MIRA
INFORM REPORT
|
Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ESTEEM INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Plot Nos.76/77, Pissurlem Industrial Estate, Pissurlem, Sattari, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
26.12.2001 |
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Com. Reg. No.: |
24-003056 |
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Capital
Investment / Paid-up Capital : |
Rs.25.000 Millions |
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CIN No.: [Company Identification
No.] |
U24231GA2001PTC003056 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRE01476G |
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PAN No.: [Permanent Account No.] |
AAACE9474F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Chemicals used in Textile
Industry, Leather Industry, etc. |
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No. of Employees
: |
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RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 886000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The management of the company has failed to file its financials with
the government department since 2011. As per the financials of 2011, the company was found normal for business
dealings. Mr. Uttam, Accounts manager has provided all information but the
financials are not verified. However, trade relations are fair. Business is active. Payment terms
are unknown. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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. Uttam |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9822125358 |
|
Date : |
16.07.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot Nos.76/77, Pissurlem Industrial Estate, Pissurlem, Sattari, Goa –
403530, |
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Tel. No.: |
91-832-6613228/ 2352001/ 2352002/ 2352003/ 2352004/ 6616607 |
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Mobile No.: |
91-9822125358 (Mr. Uttam) |
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Fax No.: |
91-832-2362257 |
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E-Mail : |
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Website : |
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Area : |
7500 Sq. ft |
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Location : |
Owned |
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Factory 2 : |
Bicholim Industrial Estate, Bicholim, |
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Tel. No.: |
91-832-6613228 |
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Area : |
7500 Sq. ft |
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Location : |
Owned |
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Factory 3 : |
Vikramgod, Thane, |
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Branch Office : |
1207, Navjivan-3, |
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Tel. No.: |
91-22 - 23002030 |
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Fax No.: |
91-22 - 23002031 |
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Area : |
150 sq. ft. |
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Location : |
Rented |
DIRECTORS
As on : 29.09.2012
|
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Name : |
Mr. Amol Ashok Walke |
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Designation : |
Director |
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Address : |
D-29, Shushila Housing Board Colony, Mapusa, Bardez, Goa – 403507, |
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Date of Birth/Age : |
31.10.1983 |
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Qualification : |
PHD in Chemical |
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Date of Appointment : |
21.01.2002 |
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DIN No.: |
00664315 |
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Name : |
Mr. Keki Pheroz Gandhi |
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Designation : |
Director |
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Address : |
Hari Niwas, |
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Date of Birth/Age : |
01.02.1937 |
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Qualification : |
Graduate |
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Date of Appointment : |
21.01.2002 |
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DIN No.: |
00664567 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Keki Pheroz Gandhi |
125000 |
|
Anjali A. Walke |
112500 |
|
Amol A. Walke |
12500 |
|
Total |
250000 |
Equity Share Break up (Percentage of Total Equity)
As on : 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Chemicals used in Textile
Industry, Leather Industry, etc. |
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Exports : |
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Products : |
Intermediate Chemicals |
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Countries : |
·
·
·
·
·
·
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
·
·
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Actual Production |
|
Acetonitrile |
Kgs. |
103200.00 |
|
Ethoxylated Alcohol 2 |
Kgs. |
622840.00 |
|
Infinity PK 2731 |
Kgs. |
547000.00 |
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Esteem – 30 – AIE |
Kgs. |
197532.00 |
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Esteem – MFA |
Kgs. |
175000.00 |
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Product – AFO - 1002 |
Kgs. |
157200.00 |
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Tri Ethanol Amine 99% |
Kgs. |
122590.00 |
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Product – ESA – 131290 |
Kgs. |
134400.00 |
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Product – A – 12 |
Kgs. |
128700.00 |
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Esteem – 48 – AF – SPI |
Kgs. |
112300.00 |
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Esteem – EFNI |
Kgs. |
127509.00 |
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Esteem – 48 - AF |
Kgs. |
101717.00 |
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Tri Deycl Alcohol |
Kgs. |
88818.46 |
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Esteem – 30 – ADE |
Kgs. |
95542.00 |
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Product – 400 |
Kgs. |
115740.00 |
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Esteem – 12 – AT |
Kgs. |
96975.00 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
Royal Bank of ICICI Bank Limited, |
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Facilities : |
(Rs. In Millions)
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Auditors : |
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Name : |
B Y and Associates Chartered Accountants |
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Address : |
Mumbai, |
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Financial Institution : |
Pyramid Finance Private Limited, Salgaocar House, |
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Associates/Subsidiaries : |
·
Venus Ethoxyethers Private Limited Address : Bicholim ( ·
VIC Industries Pissurlem Industrial Estate ·
Grand Organics Private Limited, Bicholim |
CAPITAL STRUCTURE
As on : 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.100/- each |
Rs.25.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
25.000 |
25.000 |
25.000 |
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2] Share Application Money |
12.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
184.178 |
146.299 |
129.158 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
221.678 |
171.299 |
154.158 |
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LOAN FUNDS |
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1] Secured Loans |
306.149 |
224.801 |
197.507 |
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2] Unsecured Loans |
68.972 |
27.930 |
32.325 |
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TOTAL BORROWING |
375.121 |
252.731 |
229.832 |
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DEFERRED TAX LIABILITIES |
2.494 |
0.000 |
0.000 |
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TOTAL |
599.293 |
424.030 |
383.990 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
205.039 |
89.809 |
57.879 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
1.124 |
8.383 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
109.298 |
56.112 |
66.117 |
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Sundry Debtors |
338.096 |
243.540 |
228.931 |
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Cash & Bank Balances |
48.706 |
50.491 |
32.712 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
181.598 |
111.475 |
116.793 |
|
Total
Current Assets |
677.698 |
461.618 |
444.553 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
240.567 |
97.145 |
100.355 |
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Other Liabilities |
|
|
1.068 |
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Provisions |
42.902 |
31.401 |
25.402 |
|
Total
Current Liabilities |
283.469 |
128.546 |
126.825 |
|
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Net Current Assets |
394.229 |
333.072 |
317.728 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
599.293 |
424.030 |
383.990 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
1292.507 |
878.068 |
966.981 |
|
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Other Income |
7.263 |
5.595 |
16.560 |
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|
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TOTAL (A) |
1299.770 |
883.663 |
983.541 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1050.867 |
701.755 |
820.522 |
|
|
|
Employees Remuneration |
24.031 |
21.358 |
20.414 |
|
|
|
Operating and Establishment Expenses |
98.902 |
70.286 |
70.466 |
|
|
|
Selling and Administrative Expenses |
10.101 |
8.473 |
3.776 |
|
|
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TOTAL (B) |
1183.901 |
801.872 |
915.178 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
115.869 |
81.791 |
68.363 |
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Less |
FINANCIAL
EXPENSES (D) |
48.937 |
42.274 |
38.414 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
66.932 |
39.517 |
29.949 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.935 |
9.118 |
6.549 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
52.997 |
30.399 |
23.400 |
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Less |
TAX (H) |
15.119 |
13.258 |
6.915 |
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|
PROFIT AFTER TAX
(G-H)
(I) |
37.878 |
17.141 |
16.485 |
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
146.299 |
129.158 |
112.673 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
184.177 |
146.299 |
129.158 |
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
478.539 |
|
|
TOTAL EARNINGS |
NA |
NA |
478.539 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
151.51 |
68.57 |
65.94 |
|
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Sales Turnover (Approximately) |
|
2576.400 |
2003.000 |
The above information has been parted by Mr. Uttam (Accounts Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.91 |
1.93 |
1.67 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.10 |
3.46 |
2.42 |
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.00 |
5.51 |
4.66 |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.17 |
0.15 |
|
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|
Debt Equity Ratio (Total debt/Networth) |
|
1.69 |
1.48 |
1.49 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.39 |
3.59 |
3.51 |
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 |
Yes |
|
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
Two years |
Yes |
|
12] |
Profitability for last
two 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 |
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 |
No |
|
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 |
UNSECURED LOANS :
(Rs.
In Millions)
|
|
31.03.2011 |
31.03.2010 |
|
From Directors |
|
|
|
From Banks/ Financial Institutions |
|
|
|
Total |
68.972 |
27.930 |
CURRENT
LIABILITIES :
|
Particulars |
As
on 31.03.2011 |
As
on 31.03.2010 |
As
on 31.03.2009 |
|
Current Maturities of Long term debt |
|
|
|
|
Total |
|
|
|
BANKERS CHARGES
REPORT AS PER REGISTRY :
|
Corporate
identity number of the company |
U24231GA2001PTC003056 |
|
Name of the
company |
ESTEEM INDUSTRIES
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot Nos.76/ 77, Pissurlem Industrial Estate, Pissurlem, Sattari, Goa
– 403 530, Email : VENUS@VENUS-GOA.COM |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
80008801 |
|
Type of charge |
Book Debts Immovable
Property Other (Current
Asset) |
|
Particular of
charge holder |
ICICI Bank Limited, Email : charul.jain@icicibank.com
CIN : L65190GJ1994PLC021012 |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation dated February 18, 2013 executed by borrower in favor of
ICICI Bank Ltd for enhancement in working capital facilities for Rs 50
million. |
|
Date of
instrument Creating the charge |
18.02.2013 |
|
Rs. 305.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms Terms of Repayment As per sanction
terms Margin As per sanction
terms Extent and Operation of the charge First pari- passu
charge by way of hypothecation of the Companys entire stocks of raw
materials, semi-finished and finished goods, consumable stores and spares and
such other movables including book-debts, bills whether documentary or clean,
outstanding monies, receivables, both present and future, in a form and
manner satisfactory to the Bank. First pari-passu
charge on movable fixed assets of the company excluding vehicles,both present
and future,in a form and manner satisfactory to the bank Others : As per sanction
terms |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Date of
instrument modifying the charge |
19.03.2011 |
|
Particulars of
the present modification |
Modification in
charge is being registered over company current assets, receivables and moveable
fixed assets both present and future for the enhancement of working capital
limits for Rs 50.000 million. The existing charge remains the same and the
present modification is for enhancement in working capital limits for Rs
50.000 million. The total charge is Rs 305.000 million. |
FIXED ASSETS
- Land
- Factory
Buildings
- Plant and
Machinery
- Borewell
- Computers
- D G Set
- Drum Drier
- Effluent
Treatment Plant
- Electrification
- Furniture and
Fixtures
- Laboratory
Equipments
- Nitrogen Gas generator
- Office
Equipments
- Safety
Equipments
- Stacker and
Truck
- Storage Tanks
and Accessories
- Weighing
Scale
- Tools
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. 60.05 |
|
|
1 |
Rs. 90.71 |
|
Euro |
1 |
Rs. 78.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
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 |
|
30 |
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.