MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
ENGINETECH SYSTEMS INDIA PRIVATE LIMITED |
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Registered Office : |
Kirloskar House, 100 Anand Park, Aundh, Pune-411007, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
14.09.1983 |
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Com. Reg. No.: |
11-30839 |
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CIN No.: [Company
Identification No.] |
U34300MH1983PTC030839 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01469G |
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PAN No.: [Permanent
Account No.] |
AAACE6469N |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Exporter of autoparts like rear view mirrors, filtration system, brake system
etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 1100000 |
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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 company having fine track. Financial position is good. Trade relations
are fair. Payments are correct and as per commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
Kirloskar House, 100 Anand Park, Aundh, Pune-411007, Maharashtra,
India |
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Tel. No.: |
91-20-2588 4557 / 2588 5241 / 2588 3242 / 25887201 |
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Fax No.: |
91-20-25884557 |
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E-Mail : |
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Website : |
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Factory 1 : |
Gat No. 317 / 1, Village
Nandur, Taluka: Daund, District: Pune, Maharashtra, INDIA |
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Tel. No.: |
91-20-25887201 |
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Factory 2 : |
Gat No. 281/2,
Plot Nos. 8 to 10, Village Kasar Amboli, Taluka Mulshi, Pune |
DIRECTORS
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Name : |
Mr. Anil Arun Kulkarni |
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Designation : |
Director |
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Address : |
Flat No. 201, A-1 Wing, Rahul Towers, S.No. 95 (PT), Plot No. B, Paud
Road, Kothrud, Pune-411038, Maharashtra, India |
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Date of Birth/Age : |
05.05.1971 |
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Date of Appointment : |
28.04.2007 |
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Name : |
Mr. Harshad
Sardesai |
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Designation : |
Chairman and Managing Director |
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Address : |
Akshata Vidya
Vilas Colony, Aundh Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
22.04.1961 |
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Qualification : |
B. Sc. |
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Experience : |
25 years |
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Date of Appointment : |
10.07.1992 |
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Last Employments Held: |
Autofield
Engineers Private Limited |
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Name : |
Mr. Dhaval
Kirloskar |
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Designation : |
Director |
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Address : |
Muktangan Aundh
Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
29.07.1965 |
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Date of Appointment : |
04.07.2003 |
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Name : |
Mr. Nirangan
Kirloskar |
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Designation : |
Director |
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Address : |
Muktangan Aundh
Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
06.00.1967 |
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Date of Appointment : |
04.07.2003 |
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Name : |
Mrs. Shalaka
Sardesai |
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Designation : |
Director |
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Address : |
Akshata Vidya
Vilas Colony, Aundh Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
25.03.1963 |
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Date of Appointment : |
08.07.2002 |
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Name : |
Mr. Shriniwas
Gokhale |
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Designation : |
Director |
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Address : |
Vishnu Laxmi
Apartments 50 Bharat Kunj, Near – 2 Erandwane, Pune- 411038, Maharashtra,
India |
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Date of Birth/Age : |
01-03.1954 |
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Date of Appointment : |
15.09.1983 |
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Name : |
Mr. Ravindra
Dandekar |
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Designation : |
Director |
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Address : |
Flat No. 6 166/2,
Radha Kunj Gangote Path Erandwane, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
11.02.1946 |
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Date of Appointment : |
08.07.2002 |
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Other Directorship: |
Poona Coupling
Private Limited U99999MH1984PTC034780 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 16.08.2008
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
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Shriniwas Gokhale |
|
1000 |
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Sardesai Finance Private Limited |
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24000 |
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Sardesai Irrigation Private Limited |
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24500 |
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Sardesai
Autoparts Private Limited |
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24500 |
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Dhaval Kirloskar |
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9000 |
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Shalaka Sardesai |
|
9000 |
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Nirangan
Kirloskar |
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9000 |
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Filtrun Polymers
Private Limited |
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317500 |
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Harshad Sardesai |
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100000 |
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Arun Dhaval
Kirloskar |
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100000 |
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Arun Nirangan
Kirloskar |
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100000 |
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Sardesai Finance Private Limited |
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232500 |
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Total |
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951000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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72.28 |
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Directors or relatives of directors |
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27.72 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of autoparts like rear view mirrors, filtration system, brake system
etc. |
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Products : |
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Imports : |
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Countries : |
USA |
GENERAL
INFORMATION
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No. of Employees : |
120 |
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Bankers : |
v
Axis Bank
Limited , J. M. Road branch, Pune – 411004 v
The Shree Suvarna
Sahakari Bank Limited, Pune,
Maharashtra, India v
Bank of
Maharashtra, Pune, Maharashtra, India v
Citibank
N.A., Mumbai, Maharashtra, India v
The Saraswat
Co-operative Bank v
The
Shivajinagar Co-operative Bank Limited, Urali Kanchan v
Centurian
Bank of Punjab Limited, Durga Niwas M G Road, Panji- 403001, Goa, India v
ABN Amro
Bank N.V, 327, M G Road, Pune Camp, Pune-411001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Damle and Yadwad Chartered
Accountants |
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Address : |
125 / 5, Prabhat
Nagar, Pune – 411 004, Maharashtra, India |
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Tel. No.: |
91-20-25437349 |
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E-Mail : |
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Holding company : |
Filtrun Polymers
Private Limited |
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Associates/Subsidiaries : |
Fleetguard
Filtration Systems Private Limited |
CAPITAL STRUCTURE
As on 16.06.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
|
1800000 |
Preference Shares |
Rs. 10/- each |
Rs. 18.000 Millions |
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Total |
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Rs. 20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
101000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.010
Million |
|
850000 |
Preference Shares |
Rs. 10/-
each |
Rs. 8.500
Millions |
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Total |
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Rs. 9.510 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.510 |
9.510 |
9.510 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
226.426 |
187.876 |
152.510 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
235.936 |
197.386 |
162.020 |
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LOAN FUNDS |
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1] Secured Loans |
67.369 |
54.439 |
89.280 |
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2] Unsecured Loans |
5.055 |
9.055 |
10.658 |
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TOTAL BORROWING |
72.424 |
63.494 |
99.938 |
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DEFERRED TAX LIABILITIES |
23.909 |
20.267 |
17.531 |
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TOTAL |
332.269 |
281.147 |
279.489 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
197.578 |
188.848 |
177.108 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
51.117 |
22.925 |
0.399 |
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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 |
57.151
|
38.221 |
33.284 |
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Sundry Debtors |
79.740
|
68.700 |
66.228 |
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Cash & Bank Balances |
8.692
|
8.671 |
59.340 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
35.737
|
16.675 |
4.239 |
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Total
Current Assets |
181.320
|
132.267 |
163.091 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
91.227
|
59.703 |
55.994 |
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Provisions |
6.519
|
3.190 |
5.115 |
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Total
Current Liabilities |
97.746
|
62.893 |
61.109 |
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Net Current Assets |
83.574
|
69.374 |
101.982 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
332.269 |
281.147 |
279.489 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
491.827 |
417.637 |
356.658 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
491.827 |
417.637 |
356.658 |
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Profit/(Loss) Before Tax |
62.227 |
59.546 |
57.137 |
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Provision for Taxation |
21.700 |
22.233 |
21.137 |
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Profit/(Loss) After Tax |
40.527 |
37.313 |
36.000 |
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Earnings in Foreign Currency : |
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Export Earnings |
0.414 |
Nil |
NA |
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Imports : |
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Import Value |
67.386 |
36.772 |
NA |
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Expenditures : |
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Depreciation & Amortization |
11.239 |
10.997 |
10.106 |
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Other Expenditure |
418.361 |
347.094 |
289.415 |
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Total Expenditure |
429.600 |
358.091 |
299.521 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
8.24
|
8.93 |
10.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.65
|
14.26 |
16.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.42
|
15.54 |
16.79 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.30 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.72
|
0.64 |
0.99 |
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Current Ratio (Current Asset/Current Liability) |
|
1.86
|
2.10 |
2.67 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
Name of the company |
ENGINETECH
SYSTEMS PRIVATE LIMITED |
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Presented By |
Mr. Dhaval
Kirloskar – Director |
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1) Date and description of instrument creating the change |
April 3, 2003 Supplementary agreement of hypothecation for stocks, Book
dents, receivables, movable machinery etc. |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 3.000 millions Rs. 4.000 millions Rs. 7.000 millions Fresh Term Loan |
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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 current assets like stocks and receivables,
book dents etc. and movable plant and machinery and other movable assets both
present and future. |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Rate of Interest : 1.5 % above prevailing prime lending
rate which is presently 12 % p.a. subject to minimum of 13.5 % p.a. with
applicable interest tax at monthly rests
Loan of Rs. 3.000 millions Repayable by quartly instalment of Rs. 0.750 millions commencing form January, 1, 2004
Loan of Rs. 4.000 millions Repayable by quartly instalment of Rs. 0.200 millions commencing form April 1, 2003
Loan of Rs. 7.000 millions Repayable by quartly instalment of Rs. 0.350 millions
commencing form April 1, 2003 |
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5) Name and Address and description of the person entitled
to the charge. |
Axis Bank limited Bund Garden Road Branch Pune – 411001 |
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6) Date and brief
description of instrument modifying the charge |
April 7, 2003 Memorandum of entry. No other instrument was
executed. |
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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. |
Additional security given as Equitable Mortgage created by
way of deposit of title deed pertaining to the Plot Nos. 6 to 101 Gate No.
281/2, Village Kasar Amboli, Mulshi Pune admeasuring 4288.75 sq. mets,
together with construction thereon and addition made thereto together with
Plant and machinery and fixed assets therein and all that piece and parcel of
land known as Plot no. 14 form and out of the sanctioned layout of land
bearing gat No. 281, Hissa No. 2 Kasar Amboli Muldi Pune admeasuring 960.5
sq. mtrs. together with construction thereon and addition made thereto
together with Plant and machinery and fixed assets therein. |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U34300MH1983PTC030839 |
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Name of the
company |
ENGINETECH
SYSTEMS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Kirloskar House, 100 Anand Park, Aundh, Pune-411007, Maharashtra,
India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
ABN Amro Bank
N.V, 327, M G Road, Pune Camp, Pune-411001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Movable Assets |
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Date of
instrument Creating the charge |
28.02.2008 |
|
Amount secured by
the charge |
Rs. 172.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At Negotiable
Rates Terms of
Repayment As per sanctioned letter attached Margin As per sanctioned
letter attached Extent and
Operation of the charge Exclusive first
charge by way of hypothecation on entire inventory (Both present and future)
/ Exclusive part charge by way of hypothecation on entire receivables (both
present and future)/ Exclusive first charge by way of hypothecation on entire
movable fixed assets/ first charge by way of equitable mortgage of factory
land and building at Gat No. 281/2, Plot Nos. 6 to 10 and 14 to 17 at village
kasa amboli, taluka mulshi, district Pune, Personal Guarantee of harshad
Saredsai and Dhaval Kirloskar. |
|
Short particulars
of the property charged |
Hypothecation of
entire inventory, receivables, movable fixed assets and equitable mortgage of
factory, land and building at village kasar amboli, Taluka Mulshi, district
Pune |
Fixed
Assets
v Land
v Factory building
v Garage
v Plant and machinery
v Electrical Installations
v Tools and Equipments
v Dies and Moulds
v Air Conditioners
v Computer
v Office Equipments
v Furniture and Fixtures
v Vehicles
v
Commuter
Licence Software
v
Office
Building
v
Cad/ Can
System
v
Computers and
Peripherals
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.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
69 |
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 |
|