MIRA INFORM REPORT
|
Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
EAST WEST ENGINEERING AND ELECTRONICS
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
44, Acharya Nagar, W. T. Marg, Deonar, Mumbai – 400088, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160146 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28900MH2006PTC160146 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Industrial Ratio Graphic Accessories, NDT
Equipments |
|
|
|
|
No. of Employees
: |
44 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 83000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has achieved better growth in terms of its overall
profitability during 2012. Financial and liquidity position appears to be
strong and healthy. Trade relations are fair. Business is active. Payment terms are
reported as 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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. Kulbhushan Premnath Jetly |
|
Designation : |
Chairman / Managing Director |
|
Contact No.: |
91-9820149132 |
|
Date : |
04.07.2013 |
LOCATIONS
|
Registered Office : |
44, Acharya Nagar, W. T. Marg, Deonar, Mumbai – 400088, |
|
Tel. No.: |
91-22-27686241/ 42/ 43/ 25566096 |
|
Mobile No.: |
91-9820149132 (Mr. Kulbhushan Premnath Jetly) |
|
Fax No.: |
91-22-27686245 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
D-191, MIDC Shiravane, Opposite Gemini Automobile, Nerul, Navi Mumbai
– 400706, Maharashtra, India |
|
Tel. No.: |
91-22-27686241/44 |
|
Fax No.: |
91-22-27686245 |
|
Location : |
Owned |
DIRECTORS
As on 18.09.2012
|
Name : |
Mr. Kulbhushan Premnath Jetly |
|
Designation : |
Chairman / Managing Director |
|
Address : |
44, Acharya Nagar, W. T. Marg, Deonar, Mumbai – 400088, |
|
Date of Birth/Age : |
15.01.1943 |
|
Date of Appointment : |
01.03.2006 |
|
DIN No.: |
00941308 |
|
|
|
|
Name : |
Mrs. Manju Kulbhushan Jetly |
|
Designation : |
Director |
|
Address : |
44, Acharya Nagar, W. T. Marg, Deonar, Mumbai – 400088, |
|
Date of Birth/Age : |
03.10.1949 |
|
Date of Appointment : |
01.03.2006 |
|
DIN No.: |
01138881 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Manju K. Jetly |
|
600 |
|
Kulbhushan P. Jetly |
|
400 |
|
Total |
|
1000 |
As on 18.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Industrial Ratio Graphic Accessories, NDT
Equipments |
|
|
|
|
Exports : |
|
|
Products : |
Industrial Ratio Graphic Accessories, NDT Equipments |
|
Countries : |
|
|
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|
Imports : |
|
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Products : |
Raw Material |
|
Countries : |
|
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|
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
44 (Approximately) |
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Bankers : |
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|||||||||
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|||||||||
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Facilities : |
Overdraft Rs.1.400 millions (From ICICI Bank Limited) (Rs.
In Millions)
|
|
|
|
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Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Vijay S. Jain Chartered Accountants |
|
Address : |
402, 4th Floor, Aniket Tower Co operating Housing Society, Thane
(West), Thane – 400601, Maharashtra, India |
|
Tel. No.: |
91-22-25478825/25473698 |
|
PAN No.: |
ABVPJ6733B |
|
|
|
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Sister Concern : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.100 |
0.100 |
|
(b) Reserves & Surplus |
|
20.754 |
15.354 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
10.503 |
7.421 |
|
(b) Trade payables |
|
14.093 |
13.002 |
|
(c) Other current liabilities |
|
3.351 |
3.200 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
TOTAL |
|
48.801 |
39.077 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1.503 |
1.408 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
6.391 |
3.008 |
|
(b) Inventories |
|
3.746 |
3.009 |
|
(c) Trade receivables |
|
30.850 |
26.151 |
|
(d) Cash and cash equivalents |
|
3.229 |
2.981 |
|
(e) Short-term loans and advances |
|
0.702 |
0.422 |
|
(f) Other current assets |
|
2.380 |
2.098 |
|
TOTAL |
|
48.801 |
39.077 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
10.066 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10.166 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.904 |
|
|
2] Unsecured Loans |
|
|
5.914 |
|
|
TOTAL BORROWING |
|
|
6.818 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
16.984 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.487 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.564 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1.722 |
|
|
Sundry Debtors |
|
|
22.612 |
|
|
Cash & Bank Balances |
|
|
0.262 |
|
|
Other Current Assets |
|
|
4.314 |
|
|
Loans & Advances |
|
|
0.331 |
|
Total
Current Assets |
|
|
29.241 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
9.935 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
6.402 |
|
Total
Current Liabilities |
|
|
16.337 |
|
|
Net Current Assets |
|
|
12.904 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.029 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
16.984 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
65.291 |
65.288 |
59.402 |
|
|
|
Other Income |
1.207 |
0.144 |
0.223 |
|
|
|
TOTAL |
66.498 |
65.432 |
59.625 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
58.448 |
57.422 |
52.756 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
58.448 |
57.422 |
52.756 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.050 |
8.010 |
6.869 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.233 |
0.267 |
0.255 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
7.817 |
7.743 |
6.613 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.418 |
2.456 |
2.123 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5.399 |
5.287 |
4.490 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Others |
11.347 |
18.694 |
17.190 |
|
|
TOTAL IMPORTS |
11.347 |
18.694 |
17.190 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5399.00 |
5287.00 |
4491.00 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover |
|
|
73.900 |
Expected Sales (2013-14) : Rs. 80.000 Millions
The above information has been parted by Mr. Kulbhushan Premnath Jetly.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.12
|
8.08 |
7.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.97
|
11.86 |
11.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.02
|
19.81 |
22.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.50 |
0.65 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.50
|
0.48 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.59 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
OPERATIONS
Sales and Other Income for the financial year ended 31st March 2012 amounted to Rs.66.498 Millions as compared to Rs 65.432 Millions for the year ended 31.03.2011. Comnpanies Products have been well received in the domestic as well as export market. The Company expects substantial growth in domestic and export turnover in the current year.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
|
|
|
|
Manju Kulbhushan Jetly |
4.481 |
2.881 |
|
Kulbhushan Premnath Jetly |
0.026 |
0.051 |
|
Sameer Jetly |
0.450 |
0.450 |
|
Globe Testing and Inspection Services |
3.178 |
3.244 |
|
Total |
8.135 |
6.626 |
FIXED ASSETS:
·
Genset
·
Air Conditioner
·
Computer
·
Furniture and Fixture
·
Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.61.05 |
|
|
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYN |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.