MIRA
INFORM REPORT
|
Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELDER INSTRUMENTS PRIVATE LIMITED |
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Registered
Office : |
Office Unit No.604, 6th Floor, Morya Landmark II, Off New |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.09.1993 |
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Com. Reg. No.: |
11-074117 |
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Capital
Investment / Paid-up Capital : |
Rs.17.005 Millions |
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CIN No.: [Company Identification
No.] |
U29120MH1993PTC074117 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04202C |
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PAN No.: [Permanent Account No.] |
AAACE1294R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing Weighing Scale and Systems and Industrial Instrument and
Trading in Medical Devices |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 101000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to the low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
|
Registered Office : |
Office Unit No.604, 6th Floor, Morya Landmark II, Off New
Link Road, Andheri (w), Mumbai – 400053, Maharashtra |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office
: |
"Elder House", C-9, Dalia Industrial Estate, Off
Veera Desai Road, Andheri (W), Mumbai - 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-26730058 to 67 / 26730073 / 26351700 / 1 / 66485317
/ 66485449 |
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Fax No.: |
91-22-26730051 / 0054 / 56929172 / 2632004 / 2276 |
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E-Mail : |
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Location : |
Rented |
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Factory : |
W-345, TTC Industrial Area, Rabale
MIDC, Navi Mumbai – 400701, |
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Tel. No.: |
91-22-276056600 / 27690120 / 21 / 27693694 |
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Fax No.: |
91-22 -27690122 |
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Mobile No.: |
91-9324704958 (Mr. Ashish Harirnis) |
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E-Mail : |
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Area : |
8600 Sq. Ft. |
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Location : |
Owned |
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Regional Office 1 : |
101-103, Tiwari Chambers, 11-B/5, |
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Tel. No.: |
11-25825601 / 05 |
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Fax No.: |
11-25825606 |
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E-Mail : |
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Regional Office 2 : |
12, |
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Tel. No.: |
91-33-23666757 |
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Fax No.: |
91-33-24668953, |
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E-Mail : |
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Regional Office 3 : |
" |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Alok Jagdish Saxena |
|
Designation : |
Director |
|
Address : |
11, Anjali, 1St Floor, Behind Radio Club, Colaba, Mumbai –
400005, |
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Date of Birth/Age : |
03.10.1965 |
|
Date of Appointment : |
24.09.1993 |
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DIN No.: |
00751225 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U24232AS1985PLC002379 |
Elder Projects
Limited |
Director |
06-07-92 |
06-07-92 |
- |
Not Available
for eFiling |
NO |
|
2 |
L24230MH1988PLC046613 |
Elder Health
Care Limited |
Whole-time
director |
28-10-92 |
28-10-92 |
- |
Active |
NO |
|
3 |
U29120MH1993PTC074117 |
Elder
Instruments Private Limited |
Director |
24-09-93 |
24-09-93 |
- |
Active |
NO |
|
4 |
L24239MH1983PLC029714 |
Elder
Pharmaceuticals Limited |
Whole-time
director |
29-08-07 |
29-08-02 |
- |
Active |
NO |
|
5 |
L74140MH2005PLC151865 |
Elder Projects
Limited |
Director |
09-03-05 |
09-03-05 |
- |
Active |
NO |
|
6 |
U24230MH2008PTC179741 |
Redle
Pharmaceuticals Private Limited |
Director |
05-03-08 |
05-03-08 |
- |
Active |
NO |
|
7 |
U65900MH2008PTC180275 |
Apricot Capitals
Private Limited |
Director |
19-03-08 |
19-03-08 |
- |
Active |
NO |
|
8 |
U22210MH2005PTC157330 |
Maveer Prints
Private Limited |
Director |
30-11-08 |
30-11-08 |
- |
Active |
NO |
|
Name : |
Mrs. Niti Alok Saxena |
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Designation : |
Director |
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Address : |
11, Anjali, 1St Floor, Behind Radio Club, Colaba, Mumbai –
400005, |
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Date of Birth/Age : |
22.09.1969 |
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Date of Appointment : |
24.09.1993 |
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DIN No.: |
01482005 |
Other directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U67120MH1985PTC037829 |
Akshaya Holdings
Private Limited |
Director |
19-08-93 |
19-08-93 |
- |
Active |
NO |
|
2 |
U29120MH1993PTC074117 |
Elder Instruments
Private Limited |
Director |
24-09-93 |
24-09-93 |
- |
Active |
NO |
|
Name : |
Mrs. Shalini Karan Kumar |
|
Designation : |
Director |
|
Address : |
11, Anjali, 1St Floor, Behind Radio Club, Colaba, Mumbai –
400005, |
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Date of Birth/Age : |
23.11.1969 |
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Date of Appointment : |
12.04.2005 |
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DIN No.: |
00751917 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Jag Dish Saxena |
|
17000 |
|
Sneha Saxena |
|
17000 |
|
Alok Saxena |
|
19500 |
|
Niti Saxena |
|
18000 |
|
Dr. Anuj Saxena |
|
17000 |
|
Semit Pharmaceuticals and Chemicals Private Limited, |
|
343000 |
|
Akshaya Holdings Private Limited, |
|
254000 |
|
Indarts Export Private Limited, |
|
170000 |
|
Elder Pharaceuticals Limited, |
|
765000 |
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Elder Healthcare Limited, |
|
40000 |
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Elder Projects Limited, |
|
40000 |
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Total |
|
1700500 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
95.00 |
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Directors or relatives of Directors |
5.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing Weighing Scale and Systems and Industrial Instrument and
Trading in Medical Devices |
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Products : |
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PRODUCTION STATUS
As on 31.03.2010
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Particulars |
Unit |
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Actual
Production |
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Industrial Instruments, Weighing Machines and Systems |
NOS. |
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1595 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
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Auditors : |
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Name : |
Jayesh Sutaria Associates Chartered Accountants |
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Address : |
Jayesh Sutaria Associates, Opposite Fame Adlabs, New Link Road, Mumbai
– 400053, Maharashtra, India |
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Tel. No.: |
91-22-26734500 |
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Fax No.: |
91-22-66780879 |
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E-Mail : |
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PAN.: |
AACPS1712P |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1700500 |
Equity Shares |
Rs.10/- each |
Rs.17.005
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SHAREHOLDERS FUNDS |
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1] Share Capital |
17.005 |
17.005 |
2.005 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.340 |
5.712 |
5.087 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.345 |
22.717 |
7.092 |
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LOAN FUNDS |
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1] Secured Loans |
73.800 |
62.459 |
47.741 |
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2] Unsecured Loans |
18.095 |
16.699 |
73.632 |
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TOTAL BORROWING |
91.895 |
79.158 |
121.373 |
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DEFERRED TAX LIABILITIES |
1.575 |
1.576 |
1.308 |
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TOTAL |
118.815 |
103.451 |
129.773 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.940 |
17.324 |
14.164 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.565 |
0.565 |
0.565 |
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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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Inventories |
98.258
|
79.754 |
78.295 |
|
|
Sundry Debtors |
82.219
|
91.398 |
81.702 |
|
|
Cash & Bank Balances |
7.956
|
6.711 |
5.455 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.670
|
16.606 |
14.011 |
|
Total
Current Assets |
201.103
|
194.469 |
179.463 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
81.406
|
59.691 |
48.563 |
|
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Other Current Liabilities |
16.471
|
44.157 |
11.840 |
|
|
Provisions |
0.950
|
5.059 |
4.016 |
|
Total
Current Liabilities |
98.827
|
108.907 |
64.419 |
|
|
Net Current Assets |
102.276
|
85.562 |
115.044 |
|
|
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|
MISCELLANEOUS EXPENSES |
0.034 |
0.000 |
0.000 |
|
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TOTAL |
118.815 |
103.451 |
129.773 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
220.526 |
217.839 |
193.507 |
|
|
|
Dividend Received |
0.016 |
0.016 |
0.016 |
|
|
|
Sales Tax Refund |
0.162 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
220.704 |
217.855 |
193.523 |
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
132.035 |
109.010 |
98.415 |
|
|
|
Personnel Expenses |
43.410 |
48.535 |
41.050 |
|
|
|
Other Expenses |
26.188 |
41.022 |
38.839 |
|
|
|
Loss on sale of Assets |
0.000 |
0.200 |
0.247 |
|
|
|
TOTAL (B) |
201.633 |
198.767 |
178.551 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.071 |
19.088 |
14.972 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.818 |
14.445 |
9.923 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.253 |
4.643 |
5.049 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.146 |
1.974 |
1.475 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
3.107 |
2.669 |
3.574 |
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Less |
TAX (H) |
0.850 |
2.044 |
2.372 |
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|
PROFIT AFTER TAX
(G-H) (I) |
2.257 |
0.625 |
1.202 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.712 |
5.087 |
3.885 |
|
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|
|
|
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|
|
BALANCE CARRIED
TO THE B/S |
8.340 |
5.712 |
5.087 |
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
3.706 |
1.751 |
|
|
|
Commission Earnings |
0.000 |
0.000 |
0.000 |
|
|
|
Other Earnings |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
3.706 |
1.751 |
|
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IMPORTS |
|
|
|
|
|
|
|
Finished Goods |
47.804 |
54.540 |
64.527 |
|
|
|
Raw Materials |
0.674 |
0.975 |
0.040 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.000 |
|
|
|
Others |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
48.478 |
55.515 |
64.567 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.32 |
0.36 |
6.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.02
|
0.29 |
0.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.41
|
1.23 |
1.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.43
|
1.26 |
1.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.12 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.53
|
8.28 |
26.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.79 |
2.79 |
LOCAL AGENCY FURTHER INFORMATION
CONTINGENT
LIABILITIES
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
|
Claims against the company Not acknowledged as debts |
3.300 |
3.300 |
|
Unexpired letters of credit |
28.033 |
14.429 |
WORKING OF THE
COMPANY
The operations
during the year showed an increase of almost 1.31% as compared to previous year.
Profits before tax and after tax stood at Rs.3.107 Millions and Rs.2.257
Millions as compared to Rs.2.669 Millions and Rs.0.625 Million respectively in
the previous year. Provision for Income Tax and Deferred Tax for the year was
Rs.0.850 Million and Rs.(0.001) Million respectively and balance profit for the
year along with accumulated surplus aggregating Rs.8.340 Millions has been
carried over to the Balance Sheet. In view of the small amount of profits your
Directors have decided to skip dividend. The reasons for decline in profit were
due to increase in manpower and expenses for development and marketing of the
new products developed by the Company as well as increase in the interest cost.
FORM 8
|
Corporate identity number of the company |
U29120MH1993PTC074117 |
|
Name of the company |
ELDER INSTRUMENTS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
Office Unit No.604, 6th Floor, Morya Landmark II, Off New Link
Road, Andheri (w), Mumbai – 400053, Maharashtra, India E-Mail Id : s.p.date@elderindia.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
80031666 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of charge holder |
Corporation Bank IFB Branch, 104, Bharat House, E-Mail Id : cb443@corpbank.co.in
|
|
Nature of instrument creating charge |
Supplemental common deed of hypothecation of movables / assets / debts |
|
Date of instrument Creating the charge |
02.12.2010 |
|
Amount secured by the charge |
Rs.150.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest as stipulated by bank from time to time as per sanction letter of the
bank Terms of
repayment As stipulated by bank from time to time as per sanction letter of the
bank Margin As stipulated by bank from time to time as per sanction letter of the
bank Extent and
operation of the charge As stipulated by bank from time to time total limit rs.150.000
Millions Others As stipulated by bank from time to time and as per agreement attached
and as per sanction letter of the bank |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
|
|
Date of instrument modifying the charge |
23.01.2009 |
|
Particulars of the present modification |
By this modification earlier limit of 9.50 is increased by additional
limit of rs.55.000 Millions. Total limit now enhanced to rs.150.000 Millions,
all security as given by original charge as well as by modifications will be
continued for this modification. |
FIXED ASSETS
- Furniture and Fixtures
- Plant and machinery
- Computers
- Office and Factory Equipments
- Vehicles
- Electrical installation
- Air conditioner
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.49.19 |
|
|
1 |
Rs.75.92 |
|
Euro |
1 |
Rs.65.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.