MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELEMENTS PREFAB PRIVATE LIMITED |
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|
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Registered
Office : |
B-7, Sagar
Complex, Nashik Phata, Kasarwadi, Pune – 411 034, |
|
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.05.2008 |
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Com. Reg. No.: |
25-132115 |
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Capital
Investment / Paid-up Capital : |
Rs.3.000
millions |
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|
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CIN No.: [Company Identification
No.] |
U28910PN2008PTC132115 |
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|
|
TIN No.: |
27270751598 |
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PAN No.: [Permanent Account No.] |
AABCE9907A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pre-Engineered,
Pre-Fabricated Buildings and Steel Components Elements. |
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|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 55000 |
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|
Status : |
Moderate |
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|
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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 moderate track record. The management has seen a dip in its net profitability during 2013.
The company possesses a below average. Financial profile marked by low
networth position and deteriorating cash balance during the year under
review. However, trade relations are fair. Business is active. Payment terms
are slow but correct. 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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
SE 2B |
|
Rating Explanation |
High performance capability and moderate financial strength. |
|
Date |
April 04, 2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 : |
B-7, Sagar
Complex, Nashik Phata, Kasarwadi, Pune – 411 034, Maharashtra, India |
|
Tel. No.: |
91-20-30284011/ 12/ 27124001 |
|
Fax No.: |
91-20-27124001 |
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E-Mail : |
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Corporate Office : |
A-Wing, Sagar Complex, 4th Floor, Nashik Phata, Kasarwadi,
Pune – 411 034, Maharashtra, India |
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|
|
|
Factory : |
Plot No.:B-30/4, MIDC, Ranjangaon, Pune – 412 209, Maharashtra, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Ramesh Ramchandra Dhoot |
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Designation : |
Director |
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Address : |
B-5, Ramkrishna, Varsha Park, Baner, Pune – 411 045, Maharashtra,
India |
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Date of Birth/Age : |
15.06.1948 |
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Date of Appointment : |
27.05.2008 |
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DIN No.: |
02049604 |
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Other Directorship:
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Name : |
Mr. Nilesh Ramesh Dhoot |
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Designation : |
Director |
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Address : |
B-5, Ramkrishna, Varsha Park, Baner, Pune – 411 045, Maharashtra,
India |
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Date of Birth/Age : |
04.09.1976 |
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Date of Appointment : |
27.05.2008 |
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DIN No.: |
02122481 |
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Other Directorship:
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Name : |
Ms. Anjali Rahul Dhoot |
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Designation : |
Director |
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|
Address : |
B-5, Ramkrishna, Varsha Park, Baner, Pune – 411 045, Maharashtra,
India |
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Date of Birth/Age : |
20.12.1975 |
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Date of Appointment : |
27.05.2008 |
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DIN No.: |
02164763 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Anjali Rahul
Dhoot |
90000 |
30.00 |
|
Nilesh Ramesh
Dhoot |
57000 |
19.00 |
|
Rahul Ramesh
Dhoot |
90000 |
30.00 |
|
Ramesh Ramchandra
Dhoot |
6000 |
2.00 |
|
Umesh Ramesh
Dhoot |
57000 |
19.00 |
|
Total
|
300000 |
100.00 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pre-Engineered,
Pre-Fabricated Buildings and Steel Components Elements. |
|
|
|
|
Products/ Services : |
·
Pre Engineered Building ·
Colour Coated Profile
sheets ·
Accessories for
Prefabricated structures ·
Turnkey Solutions ·
Commercial Building
Constructions ·
Residential Building
Constructions ·
Bending and Shearing
Works ·
Interior Solutions ·
Parking Sheds ·
Ventilation System ·
Industrial Cranes |
GENERAL INFORMATION
|
Customers : |
·
Atlas Castalloy Limited ·
Alicon Castalloy Limited ·
Aspee Springs Limited ·
Enkei Wheels (India) Limited ·
Amtek Auto Limited ·
Indrayani Tissue Limited ·
Maschio Gaspardo (India) Limited ·
Shree Tapi Craft and Papers Private Limited ·
Thermotech Engineering ·
Lumax Industries Limited ·
Tata Toyo Radiators Limited ·
Shirodkar Preci Comp Private Limited ·
Arm Welders ·
ZF India Private Limited ·
Super- Tech ·
Super-Gas ·
Quality Pattern Works Private Limited ·
NTB International Private Limited ·
Walchandnagar Industries Limited ·
Shubham Developers ·
Mercedez-benz International School ·
Eck Haubold Laxmi Private Limited ·
Indrayani Tissue Limited |
|
|
|
|
No. of Employees : |
Not Available |
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|
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|
Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
Union Bank of India |
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Facilities : |
-- |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
M.L. Baheti and Company Chartered Accountants |
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Address : |
2, Harihar Apartment, 728/B, Sadashiv Peth, Opposite Sadashiv Peth
Post Office, Kumthekar Road, Pune – 411 030, Maharashtra, India |
|
Tel. No.: |
91-20-24474801 |
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Mobile No.: |
91-9552451930 |
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E-Mail : |
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Website : |
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PAN No.: |
ACDPB2462J |
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Enterprises where KMP have a significant influence: |
·
Dhoot Techno Projects ·
R.R. Dhoot ·
R.R. Dhoot A & E Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each
|
Rs.3.000
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 |
3.000 |
3.000 |
0.100 |
|
(b) Reserves & Surplus |
10.806 |
6.972 |
2.266 |
|
(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) |
13.806 |
9.972 |
2.366 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
6.676 |
7.461 |
8.383 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
6.676 |
7.461 |
8.383 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
10.808 |
10.272 |
11.333 |
|
(c)
Other current liabilities |
1.236 |
1.883 |
(0.245) |
|
(d) Short-term
provisions |
1.619 |
2.105 |
0.993 |
|
Total Current
Liabilities (4) |
13.663 |
14.260 |
12.081 |
|
|
|
|
|
|
TOTAL |
34.145 |
31.693 |
22.830 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12.310 |
12.489 |
8.422 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
12.310 |
12.489 |
8.422 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
14.702 |
4.537 |
9.910 |
|
(c)
Trade receivables |
2.940 |
8.340 |
2.401 |
|
(d) Cash
and cash equivalents |
0.988 |
2.490 |
0.247 |
|
(e) Short-term
loans and advances |
0.983 |
1.282 |
0.748 |
|
(f)
Other current assets |
2.222 |
2.555 |
1.102 |
|
Total
Current Assets |
21.835 |
19.204 |
14.408 |
|
|
|
|
|
|
TOTAL |
34.145 |
31.693 |
22.830 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
75.713 |
78.396 |
43.123 |
|
|
|
Other Income |
|
|
0.078 |
|
|
|
TOTAL |
75.713 |
78.396 |
43.201 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Stock in Trade |
70.477 |
71.585 |
(9.910) |
|
|
|
Operating Expenses |
|
|
47.308 |
|
|
|
Administrative Expenses |
|
|
2.584 |
|
|
|
TOTAL |
70.477 (Including
depreciation) |
71.585 (Including
depreciation) |
39.982 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
3.219 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
5.236 |
6.811 |
2.914 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.618 |
2.105 |
0.909 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
3.618 |
4.706 |
2.005 |
|
|
|
|
|
|
|
|
|
Less |
Short Provision of Income Tax in respect of last year (T.D.S. Refund) |
NA |
NA |
0.084 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
NA |
2.270 |
0.349 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
2.270 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.06 |
15.69 |
200.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.78
|
6.00 |
4.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
6.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.33
|
21.49 |
12.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.68 |
1.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.48
|
0.75 |
3.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.35 |
1.19 |
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 |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
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 |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10467315 |
21/12/2013 |
5,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B92431204 |
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Anjali R. Dhoot |
1.485 |
4.801 |
|
Nilesh R. Dhoot |
3.280 |
1.486 |
|
Ramesh R. Dhoot |
0.108 |
0.927 |
|
Rahul Dhoot |
0.909 |
(0.075) |
|
Umesh Dhoot |
0.894 |
0.322 |
|
Total |
6.676 |
7.461 |
FIXED ASSETS:
·
Land
·
Shed
·
Electrical Installation
·
Plant and Machinery
·
Computer
·
Office Equipment
·
Motor Cars
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.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.