MIRA
INFORM REPORT
|
Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELITE THERMAL ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
6 Jay Gandha Annexe 2nd Floor, Ramamruti Road, Gadkari
Path, Thane-400602, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
05.01.1994 |
|
|
|
|
Com. Reg. No.: |
11-75909 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29198MH1994PTC075909 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05517B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACE6241L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing, Servicing and Marketing of Boilers and
other allied Process Heating Equipments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Mr. Chinchorkar, General Manager of the company gave partial details
after four attempt. Some vital details as per new format has been denied by
him. Subject is a well established company having satisfactory. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Head Office : |
6 Jay Gandha Annexe 2nd Floor, Ram Maruti Road, Gadkari
Path, Thane-400602, Maharashtra, India |
|
Tel. No.: |
91-22-25331807 |
|
Fax No.: |
91-22-25333069 |
|
E-Mail : |
For Sale: sales@eliteboilers.com
For Service: service@eliteboilers.com
|
|
Website : |
|
|
Area : |
3000 sq ft (Owned) |
|
|
|
|
Branches : |
C-Wing, Shree Balwant Niwas, Sadashive Peth, Pune-411001, Maharashtra,
India |
|
Tel. No.: |
91-20-24491746 |
|
Mobile No.: |
91-9225502092 |
|
Fax No.: |
91-20-24491769 |
|
E-Mail : |
For Sales: sales@eliteboilers.com For Service: service@eliteboilers.com
|
|
Area : |
1200 sq ft (Owned) |
DIRECTORS
|
Name : |
Mr. Dilip Dattatray Atre |
|
Designation : |
Director |
|
Address : |
201, Govind Gaurav, A Building, Swanand Society, Sahkar Nagar,
Pune-411009, Maharashtra, India |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
Engineer |
|
Date of Appointment : |
05.01.1994 |
|
|
|
|
Name : |
Mrs. Geeta Dilip Atre |
|
Designation : |
Director |
|
Address : |
201, Govind Gaurav, A Building, Swanand Society, Sahkar Nagar,
Pune-411009, Maharashtra, India |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
Graduate |
|
Date of Appointment : |
05.01.1994 |
|
|
|
|
Name : |
Mr. Sham Sadashiv Vagh |
|
Designation : |
Director |
|
Address : |
8, Laxmi Apartment, 6th Lane, Prabhat Road, Pune-411004,
Maharashtra, India |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
Cost Accountants |
|
Date of Appointment : |
10.09.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Chinchorkar |
|
Designation : |
General Manager |
|
Mobile No. : |
91-925502092 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Dilip Dattatray Atre |
|
5 |
|
Geeta Dilip Atre |
|
5 |
|
Dilip Dattatray Atre and Geeta Dilip Atre |
|
10 |
|
Dilip Dattatray Atre and Geeta Dilip Atre |
|
10 |
|
Vapor Engineering Private Limited |
|
90000 |
|
Total |
|
90030 |
As on 31.03.2008
|
List of Allottees |
|
No of Shares Allotted |
|
Dilip Dattatray Atre |
|
5000 |
|
Medha Dilip Atre |
|
10000 |
|
Amol Dilip Atre |
|
25000 |
|
Total |
|
40000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
40.00 |
|
others |
|
60.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Servicing and Marketing of Boilers and
other allied Process Heating Equipments. |
|
|
|
|
Exports : |
|
|
Countries : |
·
Malaysia ·
Indonesia ·
Canada ·
USA |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash |
|
|
|
|
Purchasing : |
L/C, Cash |
GENERAL
INFORMATION
|
Customers : |
OEM’s ·
Associated Capsules ·
U.S Vitamins (India) Limited ·
Deepak Nitrite Limited ·
Camlin Limited ·
Kalyani Forge Limited ·
Pepsico India Holding Private Limited ·
Heinz India Limited ·
Jenson and Nicholson ·
Gharda Chemicals Limited ·
Apcotex Lattics Limited (Asian Paints Group) ·
Milittary Engineering Services (Government of India) |
|
|
|
|
No. of Employees : |
12 |
|
|
|
|
Bankers : |
State Bank of
India, Agyari Cross Lane, Tembhi Naka, Thane-400601, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Shard Joshi and Company Chartered Accountant |
|
Address : |
6C, Jyendra Bhavan, S.K. Bole Road, Dadar ( West), Mumbai-400028,
Maharashtra, India |
|
|
|
|
Holding Company : |
Vapor Engineering Private Limited |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.500 |
1.500 |
1.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.753 |
3.109 |
2.426 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.253 |
4.609 |
3.926 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.326 |
5.331 |
3.767 |
|
|
2] Unsecured Loans |
7.772 |
7.637 |
7.461 |
|
|
TOTAL BORROWING |
11.098 |
12.968 |
11.228 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.351 |
17.577 |
15.154 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.573 |
7.017 |
6.986 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.279
|
7.868 |
24.018 |
|
|
Sundry Debtors |
11.959
|
10.201 |
10.542 |
|
|
Cash & Bank Balances |
3.717
|
8.764 |
3.149 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.992
|
2.645 |
2.492 |
|
Total
Current Assets |
36.947
|
29.478 |
40.201 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
27.539
|
17.508 |
32.044 |
|
|
Provisions |
0.630
|
1.410 |
0.000 |
|
Total
Current Liabilities |
28.169
|
18.918 |
32.044 |
|
|
Net Current Assets |
8.778
|
10.560 |
8.157 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
16.351 |
17.577 |
15.154 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
51.766 |
79.421 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
51.766 |
79.421 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.505 |
1.053 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
0.505 |
1.053 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
0.313 |
0.381 |
|
|
Depreciation & Amortization |
|
1.288 |
1.375 |
|
|
Other Expenditure |
|
49.600 |
76.612 |
|
Total Expenditure |
|
51.261 |
78.368 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.98
|
1.33 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.98
|
1.33 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.13
|
2.89 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.23 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.48
|
6.92 |
11.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.31
|
1.56 |
1.25 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
S.S.P Limited
·
India Tobacco Limited
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90142597 |
|
Corporate
identity number of the company |
U29198MH1994PTC075909 |
|
Name of the
company |
ELITE THERMAL ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
6 Jay Gandha Annexe 2nd Floor, Ram Maruti Road, Gadkari
Path, Thane-400602, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
State Bank of
India, Agyari Cross Lane, Tembhi Naka, Thane-400601, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1)
Supplemental
Agreement of Loan cum Hypothecation 2)
Memorandum
for Recording extension of Mortgage deposit of title deeds |
|
Date of
instrument Creating the charge |
26.07.2007 |
|
Amount secured by
the charge |
Rs. 9.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @14.75
p.a. Terms of
Repayment As per bank Rules Margin 1)
Raw
Material, Finished Goods, Bank Guarantee – 25% 2)
Semi
Finished Goods – 33% 3)
Domestic
Receivables – 40% Extent and
Operation of the charge Security to cover
principal amount together with interest, costs, charges, expenses etc. Others Details of Credit
facilities as under:- 1)
Demand Cash
Credit Rs. 7.500 Millions 2)
Bank
Guarantee Rs. 2.000 Millions Total Rs. 9.500
Millions |
|
Short particulars
of the property charged |
Hypothecation of
all present and future stock, book debts and all other movable assets. |
|
Date of latest
modification prior to the present modification |
18.09.2006 |
|
Particulars of
the present modification |
Charge enhanced
from Rs. 7.000 Millions to Rs. 9.500 Millions enhanced limit further secured
by hypothecation of stocks and book debts and Equitable Mortgage of immovable
property being, Gat No. 558, Village Wing, Post Shirwal, Taluka Khandala,
District Satara, Gat No,. 558, Area H ars., 0.32, Boundries East Gat No, 557,
South- Road, West- Gat No. 559, North Road. |
AS PER WEBSITE
Profile:
The Company was established in 1983 in the name of ELITE ENGINEERS at Badlapur (Thane
District) by a group of Professionally Qualified Engineers having long
experience in the field of Designing, Manufacturing, Servicing and Marketing of
Boilers and other allied Process Heating Equipments. The growing Turnover and
the demand for the Product Ranges turned the space small, for manufacturing and
fulfilling market demand.
A new site with an area of 32000 sq. feet was located at Shirwal 50 kms away
from Pune near Pune – Bangalore Highway in the mountain ranges of Sahyadri. The
new factory is well equipped with the state of the art manufacturing facilities
like Automatic Coil Bending Machine, Plate Bending Machine, Radial Drilling
Machine, etc.
They have the own Quality Control Department and all the products undergo
vigorous tests before delivery.
They have an in house Design Centre well equipped with CAD/CAM facilities.
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|