MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ESSAE DIGITRONICS PRIVATE LIMITED |
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Registered Office : |
34 and 35, Bommasandra Industrial Area, Anekal Taluk, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.02.1996 |
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Com. Reg. No.: |
08-19747 |
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CIN No.: [Company
Identification No.] |
U31101KA1996PTC019747 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00455A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer Exporter and Importer of Weigh Bridges. |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1032000 |
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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 and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and 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 |
INFORMATION PARTED BY
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Name : |
Mr. Sambit |
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Designation : |
Marketing Co-ordinator |
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Contact No.: |
91-8895273954 |
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Date : |
08.04.2011 |
LOCATIONS
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Registered Office / Factory : |
34 and 35, Bommasandra Industrial Area, Anekal Taluk, |
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Tel. No.: |
91-80–40834621 / 32934708 / 22111376 / 32934705 / 41668060
/ 40834505 / 40834619 / 40834719 |
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Mobile No. : |
91-8895273954 (Mr. Sambit) |
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Fax No.: |
91-80–40834683 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Administrative Office : |
6, 2nd Floor, 10th Cross, |
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Tel. No.: |
91-80-22111376 |
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Fax No.: |
91-80-25732188 |
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E-Mail : |
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Area : |
1200 Sq Fts |
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Location : |
Rented |
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Corporate Office : |
Flat No. 302, Navnath Prasad Building, Opp. Ghantali Mandir, Navpada, Thane
(West), Mumbai – 400 602, Maharashtra, India |
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Mobile No.: |
91-9869559256 |
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Machined Components Division : |
# 195, Bommasandra Industrial Area, Anekal Taluk, |
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Tel. No.: |
91-8110-329722 / 329723 / 329724 |
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Fax No.: |
91-80–7833551 |
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E-Mail : |
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Powder Coating
Division : |
# 43, Bommasandra
Industrial Area, Anekal Taluk, |
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Tel. No.: |
91-80–41658727 |
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Fax No.: |
91-80–41658727 |
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E-Mail : |
DIRECTORS
As on 28.09.2010
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Name : |
Mr. Sengunam Arunachalam Venkatesan |
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Designation : |
Managing Director |
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Address : |
457, 3rd Cross, Wilson Garden, |
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Date of Birth/Age : |
10.10.1931 |
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Date of Appointment : |
27.03.1996 |
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Name : |
Mr. Venkatesan Prakash |
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Designation : |
Director |
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Address : |
457, 3rd Cross, Wilson Garden, |
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Date of Birth/Age : |
19.04.1971 |
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Date of Appointment : |
08.02.1996 |
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Name : |
Mr. P Rangasamy |
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Designation : |
Director – Business Planning (MCD) |
KEY EXECUTIVES
|
Name : |
Mr. Sambit |
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Designation : |
Marketing Co-ordinator |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
No. of Shares |
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Venkatesan Prakash |
17069 |
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Narashimha Subramaniam |
4380 |
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Prabhu Chandran |
7446 |
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Padmavathy Venkatesan |
9251 |
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5325 |
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4038 |
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Uma Chandran |
627 |
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100 |
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Shanthi Bhaskar |
540 |
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Mallika Vihwanath |
900 |
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Vidhya Vishwanath |
900 |
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Karthik Vishwanth |
5880 |
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Sardia Subramanaim |
7800 |
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Balaji Subramaniam |
4286 |
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600 |
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Vidya Prakash |
1497 |
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Savitha Balaji |
95 |
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Vidya Prabhu |
27 |
Equity share
breakup as on 28.09.2010
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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 Weigh Bridges. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Load Cell |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Truck Scale Division |
- |
- |
5000 |
2693 |
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Hub Drive Division |
- |
- |
1500000 |
1384506 |
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Machining Components Division |
- |
- |
5000000 |
3285537 |
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Powder Coating Division |
- |
- |
6600000 |
38214 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
o
Cantonment Branch, No. 88, M o
Hombegowda Nagar Branch, Wilson Garden,
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M A Narasimhan and Company Chartered Accountant |
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Address : |
No. 25 (Old No. 13), 17th Cross, Swimming Pool Extension,
Malleswaram, |
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Tel. No.: |
91-80-23344701 / 23561197 |
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Fax No.: |
91-80-23562814 |
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Associates /
Subsidiaries : |
Essae Teraoka Limited (As on 31.03.2009) Address, Bommasandra, Line of Business: Manufacturer of Weigh Scale. |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity Shares |
Rs.100/- each |
Rs.8.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
71500 |
Equity Shares |
Rs.100/- each |
Rs.7.150
millions |
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 |
7.150 |
7.150 |
7.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
250.787 |
218.767 |
192.918 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
257.937 |
225.917 |
200.068 |
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LOAN FUNDS |
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1] Secured Loans |
116.699 |
77.668 |
75.909 |
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2] Unsecured Loans |
47.576 |
66.900 |
64.159 |
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TOTAL BORROWING |
164.275 |
144.568 |
140.068 |
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DEFERRED TAX LIABILITIES |
6.287 |
5.257 |
4.200 |
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TOTAL |
428.499 |
375.742 |
344.336 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
198.473 |
213.421 |
220.685 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.854 |
1.825 |
0.386 |
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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 |
82.582
|
35.675
|
26.930
|
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Sundry Debtors |
200.494
|
163.084
|
117.732
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Cash & Bank Balances |
70.034
|
30.710
|
60.980
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Other Current Assets |
0.524
|
0.524
|
0.524
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Loans & Advances |
72.196
|
59.785
|
109.234
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Total
Current Assets |
425.830
|
289.778
|
315.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
103.100
|
54.733
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Other Current Liabilities |
43.477
|
53.324
|
173.742
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Provisions |
51.081
|
21.225
|
18.393
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Total
Current Liabilities |
197.658
|
129.282
|
192.135
|
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Net Current Assets |
228.172
|
160.496
|
123.265
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
428.499 |
375.742 |
344.336 |
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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 |
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Other Income |
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TOTAL |
780.976 |
554.070 |
537.442 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
713.889 |
496.818 |
499.779 |
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PROFIT BEFORE
TAX |
67.087 |
57.252 |
37.663 |
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Less |
TAX |
25.030 |
23.038 |
17.281 |
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PROFIT AFTER TAX
|
42.057 |
34.214 |
20.382 |
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IMPORTS |
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Raw Materials |
208.891 |
23.772 |
15.788 |
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TOTAL IMPORTS |
208.891 |
23.772 |
15.788 |
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Earnings Per
Share (Rs.) |
588.00 |
479.00 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.38 |
5.81 |
3.79
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.74 |
11.38 |
7.03
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Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.25 |
0.19
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Debt Equity Ratio (Total Liability/Networth) |
|
1.40 |
1.21 |
1.66
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Current Ratio (Current Asset/Current Liability) |
|
2.15 |
2.24 |
1.64
|
LOCAL AGENCY FURTHER INFORMATION
Results of
Operations:
The top line of the company has registered a growth of 41% during FY
2009-10. This was possible largely due to the buoyancy in the automotive
business and the sale of Rapid Load-out Systems.
The net profit, too, has registered a healthy 23% growth over last year.
This was largely propelled by improvements in plant management. The company was
able to largely offset steel price increases by adjusting selling prices and by
making design improvements. The net profit growth, however, is not commensurate
with the revenue growth since the execution of rapid load-out systems is
incomplete. This division has incurred revenue expenditure and has not billed
to consumers yet, keeping in line with their approved billing schedule of
customers.
During the year, the company has sold all plant and machinery belonging
to the powder coating division, thus absorbing a loss of Rs.1.790 Millions in
the sale of these assets. The land and building have been leased out.
The company had invested in the JV Aditya-Essae Auto Parts Limited. Mass
production has commenced in the JV plant from January 2010.
Change of Address:
The Registered Office of the Company has been shifted from A-1, Essa
Industrial Estate, 62/3, Begur Hobli Road, Bommanahalli, Bangalore – 560 068,
Karnataka, India to the present address w.e.f. 01.08.2007.
Trade References:
- Tata Products
Limited
- TVS Motors
Limited
Form No. 8
|
Corporate identity
number of the company |
U31101KA1996PTC019747 |
|
Name of the
company |
ESSAE DIGITRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
34 and 35, Bommasandra Industrial Area, Anekal Taluk, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property |
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Particular of
charge holder |
Canara Bank, Cantonment Branch, No. 88, M |
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Nature of
instrument creating charge |
Deed of
Hypothecation Re : Vehicle |
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Date of
instrument Creating the charge |
19.11.2010 |
|
Amount secured by
the charge |
Rs.1.926 millions
|
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest Interest at 12% p.a. (Vehicle Loan – Rs.1.926 Millions) ·
Terms
of repayment Repayable in 60 monthly installments of Rs.0.042 Million each ·
Margin Margin as applicable from bank ·
Extent
and operation of the charge 100% Till the Closure of the Loan |
|
Short particulars
of the property |
Hypothecation of
New Toyota Fortuner having its Regn No. KA-51-MA-6828 belonging to the
company. |
Fixed Assets
- Land
- Building
(Factory)
- Buildings
- Plant and
Machinery
- Generator
- Electro and
Electric Fitting
- Office
Equipment
- Tools and
Equipment
- Computers
- Furniture and
Fittings
- Vehicles
- Handling
Equipment
- Instruments
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.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.