1. Summary Information
|
|
|
Country |
|
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Company Name |
CECO ELECTRONICS PRIVATE LIMITED |
Principal Name 1 |
Mr. Devendra Kumar Dugar |
|
Status |
Moderate |
Principal Name 2 |
Mr. Ram Prasad Bagree |
|
|
|
Registration # |
21-60103 |
|
Street Address |
18, R N Mukherjee Road, 9th Floor, Kolkata – 700001, |
||
|
Established Date |
14.09.1993 |
SIC Code |
-- |
|
Telephone# |
91-192-22108785 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-33-22489721 |
Business Style 2 |
Importer |
|
Homepage |
Product Name 1 |
Inverter drive system for textile
industry |
|
|
# of employees |
Not Available |
Product Name 2 |
Electrical control panel boards |
|
Paid up capital |
Rs.12,197,000/- |
Product Name 3 |
Electronic
components |
|
Shareholders |
Bodies corporate – 8.20%, Directors or relatives of Directors
- 91.80% |
Banking |
Standard
Chartered Bank |
|
Public Limited Corp. |
No |
Business Period |
19 Years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
B (27) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Related Parties |
-- |
Control Engineering Company |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,645,000 |
Current Liabilities |
36,000 |
|
Inventories |
0,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
16,539,000 |
Other Liabilities |
42,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
78,000 |
|
Invest& other Assets |
414,000 |
Retained Earnings |
7,323,000 |
|
|
|
Net Worth |
19,520,000 |
|
Total Assets |
19,598,000 |
Total Liab. & Equity |
19,598,000 |
|
Total Assets (Previous Year) |
18,577,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Total Income |
3,053,000 |
Net Profit |
1,501,000 |
|
Total Income (Previous yr) |
2,520,000 |
Net Profit(Prev.yr) |
905,000 |
|
Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CECO ELECTRONICS PRIVATE LIMITED |
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|
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|
Registered
Office : |
18, R N Mukherjee Road, 9th Floor, Kolkata – 700001, |
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|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
14.09.1993 |
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|
|
|
Com. Reg. No.: |
21-60103 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.12.197 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109WB1993PTC060103 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALCO3412D |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Importer of inverter drive
system for textile industry, inverter drives for paper corrugation plants
static converters for humidification plants and electrical control panel
boards and electronic components |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 78000 |
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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. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
18, R N Mukherjee Road, 9th Floor, Kolkata – 700001, West |
|
Tel. No.: |
91-192-22108785/ 91-33-22485448 |
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Fax No.: |
91-33-22489721 |
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E-Mail : |
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Website : |
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Factory : |
J – 14, |
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Area : |
18000 Sq. ft |
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Location : |
Leasehold |
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Branch Office : |
Located at:
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DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Devendra Kumar Dugar |
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Designation : |
Director |
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Address : |
14/2, |
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Date of Birth/Age : |
06.07.1950 |
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Date of Appointment : |
14.09.1993 |
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DIN No.: |
00773248 |
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Other Directorship:
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Name : |
Mr. Ram Prasad Bagree |
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Designation : |
Director |
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Address : |
Flat No. 3 B, Sun N Sand, 110 B, Maulana Abul Kalam Azad Sarani,
Kolkata – 700054, West |
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Date of Birth/Age : |
15.08.1958 |
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Date of Appointment : |
14.09.1993 |
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DIN No.: |
00773659 |
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Other Directorship:
|
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|
|||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Chetan Dugar |
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Designation : |
Director |
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Address : |
14/2, |
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Date of Birth/Age : |
06.01.1979 |
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Date of Appointment : |
01.04.2002 |
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DIN No.: |
00773916 |
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Other Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Devendra Kumar Dugar |
|
449100 |
|
Ram Prasad Bagree |
|
10100 |
|
Sarita Dugar |
|
346000 |
|
Chetan Dugar |
|
309500 |
|
Devendra Kumar Dugar HUF |
|
5000 |
|
Ceco Electricals Private Limited, |
|
100000 |
|
TOTAL |
|
1219700 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
8.20 |
|
Directors or relatives of Directors |
91.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of inverter
drive system for textile industry, inverter drives for paper corrugation
plants static converters for humidification plants and electrical control
panel boards and electronic components |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Bhura and Company Chartered Accountant |
|
Address : |
8, |
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Tel. No.: |
91-33-22362134 |
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PAN.: |
AAEFB2237Q |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
|
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|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1219700 |
Equity Shares |
Rs.10/- each |
Rs.12.197
Millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.197 |
12.197 |
12.197 |
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|
2] Share Application Money |
0.000 |
0.300 |
0.300 |
|
|
3] Reserves & Surplus |
7.323 |
5.822 |
4.917 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19.520 |
18.319 |
17.414 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.500 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.500 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
19.520 |
18.319 |
17.914 |
|
|
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|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
16.539 |
16.823 |
17.111 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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|
|
|
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INVESTMENT |
0.414 |
0.214 |
0.214 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.055
|
0.083 |
0.223 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
2.590
|
1.447 |
0.664 |
|
Total
Current Assets |
2.645
|
1.530 |
0.887 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
0.036
|
0.069 |
0.234 |
|
|
Provisions |
0.042
|
0.179 |
0.064 |
|
Total
Current Liabilities |
0.078
|
0.248 |
0.298 |
|
|
Net Current Assets |
2.567
|
1.282 |
0.589 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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TOTAL |
19.520 |
18.319 |
17.914 |
|
]
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
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Rent Received |
3.051 |
0.120 |
0.120 |
|
|
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Royalty Received |
0.000 |
2.400 |
2.400 |
|
|
|
Interest in IT Refund |
0.002 |
0.000 |
4.953 |
|
|
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TOTAL |
3.053 |
2.520 |
7.473 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Salary and Bonus |
0.252 |
0.252 |
0.510 |
|
|
|
Audit Fees |
0.028 |
0.012 |
0.012 |
|
|
|
Rent |
0.009 |
0.049 |
0.859 |
|
|
|
Electricity Expenses |
0.120 |
0.139 |
0.644 |
|
|
|
Property Tax |
0.035 |
0.000 |
0.000 |
|
|
|
Office Maintenance |
0.030 |
0.064 |
0.441 |
|
|
|
Telephone Expenses |
0.000 |
0.033 |
0.608 |
|
|
|
Other Expenses |
0.461 |
0.332 |
3.350 |
|
|
|
TOTAL |
0.935 |
0.881 |
6.424 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.118 |
1.639 |
1.049 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.269 |
0.315 |
0.378 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.849 |
1.324 |
0.671 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.348 |
0.419 |
0.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.501 |
0.905 |
0.395 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.822 |
0.917 |
0.522 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.323 |
1.822 |
0.917 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.23 |
0.74 |
0.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
49.16
|
35.91 |
5.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
60.56
|
52.53 |
8.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.64
|
7.21 |
3.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.07 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.01 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
33.91
|
6.17 |
2.98 |
LOCAL AGENCY FURTHER INFORMATION
CONTINGENT
LIABILITY
|
Particulars |
31.03.2011 |
31.03.2010
|
|
|
Rs in Millions
|
|
|
Corporate Guarantee given to Standard
Charted Bank, N S Road, Kolkata Branch against credit facilities availed by M/S
Control Engineering Company Proprietary Concern of one of the Directors of
the company Sri Devendra Kumar Dugar |
70.000 |
80.000
|
|
Claims not acknowledge as debts (IT Disputed
liability) |
0.265 |
0.265
|
|
TOTAL |
70.265 |
80.265
|
FORM 8
|
Corporate
identity number of the company |
U32109WB1993PTC060103 |
|
Name of the
company |
CECO ELECTRONICS
PVT LTD |
|
Address of the
registered office or of the principal place of business in |
18, R N Mukherjee Road, 9th Floor, Kolkata – 700001, West Email: ceco@cal2.vsnl.net.in |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
80023126 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Standard Chartered Bank, SME Banking, 19 N S Road, Kolkata – 700001,
West Email: sme.form8@sc.com |
|
Nature of instrument
creating charge |
Memorandum of
Entry – Supplemental |
|
Date of
instrument Creating the charge |
03.02.2012 |
|
Amount secured by
the charge |
Rs.119.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest The bank will
charge interest and other charges as stipulated in the sanction terms.
Presently the applicable rate for OD facilities is 3.50% over BR (current
9.75%). on daily balances (Variable) . Terms of
Repayment The working
capital limit (Overdraft Facilities/WCDL-1(INR) / WCDL-2 (USD) / Import
LC of Rs.40.000 millions, however WCDL
-1 and 2 are restricted to Rs.30.000
millions and Import LC- 2 is restricted to Rs.5.000 millions, Inland/Import
Letter of Credit -1, Payment Undertaking for Buyers Credit and BG of
Rs.70.000 millions, however BG is restricted to Rs.5.000 millions, P U for
Buyers Credit restricted to Rs.30.000 millions and Forex Forward LER Facility
of 9.500 millions) shall be repayable on demand. Margin The borrower
shall maintain appropriate margin as stipulated in the sanction terms i.e.
25% on stock ( up to 90 days) and book-debts (up to 90 days) less sundry
creditors, however the same is subject to change from time to time. Extent and
Operation of the charge The charged
security be a continuing security and by way of first charge. The Company being
Guarantor created the aforesaid mortgage by way of Simple Deposit of Title
deeds in favor of the Bank as Guarantor to secure the due repayment of the
Credit facilities as sanctioned by the said Bank to the tune of Rs.119.500
millions to M/S Control Engineering Company (The Borrower) and for no other
purpose. Others The charged security
shall be kept at the Co's risk and expenses in good condition and fully
insured against loss or damage by fire , theft etc and also against other
loss or damages may be required by the Bank. The charged goods
and all sales realization and insurance proceeds thereof and all the
documents under this security shall be held as bank's exclusive property. Other terms are as per Sanction letter and Mortgage Paper etc |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The Company
created equitable mortgage by deposit of title deeds in respect of All that
premises No. J-1/4, Salt Lake Electronics Complex in Block- EP and GP of
Sector -V of Bidhan Nagar in the district of 24 Parganas within P.S. Bidhan
Nagar along with superstructure and immovable P and M etc. |
|
Particulars of
the present modification |
By present
modification the overall limit stands unchanged to Rs.119.500 millions - Rs.40.000
millions by way of OD/WCDL-1 and 2 / Import LC-2, - Rs.70.000
millions by way of Import/Inland LC-1 and Pmt Undertaking for B C (Restricted
to Rs.30.000 millions)/BG Restricted
to Rs.5.000 millions) - Rs.9.500
millions by way of Forex Forward LER Facilities Co. being Corporate Guarantor
has executed equitable mortgage for securing the limit to M/S Control
Engineering Company |
FIXED ASSETS
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.51.63 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.