MIRA INFORM REPORT
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Report No. : |
302470 |
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Report Date : |
10.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ECHAAR EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. A-48/49, Road No.10, Wagle Industrial Estate, Mumbai -
400604, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.02.2005 |
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Com. Reg. No.: |
11-151304 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.000 millions |
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CIN No.: [Company Identification
No.] |
U28939MH2005PTC151304 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Precision Components
Equipment’s. |
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No. of Employees
: |
180 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet i.e.
financials filed is shown as 31st March, 2014 but the documents related
to the financials for the year 2014, 2013 and 2012 are not available from any
sources. Mr. Ramesh Panchal (Director) has provided us with general
information. However, trade relations are fair. Business is active. Payment terms are
reported to be unknown. The company can be considered for business dealings on 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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 (General Details)
|
Name : |
Mr. Ramesh Panchal |
|
Designation : |
Director |
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Contact No.: |
91-8046046635 |
|
Date : |
09.01.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. A-48/49, Road No.10, Wagle Industrial Estate, Mumbai -
400604, Maharashtra, India |
|
Tel. No.: |
91-22-25806683/25802240 |
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Mobile No.: |
91-8046046635 (Mr. Ramesh Panchal) |
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Fax No.: |
91-22-25832866 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2 : |
Subject have 3 Factories in, Indian Corporation, Mankoli Naka,
Bhiwandi, Thane, Maharashtra, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ramesh H. Panchal |
|
Designation : |
Director |
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Address : |
1103, Takshashila Nirmal Nagar, Mulund Goregaon Link Road, Mulund-(W) Mumbai-400080, Maharashtra, India |
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Date of Birth/Age : |
07.11.1961 |
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Date of Appointment : |
15.02.2005 |
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DIN No.: |
00377072 |
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Name : |
Mr. Kirti H. Panchal |
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Designation : |
Director |
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Address : |
502, Takshashila Nirmal Nagar, Mulund Goregaon Link Road, Mulund-(W) Mumbai-400080, Maharashtra, India |
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Date of Birth/Age : |
13.11.1973 |
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Date of Appointment : |
15.02.2005 |
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DIN No.: |
00377185 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Ramesh Panchal |
115000 |
11.50 |
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Kirti Panchal |
115000 |
11.50 |
|
Shantaben Panchal |
50000 |
5.00 |
|
Geeta Panchal |
50000 |
5.00 |
|
Bhavna Panchal |
50000 |
5.00 |
|
Dharmesh Panchal |
50000 |
5.00 |
|
Bhavesh Panchal |
50000 |
5.00 |
|
Vikram Panchal |
10000 |
1.00 |
|
Suhani Kirti Panchal |
10000 |
1.00 |
|
Nisha Bhavesh Panchal |
10000 |
1.00 |
|
Kayam Industries, India |
490000 |
49.00 |
|
Total |
1000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
51.00 |
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Other top fifty shareholders |
49.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Precision Components
Equipment’s. |
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Products : |
Precision Components Equipment |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
180 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
JDT and Associates Chartered Accountants |
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Address : |
G, 2nd Floor, Geeta Sadan, N.S. Road, Mulund (W),Mumbai-400080, Maharashtra, India |
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Tel. No.: |
91-22-25611490 |
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PAN No.: |
AAHFJ4454E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Divulged |
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Sister concern : |
Shanti Industries, India |
CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
1.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.848 |
20.098 |
8.442 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35.848 |
30.098 |
10.142 |
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LOAN FUNDS |
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1] Secured Loans |
13.131 |
13.618 |
35.841 |
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2] Unsecured Loans |
41.570 |
37.535 |
40.131 |
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TOTAL BORROWING |
54.701 |
51.153 |
75.973 |
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DEFERRED TAX LIABILITIES |
1.787 |
1.072 |
1.133 |
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TOTAL |
92.336 |
82.323 |
87.247 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.537 |
38.901 |
38.699 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
51.474
|
25.368 |
15.948 |
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Sundry Debtors |
65.528
|
68.567 |
93.617 |
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Cash & Bank Balances |
2.584
|
2.842 |
2.419 |
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Other Current Assets, Deposit |
30.089
|
21.158 |
12.175 |
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Loans & Advances |
5.446
|
2.218 |
3.144 |
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Total
Current Assets |
155.121
|
120.153 |
127.303 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors and Provisions |
85.440
|
47.694 |
43.248 |
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Other Current Liabilities |
26.454
|
29.646 |
36.017 |
|
Total
Current Liabilities |
111.894
|
77.340 |
79.265 |
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Net Current Assets |
43.227
|
42.813 |
48.038 |
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MISCELLANEOUS EXPENSES |
0.072 |
0.109 |
0.010 |
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TOTAL |
92.336 |
82.323 |
87.247 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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TOTAL |
N.A |
N.A |
N.A |
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Less |
EXPENSES |
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TOTAL |
N.A |
N.A |
N.A |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.253 |
10.035 |
12.036 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
5.782 |
5.127 |
4.432 |
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PROFIT BEFORE
TAX |
8.471 |
4.908 |
7.604 |
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Less |
TAX |
2.663 |
1.552 |
2.580 |
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PROFIT AFTER TAX |
5.808 |
3.356 |
5.024 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.798 |
8.442 |
3.418 |
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BALANCE CARRIED
TO THE B/S |
17.606 |
11.798 |
8.442 |
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EARNINGS IN FOREIGN
CURRENCY |
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|
Export Earnings |
0.817 |
0.000 |
0.000 |
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TOTAL EARNINGS |
0.817 |
0.000 |
0.000 |
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|
Earnings Per
Share (Rs.) |
5.81 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.46
|
4.08 |
5.97 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.16 |
0.74 |
|
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|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.52
|
1.69 |
7.49 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.55 |
1.60 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1.700 |
10.000 |
10.000 |
|
Reserves & Surplus |
8.442 |
20.098 |
25.848 |
|
Net
worth |
10.142 |
30.098 |
35.848 |
|
|
|
|
|
|
long-term borrowings |
35.841 |
13.618 |
13.131 |
|
Short term borrowings |
40.131 |
37.535 |
41.570 |
|
Total
borrowings |
75.972 |
51.153 |
54.701 |
|
Debt/Equity
ratio |
7.491 |
1.700 |
1.526 |
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 |
No |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10536746 |
17/12/2014 |
4,650,000.00 |
SIDBI |
1 and 2, Dhanalaxmi Residency, Near Hotel Tip Top Plaza, L.B.S. Road, THANE, Maharashtra - 400602, INDIA |
C37019981 |
|
2 |
10522227 |
02/09/2014 |
30,000,000.00 |
TJSB Sahakari Bank Limited |
SHOP NO. 10/11, TIP-TOP PLAZA,
L.B.S. ROAD,, WAGL E INDUSTRIAL ESTATE BRANCH, THANE, Maharashtra
- |
C22762173 |
|
3 |
10522229 |
28/08/2014 |
74,500,000.00 |
TJSB Sahakari Bank Limited |
SHOP NO. 10/11, TIP-TOP PLAZA,
L.B.S. ROAD, WAGLE INDUSTRIAL ESTATE BRANCH,, THANE, Maharashtra - |
C22765192 |
|
4 |
10394350 |
08/09/2014 * |
90,000,000.00 |
TJSB Sahakari Bank Limited |
SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGLE INDUSTRIAL ESTATE BRANCH,, THANE, Maharashtra -400604, INDIA |
C22763254 |
|
5 |
10394387 |
05/12/2012 |
28,000,000.00 |
TJSB SAHAKARI BANK LIMITED |
SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGLE INDUSTRIAL ESTATE BRANCH,, THANE, Maharashtra -400604, INDIA |
B64973779 |
|
6 |
10377436 |
05/12/2012 * |
15,000,000.00 |
TJSB SAHAKARI BANK LIMITED |
SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGLE INDUSTRIAL ESTATE BRANCH,, THANE, Maharashtra -400604, INDIA |
B64966211 |
|
7 |
10377438 |
05/12/2012 * |
42,000,000.00 |
TJSB SAHAKARI BANK LIMITED |
SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGLE INDUSTRIAL ESTATE BRANCH,, THANE, Maharashtra -400604, INDIA |
B64966310 |
|
8 |
10356321 |
05/12/2012 * |
50,000,000.00 |
TJSB SAHAKARI BANK LIMITED |
SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGLE INDUSTRIAL ESTATE BRANCH,, THANE, Maharashtra -400604, INDIA |
B64965999 |
|
9 |
10283596 |
02/05/2011 |
3,600,000.00 |
SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA |
1 AND 2, DHANLAXMI RESIDENCY, NEAR HOTEL TIP-TOP PLAZA, L B S MARG,, THANE WEST, Maharashtra - 400604, INDIA |
B11516077 |
|
10 |
10226474 |
06/07/2010 |
4,650,000.00 |
SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA |
1and 2,DHANLAXMI RESIDENCY, NEAR HOTEL TIP-TOP PLAZA,L.B.S. MARG, THANE WEST, Maharashtra - 400604, INDIA |
A88607932 |
* Date of charge modification
FIXED ASSETS
- Plant and
Machinery
- Air
Conditioners
- Computers
Systems
- Software
- Furniture And
Fixture
- Factory
Building
- Electrical
Installation
- Mobile
- Office
Equipment
- Land
- Water
Coolers
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.62.39 |
|
|
1 |
Rs.94.16 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--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.