MIRA INFORM REPORT

 

 

Report No. :

326922

Report Date :

12.06.2015

 

IDENTIFICATION DETAILS

 

Name :

ELECTROTHERM (INDIA) LIMITED

 

 

Registered Office :

A–1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad – 380015, Gujarat

Tel No.:

91-79-26768844

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

29.10.1986

 

 

Com. Reg. No.:

04-009126

 

 

Capital Investment / Paid-up Capital :

Rs.234.800 Million

 

 

CIN No.:

[Company Identification No.]

L29249GJ1986PLC009126

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles.

 

 

No. of Employees :

1500 (Approximately)

 

 

                                                                  RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Sick Company

 

 

Payment Behaviour :

Slow and delayed

 

 

Litigation :

Exist

 

 

Comments :

The subject company is declared as a sick unit by Board for Industrial and Financial Reconstruction.

 

The management has register case (Case No. 29/2014) with Board for Industrial and Financial Reconstruction under sick' industrial companies' act 1985.

 

The order on which for approval for rehabilitation proposal is pending.

 

Moreover, it is found that the subject has defaulted hefty amounts with 4 major banks i.e. lClCl Bank (Rs. 2971.740 Million), Allahabad Bank (Rs. 16784.076 Million), Central Bank of India (Rs. 23115.600 Million) and UCO Bank (Rs. 4383.000 Million), which has an important replication on the rating.

 

Business is active. Payments are reported to be slow and delayed.

 

The company can be considered for business dealing on a fully secured trade terms and condition.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

                                                          RBI DEFAULTERS’ LIST STATUS

 

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

 

Suit-filed accounts (Willful Defaulters) of Rs. 2.500 Million and above as on 12-June-2015

Search details

Borrower Containing - Electrotherm 

 

BANK

 

BRANCH

 

QUARTER

 

BORROWER NAME

DIRECTORS NAME

OUTSTANDING AMOUNT (RS. IN MILLION)

CENTRAL BANK OF INDIA

MCB AHMEDABAD

30-06-14

ELECTROTHERM (INDIA) LIMITED

SHAILESH BHANDARI, NILESH DESAI, MUKESH BHANDARI, RAM SINGH, BRIG PRADIPKRISHNA PRASAD, AVINASH BHANDARI

231,15.600

CENTRAL BANK OF INDIA

MCB AHMEDABAD

30-09-14

ELECTROTHERM (INDIA) LIMITED L29249GJ198PLC00912

SHRI MUKESH BHANDARI PAN AALPB1974B, SHRI SHAILESH BHANDARI PAN AALPB1973G, SHRI AVINASH BHANDARI PAN ABRPB0303P, SHRI NILESH DESAI PAN ACMPD1404F, SHRI RAM SINGH PAN ALIPS3069E, BRIG PRADIPKRISHNA PRASAD PAN AEFPP2560K

231,15.600

CENTRAL BANK OF INDIA

MCB AHMEDABAD

31-12-14

ELECTROTHERM (INDIA) LIMITED L29249GJ198PLC00912

SHRI MUKESH BHANDARI PAN AALPB1974B, SHRI SHAILESH BHANDARI PAN AALPB1973G, SHRI AVINASH BHANDARI PAN ABRPB0303P, SHRI NILESH DESAI PAN ACMPD1404F, SHRI RAM SINGH PAN ALIPS3069E, BRIG PRADIPKRISHNA PRASAD PAN AEFPP2560K

231,15.600

UCO BANK

MCU AHMEDABAD

31-12-11

ELECTROTHERM (INDIA) LIMITED

NILESH DESAI, SAILESH BHANDARI, MUKESH BHANDARI, MADHUSUDAN SOMANI, NARENDRA DALAI, RAVI KUMAR TREHAN, PRODIP KRISHNA PRASAD, SUDHIR KAPOOR, AVINASH BHANDARI

43,83.000

UCO BANK

MCU AHMEDABAD

31-03-12

ELECTROTHERM(INDIA) LIMITED

RAVI KUMAR TREHAN, MUKESH BHANDARI, NARENDRA DALAI, AVINASH BHANDARI, MADHUSUDAN SOMANI, NILESH DESAI, SAILESH BHANDARI, PRODIP KRISHNA PRASAD, SUDHIR KAPOOR

43,83.000

UCO BANK

MCU AHMEDABAD

30-06-12

ELECTROTHERM (INDIA) LIMITED

RAVI KUMAR TREHAN, NARENDRA DALAI, AVINASH BHANDARI, MADHUSUDAN SOMANI, NILESH DESAI, MUKESH BHANDARI, SAILESH BHANDARI, PRODIP KRISHNA PRASAD, SUDHIR KAPOOR

43,83.000

UCO BANK

MCU AHMEDABAD

30-09-12

ELECTROTHERM (INDIA) LIMITED

AVINASH BHANDARI, RAVI KUMAR TREHAN, MUKESH BHANDARI, SAILESH BHANDARI, NILESH DESAI, MADHUSUDAN SOMANI, NARENDRA DALAI, PRODIP KRISHNA PRASAD, SUDHIR KAPOOR

43,83.000

UCO BANK

MCU AHMEDABAD

31-12-12

ELECTROTHERM (INDIA) LIMITED

PRODIP KRISHNA PRASAD, SUDHIR KAPOOR, NARENDRA DALAI, RAVI KUMAR TREHAN, AVINASH BHANDARI, NILESH DESAI, MADHUSUDAN SOMANI, SAILESH BHANDARI, MUKESH BHANDARI

43,83.000

UCO BANK

MCU AHMEDABAD

31-03-13

ELECTROTHERM (INDIA) LIMITED

NARENDRA DALAI, RAVI KUMAR TREHAN, MUKESH BHANDARI, AVINASH BHANDARI, MADHUSUDAN SOMANI, NILESH DESAI, SAILESH BHANDARI, PRODIP KRISHNA PRASAD, SUDHIR KAPOOR

43,83.000

UCO BANK

MCU AHMEDABAD

30-06-13

ELECTROTHERM (INDIA) LIMITED

NILESH DESAI, SAILESH BHANDARI, MADHUSUDAN SOMANI, MUKESH BHANDARI, RAVI KUMAR TREHAN, NARENDRA DALAI, SUDHIR KAPOOR, PRODIP KRISHNA PRASAD, AVINASH BHANDARI

43,83.000

UCO BANK

MCU AHMEDABAD

30-09-13

ELECTROTHERM (INDIA) LIMITED

SUDHIR KAPOOR, PRODIP KRISHNA PRASAD, NARENDRA DALAI, RAVI KUMAR TREHAN, SAILESH BHANDARI, MUKESH BHANDARI, AVINASH BHANDARI, NILESH DESAI, MADHUSUDAN SOMANI

43,83.000

UCO BANK

MCU AHMEDABAD

31-12-13

ELECTROTHERM (INDIA) LIMITED

SUDHIR KAPOOR, MUKESH BHANDARI, AVINASH BHANDARI, MADHUSUDAN SOMANI, NILESH DESAI, SAILESH BHANDARI, NARENDRA DALAI, RAVI KUMAR TREHAN, PRODIP KRISHNA PRASAD

43,83.000

UCO BANK

MCU AHMEDABAD

31-03-14

ELECTROTHERM (INDIA) LIMITED

RAVI KUMAR TREHAN, SAILESH BHANDARI, MUKESH BHANDARI, AVINASH BHANDARI, NILESH DESAI, MADHUSUDAN SOMANI, NARENDRA DALAI, PRODIP KRISHNA PRASAD, SUDHIR KAPOOR

43,83.000

UCO BANK

MCU AHMEDABAD

30-06-14

ELECTROTHERM (INDIA) LIMITED

PRODIP KRISHNA PRASAD, NARENDRA DALAI, RAVI KUMAR TREHAN, MUKESH BHANDARI, SAILESH BHANDARI, AVINASH BHANDARI, MADHUSUDAN SOMANI, NILESH DESAI

38,96.000

UCO BANK

MCU AHMEDABAD

30-09-14

ELECTROTHERM(INDIA) LIMITED

MUKESH BHANDARI, SAILESH BHANDARI, AVINASH BHANDARI, NARENDRA DALAI, NILESH DESAI, MADHUSUDAN SOMANI, PRODIP KRISHNA PRASAD, RAVI KUMAR TREHAN, SUDHIR KAPOOR

43,83.000

UCO BANK

MCU AHMEDABAD

31-12-14

ELECTROTHERM(INDIA) LIMITED

MUKESH BHANDARI, SAILESH BHANDARI, AVINASH BHANDARI, NARENDRA DALAI, NILESH DESAI, MADHUSUDAN SOMANI, PRODIP KRISHNA PRASAD, RAVI KUMAR TREHAN, SUDHIR KAPOOR

43,83.000

UCO BANK

MCU AHMEDABAD

31-03-15

ELECTROTHERM(INDIA) LIMITED

MUKESH BHANDARI, SAILESH BHANDARI, AVINASH BHANDARI, NARENDRA DALAI, NILESH DESAI, MADHUSUDAN SOMANI, PRODIP KRISHNA PRASAD, RAVI KUMAR TREHAN, SUDHIR KAPOOR

43,83.000

 

Suit-filed accounts of Rs. 10.000 Million and above as on 12-June-2015

Search details

Borrower Containing – Electrotherm  

 

BANK

 

BRANCH

 

QUARTER

 

BORROWER NAME

DIRECTORS NAME

OUTSTANDING AMOUNT (RS. IN MILLION)

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

31-12-13

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANDARI, SHAILESH BHANDARI, NILESH DESAI, RAM SINGH, BRIG PRADEEP KRISHNA PRASAD, AVINASH BHANDARI

167,84.076

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

31-03-14

 ELECTROTHERM (INDIA) LIMITED

RAM SINGH, AVINASH BHANDARI, BRIG PRADEEP KRISHNA PRASAD, MUKESH BHANDARI, SHAILESH BHANDARI, NILESH DESAI

167,84.076

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

30-06-14

 ELECTROTHERM (INDIA) LIMITED

SHAILESH BHANDARI, MUKESH BHANDARI, AVINASH BHANDARI, NILESH DESAI, RAM SINGH, BRIG PRADEEP KRISHNA PRASAD

167,84.076

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

30-06-14

 ELECTROTHERM (INDIA) LIMITED

AVINASH BHANDARI, SHAILESH BHANDARI, RAM SINGH, NILESH DESAI, BRIG PRADEEP KRISHNA PRASAD, MUKESH BHANDARI

167,83.800

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

30-06-14

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANDARI, SHAILESH BHANDARI, AVINASH BHANDARI, NILESH DESAI, RAM SINGH, BRIG PRADEEP KRISHNA PRASAD

167,84.076

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

30-09-14

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANDARI, SHAILESH BHANDARI, AVINASH BHANDARI, NILESH DESAI, RAM SINGH, BRIG PRADEEP KRISHNA PRASAD

167,84.076

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

30-09-14

 ELECTROTHERM (INDIA) LIMITED

AVINASH BHANDARI, SHAILESH BHANDARI, RAM SINGH, NILESH DESAI, BRIG PRADEEP KRISHNA PRASAD, MUKESH BHANDARI

167,83.800

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

30-09-14

 ELECTROTHERM (INDIA) LIMITED

SHAILESH BHANDARI, MUKESH BHANDARI, AVINASH BHANDARI, NILESH DESAI, RAM SINGH, BRIG PRADEEP KRISHNA PRASAD

167,84.076

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

31-12-14

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANDARI, SHAILESH BHANDARI, AVINASH BHANDARI, NILESH DESAI, RAM SINGH, BRIG PRADEEP KRISHNA PRASAD

167,84.076

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

31-12-14

 ELECTROTHERM (INDIA) LIMITED

AVINASH BHANDARI, SHAILESH BHANDARI, RAM SINGH, NILESH DESAI, BRIG PRADEEP KRISHNA PRASAD, MUKESH BHANDARI

167,83.800

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

31-12-14

 ELECTROTHERM (INDIA) LIMITED

SHAILESH BHANDARI, MUKESH BHANDARI, AVINASH BHANDARI, NILESH DESAI, RAM SINGH, BRIG PRADEEP KRISHNA PRASAD

167,84.076

ALLAHABAD BANK

AHMEDABAD SARDAR PATEL NAGAR

31-03-15

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANDARI, SHAILESH BHANDARI, AVINASH BHANDARI, NILESH DESAI, RAM SINGH, BRIG PRADEEP KRISHNA PRASAD

167,84.076

ICICI BANK LIMITED

AHMEDABAD

31-03-13

 ELECTROTHERM (INDIA) LIMITED

AVINASH PRAKASHCHANDRA BHANDARI, SHAILESH BHANWARLAL BHANDARI, NILESH RAJANIKANT DESAI, MUKESH BHANWARLAL BHANDARI, PRADEEP KRISHNA PRASAD, RAM SINGH

29,71.740

 

 

 

 

 

 

ICICI BANK LIMITED

AHMEDABAD

30-06-13

 ELECTROTHERM (INDIA) LIMITED

RAM SINGH, PRADEEP KRISHNA PRASAD, NILESH RAJANIKANT DESAI, MUKESH BHANWARLAL BHANDARI, SHAILESH BHANWARLAL BHANDARI, AVINASH PRAKASHCHANDRA BHANDARI

29,71.740

 

ICICI BANK LIMITED

AHMEDABAD

30-09-13

 ELECTROTHERM (INDIA) LIMITED

AVINASH PRAKASHCHANDRA BHANDARI, SHAILESH BHANWARLAL BHANDARI, RAM SINGH, PRADEEP KRISHNA PRASAD, NILESH RAJANIKANT DESAI, MUKESH BHANWARLAL BHANDARI

29,71.740

 

ICICI BANK LIMITED

AHMEDABAD

31-12-13

 ELECTROTHERM (INDIA) LIMITED

AVINASH PRAKASHCHANDRA BHANDARI, NILESH RAJANIKANT DESAI, SHAILESH BHANWARLAL BHANDARI, MUKESH BHANWARLAL BHANDARI, PRADEEP KRISHNA PRASAD, RAM SINGH

29,71.740

 

ICICI BANK LIMITED

AHMEDABAD

31-03-14

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANWARLAL BHANDARI

4,95.294

ICICI BANK LIMITED

AHMEDABAD

30-06-14

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANWARLAL BHANDARI

4,95.294

ICICI BANK LIMITED

AHMEDABAD

30-09-14

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANWARLAL BHANDARI

4,95.294

ICICI BANK LIMITED

AHMEDABAD

31-12-14

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANWARLAL BHANDARI

4,95.294

ICICI BANK LIMITED

AHMEDABAD

31-03-15

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANWARLAL BHANDARI MD, SHAILESH BHANWARLAL BHANDARI, AVINASH PRAKASHCHANDRA BHANDARI, CHAITANYAPRATAP HARISH SHARMA, RAM SINGH

24,76.450

SYNDICATE BANK

ASHRAM ROAD AHMEDABAD

31-03-12

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANDARI, SHAILESH BHANDARI

4,89.000

SYNDICATE BANK

ASHRAM ROAD AHMEDABAD

30-06-12

 ELECTROTHERM (INDIA) LIMITED

SHAILESH BHANDARI, MUKESH BHANDARI

4,89.000

SYNDICATE BANK

ASHRAM ROAD AHMEDABAD

30-09-12

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANDARI, SHAILESH BHANDARI

4,89.000

SYNDICATE BANK

ASHRAM ROAD AHMEDABAD

31-03-13

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANDARI, SHAILESH BHANDARI

4,89.000

SYNDICATE BANK

ASHRAM ROAD AHMEDABAD

30-06-13

 ELECTROTHERM (INDIA) LIMITED

SHAILESH BHANDARI, MUKESH BHANDARI

4,89.000

SYNDICATE BANK

ASHRAM ROAD AHMEDABAD

30-06-13

 ELECTROTHERM (INDIA) LIMITED

MUKESH BHANDARI, SHAILESH BHANDARI

4,89.000

 

 

 

 

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 DECLINED BY

 

Name :

Mrs. Shraddha

Designation :

Finance Manager

Contact No.:

91-79-26768844

Date:

10.06.2015

 

 

                                                                           LOCATIONS

 

Registered Office :

A–1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad – 380 015, Gujarat, India

Tel. No.:

91-79-26768844

Mobile No.:

91-9825159296 (Mr. Shailesh Bhandari)

Fax No.:

91-79-26768855

E-Mail :

sec@electrotherm.com

ho@electrothrm.com

Website :

www.elctrotherm.com

Area:

3500 sq. ft.

Location :

Owned

 

 

Corporate office / Factory 1 :

Engineering and Projects Division

Survey No. 72, Village : Palodia, Taluka : Kalol, District : Gandhinagar – 382 115, Gujarat, India

Tel. No.:

91-2717-234554/ 660550/ 55/ 56/ 57

Fax No.:

91-2717-237612/ 234616

 

 

Factory 2 :

Special Steel, DI Pipe and Electric Vehicle Division

Survey No. 325, Village : Samakhiyali, Taluka : Bhachau, District : Kutch, Gujarat, India

 

 

Factory 3 :

Wind Farm Project

Village : Dhank, Taluka : Upleta, District : Rajkot, Gujarat, India

 

 

Factory 4 :

Electric Vehicle Division

Survey No. 689 Paiki, Village : Thol, Taluka : Kadi, District: Mehasana – 382715, Gujarat, India 

 

 

Factory 5 :

Transmission Line Tower Division

Village : Juni Jithardi, Taluka : Karjan, District : Vadodara, Gujarat, India

 

 

                                                                           DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Mukesh Bhandari

Designation :

Chairman

 

 

Name :

Mr. Shailesh Bhandari

Designation :

Managing Director

 

 

Name :

Mr. Avinash Bhandari

Designation :

Joint Managing Director and CEO

 

 

Name :

Mr. Nilesh Desai

Designation :

Director

 

 

Name :

Mr. Ram Singh

Designation :

Director

 

 

Name :

Mr. Pradeep Krishna Prasad

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Jigar Shah 

Designation :

Company Secretary

 

 

Name :

Mr. Pawar Gaur

Designation :

Chief Executive Officer

 

 

Name :

Mrs. Shraddha

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

2280575

19.87

http://www.bseindia.com/include/images/clear.gifBodies Corporate

975000

8.50

http://www.bseindia.com/include/images/clear.gifSub Total

3255575

28.37

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

512500

4.47

http://www.bseindia.com/include/images/clear.gifSub Total

512500

4.47

Total shareholding of Promoter and Promoter Group (A)

3768075

32.83

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

9800

0.09

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

100

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

9900

0.09

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

2219776

19.34

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

1436995

12.52

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

336261

2.93

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

3705367

32.29

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

2000000

17.43

http://www.bseindia.com/include/images/clear.gifClearing Members

361039

3.15

http://www.bseindia.com/include/images/clear.gifTrusts

1292231

11.26

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

52097

0.45

http://www.bseindia.com/include/images/clear.gifSub Total

7698399

67.08

Total Public shareholding (B)

7708299

67.17

Total (A)+(B)

11476374

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

11476374

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles.

 

 

Products :

ITC Code No.

 

Product Description

851420

Electronic Induction Furnace

851440

Induction Heating Equipment

8502

Electricity Power Generation

7207

Steel Billets

7213

Steel Bars

8711

Electric Vehicle

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

1500 (Approximately)

 

 

Bankers :
  • Bank of India, Mithakali Branch, Abhijeet -II, Ground Floor, Mithakali Six Roads, Ahmedabad - 380 006, Gujarat, India
  • State Bank of India
  • Punjab National Bank
  • State Bank of Travancore
  • Corporation Bank
  • Bank of Baroda
  • Dena Bank
  • Oriental Bank of Commerce
  • Union Bank of India
  • Canara Bank
  • Standard Chartered Bank
  • Allahabad Bank

 

 

Facilities :

Secured Loan

31.03.2015

(12 Months)

(Rs. in Million)

31.03.2014

(6 Months)

(Rs. in Million)

Long-term Borrowings

 

Term Loans from Banks

 

 

Rupee Term Loan

 

1230.900

Foreign Currency Term Loan

 

240.000

Hire Purchase Finance for Vehicles

(Secured By Hypothecation of Specific Vehicles)

 

0.300

Short-term borrowings

 

 

Secured loan from Banks

Current Maturities of Long terms borrowings

 

17723.100

Working Capital Facilities

 

9857.400

Total

NA

29051.700

Note: (AS ON 31.03.2014)

 

Secured by first Charge by way of Equitable mortgage of all immovable properties and hypothecation of specified movable assets situated at Vatva, Palodia, Dhank, Samakhiyali – Kutch, and Chhadawada –Bhachau and Juni Jithardi, Karjan, Vadodara and Bank Fixed Deposits & as second charge on all Stock-in-Trade & Receivables. Further the loans are guaranteed by the personal guarantees of some of Directors.

 

ECB Loan is secured by Pari Passu Charge over the movable assets and first Pari Passu Charge on immovable assets of the company.

 

Secured by first Charge by way of Equitable mortgage of all immovable properties and hypothecation of specified movable assets situated at Vatva, Palodia, Dhank, Samakhiyali – Kutch, and Chhadawada –Bhachau and Juni Jithardi, Karjan, Vadodara and Bank Fixed Deposits & as second charge on all Stock-in-Trade & Receivables. Further the loans are guaranteed by the personal guarantees of some of Directors.

 

(b) Secured by first charge by way of hypothecation of all stocks of raw material, packing materials, fuel, stock in process, semi finished and finished goods, stores and spares not relating to the plant and machinery and stocks in trade & receivables and second charge on all movable fixed assets & second and subservient charge by way of equitable mortgage of all immovable properties situated at Vatva, Palodia, Dhank, Samakhyali- Kutch and Chhadawada -Bhachau. Further the loans are guaranteed by the personal guarantees of some of the Directors of the company.

 

 

 

 

Banking Relations :

 

 

 

Statutory Auditors :

 

Name :

Mehtaa Lodha and Company

Chartered Accountant

Address :

Ahmedabad, Gujarat, India

 

 

Cost Auditors :

 

Name :

V H Savaliya and Company

Cost Accountant

Address :

Ahmedabad, Gujarat, India

 

 

Internal Auditors :

 

Name :

RSM Astute Consulting Private Limited

Address :

Mumbai, Maharashtra, India

 

 

Subsidiary Companies (AS ON 31.03.2014):
  • Jinhua Indus Enterprises Limited
  • Jinhua Jahari Enterprises Limited
  • Bhaskarpara Coal Company Limited
  • ET Elec-Trans Limited
  • Hans Ispat Limited
  • Shree Ram Electro Cast Limited
  • Shree Hans Papers Limited
  • Electrotherm Mali SARL

 

 

Enterprises owned or significantly influenced by key management personnel or their relatives*(Except foreign

companies) (AS ON 31.03.2014):
  • Ahmedabad Aviation and Aeronautics Limited
  • Western India Speciality Hospital Limited
  • E-Motion Power Limited
  • Indus Elec-Trans Private Limited. *
  • Jayshri Petro-Yarn Private Limited.
  • Adroit Trading and Investment Company.
  • EIL Hospitality Private Limited.
  • EIL Software Services Offshore Private Limited.
  • EIL Technology Private Limited.
  • Electrotherm Engineering and Projects Limited.
  • Kappa Consultancy Private Limited.
  • Electrotherm Foundation.
  • Gujarat Mint Alloys Limited.
  • Electra Transformer Limited. (Formerly Known as Electra Transformer Private Limited.)
  • Airfones Innovatives Private Limited
  • BNB Real Estate Private Limited
  • ETAIN Energy Holdings Limited
  • Electrotherm Solar Limited (Formerly Known as Electrotherm Energy Holdings Ltd.)
  • Palace Solar Energy Private Limited.
  • SBRB Real Estate Private Limited.
  • Bhandari Real Estate Private Limited.
  • ETAIN Immodo Renewables Limited.
  • Arjun Ceramics and Carbon Private Limited.
  • Indus Chargers and Controllers Private Limited.
  • Arjun Solar One Private Limited
  • Arjun Green Power Private Limited.
  • Arjun Raj Solar One Private Limited.
  • Bhandari Charitable Trust

 

* Enterprises namely Palace Tours and Air Charters Private Limited., Crystal Real Estate Private Limited, Afghan Trading Private Limited., Bhandari Brothers Commercial Private Limited, EIL Realty Private Limited., EIL Software Private Limited, Indus Real Estate Private Limited, New Delhi Real Estate Private Limited, Palace Infrastructure Private Limited, S N Advisory Private Limited., Suraj Real Estate Private Limited and Suraj Advisory Services Private Limited have amalgamated with Indus Elec-Trans Private Limited, in pursuance to Scheme of Amalgamation vide the order dated September 13, 2013 of Hon’Ble Gujarat High Court.

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

25000000

Equity Shares

Rs.10/- each

Rs. 250.000 Million

25000000

6% Non-Cumulative Redeemable Preference Shares

Rs.10/- each

Rs. 250.000 Million

 

TOTAL

 

Rs. 500.000 Million

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

11476374

Equity Shares

Rs.10/- each

Rs. 114.800 Million

12000000

6% Non-Cumulative Redeemable Preference Shares

Rs.10/- each

Rs. 120.000 Million

 

TOTAL

 

Rs. 234.800 Million

 

NOTE:

 

A reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

 

Equity Shares

No. of shares

Shares outstanding at the beginning of the Period

11,476,374

Shares outstanding at the end of the Period

11,476,374

 

6% Non-Cumulative Redeemable Preference Shares

No. of shares

Shares outstanding at the beginning of the Period

12,000,000

Shares outstanding at the end of the Period

12,000,000

 

Rights, preference and restriction attached to Equity Shares

 

(i) The face value of the Equity shares is Rs.10/- per share . Each holder of equity shares is entitled to one vote per share.The company declares and pays dividend in Indian Rupees. During the period, the company has not declared any dividend.

(ii) The shareholders are not entitled to exercise any voting right either personally or proxy at any meeting of the Company in cases calls or other sums payable have not been paid.

(iii) In the event of liquidation of the company, holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

Rights, preference and restriction attached to Preference Shares

 

(i) The face value of the Preference shares is Rs.10/- per share . The Preference share holder does not have any voting rights. During the period, the company has not declared any dividend.

(ii) In the event of liquidation of the company, the preference share holders will have priority over equity shares in the payment of dividend and repayment of capital .

 

(e) There were no shares reserved at the year-end for issue under options and contracts / commitments for the sale of shares / disinvestment.

 

Shareholders holding more than 5% of the Shares in the Company :

 

Equity Shares

 

Name of Shareholders

No. of Shares

% of Holding

DEG-Deutsche Investitions-Und Entwicklungsgesellschaft Mbh

1,366,666

11.91

IDBI Trusteeship Services Limited (India Advantage Fund-VI)

1,292,231

11.26

Castleshine PTE Limited

1,000,000

8.71

Leadhaven PTE Limited

1,000,000

8.71

Western India Speciality Hospital Limited

975,000

8.50

Mr. Shailesh Bhandari

848,275

7.39

Mr. Mukesh Bhandari

809,500

7.05

 

Preference Shares

 

Name of Shareholders

No. of Shares

% of Holding

Web Businesses.com Global Limited

2,730,000

22.75

Lavish Packagers Limited

2,580,000

21.50

Highland Finance and Investments Private Limited

3,240,000

27.00

Froid Finance and Investments Private Limited

1,200,000

10.00

Ahmedabad Aviation And Aeronautics Limited

1,050,000

8.75

Mr. Shailesh Bhandari

1,200,000

10.00

 

The Company have calls in arrears / unpaid calls of Rs.Nil (Previous Year Nil)

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

31.03.2015

(12 Months)

31.03.2014

(6 Months)

30.09.2013

(12 Months)

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

234.800

234.800

234.800

(b) Reserves & Surplus

(10365.000)

(5966.900)

(2738.000)

(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)

(10130.200)

(5732.100)

(2503.200)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

12214.100

1471.200

2693.700

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

75.800

51.700

53.700

Total Non-current Liabilities (3)

12289.900

1522.900

2747.400

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

18418.900

29604.700

28530.000

(b) Trade payables

1875.800

1895.100

1996.200

(c) Other current liabilities

1103.300

1163.100

1010.700

(d) Short-term provisions

41.000

34.900

42.500

Total Current Liabilities (4)

21439.000

32697.800

31579.400

 

 

 

 

TOTAL

23598.700

28488.600

31823.600

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

12877.800

14124.600

14787.800

(ii) Intangible Assets

0.000

16.200

18.200

(iii) Capital work-in-progress

0.000

104.500

111.400

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1273.900

1273.900

1273.900

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

367.800

236.400

202.500

(e) Other Non-current assets

321.100

322.900

332.700

Total Non-Current Assets

14840.600

16078.500

16726.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

2744.400

4182.900

6509.300

(c) Trade receivables

3435.100

4060.200

3855.800

(d) Cash and cash equivalents

548.800

304.600

282.900

(e) Short-term loans and advances

2024.300

3854.000

4442.900

(f) Other current assets

5.500

8.400

6.200

Total Current Assets

8758.100

12410.100

15097.100

 

 

 

 

TOTAL

23598.700

28488.600

31823.600

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

(12 Months)

31.03.2014

(6 Months)

30.09.2013

(12 Months)

 

SALES

 

 

 

 

Income

18292.100

6598.600

10540.200

 

Other Income

40.500

23.400

64.000

 

TOTAL

18332.600

6622.000

10604.200

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

13645.900

4870.400

7388.700

 

Purchases of Stock-in-Trade

327.200

112.600

268.800

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

1260.000

1952.500

146.200

 

Employees benefits expense

881.200

375.400

672.700

 

Other expenses

5106.500

1534.600

2262.300

 

Preliminary Expenses Written Off

--

0.000

0.200

 

Exceptional items & Extraordinary Items

--

275.400

0.000

 

TOTAL

21220.800

9120.900

10738.900

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(2888.200)

(2498.900)

(134.700)

 

 

 

 

 

Less

FINANCIAL EXPENSES

63.700

18.900

1015.500

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(2951.900)

(2517.800)

(1150.200)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

1461.800

693.900

1388.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(4413.700)

(3211.700)

(2538.500)

 

 

 

 

 

Less

WEALTH TAX

0.200

0.300

 

 

 

 

 

Less

DEFERRED TAX

0.200

0.000

0.000

 

 

 

 

 

 

LOSS FOR THE YEAR/PERIOD

(4413.900)

(3211.900)

(2538.800)

 

 

 

 

 

Add/Lee

PRIOR PERIOD ADJUSTMENTS/

--

(0.300)

0.100

 

 

 

 

 

Add

EXTRA ORDINARY ITEMS

8.800

--

--

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(4405.100)

(3211.600)

(2538.900)

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

NA

(8249.200)

(5710.300)

 

 

 

 

 

 

Balance Carried to the B/S

NA

(11460.800)

(8249.200)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Export of Goods & Services

NA

855.500

1298.200

 

TOTAL EARNINGS

NA

855.500

1298.200

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

494.700

772.500

 

Stores

NA

95.900

45.400

 

Capital Goods

NA

0.000

0.000

 

TOTAL IMPORTS

NA

590.600

817.900

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(384.48)

 (279.78)

(108.14)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

(12 Months)

31.03.2014

(6 Months)

30.09.2013

(12 Months)

Current Maturities of Long term debt

NA

 

 

Cash generated from operations

NA

220.100

(9.500)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

(12 Months)

31.03.2014

(6 Months)

30.09.2013

(12 Months)

Net Profit Margin
(PAT / Sales)

(%)

(24.08)

(48.67)

(24.09)

 

 

 

 

 

Operating Profit Margin
(PBIDT/Sales)

(%)

(15.79)

(37.87)

(1.28)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(19.77)

(11.85)

(8.34)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.44

0.56

1.01

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(3.02)

(5.42)

(12.47)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.41

0.38

0.48

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.22.20/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

30.09.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

234.800

234.800

234.800

Reserves & Surplus

(2738.000)

(5966.900)

(10365.000)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

(2503.200)

(5732.100)

(10130.200)

 

 

 

 

long-term borrowings

2693.700

1471.200

12214.100

Short term borrowings

28530.000

29604.700

18418.900

Total borrowings

31223.700

31075.900

30633.000

Debt/Equity ratio

(12.474)

(5.421)

(3.024)

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

30.09.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

10540.200

6598.600

18292.100

 

 

(37.396)

177.212

 

 

NET PROFIT MARGIN

 

Net Profit Margin

30.09.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

10540.200

6598.600

18292.100

Profit

(2538.900)

(3211.600)

(4405.100)

 

(24.09%)

(48.67%)

(24.08%)

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

 

MISC.CIVIL APPLICATION (STAMP NUMBER) No. 1204 of 2010

 

[GROUP 01197-01204]

In SPECIAL CIVIL APPLICATION / 6298 / 2008 (DISPOSED) On : 18/03/2010

 

Status : PENDING

CCIN No : 001018201001204

 

Last Listing Date:

20/07/2010

Coram

·         HONOURABLE MR.JUSTICE D.A.MEHTA

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

S.NO.

Name of the Petitioner

Advocate On Record

1
2

UNION OF INDIA
COMMISSIONER OF CENTRAL EXCISEAND CUSTOMS

(MR RM CHHAYA) for: Applicant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1 - 2

S.NO.

Name of the Respondant

Advocate On Record

1
2
3

KUTCH CHAMBER OF COMMERCE AND INDUSTRY THROUGH SECRETARY
ELECTROTHERM (INDIA) LIMITED
HARISH SHARMA SHAREHOLDER OF RESP. NO.2

Presented On

: 04/05/2010

Registered On

: 04/05/2010

Bench Category

: DIVISION BENCH

District

: KACHCHH

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 2 times

StageName

: FOR ORDERS

 

Act
  • CIVIL PROCEDURE CODE, 1908

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

04/05/2010

APPLICATION

(MR RM CHHAYA) ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png2 , 2

20

-

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

20/07/2010

8

-

FOR ORDERS

NEXT DATE

·         HONOURABLE MR.JUSTICE D.A.MEHTA

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

 

 

 

 

 

 

 

 

 

CORPORATE INFORMATION (AS ON 31.03.2014)

 

Subject is a listed public company domiciled in India and incorporated under the provisions of the Companies Act, 1956.The Company is engaged in the Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(12 Months)

(Rs. in Million)

31.03.2014

(6 Months)

(Rs. in Million)

Long-term Borrowings

 

Foreign Currency Term Loan

 

0.000

Short-term borrowings

 

 

Loans and Advances repayable on demand from: -

 

 

Related Parties (Including Body Corporates)

 

25.400

Other Body Corporates

 

3.400

Directors

 

28.200

Term Loan from Banks

 

 

Rupee Term Loan

 

1765.900

Foreign Currency Term Loan

 

201.300

Total

NA

2024.200

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10327606

29/12/2011

4,628,600,000.00

CENTRAL BANK OF INDIA

MID CORPORATE FINANCE BRANCH, CENTRAL BANK BUILDING , LAL DARWAJA, AHMEDABAD, GUJARAT - 380001, INDIA

B29228582

2

10317944

18/11/2011

2,000,000,000.00

INDIAN OVERSEAS BANK

ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTRE, OPP. HANDLLOM HOUSE, ASHRAM ROAD, AHMEDABAD, GUJARAT -
380009, INDIA

B25413303

3

10317950

18/11/2011

1,000,000,000.00

INDIAN OVERSEAS BANK

ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTRE, OPP.HANDLOOM HOUSE, ASHRAM ROAD,, AHMEDABAD, GUJARAT
- 380009, INDIA

B25415217

4

10321481

12/11/2011

2,784,700,000.00

CANARA BANK

PRIME CORPORATE BRANCH,104,JYOTI COMMERCIAL COMPLE, NEAR SHYAMAL CROSS ROAD,SATELITE, AHMEDABAD, GUJARAT - 380015, INDIA

B27073931

5

10323332

24/10/2011

1,810,000,000.00

BANK OF INDIA

AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BOI
BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA

B27942994

6

10313190

19/10/2011

495,300,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA

B23532542

7

10318007

03/10/2011

540,000,000.00

DENA BANK

188A ASHRAM ROAD, DENA LAXMI BUILDING, AHMEDABAD, GUJARAT - 380009, INDIA

B25432139

8

10314943

29/09/2011

180,200,000.00

ORIENTAL BANK OF COMMERCE

"NEEL KAMAL",OPP SALES INDIA,ASHRAM ROAD, AHMEDABAD, AHMEDABAD, GUJARAT - 380009, INDIA

B24214470

9

10314939

28/09/2011

36,000,000.00

BANK OF BARODA

1ST FLOOR, BANK OF BARODA TOWERS, OPP LAW GARDEN,
ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B24213126

10

10307836

22/09/2011

1,000,000,000.00

INDIAN OVERSEAS BANK

ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTRE,, OPP.
HANDLOOM HOUSE, ASHRAM ROAD,, AHMEDABAD, GUJARAT
- 380009, INDIA

B21281084

 

* Date of charge modification

 

 

FIXED ASSETS

 

TANGIBLE ASSETS

 

  • Freehold Land
  • Leasehold Land
  • Building
  • Plant and Machinery
  • Computer
  • Furnitures and Fixtures
  • Office Equipment
  • Vehicles

 

INTANGIBLE ASSETS

 

  • Software

 

 

CMT REPORT (Corruption, Money Laundering and 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 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.63.89

UK Pound

1

Rs.98.90

Euro

1

Rs.72.31

 

 

INFORMATION DETAILS

 

Information Gathered by :

REK

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

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 and 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

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NB

                                       New Business

 

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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.