MIRA
INFORM REPORT
|
Report Date : |
24.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
CONSITE ENGINEERING COMPANY LIMITED |
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Registered
Office : |
501, 5th Floor, Harikunj CHS
Limited, Gaikar Layout, Sindhi Society, Hemu Kalani Marg,
Chembur, Mumbai-400071, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.09.1986 |
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Com. Reg. No.: |
11-041052 |
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Capital Investment
/ Paid-up Capital : |
Rs.30.000
Millions |
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CIN No.: [Company Identification
No.] |
U28920MH1986PLC041052 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Tanks, Pressure Vessels, Reactors, etc. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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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 220000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Pravin |
|
Designation : |
Accountant |
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Contact No.: |
91-22-25281688 |
|
Date : |
21.02.2012 |
LOCATIONS
|
Registered Office : |
501, 5th Floor, Harikunj CHS
Limited, Gaikar Layout, Sindhi Society, Hemu Kalani Marg,
Chembur, Mumbai-400071, Maharashtra,
India |
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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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Head Office: |
Jagdish Building, Plot No. 185, 3rd
Floor, Flat No. C, 15th Road, Chembur,
Mumbai-400071, Maharashtra, India |
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Tel No.: |
91-22-25281688/89/25282809 |
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Fax No.: |
91-22-25284592 |
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Email: |
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Factory: |
Located at Wada, Mumbai, Maharashtra, India |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Naresh Sunderdas
Jagasia |
|
Designation : |
Director |
|
Address : |
G-2, Trushal Garden, Sindhi Society, Chembur, Mumbai-400071, Maharashtra,
India |
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Date of Birth/Age : |
05.02.1956 |
|
Date of Appointment : |
26.09.1986 |
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Din No.: |
00686240 |
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|
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|
Name : |
Mr. Vinod Sunderdas
Jagasia |
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Designation : |
Director |
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Address : |
Flat No. 8, 2nd Floor, Sanjana
Apartments, 66-A, Carter Road, Bandra (West),
Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
11.01.1954 |
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Date of Appointment : |
26.09.1986 |
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Din No.: |
00686607 |
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|
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Name : |
Mrs. Tulsi Sunderdas
Jagasia |
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Designation : |
Director |
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Address : |
124, Sindhi Society, Chembur, Mumbai-400071,
Maharashtra, India |
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Date of Birth/Age : |
22.05.1929 |
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Date of Appointment : |
26.09.1986 |
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Din No.: |
01334117 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vinod Sunderdas Jagasia |
|
1146511 |
|
Naresh Sunderdas Jagasia |
|
975941 |
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Tulsi Sunderdas Jagasia |
|
491318 |
|
Kunal Jagasia |
|
39850 |
|
Karan Jagasia |
|
41430 |
|
Karishma Jagasia |
|
65950 |
|
Anita Jagasia |
|
22000 |
|
Chanda Jagasia |
|
10000 |
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Total |
|
2793000 |
AS ON 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tanks, Pressure Vessels, Reactors, etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
·
Bank of India, Chembur
Branch, Chembur Naka, R.C. Marg,
Mumbai-400071, Maharashtra, India ·
Citi Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. Kannan and Associates Chartered Accountants |
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Address : |
207, ‘A’ Wing, Kanara Business Center, Ghatkopar Andheri Link Road, Ghatkopar (East), Mumbai-400077, Maharashtra,
India |
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Tel. No.: |
91-22-67974846/47 |
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Fax No.: |
91-22-67974845 |
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E-Mail : |
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Pan No.: |
AAGPK6044F |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23000 |
A Equity Shares |
Rs.100/- each |
Rs.2.300 Millions |
|
4270000 |
B Equity Shares |
Rs.10/- each |
Rs.42.700 Millions |
|
500000 |
Preferences Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23000 |
A Equity Shares |
Rs.100/- each |
Rs.2.300
Millions |
|
2270000 |
B Equity Shares |
Rs.10/- each |
Rs.22.700
Millions |
|
500000 |
Preferences Shares |
Rs.10/- each |
Rs.5.000
Millions |
|
|
Total |
|
Rs.30.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.000 |
30.000 |
22.300 |
|
|
2] Share Application Money |
0.615 |
0.000 |
0.328 |
|
|
3] Reserves & Surplus |
25.962 |
14.308 |
9.834 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
56.577 |
44.308 |
32.462 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
88.375 |
83.730 |
60.001 |
|
|
2] Unsecured Loans |
21.100 |
21.162 |
24.655 |
|
|
TOTAL BORROWING |
109.475 |
104.892 |
84.656 |
|
|
DEFERRED TAX LIABILITIES |
1.251 |
1.245 |
1.180 |
|
|
|
|
|
|
|
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TOTAL |
167.303 |
150.445 |
118.298 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
48.404 |
50.377 |
50.883 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
0.100 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
60.448
|
54.590 |
57.050 |
|
|
Sundry Debtors |
68.461
|
72.470 |
57.326 |
|
|
Cash & Bank Balances |
11.037
|
10.563 |
13.251 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.590
|
11.613 |
18.397 |
|
Total
Current Assets |
153.536
|
149.236 |
146.024 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.627
|
41.224 |
61.147 |
|
|
Other Current Liabilities |
1.398
|
1.731 |
11.328 |
|
|
Provisions |
10.712
|
6.213 |
6.134 |
|
Total
Current Liabilities |
34.737
|
49.168 |
78.609 |
|
|
Net Current Assets |
118.799
|
100.068 |
67.415 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
167.303 |
150.445 |
118.298 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SALES |
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Income |
|
|
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Other Income |
|
|
|
|
|
|
TOTAL (A) |
352.616 |
316.989 |
262.893 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
258.858 |
222.849 |
186.523 |
|
|
|
Sales and Excise Taxes |
9.494 |
20.601 |
21.856 |
|
|
|
Personnel Expenses |
14.169 |
17.305 |
15.007 |
|
|
|
Other Expenses |
40.666 |
30.950 |
18.698 |
|
|
|
TOTAL (B) |
323.187 |
291.705 |
242.084 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29.429 |
25.284 |
20.809 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.105 |
11.685 |
10.411 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.324 |
13.599 |
10.398 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.409 |
3.324 |
3.112 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
17.915 |
10.275 |
7.286 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.506 |
2.600 |
2.656 |
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
13.409 |
7.675 |
4.630 |
|
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|
|
|
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|
SHORT EXCESS
PROVISION FOR TAX |
0.000 |
(1.897) |
0.000 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.533 |
7.059 |
3.733 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
5.000 |
0.000 |
|
|
|
Proposed Dividend |
1.500 |
1.115 |
1.115 |
|
|
|
Tax on Dividend |
0.255 |
0.189 |
0.189 |
|
|
BALANCE CARRIED
TO THE B/S |
8.187 |
6.533 |
7.059 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
14.295 |
NA |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) 10/- |
4.84 |
2.55 |
-- |
|
|
|
Earnings Per
Share (Rs.) 100/- |
48.40 |
25.59 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.80
|
2.42 |
1.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.87
|
5.15 |
3.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.23 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.55
|
3.47 |
5.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.42
|
3.04 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
31.03.2008 (Rs.
in millions) |
|
Sundry Creditors |
22.627
|
41.224 |
61.147 |
PERFORMANCE
HIGHLIGHTS:
During the financial year 2009-10, the company ever since its inception
has achieved highest value of revenue of Rs.352.616 millions as compared to
Rs.316.989 millions in the previous year. increase in revenue was 11.24% as
compared to previous year 2008-09. The performance of the company in comparison
to the previous year.
FINANCE:
The paid up share capital of the company as on 31st March,
2010 was Rs.30.000 millions. The company neither had any outstanding loan nor
has taken any fresh loan from the government during the year. The foreign
exchange outgo during the year was Rs. nil and the
earning in foreign exchange was nil.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10092896 |
|
Corporate identity
number of the company |
U28920MH1986PLC041052 |
|
Name of the
company |
CONSITE
ENGINEERING LIMITED |
|
Address of the
registered office or of the principal place of business in |
124, Sindhi Colony,
Chembur, Mumbai-400071, Maharashtra,
India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] |
|
Particular of
charge holder |
Bank of India, Chembur Branch, Chembur Naka, R.C. Marg,
Mumbai-400071, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
30.07.2008 |
|
Amount secured by
the charge |
Rs.169.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC (Stocks and
BD),TL I and II - Interest@0.50% below
BPLR Rate with a minimum of 12.25% p.a. shall be charged at
Monthly rests. EPC/PCFC/FBP/FCBP - As per extent guidelines. L/C (I/F) - 75% of
applicable charges for L/C plus ST Ltr. of Comfort - As per extent
guidelines. Bank
Guarantee - 60% of
applicable plus ST Terms of
Repayment 1) Cash credit
(stocks)and Cash Credit( book-debts) : On demand / Annual Review / Periodical
Review. 2) Term Loan I :
In Ten (10) half-yearly installments of Rs.1.000 million each, commencing
from May 2005. 3) Term Loan II :
In Ten (60) Monthly installments of Rs.0.183 million each, commencing from 4
Months after First Disbursement 4) L/C and B/G :
As per extent HO Guidelines Margin 1) Cash credit
(Stocks) : 25% on RM / FG; 30% on WIP. 2) Cash credit
(Book debts): 40% on BD upto 90 days age. 3) EPC/ PCFC :
25% 4) FBP/ FBD : 10% 5) Term Loan
(Existing): 33.33%. 6) TL (New) : 31.25% 4) LC : 10% in TDR 5) BG : 15% in TDR Extent and
Operation of the charge First exclusive
Hypothecation Charge on Movable assets. Others Limits enhanced
from Rs.111.000 Millions to Rs.169.100 Millions |
|
Short particulars
of the property charged |
Hypothecation of
Stocks, Book Debts and Plant and Machineries. |
|
Particulars of
the present modification |
By present Modi, Hypothecation of Stocks, Book Debts and Plant and
Machineries as per list attached with agreement has now increased from
Rs.111.000 Millions to Rs.169.100 Millions |
FIXED ASSETS:
·
Leasehold Land
·
Office Premises
·
Factory Building
·
Office Equipments
·
Plant and Machinery
·
Electrical Installations
·
Furniture and Fixtures
·
Motor Vehicles
·
Computers and Printers
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.49.25 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.