MIRA
INFORM REPORT
|
Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EAST INDIA TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known As : |
EAST INDIA PACKAGINGS PRIVATE LIMITED |
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Registered Office : |
2584 Hamilton Road, Rohatagi Mansion, Kashmere Gate, Delhi – 110006 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.03.1996 |
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Com. Reg. No.: |
55-077568 |
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CIN No.: [Company
Identification No.] |
U25202DL1996PTC077568 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELE01502E |
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PAN No.: [Permanent
Account No.] |
AAACE2104Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Thermocol |
RATING &
COMMENTS
|
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 615340 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
2584 Hamilton Road, Rohatagi Mansion, Kashmere Gate, Delhi – 110006,
India |
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Tel. No.: |
91-11-23974876/ 23916862 |
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Fax No.: |
91-11-23953687 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory : |
E-19 and 20 Surajpur Industrial Area, Site B Greater Noida, Uttar
Pradesh, India |
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Tel. No.: |
91-120-2569381/
2560450 |
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Mobile No.: |
91-9818666080 |
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Fax No.: |
91-120-2569836 |
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E-Mail : |
eitpl@eitpl.com |
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Website : |
http://www.eitpl.com http://www.eippl.com |
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Factory : |
· 61B, Udyog Vihar, Greater Noida (Uttar Pradesh), India Phone:91-120-2569381, 2560450 Fax: 91-120-2569836 E-mail:eitpl@eitpl.com ·
Kammanahally, Opposite Meenekshi Temple, Survey
No.- 17, Near Noble Layout, Bannerghatta Road, Bangalore - 560076, India E-mail: eitpl@eitpl.com ·
B1, UPSIDC Industrial Area, Selaqui, Dehradun (Uttarakhand),
India Phone:91-135-2698577 |
DIRECTORS
|
Name : |
Mr. Bothra Bajrang Lal |
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Designation : |
Managing Director |
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Address : |
MD-69, Pitampura, Delhi – 110034, India |
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Date of Birth/Age : |
04.01.1957 |
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Date of Appointment : |
26.03.1996 |
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Name : |
Mrs. Bothra Punam Chand |
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Designation : |
Director |
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Address : |
MD-69, Pitampura, Delhi – 110034, India |
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Date of Birth/Age : |
07.03.1936 |
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Date of Appointment : |
26.03.1996 |
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Name : |
Mrs. Bothra Laxmi Pat |
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Designation : |
Director |
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Address : |
MD-69, Pitampura, Delhi – 110034, India |
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Date of Birth/Age : |
09.11.1961 |
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Date of Appointment : |
26.03.1996 |
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Name : |
Mrs. Bothra Suman Devi |
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Designation : |
Director |
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Address : |
MD-69, Pitampura, Delhi – 110034, India |
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Date of Birth/Age : |
14.06.1965 |
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Date of Appointment : |
26.03.1996 |
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Name : |
Mr. Rajat Bothrs |
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Designation : |
Director |
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Date of Birth/Age : |
29.08.1982 |
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Date of Appointment : |
01.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Neeraj Tulshyan |
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Designation : |
Company Secretary |
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Address : |
A-24 Ramesh Nagar, New Delhi – 110015, India |
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Date of Birth/Age : |
16.08.1972 |
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Date of Appointment : |
20.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.05.2006)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
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Mr. Bothra Bajrang Lal |
|
1074544 |
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Mrs. Bothra Punam Chand |
|
363355 |
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Mrs. Bothra Laxmi Pat |
|
785937 |
|
Mrs. Bothra Suman Devi |
|
14974 |
|
Bothra Manufacturing Company Private Limited |
|
80000 |
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Mr. Kankwari Devi Bothra |
|
100 |
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Mr. Hardya Bothra |
|
21000 |
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Mr. Nitin Bothra |
|
10000 |
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Mr. A K Bhutoria |
|
10000 |
|
Baid Stock Broking Services Private Limited |
|
80000 |
|
BPO Finance and Investment Private Limited |
|
50000 |
|
Carnex Vinimay Private Limited |
|
30000 |
|
Gemco Engineering Industries Limited |
|
80000 |
|
Magnate Capital Market Limited |
|
176000 |
|
Maheswar Credit and Fiscal Private Limited |
|
8000 |
|
Maxxon Trading and Finvest Private Limited |
|
50000 |
|
Mideast Vyappar Private Limited |
|
20000 |
|
Oven Business Private Limited |
|
100000 |
|
Panchmukhi Properties Limited |
|
130000 |
|
Piccadily Sales and Services Private Limited |
|
50000 |
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Sharp Investment Limited |
|
90000 |
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Stupendous Commodeal Private Limited |
|
50000 |
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Unicon Suppliers Private Limited |
|
100000 |
|
|
|
|
|
Total |
|
3373910 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
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Bodies Corporate (not mentioned above) |
|
32.00 |
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Directors or relatives or directors |
|
68.00 |
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|
|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Thermocol |
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Products : |
Thermocol |
GENERAL
INFORMATION
|
Bankers : |
· State Bank of
India Commercial Branch, Sector – 18, Noida – 201301, Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ahmed Shukla Jain and Associates Chartered Accountant |
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Address : |
203, 926/1 Nai Wala, Karol; Bagh, New Delhi – 110006, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3373910 |
Equity Shares |
Rs.10/- each |
Rs.33.739 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
33.739 |
19.379 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
120.096 |
52.192 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
153.835 |
71.571 |
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|
LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
|
320.455 |
105.526 |
|
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2] Unsecured Loans |
|
13.212 |
1.325 |
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TOTAL BORROWING |
|
333.667 |
106.851 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
487.502 |
178.422 |
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|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
352.582 |
108.305 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
|
0.500 |
0.500 |
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DEFERREX TAX ASSETS |
|
0.780 |
0.000 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
42.971 |
18.753 |
|
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Sundry Debtors |
|
67.575 |
63.579 |
|
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Cash & Bank Balances |
|
5.336 |
2.847 |
|
|
Other Current Assets |
|
4.565 |
1.256 |
|
|
Loans & Advances |
|
45.600 |
2.004 |
|
Total
Current Assets |
|
166.047 |
88.439 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
32.407 |
18.822 |
|
|
Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
32.407 |
18.822 |
|
|
Net Current Assets |
|
133.640 |
69.617 |
|
|
|
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|
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|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
487.502 |
178.422 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
|
|
Sales Turnover |
|
353.698 |
286.190 |
|
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Other Income |
|
0.111 |
0.000 |
|
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Total Income |
|
353.809 |
286.190 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
11.307 |
12.412 |
|
|
Provision for Taxation |
|
1.269 |
3.568 |
|
|
Profit/(Loss) After Tax |
|
10.038 |
8.844 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
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Depreciation |
|
11.307 |
12.412 |
|
|
Other Expenditure |
|
331.195 |
261.366 |
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Total Expenditure |
|
342.502 |
273.778 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007
|
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.84 |
3.09 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.20 |
4.34 |
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.18 |
6.31 |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
0.17 |
|
|
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|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.38 |
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
5.12 |
4.70 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
EAST INDIA PACKAGINGS PRIVATE LIMITED |
|
Presented By |
State Bank of
India Commercial
Branch, Sector – 18, Noida |
|
1) Date and description of instrument creating the change |
Letter regarding
the grant of individual limit within the overall limit (C-S) dated 26.12.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Corporate Loan of
Rs.7.500 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 |
Security Primary First
Hypothecation charge on all the fixed assets of the company Collateral Extension of
charge on the current assets of the company Equitable
mortgage of factory land and building situated at E -19, E-20, E-22 to 26
Surajpur Industrial Estate, Site B, Greater Noida (UP) admeasuring 2127 sq.
mtr, 3009 sq. mtr and 8700 sq. mtr each respectively. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
Interests: @ 1.50% below SBAR effective rate 75% p.a. with monthly rest
subject to charge by RBI Banks from time to time Repayment:
Repayment of the corporate Loan shall be commence from April 2006 as under:- Rs.0.125 Million
per Quarter for the year 2006-2010 Rs.2.750 Millions
per Quarter for the two Quarter in 2010-11 |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Commercial
Branch, Sector – 18, Noida |
|
6) Date and brief description of instrument modifying the charge |
Letter evidencing
deposit of title deeds and reconfirmation of Equitable Mortgage (From) Dated
27.12.2005 |
|
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. |
The corporate
Loan Facilities of Rs.75.00 is collaterally secured by way of equitable
mortgage of factory land and Building situated at E -19, E-20, E-22 to 26
Surajpur Industrial Estate, Site B, Greater Noida (UP) admeasuring 2127 sq.
mtr, 3009 sq. mtr and 8700 sq. mtr each respectively including all building
super structure fixed machinery and plant fixture and fitting there at other
terms and conditions remains same. |
|
Corporate
identity number (CIN) Foreign company registration number |
U25202DL1996PTC077568 |
|
Name of the
Company |
EAST INDIA PACKAGINGS PRIVATE LIMITED |
|
Address |
2584 Hamilton Road, Rohatagi Mansion, Kashmere Gate, Delhi – 110006,
India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Book Debts Movable Property
(Not Being Pledge) |
|
Particulars of
the charge holder |
State Bank of
India Commercial
Branch, Sector – 18, Noida – 201301, Uttar Pradesh, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Supplementary Agreement
of Hypothecation of Goods and Assets for increased in overall limit Letter regarding
the grant of individual limit within the overall limit |
|
Date of the
instrument creating or modifying the charge |
01.10.2007 |
|
Amount secured by
the charge |
Rs.218.500
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests to be
charged @1.00% below state Bank Advance Rate with a minimum of 11.75% p a with
monthly rests or at such other rate (s) of interests as may by the Bank to
the borrower from time to time. Term of
repayment: Working Capital –
Repayable on Demand Margin: 25% on Raw
Materials 25% on Stocks in
Process 25% on Finished
Goods 5% on LC (usance
period 180 days) 40% on Book
Debts/ Receivable (cover period 90 days) 25% on BG Extent and
operation of the charge: The company
proprieties as mentioned hereunder (as per column No.14) are hypothecation to
secured following credit facilities aggregating to Rs.218.500 Millions
granted by the bank to the borrower:- CC (Stock and
B/D) Rs.90.000 Millions LC Rs. 99.500
Millions SLC Rs.28.500
Millions BG Rs.0.500
Millions Total Rs.218.500
Millions |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
all present and future goods, book debts and all other movable assets of the
borrower including document of title to goods/ moneys, receivable, invoice,
document, contract, insurance policies, guarantee, engagements. Investment and
right and all the present and future machinery belonging to or in the
possession or under the control of the borrower wherever lying stored and
kept and whether in possession of the borrower or the Bank or of any third
Party Whether in India or elsewhere. |
|
Particular of the
present modification |
Total Amount of
charge secured against hypothecation of stocks, book debts, plant and
machinery etc. as per details mentioned in column No 14 above has now been
enhanced from Rs.154.500 Millions to Rs.218.500 Millions |
Profile:
Subject started its inception in 1989 with manufacturing of
eps(thermocol). Subject had now grown as a largest manufacturer of thermocol in
India .With a spread of over 10 acres of land and design capacity of producing
12000 metric tonnes/annum.
The East India Company Electronics division was set up in
2002 as a complete solution to all electronics manufacturing services. Today, with
an annual turnover of USD 80 Million, we are one of the fastest growing EMS
company, covering a wide spectrum of services from Batch production to fully
automated SMT, apart from Electronics Manufacturing Services. East India is
OEMs in Medical Electronics, Telecom, Avionics, Automotive and Industrial
Electronics. They are an ISO 9001:2000 and 14001 Certified by BSI,UL.
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.42.59 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.99 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & 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 |
|