MIRA
INFORM REPORT
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Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
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Name : |
EMITEC EMISSION CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. 4, S. No. 275/276/282/283, Village Maan, Taluka Mulshi,
Pune-411057, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.07.2005 |
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Com. Reg. No.: |
11-21027 |
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Capital
Investment / Paid-up Capital : |
Rs.208.000
Millions |
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CIN No.: [Company Identification
No.] |
U29299PN2005PTC021027 |
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IEC No.: |
3105007954 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01739D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Auto Spares. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1100000 |
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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. The company has
been successful in wiping off the accumulated losses of the previous years.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for small to mediocre 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 PARTED BY
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Name : |
Mr. Ashish |
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Designation : |
Deputy Finance Manager |
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Contact No.: |
91-20-39114800 |
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Date : |
20.04.2012 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 4, S. No. 275/276/282/283, Village Maan, Taluka Mulshi, Pune-411057,
Maharashtra, India |
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Tel. No.: |
91-20-39114800/ 39114801/ 39114830 |
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Fax No.: |
91-20-39114999 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. ft. |
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Location : |
Rented |
DIRECTORS
As on 17.07.2011
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Name : |
Mr. Christopher Francis Dias |
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Designation : |
Managing director |
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Address : |
6 Manali Apartments, 421 B, |
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Date of Birth/Age : |
31.12.1953 |
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Date of Appointment : |
25.07.2005 |
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DIN No.: |
00165680 |
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Name : |
Mr. Brij Mohan Kataria |
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Designation : |
Director |
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Address : |
7, Mahindra Colony, 121, Nagar Road, Yerawada, Pune-411006,
Maharashtra, India |
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Date of Birth/Age : |
31.03.1940 |
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Date of Appointment : |
25.07.2005 |
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DIN No.: |
00549567 |
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Name : |
Mr. Martin Kohn |
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Designation : |
Alternate director |
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Address : |
41 Parseval Strasse 53757, Sankt Augustin, Germany |
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Date of Birth/Age : |
25.06.1969 |
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Date of Appointment : |
25.07.2005 |
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DIN No.: |
01369311 |
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Name : |
Mr. Andreas Aumueller |
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Designation : |
Director |
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Address : |
EIBENWFG 7, Regensburg 93055, Germany |
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Date of Birth/Age : |
30.03.1965 |
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Date of Appointment : |
30.06.2006 |
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DIN No.: |
01369359 |
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Name : |
Mr. Alfred Reck |
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Designation : |
Alternate director |
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Address : |
Kollenbacher, Strasse 3 A, 51515 Kuerten, Germany |
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Date of Birth/Age : |
18.01.1952 |
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Date of Appointment : |
25.07.2005 |
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DIN No.: |
01372404 |
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Name : |
Mr. Arnold Hubert Wolfgang Maus |
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Designation : |
Director |
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Address : |
Gut Horst Bergisch, 51429 Gladbach, Germany |
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Date of Birth/Age : |
19.03.1946 |
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Date of Appointment : |
25.07.2005 |
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DIN No.: |
02585398 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish |
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Designation : |
Deputy Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.07.2011
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Names of Shareholders |
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No. of Equity
Shares |
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Christopher Francis Dias |
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1 |
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Emitec Gesellschaft Fur |
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9999999 |
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Total |
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10000000 |
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Names of Shareholders |
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No. of
Preference Shares |
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Emitec Gesellschaft Fur |
|
10800000 |
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Total |
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10800000 |
Equity Share Break up (Percentage of Total Equity)
As on 17.07.2011
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.99 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Auto Spares. |
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Products : |
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Exports : |
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Products : |
Auto Spares |
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Countries : |
·
China ·
Germany ·
Europe |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C/ Cash/ Credit (30, 60 and 90 days) |
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Purchasing : |
L/C/ Cash/ Credit (30, 60 and 90 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Installed
Capacity* (Nos.) |
Actual
Production (Units) |
|
Metallic Substrates |
5000000 |
3762202 |
Note: * As certified by the Management and relied
upon by the auditors, this being a technical matter
GENERAL INFORMATION
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Suppliers : |
Praxair |
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Customers : |
Wholesalers, Retailers, End Users and OEM’s ·
Varroc Group |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
State Bank of India, Industrial Finance Branch, Pimpri, Pune – 411034,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
Muttha Towers, Suite No. 8, 5th Floor, Off Airport Road,
Pune-411006, Maharashtra, India |
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PAN.: |
AADFP9359C |
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Holding Company : |
Emitec Gesellschaft Fur Emissiontechnologie mbH |
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Associates : |
Emitec Inc. |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
12000000 |
Preference Shares |
Rs.10/- each |
Rs.120.000 Millions |
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TOTAL |
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Rs.220.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
10800000 |
Preference Shares |
Rs.10/- each |
Rs.108.000 Millions |
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TOTAL |
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Rs.208.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 (15 Months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
208.000 |
208.000 |
208.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.883 |
(24.912) |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(80.250) |
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NETWORTH |
264.883 |
183.088 |
127.750 |
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LOAN FUNDS |
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1] Secured Loans |
126.789 |
124.150 |
115.566 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
126.789 |
124.150 |
115.566 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
391.672 |
307.238 |
243.316 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
164.959 |
170.293 |
174.200 |
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Capital work-in-progress |
62.475 |
1.873 |
0.479 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
4.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
108.297
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81.489
|
69.898 |
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Sundry Debtors |
112.908
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82.722
|
34.415 |
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Cash & Bank Balances |
2.510
|
8.559
|
1.328 |
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Other Current Assets |
0.326
|
0.206
|
0.094 |
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Loans & Advances |
39.631
|
28.355
|
18.998 |
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Total
Current Assets |
263.672
|
201.331
|
124.733 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
79.954
|
56.411
|
52.489 |
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Other Current Liabilities |
14.071
|
7.285
|
2.596 |
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Provisions |
9.409
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2.563
|
1.011 |
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Total
Current Liabilities |
103.434
|
66.259
|
56.096 |
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Net Current Assets |
160.238
|
135.072
|
68.637 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
391.672 |
307.238 |
243.316 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 (15 Months) |
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INCOME |
897.645 |
438.192 |
288.313 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
169.090 |
98.404 |
15.632 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
46.095 |
39.345 |
48.091 |
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PROFIT BEFORE
TAX |
122.995 |
59.059 |
(32.459) |
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Less |
TAX |
41.200 |
3.720 |
0.572 |
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PROFIT AFTER TAX
|
81.795 |
55.339 |
(33.031) |
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EARNINGS IN
FOREIGN CURRENCY |
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Metallic Substrates |
NA |
92.065 |
46.329 |
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IMPORTS |
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Raw Materials |
|
127.497 |
138.163 |
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Stores & Spares |
|
3.541 |
1.801 |
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Capital Goods |
|
30.410 |
7.194 |
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TOTAL IMPORTS |
NA |
161.448 |
147.158 |
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Earnings Per
Share (Rs.) |
3.93 |
5.53 |
(3.30) |
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Particulars |
|
|
31.03.2012 |
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Sales Turnover (Approximately) |
|
|
1000.000 [Sales due to
demand, more orders] |
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Expected Sales (2012-13) : Rs.1100.000 Millions
The above information has been parted by Mr. Ashish.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 (15 Months) |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.69
|
15.89
|
(10.86) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.32
|
(0.25) |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
1.04
|
1.34 |
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Current Ratio (Current Asset/Current Liability) |
|
2.55
|
3.04
|
2.22 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 (15 Months) |
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
79.954
|
56.411
|
52.489 |
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Total |
79.954
|
56.411
|
52.489 |
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Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
Yes |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
Note: The registered address of the company 6, Manali
Apartments, 421 B, Gokhale Road, Pune – 411016, Maharashtra, India has been
shifted to the present address w.e.f. 10.05.2007
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29299PN2005PTC021027 |
|
Name of the
company |
EMITEC EMISSION
CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
PLOT No. 4, S.
No. 275/276/282/283, Village Maan, Taluka Mulshi, Pune-411057, Maharashtra,
India Email : emitec.india@emitec.com
|
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
80036530 |
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Type of charge |
Book Debts Movable Property Stock in all its
elements |
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Particular of
charge holder |
State Bank of
India, Industrial Finance Branch, 2nd Floor, 'Tara Chambers', Near Mariaai Police Chowky, Mumbai Pune
Highway, Wakdewadi, Pune-411003, Maharashtra, India Email : vasudeo.shegokar@yahoo.co.in |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in overall limit
(Form C.2-A) and Letter regarding the grant of individual limits within the
overall limit (Form C.5) both the documents executed to create a single
charge in favour of Bank ,against all
the present and future current assets inclusive of book debts of the Borrower
company |
|
Date of
instrument Creating the charge |
05.05.2011 |
|
Amount secured by
the charge |
Rs.485.100
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Improved Rate
Pricing for TL of Rs.24 Cr.@4%above Base Rate effective rate: 12.25%with
monthly rests after every 2 years. For FBWC:@3.75% above Base Rate effective
rate: 12.00 pa with monthly rests Terms of
Repayment DCC: On Demand.
The existing balance of Term loan as per existing approved period. The New
Term loan of Rs.240.000 Millions has to be repaid as: 6 installment of
Principle of Rs.4.500 Millions Payable from October 2011 to March 2012, 36
installments of Rs.4.430 Millions Payable from April 2012 to March 2015, 9
installments of Principle Rs.5.910 Millions Payable from April 2012 to
December 2015. (Total 59 installments of Principle amount Rs.240.000 Millions).
The rate of interest as revised as per letter dated 25.03.2011 by the Bank Margin RM;25% Stock in
process:40% Finished Goods:33.33% Book Debts:40% LC/BG (for Customs):10% BG(
for others)25% Extent and
Operation of the charge SBI IFB Pune will
have first and exclusive charge against all the present and future current
assets inclusive of Book debts generated through the commercial transactions
of the company. The charge will be in continuous mode till the repayment of
entire loan inclusive of interest thereon Others The Company, by
virtue of the Board Resolution passed on 10.03.2011,has given assent to all
the Terms and Conditions, Covenants, as provided in the Bank's Sanction
Letter No. IFB/ Credit/AMTVI/47 Dated 03.01.2011 have executed the related
loan document(s)/ Agreement(s) through the Director(s),who have received and signed the documents in physical form
and who have been authorized to file
eform-8 for modifications in the existing limits and in the nature and
scope of the charge on agreed terms |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All the present
and future current assets and book debts and records thereof maintained at
the Registered Office and at the Works of the Company. 275 and 282 (part)
Village Maan, Taluka Mulshi, Pune-411057, Maharashtra, India |
|
Particulars of
the present modification |
By this present
modification, the existing limit of Rs.287.100 Millions has been raised to
Rs.485.100 Millions |
TRADE REFERENCES
·
Varroc Group
·
Praxair
FIXED ASSETS
·
Plant and Machinery
·
Furniture, Fittings and
Office Equipment
·
Data Processing Equipment
·
Vehicles
·
Computer Software
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.52.27 |
|
|
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
CTI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.