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MIRA
INFORM REPORT
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Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ENKAY TECHNOLOGIES ( |
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Registered Office : |
7, Bhima Vaitarna Complex, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.04.1987 |
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Com. Reg. No.: |
11-043304 |
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Capital Investment / Paid-up Capital : |
Rs.9.000 Millions |
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CIN No.: [Company
Identification No.] |
U32200MH1987PTC043304 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04918E |
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PAN No.: [Permanent
Account No.] |
AAACE1300N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provider of Telecommunication and IT Solutions Services |
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No. of Employees: |
300 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 323832 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually 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 (GENERAL DETAILS)
|
Name : |
Mrs. Archna |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-66262222 |
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Date : |
21.06.2011 |
LOCATIONS
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Registered Office : |
7, Enkay House, Bhima Vaitarna
Complex, Sir Pochkhandwala Road, Worli, Mumbai – 400030, Maharashtra, India |
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Tel. No.: |
91-22-66262222/24939835 |
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Fax No.: |
91-22-24942127 |
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E-Mail : |
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Website : |
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Branches: |
·
Ahmedabad ·
Bangalore ·
Chennai ·
Delhi ·
Hyderabad ·
Kolkata ·
Pune |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Dayal Mahirwan Hemrajani |
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Designation : |
Director |
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Address: |
81, Ashraya, 266 Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
07.03.1958 |
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Date of Appointment : |
29.04.1987 |
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Name : |
Mr. Vasudev Mahirwan Hemrajani |
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Designation : |
Director |
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Address: |
81, Ashraya, 266 Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
13.07.1962 |
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Date of Appointment : |
14.06.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Sawla |
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Designation : |
Finance Manager |
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Name : |
Mrs. Archna |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Dayal Mahirwan Hemrajani |
600 |
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Ms. Pushpa M Hemrajani |
200 |
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Ms. Vibha D Hemrajani |
200 |
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Mr. Vasudev M Hemrajani |
200 |
|
Dayal M Hemrajani j/w Vibha D Hemrajani |
28950 |
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Mahirwan C Hemrajani j/w Pushpa M Hemrajani |
600 |
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Pushpa M Hemrajani j/w Mahirwan C Hemrajani |
8450 |
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Vibha D Hemrajani j/w Dayal M Hemrajani |
26750 |
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Vasudev M Hemrajani j/w Prerna V Hemrajani |
4000 |
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Prerna V Hemrajani j/w Vasudev M Hemrajani |
4050 |
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Mahirwan Hemrajani HUF represented by Mahirwan hemrajani |
4000 |
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Akshay v Hemrajani j/w Vasudev M Hemrajani |
4000 |
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Dayal m Hemrajani HUF, represented by Dayal |
4000 |
|
Vasudev M Hemrajani HUF, represented by Vasudev M Hemrajani |
4000 |
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Total |
90000 |
AS ON 30.09.2010
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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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 : |
Provider of Telecommunication and IT Solutions Services |
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Products : |
KEY TELEPHONE
SYSTEM
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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 : |
Banks
Finance
Companies
Hotels
Pharma /
Healthcare Company
ITES Companies
Corporate
Clients
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No. of Employees: |
300 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel, Mumbai 400013, Maharashtra, India ·
Dena Bank, Sachivalaya Corner Branch, Mumbai -
400021, Manipur, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sanghvi Sanghvi and Sanghvi Chartered Accountant |
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Address : |
10, Lacitadelle, 2nd Floor, |
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Tel. No.: |
91-22-66333400 |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/-each |
Rs. 20.000 millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs.
100/-each |
Rs. 9.000
millions |
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|
|
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 |
9.000 |
9.000 |
9.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
71.958 |
66.530 |
56.736 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.958 |
75.530 |
65.736 |
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LOAN FUNDS |
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|
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1] Secured Loans |
15.703 |
19.534 |
0.566 |
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2] Unsecured Loans |
6.400 |
1.050 |
0.000 |
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TOTAL BORROWING |
22.103 |
20.584 |
0.566 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
103.061 |
96.114 |
66.302 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.845 |
12.730 |
10.368 |
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Capital work-in-progress |
0.000 |
0.000 |
0.343 |
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INVESTMENT |
0.470 |
2.225 |
1.683 |
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DEFERREX TAX ASSETS |
1.347 |
1.229 |
0.785 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
71.174
|
70.024 |
37.052
|
|
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Sundry Debtors |
95.135
|
72.491 |
67.790
|
|
|
Cash & Bank Balances |
8.419
|
6.083 |
5.495
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
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Loans & Advances |
40.895
|
41.365 |
46.927
|
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Total
Current Assets |
215.623
|
189.963 |
157.264 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
73.119
|
66.228 |
58.743
|
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Other Current Liabilities |
31.551
|
24.142 |
23.491
|
|
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Provisions |
22.554
|
19.663 |
21.908
|
|
Total
Current Liabilities |
127.224
|
110.033 |
104.142
|
|
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Net Current Assets |
88.399
|
79.930 |
53.122
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
103.061 |
96.114 |
65.736 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES &
OTHER INCOME |
356.108 |
416.361 |
349.950 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.534 |
20.223 |
23.007 |
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|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
2.153 |
0.364 |
0.092 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.381 |
19.859 |
22.915 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.471 |
3.206 |
2.479 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.910 |
16.653 |
20.436 |
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|
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Less |
TAX (I) |
2.482 |
6.856 |
9.308 |
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|
PROFIT AFTER TAX
(G-I) (J) |
5.428 |
9.797 |
11.128 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.428 |
8.240 |
7.953 |
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EXCESS
/ (SHORT) PROVISION FOR TAXATION |
0.000 |
(0.003) |
(0.183) |
|
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|
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|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
0.000 |
0.000 |
2.700 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
0.459 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
7.500 |
|
|
BALANCE CARRIED
TO THE B/S |
23.462 |
18.034 |
8.240 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.52
|
2.35 |
3.17
|
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.46
|
8.22 |
12.20
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.22 |
0.16
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.60
|
1.73 |
1.58
|
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.73 |
1.50
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Goods and Services |
69.321 |
50.454 |
53.629 |
|
For Other liabilities |
3.798 |
15.774 |
5.114 |
Financial Results:
During the year the company has achieved turnover of Rs.
349.950 millions, as compared to Rs.326.177 millions during the previous year.
After providing Rs.2.478 millions as Depreciation and Rs.9.308 millions towards
taxation, the Company has made net profit of Rs.11.128 millions as compared to
Rs.10.735 millions during the previous year.
Fixed Assets:
- Buildings
- Plant and
Machinery
- Office
Equipments
- Furniture and
Fixtures
- Vehicles
Form 8
|
Corporate
identity number of the company |
U32200MH1987PTC043304 |
|
Name of the
company |
ENKAY TECHNOLOGIES ( |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of charge |
|
Type of charge |
|
|
Particular of
charge holder |
HDFC BANK LIMITED Address: HDFC Bank Housesenapati Bapat Marg, Email : RBBform8@hdfcbank.com
|
|
Nature of
instrument creating charge |
Supplemental Memorandum Relating To Hypothecation of Stocks, Book
debts, and Machinery. |
|
Date of
instrument Creating the charge |
30.03.2009 |
|
Amount secured by
the charge |
Rs. 30.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest at the rate as may be communicated by the Bank from time to
time. Terms of repayment On Demand Margin Company shall at all times during the continuance of this security
maintain the said debts of a
sufficient amount to provide the margin of security as may from time to time
advised by the Bank. Extent and operation of the charge Hypothecation by way of First Charge on Company's Stocks, Book Debts
and Machinery etc. to secure as a
Continuing Security for repayment of
monies due and payable by the borrower to the Bank. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation first charge over the Stocks, Book debts and Machinery. |
|
Particulars of
the present modification |
The bank having at the request of Company has agreed to sanction
Additional Credit Facility, thus the charge shall stand increased from
Rs.20.000 millions to Rs.30.000 millions against security of Stocks, Book
debts and Machinery. |
|
Corporate identity number of the company |
U32200MH1987PTC043304 |
|
Name of the company |
ENKAY TECHNOLOGIES ( |
|
Address of the registered office or of the
principal place of business in |
|
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge holder |
HDFC BANK LIMITED |
|
Nature of instrument creating charge |
Supplemental Memorandum relating to
Hypothecation of Stocks, Book Debts and Machinery. |
|
Date of instrument Creating the charge |
02/01/2010 |
|
Amount secured by the charge |
Rs.50.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Interest at the rate as may be communicated
by the Bank from time to time. Terms of Repayment On demand Margin As may be stipulated by the Bank from time
to time. Extent and Operation of the charge Hypothecation by way of First charge on
Company's Stocks, Book Debts and Machinery, to the Company secure as a
continuing security as mentioned in Column No.15 below for the repayment of
Rs.50.000 millions together with interest, costs, charges, expenses and other
moneys due and payable by the Company to the Bank. |
|
Short particulars of the property charged |
Hypothecation of First charge over the
Stocks, Book Debts and Machinery of the Company. |
|
Date of instrument modifying the charge |
06/04/2009 |
|
Particulars of the present modification |
The charge shall stand increase from
Rs.35.000 Millions to Rs.50.000 Millions (Comprising : Cash Credit of
Rs.35.000 Millions, BG of Rs.15.000 Millions, LC (Sub Limit of BG) of
Rs.5.000 Millions, WCDL (by earmarking BG limit) of Rs.5.000 Millions), against
the security of Stocks, Book Debts and
Machinery. |
Company Alliances :
|
Name |
Country |
|
|
Honeywell
International |
|
Electronic
security systems & solutions |
|
Crestron |
|
Control Touch
Panels |
|
Extron |
|
Switchers,
Distribution Amplifiers, Products, Cables, Interface |
|
Kirk |
|
DECT |
|
WiLan |
|
Wireless LAN
Solution |
|
Sharp |
|
LCD TV's |
|
LifeSize |
|
High Definition
Video Conferencing Solutions |
|
Tandberg |
|
High Definition
Video Conferencing Solutions |
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.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|
50 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.