MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
EXCEL INDUSTRIAL GEARS PRIVATE LIMITED |
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Registered Office : |
45/46, Podar Chambers S Abrevli Road, Mumbai-400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.1999 |
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Date of Incorporation : |
19.10.1981 |
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Com. Reg. No.: |
11-25466 |
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CIN No.: [Company
Identification No.] |
U29130MH1981PTC025466 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturers of PIV
Drives, Piv Chains, and other
Mechanical Variators |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Unknown |
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Comments : |
Subject is poor in Corporate Governance. No financials are available
after 1999. Scale of operation is small No payment are available. The company can be considered for any
business dealings on safe and secured trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Mayank Roy |
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Designation : |
Director |
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Contact No.: |
91-9820300402 |
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Date : |
27.10.2008 |
LOCATIONS
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Registered Office : |
45/46, Podar Chambers S A Brelvi Road, Mumbai-400 001, Maharashtra ,
India |
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Tel. No.: |
91-22-22663262 / 22663202 / 65073549 / 22621943 |
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Mobile No.: |
91-9820300402 (Mr. Mayank Roy) |
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Fax No.: |
91-22-22661545 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq.fts |
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Location : |
Rented |
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Factory : |
108, Bhusa Udyog Bhavan, Tokarshi Givaraj Marg, Shivadi (West),
Maharashtra, India |
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Area : |
1000 Sq.fts |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mayank Roy |
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Designation : |
Director |
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Address : |
45/46 Podar Chambers S A Brevli Road, Mumbai – 400 023, Maharashtra,
India |
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Date of Birth/Age : |
13.02.1939 |
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Qualification : |
B. Com |
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Date of Appointment : |
19.10.1981 |
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Name : |
Mr. Kirit Shah |
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Designation : |
Director |
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Address : |
45/46 Podar Chambers S A Brevli Road, Mumbai – 400 023, Maharashtra,
India |
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Date of Birth/Age : |
13.05.1955 |
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Qualification : |
B.Sc |
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Date of Appointment : |
01.01.1984 |
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Name : |
Mr. jogen J Roy |
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Designation : |
Director |
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Address: |
45/46 Podar Chambers S A Brevli Road, Mumbai – 400 023, Maharashtra,
India |
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Date of Birth/Age : |
13.12.1958 |
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Date of Appointment : |
27.08.1981 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Jayantilal Roy |
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1520 |
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Mr. Kiritchod Shah |
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50 |
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Mr. Jayantilal Roy (HUf) |
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5 |
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Mr. Apurva Shah |
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25 |
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Mr. Kirit Shah |
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1500 |
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Mr. Jogen Roy jointly with Mr. Kirit Shah |
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1500 |
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Total
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1575 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of PIV
Drives, Piv Chains, and other
Mechanical Variators |
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Exports : |
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Products : |
Gear Boxes, Gear Cutting |
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Countries : |
Europe |
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Imports : |
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Products : |
Mechanical Spares |
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Countries : |
USa, Europe |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, OEMs, End Users |
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No. of Employees : |
50 (25 in Office and 25 in Factory) |
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Bankers : |
· ICICI Bank, Fort, Mumbai, Maharashtra, India · Bank of Maharashtra · Dena bank, Mumbai Main Office, Legal Section, Advances Dept., 17, Horniman Circle, Fort, Mumbai – 400 023, Maharashtra, India |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name 1 : |
R D and Associates Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Name 2 : |
G P Kapadia and Company Chartered Accountants |
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Tel No.: |
91-22-265 4239 / 265 4313 / 265 4298 |
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Fax No.: |
91-22-265 4256 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.200 million |
Issued, Subscribed & Paid-up Capital :
Not Available
FINANCIAL DATA
[all figures are in Rupees Millions]
FINANCIALS:
No latest financials are available from any sources.
Management remained non – co-operative during the current investigation.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.1999 |
31.03.1998 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.460 |
0.460 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.730 |
0.712 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.190 |
1.172 |
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LOAN FUNDS |
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1] Secured Loans |
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0.825 |
0.860 |
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2] Unsecured Loans |
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0.006 |
0.042 |
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TOTAL BORROWING |
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0.831 |
0.902 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2.021 |
2.074 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.568 |
0.623 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.851 |
0.925 |
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Sundry Debtors |
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0.529 |
0.697 |
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Cash & Bank Balances |
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0.145 |
0.032 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.226 |
0.759 |
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Total
Current Assets |
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2.751 |
2.413 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.298 |
0.962 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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1.298 |
0.962 |
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Net Current Assets |
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1.453 |
1.451 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.021 |
2.074 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.1999 |
31.03.1998 |
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Sales Turnover |
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3.472 |
4.501 |
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Other Income |
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0.042 |
0.001 |
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Total Income |
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3.514 |
4.502 |
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Profit/(Loss) Before Tax |
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0.018 |
0.072 |
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Provision for Taxation |
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0.000 |
0.018 |
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Profit/(Loss) After Tax |
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0.018 |
0.090 |
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Expenditures : |
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Manufacturing Expenses |
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0.304 |
0.300 |
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Administrative Expenses |
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0.803 |
0.765 |
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Raw Material Consumed |
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1.591 |
2.391 |
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Increase/(Decrease) in Finished Goods |
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0.016 |
[0.064] |
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Salaries, Wages, Bonus, etc. |
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0.502 |
0.555 |
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Depreciation & Amortization |
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0.225 |
0.435 |
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Other Expenditure |
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0.055 |
0.048 |
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Total Expenditure |
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3.496 |
4.430 |
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KEY RATIOS
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PARTICULARS |
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31.03.1999 |
31.03.1998 |
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PAT / Total Income |
(%) |
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0.51 |
1.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.52 |
1.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.54 |
2.37 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.79 |
1.59 |
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Current Ratio (Current Asset/Current Liability) |
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2.12 |
2.51 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:-
· Plant and Machinery
· Furniture and Fixtures
· Computers
· Air Conditioner
FORM 8:
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Name of the company |
EXCEL INDUSTRIAL GEARS PRIVATE LIMITED |
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Presented By |
Dena Bank, Bombay Main Office, 17 Horniman
Circle, Fort, Mumbai – 400 023, Maharashtra, India |
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1) Date and description of instrument creating the change |
Unattested Term
Loan agreement of hypothecation of movables dated 25.04.1994 made between M/S
excel Industrial Gears Private Limited (Therein and hereafter called the
“Borrower”) of the one part and Dena Bank (Therein and hereinafter called the
“Bank” of the other Bank. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.250 million |
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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 |
The borrower
hereby hypothecated and charges to the bank specific machines with its
accessories etc, to be purchased from M/S, Shridhar Machine tools (P) Limited,
and also movable Plant, machinery Tools and accessories, stores and spares
relating to plant and machinery Furnitures, articles and things, etc
belonging to the borrower being movables properties and capable of passing by
delivery both present and future (all “the hypothecated premises”). |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Dena bank, Mumbai Main Office, Legal
Section, Advances Dept., 17, Horniman Circle, Fort, Mumbai – 400 023,
Maharashtra, India |
TRADE References:-
· Sun up India, Vikhroli
· Durgapure Power Projects, Durgapura
website details:-
Subject began making PIV with a tie-up with Stone Wallwork U.K. being the original
manufacturers of PIV Drives, Piv Chains, and other Mechanical
VARIATORS as part of Mechanical Power
Transmission Products.
All critical components were originally imported from U.K. Excel Industrial
Gears (EIG) gradually began indigenizing the components and now manufacture
practically all the PIV spare Parts in house including PIV SERVICING of
practically all makes of Variable Speed Drives of German, French, American,
Czech origin. However, for some prestigious projects, subject uses Imported
chains mostly from U.K.
Subject has also, during these years, developed its own technical innovations
and improvements, performance wise, deriving these from over 25 years of
experience in the manufacture of PIV units.
The OEM customers include Packaging, Power and Cable, Glass, Paper, Textile
Machinery Industries, Steel Plant etc. Replacements and new requirement of
Major thermal power plants are met regularly, where many international make PIV
UNITS with flanged motor and / or compound geared units are working.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.77 |
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UK Pound |
1 |
Rs.79.78 |
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Euro |
1 |
Rs.63.36 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
--- |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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16 |
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 |
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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 |
|
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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