MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELECTRO PLASMA EQUIPMENTS PRIVATE LIMITED |
|
|
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Registered
Office : |
Unit 104 A, Off I B Patel Road, Western Express Highway, Goregaon
East, Mumbai 400063, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.06.1994 |
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Com. Reg. No.: |
079177 |
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Capital
Investment / Paid-up Capital : |
Rs.0.275 million |
|
|
|
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CIN No.: [Company Identification
No.] |
U74999MH1994PTC079177 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUME05122F |
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PAN No.: [Permanent Account No.] |
AAACE8616R |
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|
Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturers, Exporters,
and Traders of all types of Plasma cutting machines, CNC plasma cutting
systems, Plasma welding machines, Portable welding inverters, Air plasma
cutting machines, and allied products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 6972 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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) |
|
|
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
|
Name : |
Mr. Swati |
|
Designation : |
Staff Member (Denied To Provide Designation) |
|
Date : |
07.06.2011 |
LOCATIONS
|
Registered Office / Factory: : |
Unit 104 A, Off I B Patel Road, Western Express Highway, Goregaon
East, Mumbai 400063, Maharashtra, India |
|
Tel. No.: |
91-91-22-40203456/26865065/26862843/93/26862893 |
|
Fax No.: |
91-22-28741485/6862893/26862843 |
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E-Mail : |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Mukund Madhav Pradhan |
|
Designation : |
Director |
|
Date of Birth/Age : |
09.10.1958 |
|
Date of Appointment : |
24.06.1994 |
|
|
|
|
Name : |
Mr. Mangesh Sacchidanand Karnik |
|
Designation : |
Director |
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Date of Birth/Age : |
18-02.1965 |
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Date of Appointment : |
24.06.1994 |
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|
|
|
Name : |
Mr. Sandeep Shashikant Nagle |
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Designation : |
Director |
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Date of Birth/Age : |
20.06.1966 |
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Date of Appointment : |
24.06.1994 |
KEY EXECUTIVES
|
Name : |
Mr. Swati |
|
Designation : |
Staff Member (Denied To Provide Designation) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Mukund Madhav Pradhan |
6875 |
|
Mr. Mangesh Sacchidanand Karnik |
6875 |
|
Mr. Sandeep Shashikant Nagle |
6875 |
|
Mrs. Madhavi S Karnik |
4810 |
|
Mr. Ramesh N Kulkarni |
2065 |
|
Total |
27500 |
AS ON 29.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporters,
and Traders of all types of Plasma cutting machines, CNC plasma cutting systems,
Plasma welding machines, Portable welding inverters, Air plasma cutting
machines, and allied products. |
|
|
|
|
Products : |
·
IR Plasma
Cutting Machines ·
CNC Plasma
Cutting Systems ·
Inverter
Welding Machines ·
Micro Plasma
Welding Machines ·
Air Plasma Torch
and Consumables ·
Inverter
Plasma Cutting Machines ·
Plasma
Welding Machines ·
Portable
Invertors - for M.M.A.W. /
T.I.G. / M.I.G., etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Bank of Maharashtra, Sarthak Co Op Housing
Society Limited, 14 A 2 Peru BAug, Main Aarey Road, Goregaon (East), Mumbai
400063, Maharashtra, India ·
Janakalayan Shakari Bank Limited, 140, Vivek
Darshan Sindhi Society, Opposite Bhakti Bhavcan, Chembur, Bombay,
Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V G Kamat and Associates Chartered Accountant |
|
Address : |
10, Khanna Building No.1, Pandurang Wadi, Goregaon (East), Mumbai 400063,
Maharashtra, India |
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|
|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs. 10 each |
Rs.0.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27500 |
Equity Shares |
Rs. 10 each |
Rs.0.275 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 |
0.275 |
0.275 |
0.275 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.468 |
1.156 |
0.780 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1.743 |
1.431 |
1.055 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.323 |
2.941 |
0.000 |
|
|
2] Unsecured Loans |
0.824 |
0.877 |
0.977 |
|
|
TOTAL BORROWING |
3.147 |
3.818 |
0.977 |
|
|
DEFERRED TAX LIABILITIES |
0.100 |
0.116 |
0.134 |
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|
|
|
|
|
|
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TOTAL |
4.990 |
5.365 |
2.166 |
|
|
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|
|
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APPLICATION OF FUNDS |
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|
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|
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|
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FIXED ASSETS [Net Block] |
2.330 |
2.637 |
1.326 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.028 |
0.028 |
0.027 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.395
|
2.318 |
1.579 |
|
|
Sundry Debtors |
1.633
|
2.502 |
1.608 |
|
|
Cash & Bank Balances |
0.306
|
0.087 |
0.056 |
|
|
Other Current Assets |
0.320
|
0.473 |
0.866 |
|
|
Loans & Advances |
1.482
|
1.451 |
0.349 |
|
Total
Current Assets |
8.136
|
6.831 |
4.458 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.069
|
3.144 |
2.960 |
|
|
Other Current Liabilities |
0.614
|
0.320 |
0.228 |
|
|
Provisions |
0.821
|
0.667 |
0.457 |
|
Total
Current Liabilities |
5.504
|
4.131 |
3.645 |
|
|
Net Current Assets |
2.632
|
2.700 |
0.813 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4.990 |
5.365 |
2.166 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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|
Sales |
14.574 |
15.914 |
NA |
|
|
Other Income |
0.196 |
0.062 |
NA |
|
|
TOTAL INCOME |
14.770 |
15.976 |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
22.268 |
1.015 |
0.579 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
21.819 |
0.494 |
0.152 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.449 |
0.521 |
0.426 |
|
|
|
|
|
|
|
Less |
TAX |
0.153 |
0.211 |
0.202 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.296 |
0.310 |
0.224 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.00
|
1.94
|
NA
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.08
|
3.27
|
NA
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.29
|
5.50 |
7.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.36 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.02
|
5.63 |
4.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.65 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
·
Plant and Machinery
·
Furniture and Fixture
·
Air Conditioner
·
Computer
·
Premises
·
Office Equipments
·
Motor Car
FORM 8
|
Corporate
identity number of the company |
U74999MH1994PTC079177 |
|
Name of the
company |
ELECTRO PLASMA EQUIPMENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit 104 A, Off I B Patel Road, Western Express Highway, Goregaon
East, Mumbai 400063, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of Maharashtra, Sarthak Co Op Housing Society Limited, 14 A 2
Peru BAug, Main Aarey Road, Goregaon (East), Mumbai 400063, Maharashtra,
India Email : bmgr636@mahabank.co.in |
|
Nature of instrument
creating charge |
The Original
Charge Of Rs. 1.500 millions Was Created By The Memorandum Of Equitable Mortgage Dated 20.07.2004 By
The Borrower Company In Favour Of The Bank
, The Bank Has Granted Term Loan Limit Of Rs. 1.000 million land Cash Credit Limit Of
Rs. 0.500 million To M/S. Plasma Tech .. Since, M/S Plasma Tech Has Fully Repaid Term Loan Of Rs. 1.000
million, By Present Memorandum Of Record Of Additional Equitable Mortgage
Dated 26.03.2011, The Charge Stands Modified From Rs. 1.500 millions To Rs.
0.500 million. |
|
Date of
instrument Creating the charge |
26.03.2011 |
|
Amount secured by
the charge |
Rs. 0.500 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As Agreed Between
The Borrower Company And The Bank From Time To Time Terms of repayment As Agreed Between
The Borrower Company And The Bank From Tim E To Time Margin As Agreed Between
The Borrower Company And The Bank From Time To Time Extent and operation of the charge At The Request Of
The Borrower Co. The Bank Has Sanctioned Limit Of Rs.1.500 millions To M/S
Plasma Tech By Memorandum Of Equitable Mortgage Dated 20.07.2004 Against
Immovable Property Of The Company At
Gala No.104 In Acme Ind. Park Premises
Co, Op ,Hsg Soc. Ltd. Village Pahadi. Tal. Borivali. Since ,M/S. Flasma Tech
Has Fully Paid Term Loan Of Rs 1.000
millions, The Charge By Memorandum Of
Record Of Of Additional Equitable
Mortgage Dated 26.03.2011 Stands Modified From Rs. 1.500 million To Rs. 0.500
million. |
|
Short particulars
of the property charged (Including location of the property) |
The Borrower's
Immovable Properties At Cts 92, Gala No. 104, First Floor. Acme Industrial
Park Premises Co. Op. Hsg. Society Ltd.Village Pahadi, Tal Borivali, Adm.445
Sq. Fts. |
|
Particulars of
the present modification |
At The Request Of
The Borrower Company, The Bank Has Sanctioned To M/S Plasma Tech, Cash Credit
Limit Of Rs.0.500 million And Term Loan Limit Of Rs.1.000 million Against
Immovable Propertis Of The Borrower
Company At Gala No.104 , First Floor,In Acme Industrial Park Premises Co. Op.
Hsg. Soc. Ltd., Village Pahadi,Tal. Borivali, Adm. 445. Sq Ft. Carpet Area.
Since M/S Plasma Tech Has Repaid Fully Term Loan Of Rs . 1.000 million, The
Charge Stands Modified From Rs. 1.500
million to Rs. 0.500 million. |
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.44.61 |
|
|
1 |
Rs.73.28 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.