MIRA INFORM REPORT

 

Report No. :

334518

Report Date :

31.07.2015

 

IDENTIFICATION DETAILS

 

Name :

ECHAAR EQUIPMENTS PRIVATE LIMITED

 

 

Registered Office :

Plot No. A-48/49, Road No.10, Wagle Industrial Estate, Mumbai - 400604, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

15.02.2005

 

 

Com. Reg. No.:

11-151304

 

 

Capital Investment / Paid-up Capital :

Rs.10.000 million

 

 

CIN No.:

[Company Identification No.]

U28939MH2005PTC151304

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Precision Components Equipment’s.

 

 

No. of Employees :

180 (Approximately)

 

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

 

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 31-03-2013.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Ramesh Panchal

Designation :

Director

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

Mobile No.:

91-8046046635 (Mr. Ramesh Panchal)

Fax No.:

91-22-25832866

E-Mail :

rameshpanchal@echaar.com

cajdt@gmail.com

Website :

http://www.echaar.com

Location :

Owned

 

 

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

Address :

1103, Takshashila Nirmal Nagar, Mulund Goregaon Link Road, Mulund (West) Mumbai-400080, Maharashtra, India

Date of Birth/Age :

07.11.1961

Date of Appointment :

15.02.2005

DIN No.:

00377072

 

 

Name :

Mr. Kirti H. Panchal

Designation :

Director

Address :

502, Takshashila Nirmal Nagar, Mulund Goregaon Link Road, Mulund (West) Mumbai-400080, Maharashtra, India

Date of Birth/Age :

13.11.1973

Date of Appointment :

15.02.2005

DIN No.:

00377185

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2014

 

Names of Shareholders

No. of Shares

Percentage

Ramesh Panchal

115000

11.50

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

 

As on 29.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

51.00

Other top fifty shareholders

49.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Precision Components Equipment’s.

 

 

Products :

Precision Components Equipment

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         USA

·         Italy

·         Germany

 

 

Imports :

 

Products :

Raw Material

Countries :

·         China

·         Germany

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Shah Brother Ispat Private Limited, Mumbai

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

·         Aaajinath Transport

·         Aar-em Electronics Private Limited

·         Abhinav Engineers

·         Akash Engineering Works

·         Air Cool Services

·         Alber Machiners and Automation

·         Alfa Heat Tech

·         Allied Machines and Accessories

·         Ambika Bearings

·         Anand Tecknow Aids Engineering Limited

·         Auto Sales Private Limited

·         Azamin Enterprises Private Limited

 

 

Customers :

Wholesalers, Retailers and Manufacturer

Reference :

Suzlon Energy, Pune

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

·         Alstom Hydro France

·         Alstom Project India Limited

·         A.R.Steels

·         Bhagawandas Ispat Private Limited.

·         Guardian Casting Private Limited

·         Manroland AG

·         Patel Technomation Private Limited

·         Power Service Corporation

·         Wartsila India Limited

·         Suzlon Generator Private Limited

 

 

No. of Employees :

180 (Approximately)

 

 

Bankers :

·         State Bank of India

Banker Name :

The Thane Janata Sahakari Bank Limited

Branch Address :

Shop No. 10/11, Tip-Top Plaza, L.B.S. Road, Wagle Industrial Estate Branch,, Thane - 400604, Maharashtra, India

Facilities :

Not Divulged

Person Name :

Not Divulged

Contact No.:

Not Divulged

Report :

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Banker Name :

Small Industrial Development Bank of India

Branch Address :

1 And 2, Dhanlaxmi Residency, Near Hotel Tip-Top Plaza, L B S Marg, Thane West - 400604, Maharashtra, India

Facilities :

Not Divulged

Person Name :

Not Divulged

Contact No.:

Not Divulged

Report :

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

JDT and Associates

Chartered Accountants

Address :

G, 2nd Floor, Geeta Sadan, N.S. Road, Mulund (W),Mumbai-400080, Maharashtra, India

Tel. No.:

91-22-25611490

PAN No.:

AAHFJ4454E

 

 

Memberships :      

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Divulged

 

 

Sister Concern :

Shanti Industries, India 

 

 

CAPITAL STRUCTURE

 

As on 29.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs.10.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs.10.000 million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

10.000

10.000

1.700

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

25.848

20.098

8.442

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

35.848

30.098

10.142

LOAN FUNDS

 

 

 

1] Secured Loans

13.131

13.618

35.841

2] Unsecured Loans

41.570

37.535

40.131

TOTAL BORROWING

54.701

51.153

75.973

DEFERRED TAX LIABILITIES

1.787

1.072

1.133

 

 

 

 

TOTAL

92.336

82.323

87.247

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

48.537

38.901

38.699

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.500

0.500

0.500

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
51.474

25.368

15.948

 

Sundry Debtors
65.528

68.567

93.617

 

Cash & Bank Balances
2.584

2.842

2.419

 

Other Current Assets, Deposit
30.089

21.158

12.175

 

Loans & Advances
5.446

2.218

3.144

Total Current Assets
155.121

120.153

127.303

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors and Provisions
85.440

47.694

43.248

 

Other Current Liabilities
26.454

29.646

36.017

Total Current Liabilities
111.894

77.340

79.265

Net Current Assets
43.227

42.813

48.038

 

 

 

 

MISCELLANEOUS EXPENSES

0.072

0.109

0.010

 

 

 

 

TOTAL

92.336

82.323

87.247

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

TOTAL                                    

N.A

N.A

N.A

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

N.A

N.A

N.A

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

14.253

10.035

12.036

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

5.782

5.127

4.432

 

 

 

 

 

 

PROFIT BEFORE TAX                          

8.471

4.908

7.604

 

 

 

 

 

Less

TAX                                                                 

2.663

1.552

2.580

 

 

 

 

 

 

PROFIT AFTER TAX                            

5.808

3.356

5.024

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

11.798

8.442

3.418

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

17.606

11.798

8.442

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

0.817

0.000

0.000

 

TOTAL EARNINGS

0.817

0.000

0.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

5.81

NA

NA

 

 

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

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.23

0.16

0.74

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
1.52

1.69

7.49

 

 
 

 

 

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 - 
400604, INDIA

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 - 
400604, INDIA

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, India Prisons Service, Interpol, etc.

 

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 records 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.64.01

UK Pound

1

Rs.99.83

Euro

1

Rs.70.07

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.