MIRA
INFORM REPORT
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Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
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Name : |
OCTAMEC ENGINEERING LIMITED |
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Registered Office : |
Plot No. 10/49, Near Marol Industrial Estate, Andheri (East),
Mumbai-400059, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.06.1993 |
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Com. Reg. No.: |
11-72623 |
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Capital
Investment / Paid-up Capital : |
Rs.20.257 Millions |
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CIN No.: [Company
Identification No.] |
U99999MH1993PLC072623 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO03676B/ MUMO00988B |
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PAN No.: [Permanent
Account No.] |
AAAC00630R |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer cum infrastructure items. |
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No. of Employees
: |
150 (Approximately) |
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 2600000 |
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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. The company
is doing well. Trade relations 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 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.
INFORMATION PARTED BY
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Name : |
Mr. Sandeep |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-42489355 |
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Date : |
18.07.2011 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 10/49, Near Marol Industrial Estate, Andheri (East), Mumbai-400059,
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Tel No.: |
91-22-42489300 |
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E-Mail : |
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Website : |
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Head Office : |
1st Floor, Sultania House 18, |
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Tel. No.: |
91-22-26132782/ 83 |
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Fax No.: |
91-22-26132784 |
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E-Mail : |
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Regional Office : |
Located at: ·
·
·
·
Chennai |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Navinchandra Hegde |
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Designation : |
Chairman cum Managing Director |
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Address : |
403, Mermaid Society, |
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Date of Birth/Age : |
15.11.1953 |
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Date of Appointment : |
27.05.1993 |
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Name : |
Mr. Swapan Kumar Biswas |
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Designation : |
Whole time Director |
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Address : |
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Date of Birth/Age : |
28.44.1947 |
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Date of Appointment : |
11.06.2008 |
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Name : |
Mr. Sovin Navin Hegde |
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Designation : |
Whole Time Director |
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Address : |
03, Memrmaid Society, |
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Date of Birth/Age : |
05.06.1984 |
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Date of Appointment : |
11.06.2008 |
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Name : |
Mr. Pramod Devdas Shedde |
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Designation : |
Director |
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Address : |
B-11, Oceangold, Twin, |
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Date of Birth/Age : |
10.09.1986 |
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Date of Appointment : |
28.04.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep |
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Designation : |
Accountant |
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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Navinchandra Hegde |
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1433300 |
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Soni Hegde |
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27500 |
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Rajiv Basrur |
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5000 |
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Chandrika M. Nair |
|
100 |
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Vinod Sharma |
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100 |
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P. Prabhakar |
|
200 |
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K. Ramsunder |
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100 |
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K. Sunderkumar Shetty |
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100 |
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Kaushik B. Pandya |
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2500 |
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Swiss Technology Venture Capital Fund Private Limited |
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556839 |
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Total |
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2025739 |
As on : 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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27.49 |
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Directors
or relatives of directors |
|
72.11 |
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Other
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0.40 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer cum infrastructure items. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Chandresh C. Mehta and Company Chartered Accountant |
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Address : |
L/703, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2025739 |
Equity Shares |
Rs.10/- each |
Rs.20.257
Millions |
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Note: Of the above 556839 Equity Shares allotted as
fully paid shares on conversion of 0% Convertible Preferences Shares at a
premium of Rs. 169.58 per share.
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 |
20.257 |
20.257 |
114.689 |
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2] Share Application Money |
215.100 |
0.000 |
0.000 |
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3] Reserves & Surplus |
410.992 |
288.705 |
72.358 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
646.349 |
308.962 |
187.047 |
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LOAN FUNDS |
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1] Secured Loans |
646.012 |
331.522 |
244.026 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
646.012 |
331.522 |
244.026 |
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DEFERRED TAX LIABILITIES |
0.199 |
0.000 |
0.000 |
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TOTAL |
1292.560 |
640.484 |
431.073 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.679 |
37.490 |
16.020 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
120.216 |
24.198 |
0.078 |
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DEFERREX TAX ASSETS |
0.000 |
0.253 |
0.655 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
213.483
|
88.401
|
89.998
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Sundry Debtors |
952.306
|
519.863
|
272.582
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Cash & Bank Balances |
53.844
|
73.164
|
56.216
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
131.758
|
32.646
|
13.312
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Total
Current Assets |
1351.391
|
714.074
|
432.108
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
124.556
|
101.759
|
4.469 |
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Other Current Liabilities |
3.067
|
0.000
|
0.000
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Provisions |
93.103
|
33.772
|
13.319
|
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Total
Current Liabilities |
220.726
|
135.531
|
17.788
|
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Net Current Assets |
1130.665
|
578.543
|
414.320
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1292.560 |
640.484 |
431.073 |
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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 |
3302.708 |
1563.472 |
735.439 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
3302.708 |
1563.472 |
735.439 |
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Less |
EXPENSES |
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Material and contract expenses |
2965.532 |
1416.452 |
658.307 |
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Establishment expenses |
60.398 |
31.632 |
21.956 |
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TOTAL (B) |
3025.930 |
1448.084 |
680.263 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
276.778 |
115.388 |
55.176 |
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Less |
FINANCIAL
EXPENSES (D) |
82.670 |
56.487 |
26.413 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
194.108 |
58.901 |
28.763 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.045 |
4.261 |
3.566 |
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PROFIT BEFORE
TAX (E-F) (G) |
186.063 |
54.640 |
25.197 |
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Less |
TAX (H) |
63.597 |
18.731 |
8.607 |
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PROFIT AFTER TAX
(G-H)
(I) |
122.466 |
35.909 |
16.590 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
194.233 |
72.318 |
10.038 |
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BALANCE CARRIED
TO THE B/S |
316.520 |
194.234 |
72.318 |
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EARNINGS IN
FOREIGN CURRENCY |
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Other Earnings |
NIL |
9.572 |
NA |
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TOTAL EARNINGS |
NIL
|
9.572 |
NA |
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IMPORTS |
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C.I.F. Basis import |
1.014 |
Nil |
NA |
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TOTAL IMPORTS |
1.014 |
Nil
|
NA |
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Earnings Per
Share (Rs.) |
60.46 |
18.73 |
11.29 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
3820.000 |
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Expected Sales (2011-12): Rs.5000.000 Millions.
The above information has been parted by Mr. Sandeep.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.70 |
2.30
|
2.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.63 |
3.49
|
3.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.35 |
7.27
|
5.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.18
|
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.09 |
1.51
|
1.40 |
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Current Ratio (Current Asset/Current Liability) |
|
6.12 |
5.27
|
24.29 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
124.556 |
101.759 |
4.469 |
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OPERATIONS
During the year, the Company’s turnover has increased from Rs. 1563.472
millions to Rs. 3299.982 millions registering a growth of over 111%.
Correspondingly, the profit after tax for the year also increased by over 233%
from Rs. 35.909 millions to Rs. 119.740 millions.
CURRENT YEAR OUTLOOK
The company is holding orders on hand of over Rs. 3000.000 millions and further orders are under advanced stage of negotiation with the potential customers. The Company has bagged some highly prestigious orders such as order from NACL, Hyderabad for Pre Engineered Building, from GMR for design and supply of Aerospace SEZ at Hyderabad, from Wall Mart for construction of Pre Engineered Buildings for their Malls across India. With Indian economy showing signs of growing at a much faster pace compared to the economies of US and Europe, there will be huge demand for development of infrastructure in India. The company is placed on a sound platform to take full advantage from the opportunities that will be available to the Company on account of such infrastructure development. The directors are confident that the company will continue to achieve significant growth in the coming few years.
FORM : 8
Bankers Charges
Report as per Registry
|
Name of the company |
OCTAMEC ENGINEERING LIMITED |
|
Presented By |
Jointly by the
borrower and the Charge Holder |
|
1) Date and description of instrument creating the change |
No instrument has
been executed the equitable mortgage has been created by deposit of title
deeds of the properties as mentioned below on 06.08.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.120.000
millions consisting of Rs.90.000 by way of cash credit facility and Rs.30.000
millions by way of bank guarantee in favour of the lender bank. |
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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 company’s
hypothecation of stocks and book debts, existing and future, hypothecation of
plant and machinery, fixed assets and misc. assets of the company to secure
repayments to the bank to the principal monies together with interest, all
costs, charges and expenses arising out of bank guarantee limit sanctioned
and disbursed. Further the
following additional collateral security is being given by the third party
for securing the aforesaid facility. 1) Land
admeasuring about 7260 sq. yards equivalent to 5109 sq. mtrs. bearing survey
no. 30, hissa no. 4 and city
surveyno.433,434,436,437,438,442,444,445,445-1,445-2 and 446 situate at
village Valnai, (Orlem), Marve, Road, Malad (West), Mumbai, Maharashtra,
India. 2) Two buildings
know as ‘MADHU KUNJ 2’ consisting of ground plus four upper floors
constructed on piece and parcel of plot of land bearing C.T.S. no. 370,
survey no. 65, hissa no. 2 (part) and part of survey no. 67, sissa no. 2
situate, lying and being at Upasara lane, Juhu lane, Andheri (W),
Mumbai-400058, Maharashtra, India. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1) Cash credit
facility of Rs.90.000 millions is secured against the margins as set below. Stock 25%, Book
Debts for government jobs 25%, for other jobs 40%, 2) Bank guarantee
of Rs.30.000 millions is soured with a cash margin of 10% |
|
5) Name and Address and description of the person entitled to the charge. |
UCO Bank having
their branch address at S.V.Road, Goregaon (West), Mumbai-400062, |
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6) Date and brief description of instrument modifying the charge |
Agreement for
hypothecation of goods to secure demand cash credit and other agreement both
dated 26th August, 2005. |
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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. |
Vide this
modification, the existing charge is being modified to include goods and work in progress facilities at its godown
at Mumbai, situated in Original charge
was registered on 09.11.2004 vide registration no. 33 and 34. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U99999MH1993PLC072623 |
|
Name of the
company |
OCTAMEC
ENGINEERING LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 10/49, Near Marol Industrial Estate, Andheri (East),
Mumbai-400059, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Indian Bank,
United |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Joint deed of hypothecation
dated 30th September, 2009. |
|
Date of
instrument Creating the charge |
30.09.2009 |
|
Amount secured by
the charge |
Rs.900.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On Funds Based
Cash Credit - BPLR (Presently 12% P.A.) Terms of
Repayment On Demand Margin Stocks and Book
Debts - 25% EPC - 10% FBP/FBD/FBN - NIL BG - 10% LC - 10% Extent and
Operation of the charge The Charge will
rank pari passu between Indian Bank and Union Bank of |
|
Short particulars
of the property charged |
I)
All
Stocks of Raw Materials, Semi Finished and Finished Goods both present and
future located in borrower's factories, premises, godowns situated at various
places. II)
Stores
and Spares not relating to Plant and Machinery (Consumable Stores and Spares)
both present and future located in borrower's factories, premises, godowns
situated at various places. III)
Bills
Receivables and Book Debts both present and future IV)
All
other movables (excluding such other movables as may be permitted by the
consortium banks in their discretion from time to time) both present and
future located in borrower's factories, premises. V)
Entire
Plant and Machinery and other movable assets and immovable fixed assets
present and future of the company. |
FIXED ASSETS:
- Plant and
Machinery
- Furniture and
Fixture
- Electrical
Installation
- Tools and
Equipment
- Computers and
Software
- Office
Equipment
- Fax Machine
- Vehicle
- Air
Conditioner
CONTINGENT LIABILITIES IN RESPECT OF:
|
Particular |
As on 31.03.2010
(Rs. In Millions) |
As on 31.03.2009
(Rs. In Millions) |
|
|
|
|
|
Guarantees issued by bank |
8.980 |
1.328 |
|
|
|
|
TRADE REFERENCES:
- Janvi Industries
- Indu Corporation
- Tata Steel
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.44.59 |
|
|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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.