MIRA
INFORM REPORT
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Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
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Name : |
EASTERN METEC PRIVATE LIMITED |
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Registered
Office : |
121, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.01.2006 |
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Com. Reg. No.: |
21-107429 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
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CIN No.: [Company Identification
No.] |
U51420WB2006PTC107429 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALE02483F |
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PAN No.: [Permanent Account No.] |
AABCE5871H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Service Provider, Trader of Industrial Furnaces Ovens. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 190000 |
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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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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
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Registered Office / Factory: |
121, |
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Tel. No.: |
91-33-40217231/7232/24191318 |
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Fax No.: |
91-33-40217230 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Pradip Majumder |
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Designation : |
Director |
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Address : |
84A/5, |
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Date of Birth/Age : |
20.06.1951 |
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Date of Appointment : |
20.01.2006 |
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Election Commission Identity Card No.: |
ATLPM08020 |
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Din No: |
00880607 |
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Other Directorship:
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Name : |
Mr. Bukiya Majumder |
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Designation : |
Director |
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Address : |
84A/5, |
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Date of Birth/Age : |
22.02.1983 |
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Date of Appointment : |
17.10.2006 |
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Election Commission Identity Card No.: |
ANYPM2345K |
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Din No: |
00865581 |
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Other Directorship:
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Name : |
Mr. Satyajit Chakravarty |
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Designation : |
Director |
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Address : |
Flat –C2, G-47, Narayantala (W), Deshbandhunagar, Kolkata-700052, West
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Date of Birth/Age : |
27.01.1959 |
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Date of Appointment : |
17.10.2006 |
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Election Commission Identity Card No.: |
ACIPC4883D |
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Din No: |
00787806 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Pradip Majumder |
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225760 |
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Satyajit Chakravarty |
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476 |
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Bukiya Majumder |
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23764 |
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Total |
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250000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
99.81 |
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Other
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|
0.19 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Service Provider, Trader of Industrial Furnaces Ovens. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
Allahabad Bank, SME Finance Branch, 3, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Aloke Kumar Bhattacharya Chartered Accountant |
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Address : |
11/3, Kartick Chandra, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 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 |
2.500 |
2.500 |
0.451 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.395 |
27.597 |
12.857 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.895 |
30.097 |
13.308 |
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LOAN FUNDS |
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|
1] Secured Loans |
49.587 |
0.050 |
0.335 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
49.587 |
0.050 |
0.335 |
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DEFERRED TAX LIABILITIES |
0.880 |
0.607 |
0.000 |
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TOTAL |
98.362 |
30.754 |
13.643 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.139 |
18.887 |
12.630 |
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Capital work-in-progress |
10.032 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
144.153
|
128.017 |
33.286 |
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Cash & Bank Balances |
103.946
|
11.000 |
68.709 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
186.886
|
165.107 |
64.580 |
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Total
Current Assets |
434.985
|
304.124 |
166.575 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
153.097
|
52.051 |
97.988 |
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Other Current Liabilities |
190.259
|
225.795 |
62.165 |
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Provisions |
22.438
|
14.411 |
5.409 |
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Total
Current Liabilities |
365.794
|
292.257 |
165.562 |
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Net Current Assets |
69.191
|
11.867 |
1.013 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
98.362 |
30.754 |
13.643 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales of Furnace and Spare Parts |
562.812 |
536.202 |
255.109 |
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Consulting Engineering Fees |
27.389 |
9.001 |
17.804 |
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Other Income |
11.144 |
9.869 |
0.473 |
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TOTAL (A) |
601.345 |
555.072 |
273.386 |
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Less |
EXPENSES |
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Purchase Account |
437.548 |
370.562 |
179.210 |
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Direct and Other Expenses |
82.995 |
80.400 |
15.724 |
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Administrative and Other Expenses |
13.685 |
10.507 |
23.590 |
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Payment and Benefits to Employees |
11.767 |
8.759 |
7.774 |
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Selling and Distribution Expenses
|
18.956 |
50.694 |
29.970 |
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TOTAL (B) |
564.951 |
520.922 |
256.268 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.394 |
34.150 |
17.118 |
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Less |
FINANCIAL
EXPENSES (D) |
7.436 |
5.757 |
0.196 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.958 |
28.393 |
16.922 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.996 |
2.070 |
1.220 |
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PROFIT BEFORE
TAX (E-F) (G) |
26.962 |
26.323 |
15.702 |
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Less |
TAX (H) |
9.165 |
9.609 |
4.546 |
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PROFIT AFTER TAX
(G-H) (I) |
17.797 |
16.714 |
11.156 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
27.597 |
12.857 |
1.700 |
|
|
Less |
BONUS
SHARE ISSUED IN 2008-09 |
0.000 |
1.974 |
0.000 |
|
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BALANCE CARRIED
TO THE B/S |
45.394 |
27.597 |
12.856 |
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|
EARNINGS IN
FOREIGN CURRENCY |
4.207 |
50.175 |
76.134 |
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|
Earnings Per
Share (Rs.) |
71.19 |
105.29 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.96
|
3.01 |
4.08 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.57
|
4.83 |
5.75 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.94
|
8.15 |
8.76 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.87 |
1.18 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
8.67
|
9.71 |
12.47 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.04 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted 121,
PERFORMANCE:
This year's Gross
Revenue and Operating Profit has increased by 8.34% and 2.42% respectively with
bottom line growth of the order
The Directors are
regretted to state that a considerable foreign exchange earnings in connection
with export sales achieved in terms of INR 4.207 millions during 2009-10 as compared to last year 2008-09
of INR 50.175
millions.
The Directors have
in mind to release the money tied in this asset so that the same can be
profitably employed.
With the all-round
recession in the industrial scenario and particularly the engineering
industries of the Company's products, the directors are in the process of
increasing and streamlining the capacity and are hopeful of better prospect in
the current year.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U51420WB2006PTC107429 |
|
Name of the
company |
EASTERN METEC PVT
LIMITED |
|
Address of the
registered office or of the principal place of business in |
121, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
Allahabad Bank, SME Finance Branch, 3, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
(1) General
letter of hypothecation. (2) Letter of
mortgage confirming deposit of title deeds. |
|
Date of
instrument Creating the charge |
02.02.2009 |
|
Amount secured by
the charge |
Rs.55.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the bank's
norms as stipulated in the sanction. Terms of
Repayment Repayable on
demand. Margin As applicable. Extent and
Operation of the charge Exclusive first
charge in favour of Allahabad Bank. SME Finance Branch, 3, Others The charged good
and all sales realizations and insurance proceeds thereof and all the book
debts and realization thereof and all document under this security shall be
held as the bank’s exclusive property and the co. Will not create any charge,
mortgage, lien or encumbrances affecting the same. The hypothecated assets
shall be kept at the company’s risk and expense in good condition and fully
insured against loss or damage under bank clause. |
|
Short particulars
of the property charged |
Hypothecation of present
and future products, goods and movable property of any kind including
movable plant and machinery etc and stock of electric furnace and allied spares etc. Which now or hereafter from time to time
during this security stored or to be stored at the company’s premises at
145a, Ashokegarh, Flat-no.5, Kol-35, and
at 121,Harish Mukherjee Rd, Kol-26 or wherever else and all book debt, receivables, claims etc of
the co. Equitable mortgage of 4 flats at 121, Harish Mukherjee Rd. Kol-26 |
Fixed Assets:
- Air Conditioner
- Electric Equipments
- Furniture and Fixtures
- Fax Machine
- Computer
- Office Equipments
- Motor Car
- Air Cooler
- Card Reader Systems
- Generator Set
- Plazma TV Set
WEBSITE DETAILS:
PROFILE:
The Kolkata based subject promoted by Mr. P. Majumder, who
has a remarkable contribution in developing Steel Plants equipments in house
without any foreign collaboration in 2006. Subject has been setup with a group
of dedicated engineers with a wide and vast experience, strong engineering,
project handling and service background for design, manufacture, supply and
after sales service exposure in European and multinational steel plant
equipment manufacturing companies in
The technology and equipments provided by Subject are all build, designed etc.
with European latest technology. They are upgrading our self regularly with
latest technology.
With the above background and experience they decided to provide latest
technology of steel melting and its equipments to their well wishers, customers
at reasonable cost, but with the best technology. Their company decided not to
compromise on quality and technology.
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.49.17 |
|
|
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
|
44 |
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.