name of the
company |
ENPRO INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
D 12/4, MIDC Chinchwad, Pune – 411 019, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
State Bank of Saurashtra Gresham House, Sir P. M. Road, Fort, Mumbai – 400 001, Maharashtra,
India |
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Nature of
instrument creating charge |
Memorandum of
Entry Creating Equitable Mortgage |
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Date of
instrument Creating the charge |
28.01.2008 |
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Amount secured by
the charge |
Rs.476.050
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
Interest As per sanction letter of the various banks ·
Terms of
repayment As per sanction letter of the various banks ·
Margin As per sanction letter of the various banks ·
Extent and
operation of the charge As per sanction letter of the various banks |
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Particulars of
the property charged |
All that piece or
parcel of land lying and situated within the registration district of sub
Registrar haveli and within the limit of Pune Municipal Corporation at
Village Chinchwad and MIDC Plot No 12/4, D-1 Block admn. About 910 sq. mtr.
and Plot No. A-17 H Block admeasuring about 1346aq. Mtrs. |
|
Particulars of
the present modification |
By present
memorandum of entry creating equitable mortgage dated 28.01.2008 Company has
agreed to create security of its immovable properties situated at Plot No
12/4, D-1 Block, Pimpri Industrial Area, MIDC, Chinchwad, and Plot No. A-17 H
Block, Pimpri Industrial Area, MIDC, Pimpri to cover the additional loan
facilities taken by the Company subject to maximum Rs.476.050 millions in the
aggregate. |
History
The company was originally established in 1988 at Pune in Maharashtra as
a Partnership concern.
Subsequently the company was incorporated on 15th March, 1999
at Pune in Maharashtra having Company
Registration Number 13421. Subject was promoted by the present directors, who
are husband and wife.
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 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.43.21 |
|
UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.67.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|