MIRA INFORM REPORT
|
Report No. : |
303318 |
|
Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMCO LIMITED (w.e.f. 22.01.1999) |
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|
|
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Formerly known
as : |
EMCO TRANSFORMERS LIMITED |
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Registered
Office : |
N-104, MIDC Area, Jalgaon – 425003, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.09.1964 |
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Com. Reg. No.: |
11-013011 |
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Capital
Investment / Paid-up Capital : |
Rs.130.274 Millions |
|
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CIN No.: [Company Identification
No.] |
L31102MH1964PLC013011 |
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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 : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Power Transformers, Transmission Towers and
Sub-stations, Electronic Energy Meters and Generation of Electricity from
Wind Mill and Solar Farm (Power). |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for
business dealing. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered for business dealings 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities : BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
October 15, 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
31-03-2014.
LOCATIONS
|
Registered Office/ Factory 1 (Industrial Transformers) : |
N-104, MIDC Area, Jalgaon – 425003, Maharashtra, India |
|
Tel. No.: |
91-257-2272462/ 2272572 |
|
Mobile No.: |
91-7738687730 (Mr. Balmukund Somani) |
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Fax No.: |
91-257-2272598 |
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E-Mail : |
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Website : |
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Corporate Office : |
1st Floor, Piramal Tower, Peninsula Corporate Park, G. K. Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India |
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Head Office/ Factory 2 (Power Transformers and Meters) : |
Plot No. F-5, Road No. 28, Wagle Industrial Estate, Thane (West), Thane - 400604, Maharashtra, India |
|
Tel. No.: |
91-22-40404500 |
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Fax No.: |
91-22-25820571/ 25830527 |
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E-Mail : |
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Factory 3 (Distribution Transformers) : |
Gat No. 113, 114, 115, Umala, Aurangabad Road, Jalgaon – 425003, Maharashtra, India |
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Tel. No.: |
91-257-2350506/ 07 |
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Fax No.: |
91-257-2350505 |
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E-Mail : |
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Factory 4 (Transmission
Tower Plant - Vadodara) : |
519/521, Asoj, Vadodara - Halol Highway, Vadodara - 391510, Gujarat, India |
|
Tel. No.: |
91-2668-281113/ 4 |
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Fax No.: |
91-2668-281030 |
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E-Mail : |
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Factory 5 (Meters) : |
Survey No. 57/2, Building No. B-3, Sanjay Industrial
Estate, Gala No. 1-8, |
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Tel. No.: |
91-260-2668177/ 78 |
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Fax No.: |
91-260-2668176 |
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E-Mail : |
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Regional Offices : |
Located at : · New Delhi · Kolkata · Bangalore · Chennai · Lucknow · Ahmedabad · Panchkula · Raipur |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Rajesh S. Jain |
|
Designation : |
Chairman |
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Qualification : |
B.E. (Electronics) |
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|
Name : |
Mr. Shailesh S. Jain |
|
Designation : |
Vice Chairman |
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Qualification : |
B.E. (Chemical) |
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|
Name : |
Mr. K. N. Shenoy |
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Designation : |
Independent Director |
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Qualification : |
B.E. (Electrical), PGDBA |
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|
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|
Name : |
Mr. S.V. Deo |
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Designation : |
Independent Director |
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Qualification : |
B.E. (Electrical), DBM, MIE |
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|
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|
Name : |
Mr. Bheru Choudhary |
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Designation : |
Independent Director |
|
Qualification : |
B.Com, LLM |
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|
Name : |
Mr. Sanjay Bhatnagar |
|
Designation : |
Independent Director |
|
Qualification : |
M.E, MBA (Harvard University) |
KEY EXECUTIVES
|
Name : |
Mr. Praveen Kumar |
|
Designation : |
Company Secretary |
|
Qualification : |
B Com, LLB, ACS |
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|
|
|
Name : |
R.N. Mundra |
|
Designation : |
Chief Financial Officer |
|
Qualification : |
CA, LLB |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
22365140 |
34.34 |
|
|
5916833 |
9.08 |
|
|
28281973 |
43.42 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
28281973 |
43.42 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3229500 |
4.96 |
|
|
169290 |
0.26 |
|
|
384838 |
0.59 |
|
|
4500 |
0.01 |
|
|
3790128 |
5.82 |
|
|
|
|
|
|
12206969 |
18.74 |
|
|
|
|
|
|
14025053 |
21.53 |
|
|
5290244 |
8.12 |
|
|
1542493 |
2.37 |
|
|
537772 |
0.83 |
|
|
62975 |
0.10 |
|
|
64506 |
0.10 |
|
|
876790 |
1.35 |
|
|
450 |
0.00 |
|
|
33064759 |
50.76 |
|
Total Public
shareholding (B) |
36854887 |
56.58 |
|
Total (A)+(B) |
65136860 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
65136860 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Transformers, Transmission Towers
and Sub-stations, Electronic Energy Meters and Generation of Electricity from
Wind Mill and Solar Farm (Power). |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· Dena Bank · State Bank of India · Union Bank of India · Bank of India · State Bank of Hyderabad · Canara Bank · Andhra Bank · The Federal Bank Limited · ING Vysya Bank Limited ·
Standard Chartered Bank |
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Facilities : |
LONG-TERM BORROWINGS Nature of Security
and Repayment Terms a) Nil (500) - 12.50% Non Convertible Debentures (NCD) were secured on
first charge (pari passu) by way of mortgage on building situated at
MIDC-Thane, Umala-Jalgaon and on land and building situated at MIDC-Jalgaon
and hypothecation on plant and machinery, furniture, electrical and other
installations, office equipments and air conditioners situated at MIDCThane,
MIDC-Jalgaon, Umala-Jalgaon and Dadra. The said loan was repaid fully in
December 2013 and charge created in favour of lender stands satisfied. b) Vehicle Loans are secured by way of hypothecation on respective
vehicles financed. c) Term loan from banks referred in ( c) (i) above loan is secured by exclusive
first charge by way of mortgage on the specific land on which the windmills
are installed in Maharashtra and exclusive first charge by way of
hypothecation on current assets and movable fixed assets (plant, machinery
equipments) pertaining to windmills. d) Term loan from banks referred in ( c) (ii) above is secured by
exclusive first charge by way of mortgage on the specific land on which the
windmills are installed in Maharashtra and exclusive first charge by way of
hypothecation on movable fixed assets (plant, machinery equipments)
pertaining to windmills. e) Term loan from banks referred in ( c) (iii) above is secured on
first charge basis by way of equitable mortgage on Solar Project’s land and
all other immovable properties, present and future and also by way of
hypothecation on project’s all movable, present and future, all book debts,
operating cash flows, receivables, commissions, revenues of what so ever
nature and where ever arising out of Solar Project. SHORT TERM BORROWINGS 1)
Working Capital Term Loan is secured on first
charge basis (pari passu) by way of equitable mortgage on Company’s immovable
properties situated at MIDC-Thane and MIDC-Jalgaon both present or future.
Further the said working capital term loan is secured on second charge (pari
passu) by way of hypothecation on the Company’s movable assets including
current assets except assets exclusively financed by other lenders i.e. Wind
Mills and Solar farm. 2)
Working Capital Loans from banks and bank
facilities are secured on first charge basis (pari passu) by way of
hypothecation on current assets of the Company such as raw Materials,
stocks-in-process, finished goods, consumable stores and spares, book debts,
outstanding and claims, receivable both present and future except book debts
and receivables pertaining to wind mill and solar farm which are exclusively
financed by other lenders. Further the said working capital facilities are
secured on first charge basis (pari passu) by way of registered mortgage on
the movable and immovable Properties situated at Vadodara (Gujarat) Silvassa
(UT-Dadara and Nagar Haveli) and second charge by way of registered mortgage
on the Company’s all movable fixed assets and on immovable properties
situated at MIDC-Thane, MIDC-Jalgaon and Umala-Jalgaon. 3)
Working capital referred in (c ) above is
overdrawn by Rs. 335.600 (nil). |
|
Statutory Auditor 1 : |
|
|
Name : |
P. Raj and Company Chartered Accountants |
|
|
|
|
Statutory Auditor 1 : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
|
|
|
Solicitors : |
ALMT Legal |
|
|
|
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Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
·
Emco Power Limited ·
Emco Renewable Energy Limited ·
Emco Infrastructure Limited ·
East West Power Generation Limited ·
Emco Overseas Pte. Limited ·
Emco Edison Transformer Pty. Limited ·
PT Setenco Investa Niaga ·
Shekhawati Transmission Service Company Limited
(w.e.f.01.02.2013) |
|
|
|
|
Joint Ventures : |
·
PT Vardhaman Logistics ·
PT Vardhaman Mining Services ·
Rabaan (s) Pte. Limited ·
Shyam Emco Infrastructure Limited ·
Kalinga Energy and Power Limited ·
PT Bina Insan Sukses Mandiri |
|
|
|
|
Association of Persons : |
·
Arki Aviation |
|
|
|
|
Entities where Key Management Personnel have Significant Influence : |
·
Emco Foundation ·
Emco Power Quality Solutions Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs. 150.000 Millions |
|
500000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65136860 |
Equity Shares |
Rs.2/- each |
Rs. 130.274
Millions |
|
|
|
|
|
a) Reconciliation
of the number of shares
|
|
31.03.2014 |
|
|
|
Number of Shares |
Amount |
|
Balance as at the beginning of the year |
65136860 |
130.274 |
|
Add : Issued during the year |
-- |
-- |
|
Balance as at the end of the year |
65136860 |
130.274 |
b) Details of
shareholders holding shares more than 5% of issued share capital
|
Name of the
shareholders |
31.03.2014 |
|
|
|
Number of Equity Shares Held |
% of Equity Shares held |
|
Rajesh Jain |
9599345 |
14.74 |
|
Shailesh Jain |
6299340 |
9.67 |
|
Emco Investments Private Limited* |
5916833 |
9.08 |
|
Ratna Jain |
4354255 |
6.68 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
130.274 |
130.274 |
130.274 |
|
(b) Reserves & Surplus |
5578.448 |
5515.485 |
5501.775 |
|
(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) |
5708.722 |
5645.759 |
5632.049 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
557.023 |
311.675 |
566.673 |
|
(b) Deferred tax liabilities (Net) |
111.834 |
74.221 |
47.445 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
12.968 |
13.926 |
11.877 |
|
Total Non-current Liabilities
(3) |
681.825 |
399.822 |
625.995 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4234.010 |
3646.424 |
3443.436 |
|
(b) Trade
payables |
3755.549 |
3204.126 |
3613.772 |
|
(c) Other
current liabilities |
1488.976 |
1668.441 |
990.561 |
|
(d) Short-term
provisions |
207.683 |
135.046 |
113.205 |
|
Total Current
Liabilities (4) |
9686.218 |
8654.037 |
8160.974 |
|
|
|
|
|
|
TOTAL |
16076.765 |
14699.618 |
14419.018 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2818.221 |
2835.188 |
2827.713 |
|
(ii)
Intangible Assets |
130.411 |
75.042 |
100.593 |
|
(iii)
Capital work-in-progress |
10.312 |
50.867 |
40.355 |
|
(iv)
Intangible assets under development |
0.000 |
11.177 |
18.819 |
|
(b) Non-current Investments |
99.772 |
98.772 |
96.172 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
840.982 |
637.693 |
618.508 |
|
(e) Other Non-current
assets |
24.462 |
18.305 |
18.479 |
|
Total Non-Current
Assets |
3924.160 |
3727.044 |
3720.639 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2419.086 |
1850.292 |
1647.669 |
|
(c) Trade
receivables |
5744.569 |
5860.547 |
6446.713 |
|
(d) Cash
and cash equivalents |
154.754 |
23.796 |
79.369 |
|
(e)
Short-term loans and advances |
3834.196 |
3237.939 |
2524.628 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
12152.605 |
10972.574 |
10698.379 |
|
|
|
|
|
|
TOTAL |
16076.765 |
14699.618 |
14419.018 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
8306.793 |
6688.096 |
8095.267 |
|
|
Other Income |
75.782 |
9.636 |
3.918 |
|
|
TOTAL
(A) |
8382.575 |
6697.732 |
8099.185 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6247.217 |
4778.650 |
6240.587 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(157.779) |
10.332 |
(134.918) |
|
|
Employees benefits expense |
487.935 |
467.322 |
564.656 |
|
|
Other expenses |
913.819 |
689.096 |
630.751 |
|
|
Exceptional Items |
0.000 |
(8.496) |
0.000 |
|
|
TOTAL
(B) |
7491.192 |
5936.904 |
7301.076 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
891.383 |
760.828 |
798.109 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
583.307 |
498.976 |
504.026 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
308.076 |
261.852 |
294.083 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
199.778 |
206.231 |
202.593 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
108.298 |
55.621 |
91.490 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
37.613 |
26.776 |
10.855 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
70.685 |
28.845 |
80.635 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2033.426 |
2019.823 |
1954.328 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
6.514 |
13.027 |
13.027 |
|
|
Tax on Dividend |
1.107 |
2.215 |
2.113 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
2096.490 |
2033.426 |
2019.823 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Direct Export |
2538.038 |
548.854 |
289.501 |
|
|
Other Recovery |
3.961 |
0.000 |
3.536 |
|
|
Interest Income |
48.877 |
46.607 |
51.733 |
|
|
TOTAL
EARNINGS |
2590.876 |
595.461 |
344.770 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials / Spare Parts |
829.4 |
704.487 |
298.308 |
|
|
Capital Goods |
44.6 |
8.617 |
0.52 |
|
|
TOTAL
IMPORTS |
874.000 |
713.104 |
298.828 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.09 |
0.44 |
1.24 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.85 |
0.43 |
1.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
10.73 |
11.38 |
9.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.68 |
0.38 |
0.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.84 |
0.70 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.27 |
1.31 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
130.274 |
130.274 |
130.274 |
|
Reserves & Surplus |
5501.775 |
5515.485 |
5578.448 |
|
Net
worth |
5632.049 |
5645.759 |
5708.722 |
|
|
|
|
|
|
long-term borrowings |
566.673 |
311.675 |
557.023 |
|
Short term borrowings |
3443.436 |
3646.424 |
4234.010 |
|
Total
borrowings |
4010.109 |
3958.099 |
4791.033 |
|
Debt/Equity
ratio |
0.712 |
0.701 |
0.839 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8095.267 |
6688.096 |
8306.793 |
|
|
|
(17.383) |
24.203 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8095.267 |
6688.096 |
8306.793 |
|
Profit |
80.635 |
28.845 |
70.685 |
|
|
1.00% |
0.43% |
0.85% |
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 |
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 |
Yes |
|
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 |
No |
|
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 10.11.2014 Lodging No: CEXAL/371/2014
Filing Date: 10.11.2014 |
|
Petitioner: THECOMMISSIONER OF CENTRAL EXCISE Respondent: EMCO LIMITED Petn. Adv : JITENDRA BRIJBHUSAN MISHRA (I2937) District: MUMBAI |
|
Bench: DIVISON Status: Pre-Admission
Category: CENTARL EXCISE APPEAL (CEXA) |
|
Act: Central Excise and Salt Act
Under Section: 35G |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10496877 |
29/03/2014 |
250,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023,
INDIA |
C05256219 |
|
2 |
10462208 |
06/11/2013 |
300,000,000.00 |
DENA BANK |
DENA CORPORATE
CENTRE, C-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA
- 400051, INDIA |
B90346917 |
|
3 |
10428082 |
02/05/2013 |
3,350,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, M S MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
B75877761 |
|
4 |
10303843 |
21/05/2012 * |
357,500,000.00 |
AXIS BANK
LIMITED |
AXIS HOUSE C-2,
WADIA INTERNATIONAL CENTRE, PANDU |
B41022971 |
|
5 |
10013422 |
12/07/2013 * |
250,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B80596737 |
|
6 |
80021518 |
16/03/2012 * |
17,040,600,000.00 |
DENA BANK |
C-10, G-BLOCK,,
BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B36917326 |
|
7 |
80060162 |
05/10/1996 * |
243,000,000.00 |
THE SAKURA BANK
LIMITED |
2-B, MITTAL COURT,
224 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
80016363 |
26/05/2008 * |
10,455,000,000.00 |
DENA BANK |
COPRPORATE
BUSINESS BRANCH, PLOT NO.C-10, G- BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST),
MUMBAI, MAHARASHTRA - 400051, INDIA |
A39946405 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
Particulars |
|
31.03.2014 (Rs.
In Millions) |
|
a) Bank Guarantees outstanding as at the year-end (gross) –(Secured) |
|
7730.211 |
|
b) Letters of Credit outstanding as at the year-end (Secured) |
|
701.236 |
|
c) Corporate Guarantee for Subsidiary Company |
|
771.550 |
|
d) Disputed amount of Sales Tax |
|
12.053 |
|
e) Claim made by workmen for re-instatement. Matter Subjudice |
|
Amount not ascertainable |
|
f) Disputed amount of Income Tax |
|
30.688 |
|
g) Disputed amount of Excise duty |
|
259.166 |
|
h) Disputed amount of Excise Service tax |
|
31.400 |
|
h) Claims against Company not acknowledged as debt |
|
9.582 |
|
Total |
|
9545.886 |
REVIEW OF OPERATIONS
During the year, Income from Sales and
Services was Rs. 8306.800 millions against Rs. 6688.100 millions in the
previous year. The Company has earned a net profit of Rs. 70.700 millions in the
current financial year against the net profit of Rs. 28.800 millions in the
previous financial year.
FIXED ASSETS
Tangible Assets
·
Freehold Land
·
Building
·
Plant and Machinery
·
Office Equipment and Air conditioners
·
Furniture and Fixtures
·
Air Craft
·
Wind Energy Generators
·
Vehicles
·
Leasehold Improvements
Intangible Assets
·
Goodwill
·
Technical Know-how and Licenses
·
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.62.16 |
|
|
1 |
Rs.94.28 |
|
Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.