MIRA
INFORM REPORT
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Report Date : |
05.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ERI –TECH LIMITED |
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Registered
Office : |
9, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.06.1957 |
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Com. Reg. No.: |
21-023503 |
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CIN No.: [Company Identification
No.] |
L28999WB1957PLC023503 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALJ00207D |
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PAN No.: [Permanent Account No.] |
AAACE8832D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Overhead Material. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 1221000 |
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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 an old and 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 concern can be considered normal for business dealings at usual
trade term 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
|
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 |
LOCATIONS
|
Registered Office : |
9, |
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Tel. No.: |
91-33-22172567 |
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Fax No.: |
91-33-22172734 |
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E-Mail : |
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Corporate and Marketing
Office : |
53B, |
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Tel. No.: |
91-33-22172567 / 32901819 |
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Fax No.: |
91-33-22172734 |
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E-Mail : |
DIRECTORS
As on 3.09.2010
|
Name : |
Mr. Shakir Ali |
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Designation : |
Director |
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Address : |
5A, |
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Date of Birth/Age : |
02.07.1939 |
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Date of Appointment : |
07.06.1995 |
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DIN : |
00331069 |
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Name : |
Mr. Jayanta Kumar Chatterjee |
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Designation : |
Director |
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Address : |
Surya Falt No.48, |
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Date of Birth/Age : |
11.07.1938 |
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Date of Appointment : |
01.01.2006 |
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DIN : |
02099353 |
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Name : |
Mr. Kishanlal Binani |
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Designation : |
Director |
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Address : |
83, Shaekspear Sarani, 2nd Floor, Kolkata - 700017, West |
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Date of Birth/Age : |
28.10.1939 |
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Date of Appointment : |
22.07.1997 |
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DIN : |
00347383 |
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Name : |
Mr. Shiv Raj Singh |
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Designation : |
Director |
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Address : |
House No. R-1, Adarsh Nagar,
Durg Chhattisgarh - 491003 |
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Date of Birth/Age : |
28.01.1942 |
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Date of Appointment : |
05.03.2005 |
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DIN : |
00463475 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
|
|
Bodies corporate |
81.66 |
|
Directors or relatives of Directors |
0.25 |
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Other top fifty shareholders |
17.66 |
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Others |
0.43 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Overhead Material. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Transmission Line Conductor, Fixture
Fittings, Accessories and Components of Manufacture O.F.C. |
M.T. |
5000 |
5000 |
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Other Metal Products |
M.T. |
1000 |
1000 |
|
Note : Installed capacity
as at 31.03.2010 is as certified by the management not verified by the
auditors. Management certified that the current installed capacity as given
is being increased up to licensed capacity. |
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GENERAL INFORMATION
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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 : |
H. P. Jhunjhunwala and Company Chartered Accountant |
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Address : |
907, Marshall House, 33/1 N S Road, Kolkata – 700001, West |
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PAN No.: |
AABFH3923L |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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7,500,000 |
Equity Shares |
Rs.10/-each |
Rs.75.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2,860,000 |
Equity Shares |
Rs.10/-each |
Rs.28.600 million |
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As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
15,000,000 |
Equity Shares |
Rs.10/-each |
Rs.150.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
|
3,360,000 |
Equity Shares |
Rs.10/-each |
Rs.33.600 million |
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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 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
28.600 |
28.600 |
28.600 |
|
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2] Share Application Money |
50.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
221.005 |
215.789 |
176.319 |
|
|
4] (Accumulated Losses) |
5.668 |
3.420 |
35.128 |
|
|
NETWORTH |
305.273 |
247.809 |
240.047 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
120.360 |
52.754 |
69.531 |
|
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2] Unsecured Loans |
0.000
|
0.000 |
0.000 |
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TOTAL BORROWING |
120.360 |
52.754 |
69.531 |
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|
DEFERRED TAX LIABILITIES |
3.074 |
3.164 |
3.398 |
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TOTAL |
428.707 |
303.727 |
312.976 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.375 |
95.125 |
103.365 |
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Capital work-in-progress |
0.000
|
0.000 |
0.000 |
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INVESTMENT |
0.011 |
0.011 |
0.011 |
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DEFERREX TAX ASSETS |
0.000
|
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
57.561
|
51.381 |
50.755 |
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Sundry Debtors |
186.034
|
105.361 |
85.430 |
|
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Cash & Bank Balances |
58.607
|
23.845 |
79.286 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
101.049
|
80.219 |
55.491 |
|
Total
Current Assets |
403.251
|
260.806 |
270.962 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
29.431
|
25.213 |
38.655 |
|
|
Other Current Liabilities |
1.740
|
0.553 |
2.679 |
|
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Provisions |
30.759
|
26.449 |
20.028 |
|
Total
Current Liabilities |
61.930
|
52.215 |
61.362 |
|
|
Net Current Assets |
341.321
|
208.591 |
209.600 |
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MISCELLANEOUS EXPENSES |
0.000
|
0.000 |
0.000 |
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TOTAL |
428.707 |
303.727 |
312.976 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1425.864 |
1035.689 |
1074.903 |
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Other Income |
23.659 |
3.735 |
9.557 |
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TOTAL (A) |
1449.523 |
1039.424 |
1084.460 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/Decrease in stock |
0.144 |
5.428 |
|
|
|
|
Raw material Components, commodities and other manufacturing expenses |
1358.237 |
957.194 |
|
|
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Employee Cost |
14.213 |
8.851 |
|
|
|
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Selling and Administrative Expenses |
40.367 |
37.112 |
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TOTAL (B) |
1412.961 |
1008.585 |
1038.245 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.562 |
30.839 |
46.215 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.253 |
2.339 |
6.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.309 |
28.500 |
39.357 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.629 |
7.542 |
7.280 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
23.680 |
20.958 |
32.077 |
|
|
|
|
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|
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Less |
TAX (I) |
10.586 |
7.220 |
11.283 |
|
|
|
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|
|
|
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PROFIT AFTER TAX
(G-I) (J) |
13.094 |
13.738 |
20.794 |
|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.420 |
35.128 |
15.764 |
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.500 |
42.100 |
0.000 |
|
|
|
Dividend |
2.860 |
2.860 |
1.430 |
|
|
|
Tax on Dividend |
0.486 |
0.486 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5.668 |
3.420 |
35.128 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.46 |
4.63 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.90
|
1.32 |
1.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.66
|
2.02 |
2.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.83
|
5.89 |
8.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.08 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.42 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.51
|
5.00 |
4.42 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION
The board of directors of the company is glad to report that during the
year the company has posted a net profit of Rs. 13.094 million as against Rs.
13.738 million in the previous year. The general economic well being of the
company in improving its products mix resulted in a year of satisfactory
performance. The company’s operational and financial performance continued on a
growth path. The comp any has also continuing its trading centre at the heart
of the city with full new instruments. The ISO 9002 certification has been also
renewed for 2010.
The company is in infrastructure sector in the business of power and
telecommunication. Both sectors have great potential in the growing economy in
The company has successfully completed the prestigious order s for
supply of power line conductors and accessories in domestic market. The company
has also installed the power substation with SCADA system. In HPSEB and also
H.T. power line Karnataka. The company has also completed the optical fibre
projects at different place of
The company has now diversified in the project related activities for
building transmission and distribution power onlines and power substation on a
turnkey basis.
SHARE CAPITAL :
During the year the company has taken share application money for 500000
equity shares of Rs.10/-each at a premium of Rs. 90/- each aggregating to
Rs.50.000 million from the domestic strategic investors, promoters, friends,
and associates.
NEW INITIATIVE:
As reported earlier the company has over
a period of few years, added technical expertise/facilities involving
structural telecommunication and instrumentation work apart from the company
expertise in electrical conductors and accessories. It is taking continues
initiative to procure further business in the area of supply and erection
packages in power sector. Special focus is also being given to the business of
turnkey projects of the power lines and preventive action on the power loss.
FIXED ASSETS
- Free
- Building on Factories
- Plant and Machinery
- Electric Installation and Motor
- Furniture and Fixture
- Office Equipments
- Computer
- Weighing Machine
- Tubewell and Water supply
- Air Conditioner and Refrigerator
- Motor Car
- Cycle
Contingent Liabilities :
|
|
31.03.2010 (Rs. in million) |
31.03.2009 (Rs. in million) |
|
Letter of Credit |
46.589 |
3.315 |
|
Bank Guarantee |
93.434 |
79.544 |
|
Sales Tax Matters |
2.924 |
7.417 |
|
Total |
174.178 |
121.5069 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L28999WB1957PLC023503 |
|
Name of the
company |
Eri-Tech Limited |
|
Address of the
registered office or of the principal place of business in |
53b, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
80008864 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Others |
|
Particular of
charge holder |
Axis Bank Limited, Credit Managemnt Centre (CMC), 1, Shakespeare
Sarani, AC Market, 3rd Floor, Kolkata – 700071, West Bengal, India |
|
Nature of
instrument creating charge |
i) Deed of hypothecation of current assets. ii) Deed of hypothecation of machinery and
other movable fixed assets. iii) No
instrument, supplemental oral assent. |
|
Date of
instrument Creating the charge |
02.09.2009 |
|
Amount secured by
the charge |
Rs.250.000
million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- CC/ Bill Discounting: BPLR-2.50% (present effective 12.25% p.a) payable at
monthly rests, EPC: BPLR-5% (present effective 9.75% p.a. payable upfront. Terms of
Repayment - Cash Credit repayable on demand. Margin - CC: 25%
On Stock and 30% On Book debts (Book debts cover period extended upto 120 days,
with enhanced margin @40% for debtors above 90 days), EPC: 10% payable
upfront, LC (Inland): 25%
in the form of TDR to be collected upfront and kept under Bank's Lien, BG: 10% kept in
the form liabilities, 100% in case of disputed liabilities. Extent and
Operation of the charge - Primary Security: Exclusive charge on the entire
current assets of the company, both present and future. Collateral
Security: i) Exclusive on entire plant and machinery of the co, both movable
and immovable and both present and future. ii) Equitable
mortgage of land and building at 53, Others |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Exclusive charge
basis on all the stock in trade both present and future, consisting stock
including RMs, SIP, FGs, Other current assets and Outstandings, monies
receivable, Claims and bills etc. Exclusive charge basis
on all the movable plant and machinery, furniture and fixtures etc both
present and future consisting of plant and machinery, computer,
air-conditioners, furniture etc. Eq. mortgage of
landed property at 27, |
|
Date of
instrument modifying the charge |
07.11.2006 |
|
Particulars of
the present modification |
By this
modification, the overall limit has been increased/ revised from Rs.190.000
million to Rs.250.000 million. The details as under: Facility Amount Remark Cash Credit Rs.100.000 million Bill Discounting
(Rs.32.500 million) Sub limit of CC facility EPC (Rs.50.000 million) Sub
limit of CC facility BG Rs.150.000 million LC (Rs.50.000 million) Sub
limit of BG facility Overall Limit Rs.250.000 million Other terms and
condition remain unchanged. |
AS PER WEBSITE :
They are one of the most
well known manufacturers and exporters of Overhead T and D Line materials.
Their products are broadly grouped as:
FOR ELECTRICAL
UTILITIES:
- Transmission and Distribution Line
Insulator Hardware and Conductor Assemblies
- Preformed/Helical fittings (under
'Moformed' patents)
- Construction of Transmission lines and
Sub-Stations with SCADA
- ACSR, AAC, AAAC, Earthwire and Specialty
loss-saving Conductors
FOR TELECOM RELATED
ACTIVITIES
- Optical Fibre Cable Accessories for Power
Lines and Poles (they are developers of technology for BSNL in
- Turnkey Contracting for Aerial ADSS/OPGW
fiber cable systems
ABOUT ERI-TECH
Subject was
established in 1957 to meet the growing needs of electrical utilities in
independent
As an addition to its activities, the Company diversified into
telecommunications in 1997. They originated the idea of building optical fiber
networks on power lines and poles, in association with Modern Malleables
Limited. Since then, Eri-tech has made Aerial fiber deployment its very own
field of expertise. Recognized as a leader in this subject in
TURNKEY SERVICES-
Fiber on Power Lines
Eri-tech is a leader in aerial fiber deployment, and designs ADSS, OPGW, and
FIGURE '8' cable installations on T and D systems.
They typically provide a turnkey design package including survey and route
selection, pole-by-pole or pylon-to-pylon design, supply of fittings and
accessories, cable selection, and installation.
Having laid over 5,000 km. of ADSS in
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.44.99 |
|
|
1 |
Rs.73.23 |
|
Euro |
1 |
Rs.62.80 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.