MIRA
INFORM REPORT
|
Report Date : |
04.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ESCHMANN TEXTURES INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
EUROSTILE TEXTURES AND PLASTICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
44, Paras Industrial Estate, Ramchandra Lane Ext, Malad (West), Mumbai
– 400064, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
31.03.1986 |
|
|
|
|
Com. Reg. No.: |
11-39408 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25206MH1986PTC039408 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05584F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACE1819L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Auto textured products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 260 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on company-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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
The Management non company-operative
LOCATIONS
|
Registered Office : |
44, Paras Industrial Estate, Ramchandra Lane Ext, Malad (West), Mumbai
– 400064, |
|
Tel. No. : |
91-250-2481735 |
|
Fax No. : |
91-250-2481737 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Eschmann Textures House, Building No.1, Gaondevi Industrial Complex,
Thane, |
|
Tel. No.: |
91-250-2481735/36/37 |
|
Fax No.: |
91-250-2481738 |
DIRECTORS
As On 10.06.2010
|
Name : |
Mr. Anand N Motwani |
|
Designation : |
Director |
|
Address : |
D-604, Agarwal Residency, |
|
Date of Birth/Age : |
13.04.1975 |
|
Date of Appointment : |
01.04.1993 |
|
DIN No. : |
00194181 |
|
|
|
|
Name : |
Mr. Uwe Peter Wolff |
|
Designation : |
Director |
|
Address : |
Im Sohl 107, |
|
Date of Birth/Age : |
11.12.1962 |
|
Date of Appointment : |
01.06.2006 |
|
DIN No. : |
02575613 |
|
|
|
|
Name : |
Mr. Arnold J Bernd Wagner |
|
Designation : |
Director |
|
Address : |
Brockhoffstrasse 10a, |
|
Date of Birth/Age : |
17.09.1950 |
|
Date of Appointment : |
24.05.2006 |
|
DIN No. : |
02575641 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 10.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anand Kumar Motwani |
|
1500 |
|
Eschmann Textures International GMBH – |
|
3500 |
|
Total |
|
5000 |
As On 10.06.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
70.00 |
|
Directors or relatives of Directors |
30.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto textured products. |
|
|
|
|
Products : |
Photo Etching, Polishing etc |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the Management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. I. Choksey and Company Chartered Accountant |
|
Address : |
S/7, Ankita Apartments, 53, |
|
Telefax No.: |
91-22-2612563 |
|
Mobile No.: |
91-9820013715 |
|
E-mail : |
|
|
Pan No. : |
AABPC5982A |
|
|
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares (Classified) |
Rs.100/- each |
Rs.0.500 Million |
|
5000 |
Equity Shares (Unclassified) |
Rs.100/- each |
Rs.0.500 Million |
|
|
Total |
|
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.600 |
0.600 |
0.600 |
|
|
4] (Accumulated Losses) |
(1.035) |
(12.595) |
(6.793) |
|
|
NETWORTH |
0.065 |
(11.495) |
(5.693) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.007 |
19.406 |
80.608 |
|
|
2] Unsecured Loans |
80.500 |
80.519 |
12.224 |
|
|
TOTAL BORROWING |
87.507 |
99.925 |
92.832 |
|
|
DEFERRED TAX LIABILITIES |
2.501 |
1.556 |
2.623 |
|
|
|
|
|
|
|
|
TOTAL |
90.073 |
89.986 |
89.762 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
74.752 |
75.254 |
71.435 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.007 |
0.007 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.081
|
3.178 |
2.647
|
|
|
Sundry Debtors |
16.893
|
7.393 |
12.548
|
|
|
Cash & Bank Balances |
0.577
|
1.313 |
4.870
|
|
|
Other Current Assets |
13.392
|
10.985 |
0.005
|
|
|
Loans & Advances |
6.042
|
5.084 |
4.827
|
|
Total
Current Assets |
42.985
|
27.953
|
24.897 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.566
|
11.221 |
3.542
|
|
|
Other Current Liabilities |
2.416
|
0.686 |
0.377
|
|
|
Provisions |
2.682
|
1.321 |
2.658
|
|
Total
Current Liabilities |
27.664
|
13.228
|
6.577 |
|
|
Net Current Assets |
15.321
|
14.725 |
18.320
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
90.073 |
89.986 |
89.762 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
TOTAL INCOME |
74.681 |
36.006 |
46.419 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
50.728 |
30.706 |
36.509 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
23.953 |
5.300 |
9.910 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.592 |
7.586 |
10.613 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
17.361 |
(2.286) |
(0.703) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.112 |
4.302 |
4.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
13.249 |
(6.588) |
(4.725) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.690 |
(0.786) |
1.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
11.559 |
(5.802) |
(5.979) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(12.595) |
(6.793) |
(0.814) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1.036) |
(12.595) |
(6.793) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Rendered |
0.243 |
0.472 |
1.017 |
|
|
|
Reimbursement of Freight |
0.020 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
0.263 |
0.472 |
1.017 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of consumables, spares |
5.314 |
2.632 |
3.127 |
|
|
|
Purchase of Capital Goods |
0.103 |
3.880 |
0.565 |
|
|
TOTAL IMPORTS |
5.417 |
6.512 |
3.692 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2311.99 |
(1160.40) |
(1195.92) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
15.48
|
(16.11) |
(12.88)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.25
|
(6.38) |
(4.90)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
203.83
|
0.57 |
0.83
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1771.86
|
(9.84) |
(17.46)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
2.11 |
3.72
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Dues of Micro, Small and Medium Scale Industries |
- |
- |
-- |
|
Others |
22.566 |
11.221 |
3.542 |
|
Total |
22.566 |
11.221 |
3.542 |
Note: Registered office
of the company has been shifted from 37-C, Government Industrial Estate,
opposite Capsule Company, Charkop, Kandivali (West), Mumbai – 400067,
Maharashtra, India to present w.e.f 01.06.2009
Business
Operations:
Form 8:
|
Name of the company |
EUROSTILE
TEXTURES AND PLASTICS PRIVATE LIMITED |
|
Presented By |
Oriental Bank of Commerce, Malad (West)
Branch, Mumbai – 400064 |
|
1) Date and description of instrument creating the change |
22.04.2000 1) Agreement for
hypothecation of movable assets to secure a term loan. 2) Annexure ‘B’ –
no instrument executed. Deposit of title deed to create equitable mortgage.
(both the documents constitute a single charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.310 million |
|
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 |
To secure the due
repayment of the Term loan and interest thereon and for repayment f all
liabilities/ advances already made or which may hereafter be made by the
Bank, the Borrower has deposited the title deeds of the immovable property
viz. Residential Flat no A/54, Building no 1, 5th Floor, Unity
Complex, Malad (West),Mumbai 400064 together with all buildings, super
structures, plant arid machineries constructed and / or to be constructed,
installed and/or to be installed and all accretions thereto |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
at the rate of 0.50% p.a aver the Prime Lending Rate of the bank with minimum
f 12.75 h p.a. to be calculated on the daily balance and charged art
quarterly rest or at such other rates as may be determined by the Bank from
time to time as prescribed by Reserve Bank of India arid for all casts,
charges, premium, penal interest, etc. Term loan repayment in Monthly inst.
of Re. 0.011 million from May 2000. |
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce, Malad (West) Branch, Vikas Chambers, Ground Floor, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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 |
Fixed Assets:
- Goodwill
- Tirupati Plot
- Plant and
machinery
- Dies and
Moulds
- Office
equipments
- Refrigerator
- Cellular
Phone
- Air
conditioners
- Electrical
Installation
- Lab
equipments
- Furniture and
Fixtures
- Computer and
Peripherals
- Motor Cycle
- Pick Up Van
- Land and
Building
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.44.67 |
|
|
1 |
Rs.69.44 |
|
Euro |
1 |
Rs.59.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.