MIRA
INFORM REPORT
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Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
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Name : |
ESSAE DIGITRONICS PRIVATE LIMITED |
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Registered
Office : |
34 and 35, Bommasandra Industrial Area, Anekal Taluk, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
02.02.1996 |
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Com. Reg. No.: |
08-19747 |
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Capital
Investment / Paid-up Capital : |
Rs.7.150 Millions |
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CIN No.: [Company Identification
No.] |
U31101KA1996PTC019747 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer Exporter and Importer of Weigh Bridges. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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.
ECGC Country Risk Classification List – September 30, 2011
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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 DENIED BY
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Name : |
Mr. B.F Thomas |
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Designation : |
Vice President |
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Contact No.: |
91-9342251009 |
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Date : |
02.06.2012 |
LOCATIONS
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Registered Office / Factory: |
34 and 35, Bommasandra Industrial Area, Anekal Taluk, |
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Tel. No.: |
91-80–40834621 / 32934708 / 22111376 / 32934705 / 41668060
/ 40834505 / 40834619 / 40834719 / 41658727 / 40834555 / 40834620 / 40834709 |
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Mobile No.: |
91-9342251009 (Mr. B.F Thomas) |
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Fax No.: |
91-80–40834683 / 41658727 / 783351 |
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E-Mail : |
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Website : |
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Marketing and Service Head Office: |
# 13, old No.246,13th Cross, 2nd Floor, Wilson Garden,
Bangalore - 560027. India |
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Tel. No.: |
91-80-32934705/22111376 |
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Fax No.: |
91-80-40834720 |
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E-Mail : |
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Hub Drive Division: |
Survey No 51/1, Chikku Begure Gate,
Near Amar Transport Godown, 7th mile Hosur Road, Bangalore 560068, India |
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Tel. No.: |
91-80-42045321-323 |
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Fax No.: |
91-80-25732188 |
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E-Mail : |
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Finance and Administration: |
# 13, old No.246, 13th Cross, 3rd Floor, Wilson Garden,
Bangalore - 560027, India |
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Tel. No.: |
91-80-40834777 |
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Fax No.: |
91-80-40834720 |
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E-Mail : |
DIRECTORS
As on 06.07.2011
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Name : |
Mr. Venkatesan Prakash |
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Designation : |
Director |
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Address : |
457, 3rd Cross, Wilson Garden, |
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Date of Birth/Age : |
09.04.1971 |
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Date of Appointment : |
08.02.1996 |
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DIN No.: |
00384859 |
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Other
Directorship:
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Name : |
Mr. Sengunam Arunachalam Venkatesan |
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Designation : |
Managing Director |
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Address : |
457, 3rd Cross, Wilson Garden, |
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Date of Birth/Age : |
10.10.1931 |
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Date of Appointment : |
08.02.1996 |
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DIN No.: |
00384949 |
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Other
Directorship:
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KEY EXECUTIVES
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Name : |
Mr. B.F Thomas |
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Designation : |
Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.07.2011
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Names of Shareholders |
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No. of Shares |
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Venkatesan Prakash |
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17069 |
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Narashimha Subramaniam |
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4380 |
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Prabhu Chandran |
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7446 |
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Padmavathy Venkatesan |
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9251 |
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S Arunachalam Venkatesan |
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5325 |
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S Arunachalam Venkatesan |
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4038 |
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Uma Chandran |
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567 |
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Shanthi Chandran |
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540 |
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S Arunachalam Venkatesan |
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900 |
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Mallika Vihwanath |
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900 |
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Vidhya Vishwanath |
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900 |
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Karthik Vishwanth |
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5880 |
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Saroj Subramaniam |
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7800 |
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Balaji Subramaniam |
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4285 |
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S Arunachalam Venkatesan |
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600 |
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Vidya Prakash |
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1497 |
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Subhsnee S |
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95 |
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Srividya Prabhu |
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27 |
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Total |
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71500 |
Equity Share Break up (Percentage of Total Equity)
As on 06.07.2011
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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 Exporter and Importer of Weigh Bridges. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Installed
Capacity |
Actual
Production |
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Truck Scale Division |
5000 |
3005 |
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Hub Drive Division |
3000000 |
1640052 |
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Machining Components Division |
5000000 |
6857452 |
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Powder Coating Division |
6600000 |
38214 |
GENERAL INFORMATION
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Customers : |
· TVS Motor Company Limited · Mahindra and Mahindra Limited · Honda Motorcylces and Scooters · MICO, Naganathapura · ITTI LLC, USA. ·
World lines LLC, USA |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M A Narasimhan and Company Chartered Accountant |
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Address : |
No. 25 (Old No. 13), 17th Cross, Swimming Pool Extension, Malleswaram,
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Tel. No.: |
91-80-23344701 / 23561197 |
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Fax No.: |
91-80-23562814 |
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E-Mail : |
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PAN.: |
AAGFM7833H |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity Shares |
Rs.100/- each |
Rs.8.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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71500 |
Equity Shares |
Rs.100/-
each |
Rs.7.150
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
7.150 |
7.150 |
7.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
299.975 |
250.787 |
218.767 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
307.125 |
257.937 |
225.917 |
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LOAN FUNDS |
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1] Secured Loans |
58.288 |
116.699 |
77.668 |
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2] Unsecured Loans |
58.167 |
47.576 |
66.900 |
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TOTAL BORROWING |
116.455 |
164.275 |
144.568 |
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DEFERRED TAX LIABILITIES |
6.434 |
6.287 |
5.257 |
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TOTAL |
430.014 |
428.499 |
375.742 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
267.911 |
198.473 |
213.421 |
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Capital work-in-progress |
2.262 |
0.000 |
0.000 |
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INVESTMENT |
0.462 |
1.854 |
1.825 |
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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 |
87.072
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82.582
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35.675
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Sundry Debtors |
184.838
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200.494
|
163.084
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Cash & Bank Balances |
23.898
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70.034
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30.710
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Other Current Assets |
0.000
|
0.524
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0.524
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Loans & Advances |
71.943
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72.196
|
59.785
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Total
Current Assets |
367.751
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425.830
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289.778
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
107.447
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103.100
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54.733
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Other Current Liabilities |
100.925
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43.477
|
53.324
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Provisions |
0.000
|
51.081
|
21.225
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Total
Current Liabilities |
208.372
|
197.658
|
129.282
|
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Net Current Assets |
159.379
|
228.172
|
160.496
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
430.014 |
428.499 |
375.742 |
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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 |
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Other Income |
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TOTAL |
845.961 |
780.976 |
554.070 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
768.124 |
713.889 |
496.818 |
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PROFIT BEFORE
TAX |
77.837 |
67.087 |
57.252 |
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Less |
TAX |
27.572 |
25.030 |
23.038 |
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PROFIT AFTER TAX
|
50.265 |
42.057 |
34.214 |
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IMPORTS |
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Raw Materials |
23.370 |
208.891 |
23.772 |
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TOTAL IMPORTS |
23.370 |
208.891 |
23.772 |
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Earnings Per
Share (Rs.) |
4.20 |
588.00 |
479.00 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
5.94
|
5.38 |
5.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.17
|
15.75 |
19.76 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.26 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.06
|
1.40 |
1.21 |
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Current Ratio (Current Asset/Current Liability) |
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1.76
|
2.15 |
2.24 |
LOCAL AGENCY FURTHER INFORMATION
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Check List by Info Agents |
Available in Report (Yes / No) |
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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 |
No |
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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 three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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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 |
Results of
Operations:
The top line at the company has registered a moderate growth of 8.49%
during F.Y2010-11. The net profit has registered a growth 41% growth over last year.
This improvement is attributed to improved efficiency in operations and partly
due to write lack in income tax provision of earlier years.
During the year the company has sold the share of the JV Aditya-Essae
Auto Parts Limited to the JV Partners, Aditya Auto Components Private Limited
and has exited the joint venture.
The company has acquired a land a about 50,00 sq ft in singasandra
bargolas. This will be utilized for putting up a plant her sub Driv - division.
The company has commenced constriction of manufacturing facility at
staging. Uttarakhand for Track scale Division. The Plant is expand to commence
operation from August 2011.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U31101KA1996PTC019747 |
|
Name of the company |
ESSAE
DIGITRONICS PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
34 and 35,
Bommasandra Industrial Area, Anekal Taluk, Bangalore – 560 099, Karnataka,
India Email: essae@essae.in |
|
This form is for |
Modification of charge |
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Charge identification (ID) number of the
charge to be modified |
80015582 |
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Type of charge |
Book debts Movable property
(not being pledge) |
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Particular of charge holder |
Canara Bank,
Cantonment Branch, No. 88, M G Road, Bangalore – 560 001, Karnataka, India Email: krishnamurthyhn@gmail.com |
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Nature of instrument creating charge |
Supplemental
Common Hypothecation Agreement |
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Date of instrument Creating the charge |
24.02.2011 |
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Amount secured by the charge |
Rs.292.412
Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Interest @ 12.50% for OCC 14% for LHV-I, 12.50% LHV-II, 13.50% for
Term Loan, 12.50% for STL Terms of Repayment Repayable on Demand Margin Margin As applicable From Bank Extent and Operation of the charge 100% Till the closure of the Loan |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Hypothecation of
all the Present & Future Stocks and Book Debts, Rapid Loading system for
Bulk Material Imported and Indigenious etc., belonging to the company. |
|
Date of instrument modifying the charge |
05.09.2009 |
|
Particulars of the present modification |
OCC Limit
increased from Rs.40.000 Millions to Rs.70.000 Millions. LC limit of Rs.10.000
Millions given and BG (ST) of Rs.40.000 Millions closed. Total limit reduced
from Rs.302.486 Millions to Rs.292.412 Millions. (OCC/ODBD-Rs.70.000 Millions
/LC-Rs.100 Lacs/Term Loan-II-Rs.50.000 Millions/BG-Rs.40.000 Millions /
LHV-Rs.0.486 Millions /SHT-Rs.120.000 Millions /LHV-II-Rs.1.926 Millions).
Extn of hypothecation of Stocks and Book Debts, Rapid Loading system for Bulk
Material Imported and Indigenious etc., Bangalore given.All other terms,
conditions and securities continues. |
Fixed Assets
- Land
- Building
(Factory)
- Buildings
- Plant and
Machinery
- Generator
- Electro and
Electric Fitting
- Office
Equipment
- Tools and
Equipment
- Computers
- Furniture and
Fittings
- Vehicles
- Handling
Equipment
- Instruments
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.57.07 |
|
|
1 |
Rs.71.40 |
|
Euro |
1 |
Rs.88.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
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Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.