MIRA
INFORM REPORT
|
Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EJEYES COMPONENTS PRIVATE LIMITED |
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Registered Office : |
D No. 3, Plot No. K17515th Street, Choudhary Nagar, Valasaravakkam –
600087, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.08.1997 |
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Com. Reg. No.: |
038900 |
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CIN No.: [Company
Identification No.] |
U28991TN1997PTC038900 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE02199B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Metal Parts. |
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 7436 |
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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
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. N K Master |
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Designation : |
Director |
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Contact No.: |
91-9820189519 |
LOCATIONS
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Registered Office : |
D No. 3, Plot No. K17515th Street, Choudhary Nagar, Valasaravakkam –
600087, Tamilnadu, India |
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Tel. No.: |
91-44-26118088 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq.ft. |
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Location : |
Rented |
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Contact Person : |
Mr. N K Master (Techno Commercial) |
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Mobile No: |
91-9820189519, 9322517659 |
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Contact Person : |
Mr. A S Balasubramaniam (Technical) |
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Mobile No: |
91-9324552224 |
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Contact Person : |
Mr. Prakash Rao |
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Mobile No: |
91-9324022715 |
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Factory : |
C – 248, TTC Industrial Area, Pawne Village, Behind Svita Chemicals,
Thane Belapur Road, Turbhe, Navi
Mumbai – 400 705, Maharashtra, India |
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Tel. No.: |
91-22-32981307/27631914/27634948 |
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Fax No.: |
91-22-27631914, 27634948 |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. A S Balasubramanian |
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Designation : |
Director |
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Address : |
201, Building No. 7, Millenium Park, Hari Om Nagar, Mulund, Mumbai –
400080, Maharashtra, India |
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Date of Birth/Age : |
06.01.1955 |
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Date of Appointment : |
01.03.2001 |
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Name : |
Mr. Nityanand Master |
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Designation : |
Director |
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Address : |
Asha Building, Dixit Road, Vile Parle (East), Mumbai – 400056,
Maharashtra, India |
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Date of Birth/Age : |
07.04.1955 |
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Date of Appointment : |
05.11.2001 |
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Name : |
Mrs. Jyoti Nityanand master |
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Designation : |
Director |
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Address : |
Asha Building, Dixit Road, Vile Parle (East), Mumbai – 400056,
Maharashtra, India |
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Date of Birth/Age : |
12.07.1955 |
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Date of Appointment : |
05.11.2001 |
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Name : |
Mrs. Radha Balasubramanian |
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Designation : |
Director |
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Address : |
201, Building No. 7, Millenium Park, Hari Om Nagar, Mulund, Mumbai –
400080, Maharashtra, India |
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Date of Birth/Age : |
06.04.1959 |
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Date of Appointment : |
5.11.2001 |
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Name : |
Mr. Mahesh Chamaria |
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Designation : |
Director |
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Address : |
Chamaria Niwas, Hanuman Road, Vile Parle (East), Mumbai – 400056,
Maharashtra, India |
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Date of Ceasing : |
01.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
|
Names of Shareholders |
No. of Shares |
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Mr. A S Balasubramanian |
1250 |
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Mr. Nityanand Master |
550 |
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Mrs. Jyoti Nityanand master |
2600 |
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Mr. Sujal N Master |
600 |
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Total |
5000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Metal Parts. |
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Products : |
v Grommets v Eyelets v Rivets and
Buckles v Battery Caps |
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Exports : |
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Countries : |
v Nepal v Kenya v Dubai v Saudi Arabia |
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Terms : |
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Selling : |
Cash / Credit (30 – 60 days) |
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Purchasing : |
Cash / Credit (30 – 60 days) |
GENERAL
INFORMATION
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Customers : |
v End Users v
Big Bag v
Condor v
Daisy v
Entermonde v
Hindalco Industries Ltd (Foil Division) v
Nageena v
Speciality v
Paharpur/Naman/ABS v
Ruby / Ratan v
Basar Group v
Textrade v
Worldtex v
Baba Battery India Pvt. Ltd v
Srinivas v
GTFC v
DH Fabrics v
Riddhi Group v
Rishi Group v
Lamifab Group v
Purity Text |
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No. of Employees : |
45 |
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Bankers : |
v Citi Bank v Saraswat Co.
Operative Bank, Vile Parle (East), Mumbai |
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Facilities : |
CC – Rs. 6.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh J Parekh and Associates, Chartered Accountants |
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Address : |
B – 8, Vireshwar Chhaya,Tejpal Road, Vile Parle (East), Mumbai –
400057, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.359 |
1.008 |
0.729 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.859 |
1.508 |
1.229 |
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LOAN FUNDS |
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1] Secured Loans |
0.810 |
0.944 |
1.406 |
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2] Unsecured Loans |
2.853 |
2.913 |
2.915 |
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TOTAL BORROWING |
3.663 |
3.857 |
4.321 |
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DEFERRED TAX LIABILITIES |
0.112 |
0.202 |
0.245 |
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TOTAL |
5.634 |
5.567 |
5.795 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.895 |
2.641 |
2.943 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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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 |
6.438
|
5.511 |
4.542 |
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Sundry Debtors |
6.026
|
6.753 |
5.382 |
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Cash & Bank Balances |
0.280
|
0.005 |
0.313 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.691
|
0.911 |
0.705 |
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Total
Current Assets |
14.435
|
13.180 |
10.942 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.150
|
10.039 |
8.017 |
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Provisions |
0.572
|
0.240 |
0.097 |
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Total
Current Liabilities |
11.722
|
10.279 |
8.114 |
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Net Current Assets |
2.713
|
2.901 |
2.828 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.634 |
5.567 |
5.795 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
36.889 |
24.552 |
20.096 |
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Other Income |
0.706 |
0.029 |
0.098 |
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Total Income |
37.595 |
24.581 |
20.194 |
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Profit/(Loss) Before Tax |
0.593 |
0.476 |
0.372 |
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Provision for Taxation |
0.242 |
0.240 |
0.110 |
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Profit/(Loss) After Tax |
0.351 |
0.236 |
0.262 |
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Expenditures : |
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Depreciation & Amortization |
0.492 |
0.488 |
0.507 |
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Other Expenditure |
36.510 |
23.617 |
19.315 |
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Total Expenditure |
37.002 |
24.105 |
19.822 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.93
|
0.96 |
1.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.61
|
1.94 |
1.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.58
|
1.94 |
1.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.32 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.30
|
6.82 |
6.60 |
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Current Ratio (Current Asset/Current Liability) |
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1.23
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1.28 |
1.35 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Whether charge is
modified in favour of asset reconstruction company (ARC) or assignee |
No |
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Charge
identification number of the charge to be modified |
90285566 |
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Corporate
identity number of the company |
U28991TN1997PTC038900 |
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Name of the
company |
EJEYES COMPONENTS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
D No. 3, Plot No. K17515th Street, Choudhary Nagar, Valasaravakkam –
600087, Tamilnadu |
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Type of charge |
v Book debts v Movable property
(not being pledge) v Floating charge |
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Whether
consortium finance is involved |
No |
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Whether joint
charge involved |
No |
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Number of charge
holder |
1 |
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Particular of
charge holder |
Name: Saraswat Co.
Operative Bank Address : Vile Parle (East) City: Mumbai State : Maharashtra ISO country code : IN Pin code : 400057 e-mail ID : njbhatia@rediffmail.com
|
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Nature of
description of the instrument creating or modifying the charge |
Deed of hypothecation
for additional advance agreement. |
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Date of
instrument Creating the charge |
06.10.2007 |
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Whether charge
created or modified outside India |
No |
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Amount secured by
the charge |
Rs. 6.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14% p.a. or at
such rate as may be determined by the bank from time to time. Terms of
repayment On demand or at
such rate as may be determined by the bank from time to time. Margin As may be
determined by the bank from time to time. Extent operation
of the charge This is cash
credit / packing credit/post shipment facility. |
|
Short particulars
of the property charged |
Hypothecation of
stock tangible movable property (both present and future) belonging to the
borrower and lying and being at B/B, Asha Building, Dixit Road, Vile Parle
(East), Mumbai – 400057 or wherever else the same may be. Hypothecation of
Book debts, outstandings, monies, receivables, claims and bills. |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company |
No |
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Date of latest
modification prior to the present modification |
27.12.2005 |
|
Particulars of
the present modification |
The cash credit /
packing credit/post shipment limit is enhanced from Rs. 4.200 millions to Rs.
6.200 millions (additional Rs. 1.800 millions.) |
Form 8
|
Name of the company |
EJEYES COMPONENTS PRIVATE LIMITED |
|
Presented By |
Mr. Nityanand K
Master |
|
1) Date and description of instrument creating the change |
Deed of principal
hypothecation of movable property dated 23.01.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.400 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 |
Hypothecation of
all stock tangible movable property including stock for the time being
whether new and manufactured or in the process of manufacturing and every
tangible movable property (both present and future) belonging to the borrower
and lying and being at the Borrowers place of business at Asha Building,
Dixit Road, Vile Parle (East) Further
hypothecation of outstanding book debts money receivables, claims, bills and
approved book debts. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROD : % p.a. or
such other % as the bank may from time to time This is Letter of
credit. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co.
Operative Bank Limited Vile Parle (East) Branch, Phatak Building, 66, Nehru Road, Mumbai –
400057, Maharashtra, India. |
Trade References
v Hindalco Industries Limited, Mumbai
v Condor Footwear, Surat
v United Footwear, Kenya
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. 42.77 |
|
UK Pound |
1 |
Rs. 84.33. |
|
Euro |
1 |
Rs. 66.65 |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|