MIRA INFORM REPORT
|
Report Date : |
08.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHAVARE
ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Plot No.D-32,
M.I.D.C., Phase II, Dombivli (East), Thane – 421 204, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.06.1996 |
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Com. Reg. No.: |
11-100426 |
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Capital
Investment / Paid-up Capital : |
Rs.40.000 millions |
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CIN No.: [Company Identification
No.] |
U29100MH1996PTC100426 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Control Panels and also engaged in Software
Development. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 530000 |
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Status : |
Satisfactory |
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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 a satisfactory track record. There appears some dip
in the turnover and profitability of the company during current year.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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.
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No.D-32, M.I.D.C.,
Phase II, Dombivli (East), Thane – 421 204, Maharashtra, India |
|
Tel. No.: |
Not Available |
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Mobile No.: |
91-9820220672 (Mr. Rajesh Ratnakar Chavare) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office/ Factory 2 : |
Plot No.TS-19, M.I.D.C., Phase II, Dombivali (East), District: Thane –
421 204, Maharashtra, India |
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Tel. No.: |
91-251-2870531/ 2870532/ 2871737 |
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Fax No.: |
91-251-2870531/ 2870532/ 2871737 |
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E-Mail : |
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Regional Office : |
S-17, Second Floor, Aditya Mega City, Vaibhav Khand Park, Indirapuram,
Ghaziabad – 200 001, Uttar Pradesh, India
|
|
Tel. No.: |
91-120-4132700 |
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Fax No.: |
91-120-4132700 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Sanjay Ratnakar Chavare |
|
Designation : |
Director |
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Address : |
2, Rasraj, RM 68, Residential Zone, MIDC, Dombivli, Thane – 421 203,
Maharashtra, India |
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Date of Birth/Age : |
28.10.1960 |
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Date of Appointment : |
21.06.1996 |
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DIN No.: |
01278218 |
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Name : |
Mr. Rajesh Ratnakar Chavare |
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Designation : |
Director |
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Address : |
101, 1st Floor, Sargam, Plot No.R15, Sudarshan Nagar, MIDC,
Dombivli (East), Thane – 421 203, Maharashtra, India |
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Date of Birth/Age : |
31.07.1964 |
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Date of Appointment : |
21.06.1996 |
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DIN No.: |
01278267 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay Ratnakar Chavare |
|
98000 |
|
Rajesh Ratnakar Chavare |
|
98000 |
|
SFC Environmental Technologies Private Limited, India |
|
204000 |
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Total |
|
400000 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
51.00 |
|
Directors
or relatives of directors |
|
49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Control Panels and also engaged in Software
Development. |
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Products/ Services : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
Bank of India,
Plot No.34, Sector 24, Turbhe, Navi Mumbai – 400 705, Maharashtra, India |
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Facilities : |
Notes: LONG TERM BORROWINGS ·
Car
loan is obtained against hypothecation of Cars for period of 5 years ending in
August-2013) SHORT TERM BORROWINGS ·
Cash Credits are secured by Stock and Debtors and
against collateral security of MIDC Plat and Building, Machineries and LIC
Policies. ·
Cash Credits are also guaranteed by Directors of
the company. ·
Duration is 12 months (subject to renewal), the
rate of interest is 14%. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.S. Bhat and Associates Chartered Accountants |
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Address : |
002, Eshanay, Opposite Patkar Vidyalaya, Rajaji Path Lane No.2, Dombivli
(East), Thane – 421 201, Maharashtra, India |
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Tel. No.: |
91-251-2437080 |
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Mobile No.: |
91-9820423017/ 9820750677 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AADFD7999J |
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Holding Company : |
SFC
Environmental Technologies Private Limited, India CIN No.: U90000MH2005PTC152235 |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.100/- each |
Rs.40.000 millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.100/- each |
Rs.40.000 millions |
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|
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.000 |
40.000 |
0.683 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
92.460 |
82.808 |
54.137 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
132.460 |
122.808 |
54.820 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
21.994 |
22.144 |
2.110 |
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2] Unsecured Loans |
0.000 |
0.000 |
46.100 |
|
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TOTAL BORROWING |
21.994 |
22.144 |
48.210 |
|
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DEFERRED TAX LIABILITIES |
0.120 |
0.000 |
0.000 |
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TOTAL |
154.574 |
144.952 |
103.030 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
65.692 |
67.432 |
61.869 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.610 |
0.610 |
0.460 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
30.700
|
13.815 |
19.707 |
|
|
Sundry Debtors |
94.676
|
135.281 |
106.206 |
|
|
Cash & Bank Balances |
11.664
|
35.145 |
0.035 |
|
|
Other Current Assets |
36.592
|
31.181 |
9.530 |
|
|
Loans & Advances |
0.758
|
0.796 |
0.761 |
|
Total
Current Assets |
174.390
|
216.218 |
136.239 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
63.721
|
97.229 |
72.312 |
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|
Other Current Liabilities |
7.705
|
|
23.226 |
|
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Provisions |
14.692
|
23.930 |
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Total
Current Liabilities |
86.118
|
139.308 |
95.538 |
|
|
Net Current Assets |
88.272
|
76.910 |
40.701 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
154.574 |
144.952 |
103.030 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Revenue from operations |
299.742 |
348.534 |
248.301 (Gross Income) |
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Other Income |
1.507 |
0.134 |
NA |
|
|
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TOTAL |
301.249 |
348.668 |
NA |
|
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EXPENSES |
|
|
|
|
|
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Office Expenses |
|
316.203 |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
276.481 |
316.203 |
NA |
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PROFIT BEFORE
TAX |
24.677 |
29.237 |
22.588 |
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|
TAX |
8.441 |
8.615 |
0.000 |
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PROFIT AFTER TAX
|
16.297 |
20.622 |
22.588 |
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Earnings Per
Share (Rs.) |
40.74 |
51.56 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.41
|
5.91 |
NA |
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.23
|
8.39 |
NA |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.28
|
10.31 |
11.40 |
|
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|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.24 |
0.41 |
|
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|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.17
|
0.18 |
0.88 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.55 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
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 |
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 |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
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 |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
PERFORMANCE DURING
THE CURRENT YEAR
The Income from
operations has been reduced as compared to previous financial year as the
Company is in field of turnkey projects, the turnover is depends upon number of
projects in hand, status of the projects and billing terms. The some projects
in the state of Uttar Pradesh and Haryana have been delayed in current
financial year due to political instability which has affected the execution of
projects. These projects will get completed by the end of financial year ended
31st March, 2013.
FIXED ASSETS:
·
Land
·
Building
·
Computer
·
Motor Car
·
Plant and Machinery
·
Equipment
·
Factory Equipment
·
Furniture
·
Cellular Phone
·
Air Conditioner
·
Two-Wheeler
·
Software
·
Telephone
·
Fax Machine
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 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.54.88 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.