MIRA
INFORM REPORT
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Report Date : |
30.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
EDICON PNEUMATIC TOOL COMPANY PRIVATE LIMITED |
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Registered Office : |
203, Mayfair, St Dominics Road, Bandra [West], Mumbai – 400050,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.02.2004 |
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Com. Reg. No.: |
11-144373 |
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CIN No.: [Company
Identification No.] |
U29220MH2004PTC144373 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05759F |
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PAN No.: [Permanent
Account No.] |
AABCE3179L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pneumatic Push-in Fittings for Flexible Tubes |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000 |
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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 satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
203, Mayfair, St Dominics Road, Bandra [West], Mumbai – 400050,
Maharashtra, India |
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Tel. No.: |
91-22-28735484 |
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E-Mail : |
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Factory : |
R 725, TTC MIDC Industrial Area, Rabale, Post Ghansolio, Navi Mumbai –
400701, Maharashtra, India |
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Tel. No.: |
91-22-27699513 |
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Fax No.: |
91-22-27604863 |
DIRECTORS
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Name : |
Mr. Anthony Sunny D’cunha |
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Designation : |
Director |
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Address : |
92, Trishul, Kane Road, Bandra [West], Mumbai, Maharashtra, India |
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Date of Birth/Age : |
27.12.1931 |
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Date of Appointment : |
05.02.2004 |
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Name : |
Mr. Aubrey Stephen D’cunha |
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Designation : |
Director |
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Address : |
203, Mayfair, St Dominics Road, Bandra [West], Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
14.04.1962 |
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Date of Appointment : |
05.02.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Anthony Sunny D’cunha |
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500 |
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Mr. Aubrey Stephen D’cunha |
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500 |
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Total |
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1000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pneumatic Push-in Fittings for Flexible Tubes |
GENERAL
INFORMATION
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Bankers : |
Bank of India R. N. Marg Branch, Bandra [West], Mumbai – 400050, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Borkar and Muzumdar Chartered Accountants |
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Address : |
21/168, Anand Nagar, Om Chs, Anand Nagar Lane, Off Nehru Road, Vakola,
Santacruz – East, Mumbai – 400055, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
10.900 |
10.900 |
10.900 |
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3] Reserves & Surplus |
18.928 |
8.602 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.872] |
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NETWORTH |
29.928 |
19.602 |
10.128 |
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LOAN FUNDS |
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1] Secured Loans |
27.707 |
33.205 |
33.392 |
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2] Unsecured Loans |
7.500 |
7.500 |
1.793 |
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TOTAL BORROWING |
35.207 |
40.705 |
35.185 |
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DEFERRED TAX LIABILITIES |
0.579 |
0.237 |
0.000 |
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TOTAL |
65.714 |
60.544 |
45.313 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.766 |
43.022 |
40.712 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
10.511
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8.075 |
9.023 |
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Sundry Debtors |
16.877
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11.558 |
0.594 |
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Cash & Bank Balances |
0.198
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3.834 |
0.279 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.623
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1.684 |
0.256 |
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Total
Current Assets |
30.209
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25.151 |
10.152 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.883
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7.566 |
5.551 |
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Provisions |
0.378
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0.063 |
0.000 |
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Total
Current Liabilities |
10.261
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7.629 |
5.551 |
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Net Current Assets |
19.948
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17.522 |
4.601 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.714 |
60.544 |
45.313 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.52
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2.47 |
4.02 |
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Current Ratio (Current Asset/Current Liability) |
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2.94
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3.30 |
1.83 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
EDICON PNEUMATIC
TOOL COMPANY PRIVATE LIMITED |
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Presented By |
Bank of India,
Hill Road, Mumbai – 400050 |
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1) Date and description of instrument creating the change |
Memorandum of
Oral Assets for additional collateral security |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 33.000 Millions
Rs in Millions
Within Term Loan of
Rs. 24.000 Millions for import of / purchase of machinery. |
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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 |
Equitable
Mortgage by way of additional collateral security by deposit of title deeds,
more particularly listed in Schedule IV, pertaining to the properties of the
company more particularly described in Schedule III as situated at Plot No.
R-725, TTC Industrial Area, Rabale Post, Ghansoli, Navi Mumbai |
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4) Gist of the terms and conditions and extent and operation of the charge. |
I. Interest Cash Credit @ 2 Over BPLR i.e. 12.75 % p.a. at monthly
rests EPC / PCFC 10.75 % [BPLR] 4 % p.a. Minimum 6.75 % p.a.
up to 180 days. Above 180-270 days BPLR + 0.50 % or as advised by Bank from
time to time FBP/FBN/FBC [D/P D/A 90 days] 10.75 % [BPLR] 4
% p.a. Minimum 6.75 % p.a. up to 90 days. 10.75 % beyond 90 days up to 6
months or rates advised by Bank from time to time. INTEREST 10.75 % [BPLR] 2
% p.a. Minimum 12.75 % p.a. or rates as advised by Bank from time to time L/C Inland / Import [DP / DA 90 days] As per Bank’s
Guidelines Inland Guarantee As per Bank’s
Guidelines II. The
additional collateral security is for due repayment of any advance of any
nature or due to pending or that may be made or become due hereafter form
time to time either in respect of or under the loans rated in pars 2
hereinabove or for any indebtedness or liability whatsoever of the company or
any obligation to the Bank which may give rise to pecuniary liability and for
all costs, which may give rise to pecuniary liability and for all costs,
charges and expenses whatsoever paid or incurred by the Bank in protection,
preservation, enforcement and realization of such security and recovery of
its dues to that realization of such security so created shall be and always
remain as continuing security and shall be in addition to any other security
indebtedness or liability now held or hereafter to be held by the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India R. N. Marg,
Bandra Branch Hill Road, Mumbai
– 400050 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.79 |
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UK Pound |
1 |
Rs.80.05 |
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Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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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54 |
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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