MIRA INFORM REPORT

 

 

Report Date :

02.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ENTELECHY SYSTEMS

 

 

Registered Office :

2, Damji Shamji Industrial Estate, LBS Marg, Vikhroli West, Vikhroli West, Mumbai – 400083, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

01.04.2006

 

 

Com. Reg. No.:

27940240379

 

 

IEC No.:

0304054003

 

 

PAN No.:

[Permanent Account No.]

ACHPD5795Q

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Distributor, Importer and Service Provider of Home Automation Solution.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2872

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established proprietory concern 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 terms an 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Bhavesh Doshi

Designation :

Proprietor

Contact No.:

91-9820629675

Date :

30.04.2011

 

 

LOCATIONS

 

Registered Office :

2, Damji Shamji Industrial Estate, LBS Marg, Vikhroli West, Vikhroli West, Mumbai – 400083, Maharashtra, India

Tel. No.:

91-22-42258200

Fax No.:

91-22-42258200

E-Mail :

bhavesh@entelechysystems.com / info@eltelechysystems.com

Website :

www.eltelechysystems.com

Area :

1000sq.fts

Location :

Owned

 

 

Branches :

121, Vardhaman City Mall, Sector 23, Dwarka, New Delhi – 110076, Delhi, India

 

 

SOLE PROPRIETOR

 

Name :

Mr. Bhavesh Doshi

Designation :

Proprietor

Address:

B 905 Kingston Co. Op. Hsg Soc High Street Hiranandani Garden, Powai, Mumbai 400076, Maharashtra, India

Date of Birth:

43 Years

Qualification:

B.Com Finance Management

Date of Appointment:

18 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Distributor, Importer and Service Provider of Home Automation Solution.

 

 

Agencies Held :
  • ABB Limited : India l Germany
  • Names of Shareholders
  • Crestron Asia Limited.- India I Hong Kong
  • Atlona: United State of America
  • DF Solutions: United Kingdom
  • Honeywell Electrical Devices and Systems India Limited – India
  • Imerge- United Kingdom
  • Muxlab- Canada
  • Eelectron spa- ltaly

 

 

Imports :

 

Products :

Home Automation Solution

Countries :
  • Germany
  • USA
  • Canada
  • Hong Kong
  • Italy
  • Spain
  • UK
  • European Countries

Trade References:

ABB Limited

 

 

Terms :

 

Selling :

Cash, Credit  (30 days, 60 days, 90 days)

 

 

Purchasing :

L/C, Cash, Credit  (30 days, 60 days, 90 days)

 

 

GENERAL INFORMATION

 

Customers :
  • End Users
  • OEM’s

 

 

No. of Employees :

32 (In office 23 + In factory 09)

 

 

Bankers :

Canara Bank,77 Prabha Bldg. R.B.Mehta Marg, 60 Feet Road, Ghatkopar (East) Mumbai - 400077

 

 

Facilities :

Rs.4.500 Millions

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

K.V.Lathia and Company

Chartered Accountant

Address :

23 Amita Apartment, 6th Floor, Hingwala Cross Lane, Ghatkopar (E) ,Mumbai 400077

Tel. No.:

91-22-25012772

Fax No.:

91-22-25010137

 

 

Associates/Subsidiaries :

KNX Solutions

Address : # 2 Damji Shamji Industrial Estate, L.B.S. Marg, Vikroli (West) Mumbai 400083

Line of Business : Building Automation / Home Automation

 

Entelechy Automation Private Limited

Address : # 2 Damji Shamji Industrial Estate, L.B.S. Marg, Vikroli (West), Mumbai 400083

Line of Business : Distributors of Lighting Products

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Particular

Amount In Millions

Birla Sun Life Insurance

(-) 0.062

Donation A/c

(-) 0.138

Electric EXP - Residence

(-) 0.016

ICICI Prudential Policy

(-) 0.010

Insurance Canara HSBC Life

(-) 0.025

Interest on Loan A/c N0:10422

(-) 0.090

Kingston (Society Maint.)

(-) 0.168

L. I. C

(-) 0.025

Mediclaim

(-) 0.012

Mr. Bhavesh Doshi

(+) 1.068

Net Profit A/C To Capital A/C

(+) 0.317

Withdrawals

(-) 0.118

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.718

0.324

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

0.718

0.324

LOAN FUNDS

 

 

 

1] Secured Loans

 

5.106

4.278

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

5.106

4.278

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

5.824

4.602

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

3.575

2.213

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.075

0.028

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

11.769

5.994

 

Sundry Debtors
 

10.561

6.701

 

Cash & Bank Balances
 

0.237

0.226

 

Other Current Assets
 

1.815

1.826

 

Loans & Advances
 

3.499

3.712

Total Current Assets
 

27.881

18.459

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

7.778

4.370

 

Other Current Liabilities
 

17.029

11.456

 

Provisions
 

0.900

0.272

Total Current Liabilities
 

25.707

16.098

Net Current Assets
 

2.174

2.361

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

5.824

4.602

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

 

31.233

22.743

 

 

Other Income

 

0.609

0.264

 

 

TOTAL                                     (A)

 

31.842

23.007

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

 

21.750

13.339

 

 

Direct Expenses

 

0.564

2.774

 

 

Indirect Expenses

 

9.211

5.645

 

 

TOTAL                                     (B)

 

31.525

21.758

 

 

 

 

 

 

NET PROFIT FOR THE YEAR

 

0.317

1.249

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2010

31.03.2009

Debt Equity Ratio

(Total Liability/Networth)

 
 

42.91

62.89

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.08

1.15

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sundry Creditors Details:

 

Particulars

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Sundry Creditors

 

7.778

4.370

 

 

 

 

 

Trade References:

 

  • ABB Limited, ABB House, Dr. S.B. Path (Old Goa Street), Ballard Estate, Mumbai 400001, Maharashtra, India

      Ph: 66159984 (Mr. Aniket Mahajan)

 

  • Honeywell Electrical Devices and Systems India Limited, Eco Lite Building, 2nd Floor, Marol Maroshi Road, Marol, Next to Zakaria Industrial Estate,  Andheri ( E ) Mumbai – 400059, Maharashtra, India

             Ph: 67650680 (Ms Manisha Baji)

 

  • Crestron Asia Limited, #5 CMH Road ,Indira Nagar, Bangalore-560 038, India

             Ph: 080 2521 5474 (Mr. Murugan Paramasivam)

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.44.38

UK Pound

1

Rs.73.87

Euro

1

Rs.65.83

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

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

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

 

45

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.