MIRA INFORM REPORT
|
Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
EMCO LIMITED (w.e.f. 22.01.1999) |
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Formerly known
as : |
EMCO TRANSFORMERS LIMITED |
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Registered
Office : |
N-104, MIDC Area, Jalgaon – 425003, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.09.1964 |
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Com. Reg. No.: |
11-013011 |
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Capital
Investment / Paid-up Capital : |
Rs.130.274 Millions |
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CIN No.: [Company Identification
No.] |
L31102MH1964PLC013011 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Power Transformers, |
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No. of Employees
: |
Information Denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Rating is constrained on account of low profitability. However,
liquidity position of the company is strong and healthy. 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 dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BB+ |
|
Rating Explanation |
Moderate risk of default and high credit
risk. |
|
Date |
October 15, 2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term Bank facilities : A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
October 15, 2013 |
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
31-03-2014.
INFORMATION DECLINED
Management non co-operative (91-257-2272462)
LOCATIONS
|
Registered Office/ Factory 1 (Industrial Transformers) : |
N-104, MIDC Area, Jalgaon – 425003, |
|
Tel. No.: |
91-257-2272462/ 2272572 |
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Mobile No.: |
91-7738687730 (Mr. Balmukund Somani) |
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Fax No.: |
91-257-2272598 |
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E-Mail : |
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Website : |
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Corporate Office : |
1st Floor, Piramal Tower, Peninsula Corporate Park, G. K. Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India |
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Head Office/ Factory 2 (Power Transformers and Meters) : |
Plot No. F-5, Road No. 28, Wagle Industrial Estate, Thane (West), Thane - 400604, Maharashtra, India |
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Tel. No.: |
91-22-40404500 |
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Fax No.: |
91-22-25820571/ 25830527 |
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E-Mail : |
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Factory 3 (Distribution Transformers) : |
Gat No. 113, 114, 115, Umala, Aurangabad Road, Jalgaon – 425003, Maharashtra, India |
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Tel. No.: |
91-257-2350506/ 07 |
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Fax No.: |
91-257-2350505 |
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E-Mail : |
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Factory 4 (Transmission
Tower Plant - Vadodara) : |
519/521, Asoj, Vadodara - Halol Highway, Vadodara - 391510, Gujarat, India |
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Tel. No.: |
91-2668-281113/ 4 |
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Fax No.: |
91-2668-281030 |
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E-Mail : |
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Factory 5 (Meters) : |
Survey No. 57/2, Building No. B-3, Sanjay Industrial
Estate, Gala No. 1-8, |
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Tel. No.: |
91-260-2668177/ 78 |
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Fax No.: |
91-260-2668176 |
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E-Mail : |
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Regional Offices : |
Located at : · New Delhi · Kolkata · Bangalore · Chennai · Lucknow · Ahmedabad · Panchkula · Raipur |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Rajesh S. Jain |
|
Designation : |
Chairman |
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Qualification : |
B.E. (Electronics) |
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Name : |
Mr. Shailesh S. Jain |
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Designation : |
Vice Chairman |
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Qualification : |
B.E. (Chemical) |
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Name : |
Mr. K. N. Shenoy |
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Designation : |
Independent Director |
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Qualification : |
B.E. (Electrical), PGDBA |
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Name : |
Mr. S.V. Deo |
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Designation : |
Independent Director |
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Qualification : |
B.E. (Electrical), DBM, MIE |
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Name : |
Mr. Bheru Choudhary |
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Designation : |
Independent Director |
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Qualification : |
B.Com, LLM |
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Name : |
Mr. Sanjay Bhatnagar |
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Designation : |
Independent Director |
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Qualification : |
M.E, MBA (Harvard University) |
KEY EXECUTIVES
|
Name : |
Mr. Praveen Kumar |
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Designation : |
Company Secretary |
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Qualification : |
B Com, LLB, ACS |
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Name : |
R.N. Mundra |
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Designation : |
Chief Financial Officer |
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Qualification : |
CA, LLB |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
22365140 |
34.34 |
|
|
5916833 |
9.08 |
|
|
28281973 |
43.42 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
28281973 |
43.42 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3231500 |
4.96 |
|
|
4560 |
0.01 |
|
|
539136 |
0.83 |
|
|
4500 |
0.01 |
|
|
3779696 |
5.80 |
|
|
|
|
|
|
11993105 |
18.41 |
|
|
|
|
|
|
13831633 |
21.23 |
|
|
5725150 |
8.79 |
|
|
1525303 |
2.34 |
|
|
497257 |
0.76 |
|
|
62975 |
0.10 |
|
|
64106 |
0.10 |
|
|
900515 |
1.38 |
|
|
450 |
0.00 |
|
|
33075191 |
50.78 |
|
Total Public
shareholding (B) |
36854887 |
56.58 |
|
Total (A)+(B) |
65136860 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
65136860 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Transformers, Transmission Towers
and Sub-stations, Electronic Energy Meters and Generation of Electricity from
Wind Mill and Solar Farm (Power). |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
· Dena Bank · State Bank of India · Union Bank of India · Bank of India · State Bank of Hyderabad · Canara Bank · Andhra Bank · The Federal Bank Limited · ING Vysya Bank Limited ·
Standard Chartered Bank |
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Facilities : |
LONG-TERM BORROWINGS Nature of
Security and Repayment Terms a) Nil (500) - 12.50% Non Convertible Debentures (NCD) were secured on
first charge (pari passu) by way of mortgage on building situated at
MIDC-Thane, Umala-Jalgaon and on land and building situated at MIDC-Jalgaon
and hypothecation on plant and machinery, furniture, electrical and other
installations, office equipments and air conditioners situated at MIDCThane,
MIDC-Jalgaon, Umala-Jalgaon and Dadra. The said loan was repaid fully in
December 2013 and charge created in favour of lender stands satisfied. b) Vehicle Loans are secured by way of hypothecation on respective
vehicles financed. c) Term loan from banks referred in ( c) (i) above loan is secured by
exclusive first charge by way of mortgage on the specific land on which the
windmills are installed in Maharashtra and exclusive first charge by way of
hypothecation on current assets and movable fixed assets (plant, machinery
equipments) pertaining to windmills. d) Term loan from banks referred in ( c) (ii) above is secured by
exclusive first charge by way of mortgage on the specific land on which the
windmills are installed in Maharashtra and exclusive first charge by way of
hypothecation on movable fixed assets (plant, machinery equipments)
pertaining to windmills. e) Term loan from banks referred in ( c) (iii) above is secured on
first charge basis by way of equitable mortgage on Solar Project’s land and
all other immovable properties, present and future and also by way of
hypothecation on project’s all movable, present and future, all book debts,
operating cash flows, receivables, commissions, revenues of what so ever
nature and where ever arising out of Solar Project. SHORT TERM BORROWINGS 1)
Working Capital Term Loan is secured on first
charge basis (pari passu) by way of equitable mortgage on Company’s immovable
properties situated at MIDC-Thane and MIDC-Jalgaon both present or future.
Further the said working capital term loan is secured on second charge (pari
passu) by way of hypothecation on the Company’s movable assets including
current assets except assets exclusively financed by other lenders i.e. Wind
Mills and Solar farm. 2)
Working Capital Loans from banks and bank
facilities are secured on first charge basis (pari passu) by way of
hypothecation on current assets of the Company such as raw Materials,
stocks-in-process, finished goods, consumable stores and spares, book debts,
outstanding and claims, receivable both present and future except book debts
and receivables pertaining to wind mill and solar farm which are exclusively
financed by other lenders. Further the said working capital facilities are
secured on first charge basis (pari passu) by way of registered mortgage on
the movable and immovable Properties situated at Vadodara (Gujarat) Silvassa
(UT-Dadara and Nagar Haveli) and second charge by way of registered mortgage
on the Company’s all movable fixed assets and on immovable properties
situated at MIDC-Thane, MIDC-Jalgaon and Umala-Jalgaon. 3)
Working capital referred in (c ) above is
overdrawn by Rs. 335.600 (nil). |
|
Statutory Auditor 1 : |
|
|
Name : |
P. Raj and Company Chartered Accountants |
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|
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Statutory Auditor 1 : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
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Solicitors : |
ALMT Legal |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries : |
·
Emco Power Limited ·
Emco Renewable Energy Limited ·
Emco Infrastructure Limited ·
East West Power Generation Limited ·
Emco Overseas Pte. Limited ·
Emco Edison Transformer Pty. Limited ·
PT Setenco Investa Niaga ·
Shekhawati Transmission Service Company Limited
(w.e.f.01.02.2013) |
|
|
|
|
Joint Ventures : |
·
PT Vardhaman Logistics ·
PT Vardhaman Mining Services ·
Rabaan (s) Pte. Limited ·
Shyam Emco Infrastructure Limited ·
Kalinga Energy and Power Limited ·
PT Bina Insan Sukses Mandiri |
|
|
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Association of Persons : |
· Arki Aviation |
|
|
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|
Entities where Key Management Personnel have Significant Influence : |
·
Emco Foundation ·
Emco Power Quality Solutions Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs. 150.000 Millions |
|
500000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65136860 |
Equity Shares |
Rs.2/- each |
Rs. 130.274
Millions |
|
|
|
|
|
a) Reconciliation
of the number of shares
|
|
31.03.2014 |
|
|
|
Number of Shares |
Amount |
|
Balance as at the beginning of the year |
65136860 |
130.274 |
|
Add : Issued during the year |
-- |
-- |
|
Balance as at the end of the year |
65136860 |
130.274 |
b) Details of
shareholders holding shares more than 5% of issued share capital
|
Name of the
shareholders |
31.03.2014 |
|
|
|
Number of Equity Shares Held |
% of Equity Shares held |
|
Rajesh Jain |
9599345 |
14.74 |
|
Shailesh Jain |
6299340 |
9.67 |
|
Emco Investments Private Limited* |
5916833 |
9.08 |
|
Ratna Jain |
4354255 |
6.68 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
130.274 |
130.274 |
130.274 |
|
(b) Reserves & Surplus |
5578.448 |
5515.485 |
5501.775 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5708.722 |
5645.759 |
5632.049 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
557.023 |
311.675 |
566.673 |
|
(b) Deferred tax liabilities (Net) |
111.834 |
74.221 |
47.445 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
12.968 |
13.926 |
11.877 |
|
Total Non-current
Liabilities (3) |
681.825 |
399.822 |
625.995 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4234.010 |
3646.424 |
3443.436 |
|
(b) Trade
payables |
3755.549 |
3204.126 |
3613.772 |
|
(c) Other
current liabilities |
1488.976 |
1668.441 |
990.561 |
|
(d) Short-term
provisions |
207.683 |
135.046 |
113.205 |
|
Total Current
Liabilities (4) |
9686.218 |
8654.037 |
8160.974 |
|
|
|
|
|
|
TOTAL |
16076.765 |
14699.618 |
14419.018 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2818.221 |
2835.188 |
2827.713 |
|
(ii)
Intangible Assets |
130.411 |
75.042 |
100.593 |
|
(iii)
Capital work-in-progress |
10.312 |
50.867 |
40.355 |
|
(iv)
Intangible assets under development |
0.000 |
11.177 |
18.819 |
|
(b) Non-current Investments |
99.772 |
98.772 |
96.172 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
840.982 |
637.693 |
618.508 |
|
(e) Other
Non-current assets |
24.462 |
18.305 |
18.479 |
|
Total Non-Current
Assets |
3924.160 |
3727.044 |
3720.639 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2419.086 |
1850.292 |
1647.669 |
|
(c) Trade
receivables |
5744.569 |
5860.547 |
6446.713 |
|
(d) Cash
and cash equivalents |
154.754 |
23.796 |
79.369 |
|
(e)
Short-term loans and advances |
3834.196 |
3237.939 |
2524.628 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
12152.605 |
10972.574 |
10698.379 |
|
|
|
|
|
|
TOTAL |
16076.765 |
14699.618 |
14419.018 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
8306.793 |
6688.096 |
8095.267 |
|
|
Other Income |
75.782 |
9.636 |
3.918 |
|
|
TOTAL
(A) |
8382.575 |
6697.732 |
8099.185 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6247.217 |
4778.650 |
6240.587 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(157.779) |
10.332 |
(134.918) |
|
|
Employees benefits expense |
487.935 |
467.322 |
564.656 |
|
|
Other expenses |
913.819 |
689.096 |
630.751 |
|
|
Exceptional Items |
0.000 |
(8.496) |
0.000 |
|
|
TOTAL
(B) |
7491.192 |
5936.904 |
7301.076 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
891.383 |
760.828 |
798.109 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
583.307 |
498.976 |
504.026 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
308.076 |
261.852 |
294.083 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
199.778 |
206.231 |
202.593 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
108.298 |
55.621 |
91.490 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
37.613 |
26.776 |
10.855 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
70.685 |
28.845 |
80.635 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2033.426 |
2019.823 |
1954.328 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
6.514 |
13.027 |
13.027 |
|
|
Tax on Dividend |
1.107 |
2.215 |
2.113 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
2096.490 |
2033.426 |
2019.823 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Direct Export |
2538.038 |
548.854 |
289.501 |
|
|
Other Recovery |
3.961 |
0.000 |
3.536 |
|
|
Interest Income |
48.877 |
46.607 |
51.733 |
|
|
TOTAL
EARNINGS |
2590.876 |
595.461 |
344.770 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials / Spare Parts |
829.4 |
704.487 |
298.308 |
|
|
Capital Goods |
44.6 |
8.617 |
0.52 |
|
|
TOTAL
IMPORTS |
874.000 |
713.104 |
298.828 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.09 |
0.44 |
1.24 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.85 |
0.43 |
1.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
10.73 |
11.38 |
9.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.68 |
0.38 |
0.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.84 |
0.70 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.27 |
1.31 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
130.274 |
130.274 |
130.274 |
|
Reserves & Surplus |
5501.775 |
5515.485 |
5578.448 |
|
Net
worth |
5632.049 |
5645.759 |
5708.722 |
|
|
|
|
|
|
long-term borrowings |
566.673 |
311.675 |
557.023 |
|
Short term borrowings |
3443.436 |
3646.424 |
4234.010 |
|
Total
borrowings |
4010.109 |
3958.099 |
4791.033 |
|
Debt/Equity
ratio |
0.712 |
0.701 |
0.839 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8095.267 |
6688.096 |
8306.793 |
|
|
|
(17.383) |
24.203 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8095.267 |
6688.096 |
8306.793 |
|
Profit |
80.635 |
28.845 |
70.685 |
|
|
1.00% |
0.43% |
0.85% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long-term debt |
76.775 |
276.253 |
255.233 |
|
|
|
|
|
|
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 |
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
|
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 |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 10.11.2014 Lodging No: CEXAL/371/2014
Filing Date: 10.11.2014 |
|
Petitioner: THECOMMISSIONER OF CENTRAL EXCISE Respondent: EMCO LIMITED Petn. Adv : JITENDRA BRIJBHUSAN MISHRA (I2937) District: MUMBAI |
|
Bench: DIVISON Status: Pre-Admission
Category: CENTARL EXCISE APPEAL (CEXA) |
|
Act: Central Excise and Salt Act
Under Section: 35G |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10496877 |
29/03/2014 |
250,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023,
INDIA |
C05256219 |
|
2 |
10462208 |
06/11/2013 |
300,000,000.00 |
DENA BANK |
DENA CORPORATE CENTRE,
C-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA -
400051, INDIA |
B90346917 |
|
3 |
10428082 |
02/05/2013 |
3,350,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, M S MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
B75877761 |
|
4 |
10303843 |
21/05/2012 * |
357,500,000.00 |
AXIS BANK
LIMITED |
AXIS HOUSE C-2,
WADIA INTERNATIONAL CENTRE, PANDU |
B41022971 |
|
5 |
10013422 |
12/07/2013 * |
250,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B80596737 |
|
6 |
80021518 |
16/03/2012 * |
17,040,600,000.00 |
DENA BANK |
C-10, G-BLOCK,, BANDRA
KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B36917326 |
|
7 |
80060162 |
05/10/1996 * |
243,000,000.00 |
THE SAKURA BANK
LIMITED |
2-B, MITTAL
COURT, 224 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
80016363 |
26/05/2008 * |
10,455,000,000.00 |
DENA BANK |
COPRPORATE
BUSINESS BRANCH, PLOT NO.C-10, G- BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST),
MUMBAI, MAHARASHTRA - 400051, INDIA |
A39946405 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
Particulars |
|
31.03.2014 (Rs.
In Millions) |
|
a) Bank Guarantees outstanding as at the year-end (gross) –(Secured) |
|
7730.211 |
|
b) Letters of Credit outstanding as at the year-end (Secured) |
|
701.236 |
|
c) Corporate Guarantee for Subsidiary Company |
|
771.550 |
|
d) Disputed amount of Sales Tax |
|
12.053 |
|
e) Claim made by workmen for re-instatement. Matter Subjudice |
|
Amount not ascertainable |
|
f) Disputed amount of Income Tax |
|
30.688 |
|
g) Disputed amount of Excise duty |
|
259.166 |
|
h) Disputed amount of Excise Service tax |
|
31.400 |
|
h) Claims against Company not acknowledged as debt |
|
9.582 |
|
Total |
|
9545.886 |
REVIEW OF OPERATIONS
During the year, Income from Sales and Services
was Rs. 8306.800 millions against Rs. 6688.100 millions in the previous year.
The Company has earned a net profit of Rs. 70.700 millions in the current
financial year against the net profit of Rs. 28.800 millions in the previous
financial year.
FIXED ASSETS
Tangible Assets
·
Freehold Land
·
Building
·
Plant and Machinery
·
Office Equipment and Air conditioners
·
Furniture and Fixtures
·
Air Craft
·
Wind Energy Generators
·
Vehicles
·
Leasehold Improvements
Intangible Assets
·
Goodwill
·
Technical Know-how and Licenses
·
Software
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-orruption 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.62.65 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.78.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.