MIRA INFORM REPORT
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Report Date : |
13.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELDYNE ELECTRO-SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
P 21, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.05.1987 |
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Com. Reg. No.: |
21-042371 |
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CIN No.: [Company Identification
No.] |
U32109WB1987PTC042371 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALE00577D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Railway Signaling Relays and Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 1139000 |
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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 fine track. General
financial position is good. Trade relation are reported as fair. Business is
active. Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms ad conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
P-21, |
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Tel. No.: |
91-33-2815454 / 25519647 / 25519063 / 2281 5425 / 2281
5426 |
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Fax No.: |
91-33-22815757 |
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E-Mail : |
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Website : |
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Area : |
1600 square fts [Owned] |
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Head Office : |
3, |
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Tel. No.: |
91-33-2377855/2377841/2378851 |
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Fax No.: |
91-33-2255685 |
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Factory 1 : |
EP – 14/1, Prafulla Kanan, Krishnapur, Kolkata – 734511,
West |
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Tel. No.: |
91-33-5719063/5719647 |
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Area : |
20,000 square fts. [Owned] |
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Branches : |
19-A, 2nd Floor, |
DIRECTORS
As on 30.09.2010
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Name : |
Shri Shanti Ranjan Basu |
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Designation : |
Director |
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Address : |
P 21, |
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Date of Birth/Age : |
06.12.1926 |
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Date of Appointment : |
20.05.1987 |
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DIN : |
01305274 |
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Name : |
Mr. Santanu Basu |
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Designation : |
Director |
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Address : |
P 21, |
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Date of Birth/Age : |
11.08.1956 |
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Date of Appointment : |
08.01.1994 |
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DIN : |
01305268 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Shanti Ranjan Basu |
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18300 |
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Santanu Basu |
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331700 |
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Total |
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350000 |
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Railway Signaling Relays and Equipments. |
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Products : |
Ř
Electric and electronic relays, classified by use Ř
Electrical signaling and safety equipment for
railways and tramways Ř
Railway track construction and maintenance
machinery and equipment Ř
Transport infrastructure plant, machinery and equipment
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PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
Unit |
Actual
Production |
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Relays (of Different type) |
Nos. |
73074 |
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GENERAL INFORMATION
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Bankers : |
State bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Soumya Sankar Mitra Chartered Accountant |
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Address : |
S.S. Mitra and Company, 48A, |
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Pan No. : |
AFBPM5121J |
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Affiliates
: |
Ř
Eldyne Electronics Private Limited Ř
Eldyne Macro Systems ( Ř
Radio & Accessories ( Ř
Tarit Appliances & Equipment
(1989) Private Limited |
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Group : |
ELDYNE Group Company – Having business interests in power,
distribution, current and potential transformer and components. |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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350,000 |
Equity Shares |
Rs.100/-each |
Rs.35.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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350,000 |
Equity Shares |
Rs.100/-each |
Rs.35.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.000 |
20.000 |
13.300 |
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2] Share Application Money |
5.000 |
5.000 |
0.000 |
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3] Reserves & Surplus |
244.805 |
151.122 |
92.354 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
284.805 |
176.122 |
105.654 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
6.193 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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3] Term Loan |
4.194 |
6.615 |
4.222 |
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TOTAL BORROWING |
4.194 |
6.615 |
10.415 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
288.999 |
182.737 |
116.069 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
154.851 |
84.803 |
47.888 |
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Capital work-in-progress |
1.601 |
0.000 |
0.000 |
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INVESTMENT |
1.000 |
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 |
36.299
|
51.241
|
34.323 |
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Sundry Debtors |
195.800
|
183.048
|
162.186 |
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Cash & Bank Balances |
141.009
|
111.707
|
109.324 |
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Other Current Assets |
41.367
|
35.084
|
16.729 |
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Loans & Advances |
86.743
|
77.205
|
53.101 |
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Total
Current Assets |
501.218
|
458.285
|
375.663 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
243.863
|
223.870
|
243.038 |
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Other Current Liabilities |
76.598
|
97.740
|
42.588 |
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Provisions |
49.210
|
38.741
|
21.856 |
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Total
Current Liabilities |
369.671
|
360.351
|
307.482 |
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Net Current Assets |
131.547
|
97.934
|
68.181 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
288.999 |
182.737 |
116.069 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
646.672 |
906.753 |
553.973 |
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Other Income |
14.197 |
32.126 |
9.014 |
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TOTAL (A) |
660.869 |
938.879 |
562.987 |
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Less |
EXPENSES |
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Manufacturing /Trading Expenses |
451.487 |
631.294 |
435.307 |
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Administrative, selling and other
Expenses |
159.588 |
245.836 |
91.823 |
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Payments to and provision for employees |
6.835 |
4.749 |
3.237 |
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TOTAL (B) |
617.910 |
881.879 |
530.367 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
42.959 |
57.000 |
32.620 |
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Less |
FINANCIAL
EXPENSES (D) |
3.856 |
3.517 |
2.879 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.103 |
53.483 |
29.741 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.951 |
4.868 |
2.042 |
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PROFIT BEFORE
TAX (E-F) (G) |
34.152 |
48.615 |
27.699 |
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Less |
TAX (I) |
10.469 |
19.847 |
10.877 |
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PROFIT AFTER TAX
(G-I) (J) |
23.683 |
28.768 |
16.822 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
79.517 |
50.749 |
33.926 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
30.000 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
73.200 |
79.517 |
50.749 |
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EARNINGS IN
FOREIGN CURRENCY |
0.000 |
13.400 |
NA |
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IMPORTS |
177.561 |
312.664 |
NA |
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Earnings Per
Share (Rs.) |
68 |
144 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.58
|
3.06 |
2.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.28
|
5.36 |
5.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.21
|
8.95 |
6.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.28 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
2.08 |
3.01 |
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Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.27 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
and Prospects
In spite of the general recession, the company made a net profit after
taxes to the extent of Rs. 23.683 million and profit after adjustment with carry
forward profit of Rs. 79.517 million, total profit of the company stand at Rs.
103.200 million which has been carried to the balance sheet.
FIXED ASSETS :
Ř
Air Conditioner
Ř
Computer
Ř
Electric Installations
Ř
Electronic Typewriter
Ř
EPABX Systems
Ř
Fax Machines
Ř
Fire Extinguisher
Ř
Furniture and Fixture
Ř
Ř
Motor Car
Ř
Plant and Machinery
Ř
TV Set
Ř
Xerox Machine
AS PER WEBSITE
Profile
The Eldyne Group, is known for its excellence in manufacturing, system
engineering and technical value addition for large infrastructures. With their
powerful domain knowledge, they partner ISO certified and internationally
reputed consultants and world renowned manufacturers, covering concepts to
commissioning and maintenance. In consonance with the economic growth, Eldyne
is developing synergetic services and products bringing in world class proven
technology for dealing with critical threats to assets and human lives. The
company’s project management techniques would now be used towards giving
comprehensive Security Solutions also, as a consultant and integrator with its
new Integrated
Security Solutions and Systems (IS3) - Division.
The Electrical
Division manufactures, CPRI certified high end power transformers for major
power utilities and the signalling relay manufacturing capabilities is among
the highest in the world offering the largest variety of relays.
Eldyne’s Railway Automation Division in partnership with world leader
Thales offers cutting edge technologies - Digital Axle Counter (DAC) and is
piloting the most advanced train protection system, European Train Control
System (ETCS) for the highest levels of safety/reliability and headway
advantage. The company has also developed unique and innovative, cost effective
integrated signalling solutions. It has deployed the highest number of manpower
for DAC projects in the world and has created the largest market for Thales in
Eldyne is committed both to its partners and its clients for harmonious growth
towards excellence. They believe in fair business practices. An eye for detail
and perfection is the hallmark of the company. Client satisfaction through the
programme of GNH as adopted by the United Nations is the principal aim. To
augment smoothly such a programme the company has started to build a very
contemporary eco friendly tower building befitting to such activities in the
new software technology park 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.20 |
|
|
1 |
Rs.72.26 |
|
Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.