MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
ENVIRO ABRASION RESISTANT ENGINEERS PRIVATE LIMITED |
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Registered Office : |
Mangirish, Plot No. 494, Sector No. 27, Pradhikaran, Pune – 411044,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.12.2000 |
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Com. Reg. No.: |
11-14492 |
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CIN No.: [Company
Identification No.] |
U29299PN2000PTC014492 |
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IEC No.: |
3100002296 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01612C |
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PAN No.: [Permanent
Account No.] |
AAACE7172N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Exporter of Bulk Material Handling Equipments |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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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 |
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Maximum Credit Limit : |
USD 410000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Directors are reported as experienced, respectable and resourceful
industrial. Their trade relations are fair. Payments are correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long
– run. |
INFORMATION PARTED
BY
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Name : |
Mr. Sanjiv Waghe |
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Designation : |
Accounts Manager |
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Date : |
03.11.2008 |
LOCATIONS
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Registered Office : |
Mangirish, Plot No. 494, Sector No. 27, Pradhikaran, Pune – 411044,
Maharashtra, India |
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Tel. No.: |
91-20-25899665/27641747/ 27641757 |
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Mobile No.: |
91-9730079894/ 9730079890/ 9752094899 |
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Fax No.: |
91-20-25890774/ 27650316 |
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E-Mail : |
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Website : |
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Area : |
4000 sq ft |
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Location : |
Owned |
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Factory : |
Gate No.199, Plot No.11, Jyotiba Nagar, Talwade, Pune – 412114, Maharashtra,
India. |
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Area : |
4 acre |
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Location : |
Rented |
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Branches : |
M/s. Anuma Industries 5, Fredran Terrace, 676, Katrat Road, Vadala, Mumbai – 400 031,
Maharashtra, India. |
DIRECTORS
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Name : |
Mr. Milind Madhukar Dixit |
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Designation : |
Director |
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Address : |
3116, Arvind Society, Anand Nagar, Sihagad Road, Pune – 411051,
Maharashtra, India. |
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Qualification : |
Diploma in Mechanical Engineering |
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Date of Appointment : |
17.02.2000 |
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Name : |
Mr. Prashant Madhukar Puppal |
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Designation : |
Director |
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Address : |
Dwarka, 27/332, Nigdi, Pune – 411044, Maharashtra, India. |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Sujit G. Kulkarni |
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Designation : |
Director |
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Address : |
Mangirish, Plot No. 494, Sector 27, Pune – 44, Maharashtra, India. |
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Qualification : |
Diploma in Mechanical Engineering |
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Date of Appointment : |
17.02.2000 |
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Name : |
Mr. Nitin Purushottam Supe |
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Designation : |
Director |
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Address : |
Flat No.7, Siddharth Nagar, Aundh, Pune – 411 007, Maharashtra, India |
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Date of Appointment : |
18.11.2000 |
KEY EXECUTIVES
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Name : |
Amruta Borlikar |
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Designation : |
Office Co-ordinator |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As On 30.09.2006)
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Names of Shareholders |
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No. of Shares |
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Mr. Sujit G. Kulkarni |
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150000 |
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Mr. Milind Madhukar Dixit |
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150000 |
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Mr. Prashant Madhukar |
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150000 |
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Mr. Nitin P. Supe |
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150000 |
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Total |
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600000 |
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporter of Bulk Material Handling Equipments |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash and Credit (30 to 60 days) |
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Purchasing : |
L/C, T/T |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
130 |
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Bankers : |
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Facilities : |
Cash and Credit (Rs.170.000 Millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R M Rajapurkar & Company Chartered Accountant |
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Address : |
1-Regent Avenue, Sambhaji Chowk, Pradhikaran, Pune – 411 044, India |
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Tel. No.: |
91-20-24477730 91-20-27657682 |
CAPITAL STRUCTURE
(As On 31.03.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
6.000 |
6.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
75.752 |
45.721 |
25.357 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
81.752 |
51.721 |
27.357 |
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LOAN FUNDS |
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1] Secured Loans |
42.999 |
12.642 |
0.000 |
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2] Unsecured Loans |
0.321 |
0.340 |
1.306 |
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TOTAL BORROWING |
43.320 |
12.982 |
1.306 |
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DEFERRED TAX LIABILITIES |
0.738 |
0.413 |
0.323 |
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TOTAL |
125.810 |
65.116 |
28.986 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
42.209 |
30.630 |
12.894 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.727 |
0.727 |
3.427 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.006 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
60.069
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11.408 |
11.718 |
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Sundry Debtors |
130.859
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64.111 |
33.718 |
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Cash & Bank Balances |
3.636
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0.429 |
10.387 |
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Other Current Assets |
70.245
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49.849 |
21.466 |
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Loans & Advances |
19.291
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7.068 |
9.450 |
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Total
Current Assets |
284.100
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132.865 |
86.739 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
196.040
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92.670 |
69.882 |
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Provisions |
5.209
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6.471 |
4.245 |
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Total
Current Liabilities |
201.249
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99.141 |
74.127 |
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Net Current Assets |
82.851
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33.724 |
12.612 |
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MISCELLANEOUS EXPENSES |
0.023 |
0.035 |
0.047 |
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TOTAL |
125.810 |
65.116 |
28.986 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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367.968 |
323.424 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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367.968 |
323.424 |
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Profit/(Loss) Before Tax |
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42.886 |
41.164 |
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Provision for Taxation |
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12.855 |
11.861 |
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Profit/(Loss) After Tax |
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30.031 |
29.303 |
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Earnings in Foreign Currency : |
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Export Earnings |
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1333.546 |
4.220 |
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Imports : |
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Raw Materials |
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9.640 |
14.239 |
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Stores & Spares |
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0.313 |
1.363 |
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Expenditures : |
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Depreciation & Amortization |
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4.397 |
2.441 |
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Other Expenditure |
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320.685 |
279.819 |
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Total Expenditure |
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325.082 |
282.260 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
8.16
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9.06 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
11.65
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12.72 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.14
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25.17 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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0.52
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0.79 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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2.99
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2.16 |
2.75 |
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Current Ratio (Current Asset/Current Liability) |
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1.41
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1.34 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional Requirement of
Indiamart for Trust-Seal |
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Service Tax No. : AAACE7172N ST001 |
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Excise Registration No.:
XM002 |
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VAT / TIN : 27660006957 |
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IEC Code :3100002296 |
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PAN / TAN : AAACE7172N |
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Bank Name : Saraswat Co-operative Bank, Limited |
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Bank Address : Akrudi, Nigdi Branch, Pune – 411 044, Maharashtra,
India |
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Bank A/c. No.: 201232 |
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Account Since :6 Years |
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Form 8
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Name of the company |
ENVIRO ABRASION RESISTANT ENGINEERS PRIVATE LIMITED |
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Presented By |
Mr. Milind M.
Dixit, Director |
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1) Date and description of instrument creating the change |
Memorandum of
Record of Equitable Mortgage dated 26.02.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 Millions
for Cash Credit Rs.3.000 Millions
for Term Loan and Rs.5.000 Millions
for Bank Guarantee/ Letter of Credit All Constituting
A Single Charge. |
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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 |
Deposit of the
Title deeds of the property of the Company situated at Flat/ Apartment/ Shop
No.2nd Floor admeasuring about 3820 sq ft on the Second Floor in
the building No.F12 named as Vijaymarket Constructed on all those piece of
land situate being and lying at village Chinchwad in the registration
District Pune, Sub District Haveli area of plot admeasuring about 9337 sq ft
and bounded as follows: On or towards
North: 12 mtrs wide Road On or towards
East: 45 mtrs wide Road On or towards
West: Plot No.F.11 On or towards
South: Open Space |
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4) Gist of the terms and conditions and extent and operation of the charge. |
11-14492 |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra, Pune Main Branch, Pune |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10030567 |
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Corporate
identity number of the company |
U29299PN2000PTC014492 |
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Name of the
company |
ENVIRO ABRASION RESISTANT ENGINEERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Mangirish, Plot No. 494, Sector No. 27, Pradhikaran, Pune – 411044,
Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Saraswat Cooperative Bank Limited, Akrudi, Nigdi Branch, Pune –
411 044, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deposit of
original title deeds dated 24th September, 2007 |
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Date of
instrument Creating the charge |
24.09.2007 |
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Amount secured by
the charge |
Rs.355.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest All the existing
terms and conditions remains same Terms of
Repayment All the terms and
conditions remains same Margin All the terms and
conditions remains same Extent and
Operation of the charge The existing
limit of Rs.205.000 Millions enhanced to Rs.355.000 Millions. The nature of
facilities are as under Cash Credit limit of Rs.100.000 Millions, Term Loan
facility of Rs.5.000 Millions and Bank Guarantee of Rs.150.000 Millions Others |
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Short particulars
of the property charged |
1. All that piece
and parcel of land admeasuring 9505.46 sq mtrs together with construction
raised/to be raised thereon bearing Private Plot No.1 to 2, out of Gat
No.1605. 2. All that piece
and parcel of entire Second Floor admeasuring 3820+1000 sq fts Parking area
on Ground Floor in Vijay Market constructed on Plot No.F/12, New Town
Development Authority, Pune 411 004 in PCNTDA. Detailed particulars
as per Schedule B attached herewith. |
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Date of latest
modification prior to the present modification |
02.08.2007 |
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Particulars of
the present modification |
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Profile
Incepted in the year 1989, Subject is one of the well known manufacturers of an assortment of abrasion protection materials that are used for protection of all kinds of plant components against abrasion. Their range is widely used in different industries such as chemical, coal and allied industries.
Quality is an essential part of their manufacturing process and strict
adherence to all the quality norms are considered in order to maintain the
quality levels. They have framed their own quality policies and system
guidelines in order to develop defect free products and also maintain the
service quality. Their superior quality products and exceptional service
quality has made them one of the most trusted names in the sheet metal
industry.
Owing to the guidance of their experienced mentor, Mr.Sujit Kulkarni they have
attained a special position in the market. Presently they are gaiting ion the
wide competitive market.
Fixed Assets
- Land
- Office Premises
- Furniture and Fixture
- Vehicles
- Plant and Machinery
- Computer
- Office Equipments
- Electrical Installations
- Factory Building
- Marketing Office
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.47.67 |
|
UK Pound |
1 |
Rs.75.47 |
|
Euro |
1 |
Rs.61.19 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
63 |
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 |
|