-%20166417%2014-Jan-2012_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
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Name : |
ENDEAVOUR INSTRUMENT PRIVATE LIMITED (ENDEAVOUR FIN) |
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Formerly Known
As : |
ENDEAVOUR FINANCE PRIVATE LIMITED |
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Registered
Office : |
307, Anand Chambers, Near Gujarat High Court, Railway Crossing,
Navrangpura, Ahmedabad - 380009, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.06.1994 |
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Com. Reg. No.: |
04-022270 |
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Capital
Investment / Paid-up Capital : |
Rs.3.000 Millions |
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CIN No.: [Company Identification
No.] |
U51909GJ1944PTC022270 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Trader, Exporter and Importer of Electronic Weighing
Scales, Automatic Weighbridges and EOT Cranes. |
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No. of Employees
: |
140 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [45] |
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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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USD 114000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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 PARTED BY
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Name : |
Mr. Rajnibhai Desai |
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Designation : |
Finance Advisor |
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Contact No.: |
91-79-2658695 |
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Date : |
13.01.2012 |
LOCATIONS
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Registered Office : |
307, Anand Chambers, Near Gujarat High Court, Railway Crossing,
Navrangpura, Ahmedabad - 380009, |
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Tel. No.: |
91-79-2658694 / 5 / 6 / 7 |
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Fax No.: |
91-79-26582107 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office
: |
4th Floor, Mohini – II, Opposite Gandhigram Railway
Station, Near Sakar – 1, Ashram Road, Ahmedabad – 380009, Gujarat, India |
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Factory : |
45/3, Changodar Industrial Estate, Ahmedabad District Cooperative Bank
Road, Opposite S.T. Bus Stand, Sarkhej Bavla Higfhway, Changodar, Ahmedabad –
382212, Gujarat, India |
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Tel. No.: |
91-2717-250691 / 250475 |
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Fax No.: |
91-2717-250475 |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Paragbhai Rameshbhai Shah |
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Designation : |
Director |
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Address : |
2, Sangemermer Complex, |
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Date of Birth/Age : |
29.03.1969 |
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Qualification : |
B.E. |
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Date of Appointment : |
15.06.1994 |
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DIN : |
00512469 |
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Other Directorship : |
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Name : |
Mr. Kamlesh Maheshbhai Upadhyaya |
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Designation : |
Director |
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Address : |
6, Abhikram Apartment, 27, Inklab Society, Opposite Sears Towers,
Ahmedabad – 380009, |
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Date of Birth/Age : |
29.01.1969 |
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Qualification : |
B.E. |
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Date of Appointment : |
15.06.1994 |
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DIN : |
00512483 |
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Other Directorship : |
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KEY EXECUTIVES
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Name : |
Mr. Rajnibhai Desai |
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Designation : |
Finance Advisor |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Paragbhai Rameshbhai Shah |
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79950 |
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Kamlesh Maheshbhai Upadhyaya |
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124950 |
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Prafulla Rameshbhai Shah |
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20000 |
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Suhina L. Parikh |
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23500 |
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Upen L. Parikh |
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17600 |
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Deepak Agrawal |
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8900 |
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Upasi Parag Shah |
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22500 |
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Shailendra P.Bhalgama |
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2500 |
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Dilipbhai Ambalal Sarkar HUF |
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100 |
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Total |
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300000 |
As on 30.09.2011
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Equity Share
Break Up Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Exporter and Importer of Electronic Weighing Scales,
Automatic Weighbridges and EOT Cranes. |
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Products : |
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Weighbridge Products
Material Handling Equipments
Industrial Scales
Jewellery/Laboratory/Analytical Scale
Retail/Commercial Scale
Weighing System
Weighing Softwares Accessories |
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Exports : |
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Products : |
Electronic Weighing Scales, Automatic Weighbridges and EOT Cranes. |
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Countries : |
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Imports : |
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Products : |
Machines |
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Countries : |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
PRODUCTION STATUS [As on 31.03.2011]
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Particulars |
Unit |
Qty. |
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Installed
Capacity |
Nos. |
5000 |
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Actual Production |
Nos. |
2610 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Manufacturer
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No. of Employees : |
140 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. R. Pandhi and Associates Chartered Accountants |
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Address : |
101, Panchdeep Complex, Mayur Colony, Near Mithakhali Six Roads,
Navrangpura, Ahmedabad – 380009, Gujarat, India |
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PAN : |
AABFM1229N |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300,000 |
Equity Shares |
Rs.10/- each |
Rs.3.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
3.000 |
2.692 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.656 |
22.120 |
17.453 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.656 |
25.120 |
20.145 |
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LOAN FUNDS |
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1] Secured Loans |
33.256 |
28.610 |
7.515 |
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2] Unsecured Loans |
32.639 |
17.288 |
1.642 |
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TOTAL BORROWING |
65.895 |
45.898 |
9.157 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Sales Tax Deferment |
0.000 |
0.000 |
2.638 |
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TOTAL |
94.551 |
71.018 |
31.940 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.425 |
14.201 |
5.354 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.180 |
1.766 |
1.000 |
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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 |
37.452
|
23.064 |
9.890 |
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Sundry Debtors |
58.825
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43.842 |
27.314 |
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Cash & Bank Balances |
2.051
|
1.032 |
1.053 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
18.837
|
13.410 |
9.595 |
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Total
Current Assets |
117.165
|
81.348 |
47.852 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
21.369 |
14.913 |
6.480 |
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Other Current Liabilities |
14.984
|
8.930 |
13.376 |
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Provisions |
2.866
|
2.454 |
2.410 |
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Total
Current Liabilities |
39.219
|
26.297 |
22.266 |
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Net Current Assets |
77.946
|
55.051 |
25.586 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
94.551 |
71.018 |
31.940 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
168.430 |
124.478 |
118.791 |
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Other Income |
0.700 |
0.293 |
0.850 |
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TOTAL (A) |
169.130 |
124.771 |
119.641 |
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Less |
EXPENSES |
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Material Purchase/Consumed |
98.710 |
71.038 |
71.163 |
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Manufacturing
Expenses |
20.455 |
12.719 |
10.317 |
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Payment to and Provision for Employees |
19.493 |
13.257 |
11.316 |
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Administrative, Selling and Other Expenses |
24.630 |
21.391 |
18.309 |
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Increase / [Decrease] in Stocks |
[8.864] |
[2.800] |
0.913 |
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TOTAL (B) |
154.424 |
115.605 |
112.018 |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.706 |
9.166 |
7.623 |
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Less |
FINANCIAL
EXPENSES (D) |
6.134 |
2.946 |
1.768 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.572 |
6.220 |
5.855 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.007 |
2.149 |
1.460 |
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Exceptional item:-Sales Tax deferment written off |
0.000 |
2.363 |
0.000 |
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PROFIT / [LOSS] BEFORE
TAX (E-F) (G) |
5.565 |
6.434 |
4.395 |
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Less |
TAX (H) |
2.029 |
1.766 |
1.720 |
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PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
3.536 |
4.667 |
2.675 |
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Excess provision for gratuity written back |
0.000 |
0.000 |
0.253 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.080 |
10.413 |
7.485 |
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BALANCE CARRIED
TO THE B/S |
18.616 |
15.080 |
10.413 |
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EARNINGS IN
FOREIGN CURRENCY |
1.594 |
2.627 |
4.017 |
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IMPORTS |
7.140 |
7.910 |
5.418 |
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Earnings/[Loss]
Per Share (Rs.) |
11.79 |
17.33 |
10.87 |
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Expected Sales (2011-2012) : Rs.220.000 millions
The above information has been parted by Mr. Rajnibhai Desai [Finance Advisor].
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.09
|
3.74 |
2.23 |
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(PBT/Sales) |
(%) |
3.30
|
5.17 |
3.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.23
|
6.73 |
8.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.26 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.67
|
2.87 |
1.56 |
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Current Ratio (Current Asset/Current Liability) |
|
2.99
|
3.09 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Dues to Micro, Small and Medium |
0.000 |
0.000 |
0.000 |
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Dues to Others |
21.369 |
14.913 |
6.480 |
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Total |
21.369 |
14.913 |
6.480 |
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Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
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No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
No |
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Incorporation
details, if applicable |
- |
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Last
accounts filed at ROC |
- |
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Major
Shareholders, if applicable |
- |
Working
During the year,
the Company has made a turnover of Rs 169.129 millions as compared to Rs.124.771
millions during 2010-11 showing of increase of about 35.52 %. The net profit
after tax of the Company has decreased to Rs.3.536 millions against Rs 4.668
millions in previous year. Profit is reduced mainly due to increase in
financial cost and manufacturing expenses. There was an exceptional income in
previous year Rs.2.364 millions. If it is not considered than the profit has
increased. The Directors are now concentrating on new areas and new products
and also on controlling the cost. The Directors are hopeful for better result
during the current year.
Contingent
Liability [As on 31.03.2011]
- On account of counter guarantee given:
Rs 10.017 millions (Previous Year Rs.5.590 millions)
- On account of uncalled amount on
Investment in Real estate Portfolio Rs.NIL (previous year Rs.0.750
million)
- On account of Sales Taxes Rs.0.109 million on which appeal is pending before commissioner of commercial tax.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51909GJ1994PTC022270 |
|
Name of the
company |
ENDEAVOUR
INSTRUMENT PRIVATE LIMITED (ENDEAVOUR FIN ) |
|
Address of the
registered office or of the principal place of business in |
307, Anand Chambers,
Near Gujarat High Court Rly Crossing, Ahmedabad, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10272894 |
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Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank, HDFC House, Senapati Bapat Marg, Lower Parel West, Mumbai –
400013, CIN :
L65920MH1994PLC080618 Email : RBBform8@hdfcbank.com |
|
Nature of
instrument creating charge |
Memorandum
Recording Past Transactions of Creation of Mortgage by Deposit of Title
Deeds. |
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Date of
instrument Creating the charge |
13.05.2011 |
|
Amount secured by
the charge |
Rs.90.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest at the rate as may be communicated by the Bank from time to time. Terms of
Repayment – Working Capital
facility shall payable On Demand and Term Loan facility
shall repayable in suitable installments. Margin - As may
be stipulated by the Bank from time to time. Extent and
Operation of the charge - The Company created an equitable mortgage by way of
deposit of title deeds in respect of its immovable properties as stated under
item No.15 as security for the due repayment of Rs.90.000 millions by the
Company, including principal amount of the Facility, interest, liquidated
damages, costs, charges and expenses etc. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Immovable
property being Block No. 388 Paiki-1035, 12 Sq.Mts (Sub Plot No. 12 Adm-836
Sq.Mts and Sub Plot No. 13 adm-199 Sq. Mts) of Mouje Changodar Sub District
Sanand and District Ahmedabad. Immovable
property being Plot No. 11/B, adm-2500 Sq.mts (2090 Sq.Mts) at Ashwamegh
Industrial Estate Forming Part of Block No. 388 of Mouje Changodar Sub
District and District Ahmedabad. |
|
Particulars of
the present modification |
The present
modification is for furnishing additional security of immovable property of
the Company situated at Ahmedabad, in addition to securities already
furnished by the company at the time of creation of the charge and, there is,
therefore no change in amount of charge which stands secured at Rs.90.000
millions in favour of the Bank. |
Trade References :
- Ratnamani
Metals and Tubes
- A.I.A.
Engineering Limited
- Steel
Authority of
- Sanjay
Casting
- Reliance
Infrastructure Limited
- ADL Air Tech
- Mahamaya
Steel
- Vijay Steel
FIXED ASSETS :
- Land
- Building
- Plant and
Machinery
- Dies and
Prototypes
- Lab Equipment
and Testing
- Demolition
Hammer
- Furniture and
Fixtures
- Computer and
Printer
- Office
Equipments
- Electrical
Installations
- Vehicles
- Fax Machine
- Air Conditioner
- EPABX
- Mobile Phones
- Telephone
- Digital Camera
- Water Treatment Plant
- Aluminum Welding Machine
- Angle Grinder Machine
- Copper Welding Machine
- Voice Recorder
- Hand Drill Machines
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.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.