MIRA
INFORM REPORT
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Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ETA ENGINEERING PRIVATE LIMITED |
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Registered Office : |
No. 5, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
31.10.1994 |
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Com. Reg. No.: |
18-29091 |
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CIN No.: [Company
Identification No.] |
U28920TN1994PTC029091 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELE03232F |
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PAN No.: [Permanent
Account No.] |
AAACE0808P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Electric Pumps, Air
Conditioners etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 5200000 |
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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 part of Eta Ascon, 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.
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
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Registered Office : |
No. 5, |
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E-Mail : |
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Corporate Office : |
No. 63, New No. 71, |
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Tel. No.: |
91-44-43429786 |
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Fax No.: |
91-44-43429999 |
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E-Mail : |
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Factory1: |
No. 627, Chinganazath House, Near Union Bank of India, K.P. Vallon
Road, Kochi-682020, Kerala, India |
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Tel No.: |
91-484-2311638 |
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Fax No.: |
91-484-2311638 |
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Factory 2: |
K-6, |
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Branches : |
Located At:
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DIRECTORS
As on 27.09.2010
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Name : |
Mr. Syed Mohammed Salahuddin |
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Designation : |
Vice – Chairman |
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Address : |
P O Box – 5329, Emitates Trading Agency, |
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Date of Birth/Age : |
07.04.1942 |
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Date of Appointment : |
31.10.1994 |
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Name : |
Mr. Mir Mahmood Mohiuddin |
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Designation : |
Director |
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Address : |
Flat B-4, Mallika Apartments, |
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Date of Birth/Age : |
18.03.1938 |
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Date of Appointment : |
31.10.1994 |
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Name : |
Mr. Ashok Kumar Agarwal |
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Designation : |
Director |
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Address : |
X-404, |
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Date of Birth/Age : |
17.12.1949 |
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Date of Appointment : |
31.10.1994 |
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Name : |
Mr. J Y M Abdul Cader |
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Designation : |
Director |
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Address : |
28 – A, |
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Date of Birth/Age : |
21.05.1965 |
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Qualification : |
MBA |
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Date of Appointment : |
03.12.1996 |
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Name : |
Mr. Khalid A K Buhari |
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Designation : |
Director |
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Address : |
28 – A, |
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Date of Birth/Age : |
12.11.1957 |
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Date of Appointment : |
30.08.2004 |
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Name : |
Mr. Abdul Khader Anwar Basha |
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Designation : |
Additional Director |
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Address : |
43, |
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Date of Birth/Age : |
05.09.1948 |
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Date of Appointment : |
28.10.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Electro Mechanical Technical Associated Limited, |
|
13990364 |
|
Mir Mahmood Mohiuddin |
|
630280 |
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Ashok Kumar Agarwal |
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504304 |
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Anwar Basha |
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252052 |
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S M Salauddin |
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500000 |
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Emirates Trading Agency LLC, United Arab Emirates |
|
2000000 |
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Abdul Cader Junaid Yaseen Mohamed |
|
371000 |
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Eta General Private Limited, |
|
100 |
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Arif B Rahman |
|
1000 |
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Hameed S Salahuddin |
|
1000 |
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Ahmed S Salahuddin |
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1000 |
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Kitchen House Appliances Private Limited, |
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300000 |
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Total |
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18551100 |
As on 27.09.2010
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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] |
|
86.20 |
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Bodies
corporate |
|
1.62 |
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Directors
or relatives of directors |
|
12.18 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Electric Pumps, Air
Conditioners etc. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
v
Jammu Kashmir Bank v
ICICI Bank v
Yes Bank, 9th Floor, Nehru Centre,
Discovery of v
Indian Overseas Bank, |
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Facilities : |
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Financial Institution: |
GE Capital Services |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Bupathy and Company Chartered Accountant |
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Address : |
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Tel. No.: |
91-44-28278300/28277590/28242302 |
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Fax No.: |
91-44-28242302 |
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E-Mail : |
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Holding Company: |
Electromechanical Technical Associate Limited |
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Associates/Subsidiaries : |
Alpha Duct Private Limited (U29292MH2005PYC156305) |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
166000000 |
Equity Shares |
Rs.10/- each |
Rs.1660.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18551100 |
Equity Shares |
Rs.10/- each |
Rs.185.511
Millions |
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
105000000 |
Equity Shares |
Rs.10/- each |
Rs.1050.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18551000 |
Equity Shares |
Rs.10/- each |
Rs.185.510
Millions |
|
|
Share Application Money |
|
Rs.852.500
Millions |
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|
Total |
|
Rs.1038.010 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
185.510 |
181.800 |
181.800 |
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2] Share Application Money |
852.500 |
830.000 |
299.999 |
|
|
3] Reserves & Surplus |
280.530 |
288.863 |
195.196 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
(10.836) |
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|
NETWORTH |
1318.540 |
1300.663 |
666.159 |
|
|
LOAN FUNDS |
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|
|
|
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1] Secured Loans |
1879.147 |
636.908 |
288.246 |
|
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2] Unsecured Loans |
45.000 |
61.889 |
46.289 |
|
|
TOTAL BORROWING |
1924.147 |
698.797 |
334.535 |
|
|
DEFERRED TAX LIABILITIES |
59.685 |
5.750 |
0.000 |
|
|
DEFERRED GOVERNMENT GRANT |
41.338 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
3343.710 |
2005.210 |
1000.694 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
1962.919 |
930.524 |
148.951 |
|
|
Capital work-in-progress |
85.716 |
111.140 |
0.000 |
|
|
|
|
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INVESTMENT |
81.631 |
43.800 |
35.355 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
13.788 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
1450.519
|
827.124 |
600.545 |
|
|
Sundry Debtors |
964.296
|
1208.920 |
640.754 |
|
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Cash & Bank Balances |
1041.120
|
160.577 |
170.176 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1124.450
|
877.011 |
983.105 |
|
Total
Current Assets |
4580.385
|
3073.632 |
2394.580 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2344.733
|
533.683 |
|
|
|
Other Current Liabilities |
352.400
|
1194.889 |
1275.569 |
|
|
Provisions |
669.808
|
425.314 |
316.411 |
|
Total
Current Liabilities |
3366.941
|
2153.886 |
1591.980 |
|
|
Net Current Assets |
1213.444
|
919.746 |
802.600 |
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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TOTAL |
3343.710 |
2005.210 |
1000.694 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
5946.900 |
|
|
|
|
|
Other Income |
0.007 |
|
|
|
|
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TOTAL |
5946.907 |
3599.700 |
2788.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
5790.807 |
3405.000 |
2649.300 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
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TOTAL |
5790.807 |
3405.000 |
2649.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
156.100 |
194.700 |
138.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
98.000 |
32.800 |
17.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
58.100 |
161.900 |
121.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
66.400 |
(70.700) |
44.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(8.300) |
104.500 |
77.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
287.400 |
182.900 |
105.400 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
279.100 |
287.400 |
182.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
48.119 |
11.384 |
16.122 |
|
|
|
Commission Earnings |
0.165 |
0.910 |
0.000 |
|
|
TOTAL EARNINGS |
48.284 |
12.294 |
16.122 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
271.779 |
308.402 |
254.987 |
|
|
|
Capital Goods |
81.371 |
2.945 |
3.942 |
|
|
TOTAL IMPORTS |
353.150 |
311.347 |
258.929 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.45) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(0.14)
|
2.90 |
2.78
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.98
|
NA |
NA
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.89
|
4.04 |
4.37
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.12 |
0.00
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.01
|
2.19 |
2.39
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.43 |
1.50
|
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
Company top line has grown by 65% during the year 2008-09. However
company has made a marginal loss of Rs.8.300 millions for this period. This
loss is mainly attributable to new logistic division which has incurred a loss
of Rs.196.400 millions with turnover of Rs.382.400 millions during its 2nd
financial year of operation. Engineering division turnover has grown by 61% to
Rs.5680.000 millions (PY Rs.3530.000) and profit after tax has grown by
Rs.7.25% to Rs.188.100 millions (PY Rs.175.400 millions)
Further company has decided to heave off the logistic division on as is
which is basis company has initiated the process and formed a new company in
the name of Freighlstar Private Limited to this effect. The entire process is
scheduled to be completed by September 2010.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U28920TN1994PTC029091 |
|
Name of the
company |
ETA ENGINEERING
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No. 5, |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Yes Bank, 9th Floor, Nehru Centre, Discovery of India, Dr.
Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
hypothecation |
|
Date of
instrument Creating the charge |
08.09.2010 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest To be decided at
the time of disbursement Terms of
Repayment Tenor: MAX. 6
MONTHS Extent and
Operation of the charge Exclusive second
charge by way of hypothecation on the entire assets of the company excluding
specific project asset charged to banks. |
|
Short particulars
of the property charged |
I)
Exclusive
second charge by way of hypothecation on the entire current assets of the
company excluding specific project asset charged to banks. II)
more
particularly to deed of hypothecation |
AS PER WEBSITE DETAILS:
PROFILE:
Incorporated in 1994, Subject undertakes HVAC projects, Electro-mechanical
projects and services (EMPS) and Mechanical, Electrical and Plumbing (MEP) work
including BMS, Internal Electrification and Sub-station Works meeting
International Standards. Subject has two manufacturing plants with capacity
to manufacture a wide range of Ducted Split, Chillers and Air Handling Units. Subject is a
subsidiary of Electromechanical Technical Associates Ltd,
ETA ASCON,
Dubai is
a multi-faceted group having a turnover in excess of USD Six Billion with
diverse areas of expertise in activities such as Builders and Constructions, Engineering –
Electromechanical and Elevator Works,
Advanced Fire Fighting, Shipping and
Trading, High Voltage transmission, Desalination, Powder coating, Retail
and Leisure Business, Tours and Travels, Facilities Management, Automobiles,
Environment, Manufacturing, etc.,
Subject is a Company registered in
Subject has state-of-art Manufacturing Facilities at
Sriperumbudur, 40 Kms outside Chennai city and
The Company manufactures and
markets full range of Air-conditioning products including Air-Cooled
and Water cooled Scroll Chillers, Air
Handling Units, Fan Coil Units, Ducted Splits, Floor Mounted Packaged, Unitary
type Self Contained Packaged Air conditioners, DC- Inverter and Digital VRF (Variable Refrigerant Flow),
Cassettes, High-wall Splits and Window
Air conditioners. These are ideally suitable for installation in applications
such as Bank, Hospitals, Office premises, Shopping / Commercial
Complexes, Restaurants, Retails outlets etc.
The Company has been consistently driven by belief in Global Quality
Standard as a norm.
They thrive for raising the Quality
Standard in all our Operations, be it Projects, Products, Services and Manufacturing.
Subject is the only Indian Manufacturer of Air
Handling Units to achieve prestigious Eurovent Certification. It is also one of the 6 Companies Globally to
achieve UL Accreditation for it’s AHU’s. It produces Cooling and
Heating Coils which are ARI
Certified. The entire
Subject has large number of Dealers as Channel
Partners for offering ETA Range of Products with Cooling Solutions to
Customers.
Company has a well Structured after Sales - Service and Spares
management for its Dealers and Customers.
Subject is rated as the biggest turnkey Electro -
Mechanical Contractor in the country and offers electro mechanical services to
meet the needs of demanding clients. Subject has supported a wide array of
projects that include Software Campuses / Parks, Offices, Business
establishments, Hotels, Hospitals, Schools, Commercial Complexes, Industries,
Marriage Halls, etc. They have
participated in projects for large Air Conditioning Systems involving imported
equipment manufactured to international standards. They ensure much superior quality of equipment and
workmanship with advanced engineering skills. They have full-fledged team of qualified engineers
and technical staff in the air-conditioning and electrical divisions to carry
out large turnkey projects. Subject has consistently provided clients with timely and high value service,
competitively priced without sacrificing quality. The Entire Company is
certified for ISO 9001: 2008 by LRQA.
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.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.