MIRA
INFORM REPORT
|
Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ERCOM ENGINEERS PRIVATE LIMITED |
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Registered Office : |
EB – 6, 2nd Floor, Inder Puri, New Delhi – 110012 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.02.1995 |
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Com. Reg. No.: |
55-065881 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC065881 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELE03085F |
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PAN No.: [Permanent
Account No.] |
AAACE3784A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Engineering Consulting Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 85000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed Company meeting its normal Commitment
timeously. Trade relations are fair. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
EB – 6, 2nd Floor, Inder Puri, New Delhi – 110012, India |
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Tel. No.: |
91-11-25777806 |
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Fax No.: |
91-11-25779152 |
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E-Mail : |
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Factory : |
C-1, Block, Community Centre, Naraina Vihar, New Delhi – 110 028,
India. |
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Tel. No.: |
91-11-25770875, 25777806 |
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Fax No.: |
91-11-25779152 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Pratap Kumar Ghosh |
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Designation : |
Director |
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Address : |
EB – 6, Narayana Vihar, New Delhi – 110028, India. |
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Date of Birth/Age : |
15.04.1952 |
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Date of Appointment : |
28.02.1995 |
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Name : |
Mr. Tapati Ghosh |
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Designation : |
Director |
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Address : |
EB – 6, Narayana Vihar, New Delhi – 110028, India. |
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Date of Birth/Age : |
05.12.1956 |
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Date of Appointment : |
28.02.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Mr. Tapati Ghosh |
16000 |
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Mr. Pratap Kumar Ghosh |
17500 |
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Mrs. Anindita Ghosh |
15000 |
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Total |
48500 |
BUSINESS DETAILS
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Line of Business : |
Providing Engineering Consulting Services. |
GENERAL
INFORMATION
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Bankers : |
· Bank of Baroda Pusa Road, New Delhi, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Mr. S C Goyal Chartered Accountants |
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Address : |
E – 9, Saket, New Delhi – 110017, India |
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Tel No.: |
91-11-26521451/ 26521452 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
48500 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.485
million |
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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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1] Share Capital |
0.485 |
0.485 |
0.485 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.766 |
11.238 |
3.564 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.251 |
11.723 |
4.049 |
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LOAN FUNDS |
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1] Secured Loans |
0.703 |
0.712 |
0.978 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.703 |
0.712 |
0.978 |
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DEFERRED TAX LIABILITIES |
0.055 |
0.312 |
0.283 |
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TOTAL |
22.009 |
12.747 |
5.310 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.416 |
3.190 |
3.196 |
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Capital work-in-progress |
0.551 |
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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
13.018
|
4.127 |
2.435 |
|
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Cash & Bank Balances |
8.073
|
6.681 |
1.173 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.753
|
8.049 |
1.751 |
|
Total
Current Assets |
29.844
|
18.857 |
5.359 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Current Liabilities |
6.324
|
2.820 |
1.947 |
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Provisions |
6.486
|
6.490 |
1.309 |
|
Total
Current Liabilities |
12.810
|
9.310 |
3.256 |
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Net Current Assets |
17.034
|
9.547 |
2.103 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.010 |
0.011 |
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TOTAL |
22.009 |
12.747 |
5.310 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
55.258 |
40.982 |
24.000 |
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Other Income |
4.429 |
3.583 |
0.000 |
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Total Income |
59.687 |
44.565 |
24.000 |
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Profit/(Loss) Before Tax |
16.369 |
8.226 |
1.526 |
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Provision for Taxation |
6.287 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
10.082 |
8.226 |
1.526 |
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Export Value |
34.230 |
29.519 |
NA |
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Expenditures : |
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Financial Charges |
0.204 |
0.182 |
0.000 |
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Other Expenditure |
43.114 |
36.157 |
22.474 |
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Total Expenditure |
43.318 |
36.339 |
22.474 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
16.89
|
18.46 |
6.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
29.62
|
20.07 |
6.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
47.78
|
18.46 |
6.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.77
|
0.70 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.79 |
0.80 |
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Current Ratio (Current Asset/Current Liability) |
|
2.33
|
2.02 |
1.65 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
ERCOM ENGINEERS PRIVATE LIMITED |
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Presented By |
Bank of Baroda, Pusa Road, New Delhi,
India. |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation of Book Debts dated 28.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.547 millions |
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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 all the book debts now owing to the borrower and also the book debts which may at any time during the continuance of this security become owing to the borrower in the course of its business by any person, firm, company or body corporate, or by the Government. Central or State or Indian Railways or any Government Department office or any Municipal or local or public Semi – Government body or authority or any body corporate or undertaking or project whatever in the public sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to secure all amounts payable under the following credit facilities enjoyed by the Company together with all interests, costs, charges, expenses, commission etc.
Interest is to be charged @3% p.a. over BPLR/ BPTLR of the Bank with a minimum of 15% p.a. compounded monthly on Cash Credit and Overdraft limits and 15.50% p.a. compounded monthly on Term Loan or at such rates as may be specified by the Bank from time to time. Repayable on Demand. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Pusa Road, New Delhi,
India. |
Profile
Subject is an ISO-9001:2000 company registered with ADB,
WORLD BANK, IFC (W), EBRD, IDBI, ICICI and IFCI the leading financial
institutions and with FICCI, CII and CDC the Industrial associations of India.
They have done many assignments of World Bank under IDBI / ICICI in cement
industry, for JK Group / JK Straw Products, Lakshmi Cements and also for the
SAARC Countries on behalf of World Bank, under global tender, managed by IDBI /
ICICI in India as nodal agency for disbursement of payment.
Subject is registered with the U.S Commercial Service
(USCS), American Embassy, New Delhi, for Industry highlights and updates on
Building Construction and Hardware, Food and Food Processing, Industrial
Equipment, services and Supplies etc.
Subject is rendering consultancy services to various
clients in other countries like Bangladesh, Albania, Lebanon, Sudan, Sri Lanka,
Nepal, Uzbekistan, Sultanate of Oman, Bahrain, Saudi Arabia, UAE, Ukraine,
Egypt and Nigeria etc.
Subject is a full service engineering firm specializing in
Structural Design, Mechanical, Electrical, Construction Management, Cost
Estimating and Residential Engineering. They are committed to the advancement
of applied technology and continue to take significant interest and associate
in the research and development of new and innovative technologies on a global
basis.
Subject has an ongoing business relationship with
Integrated Project Services (IPS), Pennsylvania USA for carrying out
Engineering, Design and Execution of HVAC projects in USA, India and South-East
Asian countries with necessary technical back up from IPS. IPS USA are one of
the three largest HVAC companies in the world, dealing with Pharma, Semi
Conductor, Food and Food Processing and other major Medical Hospital based
specialized HVAC designed requirements.
Subject has also got a team of qualified and experienced
specialist / Engineers, to help IPS USA in the field of design, engineering and
project management in India, Asia and South East Asia, to promote IPS USA in
marketing and extend engineering assistance to implement the projects.
They have stood up to the commitment to fully automate the office as per
the client’s desire and requirements. Now, virtually all of the projects, large
and small, are produced using computer-aided design and drafting along with the
latest Internet tools. The commitment to a highly automated and creative
environment allows us to continuously improve the structural design process
with fast communication system and tools.
They have well equipped office in Delhi with about 70 engineers and
designers on permanent rolls along with another 30 specialists engaged by us on
retainer ship basis. They have fully developed infrastructure including
computerized CAD stations and LAN facilities, backed up by a strong and
motivated software design team.
They are fully geared up to provide basic/conceptual and detailed
Engineering and Construction Management Services for Commercial and Industrial
Organization. The goals at Ercom are to provide professional engineering
services in a manner that is technically correct, timely and economical. They
stress on accuracy, quality, good coordination and strong management. They
believe that a project's success is based on strong management and proper
coordination between the Architect, the Owner and the Engineer. They use the
state-of-the-art computer technology for all design and calculations and they
also scrutinize the own designs from time to time and ideas from time to time
to obtain the most economically feasible design solution.
They have provided/providing complete engineering services to a number
of large prestigious cement projects in India and abroad including the
following:
|
Sr. No. |
Name of the
Client |
Capacity |
|
1 |
Vikarm Cement, - Jawad, M.P. |
3.3 Million TPA |
|
2 |
Neer Shree Cement - Morak, Rajasthan, India |
0.7 Million TPA |
|
3 |
Grasim Cement - Raipur, Madhya Pradesh, India |
1.8 Million TPA |
|
4 |
Aditya Cement - Shambhupura, Rajasthan, India |
1.8 Million TPA |
|
5 |
Lakshmi Cement, Sirohi, Rajasthan, India |
2 x 1.35 Million TPA |
|
6 |
Grasim Cement (Expansion for Slag Cement) Raipur, Madhya Pradesh, India |
1.8 Million TPA |
|
7 |
Chittagong Cement Clinker Grinding Co. Ltd. Bangladesh |
1.0 Million TPA |
|
8 |
Fuji Cement - Sri Lanka |
0.4 Million TPA |
|
9 |
Nile Cement Company, Sudan |
0.4 Million TPA |
|
10 |
Meghna Cement Mills Ltd. (Expansion) - |
1.2 Million TPA |
|
11 |
Bangladesh |
0.4 Million TPA |
|
12 |
CMO Chekka - Lebanon |
1.4 Million TPA |
|
13 |
Elbasan Cement Factory - Albania |
1.0 Million TPA |
|
14 |
Grasim Cement - Vikram Bhatinda, Punjab, India |
0.75 Million TPA |
|
15 |
Raysut Cement Company UAE |
0.2 Million TPA |
|
16 |
Purechem Industries Ltd., Nigeria Gulf Cement Company, UAE |
2.5 Million TPA |
In addition to the above detailed engineering, they have prepared a large
number of bankable Techno-Economic Feasibility Reports, assisted many cement
plants in productivity optimization, prepared revival package for sick
industries and also assisted large industrial houses in India and abroad for
takeover study of existing units.
They are customer need driven ISO – 9001:2000 company with very well
defined system procedures and have a very good reputation in the industry for
the high quality services always meeting or exceeding the requirement of the
customer.
They also work in the field of computers and automation. The software
group excels in the field of computer as software solutions providers in the
field of Web based technologies and techno software applications. They also
work on resource management, work management, skill management and low cost
procurement through e-commerce, ERP etc. They understand the changing business
environment and offer specific solutions that ensure that you have the 'cutting
edge' over the competition.
They have valuable experience in the field of structural design and
engineering of captive jetty facilities and have already provided such services
in India, Bangladesh and UAE/Gulf/Middle East.
They are also providing the complete range of consultancy services
covering the following areas:
Site selection and pre-feasibility studies.
Geological exploration and preparation of mining plan.
Bankable Techno-Economic Feasibility Report
Basic Engineering and Procurement Assistance
Detail Engineering in the field of Mechanical, Electrical, Instrumentation
and Automation, Process Engineering, Civil and Structural Designs etc.
Site Supervision and Management
Computerized Project Monitoring services
Inspection and QAP Services.
Supervision of Erection, Commissioning and Trial Runs.
Post-Operational Services including
assistance in optimizing the plant operation, development of preventive
maintenance scheme, etc.
They are the only organization in India to provide plant optimization, process optimization, production optimization, including quality control and operational management to the large cement units as a single window service.
They have done turnkey geological investigation including drilling work
and they have already completed 4-5 major assignments including mine planning
and its approval etc.
They have worked for plant acquisition and
other services required for the top management and the large groups in India.
They are working with Grasim, Modi, Lafarge, Seament, Italcementi, Panyam,
Binani and few others.
Industries
v Cement (Both Vertical Shaft & Rotary Kiln Based Plants)
v Sponge Iron
v Bauxite Calcination
v Aluminium
v Power Plants (Small & Medium Size)
v Material Handling Systems
v Building Material Industry
v System House Support
v HVAC & Clean Room Technology
v
Civil Engineering Services
Units
v
Geological Exploration & Mines Planning Studies
v
Site Selection & Pre-feasibility Studies
v
Market Assessment
v
Bankable Techno-Economic Feasibility Report
v
Handling of Turnkey Projects
v
Partner Identification for Technical Tie-up and Joint Ventures
v
Assistance in Identification of Project Funding Sources
v
Basic & Detailed Engineering
·
Process Design
·
Mechanical
·
Electrical, Instrumentation & Automation
·
Civil & Structural Design
v
Inspection & Quality Assurance
v
Project Monitoring & Construction Management
v
Supervision of Erection & Commissioning
v
Optimisation & Operational Management
v
Kiln & Refractory Man
v
Energy Audit
v
Technical Management Audit of Operating Units
v
Maintenance Audit & Computerized Preventive Maintenance Scheme
v
Environmental Improvement including EAI / EMP Studies
v
Training, HRD and Manpower Planning
v
Software Development
v
Vendor & Sub-vendor Identification & Development
v
Civil & Structural Design, Architectural Engineering, Town Planning,
Land Scaping Work, Water Supply & Waste Water Disposal System pertaining to
any Industrial Project or Office / Residential Complex
v
HVAC and Clean Room Technology in collaboration with I.P.S,
Pennsylvania, USA for Pharmaceutical and Semi-conductor industries.
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 :
The 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.
The 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. 42.84 |
|
UK Pound |
1 |
Rs. 84.78 |
|
Euro |
1 |
Rs. 67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
52 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|