MIRA
INFORM REPORT
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Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
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Name : |
EXCEL INDUSTRIAL GEARS PRIVATE LIMITED |
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Registered Office : |
45/46, Podar Chambers |
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Country : |
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Date of Incorporation : |
19.10.1981 |
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Com. Reg. No.: |
11-25466 |
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CIN No.: [Company
Identification No.] |
U29130MH1981PTC025466 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturers and Exporter of PIV Drives, Piv Chains, and other
Mechanical Variators |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
<10 |
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Status : |
Poor Corporate Governance |
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Payment Behaviour : |
Unknown |
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Litigation : |
Unknown |
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Comments : |
The management has not filed the financials of the company with the
government departments since its inception in 1981 thus indicating a poor
corporate governance. Payment terms are unknown. The company can be considered for business dealings on a secured 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
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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 : |
Ms. Neeta |
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Designation : |
Accountant |
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Contact No.: |
91-22-663202 |
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Date : |
07.01.2011 |
LOCATIONS
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Registered Office : |
45/46, Podar Chambers |
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Tel. No.: |
91-22-22663262 / 22663202 / 65073549 / 22621943 |
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Fax No.: |
91-22-22661545 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq.fts |
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Location : |
Owned |
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Factory : |
108, Bhusa Udyog Bhavan, Tokarshi Givaraj Marg, Shivadi (West), |
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Area : |
1000 Sq.fts |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Mayank Roy |
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Designation : |
Director |
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Address : |
45/46 Podar Chambers |
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Date of Birth/Age : |
13.02.1939 |
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Qualification : |
B. Com |
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Date of Appointment : |
19.10.1981 |
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Name : |
Mr. Kirit Shah |
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Designation : |
Director |
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Address : |
45/46 Podar Chambers |
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Date of Birth/Age : |
13.05.1955 |
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Qualification : |
B.Sc |
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Date of Appointment : |
01.01.1984 |
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Name : |
Mr. jogen J Roy |
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Designation : |
Director |
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Address: |
45/46 Podar Chambers |
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Date of Birth/Age : |
13.12.1958 |
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Qualification : |
B.Com. |
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Date of Appointment : |
27.08.1981 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter of PIV Drives, Piv Chains, and other
Mechanical Variators |
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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 : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash (Advance Payments) |
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Purchasing : |
Cash (Advance Payments) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
25 (10 in office + 15 in factory) |
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Bankers : |
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ICICI Bank, Fort, Mumbai, ·
Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dhimani and Company Chartered Accountants |
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Address : |
Fort, Mumbai, |
CAPITAL STRUCTURE
Authorised Capital :
Rs.1.000 Million
Issued, Subscribed & Paid-up Capital :
Rs.0.460 Million
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2010 |
31.03.2009 |
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Sales Turnover |
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15.000 |
15.000 |
Expected Sales (2010-11) : Rs.15.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
Excel Industrial Gears Private Limited |
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Presented By |
Dena Bank, B.M.O. 17, |
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1) Date and description of instrument creating the change |
Term loan agreement
of hypothecation moveable dated 15.09.1987, made between M/s. Excel
Industrial Gears Private Limited (herein and herein after referred to as the
Borrwer) of the one part and dena bank (therein and hereinafter referred to
as the bank) of the other part. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.600 million |
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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 |
The borrower
hypothecates to and charges in favour of the bank by way of first charge all
moveable fixed assets such as plant and machinery, furniture etc, acquired
and to be acquired in future (therein and hereinafter referred to as the
hypothecated premises) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
i) Hypothecation
of the hypothecated premise by way of first charge in favour of the bank to
secure the term loan facility of Rs. 0.600 million with interest, costs charges
and expenses thereon. ii) Margin: 25%
i.e the bank shall not make advances exceeding with interest 75% of the
market value of the hypothecated premises iii) Interest:
Interest at the rate of 13.50% p.a or a rate equivalent with 3.50% p.a above
the rate current from time to time for demand loan of the Reserv Bank of iv) Repayment:
The borrower agrees to repay the said loan of Rs. 0.600 million within five
years in 20 quarterly installments of Rs. 0.030 million each. First
installment falls due 3 months after the date of first disbursement of the
said loan. v) Power of
entry, power to take possession, power of sale and appointment of receiver of
the hypothecated premises. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank, Mombay
Main Office, Advances, Legal Section, 17, |
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6) Date and brief description of instrument modifying the charge |
Not applicable |
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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. |
Not applicable |
FIXED ASSETS:-
· Plant and Machinery
· Furniture and Fixtures
· Computers
· Air Conditioner
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 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.46.27 |
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1 |
Rs.75.43 |
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Euro |
1 |
Rs.68.97 |
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 |
>86 |
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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 |
71-85 |
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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 |
56-70 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
41-55 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
26-40 |
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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 |
11-25 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
<10 |
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NB |
New Business |
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This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.