MIRA
INFORM REPORT
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Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
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Name : |
ENTRACO POWER SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
A – 36/ 2, Nice, M.I.D.C. Satpur, Nashik – 422 007, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.06.1992 |
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Com. Reg. No.: |
11-067484 |
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Capital Investment
/ Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U32109MH1992PTC067484 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKE00589B/ NSKE00249E |
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PAN No.: [Permanent Account No.] |
AAACE6332J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing, Supplying and Offering advanced turnkey projects
services like electrical turnkey projects, electrical maintenance services based
on Single Source Responsibilities (SSR) for all types of electrical projects
and installations. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 106000 |
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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 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 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.
INFORMATION DECLINED BY
|
Name : |
Mr. R. V. Nashikar |
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Designation : |
Director |
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Contact No. : |
91-9890290944 |
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Date : |
20.05.2011 |
LOCATIONS
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Registered Office/Factory : |
A – 36/ 2, Nice, M.I.D.C. Satpur, Nashik – 422 007, |
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Tel. No.: |
91-253-2355083 |
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Fax No.: |
91-253-2362518 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. ft. (Approximately) |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rajesh Vasant Nasikkar |
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Designation : |
Managing Director |
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Address : |
9, Ruturaj, Prakash Nagar, Shikharewadi, |
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Date of Appointment : |
30.06.1992 |
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DIN No. : |
01674870 |
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Name : |
Mr. Mangesh Vasant Nasikkar |
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Designation : |
Director |
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Address : |
9, Ruturaj, Prakash Nagar, Shikharewadi, |
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Date of Appointment : |
30.06.1992 |
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DIN No. : |
01674885 |
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Name : |
Ms. Shalini Vasant Nasikkar |
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Designation : |
Director |
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Address : |
9, Ruturaj, Prakash Nagar, Shikharewadi, |
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Date of Appointment : |
30.06.1992 |
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DIN No. : |
01674971 |
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Name : |
Mr. Vasant Pandurang Nasikkar |
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Designation : |
Director |
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Address : |
9, Ruturaj, Prakash Nagar, Shikharewadi, |
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Date of Appointment : |
30.06.1992 |
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DIN No. : |
01674992 |
KEY EXECUTIVES
|
Name : |
Mr. Patil |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Rajesh Vasant Nasikkar |
|
558300 |
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Mangesh Vasant Nasikkar |
|
441700 |
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Total
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|
1000000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Supplying and Offering advanced turnkey projects
services like electrical turnkey projects, electrical maintenance services
based on Single Source Responsibilities (SSR) for all types of electrical
projects and installations. |
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Products and Services : |
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GENERAL INFORMATION
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No. of Employees : |
50 (Approximately) |
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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 : |
Dhondge Patil and Associates Chartered Accountants |
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Address : |
16, P.L. Apartment, Racca Colony, |
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Associates |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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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 |
10.000 |
10.000 |
3.833 |
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2] Share Application Money |
0.000 |
0.000 |
7.047 |
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3] Reserves & Surplus |
16.584 |
15.277 |
12.460 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.584 |
25.277 |
23.340 |
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LOAN FUNDS |
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1] Secured Loans |
50.448 |
41.026 |
30.563 |
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2] Unsecured Loans |
6.152 |
2.164 |
8.013 |
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TOTAL BORROWING |
56.600 |
43.190 |
38.576 |
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DEFERRED TAX LIABILITIES |
0.037 |
0.000 |
0.000 |
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TOTAL |
83.221 |
68.467 |
61.916 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.900 |
5.847 |
6.172 |
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Capital work-in-progress |
6.539 |
0.000 |
0.000 |
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INVESTMENT |
0.380 |
0.380 |
4.263 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
48.501
|
42.537
|
28.057 |
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Sundry Debtors |
54.494
|
42.457
|
46.149 |
|
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Cash & Bank Balances |
5.716
|
7.800
|
0.561 |
|
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Other Current Assets |
0.732
|
1.831
|
0.000 |
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Loans & Advances |
2.365
|
0.000
|
2.719 |
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Total
Current Assets |
111.808
|
94.625
|
77.486 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Sundry Creditors |
37.040
|
22.909
|
22.444 |
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Other Current Liabilities |
1.869
|
6.424
|
0.110 |
|
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Provisions |
2.497
|
3.052
|
3.451 |
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Total
Current Liabilities |
41.406
|
32.385
|
26.005 |
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Net Current Assets |
70.402
|
62.240
|
51.481 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
83.221 |
68.467 |
61.916 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
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Other Income |
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TOTAL |
165.826 |
153.425 |
144.348 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
160.264 |
148.360 |
139.897 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.562 |
5.065 |
4.451 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.777 |
0.756 |
0.661 |
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PROFIT BEFORE
TAX |
4.785 |
4.309 |
3.790 |
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Less |
TAX |
3.478 |
1.492 |
1.275 |
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PROFIT AFTER TAX
|
1.307 |
2.817 |
2.515 |
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TOTAL IMPORT |
14.089 |
4.716 |
-- |
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Earnings Per
Share (Rs.) |
1.31 |
2.82
|
NA |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
170.000 |
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Expected Sales ( 2011-2012 ) : Rs.200.000 Millions
The above information has been parted by Mr. R. V. Nashikar
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.79
|
1.84
|
1.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.06
|
2.81
|
4.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.17
|
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.69
|
2.99
|
2.77 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.70
|
2.92
|
2.98 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
37.040 |
22.909 |
22.444 |
|
Total |
37.040 |
22.909 |
22.444 |
OPERATIONS AND
PERFORMANCE
During the year due to global slowdown started from 2008 the industry in
general has suffered adversely. However, in the context of the above economic
and market environment; the company’s has performed very well during the year
2009- 2010. The company has reported sales and other income of Rs.165.826
Millions against Rs.153.425 Millions turnover during the previous year; thereby
registered the growth of 8% over the previous year and the profit before tax,
increased from Rs.4.309 Millions to Rs.4.785 Millions.
The year 2009-2010 was mixed one, marked by number of uncertainties. The
first quarter of the year was characterized by high commodity prices and other
cost with a growing inflation was a concern. Since second quarter, the global
economic crisis that affected the entire world, business confidence and
sentiments suddenly eroded.
Despite the slowing down of the economy, the company has continued to
deliver with strong turnover. Though the profitability of the company has come
under pressure, the company continues to have potential for growth.
INDUSTRIAL OUTLOOK
The Company is engaged in Electrical Bus duct Engineering and product
related services is an essential in all segments of Industries. The product
like Switchboards, Control Panels are the basic requirement to receive and
distribute Electrical Power within factory, Malls. Buildings, Township,
Infrastructure Projects like
Since the beginning the ENTRACO started strongly in building its Brand
iii competition with the Companies like ABB, SIEMENS, L and T, etc. ENTRACO’s
new Joint Venture product Bus duct is an direct replacement for heavy power
cables and offers unique advantage over the space requirement, hassle free
installation, neat and clean work and almost zero maintenance. Safety modular
designs are its other unique advantage.
Since this market is growing rapidly and ENTRACO has its strong foothold
in This product segment having last 20 years experience and leading European
Partner came with their Hi tech product and technology.
Since the Power requirement both in Generation and Distribution is
extremely high, the standard to manufacture Electrical Equipment and providing
the related services is growing © 20% p. a. and will continue for next 10 years
FUTURE OUTLOOK /
RISKS
The year 2009-10 started with the Indian Economy coming out strongly
from the recession. Although the world economy show signs of recovery, the
fast growth of about 7.4% by Indian Economy was indicative of its inherent
strength.
Since the inception the Company has chosen to deliver the range of
Electrical Products having application in almost all sort and segments of
Industries. Hence, even though the Industrial economy was not going well in
past few years; ENTRACO has been seen the consistent growth in other business
because of ready to take the advantage of growing / demanding segments
requirement
The product like Switchboards and new added Bus duct range inclusive the
recent addition of Isolated Phase Bus duct having great requirement in Power
Generation Plant and this segment will be busy to achieve its additional
installation capacity of 70,000 MW + p.a. in this 5-10 years. They took forward
extremely both business in this type segment alone. As other segments like Real
estates, Heavy Industries like Steel, cement. Oil & Gas, Petroleum would
also continue to grow @ 8-9% p. a
Since the product manufacture by NTRACO has major raw material Inputs
are ferrous and Non-ferrous metals (commodity product) the input price
variation is the factor need to handle carefully and ENTRACO is committed to
use variable resources and tool to overcome this.
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10048871 |
|
Corporate identity
number of the company |
U32109MH1992PTC067484 |
|
Name of the
company |
ENTRACO POWER SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A - 36/ 2, Nice, M.I.D.C. Satpur, Nashik – 422 007, |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of E-Mail: bob3939@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
memorandum of entry and 2. Sanction
letter. |
|
Date of
instrument Creating the charge |
25.02.2011 |
|
Amount secured by
the charge |
Rs.110.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Term loan -
Interest @ base rate + 4.00% i.e. 13.00% p.a. and Cash Credit - Interest @ base rate + 3.50% i.e. 12.50%
p.a. with monthly rest. Terms of
Repayment: Term Loan -
repayable in 60 equal monthly installments of Rs. 0.175 Millions, Cash Credit -
repayable on demand, Letter of credit
and Bank guarantee - repayable on maturity. Margin: Term loan - 30%
on the machineries as well as construction of office premises Cash Credit - 25%
on the stocks and book-debts and Letter of credit
and Bank guarantee - 15% in FDR upfront while opening LC and BG. Extent and
Operation of the charge: First charge in
the favour of Bank of Baroda, |
|
Short particulars
of the property charged |
|
|
Date of last
modification |
31.03.2008 |
|
Particulars of
the present modification |
The present
modification has been made in the loan amount. The loan amount has been
enhanced from Rs. 59.400 Millions to Rs. 110.000 Millions consisting of: 1. Cash
Credit : Rs. 45.000
Millions 2. Term loan : Rs. 10.500 Millions 3. Inland Letter
of credit : Rs. 30.000 Millions and 4. Inland bank
guarantee : Rs. 24.500 Millions |
TRADE REFERENCES :
- Pravin Electricals
Private Limited
- Hindustan
Aeronautics Limited
- Innova
Rubbers Private Limited
- Polygenta
Technologies Limited.
FIXED ASSETS:
- Computer
- Plant and Machinery
- Furniture and Fixtures
- Motor Car
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.44.93 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.64.34 |
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 |
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 |
|
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.