%20PRIVATE%20LIMITED%20-135327%2016-Mar-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELECTRO ZAVOD ( |
|
|
|
|
Registered
Office : |
19/1 B, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
14.06.1973 |
|
|
|
|
Com. Reg. No.: |
21-028846 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31200WB1973PTC028846 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALE00158E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Cable Reeling Drum, Magnetic Separator, Slipring
Assembly. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 430000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having satisfactory track. Financial position of
company is satisfactory. Trade relations are reported 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
19/1 B, |
|
Tel. No.: |
91-33-24640156/3831 |
|
Fax No.: |
91-33-24640103 |
|
E-Mail : |
|
|
|
|
|
Corporate Office / Factory: |
|
|
Tel. No.: |
91-33-26295100/44 |
|
Fax No.: |
91-33-26616296 |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Lalit Mohanka |
|
Designation : |
Director |
|
Address : |
5B, Maruti Sadan, 12 |
|
Date of Birth/Age : |
27.12.1958 |
|
Date of Appointment : |
01.08.1986 |
|
Date of Ceasing: |
07.10.2009 |
|
|
|
|
Name : |
Ms. Jayashree Jayakar Mohanka |
|
Designation : |
Director |
|
Address : |
5B, Maruti Sadan, 12 |
|
Date of Birth/Age : |
24.10.1959 |
|
Date of Appointment : |
01.01.1996 |
|
|
|
|
Name : |
Mr. Abraham Paulraj |
|
Designation : |
Director |
|
Address : |
202 (25A), |
|
Date of Birth/Age : |
28.11.1949 |
|
Date of Appointment : |
01.01.1996 |
|
|
|
|
Name : |
Ms. Savitri Devi Mohanka |
|
Designation : |
Director |
|
Address : |
5B, Maruti Sadan, 12 |
|
Date of Birth/Age : |
28.12.1933 |
|
Date of Appointment : |
17.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Savitri Devi Mohanka |
|
8205 |
|
Jayashree Jayakar Mohanka |
|
2980 |
|
Lalit Mohanka |
|
1300 |
|
Anant Mohanka |
|
14749 |
|
Lalit Mohanka |
|
10515 |
|
Virgos International Private Limited, |
|
5 |
|
Bentex Fin Private Limited, |
|
1900 |
|
Oracle Finvest and Consultant Private Limited, |
|
2200 |
|
|
|
|
|
Total |
|
41854 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
9.81 |
|
Directors
or relatives of directors |
|
90.19 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cable Reeling Drum, Magnetic Separator, Slipring
Assembly. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Actual
Production |
|
Cable Reeling Drum |
Nos. |
131 |
|
Slipring Assembly |
Nos. |
109 |
|
Magnetic Separator |
Nos. |
226 |
|
Vibrating Feeder / Screen |
Nos. |
55 |
|
Control Panel |
Nos. |
5 |
|
D.P. Flap / Valve |
Nos. |
42 |
|
Centrifugal Fan / I.D. Fan |
Nos. |
-- |
GENERAL INFORMATION
|
Bankers : |
Indian Overseas Bank, Ballygunge Park Road Branch, 22, Ballygunge Park
Road, Kolkata-700019, West Bengal, India |
|||||||||
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|
|||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Krishna Kumar and Company Chartered Accountant |
|
Address : |
13, Crooked Lane, 4th Floor, Kolkata-700069, West |
|
Tel. No.: |
91-33-22488617/5377 |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.100/- each |
Rs.6.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
41854 |
Equity Shares |
Rs.100/- each |
Rs.4.185
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 |
4.185 |
4.185 |
4.185 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
103.629 |
77.142 |
59.840 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
107.814 |
81.327 |
64.025 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1.615 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
1.615 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.813 |
0.409 |
0.205 |
|
|
|
|
|
|
|
|
TOTAL |
108.627 |
83.351 |
64.230 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
55.835 |
22.078 |
21.035 |
|
|
Capital work-in-progress |
0.000 |
1.667 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
13.710 |
13.666 |
11.994 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.656
|
19.823 |
31.693 |
|
|
Sundry Debtors |
93.649
|
89.464 |
35.454 |
|
|
Cash & Bank Balances |
46.860
|
9.247 |
16.180 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.820
|
15.690 |
23.632 |
|
Total
Current Assets |
176.985
|
134.224 |
106.959 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
108.290
|
67.376 |
|
|
|
Other Current Liabilities |
16.513
|
11.208 |
71.484 |
|
|
Provisions |
13.100
|
9.700 |
4.280 |
|
Total
Current Liabilities |
137.903
|
88.284 |
75.764 |
|
|
Net Current Assets |
39.082
|
45.940 |
31.195 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
108.627 |
83.351 |
64.230 |
|
%20PRIVATE%20LIMITED%20-135327%2016-Mar-2011_files/image003.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
321.685 |
301.759 |
188.836 |
|
|
|
Other Income |
5.645 |
1.291 |
5.764 |
|
|
|
TOTAL |
327.330 |
303.050 |
194.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
288.804 |
275.322 |
181.036 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
288.804 |
275.322 |
181.036 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
38.526 |
27.728 |
13.564 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
13.504 |
9.904 |
3.508 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
25.022 |
17.824 |
10.056 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Motor Slipring Assembly, Unbalanced Motor, Magnetic Block and Alum.
Strips |
15.227 |
15.118 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
607.49 |
425.86 |
240.29 |
|
%20PRIVATE%20LIMITED%20-135327%2016-Mar-2011_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.64
|
5.88 |
5.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.98
|
9.19 |
7.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.55
|
17.74 |
10.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.34 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.28
|
1.10 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.52 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
Sales and
Prospects:
During the year the company effected sales amounting to Rs.321.685 millions
as compares to Rs.301.759 millions during the previous year ended 31.03.2009.
In addition the company earned other income amounting Rs.5.644 millions as
compared to Rs.1.291 millions during the previous year ended 31.03.2009.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90253260 |
|
Corporate
identity number of the company |
U31200WB1973PTC028846 |
|
Name of the
company |
ELECTRO ZAVOD( |
|
Address of the
registered office or of the principal place of business in |
19/1 B, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Others Immovable
Property |
|
Particular of
charge holder |
Indian Overseas Bank, Ballygunge Park Road Branch, 22, Ballygunge Park
Road, Kolkata-700019, West Bengal, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
F 110E (Letter of
Hypothecation for securing Machineries/ Goods/ Vehicles/ Book Debts). F 110F
(Supplemental Deed of Hypothecation). F 379C (Letter of
Confirmation for creation of Supplemental Mortgage) - 2 sets. |
|
Date of
instrument Creating the charge |
23.02.2010 |
|
Amount secured by
the charge |
Rs.67.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit: BPLR
- 1.25% (i.e. 10.75% p.a. presently) at monthly rests. LG and LC:
Interest/Commission as per circulars in force. Terms of
Repayment Cash Credit: On
Demand. LC : DP/DA on 90 days terms. Margin Cash Credit : 50%. Letter of
Guarantee: 15%. Letter of
Credit : 10%. Extent and
Operation of the charge The Charge extends
on the entire Current Assets and Fixed Assets including immovable properties
of the company and operates till the facilities mentioned herein are
satisfied in full. |
|
Short particulars
of the property charged |
I)
Cash
Credit: Hypothecation of book debts / exclusive charge on entire current
assets of the company. II)
LC:
Documents of title to goods/ accepted bills of exchange/ Hypothecation of
goods procured under LC. III)
LG:
Counter Indemnity of the company. IV)
Collateral
Security : Equitable Mortgage on i) Sali land measuring 5 cottah, 7 chittack,
2 sq. ft. at 60, Barkhola, Mukundapur, P.S. Kasba, Kol-78 and. V)
ii)
Flat No. 508, 4th Floor, 96, VI)
iii)
Exclusive charge on entire block assets. |
|
Date of latest
modification prior to the present modification |
14.05.2009 |
|
Particulars of
the present modification |
By this
supplemental deed of modification the overall limit stands enhanced from Rs.
47.500 millions to Rs. 67.500
millions with details as in below :- Cash Credit :
Rs. 5.000 millions (remains same at Rs. 5.000 millions). LG : Rs. 60.000 millions
(enhanced from Rs. 40.000 millions). LC : Rs. 2.500 millions
(remains same at Rs. 2.500 millions). Overall limit:
Rs. 67.500 millions (enhanced from Rs. 47.500 millions). |
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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
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 |
5 |
|
--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 |
NO |
|
--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.