MIRA INFORM REPORT
|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
IMECO CLEANING AND WELDING EQUIPMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
62, Shah Industrial Estate, Deonar, Mumbai – 400 088, Maharashtra |
|
|
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
13.03.1990 |
|
|
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Com. Reg. No.: |
11-055775 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3.046
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33125MH1990PTC055775 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of
Ultrasonic Machines for Plastics Welding, Tube Sealing and Industrial Cleaning,
Spot Welding Machine, Continuous Sealer and Cut and Seal Machine. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 21000 |
|
|
|
|
Status : |
Moderate |
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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 moderate track record. The
profitability of the company appears to be slow. The external borrowing seems
to be huge. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with great
caution. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : |
62, Shah Industrial Estate, Deonar, Mumbai – 400 088, Maharashtra,
India |
|
Tel. No.: |
91-22-24093427 |
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Fax No.: |
Not Available |
|
E-Mail : |
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Website : |
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|
Head Office : |
401/402, Lloyds Chambers, Block
II, Mangalwar Peth, Maldhakka Chowk,
Pune – 411 011, Maharashtra, India |
|
Tel. No.: |
91-20-66408821 |
|
Fax No.: |
91-20-66408830 |
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|
|
|
Factory : |
A1 to A7, Shubhamkaroti
Industrial Estate, Gat No.1546, Pirangut, Taluka
Mulshi, District Pune – 412 108, Maharashtra, India |
|
Tel. No.: |
91-20-66745687/ 66745689 |
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Fax No.: |
91-20-66745687/ 66745689 |
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E-Mail : |
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Branch Office 1 : |
17 D, Shalimar Industrial Estate,
Matunga, Mumbai – 400 019, Maharashtra,
India |
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Tel. No.: |
91-22-24090015 |
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Fax No.: |
91-22-24090015 |
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|
|
|
Branch Office 2 : |
2/39, 1st Floor,
Opposite State Bank of India, Poonamalle Trunk Road, Kattupakkam, Chennai –
600 056, Tamilnadu, India |
|
E-Mail : |
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|
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Delhi Representative Office: |
Artek Enterprises Private Limited
505, Madhuban Building, 55, Nehru Place, New Delhi – 110 019, India |
|
Tel. No.: |
91-11-26435330, 26484672,
26484673 |
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Fax No.: |
91-11-26216934 |
|
E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Vasudeo Narayan Kabadi |
|
Designation : |
Director |
|
Address : |
E-44, Masjid Moth, South Delhi, Delhi – 110 048, India |
|
Date of Birth/Age : |
13.05.1944 |
|
Date of Appointment : |
28.11.2011 |
|
DIN No.: |
00050745 |
|
|
|
|
Name : |
Mr. Sameer Shashi Kant Narang |
|
Designation : |
Director |
|
Address : |
D-3/2, Vasant Vihar, South Delhi, Delhi – 110 067, India |
|
Date of Birth/Age : |
20.10.1976 |
|
Date of Appointment : |
28.11.2011 |
|
DIN No.: |
01161598 |
|
|
|
|
Name : |
Mr. Atul Vinayak Kulkarni |
|
Designation : |
Director |
|
Address : |
Soulavi, Sector 26, Plot No.164, Behind Swami Samarth Mandir,
Pradhikaran Nigdi, Pune – 411 054, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1970 |
|
Date of Appointment : |
19.12.2011 |
|
DIN No.: |
05150841 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Classic Industrial Products Private Limited, India |
|
192990 |
|
Vasudeo Narayan Kabadi |
|
5000 |
|
Sameer Narang |
|
106610 |
|
Total |
|
304600 |
As on 18.12.2012
|
Names of Allottees |
|
No. of Shares |
|
Vasudeo Narayan Kabadi |
|
200000 |
|
Sameer Shashi Kant Narang |
|
100000 |
|
Total |
|
300000 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
63.00 |
|
Directors
or relatives of directors |
|
37.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ultrasonic
Machines for Plastics Welding, Tube Sealing and Industrial Cleaning, Spot
Welding Machine, Continuous Sealer and Cut and Seal Machine. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Gopalakrishnan Associates Chartered Accountants |
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Address : |
110, “Saideep”, N.G. Acharya Marg, Chembur, Mumbai – 400 071,
Maharashtra, India |
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Tel. No.: |
91-22-25217421 |
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Fax No.: |
91-22-25217421 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFG2391J |
CAPITAL STRUCTURE
After 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
604600 |
Equity Shares |
Rs.10/- each |
Rs.6.046
millions |
|
|
|
|
|
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs.10/- each |
Rs.9.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
304600 |
Equity Shares |
Rs.10/- each |
Rs.3.046
millions |
|
|
|
|
|
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 |
3.046 |
3.046 |
3.046 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.095 |
1.268 |
1.117 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.141 |
4.314 |
4.163 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.011 |
16.068 |
17.166 |
|
|
2] Unsecured Loans |
4.385 |
11.423 |
12.081 |
|
|
TOTAL BORROWING |
20.396 |
27.491 |
29.247 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25.537 |
31.805 |
33.410 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.167 |
6.877 |
8.206 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.351 |
0.338 |
1.358 |
|
|
DEFERRED TAX ASSETS |
0.152 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
52.888
|
58.332 |
37.430 |
|
|
Sundry Debtors |
8.957
|
14.317 |
19.293 |
|
|
Cash & Bank Balances |
3.004
|
3.236 |
2.081 |
|
|
Other Current Assets |
0.130
|
0.523 |
0.234 |
|
|
Loans & Advances |
2.139
|
2.407 |
2.363 |
|
Total
Current Assets |
67.118
|
78.815 |
61.401 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
33.780
|
26.863 |
|
|
|
Other Current Liabilities |
14.254
|
26.572 |
|
|
|
Provisions |
0.217
|
0.790 |
0.590 |
|
Total
Current Liabilities |
48.251
|
54.225 |
37.555 |
|
|
Net Current Assets |
18.867
|
24.590 |
23.846 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25.537 |
31.805 |
33.410 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
TURNOVER |
92.708 |
77.366 |
40.997 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.609 |
1.994 |
1.633 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.031 |
1.243 |
1.484 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.578 |
0.751 |
0.149 |
|
|
|
|
|
|
|
Less |
TAX |
0.027 |
0.200 |
0.120 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.551 |
0.551 |
0.029 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
Nil
|
1.539 |
0.799 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.81 |
1.81 |
0.10 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.79
|
0.88 |
0.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.17 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.97
|
6.37 |
7.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.45 |
1.63 |
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 |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
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 |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Loans and Advances From Related Parties |
3.895 |
11.423 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans Repayable on Demand |
|
|
|
- From Banks |
|
|
|
Cosmos Bank, Dadar (Book Overdraft) |
0.490 |
0.000 |
|
Total
|
4.385 |
11.423 |
Note:
The registered office of the company has been shifted from 19C, Shalimar
Industrial Estate, Matunga, Mumbai – 400 019, Maharashtra to the present
address w.e.f. 26.12.2011.
Bankers Charges Report
as per Registry
|
Corporate identity number of the company |
U33125MH1990PTC055775 |
|
Name of the company |
IMECO CLEANING
AND WELDING EQUIPMENTS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
62, Shah
Industrial Estate, Deonar, Mumbai – 400 088, Maharashtra, India E-Mail: casanjayrawal@gmail.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Floating Charge |
|
Particular of charge holder |
The Cosmos
Co-Operative Bank Limited (Kothrud Branch), 269/270, Shaniwar Peth, Pune –
411 030, Maharashtra, India E-Mail: mandevazecs@gmail.com |
|
Nature of description of the instrument
creating or modifying the charge |
Hypothecation of tangible goods/movable
property to secure a demand cash credit account/ demand overdraft account/
demand loan account dated 21.08.2012 |
|
Date of instrument Creating the charge |
21.08.2012 |
|
Amount secured by the charge |
Rs.3.000 millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest: 18% p.a. (Basic ROI 15% + 3% for ADHOC
Limit) Terms of Repayment: 90 days Margin: 25% in Banks favour Extent and Operation of the charge: The charge shall continue to operate till
full repayment of the facility enjoyed by the company Others: Cash Credit (ADHOC Limit) of Rs.3.000
millions for Working Capital |
|
Short particulars of the property charged |
Stock and Debtors |
FIXED ASSETS:
·
Electrical Fittings
·
Furniture and Fixtures
·
Industrial Shed
·
Office Appliances
·
Plant and Machinery
·
Vehicle
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] 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.54.34 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.