MIRA
INFORM REPORT
|
Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ETA- MELCO ENGINEERING COMPANY PRIVATE LIMITED |
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Registered
Office : |
Chennai Citi Centre, IV Floor, Door No. 10 and 11, Dr. Radhakrishnan Salai,
Mylapore, Chennai-600004, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.11.1995 |
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Com. Reg. No.: |
11-65052 |
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CIN No.: [Company Identification
No.] |
U28920TN1995PTC065052 |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Service Provider of Repair Maintenance Services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 970000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Payments
are correct and as per commitments. The company can be considered good for normal 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) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : |
Chennai Citi Centre, IV Floor, Door No. 10 and 11, Dr. Radhakrishnan Salai,
Mylapore, Chennai-600004, Tamilnadu, India |
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Tel. No.: |
91-44-28477370/ 28477373 |
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Fax No.: |
91-44-28477374 |
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E-Mail : |
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Branches : |
Located at: ·
·
Chennai ·
Secunderbad ·
Kolkata ·
Mumbai ·
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DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Sadaqathullah Hasan Naina |
|
Designation : |
Director |
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Address : |
E-1, East Coast Apartment, 13 Avenue 9, |
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Date of Birth/Age : |
22.08.1961 |
|
Date of Appointment : |
01.01.2005 |
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DIN No.: |
00412554 |
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Name : |
Mr. Hameed Salahuddin Syes |
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Designation : |
Director |
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Address : |
6, Wallace Garden, |
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Date of Birth/Age : |
10.01.1969 |
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Date of Appointment : |
12.12.1995 |
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DIN No.: |
01206917 |
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|
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Name : |
Mr. Ahamed Mohamed Abdul Azees Meeran |
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Designation : |
Director |
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Address : |
Hazi Azeez Villa, 29 M N P Sannadhi Street, Pettai,
Tirunelveli-627004, |
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Date of Birth/Age : |
03.06.1959 |
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Date of Appointment : |
01.01.2011 |
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DIN No.: |
02442999 |
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Name : |
Mr. Ahmed Ameer Hamza Shakir |
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Designation : |
Director |
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Address : |
33, |
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Date of Birth/Age : |
27.04.1967 |
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Date of Appointment : |
30.06.2008 |
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Date of Ceasing: |
01.01.2011 |
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DIN No.: |
00257701 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hameed Syed Salahuddin |
|
180000 |
|
Syed Mohammed Salahuddin |
|
285000 |
|
Arif B Rehmand |
|
335000 |
|
Total |
|
800000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Repair Maintenance Services. |
GENERAL INFORMATION
|
Customers : |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
N.C. Rajgopal and Company Chartered Accountant |
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Address : |
5, |
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Tel. No.: |
91-44-43084909/ 28212508 |
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Fax No.: |
91-44-28231924 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000 |
Equity Shares |
Rs. 10/-
each |
Rs. 8.000
Millions |
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 |
8.000 |
8.000 |
8.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
233.716 |
194.760 |
146.814 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
241.716 |
202.760 |
154.814 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.138 |
0.400 |
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|
|
|
|
|
|
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TOTAL |
241.716 |
202.898 |
155.214 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
89.494 |
86.327 |
37.995 |
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Capital work-in-progress |
0.391 |
1.605 |
15.208 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.075 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
23.408
|
14.136 |
11.974 |
|
|
Sundry Debtors |
220.503
|
167.179 |
146.000 |
|
|
Cash & Bank Balances |
158.883
|
67.776 |
51.275 |
|
|
Other Current Assets |
154.629
|
85.082 |
49.664 |
|
|
Loans & Advances |
11.460
|
10.112 |
18.381 |
|
Total
Current Assets |
568.883
|
344.285 |
277.294 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
130.721
|
84.544 |
25.349 |
|
|
Other Current Liabilities |
7.596
|
0.926 |
45.070 |
|
|
Provisions |
278.810
|
143.849 |
104.864 |
|
Total
Current Liabilities |
417.127
|
229.319 |
175.283 |
|
|
Net Current Assets |
151.756
|
114.966 |
102.011 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
TOTAL |
241.716 |
202.898 |
155.214 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
761.243 |
687.208 |
504.135 |
|
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Other Income |
5.431 |
4.073 |
2.493 |
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|
|
TOTAL |
766.674 |
691.281 |
506.628 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Increase in Stock |
9.271 |
2.162 |
5.186 |
|
|
|
Other Expenses |
585.652 |
587.221 |
427.124 |
|
|
|
TOTAL |
594.923 |
589.383 |
432.310 |
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|
PROFIT BEFORE
TAX |
171.751 |
101.898 |
74.318 |
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Less |
TAX |
58.165 |
35.234 |
24.533 |
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PROFIT AFTER
TAX) |
113.586 |
66.664 |
49.785 |
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|
Earnings Per
Share (Rs.) |
141.98 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.82
|
9.64 |
9.83 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
22.56
|
14.83 |
14.74 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.09
|
23.34 |
23.57 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.71
|
0.50 |
0.48 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.73
|
1.13 |
1.13 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.50 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 2nd
Floor, Raheja Chambers,
Review of Performance:
During the year the company has reported a
sale of Rs. 761.200 Millions against Rs. 687.200 Millions during the previous
year showing an increase of 11%
Contingent Liabilities:
·
Bank Guarantee given :
Rs. 54.688 Millions
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U28920TN1995PTC065052 |
|
Name of the
company |
ETA- MELCO ENGINEERING COMPANY PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Chennai Citi Centre, IV Floor, Door No. 10 and 11, Dr. Radhakrishnan
Salai, Mylapore, Chennai-600004, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10110185 |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
The Hongkong and |
|
Nature of
instrument creating charge |
First
Supplemental Hypothecation Agreement Deed DT 08JUL2009- against hypothecation
of Revolving Stocks and other movable assets and also present and future book
debts. |
|
Date of
instrument Creating the charge |
08.07.2009 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be
payable by the company on the banking facilities as per banks tariff, subject
however that the bank shall the right to charnge the rate of interest after
giving notice to the company Terms of
Repayment In Consideration
of banking facilities sanctioned. To be sanctioned by the bank to the
company, the company has hypothecated and charged to the bank by way of
exclusive first charge as a continuing security, the assets mentioned in the
hypothecation deed for plant and machinery to secure the repayments of the
advances together with interest cost and all other charges. Margin The company shall
maintain such margin as may be specified by the bank form time to time Extent and
Operation of the charge In case the
company fails to fulfill its obligation under this agreement, the bank shall
be entitled to take possession of the mortgage properties and sell them by
public auction or private contract and utilize the proceeds in full or part
settlement of its claims. |
|
Short particulars
of the property charged |
All of the above
and all the Borrower’s stock in trade both present and future, including
sotcks of raw material, work in progress and book debt of deed of
hypothecation dated 08. |
|
Particulars of
the present modification |
First exclusive charge
on Revolving stocks and other moveable assets in now enhanced from Rs. 50.000
Millions to Rs. 100.000 Millions |
Fixed Assets:
·
Computers
·
Furniture and Fixtures
·
Motor Car
·
Office Equipments
·
Plant and Machinery
·
Office Interior
·
Building
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.45.11 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.62.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.