MIRA
INFORM REPORT
|
Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SCORPIO ENGINEERING PRIVATE LIMITED |
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Registered Office : |
No. 132, Wheeler Road, Cox Town, Bangalore –560 005, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.10.1986 |
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Com. Reg. No.: |
08-007827 |
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CIN No.: [Company
Identification No.] |
U40106KA1986PTC007827 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS14741G |
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PAN No.: [Permanent
Account No.] |
AABCS8783N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Bulk Material Handling Systems and
Equipments. |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
While approaching Mr. Prabhu, President of the company, he remained
non – co-operative and wants to know inquirer’s name. Subject is a well – established company having satisfactory track
records. Trade relations are fair. Financial position is satisfactory.
Payments are correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
No. 132, Wheeler Road, Cox Town, Bangalore –560 005, Karnataka, India |
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Tel. No.: |
91-80-25487578 |
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Fax No.: |
91-80-25485119 |
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E-Mail : |
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Website : |
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Head Office : |
Scorpio House, 132, Wheeler
Road, Cox Town, Bangalore 560 005, Karnataka, India |
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Tel. No.: |
91-80-25487578 / 25484508 / 25484733 |
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Fax No.: |
91-80-25485119 |
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E-Mail : |
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Website : |
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Middle East Operations : |
P.O.Box. 42543, Sharjah, United Arab Emirates |
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Tel. No.: |
+ 971 6526 0462 |
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Fax No.: |
+ 971 6526 0463 |
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E-Mail : |
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North American Operations : |
Lambton Conveyor Ltd, 1000 N West Street,Suite 1200, Wilmington, Delaware-19801, United States |
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Tel. No.: |
+ 1 732 4295949 (Mr.Jaydip Bhatt) |
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Marketing
Offices : |
Located at :- · Delhi · Kolkata · Vadodara · Chennai |
DIRECTORS
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Name : |
Mr. Balan Velan |
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Designation : |
Director |
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Address : |
133 Wheeler Road,
Cox Town, Bangalore – 560 005, Karnataka, India |
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Date of Birth/Age : |
02.11.1948 |
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Date of Appointment : |
07.10.1986 |
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Profile : |
He is a well known bulk material handling professional, oversees overall company operation and has more than 30 years experience in all areas of dry bulk handling. |
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Name : |
Ms. Meera Velan |
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Designation : |
Director |
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Address : |
133 Wheeler Road,
Cox Town, Bangalore – 560 005, Karnataka, India |
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Date of Birth/Age : |
09.08.1951 |
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Date of Appointment : |
07.10.1986 |
KEY EXECUTIVES
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Name : |
Mr. P. Jacob |
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Designation : |
General Manager Middle
East Operations |
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Mobile No.: |
+ 971 50395 0536 / 99801 62539 |
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Name : |
Mr. R. Swaminathan |
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Designation : |
Manager Middle East Operations |
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Mobile No.: |
+ 971 50481 9742 |
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Name : |
Mr. R. Murlinathan |
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Designation : |
Chief executive |
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Address : |
91-99801 62436 |
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Name : |
Mr. M.G. Ashok |
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Designation : |
Manager Marketing |
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Address : |
91-9845610267 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Balan Velan |
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16630 |
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Ms. Meera Velan |
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5755 |
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Ms. Krithika |
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1000 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Material Handling Systems and
Equipments. |
GENERAL
INFORMATION
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Customers : |
Food and Pharmaceuticals · Cadbury India Limited · Haldiram Foods Limited. · Cavinkare Private Limited. · Brooke Bond India Limited · Banner Pharma Caps · Biocon India Limited Paints and Pigments · ICI India Limited. · Asian Paints India Limited. · Heubach Colour Limited. · Vanavil Dyes and Chem. Limited. Chemicals · Micro Inks Limited. · Hindustan Inks and Resins Limited. · Lubrizol India Limited. · Reckitt Benckiser (I) Limited. · Indian Rayon Ind. Limited · Oriental Carbon and Chemicals Limited. Paper and Newsprint · Tamil Nadu Newsprint and Papers Limited. Soaps and Detergents · Hindustan Lever Limited. · Godrej Soaps Limited. · Colgate-Palmolive (I) Limited · ITC Limited. · Mazzindia Private Limited. · Thai Polyphosphates Limited. Cement and Fly ash · Ceylon Ambuja Cement Limited. · Larsen and Toubro Limited. · NCL Industries Limited. · Roofit Industries Limited. · Som Datt Builders Limited. · Crown Cement Limited., Bangladesh · New Sahyadri Industries Limited. · Swastik Roofing Limited. · Sanghi Industries Limited. · Heidelberg Cement Bangladesh Limited. · Orissa Cement Limited. · JK Lakshmi Cement. · Dalmia cements Minierals and Metals · Indian Rare Earths · English Indian Clays · Gypcrete Building India (Private) Limited. · Murudeshwara Ceramics · Binani Zinc Limited. Ports · Monash Limited., Egypt · Delta Group, Qatar · South West Port Limited., Goa Glass and Ceramics · Asahi India Glass Limited. · Binani Glass Fibre Limited. · Murugappa Morgan Thermal-Ceramics Limited. · Saint Gobain Glass India Limited. · U.P.Twiga Fibreglass Limited · Vetrotex Ind.( St. Gobain - Group India Private Limited. Petrochemicals · Haldia Petrochemical Limited · Jindal Polyester and Steel Limited · Pidilite Industries Limited · Pushpa Polymers (BASF) · Parasrampuria Synthetics Limited. · Bayer ABS Graphite · Hindustan Electro Graphite Limited. · Graphite India Limited Power · Agri Gold Projects Limited. · Balaji Bio-Mass Power Private Limited. |
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No. of Employees : |
150 |
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Bankers : |
Indian Overseas Bank, # 45, Wheeler Road, Cox Town, Bangalore – 560
005, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Financial Institutions : |
Karnataka
Financial Services Limited, No. 36, Nanjappa Road, Shantinagar, Bangalore –
560 027, Karnataka, India |
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Auditors : |
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Name : |
Mr. C V Surender Chartered Accountants |
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Address : |
101, Cover Road, Cox Town, Bangalore – 560 005, Karnataka, India |
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Joint Ventures : |
· Palamatic Handling Systems India Private Limited. · A and S Bulk Handling Private Limited. · Lambton Bulk Handling Inc. USA |
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Group Companies : |
·
Optimum Bulk Handling, a Consultancy Company in Bulk
Solids Handling. |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 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 |
5.000 |
2.339 |
2.339 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.336 |
20.266 |
11.241 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[1.780] |
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NETWORTH |
30.336 |
22.605 |
11.800 |
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LOAN FUNDS |
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1] Secured Loans |
44.041 |
29.090 |
27.274 |
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2] Unsecured Loans |
2.594 |
3.506 |
4.553 |
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TOTAL BORROWING |
46.635 |
32.596 |
31.827 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.116 |
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TOTAL |
76.971 |
55.201 |
43.743 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.200 |
29.511 |
19.231 |
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Capital work-in-progress |
3.149 |
10.503 |
3.451 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.170 |
0.221 |
0.003 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.027
|
24.499 |
18.232 |
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Sundry Debtors |
51.211
|
25.723 |
22.825 |
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Cash & Bank Balances |
14.870
|
11.375 |
6.065 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.248
|
6.119 |
2.282 |
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Total
Current Assets |
92.356
|
67.716 |
49.404 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
50.051
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48.307 |
28.973 |
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Provisions |
7.853
|
4.860 |
0.207 |
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Total
Current Liabilities |
57.904
|
53.167 |
29.180 |
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Net Current Assets |
34.452
|
14.549 |
20.224 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.417 |
0.834 |
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TOTAL |
76.971 |
55.201 |
43.743 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 (Estimated) |
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Sales Turnover |
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|
100.000 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.45
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3.79 |
5.17 |
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Current Ratio (Current Asset/Current Liability) |
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1.59
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1.27 |
1.69 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporate identity
number of the company |
U40106KA1986PLC007827 |
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Name of the
company |
SCORPIO
ENGINEERING LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 132, Wheeler Road, Cox Town, Bangalore –560 005, Karnataka, India |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable Property · Book Debts · Movable property · Others |
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Particular of
charge holder |
Indian Overseas
Bank, Address : Cox
Town Branch, # 45, Wheeler Road, Cox Town, Bangalore – 560 005, Karnatkaa,
India E-mail: ppswamy_49@hotmail.com |
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Nature of
instrument creating charge |
Letter of
hypothecation |
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Date of instrument
Creating the charge |
19.01.2007 |
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Amount secured by
the charge |
Rs. 78.700
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : As Applicable Terms of Repayment : On Demand Margin : As Applicable Extent and Operation of the charge : Hypothecation |
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Short Particulars
of the property charged |
First charge on
Raw Materials , WIP, Finished goods and consumables, First charge on Book Debts,
First charge on Rent receivables, First charge on Machineries lying at Sy.
No. 53 presents VP Katha 121 Lakkanahalli Village, Solur Hobli, Magadi Taluk,
and Bangalore Rural First charge on
commercial building at 132 Wheeler Road, Cox Town, Solur Hobli, Magadi Taluk, Bangalore Rural Dis. |
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Particulars of
the present modification |
Total limits
enhanced from Rs. 77.200 millions to Rs. 78.700 millions (CC 21.000
millions + LG 35.900 millions + Term Loan 6.800 millions + Term Loan 5.300
millions + Term Loan 2.200 millions + Term Loan 6.000 millions + Term
Loan 1.500 millions) All other Terms
and conditions including charge on all existing securities to continue for
the enhanced limits. |
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Name of the company |
SCORPIO ENGINEERING PRIVATE LIMITED |
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Presented By |
Mr. B Velan |
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1) Date and description of instrument creating the change |
20.10.1992 Hire purchase
agreement for Test rig facility dated 20.10.1992 for Plant and Machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.250 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 |
Test rig facility
(Being part of Plant and Machinery) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Finance amount
Rs. 0.250 million repayable together with finance charges of Rs. 0.116
million in 12 quarterly installments of Rs. 0.031 million per installments.
Except 1st installments amounting to Rs. 0.031 million. |
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5) Name and Address and description of the person entitled to the charge. |
M/S Karnataka
Financial Services Limited, No. 36, Nanjappa Road, Shantinagar, Bangalore – 560
027, Karnataka, India |
WEBSITE DETAILS:-
Established in 1983, Subject is an engineering and manufacturing Company specializing in bulk material handling systems and equipments. Subject began as a specialist pneumatic conveying company and still retains its technological expertise in dense and dilute phase pneumatic conveying. Over the years, the Company has grown to cover all aspects of dry bulk material handling for every industry handling bulk material in its manufacturing process. This covers almost every industrial segment and the company's experience has taken it to a leadership position in dry bulk material handling. Recent areas added to the Company’s business profile include dry bulk handling in ports and rivers, river terminals, pipe and long distance belt conveyors, stockyard stacking and reclaiming equipment. The Company is moving towards establishing itself as a single source supplier for all systems and equipments for bulk handling from mine pithead to final bulk product.
The Company is technically oriented and prides itself on the ability of its people to offer intelligent and cost effective application engineering solutions for bulk handling for all industries. Senior employees of the Company have more than 15 years of experience which translates to an invaluable wealth of knowledge, expertise and experience that will benefit customers. The Company operates from a modern, fully networked office in downtown Bangalore, one of India’s most popular cities. Marketing, Engineering, Services, Procurement and Administration functions are located in this office. A 5000sq m manufacturing facility on a 5-acre plot located an hour’s drive from Bangalore city complements and augments the core functions. The manufacturing unit is equipped with modern metal working machines with pressure vessel fabrication, equipment assembly, paint shop and other high quality metal working equipment. Sheet metal and fabrication equipment like press brakes, bending machines, shearing machines, lathes etc. complete the total facility needs.
The Company enjoys goodwill and an excellent reputation from some of the biggest Fortune 500 customers operating in India. Their representative customer list with repeat orders from many testifies the confidence and trust that their customers place on them.
Management
Since its inception more than 23 years ago Subject has been a professionally managed company with a clear distinction between ownership and management.
Over the years, the Company has earned a reputation for being customer focused, proactive and employee driven. All of Subject's employees are totally empowered and free to take their own decisions in any situation and act accordingly keeping customer needs and satisfaction in mind. This freedom has developed a group of excellent managers and responsible human beings which the Company is proud of employee satisfaction, welfare and continuous training are the key ingedients.
Senior Management today comprises of mechanical and electrical engineers with a management background who continuously motivate and develop middle and lower management teams.
The Management Team
of the company
· B.Velan, a well known bulk material handling professional, oversees overall company operation and has more than 30 years experience in all areas of dry bulk handling.
· R.Murlinathan, comes from a background of corporates in mechanical bulk material handling with over 25 years experience in marketing and application engineering. Murlinathan heads marketing, services and application engineering.
· Jacob.P, has more than 15 years experience and is looking after company's operation in Middle East and North African region.
· K.R.Prabhu, has more than 15 years experience and is looking after company's projects and operations.
· K.V.Lakshmi Shah, has more than 20 years experience and is looking after company's manufacturing activities.
· D.J. Somani, as more than 15 years of experience and is looking after companies operations in the western region
Partners
The Company has technical collaboration agreement / agencies with a number of reputed bulk handling organizations worldwide. Some of them are.
· Lambton conveyor Inc Canada for complete grain handling systems.
· FMC Technologies, Singapore for providing bulk material handling solutions in both mechanical and pneumatic.
· Fantuzzi Reggiane S.p.a of Italy for light -duty to heavy -duty Mobile Harbour Cranes.
Bulk Stock – Yard
Management Systems
· Stackers: Radial, slewing/ non slewing, travelling, single / twin hooker, mastless / masted
· Reclaimers: bridge scraper, side scraper, (slewing/ non slewing, wheel and bridge)
· Conventional/pipe conveyors
CMT REPORT
(Corruption, Money Laundering and 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. 42.54 |
|
UK Pound |
1 |
Rs.84.86 |
|
Euro |
1 |
Rs.66.95 |
SCORE and 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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial and 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 and 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 |
|