MIRA
INFORM REPORT
|
Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ELIND INDUCTION FURNACES PRIVATE LIMITED |
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Registered
Office : |
Abhav Ground Floor, Plot No. 46, 5th Floor, Khar (West),
Mumbai-400052, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.08.1989 |
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Com. Reg. No.: |
11-052919 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000
Million |
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CIN No.: [Company Identification
No.] |
U74999MH1989PTC052919 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Induction Heating Machine. |
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No. of Employees
: |
55 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B (36) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 36000 |
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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. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
NOTE: Latest profit
and loss of the company is not available. |
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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Diana |
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Designation : |
Admin Department |
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Contact No.: |
91-250-3298015 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Abhav, Ground Floor, Plot No. 46, 5th Floor, Khar (West),
Mumbai-400052, Maharashtra, India |
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Tel. No.: |
91-250-3298015 |
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Mobile No.: |
91-9820069760 (Mr. Rambahal Ramsurat Singh) |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
1,2 and 14 B, Jay Vijay Industrial Estate, Waliv Phata, Vasai (East),
Vasai – 401208, Maharashtra, India |
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Tel. No.: |
91-250-2481963 / 2480729 |
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Fax No.: |
91-250-2480729 / 2481963 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Shirish Vinod Chinoy |
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Designation : |
Director |
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Address : |
18, |
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Date of Birth/Age : |
04.12.1951 |
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Date of Appointment : |
30.05.1991 |
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DIN No. : |
00220737 |
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Other Directorship :
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Name : |
Mr. Rambahal Ramsurat Singh |
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Designation : |
Director |
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Address : |
Ambaudav, 2nd Floor, Plot No. 75, |
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Date of Birth/Age : |
25.05.1939 |
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Date of Appointment : |
26.12.1989 |
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DIN No. : |
00663822 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Ms. Diana |
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Designation : |
Admin Department |
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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Rambahal Ramsurat Singh |
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5000 |
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Anand Rambahal Singh |
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5000 |
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Sadanand Rambahal Singh |
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5000 |
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Rampyare Ramsurat Singh |
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5000 |
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Shirish Vinod Chinoy |
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5000 |
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Bharat Vinod Chinoy |
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5000 |
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Uttam Navinchandra Chinoy |
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5000 |
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Vikas Vinod Chinoy |
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5000 |
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Bhanumati Vinod Chinoy |
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5000 |
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Sunil Rampyare Singh |
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5000 |
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Beiletti Guido |
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25000 |
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Luciano Gilardo |
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25000 |
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Total |
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100000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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50.00 |
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Directors
or relatives of directors |
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50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Induction Heating Machine. |
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Exports : |
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Products : |
Induction Heating Machine |
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Countries : |
·
Italy ·
Thailand |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
Italy ·
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
·
Bheeraj Chemicals |
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Customers : |
Wholesalers, Retailers and End Users ·
M. Tech Auto Industries Private Limited |
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No. of Employees : |
55 [Approximately] |
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Bankers : |
Bank of India, Khar (West), Mumbai, Maharashtra, India |
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Facilities : |
Overdraft Rs.25.000 Millions. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. P. Sharma Chartered Accountant |
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Address : |
Krishna Bhavan, 3rd Floor, 511, |
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Tel. No.: |
91-22-23885055 / 30203515 |
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Email: |
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Pan No.: |
AAQPS2706M |
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Associates/Subsidiaries : |
·
Electronic
Devices Address: Abhav, Ground
Floor, Plot No. 46, 5th Floor, Khar (West), Mumbai-400052,
Maharashtra, India Line
of Business: Manufacturer and Exporter of Induction Heating Machine. |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.232 |
6.373 |
4.834 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.232 |
7.373 |
5.834 |
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LOAN FUNDS |
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1] Secured Loans |
8.953 |
3.920 |
1.013 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
8.953 |
3.920 |
1.013 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.185 |
11.293 |
6.847 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.411 |
2.276 |
2.726 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
3.407
|
2.633 |
2.386 |
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Sundry Debtors |
9.476
|
10.713 |
14.664 |
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Cash & Bank Balances |
0.482
|
0.797 |
0.573 |
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Other Current Assets |
0.136
|
0.072 |
0.072 |
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Loans & Advances |
6.368
|
3.913 |
2.855 |
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Total
Current Assets |
19.869
|
18.128 |
20.550 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.379
|
8.365 |
8.971 |
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Other Current Liabilities |
0.716
|
0.750 |
7.464 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
4.095
|
9.115 |
16.435 |
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Net Current Assets |
15.774
|
9.013 |
4.115 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.004 |
0.006 |
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TOTAL |
18.185 |
11.293 |
6.847 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES TURNOVER |
40.000 [Approximately] |
37.045 |
32.378 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
NA |
NA |
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Advertising Expenses |
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TOTAL |
|
NA |
NA |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2.540 |
1.492 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.588 |
0.734 |
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PROFIT / (LOSS)
BEFORE TAX |
|
1.952 |
0.758 |
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Less |
TAX |
|
0.349 |
0.346 |
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PROFIT / (LOSS)
AFTER TAX |
|
1.603 |
0.412 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
4.834 |
4.422 |
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BALANCE CARRIED
TO THE B/S |
|
6.437 |
4.834 |
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Earnings /
(Loss) Per Share (Rs.) |
|
16.03 |
-- |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover [Approximately] |
|
|
42.000 |
Expected Sales (2012-13) : Rs.45.000 Millions.
The above information has been parted by Ms. Diana.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.27
|
2.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
9.57
|
3.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.26
|
0.13 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.41
|
1.77
|
2.99 |
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Current Ratio (Current Asset/Current Liability) |
|
4.85
|
1.47
|
1.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last two years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
OPERATIONS:
The company has posted sales turnover of Rs.37.045
Millions and net profit before tax of Rs.1.952 Million.
FIXED ASSETS:
- Car
- Computer
- Furniture and
Fixture
- Office
Equipment
- Plant and
Machinery
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.55.15 |
|
|
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
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.