MIRA INFORM REPORT
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Report Date : |
14TH April, 2006 |
IDENTIFICATION DETAILS
|
Name : |
PROXIMA STEEL FORGE PRIVATE
LIMITED |
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Registered Office : |
B-15, Industrial Focal
Point Phase-II, Jalandhar-144004, Punjab, India |
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Country : |
India |
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Financials (as on) : |
31.03.2002 |
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Date of Incorporation : |
24TH
November, 1992 |
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Com. Reg. No.: |
16-12759 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
JLDP00015B |
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PAN No.: (Permanent Account No.) |
AAACP8010C |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Manufacturers
and exporters of forgings and drop forged hand tools |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having satisfactory track records. Trade relations
are fair. Payments are reported as slow but correct. The
company can be considered for normal business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office /
Factory : |
B-15, Industrial Focal
Point Phase-II, Jalandhar-144004, Punjab, India |
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Tel. No.: |
91-181-2601560/2602240 |
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Fax No.: |
91-181-2602240/2602366 |
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E-Mail : |
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Website : |
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Area : |
4800
sq. mtrs. - Owned |
DIRECTORS
|
Name : |
Mr.
Raj Kumar Rathour |
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Designation : |
Director |
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Address : |
Jalandhar
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Qualification : |
Graduate |
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Name : |
Mr. Rakesh Rathour |
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Designation : |
Managing Director |
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Qualification : |
Graduate |
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Name : |
Mr.
Vikram Rathour |
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Designation : |
Director
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MAJOR SHAREHOLDERS
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Names of Shareholders |
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Held by Directors and
Family Members |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
and exporters of forgings and drop forged hand tools |
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Exports to : |
Germany,
UK, Spain and France |
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Imports from : |
Germany |
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Terms : |
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Selling : |
L/C,
Cash and Credit (30 days) |
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Purchasing : |
L/C
and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers
and End Users |
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No. of Employees : |
290
persons - 260 in factory, 30 persons in office |
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Bankers : |
State
Bank of India, O.
B. Jalandhar |
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Facilities : |
Cash
Credit Limit : Rs. 5.000 millions |
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Banking Relations : |
Satisfactory
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Auditors : |
Surinder
Mahajan and Associates 74,
Vijay Nagar, Jalandhar |
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Tel. No.: |
91-181-2402774 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs. 15.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000 |
Equity Shares |
Rs.100/- each |
Rs. 12.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
No
subsequent financials could be available from any sources.
Management
remained non-cooperative during current investigation.
However
efforts are continued for latest financials and if available, it will follow
soon
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2002 |
31.03.2001 |
31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.000 |
12.000 |
12.000 |
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3] Reserves & Surplus |
26.784 |
21.077 |
15.894 |
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NETWORTH
|
38.784 |
33.077 |
27.894 |
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LOAN FUNDS |
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1] Secured Loans |
26.239 |
24.169 |
20.834 |
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2] Unsecured Loans |
10.553 |
9.453 |
8.805 |
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TOTAL
BORROWING
|
36.792 |
33.622 |
29.639 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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75.756 |
66.699 |
57.533 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
33.335 |
31.401 |
26.632 |
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Capital work-in-progress
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-- |
-- |
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INVESTMENT
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-- |
-- |
-- |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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33.268 |
|
24.830 |
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Sundry Debtors
|
29.941 |
35.292
|
17.265 |
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Cash & Bank Balances
|
3.923 |
|
0.500 |
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Loans & Advances
|
11.449 |
|
16.492 |
Total Current Assets
|
78.581 |
35.292 |
59.087
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
36.344 |
--
|
28.194 |
Total Current Liabilities
|
36.344 |
|
28.194
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Net Current
Assets
|
42.237 |
35.292 |
30.893
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MISCELLANEOUS EXPENSES
|
0.004 |
0.006 |
0.008 |
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TOTAL
|
75.576 |
66.699 |
57.533 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2002 |
31.03.2001 |
31.03.2000 |
Sales Turnover [including other income]
|
86.189 |
76.604 |
75.945 |
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Profit/(Loss) Before Tax
|
6.059 |
5.438 |
5.636 |
Provision for Taxation
|
0.000 |
0.000 |
0.314 |
Profit/(Loss) After Tax
|
6.059 |
5.438 |
5.322 |
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Total Earnings
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NA |
NA |
56.773 |
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Import Value
|
0.076 |
NA |
NA |
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Expenditure
|
NA |
NA |
31.438 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2002 |
31.03.2001 |
31.03.2000 |
PAT / Total Income
|
(%)
|
7.029
|
0.070 |
7.005 |
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Net Profit Margin
(PBT/Sales) |
(%) |
7.029
|
0.070 |
7.421 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
5.413
|
8.153 |
6.574 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.689
|
0.164 |
0.202 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
1.885
|
1.016 |
2.073 |
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Current Ratio
(Current Asset/Current
Liability) |
|
2.162
|
-- |
2.023 |
LOCAL AGENCY FURTHER INFORMATION
Financial
results :
The
company achieved a turnover of Rs. 86.189 millions (Previous Year Rs. 76.604
millions) during the year. There is a
new profit of Rs. 6.059 millions (Previous Year Rs. 5.438 millions) after
meeting all expenses and providing for depreciation on fixed assets as per
companies act, 1956
Subject
imports machinery and exports hand tools.
The
company is in trade terms with :
- Awon Cycle Limited,
Ludhiana
- Sigma Tools and
Forgings Private Limited
- I.J. Machines Limited
- Garden Woodroff Limited
AS PER WEBSITE
PROFILE
The SANT
group seeded by Thakur Ganpat Rai in 1953 with the manufacture of Industrial
Valves under the brand name of "SANT" quickly became the house hold
name all over India for Valves & Cocks. The group slowly diversified,
into pipe fitting & forging and successfully marketed their products all
over India. There has been no looking back ever since.
"PROXIMA"
the company was founded in 1992 with the solid backing of the "SANT"
group with decades of experience in the manufacturing field of quality
products. Ambitious plans have been made to reach out and market quality
products all over the world.
The Hand Tools are meticulously made,
keeping safety norms foremost in every body's minds. Every effort is
made to ensure quality, which is the main indegredient in a Hand Tool.
This effort is not easily visible from the appearance. The qualities of
steel, good forging, heat treatment and finish can only be proved in use.
Striking tools in particular, can be
dangerous unless expertly made. Great stress is laid on safety ; which is
in built in each and every striking tool which leaves the factory to ensure its
safe working life, if used for the purpose for which it is intended.
MANUFACTURING PROCESS
They provide global users
a wide array of Hand Tools and Garden Tools all featured in this
Catalogue. Each and every tool manufactured in our plant is in accordance
with various international standards as required in different parts of the
world.
Proxima has
a large in house forging section with its own Hi-tech tool room, where forging
dies are produced using EDM.
Master Craftsmen gives us
uniform forging on the forge shop to produce consistent quality hand tools.
They have a
dedicated engineering staff to assist in all technical aspects of the
company. This includes sophisticated testing equipment being usedd at
every stage of manufacturing process, to verify our products conformance to a
particular required standard. Be it material constituents or hardness, we
ensure that our products are free from all possible defects.
Skilled
hands do the grinding and polishing jobs which is critical in hand tools for
its appearence and finish.
An introduction hardening
machine is utilised at the heat treatment stage to ensure consistency in
hardness and uniformity which the international standards require.
Its powder coating plant ensures our products a quality outlook.
Quality of products has been the hall mark of 'Proxima' which will
definitely maintain and also improve.
Strict on line
continous inspection produces a high grade tool.
They
are a forward moving company to supply you the best quality hand tools
available
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 records 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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE & 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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |