MIRA
INFORM REPORT
|
Report Date : |
13.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CECO ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
18, R N Mukherjee Road, 9th Floor, Kolkata – 700001, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.09.1993 |
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Com. Reg. No.: |
21-60103 |
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CIN No.: [Company
Identification No.] |
U32109WB1993PTC060103 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALCO3412D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of inverter
drive system for textile industry, inverter drives for paper corrugation plants
static converters for humidification plants and electrical control panel
boards and electronic components |
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 |
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Maximum Credit Limit : |
USD 83000 |
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Status : |
Satisfactory |
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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.
Directors are reported as experienced, respectable and having satisfactory
means of their own. Their 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 : |
18, R N Mukherjee Road, 9th Floor, Kolkata – 700001, West
Bengal, India |
|
Tel. No.: |
91-33-22485448/0192, 22108785 |
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Fax No.: |
91-33-22489721 |
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E-Mail : |
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Website : |
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Location : |
Leasehold |
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Factory : |
J – 14, Salt Lake Electronics Complex, Sector – V, Kolkata – 700091 |
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Area : |
18000 Sq. ft |
|
Location : |
Leasehold |
| DIRECTORS
|
Name : |
Mr. Ram Prasad Bagree |
|
Designation : |
Director |
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Address : |
Flat No. 3 B, Sun N Sand, 110 B, Maulana Abul Kalam Azad Sarani,
Kolkata – 700054, West Bengal, India |
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Date of Birth/Age : |
15.08.1958 |
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Date of Appointment : |
14.09.1993 |
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Name : |
Mr. Devendra Kumar Dugar |
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Designation : |
Director |
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Address : |
14/2, Burdwan Road, Flat No 8B, Alipore Kolkta – 700027, West Bengal,
India |
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Date of Birth/Age : |
06.07.1950 |
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Date of Appointment : |
14.09.1993 |
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|
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Name : |
Mr. Chetan Dugar |
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Designation : |
Director |
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Address : |
14/2, Burdwan Road, Flat No 8B, Alipore Kolkta – 700027, West Bengal,
India |
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Date of Birth/Age : |
06.01.1979 |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr. A. K. Basu |
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Designation : |
Managing Director |
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Name : |
Mr. P. K. Sharma |
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Designation : |
Director |
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Name : |
Mr. C. K. Baid |
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Designation : |
Director |
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Name : |
Mr. A. C. Barua |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 27.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
72.60 |
|
Directors or relatives of directors |
|
5.26 |
|
Other top fifty shareholders |
|
22.14 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of inverter drive
system for textile industry, inverter drives for paper corrugation plants
static converters for humidification plants and electrical control panel
boards and electronic components |
GENERAL
INFORMATION
|
No. of Employees : |
175 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhura and Company Chartered Accountant |
|
Address : |
8, Ganesh Chandra Avenue, First Floor, Suite No. 6, Kolkata – 700013 |
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Tel. No.: |
91-33-22362134 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/- Each |
Rs. 12.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1219700 |
Equity Shares |
Rs. 10/- Each |
Rs. 12.197
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 |
12.197 |
12.197 |
12.197 |
|
|
2] Share Application Money |
0.300 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.046 |
4.000 |
4.000 |
|
|
4] (Accumulated Losses) |
0.000 |
[0.119] |
[0.415] |
|
|
NETWORTH |
16.543 |
16.078 |
15.782 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.153 |
0.274 |
0.442 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
2.000 |
|
|
TOTAL BORROWING |
0.153 |
0.274 |
2.442 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
16.696 |
16.352 |
18.224 |
|
|
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
17.705 |
17.742 |
17.886 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.214 |
0.214 |
0.214 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.053
|
0.152 |
0.340 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.686
|
0.467 |
0.549 |
|
Total
Current Assets |
0.739
|
0.619 |
0.889 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2.473
|
3.044 |
2.068 |
|
|
Provisions |
0.140
|
0.156 |
0.000 |
|
Total
Current Liabilities |
2.613
|
3.200 |
2.068 |
|
|
Net Current Assets |
[1.874]
|
[2.581] |
[1.179] |
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.651 |
0.977 |
1.303 |
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|
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TOTAL |
16.696 |
16.352 |
18.224 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
8.133 |
7.859 |
17.515 |
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Total Income |
8.133 |
7.859 |
17.515 |
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|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.355 |
0.452 |
[0.398] |
|
|
Provision for Taxation |
0.190 |
0.156 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.165 |
0.296 |
[0.398] |
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|
|
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|
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Expenditures : |
|
|
|
|
|
|
Financial Charges |
0.017 |
0.144 |
0.209 |
|
|
Depreciation & Amortization |
0.482 |
0.509 |
0.820 |
|
|
Other Expenditure |
7.279 |
6.754 |
16.884 |
|
Total Expenditure |
7.778 |
7.407 |
17.913 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.03
|
3.77 |
[2.27] |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.36
|
5.75 |
[2.27] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.92
|
2.46 |
[2.12] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03 |
[0.03] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
0.22 |
0.29 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.28
|
0.19 |
0.43 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
CECO ELECTRONICS
PRIVATE LIMITED |
|
Presented By |
-- |
|
1) Date and description of instrument creating the change |
The borrower has
by declaration created the mortgage on the immovable property in favour of
the Standard Chartered Bank on 05.09.2005 The certified
copy of the Memorandum of the Entry for mortgage by way of deposit of title
deeds in this regard is enclosed.
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 80.000
Millions |
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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 |
Mortgage of
Commercial property of Ceco Electronics Private Limited located at J-14, Salt
Lake Electronics Complex, Sector – V, Kolkata – 700091, 18, R. N. Mukherjee
Road, 9th Floor, Kolkata – 700001 and 14/2, Burdwan Road, Flat – 8
B, Kolkata 700027 together with all buildings and structures, present and
future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Security for the
Term Loan facility granted to Control Engineering Company Charges operate as
first and paramount charge in favour of the Bank as security for all dues
under the following facilities : Overdraft
Facility of Rs. 20.000 Millions [Cheque
Discounting Facility of Rs. 5.000 Millions] Import Letter of
Credit Facility of Rs. 55.000 Millions Bank Guarantee
Facility of Rs. 5.000 Millions Term of Facility
: Overdraft
Facility Rate of Interest
: 10.25 % p.a. Cheque
Discounting Facility Rate of Interest
: 10.25 % p.a. Import Letter of
Credit Rate of Interest
: Rs. 1.75 % p.a. on LC issued Bank Guarantee
Facility Rate of Interest
2.00 % p.a. on BG issued |
|
5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank,19, N. S. Road, Kolkata – 700001, India |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80023126 |
|
Corporate
identity number of the company |
U32109WB1993PTC060103 |
|
Name of the
company |
CECO ELECTRONICS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
18, R N Mukherjee Road, 9th Floor, Kolkata – 700001, West
Bengal, INDIA |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Standard Chartered
Bank,19, N. S. Road, Kolkata – 700001, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry – Supplemental |
|
Date of
instrument Creating the charge |
04.01.2008 |
|
Amount secured by
the charge |
Rs. 97.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The Bank will charge
interest and other charges as stipulated in the sanction, terms, however the
same is subject to change from time to time. Terms of
Repayment The working
capital limit is repayable on demand. Margin The borrower
shall maintain appropriate margin as stipulated in the sanction terms. Extent and
Operation of the charge The charged
security be a continuing security and by way of first charge. The company being
guarantor created the aforesaid mortgage by way of simple deposit of title
deeds in favor of the bank as guarantor to secure the due repayment of the
credit facilities as sanctioned by the said Bank to the tune of Rs. 97.000
Millions to Control Engineering Company and for no other purpose. Others The charged
security shall be kept at the Company’s risk and expenses in good condition
and fully insured against loss or damages by fire, theft etc and also against
other loss or damages may be required by the Bank. The charged
assets and all sales realization and insurance proceeds thereof and all the
documents under this security shall be held as bank’s exclusive property. Other terms are
as per Sanction letter and Memorandum of Entry etc. |
|
Short particulars
of the property charged |
The company created
equitable mortgage by deposit of title deeds in respect of One half share in
Flat No. 9 a admeasuring 895 sq. ft. on the 9th Floor of 18, R. N.
Mukherjee Road, Kolkata – 700001 All that premises
No. J – ¼, Salt Lake Electronics Complex in Block – EP and GP of sector – V
of Bidhan Nagar Flat No. 8B on
the 8th Floor of building known as “Siddhartha Apartment” situated
at 14/2, Burdwan Road, Kolkata – 700027
|
|
Particulars of
the present modification |
By present
modification the overall limit secured by charge has been enhanced from Rs.
80.000 Millions to Rs. 97.000 millions. The company being corporate guarantor
for Control Engineering Company, has extended charge on property/ies to
secure the limits sanctioned to them.
|
AS PER WEBSITE
Profile
Subject a sister concern of
Control Engineering Company, is the
exclusive business partner of M/s. LS Industrial Systems, South Korea for
India, Bangladesh, Sri Lanka, Nepal and Bhutan. It is one of the leading electrical and
electronics products Company providing solutions with Industrial Automation
Products like AC Variable Frequency Drives, Programmable Logic Controllers,
Programmable Monitoring Units (MMI) and Electrical Products (Controlgear &
Switchgear).
It has a modern plant measuring about 25000 sq. ft. in the
prestigious Sector V, Electronics Zone, Kolkata having manufacturing set up for
state-of-the-art Control Panels for all type of applications.
Control Engineering Company was promoted in 1973 by a young Electrical
Engineering Graduate, Sri D. K. Dugar in Calcutta. The purpose of the Company
was to bring new technology in the field of Electrical & Electronics for
the benefit of the Industry. The Company has been doing business in the field
of manufacturing, assembling and trading of Electrical and Electronics controls
of all types and description viz. Microprocessor based Programmable
Controllers, Counters, Power Distribution, Motor Controls etc.
The Company started doing business with Textile Industries of Eastern
India to begin with and thereafter spread through out the country. The system
supplied by M/s. Control Engineering Company to Textile Sector, are not only
helping the mills to have energy saving, but also improvement in productivity
of the machines. Subsequently the system manufactured by the Company now finds
ready market in countries like Bangladesh, Indonesia and Thailand on regular
basis.
In the year 1995, the Company received the prestigious authorized
distributorship of M/s. FUJI ELECTRIC COMPANY, JAPAN having their business in
Tokyo, Japan for their Inverter Drives and other related systems. Since then,
the Company has successfully supplied and installed over 5000 Inverter Drive
Systems for various applications, which are giving service to the complete
satisfaction of the concerned users.
But since competition set in and the company knew that it had to
widen its product base for tapping various market sectors, hence, the tie-up
with M/s. LS Industrial Systems
Company Limited, (formerly known as LG Industrial Systems Company Limited)
South Korea in 1998. While tying up with LGIS, the idea was to bring latest
technology, quality products and competitive prices available to the country,
keeping in view of the industrial growth in the country. Also considering the
present day energy problem in many part of the country, the idea was to bring
in not only a concept of energy saving, but also energy efficient product. The
company has been thus able to offer various automation solution and energy
saving system using AC Variable Frequency Inverter Drives and Programmable
Logic Controllers in various Industries like Textile, Bottling Plant, Power
Plant for ID and FD Fan application, Oil Industry etc. to the entire
satisfaction of the customers. Company
has been recently awarded a very prestigious order by a Government owned Oil
Company for the energy saving in its 34 tanker filling stations through out the
country.
These products have been very useful for M/s. Control Engineering Company
to do work not only in Textile Sectors, but also in various non-textile sectors
for making Industrial Automation in large scale.
Further, in the year 2004, Company further tied-up with M/s. LG
Industrial Systems Company Limited for their following Switchgear &
Controlgear products.
Product
Description
CECO Electronics, authorised distributors for LG drives, offers the iH
drive for 3-phase 30 kW-375 kW. This is desgined for high starting torque
applications with IGBT module, space vector PWM control algorithm and 32-bit
DSP (digital signal processor). Built-in PI control enables cost-effective
speed regulation of fans and pumps by precise flow, pressure and temperature
control. The optimised current and torque control by space vector PWM algorithm
and 32-bit DSP enhance power factor by exact torque calculation. The drive
adapts space vector PWM control algorithm which allows low THD (total harmonic
distortion) and low torque and current ripples, that improves output voltage
utility, prevents motor and inverter overheating, and enhances power factor of
motor. It has user-friendly interface and versatile protection functions that
makes enables it to maximize its capability and to operate motors without
trips.
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.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
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 |
NO |
|
--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 |
|