|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ESS ENN AUTO CNC PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 82, 2nd Main, 3rd Stage, Behind KEB Office,
Basaveshwara Nagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.03.1981 |
|
|
|
|
Com. Reg. No.: |
004157 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.2.377 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1981PTC004157 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of Precision
Machined Products and Components for automotive aerospace, electrical and
electronics industry |
|
|
|
|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 45332 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old Established company having satisfactory track.
Profitability of the company appears to be low. 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 for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. H S Anand |
|
Designation : |
Director |
|
Contact No.: |
91-9845069882 |
|
Date : |
25.06.2012 |
LOCATIONS
|
Registered Office/Factory : |
No. 82, 2nd Main, 3rd Stage, Behind KEB Office,
Basaveshwara Nagar, Bangalore – 560079, Karnataka, India |
|
Tel. No.: |
91-80-23326272 |
|
Fax No.: |
91-80-41288272 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
8000sq.fts |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Hosmane Desikachar Srihari |
|
Designation : |
Director |
|
Address : |
43/C, 20th A Main, R Block, Rajajinagar, Bangalore –
560010, Karnataka, India |
|
Date of Birth/Age : |
24.04.1940 |
|
Date of Appointment : |
25.03.1981 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U85110KA1981PTC004157 |
ESS ENN AUTO CNC PRIVATE
LIMITED |
Director |
25/03/1981 |
25/03/1981 |
- |
Active |
NO |
|
Name : |
Mr. Hosmane Srihari Rathnamala |
|
Designation : |
Director |
|
Address : |
43/C, 20th A Main, R Block, Rajajinagar, Bangalore –
560010, Karnataka, India |
|
Date of Birth/Age : |
14.02.1949 |
|
Date of Appointment : |
20.08.1985 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U85110KA1981PTC004157 |
ESS ENN AUTO CNC PRIVATE
LIMITED |
Whole-time director |
01/04/2010 |
20/08/1985 |
- |
Active |
NO |
|
Name : |
Mr. Hosmane Srihari Anand |
|
Designation : |
Director |
|
Address : |
43/C, 20th A Main, R Block, Rajajinagar, Bangalore –
560010, Karnataka, India |
|
Date of Birth/Age : |
16.02.1976 |
|
Date of Appointment : |
01.12.2004 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the Company/ LLP |
Current designation of the
Director/ Designated Partner |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company/ LLP Status |
Defaulting status |
|
1 |
U85110KA1981PTC004157 |
ESS ENN AUTO CNC PRIVATE
LIMITED |
Whole-time director |
01/12/2004 |
01/12/2004 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hosmane Desikachar Srihari |
|
13000 |
|
Hosmane Srihari Rathnamala |
|
667 |
|
Hosmane Srihari Anand |
|
10100 |
|
Total |
|
23767 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Precision Machined Products and Components for automotive aerospace,
electrical and electronics industry |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Actual
Production |
|
Precision
Machined Components |
Nos |
3538970 |
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
60 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Industrial Estate Branch, Rajajinagar, Bangalore - 560044, Karnataka, India · Small Industries Development Bank of India, 5th Floor, East Wing, Khanija Bhawan, 49, Race Course Road, Bangalore - 560001, Karnataka, India · Standard Chartered Bank, Bangalore |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
1.
Term
loans and Hire purchase loans have been 2.
Secured
by hypothecation of machinery and vehicles purchased there against. 3.
Loan
from H. D. B. Financial Services has been secured by immovable property of
the directors. 4.
Working
capital facilities have been secured by inventories and book debts.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K V Shenoy and Company Chartered Accountant |
|
Address : |
'Sowmya Sadan', 1st Floor, BMP Colony, Govindarajnagar, Bangalore –
560003, Karnataka, India |
|
|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23767 |
Equity Shares |
Rs.100/-
each |
Rs.2.377
Millions |
|
|
|
|
|
[Of the above, 22,767
(Previous year : 22,767) Equity shares of Rs.100/- each were allotted as fully paid-up
for consideration other than cash pursuant to contract for taking over the
business of Ess Enn Industries]
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
52.500 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs.70.000 Millions
The above information has been parted by Mr. H S Anand (Director)
Note : Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.377 |
2.377 |
2.377 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.956 |
8.277 |
7.990 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.333 |
10.654 |
10.367 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20.192 |
12.776 |
14.895 |
|
|
2] Unsecured Loans |
0.918 |
0.949 |
0.917 |
|
|
TOTAL BORROWING |
21.110 |
13.725 |
15.812 |
|
|
DEFERRED TAX LIABILITIES |
0.298 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
32.741 |
24.379 |
26.179 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17.214 |
10.682 |
11.809 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.000 |
1.000 |
1.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.006 |
0.076 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.831
|
5.830 |
3.392 |
|
|
Sundry Debtors |
10.189
|
6.027 |
6.865 |
|
|
Cash & Bank Balances |
3.207
|
0.987 |
1.919 |
|
|
Other Current Assets |
0.00
|
0.000 |
0.178 |
|
|
Loans & Advances |
4.196
|
5.004 |
7.093 |
|
Total
Current Assets |
22.423
|
17.848 |
19.447 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.966
|
3.652 |
3.523 |
|
|
Other Current Liabilities |
1.672
|
1.418 |
1.264 |
|
|
Provisions |
0.258
|
0.087 |
1.366 |
|
Total
Current Liabilities |
7.896
|
5.157 |
6.153 |
|
|
Net Current Assets |
14.527
|
12.691 |
13.294 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
32.741 |
24.379 |
26.179 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
34.940 |
23.276 |
27.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
33.736 |
22.883 |
28.206 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.204 |
0.393 |
(1.106) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.525 |
0.108 |
0.287 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.679 |
0.285 |
(0.819) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
21.390 |
15.110 |
NA |
|
|
TOTAL EARNINGS |
21.390 |
15.110 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.94
|
1.22 |
(3.02) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.04
|
1.38 |
2.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.04 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.56
|
1.77 |
2.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
3.46 |
3.16 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1)
Year of Establishment |
Yes |
|
2)
Locality of the firm |
Yes |
|
3)
Constitutions of the firm |
Yes |
|
4)
Premises details |
Yes |
|
5)
Type of Business |
Yes |
|
6)
Line of Business |
Yes |
|
7)
Promoter's background |
Yes |
|
8)
No. of employees |
Yes |
|
9)
Name of person contacted |
Yes |
|
10)
Designation of contact person |
Yes |
|
11)
Turnover of firm for last three years |
Yes |
|
12)
Profitability for last three years |
Yes |
|
13)
Reasons for variation <> 20% |
-- |
|
14)
Estimation for coming financial year |
Yes |
|
15)
Capital in the business |
Yes |
|
16)
Details of sister concerns |
No |
|
17)
Major suppliers |
No |
|
18)
Major customers |
No |
|
19)
Payments terms |
Yes |
|
20)
Export / Import details (if applicable) |
No |
|
21)
Market information |
-- |
|
22)
Litigations that the firm / promoter involved in |
-- |
|
23)
Banking Details |
Yes |
|
24)
Banking facility details |
Yes |
|
25)
Conduct of the banking account |
-- |
|
26)
Buyer visit details |
-- |
|
27)
Financials, if provided |
Yes |
|
28)
Incorporation details, if applicable |
Yes |
|
29)
Last accounts filed at ROC |
Yes |
|
30)
Major Shareholders, if available |
Yes |
FUTURE OUTLOOK:
The Company continues to explore
various new business segments for identifying profitable growth opportunities.
With the foundation work well laid to market the company's products, sales
volumes can be expected to grow in the coming years.
FORM 8:
|
Corporate identity number of the company |
U85110KA1981PTC004157 |
|
Name of the company |
ESS ENN AUTO CNC PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
No. 82, 2nd
Main, 3rd Stage, Behind KEB Office, Basaveshwara Nagar, Bangalore
– 560079, Karnataka, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable Property |
|
Particular of charge holder |
Small Industries Development Bank of India |
|
Nature of instrument creating charge |
1. Deed of Hypothecation dated 26.03.2010. 2. Loan Agreement dated 26.03.2010. |
|
Date of instrument Creating the charge |
26/03/2010 |
|
Amount secured by the charge |
Rs.6.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest The Borrower shall pay to SIDBI interest
at the rate of 9.75% p,a., with monthly rests, on the principal amount of the
Loan outstanding from time to time, payable on first day of each month. Terms of Repayment The Loan shall be repaid by the borrower
to SIDBI in 84 equated monthly installment of Rs. 0.100 Million commencing
after an initial moratorium of 6 months from the date of first disbursement
of the loan. Margin Internal Accruals: Rs. 2.500 Millions Extent and Operation of the charge To cover entire loan amount and other
incidentals. |
|
Short particulars of the property charged |
All the movables (save and except book debts)
detailed in the Schedule A of the Deed of Hypothecation dated 26.03.2010
situated at the Borrower's factories, prernises, and godowns or wherever
else. |
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.54.55 |
|
|
1 |
Rs.85.48 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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.