MIRA
INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ESSEM TECNOPINZ PRIVATE LIMITED |
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Registered Office : |
A – 22, Nice, MIDC, Satpur, Nashik – 422007, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.03.2000 |
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Com. Reg. No.: |
124957 |
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CIN No.: [Company
Identification No.] |
U36991MH2000PTC124957 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKE00592E |
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PAN No.: [Permanent
Account No.] |
AAACE6832F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of ballpoint Pen Tips |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2790560 |
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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 company having satisfactory track
records. Trade relations are fair. Financial position is good. Payments are
correct and as per commitments. The company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. S.R. Kulkarni |
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Designation : |
Accountant |
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Contact No.: |
91-9373900811 |
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Date : |
21.07.2008 |
LOCATIONS
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Registered Office : |
A – 22, Nice, MIDC, Satpur, Nashik – 422007, Maharashtra, India |
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Tel. No.: |
91-253-2350204 / 2362168 |
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E-Mail : |
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Area : |
4000 sq ft |
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Location : |
Owned |
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Factory : |
Plot No.: 26/1, MIDC, Satpur, Nashik - 422007, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Sandip Mahansaria |
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Designation : |
Director |
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Address : |
4/A, Ballugunj Circular Road, Culcutta – 700019, West Bengal, India |
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Date of Birth/Age : |
16.09.1962 |
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Qualification : |
MBA |
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Date of Appointment : |
15.03.2000 |
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Name : |
Mr. Punit Kumar Kishan |
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Designation : |
Director |
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Address : |
Desari Building, D/1/1, Bangur Avenue, Culcutta – 700055, West Bangal,
India |
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Date of Birth/Age : |
28.03.1971 |
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Qualification : |
Graduate |
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Date of Appointment : |
15.03.2000 |
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Name : |
Mr. Deepak Ramchand Vasandani |
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Designation : |
Director |
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Address : |
46, Palm Springs, Gangapur Road, Nashik |
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Date of Birth/Age : |
07.01.1957 |
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Qualification : |
Enggineer |
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Date of Appointment : |
15.03.2000 |
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Name : |
Mr. Amit Kumar Tibrewal |
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Designation : |
Director |
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Address : |
5,Suryaprakash apartment, Samartha Nagar, Nashik – 422005, Maharashtra |
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Date of Birth/Age : |
18.11.1974 |
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Qualification : |
Finance Controller |
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Date of Appointment : |
15.03.2000 |
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Name : |
Mrs. Vinita Mahansaria |
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Designation : |
Director |
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Address : |
4/A, Ballugunj Circular Road, Culcutta – 700019, West Bengal, India |
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Date of Birth/Age : |
23.08.1967 |
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Date of Appointment : |
15.03.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Sri. S.K. Mahansaria |
100 |
0.0027 |
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Sri. P.K. Keshan |
100 |
0.0027 |
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Sri. D.R. Vasandani |
100 |
0.0027 |
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Sri. Amit Kr. Tibrewal |
100 |
0.0027 |
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Smt. Vinita Mahansari |
100 |
0.0027 |
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Essem Tips Private Limited |
1539500 |
40.9441 |
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Micron Tips Private Limited (Cash) Micron Tips Private Limited (Kind) |
604470 505530 |
16.0763 13.4449 |
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Hi-Tech Export Private Limited |
700000 |
18.6170 |
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Eskaym Writing Aids Private Limited |
200000 |
5.3191 |
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Smt. R.D. Mahansaria |
200000 |
5.3191 |
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Sri. S.S. Mahansaria |
10000 |
0.2660 |
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Total |
3760000 |
100 |
AS ON 31.03.2007
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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 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of ballpoint Pen Tips |
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Products : |
Ball Pen Points |
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Exports : |
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Products : |
Ball Pen Points |
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Countries : |
China, Hong Kong, Russia, Korea. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Japan, China. |
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Terms : |
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Selling : |
L/C, Credit (15 Days) |
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Purchasing : |
Against Said Documents. |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
200 (In Office) |
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Bankers : |
The Thane Janta Sahakari Bank Limited, Nashik |
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Facilities : |
CC – Rs. 55.000 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Ashok S. Zawar and Company Chartered Accountant |
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Address : |
1st Floor, Sarda Sankul, M.G. Road, Nashik – 422001,
Maharashtra, India. |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 60.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5930500 |
Equity Shares |
Rs. 10/- Each |
Rs. 59.305 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 |
59.305 |
22.205 |
37.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
498.807 |
483.475 |
132.749 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
558.112 |
505.680 |
170.349 |
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LOAN FUNDS |
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1] Secured Loans |
371.792 |
317.322 |
75.304 |
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2] Unsecured Loans |
65.252 |
63.239 |
59.426 |
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TOTAL BORROWING |
437.044 |
380.561 |
134.730 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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CAPITAL SUSPENCE |
0.000 |
37.101 |
0.000 |
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TOTAL |
995.156 |
923.343 |
305.079 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
715.918 |
715.292 |
202.081 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
18.257 |
6.156 |
4.048 |
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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 |
136.628
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91.261 |
25.378 |
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Sundry Debtors |
121.654
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113.737 |
23.726 |
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Cash & Bank Balances |
7.269
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8.598 |
2.807 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
23.367
|
31.834 |
52.897 |
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Total
Current Assets |
288.918
|
245.430 |
104.808 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
25.937
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43.685 |
6.414 |
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Provisions |
2.000
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0.000 |
0.000 |
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Total
Current Liabilities |
27.937
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43.685 |
6.414 |
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Net Current Assets |
260.981
|
201.745 |
98.394 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.150 |
0.556 |
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TOTAL |
995.156 |
923.343 |
305.079 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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534.684 |
486.104 |
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Total Income |
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534.684 |
486.104 |
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Profit/(Loss) Before Tax |
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80.983 |
104.927 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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80.983 |
104.927 |
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Earnings in Foreign Currency : |
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Export Earnings |
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203.680 |
147.690 |
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Total Earnings |
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203.680 |
147.690 |
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Expenditures : |
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Interest |
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46.461 |
36.722 |
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Depreciation & Amortization |
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32.784 |
54.835 |
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Other Expenditure |
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374.456 |
289.620 |
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Total Expenditure |
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453.701 |
381.177 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
15.14
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21.58 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
15.14
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21.58 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.14
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21.58 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.21 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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0.05
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0.48 |
0.04 |
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Current Ratio (Current Asset/Current Liability) |
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10.34
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5.62 |
16.34 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References
- Today’s Pen
- Goodwill
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36991MH2000PTC124957 |
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Name of the
company |
ESSEM TECNOPINZ PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A – 22,Nice, Midc, Satpur, Nashik – 422007, Maharashtra, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
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Nature of description
of the instrument creating or modifying the charge |
Term Loan
Agreement |
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Date of
instrument Creating the charge |
22.01.2008 |
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Amount secured by
the charge |
Rs. 15.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
@12% P.A. at Monthly Rent (i.e. Bellow 1.5% P.A. bellow PLR) Terms of
Repayment Repayment in 36
EMI of Rs.0.498 Millions Margin As per bank Norm Extent and Operation
of the charge WCTL Loan of
Rs.15.000 Millions Against hypothecation of stock and book debts. Others |
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Short particulars
of the property charged |
Hypothecation of
stock and book debts. |
Form 8
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Name of the company |
ESSEM TECHNOPINZ PRIVATE LIMITED |
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Presented By |
ESSEM TECHNOPINZ PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Indenture of Mortgage dated 31.03.2004exacuted by
ESSEM TECHNOPINZ PRIVATE LIMITED (the company) in favour of SICOM limited
(SICOM) |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Term loan of Rs.37.500 millions (Rupees three Carod
Seventy Five Lack Only ) |
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3) Short particular of the property charged. If the property
acquired is subject to charge, date of the acquired of the property should be
given |
The Company a) Created first charge in favour of SICOM on the
plot of land bearing Plot No. A – 22,Nice, Midc, Satpur, Nashik Industrial Co
Operative Estate limited, Satpur, Nashik admeasuring about 4070 sq mtrs or
the about with all building and structure, Plant, Machineries, Electrical and
other installation thereon, both present and future. b) Assigned untoSICOM the goodwill of its business, uncalled capital and
all its license and registrations c) created a floating charge on all its other assests in favour of
SICOM |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
The Company i) agreed to repay the said term loan of Rs.37.500
Millions (Rupees three Carod Seventy Five Lack Only) by 21 quarterly
instalments commencing at the end of one year from the date of first
disbursement of the said term loan or any part thereof or as per the revise
revised schedule, if any, that may be fixed by SICOM. The first 09
instalments shall be of Rs.2.000 Millions each, the next 08 instalments shall
be of Rs.1.750 Millions each the next 03 instalment shall be of Rs.1.500
Millions each and the last instalment shall be of Rs.1.000 Millions ii) agreed to pay interest at SICOM’s reference rate
(which at present is 12.5% p.a.) payable by monthly rest with a PROVISO to
pay additional interest/ Compound interest as above in case of default in
payment of any instalment of principle sum or interest. iii) covenanted not to deal with or dispose of nor
create any encumbrances of any kind whatsoever on the mortgaged/ hypothecated
premises or any of it’s other assets, both present and future, during the
currency of the loan. |
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5) Name and Address and description of the person entitled
to the charge. |
SICOM LIMITED Nirmal, 1st Floor, Nariman Point, Mumbai
- 400021 |
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. 41.96 |
|
UK Pound |
1 |
Rs. 83.78 |
|
Euro |
1 |
Rs. 65.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--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 |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|