MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
CONTECH INSTRUMENTS LIMITED |
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Registered Office : |
32/33, Bhandup Industrial Estate, Panalal Compound L B S Marg, Bhandup
(West), Mumbai-400078, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
22.02.2002 |
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Com. Reg. No.: |
134984 |
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CIN No.: [Company
Identification No.] |
U29196MH2002PLC134984 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC09116C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Electronic Weighing Systems |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
The company is poor in Corporate Governance as no financials are
available officially. Subject appears to be an established company. Trade relations are fair.
No payment are available. The company can be considered for small to mediocre
business dealings at usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Surendra |
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Designation : |
Commercial Officer |
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Contact No.: |
91-9892758747 |
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Date : |
07.10.2008 |
LOCATIONS
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Registered Office : |
32/33, Bhandup Industrial Estate, Panalal Compound L B S Marg, Bhandup
(West), Mumbai-400078, |
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Website : |
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Area : |
1000 sq.ft ( Owned) |
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Corporate Office : |
301, Punit Industrial Premises, Opposite Turbhe Naka, Navi
Mumbai-400705, |
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Tel. No.: |
91-22-27611176/ 32459901/ 02/06/18/ 31/ 27618431 |
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Fax No.: |
91-22-27618421 |
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Mobile No.: |
91-9821325817/ 9323995730 |
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E-Mail : |
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Area : |
6500 sq.ft (Owned) |
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Factory: |
Plot No. EL-221, TTC Industrial Area, MIDC, Mahpe, Navi Mumbai, |
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Tel. No.: |
91-22-55902341/ 27618366/ 27618374 |
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E-Mail : |
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Area : |
13000 sq.ft (Owned) |
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Branches : |
Located at:- ·
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Andheri ·
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Noida ·
Rajamundry ·
Sangli ·
Udupi ·
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Ahmedabad ·
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Bijapur ·
Chennai ·
Hassan ·
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Kalyan ·
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Pune ·
Ratnagiri ·
Solapur ·
Vapi ·
Anantpur ·
Ahmednagar ·
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Bhilwara ·
Davangere ·
Hubli ·
Jaipur ·
Kanakavali ·
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Faipur ·
Satara ·
Sikar ·
Vijaywada |
DIRECTORS
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Name : |
Mr. V N Holla |
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Designation : |
Director |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B.E Electronic |
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Name : |
Mr. B.K Dahami |
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Designation : |
Director |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B.E. Mechanical |
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Name : |
Mr. S Podwal |
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Designation : |
Director |
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Date of Birth/Age : |
44 Years |
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Qualification : |
B.E. Electronics |
KEY EXECUTIVES
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Name : |
Mr. Surendra |
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Designation : |
Commercial Officer |
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Mobile No. : |
91-9892758747 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Electronic Weighing Systems |
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Products : |
·
Analytical Balances ·
Precision Balances ·
Jewellery Balances ·
Table Top Scales ·
Price Computing Scales ·
Piece Computing Scales ·
Bench Scales ·
Platform Scales ·
Pallet Scales ·
Crane Scales ·
Weighbridges ·
Milk Weighing Systems ·
Washdown Scales ·
Flame Proof Scales ·
Accessories ·
Systems |
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Exports : |
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Products : |
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Weight Bridges ·
Digital Indicator ·
Weighting Systems ·
Electronics |
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Countries : |
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Gulf Countries |
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Imports : |
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Products : |
Components |
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Countries : |
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Terms : |
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Selling : |
Credit ( 30 Days) advance Payment, Profarma Invoices |
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Purchasing : |
Credit ( 30 Days) |
GENERAL INFORMATION
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Customers : |
Wholesalers Retailers End Users OEM’s |
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No. of Employees : |
220 |
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Bankers : |
The Bharat Co Operative Bank ( Mumbai) Limited, Bhandup Branch, Gautam
Udyog Bhavan, L.B.S Marg, Bhandup ( West), Mumbai-400078, |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
U.S Rao and Company Chartered Accountant |
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Address : |
L.B.S Road, Mulund (West), Mumbai, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
No Financials are available since incorporation of the company.
Management denied financial details.
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Particulars |
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31.03.2008 |
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Sales Turnover |
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155.500 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
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Aristo Pharma Cities
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Axis Bank
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BLC
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29196MH2002PLC134984 |
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Name of the
company |
CONTECH INSTURMENTS LIMITED |
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Address of the registered
office or of the principal place of
business in |
32/33, Bhandup Industrial Estate, Panalal Compound L B S Marg, Bhandup
(West), Mumbai-400078, |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
The Bharat Co Operative Bank ( Mumbai) Limited, Bhandup Branch, Gautam
Udyog Bhavan, L.B.S Marg, Bhandup ( West), Mumbai-400078, |
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Nature of
description of the instrument creating or modifying the charge |
1) Agreement of Hypothecation of Tangible
Movable Property 2) Agreement for Creating charge on Book
Debts (Both the documents constitute as a single charge) |
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Date of
instrument Creating the charge |
24.01.2008 |
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Amount secured by
the charge |
Rs. 10.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest rate of
12.75% p.a. with mly rest or such other rate agreed by the Borrower Company
with the bank from time to time. Penal Interst of
2.00% p.a. in addition to the agreed rate in case of default. Terms of
Repayment As agreed by the
Borrower Company with the bank Margin As agreed by the
borrower company with the bank Extent and
Operation of the charge At the request of
the Borrower the Bank has sanctioned Working Capital Term Loan of Rs. 10.000
Millions against first charge and hypothecation of Plant and Machineries,
furniture and fixtures, stocks, office equipments and book debts of the
Company both present and future |
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Short particulars
of the property charged |
At the request of
the Borrower the Bank has sanctioned Working Capital Term Loan of Rs. 10.000
Millions first charge and hypothecation of Plant and Machineries, furniture
and fixtures, stocks, office equipments and book debts of the Company both
present and future. |
AS PER WEBSITE
Profile:
Subject is
established by three engineers in 1992. The founders have had many years of
experience in the field of weighing, Application Engineering, and Systems
Design. Together, they put forward a set of policies, which laid foundation for
a strong future to be realised years later.
At a time, when most of the demands for precision weighing were being met with
imports, Subject provided a
quality alternative to most of the precision weighing needs at very competitive
prices. It never looked back since then and steadily made inroads into
precision weighing market across the country. It controls a very sizeable
percentage of this market segment today.
There are more than 1,00,000
balances working through out the country.
The company commenced commercial production of precision electronic balances
based on EMFC technique
(Electro-Magnetic Field Compensation) in early 1993. Subsequently it has
diversified into manufacturing of Lodcell based weighing machines. With various
models to choose from, CONTECH
has today emerged as one of the leading brands in the field of electronic
weighing in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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31 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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