MIRA
INFORM REPORT
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Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ETA GENERAL PRIVATE LIMITED |
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Registered Office : |
R. S. No. 79, Kalitheerthal Kuppam Village, Madagadipet, Pondicherry-605107,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2002 |
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Date of Incorporation : |
05.11.1999 |
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Com. Reg. No.: |
1499 |
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CIN No.: [Company
Identification No.] |
U29308PY1999PTC001499 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of General Air Conditioners. |
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 281000 |
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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 Joint Venture between ETA – Ascon, Dubai and Fujitsu
General Limited, Japan. The company
has not filed any financials with the Government Department after 2002. Trade relations are fair. Business is active. The management parted general information
but declined to part with financials.
Payments are however reported as made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Prabhakar |
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Designation : |
Senior Commercial Manager |
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Date : |
07.06.2008 |
LOCATIONS
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Registered Office/Factory : |
R. S. No. 79, Kalitheerthal Kuppam Village, Madagadipet,
Pondicherry-605107, Tamilnadu, India |
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Tel. No.: |
91-413-2641774 / 28297628 |
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Fax No.: |
91-413-2640053 |
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E-Mail : |
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Website: |
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Area: |
7500 Sq. mtrs. |
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Location: |
Rented |
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Corporate Office : |
Seethahathi Chamber, 5th Floor, No. 688, Anna Salai, Chennai - 600006, Tamilnadu |
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Tel. No.: |
91-44-28297626 /27/ 28/29/ 30 |
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Fax No.: |
91-44 4390 9770 |
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E-Mail : |
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Branch Offices: |
NEW DELHI 221, 1st Floor, Phase III, Okhla Industrial Estate, NEW DELHI - 110 020 Tel : 91-11-41010011 / 22 Fax: 91-11-41010033 E - Mail : del@etastarappliances.com
JAIPUR CF / S - 22, 1st Floor, Nehru Place, Tank Road, JAIPUR - 302 015 Tel: 91-141-4012684, E - Mail : raj@etastarappliances.com
CHANDIGARH SCO 2475 - 76, Sector 22 - C, 2nd Floor, CHANDIGARH - 160 022 Tel: 91-172-5087288 / 89 / 90 E - Mail : chd@etastarappliances.com AHMEDABAD 21, "Advait", 2nd floor, Opposite Soham Terrace, Vastrapur, AHMEDABAD - 380 054 Tel : 91-79- 26743260 Fax: 91-79 - 26762138 E - Mail : ahd@etastarappliances.com
MUMBAI Unit No 46, Ground Floor, Udyog Bhavan, Goregaon (E), MUMBAI - 400 063 Tel: 91-22-26865334-37 Fax : 91-22-26860572 E - Mail : mum@etastarappliances.com
PUNE Office #:13-18, "Hermes Vishal" , Building-D, 2nd Floor, Above Hotel Koyla Opp: Koregaon Park Police Station, North Main Road, Koregaon Park, PUNE 411 001, Maharashtra Tel. 91-20-26051310 E-mail: pune@etastarappliances.com
INDORE C/o. Quick Silver Services, 22, SDA Compound, Lasudia Mori, A.B. Road INDORE - 452 001. Tel : 91-731-4214238 E - Mail : mp@etastarappliances.com
KOLKATA Room No: 316, 3rd Floor, "Krishna Bldg",224, AJC Bose Road, KOLKATA - 700 017 Tel : 91-33-22836508 Fax: 91-33-22478482 E - Mail : kol@etastarappliances.com
HYDERABAD D.NO.7-1-27/5,Plot No.9,ETA House, Behind Green Park Hotel, Geenlands, Ameerpet; Hyderabad -16. Tel : 040 - 55323531 E - Mail : hyd@etastarappliances.com
BANGALORE ETA House, 28, Krishna Reddy Colony, Domlur Layout, BANGALORE - 560 071 Tel: 91-80-41802300,25356711 E - Mail : blr@etastarappliances.com
KOCHIN 28/118, Manivelil, Parappalli Lane, Panampilly Nagar, KOCHIN - 680 036 Tel : 91-484 - 4011623 Fax: 91-484-2311638 E -Mail : koc@etastarappliances.com |
DIRECTORS
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Name : |
Mr. V. Seshadri |
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Designation : |
Director |
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Address : |
1, Sri Desika Road, Mylapore, Chennai4,Tamilnadu, India |
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Name : |
Mr. J.Y.M. Abdul kader |
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Designation : |
Director |
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Address : |
28-A, Kader Nawaz Khan Road, Nungambakkam, Chennai-600006,
Tamilnadu, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Fujitsu General Limited, Japan |
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1680000 |
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Fujitsu General (Asia) Private Limited |
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1620000 |
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Mr. A.K. Aggarwal |
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75000 |
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Mr. M. M. Mohinddin |
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75000 |
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Mr. S.M. Salahuddin |
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750000 |
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Electromechanical Technical |
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6000000 |
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Engineering Maintainance Company, Dubai |
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600000 |
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Mr. Seshadri |
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100 |
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Mr. Abdul Kader |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of General Air Conditioners. |
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Imports : |
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Products : |
Air Conditioner |
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Countries : |
v Japan v Thailand
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v End Users |
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No. of Employees : |
400 |
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Bankers : |
v ICICI Bank Limited, Chennai, Tamilnadu v Indusind Bank v Jammu and Kashmir Bank |
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Facilities : |
Loan facilities Rs. 350.000 Millions ICICI Bank Limited : Term Loan – Rs. 100.000 millions CC - Rs. 120.500 millions BG - Rs. 10.000 millions LC - Rs. 50.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. Bupathi and company Chartered Accountants |
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Address : |
Rosy Tower, 1st Floor,7, NH Road, Nungambakkam,
Chennai, Tamilnadu |
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Group Companies: |
v ETA Engineering Private Limited v ETA Star Appliances Private Limited v ETA Star Property Private Limited v Star Health and Allied Insurance v Marshals v ETA – Melco v West Asia Maritime v Ascon Travels v Trans Car |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24200000 |
Equity Shares |
Rs. 10/- each |
Rs. 242.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24168100 |
Equity Shares |
Rs. 10/- each |
Rs. 241.681 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
No subsequent financials could be available from any sources.
Management remained non-cooperative despite of several approaches.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2002 |
31.03.2001 |
31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
150.002 |
108.002 |
10.002 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[93.700] |
[81.686] |
0.000 |
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NETWORTH |
56.302 |
26.316 |
10.002 |
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LOAN FUNDS |
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1] Secured Loans |
261.635 |
224.238 |
0.000 |
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2] Unsecured Loans |
11.661 |
0.000 |
13.421 |
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TOTAL BORROWING |
273.296 |
224.238 |
13.421 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
329.598 |
250.554 |
23.423 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
163.060 |
136.673 |
14.397 |
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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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Inventories |
113.358 |
139.913 |
0.382 |
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Sundry Debtors |
63.743 |
43.634 |
0.000 |
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Cash & Bank Balances |
16.601 |
40.622 |
3.554 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
13.501 |
30.702 |
1.363 |
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Total
Current Assets |
207.203
|
254.871 |
5.299 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
117.401 |
130.720 |
8.016 |
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Provisions |
23.379 |
10.423 |
0.000 |
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Total
Current Liabilities |
140.780
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141.143 |
8.016 |
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Net Current Assets |
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MISCELLANEOUS EXPENSES |
0.115 |
0.153 |
11.743 |
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TOTAL |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2001 |
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Sales Turnover |
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300.000 |
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Other Income |
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0.000 |
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Total Income |
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|
300.000 |
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Profit/(Loss) Before Tax |
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N.A. |
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Provision for Taxation |
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N.A. |
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Profit/(Loss) After Tax |
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N.A. |
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Particulars |
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31.03.2008 |
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Sales Turnover |
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2030.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2002 |
31.03.2001 |
31.03.2000 |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.35
|
13.88 |
2.14 |
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Current Ratio (Current Asset/Current Liability) |
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1.47
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1.80 |
0.66 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE DETAILS:
ESA – ETA Star Appliances Private Limited
Strength in Diversity
The ETA Ascon and Star Group is a
deeply trusted, pre-eminent corporate entity in the Middle East. A highly
diversified, multidimensional organisation, its activities cover a wide range
of areas from contracting & engineering, shipping & trading and
manufacturing & assembling to facilities management, environment &
automobiles, real estate, retail & leisure, education, healthcare and
corporate services. These fields have in turn spawned a host of businesses,
each of them carving a niche of its own under the imposing ETA Ascon and Star
banner.
Established in the early 70s as a
joint venture between the Al Ghurair Group and Amana Investments Limited of
Hong Kong, the Dubai-based ETA Ascon and Star has a network of 140 entities and
associate offices in over 21 countries today, employing around 51,000 people.
The group’s consolidated revenue for the year ending 2006 was in excess of
US$4.5 billion.
The philosophy of the ETA Ascon and
Star Group right from the beginning has been to identify a captive market
and develop it. The emphasis at every stage has been on innovation, total
quality, backward integration and contracting. Little wonder then
that the group’s activities are so varied, making it one of the most
diversified business groups in the region. Also, some of the divisions of the
groups, which are pioneers in their field in the region are still at the No.1
position today.
Among the group’s main activities are:
Civil Engineering:
The flagship company ASCON has
consolidated its position as one of the most respected construction companies
undertaking prestigious projects in the UAE. With an impressive track record
for technical and engineering capability, ASCON is recognized for the swift,
smooth and integrated execution of turnkey projects. Other companies coming
under the Civil Engineering head include: Ascon Road Construction and Ascon
Leisure Division.
Electromechanical Works : The M&E division has been a forerunner in the field of
electromechanical contracting in the UAE. It offers a wide range of services
such as design, supply and installation of air conditioning, electrical,
sanitary, plumbing, fire protection, ELV & BMS systems etc. With
fully computerised design facilities and advanced skills, M&E has carried
out environmental control for a number of commercial and residential complexes
including hotels, shopping malls, banks, cinemas, hospitals, universities,
airports, railways/ metro stations, IT parks, communications and industrial
projects. Gulf District Cooling and ETA Engineering Pvt Ltd also operate under
this head.
Elevator & Escalator Engineering: ETA Melco is a name that has
become synonymous with elevators and escalators in the Middle East and beyond.
A joint venture between ETA and Mitsubishi Electric Corporation, Japan, it has
also earned the reputation of being the most innovative elevator/ escalator
manufacturers in the world.
Power Projects and Desalination : The Power Projects Division (PPD) is
an internationally renowned engineering, procurement & construction (EPC)
contractor in the field of power and desalination projects. It has the
expertise to undertake, design, procure, co-ordinate, install, test and
commission projects in the field of power generation, power distribution
(including substations, EHV cabling and transmission lines up to 400kv),
desalination projects in the Middle East and other countries.
In
the energy sector, the group has a growing presence in the oil & gas
industry represented by Star Petro Energy, the Oil Field Services Division and
ETA Star Engineering.
Shipping & Trading : A multifaceted global enterprise in itself, this division is
the largest dealer of dry bulk cargo in the region. With a global network of
offices and experienced staff, it successfully meets the changing requirements
of a demanding clientele and trades in a wide range of commodities from argo
products and minerals to raw materials like cement and fertilisers and
chemicals. The division, which has a vast fleet of vessels, also boasts of a
number of related businesses including advanced maritime and port services and
sale and purchase of ships.
Manufacturing and Assembling : The main businesses under this head are related to
the manufacture or assembling of power control systems & switchgear, steel
fabrication, air distribution systems, aluminium cladding, uPVC doors and
windows, air-conditioners, cement, joinery and marble.
Facilities management, environmental services, transport &
automobiles :
The facilities management and environmental services include engineering maintenance,
janitorial and security services, waste management services, paper and plastic
recycling. The transport division consists of Zenath General Land Transport, a
CARS workshop and rental service. It also plies CARS Taxis in the UAE.
Retail & Leisure : This division covers casual apparel (Giordano Fashions),
fashion apparel (Lo), jewellery (Al Haseena Jewellery), corporate and leisure
travel management services (ANTA), automobiles (Western Auto, Exim Star Auto
Trade), food outlets (Star Retail, Chai Café, Mex Chic Inn) and consumer
electronics (Kitchen House, Fujeta, Thw World of Time)
Property Development : ETA Star Property developers LLC offers a whole gamut of
services in property development and hospitality. It has embarked on a major
programme to develop commercial, residential and hospitality properties for the
benefit of nationals and the expatriate population. It has launched over five
million square feet of premium properties located at prestigious freehold areas
of Dubai and the northern Emirates. It has also undertaken overseas
developments like in India and Sri Lanka.Along with ETA Star Properties, ETA
Star Projects also caters to the hospitality sector.
Healthcare : ETA Star Healthcare LLC, launched in 2003, has embarked upon
various projects that seek to fill the gaping lacuna in healthcare services in
the UAE. They include hospital projects in Dubai at Muraqqabat, Midriff and
Dubai Investment Park and the other emirates. Joint ventures have also been set
up with Arabian Healthcare LLC, India’s Metropolis and Trivitron for other
projects that include hospitals, clinical laboratories and trade in
medical/diagnostic/imaging equipments.
Learning & Education : While the group’s early initiatives in education were confined
to India, it took it upon itself to meet the demand for quality education in
the UAE by bringing in premier institutions of India like BITS Pilani and MAHE
Manipal to provide education in engineering and other professional disciplines
in Dubai. In a backward integration, the group also set up the SEMS chain of
schools catering to the primary and secondary levels.
Fujitsu General,
Japan
Fujitsu General, Japan is part of US $ 50 billion Fujitsu group, a
Fortune 100 company. Established in 1936, Fujitsu General has business
interests in Air Conditioners, refrigerators, visual products, system,
communications and electrical devices. Its credo is to be an attractive and
energetic corporation that develops business on a world level, coexists with
the people of the world and practices open management. It's a leading player in
the global airconditioning market and is known essentially for its quality,
technical superiority proven technology and innovative products. It operates in
more than 130 countries and is a major player in 22 countries and is among the
major three in another 36 countries.
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.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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/normal. |
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 |
|