MIRA
INFORM REPORT
|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
EATON INDUSTRIAL SYSTEMS PRIVATE LIMITED (w.e.f 25.08.2006) |
|
|
|
|
Formerly Known
As : |
EATON TEST LABS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
145, Off Mumbai Pune Road, Pimpri, Pune – 411018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.08.2005 |
|
|
|
|
Com. Reg. No.: |
11-021131 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.290.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210PN2005PTC021131 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01759C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE4955C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and trading of automotive components and other allied services. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick company |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has register case (Case No. 21/2011) with Board for
Industrial and Financial Reconstruction under section 3 (1) (0) of sick
industrial companies act 1985. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a fully secured
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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DENIED
Management Non Co-Operative (91-20-30611565)
LOCATIONS
|
Registered Office : |
145, Off Mumbai Pune Road, Pimpri, Pune – 411018,
Maharashtra, India |
|
Tel. No.: |
91-20-30611565 / 27474407 / 9 / 30611550 / 30611142 / 30611944 / 1520 |
|
Fax No.: |
91-20-27433131 / 27471395 / 30611949 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
As on: 24.09.2013
|
Name : |
Mr. Sachit Atmaram Nayak |
|
Designation : |
Director |
|
Address : |
E1-10, Shirine Gardens, Opposite ITI Aundh, Pune – 411007,
Maharashtra, India |
|
Date of Birth/Age : |
06.08.1966 |
|
Date of Appointment : |
08.05.2012 |
|
DIN No.: |
02317135 |
|
|
|
|
Name : |
Mr. Krishnakumar Srinivasan |
|
Designation : |
Whole Time Director |
|
Address : |
T-9, Nandanvan, Vishal Nagar, Pimple Nilakh, Aundh Annexe, Pune –
411027, |
|
Date of Birth/Age : |
14.03.1966 |
|
Qualification : |
B.E, MBA, Postgraduate Diploma in Export Management. |
|
Experience : |
26 Years |
|
Date of Appointment : |
01.10.2009 |
|
Pan No.: |
AKJPS0519B |
|
DIN No.: |
00692717 |
|
|
|
|
Name : |
Mr. Nitin Shridhar Chalke |
|
Designation : |
Director |
|
Address : |
Flat No. C-501, Rohan Nilay, Phase – I, Near Spicer Collage, Aundh, Pune
– 411007, , Maharashtra, India |
|
Date of Birth/Age : |
17.12.1965 |
|
Date of Appointment : |
21.01.2013 |
|
DIN No.: |
02151999 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Vilas Dharwadkar |
|
Designation : |
Secretary |
|
Address : |
923/2, Sadashiv Peth, Pune – 411030, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1972 |
|
Date of Appointment : |
08.05.2013 |
|
PAN No.: |
AAZPD2213P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 24.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
ETN Holding 2 Limited, Mauritius |
|
28999971 |
|
ETN Asia International Limited, Mauritius |
|
29 |
|
|
|
|
|
Total |
|
29000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 24.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and trading of automotive components and
other allied services. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountants |
|
Address : |
C-401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune, Maharashtra, India |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Fellow Subsidiary
Company : |
· Eaton Automotive Systems Spolka Z.o.o · Eaton Truck Components Spolka Z.o.o · Eaton Industries Private Limited U29299PN1999PTC018053 · Eaton Power Quality Private Limited U72900MH1996PTC097812 · Eaton Technologies Private Limited U29299PN2005PTC020272 · Internormen Filters Private Limited U29197PN1990PTC148155 · Eaton China Investments Limited · Eaton Filtration Pte Limited · Eaton Hydraulics, LLC · Eaton Industries (Thailand) Limited · Eaton Industries (Wuxi) Company Limited · Eaton Industries LP (Scottish Partnership) · Eaton Industries Manufacturing GmbH, · Eaton Limited · Eaton LTDA · Eaton S.r.l |
|
|
|
|
Ultimate Holding
Company : |
Eaton Corporation |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/- each |
Rs.290.000 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 |
290.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
(2637.048) |
(1865.524) |
(1431.240) |
|
(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) |
(2347.048) |
(1855.524) |
(1421.240) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
890.000 |
890.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
3.377 |
|
(d) long-term provisions |
42.664 |
43.276 |
29.158 |
|
Total
Non-current Liabilities (3) |
42.664 |
933.276 |
922.535 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3692.217 |
3235.790 |
2530.957 |
|
(b) Trade payables |
533.638 |
418.973 |
523.568 |
|
(c) Other current liabilities |
1035.619 |
154.917 |
155.066 |
|
(d) Short-term provisions |
67.555 |
52.093 |
40.345 |
|
Total
Current Liabilities (4) |
5329.029 |
3861.773 |
3249.936 |
|
|
|
|
|
|
TOTAL |
3024.645 |
2939.525 |
2751.231 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1804.679 |
1712.899 |
1612.301 |
|
(ii) Intangible Assets |
0.050 |
4.544 |
10.304 |
|
(iii) Capital work-in-progress |
93.983 |
69.169 |
41.087 |
|
(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 |
128.774 |
126.809 |
233.913 |
|
(e) Other Non-current assets |
10.837 |
9.887 |
16.982 |
|
Total
Non-Current Assets |
2038.323 |
1923.308 |
1914.587 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
293.333 |
392.975 |
355.787 |
|
(c) Trade receivables |
352.129 |
298.695 |
378.157 |
|
(d) Cash and cash equivalents |
47.534 |
0.411 |
9.717 |
|
(e) Short-term loans and
advances |
285.622 |
319.970 |
82.811 |
|
(f) Other current assets |
7.704 |
4.166 |
10.172 |
|
Total
Current Assets |
986.322 |
1016.217 |
836.644 |
|
|
|
|
|
|
TOTAL |
3024.645 |
2939.525 |
2751.231 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Total Revenue |
2533.710 |
2792.140 |
2137.260 |
|
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(489.640) |
(434.280) |
(422.870) |
|
|
|
|
|
|
|
|
|
|
TAX |
1.890 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(491.520) |
(434.280) |
(422.870) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2150.740) |
(1716.450) |
(1293.590) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2642.260) |
(2150.740) |
(1716.450) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1268.750 |
1013.200 |
721.430 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(16.95) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.71) |
(15.13) |
(15.60) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.23 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.57) |
(2.22) |
(2.41) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.19 |
0.26 |
0.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
10.000 |
10.000 |
290.000 |
|
Reserves & Surplus |
(1,431.240) |
(1,865.524) |
(2,637.048) |
|
Net
worth |
(1,421.240) |
(1,855.524) |
(2,347.048) |
|
|
|
|
|
|
long-term borrowings |
890.000 |
890.000 |
0.000 |
|
Short term borrowings |
2,530.957 |
3,235.790 |
3,692.217 |
|
Total
borrowings |
3,420.957 |
4,125.790 |
3,692.217 |
|
Debt/Equity
ratio |
(2.407) |
(2.224) |
(1.573) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Revenue |
2,137.260 |
2,792.140 |
2,533.710 |
|
|
|
30.641 |
(9.256) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Revenue |
2,137.260 |
2,792.140 |
2,533.710 |
|
Profit |
(422.870) |
(434.280) |
(491.520) |
|
|
(19.79%) |
(15.55%) |
(19.40%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
890.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
890.000 |
0.000 |
0.000 |
|
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2011 |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
0.000 |
890.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Intercorporate deposits |
3692.217 |
3235.790 |
|
|
|
|
|
Total |
3692.217 |
4125.790 |
OPERATIONS
The Company reported total revenue of Rs 2,533.710 million (-9.26% over last year). The Company is having accumulated losses higher than the net worth. Hence the Company was referred to the Hon’ble BIFR as required by the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA).
The Company’s Draft Rehabilitation Scheme (DRS) for its revival is being examined by BIFR Board office for consideration of Bench and its circulation. The Company is meeting all its obligations towards its liabilities through a combination of borrowings from Eaton entities.
Note: No Charges Exist for Company
FIXED ASSETS:
Tangible Assets
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Electrical Incubation
·
Furniture and Fixtures
·
Office Equipments
·
Vehicle
Intangible Assets
· Computer 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 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.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VRN |
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.