Attachment 1

 

Report Update On

6th March, 2001

 

 

Report on

PROTOS ENGINEERING COMPANY PRIVATE LIMITED

 

 

Registered Office

173, Jamshedji Tata Road, Thakur Niwas, Churchgate, Mumbai – 400 020, INDIA

 

 

Tel. No.

91-22-2020263 / 2020365 / 2027286

Fax No.

91-22-2021716

E-Mail

protoeng@gems.vsnl.net.in

Website

http://www.protosindia.com

 

 

Attachment 2

 

SUMMARY

 

 

Incorporated

1949

Status

Moderate

 

 

 

 

Registration No.

7221

Chief Executive

Mr. V. J. Mehta

 

 

 

 

Capital  (Rs.)

2.961 millions

Payments

Regular

 

 

 

 

Sales   (Rs.)

56.081 millions

Litigation

--

 

 

 

 

Net Worth (Rs.)

90.337 millions

Banking Reputation

Satisfactory

 

 

 

 

No. of Employees

30

Auditors

C. C. Chokshi & Company

 

 

 

 

Credit Rating

B (See attachment 3)

 

 

 

INDUSTRY

 

 

************************

 

FACTORY

 

Not applicable

 

BRANCH

 

Nil

 

HISTORY

 

The company was incorporated on 28th June, 1949 at Mumbai in Maharashtra having Company Registration Number 7221.

 

LEGAL FORM

 

It is a Private Limited Liability company.

 

DIRECTORS

 

Mr. D. B. Engineer

Chairman

Mr. V. J. Mehta

Whole-time Director

Mr. U. R. Kapadia

Director

Mr. S. K. Diwanji

Director

Mr. Klaus H. Laubscher

Director

Mr. H. N. Kapadia

Director [deceased]

 

PARTICULARS OF CHIEF EXECUTIVE

 

Name

Mr. V. J. Mehta

Designation

Whole-time Director

Age

67 years

Qualification

B.Sc. (Hons.), AIISI, FSIA

Experience

45 years

Date of Joining

1st July, 1963

Previous Employment

Girna SSK Limited – Manufacturing Chemist

 

BUSINESS

 

The company acts as Trading and Consulting Engineers.

 

The company has Turbine & Oil Department and Chemical Engineering Department.

 

Generic Name of Principal Product/Service of the company is :

 

Item Code No. (ITC No.)

--

Product Description

Trading & Consulting Engineers

 

The company has been doing good business. The company’s turnover during the period under report was Rs.56.081 millions as against Rs.51.793 millions during the previous year. The company earned a net profit of Rs.25.790 millions during the year under report as against that of mere Rs.5.704 millions during the previous year.

 

The company’s fixed assets of important value include Freehold Land, Buildings, Furniture & Equipments and Vehicles.

 

The company is reported to employ around 30 persons in its set-up.

 

SUBSIDIARIES

 

K                 Delimon Protos India Private Limited

Thakur Niwas, 173, Jamshedji Tata Road, Churchgate, Mumbai – 400 020, INDIA

 

ASSOCIATES

 

K                 Harshadray Private Limited

K                 Sortimat Protos Automation Private Limited

 

BANKERS

 

K                 Bank of Baroda

Churchgate Branch, Mumbai, India

 

AUDITORS

 

K                 C. C. Chokshi & Company

Chartered Accountants

Mafatlal House, Backbay Reclamation, Mumbai – 400 020, Maharashtra, INDIA

Tel. No.       91-22-2854330 / 2837006

Fax No.       91-22-2024499 / 2024337

E-Mail         cchokshi@giasbm01.vsnl.net.in

 

FINANCIAL INFORMATION

 

The company's latest financial information for the period ended 31st March, 2000 is enclosed herewith.

 

CAPITAL STRUCTURE

 

Authorised Capital :

500,000

Unclassified Shares of Rs.100/- each, of which 29,608 shares have been classified as equity shares

Rs.50.000 millions

 

 

 

Issued, Subscribed & Paid-up Capital :

29,608

Equity Shares of Rs.100/- each

Rs.2.961 millions

 

COMMENTS

 

Subject is a well-established and reputed marketing organisation who represents several European companies for marketing their engineering capital goods on commission basis. The company also provides after-sales-services.

 

The company’s important source of income is by way of commission. Directors are well-known, respectable and resourceful businessmen. Their trade relations are reported as fair. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

ABRIDGED BALANCE SHEET AS ON 31ST March, 2000

[figures are in Rupees Millions]

 

SOURCES OF FUNDS

 

 

31.03.2000

31.03.1997

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

2.961

2.961

2] Reserves & Surplus

 

87.376

69.700

 

 

 

 

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.401

0.000

2] Unsecured Loans

 

34.000

34.000

 

 

 

 
GRAND TOTAL

 

124.738

106.661

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

6.159

4.485

 

 

 

 

INVESTMENTS

 

103.216

85.547

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

Inventories

 

 

 

Sundry Debtors

 

11.242

8.011

Cash & Bank Balances

 

0.644

1.229

Loans & Advances

 

2.215

0.792

Total Current Assets

 

14.101

10.032

Less :

 

 

 

Current Liabilities

 

8.301

9.482
Provisions

 

8.878

6.972

Net Current Assets

 

(3.078)

(6.422)

 

 

 

 

MISCELLANEOUS EXPENSES

 

18.441

23.051

 

 

 

 
GRAND TOTAL

 

124.738

106.661

 

IMPORTANT FINANCIAL INFORMATION FOR LAST TWO PERIODS

[figures are in Rupees Millions]

 

PARTICULARS

 

 

31.03.2000

31.03.1999

Sales Turnover

 

56.081

51.793

[including other income]

 

 

 

 

 

 

 

Profit/(Loss) Before Tax

 

28.465

7.104

Provision for Taxation

 

2.675

1.400

Profit/(Loss) After Tax

 

25.790

5.704

 

 

 

 

Dividend

 

2.961

2.221

 

 

 

 

Earnings in Foreign Currency :

 

 

 

Commission Income

 

14.752

17.927

Engineering Services

 

0.259

0.292

Total Earnings

 

15.011

18.219

 

 

 

 

Imports :

 

 

 

Raw Materials

 

0.000

0.000

Components & Spares

 

0.000

0.000

Capital Goods

 

0.000

0.000
Total Imports

 

0.000

0.000
 

 

 

 
Expenditures :

 

 

 
Cost of Services Rendered-Jobs

 

0.050

0.045
Other Operating Cost

 

26.615

42.033
Loss on Sale of other Long-term Investments

 

0.000

0.272
Depreciation

 

0.851

0.628
Interest

 

0.099

1.711
Total Expenditures

 

27.615

44.689

 

Attachment 3

 

 

SCORE SHEET

 

SCORE

CREDIT 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. Maybe drawn to slightly difficult position as unfavourable conditions arise. Minimal assurance for timely payment on interest and principal sums

Moderate

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively limited or considered not known. Capability to pay both interest and principal sums is doubtful

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

 

Attachment 4

 

 

INDIA

 

INDIA, one of the oldest civilisations with a kaleidoscopic variety and rich cultural heritage. It ahs achieved multifaceted socio-economic progress during the last 53 years of its independence. India has become self-sufficient in agricultural production and is now the tenth industrialised country in the world and the sixth nation to have gone into outer space to conquer nature for the benefit of the people. It covers an area of 3,287,2631 sq.km., extending from the snow-covered Himalayan heights to the tropical rain forests of the south. As the seventh largest country in the world, India stands apart from the rest of Asia, marked off as it is by mountains and the sea, which give the country a distinct geographical entity. Bounded by the Great Himalayas in the north, it stretches southwards and at the Tropic of Cancer, tapers off into the Indian Ocean between the Bay of Bengal on the east and the Arabian Sea on the west.

 

Lying entirely in the northern hemisphere, the mainland extends between latitudes 8°4’ and 37°6’ north, longitudes 68°7’ and 97°25’ east and measures about 3,214 km from north to south between the extreme latitudes and about 2,933 km from east to west between the extreme longitudes. It has a land frontier of about 15,200 km. The total length of the coastline of the mainland, Lakshadweep Islands and Andaman & Nicobar Islands is 7,516.6 km.

 

The countries having a common border with India are Afghanistan and Pakistan to the north-west, China, Bhutan and Nepal to the north, Myanmar to the east and Bangladesh to the east of West Bengal. Sri Lanka is separated from India by a narrow channel of sea formed by the Palk Strait and the Gulf of Mannar.

 

Rivers in India may be classified as : (i) Himalayan rivers; (ii) Peninsular rivers; (iii) Coastal rivers and (iv) rivers of Inland drainage basins.

 

The climate in India may be broadly described as tropical monsoon type. There are four seasons: (i) Winter (January-February); (ii) Hot-weather Summer (March-May); (iii) Rainy South-Western Monsoon (June-September) and (iv) Post-Monsoon, also known as North-East Monsoon in the Southern Peninsula (October-December). India’s climate is affected by two seasonal winds – the north-east monsoon and the south-west monsoon. The north-east monsoon commonly known as winter monsoon blows from land to sea whereas south-west monsoon known as summer monsoon blows from sea to land after crossing the Indian Ocean, the Arabian Sea and the Bay of Bengal. The south-west monsoon brings most of the rainfall during the year in the country. It is now possible to make forecast about the monsoon rains successfully with developed models and trained manpower.

 

India’s populations, as on 1st March, 1991 stood at 846.30 millions (439.23 million males and 407.07 million females). This includes the projected population of 7.72 million of Jammu & Kashmir. The second most populous country, India is the home of 16 percent of world’s population. The country, however, accounts for 2.42 percent of the total world area.

 

The population in India as recorded at each decenial census from 1901 has grown steadily except for a decrease during 1911-21. Decadel growth of population from 1901 is shown in the table below :

 

POPULATION

 

Year

Population

Decade Growth Rate

 

 

(percent)1

Average Annual Exponential Growth Rate

(percent)

Progressive Growth Rate over 1901

1901

238,396,327

--

--

--

1911

252,093,390

+5.75

0.56

+5.75

1921

251,321,213

-0.31

-0.03

+5.42

1931

278,977,327

+11.00

1.04

+17.02

1941

318,660,580

+14.22

1.33

+33.67

1951

361,088,090

+13.31

1.25

+51.47

1964

439,934,771

+21.51

1.96

+84.25

1971

548,159,652

+24.80

2.20

+129.94

1981

683,329,097

+24.66

2.22

+186.64

1991

846,302,688

+23.85

2.14

+255.00

 

INDIAN INDUSTRY

 

India started has quest for industrial development after independence in 1947. The Industrial Policy Resolution of 1948 marked the beginning of the evolution of the Indian Industrial Policy.

 

As per Quick Estimate of the Index of Industrial Production, the overall growth of Industrial Production during 1999-2000 was 8 percent. Intermediate Goods recorded a growth of 15 percent. Consumer durable goods recorded a growth of 12.2 percent over 1998-99. Consumer non-durables recorded a growth of 4 percent during 1999-2000 over the corresponding period last year.

 

While the overall industrial growth was 8 percent, the core infrastructure sectors achieved an average growth rate of 8.5 percent during the financial year 1999-2000.

 

The performance of six infrastructure industries is given herebelow :

 

 

Sr. No.

Industry

Weight

1995-96

1996-97

1997-98

1998-99

1999-2000

1.

Electricity

10.1690

8.3

3.8

6.6

6.6

7.1

2.

Coal

3.2216

6.4

5.7

3.6

-2.0

3.3

3.

Steel

5.1278

21.9

5.8

6.3

1.3

12.5

4.

Crude Petroleum

4.1721

7.1

-4.7

2.9

-3.4

-2.2

5.

Petroleum Refinery Products

2.0021

3.9

7.0

3.7

5.2

25.3

6.

Cement

1.9891

11.5

9.6

9.1

5.7

14.0

Overall

26.6817

10.5

3.0

5.6

2.9

8.5

 

FOREIGN EXCHANGE RATES

 

Currency

 

Unit

Indian Rupees

US Dollar

1

Rs.46.55

UK Pound

1

Rs.68.39

Euro

1

Rs.43.48

Attachment 5

 

ACKNOWLEDGEMENT

 

Dear Sir/Madam,

 

As part of our control system, please fax/email us this note upon receipt of this report. If we do not receive the acknowledgement within 24 hours, we will assume that our report meets your requirement. If you have any suggestion to help us improve our reports and services, please do not hesitate to let us know.

 

Thank you.

______________________________________________________________________________

 

To        : MIRA INFORM PRIVATE LIMITED

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Company’s Stamp & Signature