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MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ETS – ELEX (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
ETS INTERNATIONAL CONTROLS PRIVATE LIMITED |
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Registered Office : |
Plot A-97, Road No.18, Wagle Industrial Estate, Thane – 400604,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.03.2002 |
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Com. Reg. No.: |
135079 |
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CIN No.: [Company
Identification No.] |
U29299MH2002PTC135079 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01564D |
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PAN No.: [Permanent
Account No.] |
AAACE9995P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Environmental Technology
Systems |
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 |
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Maximum Credit Limit : |
USD 333256 |
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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 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 normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Plot A-97, Road No.18, Wagle Industrial Estate, Thane – 400604,
Maharashtra, India |
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Tel. No.: |
91-22-25812266/ 25806623/ 24 |
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Fax No.: |
91-22-25812733 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Kalyan Kumar Dasnag |
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Designation : |
Managing Director |
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Address : |
1-103 Garden Enclave, Near Vasant Vihar Pokhran Road 2, Thane (West),
Thane – 400601, Maharashtra, India |
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Date of Birth/Age : |
05.02.1954 |
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Date of Appointment : |
12.03.2002 |
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Name : |
Mr. Suresh Vasani |
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Designation : |
Director |
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Address : |
302 Rameshwar Neelkanth Valley, Ghatkopar East, Mumbai – 400077,
Maharashtra, India |
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Date of Birth/Age : |
10.07.1961 |
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Date of Appointment : |
06.03.2002 |
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Name : |
Mr. Walter Lechler |
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Designation : |
Director |
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Address : |
Ulmer Strabe 128 D-72555 Metzingen, Germany |
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Date of Birth/Age : |
12.12.1942 |
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Date of Appointment : |
26.08.2003 |
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Name : |
Mr. Ultrich Leibacher |
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Designation : |
Director |
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Address : |
Eschenstrasse 6 CH – 8603, Schwerzenbach, Switzerland |
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Date of Birth/Age : |
19.08.1949 |
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Date of Appointment : |
26.08.2003 |
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Name : |
Mr. Emmerich Bauer |
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Designation : |
Director |
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Address : |
Wolfacker Strabe 35 D-73529, Schwa Bischgmund, German |
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Date of Birth/Age : |
20.08.1950 |
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Date of Appointment : |
21.12.2004 |
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Name : |
Mr. Wilhelm Hipp |
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Designation : |
Director |
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Address : |
Bergstrass – 6 ¾ D-73733 Esslingen, German |
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Date of Birth/Age : |
26.12.1944 |
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Date of Appointment : |
26.08.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 12.08.2005)
|
Names of Shareholders |
|
No. of Shares |
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Mr. Suresh Vasani |
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1 |
|
Lechler (India) Private Limited |
|
1499998 |
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Mr. Dayanand Chavan |
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1 |
|
Elex-AG |
|
375000 |
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Total |
|
1875000 |
(As on 31.03.2007)
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Category |
|
Percentage |
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|
|
|
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Bodies Corporate (not mentioned above) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Environmental Technology
Systems |
GENERAL
INFORMATION
|
Bankers : |
· Bank of
Maharashtra SSI Branch, Wagle Industrial Estate, Thane – 400604, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh Bhupendra and Company Chartered Accountant |
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Address : |
69 KJ Trust Building First Floor, 34-A Khadak Street, Masjid Bunder,
Mumbai – 400009, Maharashtra, India |
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Holding Company : |
Lechler India Private Limited U29290MH1993PTC071587 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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1875000 |
Equity Shares |
Rs.10/- each |
Rs.18.750 Millions |
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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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|
|
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1] Share Capital |
18.750 |
18.750 |
18.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
64.564 |
38.458 |
18.058 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
83.314 |
57.208 |
36.808 |
|
|
LOAN FUNDS |
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|
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1] Secured Loans |
0.768 |
1.409 |
0.000 |
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2] Unsecured Loans |
0.000 |
10.000 |
10.000 |
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TOTAL BORROWING |
0.768 |
11.409 |
10.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.082 |
68.617 |
46.808 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.376 |
15.270 |
15.587 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
0.162
|
0.367 |
0.000 |
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|
Sundry Debtors |
89.999
|
35.804 |
31.975 |
|
|
Cash & Bank Balances |
27.635
|
47.142 |
26.726 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
44.899
|
27.341 |
14.140 |
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Total
Current Assets |
162.695
|
110.654 |
72.841 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
92.989
|
57.359 |
41.723 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
92.989
|
57.359 |
41.723 |
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Net Current Assets |
69.706
|
53.295 |
31.118 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.052 |
0.103 |
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TOTAL |
84.082 |
68.617 |
46.808 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
302.050 |
281.621 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
302.050 |
281.621 |
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Profit/(Loss) Before Tax |
|
40.845 |
32.554 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
40.845 |
32.554 |
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Expenditures : |
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Interests |
|
3.192 |
2.936 |
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Depreciation & Amortization |
|
12.091 |
8.968 |
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Other Expenditure |
|
245.922 |
237.163 |
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Total Expenditure |
|
261.205 |
249.067 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.52
|
11.56
|
NA
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Net Profit Margin (PBT/Sales) |
(%) |
13.52
|
11.56
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NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.07
|
25.85
|
NA
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Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.57
|
NA
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Debt Equity Ratio (Total Liability/Networth) |
|
1.12
|
1.20 |
1.40 |
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Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.93 |
1.74 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U29299MH2002PTC135079 |
|
Name of the
Company |
ETS – ELEX (INDIA) PRIVATE LIMITED |
|
Address |
Plot A-97, Road No.18, Wagle Industrial Estate, Thane – 400604,
Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Immovable
Property |
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Particulars of
the charge holder |
Bank of Maharashtra SSI Branch, Wagle Industrial Estate, Thane – 400604, Maharashtra,
India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
record of equitable mortgage |
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Date of the
instrument creating or modifying the charge |
13.08.2007 |
|
Amount secured by
the charge |
Rs.85.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Commission as may
be decided by the Bank from time to time Term of Repayment: As per Bank Rule Margin: Margin – 10% Extent and
operation of the charge: Charge is secured
on immovable property of the company in favour of the Bank. |
|
Short particulars
of the property charged (including location of the property) |
Bank guarantee
limit collaterally secured by equitable mortgage of all that piece or parcel
of land known as plot No A-97, in the Thane Industrial Area, within the
village limits of Panchpakhadi, Taluka and Registered sub-district Thane,
District and registered District Thane Containing by admeasuring 1107 sq.
mtrs along with the structure thereon more particular desceibed in 2nmd
schedule to the deed. |
|
Particular of the
present modification |
Addl security created
for bank guarantee limit by equitable mortgage of all that piece or parcel of
land known as plot No A-97, in the Thane Industrial Area, within the village
limits of Panchpakhadi, Taluka and Registered sub-district Thane, District
and registered District Thane Containing by admeasuring 1107 sq. mtrs along
with the structure thereon more particular desceibed in 2nmd schedule to the
deed. |
|
Name of the company |
ETS – ELEX (INDIA) PRIVATE LIMITED |
|
Presented By |
Mr. K K Dasnag, Director |
|
1) Date and description of instrument creating the change |
Composite Deed of
hypothecation for all facilities Memorandum of
report of equitable mortgage (Both the
document dated 20th June 2005 constitute single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.23.000
Millions (Bank Guarantee) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
present and future movable plants. Machineries, goods, stocks of raw
material, items, inventories, stocks in process, semi finished and finished
goods, stores and spares not relating to plant and machineries (Consumable
stores and spares), Stock in trade, goods in process, movable in transit
bills receivable and book debts and all the borrower other movable assets and
properties such as computers (22Nos) Laptops (2Nos), Printer (6Nos), office
equipment Air conditioner (9Nos) Xerox Machine(1Nos), and Vehicles namely
toyota corolla (1Nos), ford Ikon (2Nos), Tata Indica V2 (1Nos),and also
goodwill and mortgage of immovable property of the company situated at Plot
No. A-97 in thane Industrial Area, Panchpakhadi Thane admeasuring about 1107 sq.
mtrs together with building and structure standing thereon more particular
described in 2nd schedule to the mortgage deed. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interests
4% over Bank PLR subject to minimum of 15.25% p.a. with monthly rests. Margin: 10% Penal Interests
is @ 2% in case of defaults, Charge to cover all outstanding sums, interests,
costs and charge payable by the company to the Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra SSI Branch, Wagle
Estate, Thane |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
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 |
NO |
|
--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 & 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 |
|