MIRA
INFORM REPORT
|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ENESTEE ENGINEERING LIMITED [w.e.f. 24.03.2010] |
|
|
|
|
Formerly Known
As : |
ENESTEE ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Thapar Enclave II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
14.03.2005 |
|
|
|
|
Com. Reg. No.: |
11-151952 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.56.130 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210MH2005PLC151952 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Engineering Components. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 370000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Panigrahi |
|
Designation : |
Chief Finance Officer |
|
Contact No.: |
91-712-6658555 |
|
Date : |
05.05.2012 |
LOCATIONS
|
Registered Office : |
2nd Floor, Thapar Enclave II, |
|
Tel. No.: |
91-7104-237977 / 237586 / 237592 / 321537 / 322212 91-712-6658555 |
|
Fax No.: |
91-7104-237594 / 95 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Factory : |
KH No. 18A/1 and 18B/3, Mouza Chichbhawan, Kalmeshwar, District |
|
Tel No.: |
91-7118-660217 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sandeep Madhu Nair |
|
Designation : |
Director |
|
Address : |
202, Om Mainsion, |
|
Date of Birth/Age : |
14.04.1983 |
|
Date of Appointment : |
14.03.2005 |
|
Din No.: |
01736716 |
|
|
|
|
Name : |
Mrs. Chitra Madhu Nair |
|
Designation : |
Director |
|
Address : |
202, Om Mainsion, |
|
Date of Birth/Age : |
13.07.1959 |
|
Date of Appointment : |
14.03.2005 |
|
Din No.: |
01737755 |
|
|
|
|
Name : |
Mr. Madhu Kandunni Nair |
|
Designation : |
Director |
|
Address : |
202, Om Mainsion, |
|
Date of Birth/Age : |
27.09.1954 |
|
Date of Appointment : |
16.03.2005 |
|
Din No.: |
00263080 |
|
|
|
|
Name : |
Mr. Subramanaim Thyagaraja |
|
Designation : |
Director |
|
Address : |
Nagpur-440010, |
|
Date of Birth/Age : |
27.09.1954 |
|
Date of Appointment : |
01.08.2008 |
|
Din No.: |
02253478 |
|
|
|
|
Name : |
Mr. Rajesh Prakash Dattar |
|
Designation : |
Director |
|
Address : |
Nagpur-440010, |
|
Date of Birth/Age : |
27.09.1954 |
|
Date of Appointment : |
07.11.2007 |
|
Din No.: |
01710740 |
KEY EXECUTIVES
|
Name : |
Mr. Panigrahi |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sandeep Madhu Nair |
|
1374000 |
|
Chitra Madhu Nair |
|
663333 |
|
Mark Anthony Sharpe |
|
171200 |
|
Madhu Kandunni Nair |
|
2540397 |
|
Ambili Madhu Nair |
|
1375700 |
|
Aparna Madhu Nair |
|
546667 |
|
Rajesh Prakash Dattar |
|
3 |
|
Vighnesh Infratech Private Limited, |
|
145000 |
|
Oxide Tie-Up Private Limited, |
|
889473 |
|
Prithvi Dealers Private Limited, India |
|
74561 |
|
Shruti Vinimay Private Limited, India |
|
451754 |
|
|
|
|
|
Total |
|
8232088 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Engineering Components. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
Oriental Bank of Commerce, National Insurance Building, Station Road, Kingsway,
Nagpur-440001, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lalit Jham and Company Chartered Accountants |
|
Address : |
60B, 2nd Floor, Wholesale Cloth Market, Gandhibagh, Nagpur-440002,
Maharashtra, India |
|
Tel No.: |
91-712-2768666/2778666 |
|
Pan No.: |
ACEPJ6901D |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8232088 |
Equity Shares |
Rs.10/- each |
Rs.82.321
Millions |
As on 31.03.2010
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.56.130
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
56.130 |
15.500 |
9.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
37.020 |
20.682 |
12.454 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
93.150 |
36.182 |
21.454 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
109.405 |
54.840 |
40.879 |
|
|
2] Unsecured Loans |
123.959 |
49.103 |
36.277 |
|
|
TOTAL BORROWING |
233.364 |
103.943 |
77.156 |
|
|
DEFERRED TAX LIABILITIES |
9.792 |
3.463 |
1.980 |
|
|
|
|
|
|
|
|
TOTAL |
336.306 |
143.588 |
100.590 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
108.863 |
71.325 |
59.122 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
134.121
|
50.313 |
40.508 |
|
|
Sundry Debtors |
131.489
|
50.809 |
67.129 |
|
|
Cash & Bank Balances |
26.882
|
6.971 |
6.700 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
54.170
|
19.308 |
5.508 |
|
Total
Current Assets |
346.662
|
127.401 |
119.845 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
112.506
|
53.034 |
77.574 |
|
|
Provisions |
7.226
|
2.111 |
0.817 |
|
Total
Current Liabilities |
119.732
|
55.145 |
78.391 |
|
|
Net Current Assets |
226.930
|
72.256 |
41.454 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.513 |
0.007 |
0.014 |
|
|
|
|
|
|
|
|
TOTAL |
336.306 |
143.588 |
100.590 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
535.991 |
290.609 |
208.593 |
|
|
|
Other Income |
0.936 |
0.240 |
0.093 |
|
|
|
TOTAL (A) |
536.927 |
290.849 |
208.686 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
402.904 |
220.313 |
159.467 |
|
|
|
Other Manufacturing Expenses |
56.092 |
29.014 |
28.476 |
|
|
|
Salaries and Wages |
14.287 |
9.868 |
7.289 |
|
|
|
Repairs and Maintenance |
1.768 |
1.175 |
0.933 |
|
|
|
Selling and Administrative Expenses |
25.052 |
15.117 |
9.036 |
|
|
|
Increase in Stocks |
(13.144) |
(8.931) |
(10.921) |
|
|
|
TOTAL (B) |
486.959 |
266.556 |
194.280 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
49.968 |
24.293 |
14.406 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.000 |
8.486 |
2.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.968 |
15.807 |
11.446 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.294 |
3.253 |
1.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
31.674 |
12.554 |
10.046 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.417 |
4.253 |
4.123 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
16.257 |
8.301 |
5.923 |
|
|
|
|
|
|
|
|
|
Add |
INCOME TAX
WRITTEN BACK |
0.070 |
0.000 |
2.700 |
|
|
|
FBT WRITTEN BACK
|
0.011 |
0.000 |
0.000 |
|
|
Less |
FRINGE BENEFIT
TAX |
0.000 |
0.073 |
0.156 |
|
|
|
INCOME TAX |
0.000 |
0.000 |
2.063 |
|
|
|
|
|
|
|
|
|
|
PROFIT
TRANSFERRED TO RESERVE |
16.338 |
8.228 |
6.404 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.03
|
2.85 |
2.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.91
|
4.32 |
4.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.95
|
6.32 |
5.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.35 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.79
|
4.40 |
7.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
2.31 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS: NOT AVAILABLE
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
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 |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
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 |
No |
|
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 |
No |
|
30) Major Shareholders, if available |
Yes |
NOTE:
The registered office of the company has been shifted from J-9, J-10 and J-11/1, MIDC Industrial Area, Hingna Road, Nagpur-440016, Maharashtra, India to the present address w.e.f. 01.07.2011.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10305792 |
|
Corporate
identity number of the company |
U74210MH2005PLC151952 |
|
Name of the
company |
ENESTEE
ENGINEERING LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2nd Floor, Thapar Enclave II, University Library Road,
Ramdaspeth, Nagpur-440110, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of charge
holder |
Oriental Bank of Commerce, National Insurance Building, Station Road,
Kingsway, Nagpur-440001, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
No Instrument -
Extension of Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
01.03.2012 |
|
Amount secured by
the charge |
Rs.647.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.00 % Over Bank
B.R (Present BR of the bank is 10.75 %) which work out 12.75 % at present
with monthly rests or such other rate as agreed between the borrower company
and the bank from time to time Terms of
Repayment Repayment, as
agreed between the borrower company and the bank from time to time. Margin Margin Rate, as
agreed between the borrower company and the bank from time to time. Extent and Operation
of the charge At the request of
the borrower company, the bank has revised overall banking limits upto Rs.
647.500 Millions against Mortgage of the immovable properties. The charge
stands modified upto Rs. 647.500 Millions Others Other Terms and
Conditions as per sanction letter and all other loaning documents executed
between borrower and bank. |
|
Short particulars
of the property charged |
All that piece
and parcel of the Non Agricultural land bearing Kh. No. 18 A 1(18/A+B)
admeasuring 4.04 H. R. Bhogwatdar Class I-rights Mouza-Chanchbhavan P. H. 23,
Tal Kalmeshwar. All that piece
and parcel of the Non Agricultural land bearing Kh. No. 18 A 3 (18/A+B)
admeasuring 4.04 H. R. Bhogwatdar Class I-rights Mouza-Chanchbhavan P. H. 23,
Tal Kalmeshwar. |
|
Particulars of
the present modification |
By way of present
modification, the bank has enhanced overall banking limits upto Rs. 647.500
Millions and further secured by the immovable properties of the Company. The details of
Banking limits are as under Limits Existing Revised
Rs. in Millions CC 230.000 250.000 TL I to III 197.500
197.500 L/C 150.000 150.000 BG 50.000 50.000 ----------- ------------ Total 627.500 647.500 |
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.