MIRA INFORM REPORT
|
Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELCOME INTEGRATED SYSTEMS PRIVATE
LIMITED (w.e.f. 17.08.2013) |
|
|
|
|
Formerly Known
As : |
ELCOM MERINE SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
G3, Arihant Building, Ahmedabad Street, Carnac Bunder, Mumbai –
400009, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
11.08.1978 |
|
|
|
|
Com. Reg. No.: |
11-020572 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.80.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63040MH1978PTC020572 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Total Solution and Integration relating to navigation and
communication in marine electronics. |
|
|
|
|
No. of Employees
: |
297 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There is a drastic dip in sales and profit on the company in 2013. However,
Liquidity position of the company is strong. Trade relation are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered normal 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 % to 5.5 % this year and more than 6 % in 2015, according to
Moody’s Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
October 16, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
October 16, 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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Ramesh Shenoy |
|
Designation : |
Vice President (of Finance + Company Secretory + Director) |
|
Contact No.: |
91-22-67618000 |
|
Date : |
20.02.2014 |
LOCATIONS
|
Registered Office : |
G3, Arihant Building, Ahmedabad Street, Carnac Bunder, Mumbai –
400009, Maharashtra, India |
|
Tel. No.: |
91-22-67618000 / 23483614 |
|
Fax No.: |
91-22-67124694 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 Sq.ft |
|
Location : |
Owned |
|
|
|
|
Head Office / Factory : |
Great Eastern, Summit A,
11th Floor, Plot No. 56, Sectro – 15, CBD Belapur, Navi Mumbai –
400614, Maharashtra, India |
|
|
|
|
Branches 1 : |
401, Miles Tone, Panchvati Bedi Road, Jamnagar – Gujarat, India |
|
Tel. No.: |
91-288-2662256 |
|
Fax No.: |
91-288-2662231 |
|
E-Mail : |
|
|
Area : |
2250 Sq.ft |
|
Location : |
Rented |
|
|
|
|
Branches 2: Corporate Office
: |
Kashi Prasad Apartments, Flat No. 2,1st Floor, Near M.P.T. Hospital
Vasco-Da-Gama - 403 802,Goa, India |
|
Mobile No. : |
91-832-2519262 / 63 (Mr. S. Sadekar) |
|
Fax No.: |
91-832-2519262 / 63 |
|
E-Mail : |
|
|
Area : |
300 Sq.ft |
|
Location : |
Rented |
|
|
|
|
Branches 3 : |
Chatterjee International
Centre 5A/18th Floor, 33A Chowringee Road,
Kolkata – 700 071, India |
|
Tel. No.: |
91-33-2226 6088 |
|
Fax No.: |
91-33-2226 6088 |
|
E-Mail : |
|
|
Area : |
1000 Sq.ft |
|
Location : |
Owned |
|
|
|
|
Branches 4 : |
#1, Kandasamy Street, Chandrabagh Avenue Extn, Mylapore, Chennai – 600 004. Tamil
Nadu, India |
|
Tel. No.: |
91-44-28477360 / 28477350 |
|
Fax No.: |
91-442461-4247 |
|
E-Mail : |
|
|
Area : |
1700 Sq.ft |
|
Location : |
Rented |
|
|
|
|
Branches 5: |
Bldg. 27/2718 B, 2nd Floor, M.G. Road, Perumanoor, Thevara, Kochi - 682
015.Kerala |
|
Tel. No.: |
91-484-2358705 |
|
Fax No.: |
91-484-2359381. |
|
E-Mail : |
|
|
Area : |
800 Sq.ft |
|
Location : |
Rented |
|
|
|
|
Branches 6: |
Behind Petrol Pump, Jungli Ghat, P.O. Box 633, Port Blair – 744 103 |
|
Mobile No. : |
91-319-2240709 |
|
Fax No.: |
91-319-2240709 |
|
E-Mail : |
|
|
Area : |
900 Sq.ft |
|
Location : |
Rented |
|
|
|
|
Branches 7 : |
202, Seeta Lakshmi Towers, VIP Road, Balaji Nagar, |
|
Tel. No.: |
91-891-2564637 6662542. |
|
Fax No.: |
91-891-2526057 |
|
E-Mail : |
|
|
Area : |
1000 Sq.ft |
|
Location : |
Rented |
|
|
|
|
Branches 8 : |
Located at
|
DIRECTORS
As ON 30.09.2013
|
Name : |
Mr. Surinder Singh Grewal |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Oakland Park, Flat No. 701, 7th Floor, Building No. L-1,
Andheri (West), Mumbai – 400058, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.06.1945 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
09.10.2012 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00275523 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kuldip Singh Grewal |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Post Box No. 1788, Dubai , U.A.E. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.08.1939 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
11.08.1978 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00275521 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sarabjit Kaur Grewal |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Post Box No. 1788, Dubai , U.A.E. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
14.03.1947 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
11.08.1978 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00275527 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Jimmy Kuldip Grewal |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Post Box No. 1788, Dubai , U.A.E. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
17.06.1977 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2008 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00275531 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Directorship :
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51900MH1984PTC033137 |
GREWAL EXPORTS
PRIVATE LIMITED |
Director |
02/12/2000 |
02/12/2000 |
- |
Active |
NO |
|
2 |
U32200MH1998PTC115600 |
ELCOME
TECHNOLOGIES PRIVATE LIMITED |
Director |
30/09/2003 |
30/09/2003 |
10/01/2008 |
Active |
NO |
|
3 |
U72200MH2003PTC138952 |
ELCOSOFT PRIVATE
LIMITED |
Director |
30/09/2003 |
30/09/2003 |
- |
Active |
NO |
|
4 |
U45203MH2007PTC175179 |
ELCOME
PROPERTIES PRIVATE LIMITED |
Director |
19/10/2007 |
19/10/2007 |
- |
Active |
NO |
|
5 |
U32209MH1993PTC071205 |
INDOCEN
ELECTRONIC SYSTEMS PVT LTD |
Director |
30/09/2008 |
12/05/2008 |
- |
Active |
NO |
|
6 |
U35110MH1997PTC111442 |
ELCOME OFFSHORE
PRIVATE LIMITED |
Director |
30/09/2008 |
12/05/2008 |
- |
Active |
NO |
|
7 |
U63040MH1978PTC020572 |
Elcome
Integrated Systems Private Limited |
Director |
30/09/2008 |
01/07/2008 |
- |
Active |
NO |
|
8 |
U31909MH2002PTC135274 |
NAVICOM
TECHNOLOGY INTERNATIONAL PRIVATE LIMITED |
Director |
30/09/2008 |
01/07/2008 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh Sadanand Shenoy |
|
Designation : |
Secretory |
|
Address : |
6A-6 Creek, View Co Operative Housing Society, Sector 9, Vashi, Navi
Mumbai – 400703, Maharashtra, India |
|
Date of Birth/Age : |
20.05.1959 |
|
PAN NO.: |
AFOPS1372N |
|
Date of Appointment : |
02.04.1990 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2013
|
Name
of Shareholders |
No.
of Shares |
|
Kuldip Singh Grewal |
487,994 |
|
|
192,001 |
|
Sarabjit Kaur Grewal |
60,000 |
|
|
60,000 |
|
Grewal Exports Private Limited |
5 |
|
Total |
800,000 |
As On 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
15.00 |
|
Directors
or relatives of directors |
85.00 |
|
|
|
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Total Solution and Integration relating to navigation and
communication in marine electronics. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
Raw Material |
||||||
|
Countries : |
|
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Cash / Credit (30 days) |
||||||
|
|
|
||||||
|
Purchasing : |
Cash / Credit (30 days) and
Advance |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
297 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Cash Credit : 100.000 Millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 5th Floor, Apollo Mills Compound, N M Joshi
Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Enterprises which are owned, or have significant influence of ore are
partners with key management personnel their relatives : |
CIN No.: U32209MH1993PTC071205
CIN No.: U31909MH2002PTC135274
CIN No.: U74210MH2001PTC130672
CIN No.: U51900MH1984PTC033137 |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000 |
Equity Shares |
Rs.100/- each |
Rs.80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000 |
Equity Shares |
Rs.100/- each |
Rs.80.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
80.000 |
80.000 |
80.000 |
|
(b) Reserves & Surplus |
422.290 |
398.176 |
267.304 |
|
(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) |
502.290 |
478.176 |
347.304 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
112.000 |
90.085 |
90.977 |
|
(b) Deferred tax liabilities
(Net) |
5.483 |
1.652 |
0.332 |
|
(c) Other long term
liabilities |
2.018 |
1.989 |
1.722 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
119.501 |
93.726 |
93.031 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
96.730 |
80.575 |
57.413 |
|
(b) Trade payables |
13.965 |
75.824 |
28.248 |
|
(c) Other current liabilities |
76.063 |
62.168 |
58.036 |
|
(d) Short-term provisions |
21.241 |
41.106 |
85.796 |
|
Total
Current Liabilities (4) |
207.999 |
259.673 |
229.493 |
|
|
|
|
|
|
TOTAL |
829.790 |
831.575 |
669.828 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
233.626 |
101.261 |
112.652 |
|
(ii) Intangible Assets |
4.502 |
5.705 |
6.280 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.699 |
1.947 |
1.947 |
|
(b) Non-current Investments |
0.257 |
0.257 |
0.257 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
23.833 |
9.750 |
10.902 |
|
(e) Other Non-current assets |
0.000 |
6.669 |
2.185 |
|
Total
Non-Current Assets |
262.917 |
125.589 |
134.223 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
132.266 |
117.741 |
141.453 |
|
(c) Trade receivables |
261.851 |
526.007 |
311.213 |
|
(d) Cash and cash equivalents |
122.926 |
28.553 |
17.670 |
|
(e) Short-term loans and
advances |
30.571 |
22.890 |
37.274 |
|
(f) Other current assets |
19.259 |
10.795 |
27.995 |
|
Total
Current Assets |
566.873 |
705.986 |
535.605 |
|
|
|
|
|
|
TOTAL |
829.790 |
831.575 |
669.828 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Gross Income |
772.595 |
1,041.741 |
962.177 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL INCOME |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
74.096 |
230.932 |
188.387 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
23.866 |
19.985 |
18.442 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
50.230 |
210.947 |
169.945 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
14.331 |
13.365 |
11.208 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
35.899 |
197.582 |
158.737 |
|
|
|
|
|
|
|
Less |
TAX |
11.785 |
66.714 |
56.415 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
24.114 |
130.868 |
102.322 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
364.388 |
233.520 |
182.240 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
10.232 |
|
|
Dividend |
0.000 |
0.000 |
35.000 |
|
|
Tax on Dividend |
0.000 |
0.000 |
5.813 |
|
|
Total
|
0.000 |
0.000 |
51.045 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
388.502 |
364.388 |
233.517 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
30.14 |
163.58 |
-- |
Expected Sales (2013-2014): Rs.800.000 Millions (Approximately)
The above information has been parted by Mr. Ramesh Shenoy
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.33
|
23.82 |
23.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.41 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.36 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72
|
2.72 |
2.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
80.000 |
80.000 |
80.000 |
|
Reserves & Surplus |
267.304 |
398.176 |
422.290 |
|
Net
worth |
347.304 |
478.176 |
502.290 |
|
|
|
|
|
|
long-term borrowings |
90.977 |
90.085 |
112.000 |
|
Short term borrowings |
57.413 |
80.575 |
96.730 |
|
Total
borrowings |
148.390 |
170.660 |
208.730 |
|
Debt/Equity
ratio |
0.427 |
0.357 |
0.416 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Gross Income |
962.177 |
1,041.741 |
772.595 |
|
|
|
8.269 |
(25.836) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Gross Income |
962.177 |
1,041.741 |
772.595 |
|
Profit After Tax |
102.322 |
130.868 |
24.114 |
|
|
10.63% |
12.56% |
3.12% |
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 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 |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits From Director |
0.000 |
30.000 |
|
Incorporate Deposit |
40.000 |
59.798 |
|
|
|
|
|
Total |
40.000 |
89.798 |
PAST PERFORMANCE
Despite highly
competitive business conditions, Company concluded yet another year of satisfying
results. The Company achieved a gross turnover of Rs.772.595 Millions in the
current year as compared to last year’s turnover of Rs. 1041.741 Millions
registering a decline of about 25.83%.
The performance
would have been much better if some of the projects had materialized within the
financial year. Though the company had projected turnover much above this level
the same could not be achieved due to delay in the finalization of the award of
contracts by customers and also due to effect of policy paralysis of the
government. Recession The profit after tax for the year under report was Rs.
24.114 Millions in comparison to Rs. 130.868 Millions in the last year,
reflecting a decrease of approx. 81% which is very significant considering the
overall bleak economic scenario. This would not have been possible without the
aggressive and committed policy of the company in rigorous follow up collection
from customers followed with legal action on regular and habitual defaulters.
Directors have
also been able to tone down the effect and impact of the volatility in the
foreign exchange losses by careful study and management of the process relating
to foreign exchange transactions. Since May 2012 the Indian rupee saw a steep
depreciation in the Indian rupee visa vis the dollar and euro, but the impact
on the company was not significant. Though the gap between imports and exports
is quite wide, exports being lesser, company has still managed to balance this
situation, through the mechanism of EEFC accounts, to the extent possible.
Wherever possible the company has entered into arrangements of Buyers Line of
credit to avail of the benefits of lower finance cost through LIBOR based
credits.
The company is
constantly in talks with bankers and other financial advisors to keep the
impact of currency fluctuations to the bare minimum. Nevertheless under no
circumstances the company intends to enter into any type of speculative
transactions in this matter. The company has a volume (imports plus exports)
denominated in US dollars terms of approx. USD 1 million a month. With strain
on the profits of the company arising due to low business volume the company
has focused on areas where it could cut down on unproductive expenditures.
The company
keeping in mind the business prospects ahead had bolstered its field staff
adequately but in view of the current business scenario could not generate the
additional revenue from such deployment. However with the resilience in the
business scenario the company would be able to catapult itself and enjoy a
larger slice and cream of the new business orders in the coming year. In spite
of reduction in the turnover and profits, the company can proudly claim of
stability in its financial situation as all obligations to bankers, creditors
and other agencies have been met fully. There are no contingent liabilities
existing on date which would have an adverse bearing on the balance sheet
position of the company. The Reserves of the company are abundant to take care
of any adverse situation. During the year the company had to face a double
whammy in terms of poor business volume coupled with defaults from a few
customers failing to meet their obligations. The company has spared no efforts
and has taken necessary steps in aggressive follow up and also legal action in
a few cases. The said efforts have been successful and have been able to
mitigate the effect of the same.
The company has several constraints in taking harsh recourse in
some cases considering the fact the most of the company’s customers are
government organisations. Most of such organisation had serious problems in
terms of availability of allocation of funds, delay in clearances from higher
authorities etc. This has had some impact on the bottom line of the company.
REVENUE ON DIRECT (FOB) SALES:
A
unique feature of the company’s business is execution of contracts, wherein
instead of procuring items from the principals the same are directly supplied
to the customers in India for which we are compensated as promotion on sales or
as discount. To this extent the turnover of the company does not reflect the
actual volume of business though in terms of profit there is no difference in
presentation of the accounts. Factoring this, the business turnover of the
company would be approximately Rs. 950.000 Millions (P.Y. Rs.
1500.000 Millions).
CURRENT PERFORMANCE AND FUTURE OUTLOOK
The Company has
completed 35 glorious years of its operations during the current year and
expects steadygrowth in its business in the years to come. For the current year,
the company has estimated a turnover of around Rs 12000.00 Millions based on
theinquiries received and orders in hand and till the end of September 2013 the
company has achieved a turnover of approximately Rs. 400.000 Millions.
As mentioned in
the last years report the Company is in the process of undertaking large
contracts which at this stage cannot be independently handled by the company,
but has arrangements of tie ups with international parties who have full faith
in the capabilities of the company. The company has during the course of last
three years successfully executed big turnkey projects, which has gone to
enhance the confidence of the company and credibility with its customers. In
addition to this the company has also completed some jobs, in the nature of
import substitution part from being hi-tech, which in the immediate future
would be a source of additional business avenues and revenues. The company has
executed prestigious projects in close association with principals in the
current year.
Towards effort of
spreading the risk and further to meet and beat the competition the company has
been continuously scouting for new agencies and products which could be
successfully marketed for increasing the business volumes of the company. With huge
contracts of infrastructure development in the pipeline, the company is poised
to bag a substantial part of the same partly in the current financial year and
in the coming years.
The company’s
decision to diversify, providing solutions to different segments namely ports
& infrastructure, coastal and offshore security in addition to marine
electronics has been a real boon to the company. In spite of highly competitive
environment and downturn in commercial shipping, the company has shown good growth
and expects it to continue over the years. Further with the growing security
threat and concerns in the country the government of India has drawn up huge
plans for expenditure in the defence sectors which would open up large business
avenues for the company. The company is adequately geared up to pick up a
substantial chunk of business from this expenditure.
The Government of
India over the past few years has come out with offset policy provisions
relating to defence procurements with a view to ensure that the foreign
enterprises spend at least 30% of the
contract value in India where contract values are above a particular limit.
This is a potential area of business for company as the foreign enterprises
would necessarily have to tie with Indian companies towards meeting the offset
limits. The company is a strong contender for this business as we have the
wherewithal to meet the requirements of an offset partner. Elcome over a period
of 35 years has been able to consolidate itself into an Integrator in the field
of Marine Electronics.
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10418666 |
05/10/2013 * |
310,000,000.00 |
Axis Bank Limited |
Ground Floor,
Axis House,, Bombay Dyeing Mills Co |
B87044467 |
|
2 |
10381026 |
15/10/2012 * |
100,000,000.00 |
AXIS BANK
LIMITED |
Axis House, Gr.
Flr,, Bombay Dyeing Mill Comp, PB |
B60087749 |
* Date of charge modification
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.62.28 |
|
|
1 |
Rs.103.84 |
|
Euro |
1 |
Rs.85.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.