MIRA INFORM REPORT
|
Report No. : |
303523 |
|
Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ESMECH EQUIPMENT PRIVATE LIMITED |
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Registered
Office : |
A-4, A-6, Gundecha Onclave, Kherani Road, Andheri (East), Mumbai – 400072,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
04.03.2008 |
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Com. Reg. No.: |
11-179671 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Millions |
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CIN No.: [Company Identification
No.] |
U29255MH2008PTC179671 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME07800C |
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PAN No.: [Permanent Account No.] |
AABCE9492J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of various machines for steel
industries. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a joint venture between SMS Siemay Ag, Germany and H B
Esmech Private Limited engaged in manufacturing of world class cold rolling
mills and strips metal process line equipments. The company possesses a reasonable financial profile marked by
adequate networth base along with moderate liquidity profile as reflected by
working capital intensive operations and slight increase in receivables
period along with low liquid investments as well as sharp dip in its cash
balance during FY 2014. Management has witnessed a better increase in its sales volume as well
as net profitability along with low profit margin during the year under
review. However, trade relations seems to be fair. Business is active. Payment
terms are reported as slow but correct. In view of reputed foreign holding company, the subject can be
considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 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 |
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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 |
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 : |
A-4, A-6, Gundecha Onclave, Kherani Road, Andheri (East), Mumbai –
400072, Maharashtra, India |
|
Tel. No.: |
91-22-25821295 |
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Mobile No.: |
91-9833811228 (Mr. S. Murlidharan) |
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Fax No.: |
91-22-25826560 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory : |
Plot No. A-254-259 and A283, Road No.30A, Wagle Industrial Estate,
Thane (West) – 400604, Maharashtra, India |
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Tel. No.: |
91-22-25821295 / 25821733 / 25823417 |
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Fax No.: |
91-22-25826550 |
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Location : |
Rented |
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Factory 2 : |
Survey No:6 To 22, Taloja- Ambanath Road, Village- Ghotclal, Ghotcamp,
Taluka – Panvel, District Raigad- 410208, Maharashtra, India |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Vijay Suresh Joshi |
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Designation : |
Managing Director |
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Address : |
Pitruvandana, Plot No.11, Kala Nagar, Bandra (East), Mumbai – 400 051,
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Date of Birth/Age : |
08.03.1969 |
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Qualification : |
B.E. (Mechanical), PGDM (IIM |
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Date of Appointment : |
01.06.2010 |
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PAN No.: |
AAAPJ7057J |
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DIN No.: |
01550964 |
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Other
Directorship :
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Name : |
Mr. Suresh Laxman Joshi |
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Designation : |
Whole-time director |
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Address : |
Pitruvandana, Plot No.11, Kala Nagar, Bandra (East), Mumbai – 400 051,
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Date of Birth/Age : |
24.12.1940 |
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Qualification : |
B.E. (Mechanical) |
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Date of Appointment : |
01.06.2010 |
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PAN No.: |
AAAPJ7056K |
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DIN No.: |
01934030 |
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Other
Directorship :
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Name : |
Mr. Ruediger Gerhard Holz |
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Designation : |
Director |
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Address : |
10, Tannenstrasse, Struthuetten, Neunkirchen-57290, |
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Date of Birth/Age : |
25.01.1960 |
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Date of Appointment : |
30.03.2010 |
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DIN No.: |
03025657 |
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Name : |
Mr. Michael Erwin Cottin |
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Designation : |
Director |
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Address : |
Am Wildpark – 19, Dusseldorf |
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Date of Birth/Age : |
05.03.1961 |
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Date of Appointment : |
16.05.2013 |
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DIN No.: |
06650919 |
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Name : |
Mr. Christoph Johann Henrich Kohlhaussen |
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Designation : |
Additional Director |
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Address : |
Bockumer Strbe. 226, 40489 Dusseldorf, Bockumer, 55367, Germany |
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Date of Birth/Age : |
25.03.1964 |
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Date of Appointment : |
22.09.2014 |
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DIN No.: |
06816300 |
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Other
Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Suresh Laxman Joshi |
250000 |
5.00 |
|
Vijay Suresh Joshi |
250000 |
5.00 |
|
HB Esmech Private Limited, India |
1950000 |
39.00 |
|
SMS Siemag, Germany |
2550000 |
51.00 |
|
Total |
5000000 |
100.00 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
51.00 |
|
Bodies corporate |
39.00 |
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Directors or relatives of Directors |
10.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing of various machines for steel
industries. |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
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 : |
Not Available |
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Facilities : |
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Auditors : |
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Name : |
M Z S K and Associates Chartered Accountant |
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Address : |
M Z S K and Associates, Level 9 The Ruby Senapati Bapat Marg, Dadar West, Mumbai – 400028,
Maharashtra, India |
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PAN No.: |
AACFK3470E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
SMS Siemag AG |
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Related Party : |
(CIN No.: U99999MH1970PTC014872)
(CIN No.: U72300MH2007PTC168164)
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 50.000
Millions |
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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 |
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|
|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
50.000 |
50.000 |
50.000 |
|
(b) Reserves & Surplus |
708.863 |
699.612 |
695.824 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
758.863 |
749.612 |
745.824 |
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(3)
Non-Current Liabilities |
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|
|
(a) long-term borrowings |
1.300 |
1.894 |
0.168 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
1.115 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
48.351 |
30.029 |
3.786 |
|
Total Non-current
Liabilities (3) |
49.651 |
31.923 |
5.069 |
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(4)
Current Liabilities |
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|
|
|
(a) Short
term borrowings |
268.861 |
169.844 |
0.000 |
|
(b) Trade payables |
434.606 |
285.590 |
342.279 |
|
(c) Other
current liabilities |
146.224 |
302.050 |
890.049 |
|
(d) Short-term
provisions |
28.182 |
9.315 |
6.812 |
|
Total Current
Liabilities (4) |
877.873 |
766.799 |
1239.140 |
|
|
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TOTAL |
1686.387 |
1548.334 |
1990.033 |
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II.
ASSETS |
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|
|
|
(1)
Non-current assets |
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|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
274.920 |
299.247 |
302.252 |
|
(ii)
Intangible Assets |
5.915 |
13.632 |
20.967 |
|
(iii) Capital
work-in-progress |
31.247 |
8.420 |
6.641 |
|
(iv)
Intangible assets under development |
2.672 |
1.858 |
0.000 |
|
(b) Non-current Investments |
5.865 |
5.865 |
5.865 |
|
(c) Deferred tax assets (net) |
11.792 |
1.483 |
0.000 |
|
(d) Long-term Loan and Advances |
23.095 |
24.696 |
21.350 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
355.506 |
355.201 |
357.075 |
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
293.413 |
|
(b)
Inventories |
209.066 |
526.723 |
640.762 |
|
(c) Trade
receivables |
635.657 |
550.154 |
444.357 |
|
(d) Cash
and cash equivalents |
6.194 |
20.179 |
71.341 |
|
(e)
Short-term loans and advances |
104.960 |
95.975 |
85.422 |
|
(f) Other
current assets |
375.004 |
0.102 |
97.663 |
|
Total
Current Assets |
1330.881 |
1193.133 |
1632.958 |
|
|
|
|
|
|
TOTAL |
1686.387 |
1548.334 |
1990.033 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
1786.950 |
1681.275 |
1471.290 |
|
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|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
1740.826 |
1616.962 |
1378.347 |
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|
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
46.124 |
61.313 |
92.943 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
40.989 |
42.141 |
34.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
5.135 |
22.172 |
58.066 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(4.118) |
18.385 |
13.289 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
9.253 |
3.787 |
44.777 |
|
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|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.85 |
0.76 |
8.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.31 |
1.45 |
2.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.03 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.36 |
0.23 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.56 |
1.32 |
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 |
50.000 |
50.000 |
50.000 |
|
Reserves & Surplus |
695.824 |
699.612 |
708.863 |
|
Net
worth |
745.824 |
749.612 |
758.863 |
|
|
|
|
|
|
long-term borrowings |
0.168 |
1.894 |
1.300 |
|
Short term borrowings |
0.000 |
169.844 |
268.861 |
|
Total
borrowings |
0.168 |
171.738 |
270.161 |
|
Debt/Equity
ratio |
0.000 |
0.229 |
0.356 |
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) |
|
Total Income |
1471.290 |
1681.275 |
1786.950 |
|
|
|
14.272 |
6.285 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
1471.290 |
1681.275 |
1786.950 |
|
Profit |
44.777 |
3.787 |
9.253 |
|
|
3.04% |
0.23% |
0.52% |
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 |
--------- |
|
23] |
Banking
Details |
No |
|
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 |
INDEX OF CHARGES
NO CHARGES EXIST FOR THE COMPANY.
UNSECURED LOANS
|
PARTICULAR |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from banks |
268.861 |
169.844 |
|
Total |
268.861 |
169.844 |
FIXED ASSETS
- Land
- Buildings
- Plant and
Equipments
- Factory Equipments
- Furniture and
Fixture
- Vehicles
- Office
Equipments
- Computer
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. 61.89 |
|
|
1 |
Rs. 93.92 |
|
Euro |
1 |
Rs. 72.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
33 |
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.