MIRA INFORM REPORT
|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
EBACO INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
18 Convent Road, Rishmond Town, Bangalore – 560025, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.09.1994 |
|
|
|
|
Com. Reg. No.: |
08-016225 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.11.108
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51504KA1994PTC016225 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRE00396E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Engaged into Multinational Procurement and Service Provider of Sports
Infrastructure, Flooring and Furniture Solutions. |
|
|
|
|
No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Ebaco International Pte. Limited”. It is
an established company having moderate track record. Management has reported huge accumulated losses due to which the
company has eroded its net worth during 2013. The ratings also take into consideration the infusion of funds from
the part of promoters and the limited value adding nature of the business. However,
business is active. Payment terms are reported as slow. In view of support from its holding company, the subject can be
considered for business dealings on a safe and 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.
HENKEL RATING
|
HENKEL’s Rating : |
500 (Doubtful accounts) |
|
Credit
Rating |
Henkel
Rating (Customer Risk Assesment- CRA) |
||
|
Mira
Inform |
Risk
Category |
Credit
Limit |
Description |
|
Aaa |
100 |
Inter Company, credit limit
not required |
Very low risk (blue ships) |
|
Aa |
200,
201 |
(120% of Gross Annualised
Sales/365)*Credit Term. |
Low risk |
|
A |
300,
301 |
(100% of Gross Annualised
Sales/365)*Credit Term. |
Moderate risk |
|
Ba |
350 |
(90% of Gross Annualised
Sales/365)*Credit Term. |
Significant risk |
|
B |
400 |
(80% of Gross Annualised
Sales/365)*Credit Term. |
High risk |
|
450 |
Very high risk |
||
|
Ca
or C |
500* |
NIL/ Legal/ Bad/No Transaction |
Doubtful accounts |
|
007* |
NIL |
Small unrated customers |
|
|
009* |
NIL |
Inactive customers |
|
|
999* |
Initially First Invoice vales,
CRA will be done and based on report the CL would get revised. |
New customer |
|
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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 PARTED BY
|
Name : |
Mr. J. P. Maheshwari |
|
Designation : |
Operation Head |
|
Contact No.: |
91-9811705990 |
|
Date : |
15.10.2014 |
LOCATIONS
|
Registered Office : |
18 Convent Road, Rishmond Town, Bangalore – 560025,
Karnataka, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9811705990 (J. P. Maheshwari0 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches / Corporate Office 1 : |
6B, Bezzola Complex, Ground Floor, Near Swastika Chambers, Chembur,
Mumbai – 400071, Maharashtra, India |
|
Tel. No.: |
91-22-25274038 |
|
|
|
|
Branches / Corporate Office 2 : |
Kh No. 383, 100 Feet Road, Near Canara Bank, Mehrauli - Gurgaon Road , Ghitorni, New Delhi – 110030, India |
|
Tel. No.: |
91-11-32053205 / 32516668 |
DIRECTORS
As on: 25.09.2013
|
Name : |
Mr. Rajiv Kapoor |
|
Designation : |
Director |
|
Address : |
22/18-A, Tilak Nagar, New Delhi, 110018, India |
|
Date of Birth/Age : |
20.01.1979 |
|
Date of Appointment : |
20.04.2006 |
|
DIN No.: |
00152662 |
|
|
|
|
Name : |
Mr. Joseph Dominic Savio Rasquinha |
|
Designation : |
Director |
|
Address : |
# 18, Convent
Road, Richmond Town, Bangalore - 560025, Karnataka, India |
|
Date of Birth/Age : |
02.07.1965 |
|
Date of Appointment : |
13.09.1994 |
|
DIN No.: |
00769779 |
|
|
|
|
Name : |
Mrs. Shobha Benedicta Rasquinha |
|
Designation : |
Director |
|
Address : |
# 302, Amber Appartments,
3 Berlie Street, Langford Town, Bangalore - 560025, Karnataka, India |
|
Date of Birth/Age : |
26.07.1969 |
|
Date of Appointment : |
13.09.1994 |
|
DIN No.: |
00779227 |
|
|
|
|
Name : |
Mr. Christopher Joseph Baur |
|
Designation : |
Director |
|
Address : |
61 Meyer Road, # 20-02, Singapore, 437885, Singapore |
|
Date of Birth/Age : |
26.04.1973 |
|
Date of Appointment : |
13.09.1994 |
|
DIN No.: |
02758268 |
|
|
|
|
Name : |
Mrs. Sunita Rasquinha |
|
Designation : |
Director |
|
Address : |
61, Meyer Road, #20-02, The Atria, Singapore, 437885, Singapore |
|
Date of Birth/Age : |
30.07.1951 |
|
Date of Appointment : |
13.09.1994 |
|
DIN No.: |
03108845 |
KEY EXECUTIVES
|
Name : |
Mr. J. P. Maheshwari |
|
Designation : |
Operation Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 25.09.2013
|
Name
of Shareholders |
No.
of Shares |
%age |
|
Ebaco International Pet
Limited, Singapore |
2,405 |
21.65 |
|
Joseph Dominic Savio Rasquinha |
242 |
2.18 |
|
Melanie Maria Pavate |
373 |
3.36 |
|
Christopher Joseph Baur |
547 |
4.92 |
|
Sunita Rasquinha |
7,541 |
67.89 |
|
TOTAL |
11,108 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 25.09.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
21.65 |
|
Directors or relatives of Directors |
74.99 |
|
Others |
3.36 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Engaged into Multinational Procurement and Service Provider of Sports
Infrastructure, Flooring and Furniture Solutions. |
|
|
|
|
Imports : |
|
|
Products : |
Flooring |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Cheque and Credit |
|
|
|
|
Purchasing : |
Cash, Cheque and Credit |
GENERAL INFORMATION
|
Customers : |
Others |
|
|
|
|
No. of Employees : |
60 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Udyen Jain and Associates Chartered Accountant |
|
Address : |
S-14 , IIIrd Floor, Pandav Nagar, New Delhi-110092, India |
|
PAN No.: |
AACFU2367E |
|
|
|
|
Holding Company : |
Ebaco International Pte Limited |
|
|
|
|
Associates : |
Ebaco Far East Pte Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000 |
Equity Shares |
Rs.1000/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11108 |
Equity Shares |
Rs.1000/-
each |
Rs. 11.108
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
FINANCIAL DETAIL FINE ATTACHED
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 |
1.840 |
1.840 |
11.108 |
|
Reserves & Surplus |
(5.380) |
(11.374) |
(26.306) |
|
Net
worth |
(3.540) |
(9.534) |
(15.198) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
2.000 |
2.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
2.000 |
2.000 |
|
Debt/Equity
ratio |
0.000 |
(0.210) |
(0.132) |
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 |
No |
|
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 two 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 |
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 |
No |
FACILITIES
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
New Horizon Development Private Limited |
2.000 |
2.000 |
|
|
|
|
|
TOTAL |
2.000 |
2.000 |
INDEX OF CHARGES -
No Charges Exist for Company
NOTE
The registered office address of the company has been shifted from
“No.302, Amber, 3 Berlie Street, Bangalore – 560025, Karnataka, India” to the
present address w.e.f. 02.06.2011
CORPORATE
INFORMATION
Subject and Indian company, was incorporated in
India as a Private Limited Company on 13th Day of September, 1994.
The company is engaged in the business of
trading of office furniture and flooring which are imported in to India from
outside India.
FIXED ASSETS
- Plant and Machinery
- Furniture and Fixtures
- Motor car
- Computers
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 judgment 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.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
14 |
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.