MIRA
INFORM REPORT
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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
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Name : |
ORTON ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Unit No.750-A, Plot No.268, Near Water Tank, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.11.2000 |
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Com. Reg. No.: |
11-129683 |
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Capital
Investment/ Paid-up Capital: |
Rs.1.523 Millions |
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CIN No.: [Company Identification
No.] |
U29113MH2000PTC129683 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing, Trading and Job work of Electrical and Electronic and
Mechanical Engineering Machine. |
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No. of
Employees: |
35 (Approximately) (in Office – 5, In Factory – 30) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 22000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ 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.
INFORMATION PARTED BY
|
Name : |
Mr. Shrinivas B. Bhardwaj |
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Designation : |
Director |
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Contact No.: |
91-9322795995 |
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Date : |
20.11.2012 |
LOCATIONS
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Registered Office/Factory : |
Unit No.750-A, Plot No.268, Near Water Tank, |
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Tel. No.: |
91-22-258055963/25838099/65771359 |
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Fax No.: |
91-22-25805963/25838099/25881384/25881387 |
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E-Mail : |
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Website : |
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Location : |
Owned (Medium Sized) |
DIRECTORS
As on 20.09.2012
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Name : |
Mr. Shankar Maruti Pednekar |
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Designation : |
Director |
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Address : |
Sai Shradha C.H.S. R. No - 301, Plot No. 2, Savarkar Nagar, Thane, |
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Date of Birth/Age : |
13.04.1969 |
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Date of Appointment : |
21.11.2000 |
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Din No.: |
01210228 |
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Name : |
Mr. Dilip Hanumantsa Katwe |
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Designation : |
Director |
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Address : |
B Wing, Building No-3, Room No-201, |
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Date of Birth/Age : |
09.04.1975 |
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Date of Appointment : |
21.11.2000 |
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Din No.: |
01303205 |
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Name : |
Mr. Girish Bhagwandas Mistry |
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Designation : |
Director |
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Address : |
Mh No.272, L. Santosh Mansion, F-14, Ad. |
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Date of Birth/Age : |
02.03.1957 |
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Date of Appointment : |
01.12.2003 |
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Din No.: |
01303297 |
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Name : |
Mr. Abhay Yeshwant Ghag |
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Designation : |
Director |
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Address : |
G-14, New Police Colony, |
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Date of Birth/Age : |
15.03.1967 |
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Date of Appointment : |
01.12.2003 |
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Din No.: |
01763629 |
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Name : |
Mr. Srinivas Bhyrappa Bharadwaj |
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Designation : |
Director |
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Address : |
F-102/3, |
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Date of Birth/Age : |
05.07.1973 |
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Date of Appointment : |
01.12.2003 |
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Din No.: |
01806702 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2012
|
Names of Shareholders |
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No. of Shares |
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Dilip Hanumantsa Katwe |
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6400 |
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Shankar Maruti Pednekar |
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6400 |
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Abhay Yeshwant Ghag |
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6400 |
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Girish Bhagwandas Mistry |
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6400 |
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Srinivas Bhyrappa Bharadwaj |
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6400 |
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Total |
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32000 |
Equity Share Break up (Percentage of Total Equity)
As on 20.09.2012
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Trading and Job work of Electrical and Electronic and
Mechanical Engineering Machine. |
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Products : |
· Vibratory Furnace Chargers · Unbalance Vibratory Motors · Motorized Cable Reeling Drums · Cable Reeling Drums · Cable Drag Chains · AC/DC and Thrustor Brakes · Resistance Boxes · Master Controllers and Drum Controllers |
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GENERAL INFORMATION
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No. of Employees : |
35 (Approximately) (in Office – 5, In Factory – 30) |
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Bankers : |
· Bank of India, Kopri Colony Branch, Raut House, Lokmanya Tilak Road, Thane - 400601, Maharashtra, India ·
Kotak
Mahindra Bank Limited · Citi Bank |
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Facilities : |
LONG TERM
BORROWING Nature of Security and
terms of repayment for Long Term secured borrowings: Rs. in Million
The Term Loan is
guaranted by Directors Rs. in Million
SHORT TERM
BORROWING Working Capital Loan repayable
on demand from Bank of India Common Security for Cash Credit and Term Loan: 1.Equitable Mortgage of Unit
No.7, Ground Floor. Punjani Industrial Estate, |
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Auditors : |
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Name : |
S.K Shetty Chartered Accountant |
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Address : |
D -101, Galaxy Heights, Goregaon Link Road,
Opposite Bangur Nagar, Goregaon (West), Mumbai – 400104, Maharashtra,
India |
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Tel. No.: |
91-22-2879 9325 |
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Fax No.: |
91-22-2879-9326 |
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Pan No.: |
AALFS5141D |
CAPITAL STRUCTURE
After 20.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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32000 |
Equity Shares |
Rs.100/- each |
Rs.3.200
Million |
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As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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16000 |
Equity Shares |
Rs.100/- each |
Rs.1.600 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15230 |
Equity Shares |
Rs.100/- each |
Rs.1.523
Million |
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Detail of
shareholder holding more than 5% shares of the company
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|
31.03.2012 |
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Name
of Shareholders |
No. |
% of holding |
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Equity Shares with voting rights |
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Dilip H. Katwe |
3046 |
20 |
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Abhay Y. Ghag |
3046 |
20 |
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Shankar M. Pednekar |
3046 |
20 |
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Girish B. Mistry |
3046 |
20 |
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Srinivas B. Bharadwaj |
3046 |
20 |
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 |
1.523 |
1.523 |
1.523 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.933 |
3.228 |
2.639 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.456 |
4.751 |
4.162 |
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LOAN FUNDS |
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1] Secured Loans |
2.186 |
2.441 |
2.526 |
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2] Unsecured Loans |
3.428 |
1.930 |
4.838 |
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TOTAL BORROWING |
5.614 |
4.371 |
7.365 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.070 |
9.122 |
11.527 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.830 |
5.097 |
5.329 |
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Capital work-in-progress |
0.000 |
4.918 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.060 |
0.040 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.292
|
5.936 |
5.382 |
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Sundry Debtors |
4.543
|
4.221 |
6.274 |
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Cash & Bank Balances |
2.308
|
0.614 |
0.799 |
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Other Current Assets |
0.000
|
0.062 |
5.146 |
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Loans & Advances |
0.722
|
0.777 |
0.000 |
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Total
Current Assets |
14.865
|
11.610 |
17.601 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
9.475
|
9.518 |
10.022 |
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Other Current Liabilities |
4.210
|
2.918 |
1.143 |
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Provisions |
0.000
|
0.106 |
0.252 |
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Total
Current Liabilities |
13.685
|
12.543 |
11.417 |
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Net Current Assets |
1.180
|
(0.933) |
6.184 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.014 |
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TOTAL |
11.070 |
9.122 |
11.527 |
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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 |
59.599 |
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Other Income |
0.282 |
0.197 |
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TOTAL |
59.881 |
46.123 |
46.801 |
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Less |
EXPENSES |
57.589 |
44.618 |
44.676 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.292 |
1.505 |
2.125 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.254 |
0.629 |
0.818 |
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PROFIT BEFORE
TAX |
1.038 |
0.876 |
1.307 |
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Less |
TAX |
0.334 |
0.287 |
0.177 |
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PROFIT AFTER TAX |
0.704 |
0.589 |
1.130 |
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Earnings Per
Share (Rs.) |
46.22 |
- |
74.21 |
|
Expected Sales (2012-2013) : Rs.50.000 Millions
The above information has been parted by Mr. Shrinivas B. Bhardwaj
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.18 |
1.28 |
2.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.74 |
1.91 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.20 |
5.24 |
5.70 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.18 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.54 |
3.56 |
4.51 |
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Current Ratio (Current Asset/Current Liability) |
|
1.09 |
0.93 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
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No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency Rating,
if available |
No |
OPERATIONS:
The company achieved a turnover of Rs.59.599 Millions as against Rs.45.926 Millions The profit before tax increased more than proportionately reflecting improvement in efficiency of operations and cost control measures. The management is hopeful of improving the performance the years to come.
Note:
The Registered office of the company has been shifted from
Plot No -A 186 Road Bo 16-Zwagle Estate Near Agriculture Thane - 400604
Maharashtra
FORM 8
|
Corporate
identity number of the company |
U29113MH2000PTC129683 |
|
Name of the
company |
ORTON
ENGINEERING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Unit No.750-A, Plot No.268, Near Water Tank, Email: orton@rediffmail.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10105781 |
|
Type of charge |
· Book debts · Movable property (not being pledge) |
|
Particular of
charge holder |
Bank of India, Kopri Colony Branch, Raut House, Lokmanya Tilak Road, Thane - 400601, Maharashtra, India |
|
Nature of
instrument creating charge |
Supllemental
deed of hypothecation |
|
Date of
instrument Creating the charge |
27.06.2012 |
|
Amount secured by
the charge |
Rs. 4.900 Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 3.5% Over Base
Rate, presently 14.00% p.a. monthly rests Term
of Payment: on demand Margin Cash Credit 25%. Extent and
operation of the charge Charge of Hypothecation on movables and book
debts as described in column no. 15 to secure cash credit facility of Rs
4.900 Million including cost expenses, charges, interest there on. |
|
Short particulars
of the property charged (Including location of the property) |
i)
Tangible movables Raw Materials, finished goods / stocks of ore, iron and
steel at Thane. ii) All Plant, Machinery, both present & future at borrowers premises/work site or godowns,
factory at Wagle Estate Thane or in transit or wherever held to borrower's
order / disposition. iii) Book debts,
receivables, claims, bills due and owing from any person firm company or body
corporate or any Government / its Department / office / any Municipal or
local or public or semi Government body / project. |
|
Particulars of the present modification |
Existing
charge of Hypothecation originally created on 13.2.08 to Secure Cash Credit
Facility of Rs. 2.500 Millions by this modification enhanced to Rs. 4.900
Millions |
FIXED ASSETS:
· Factory Premises at upvan
· Factory Gala
· Plant and Machinery
· Computer
· Furniture and Fixtures
· Office Equipment
· Vehicle (Car)
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 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.54.91 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Information Gathered
by : |
MNH |
|
|
|
|
Report Prepared
by : |
BYI |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.