MIRA
INFORM REPORT
|
Report Date : |
02.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
TAPARIA
MAGNETICS PRIVATE LIMITED |
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Registered Office : |
12/23/34,
Ground Floor, Sarita Building, Prabhat Industrial Estate, Before Checknaka,
Dahisar (East), Mumbai – 400 088, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
26.12.1986 |
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Com. Reg. No.: |
11-42005 |
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CIN No.: [Company
Identification No.] |
U17110MH1986PTC042005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09367B |
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PAN No.: [Permanent
Account No.] |
AAACT1412C |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of Magnetic Devices for Holding, Lifting and Seperation. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
by average 30 days |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profit margin is very low. The company incurred substantial loss in 2004-05. Financial position can be regarded as moderate. The company’s payments are reported as slow by average 30 days. The company can be considered for any business dealings on safe and secured trade terms and conditions. |
LOCATIONS
|
Registered Office : |
12/23/34,
Ground Floor, Sarita Building, Prabhat Industrial Estate, Before Checknaka,
Dahisar (East), Mumbai – 400 088, Maharashtra, India. |
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Tel. No.: |
91-22-28964968/
28979362 |
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Fax No.: |
91-22-28963741 |
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E-Mail : |
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Website : |
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New Registered Office/ Factory: |
131,
Diamond Industrial Estate, Ketki Pada, Off Western Express Highway, Dahisar
(East), Mumbai – 400 068, Maharashtra, India. |
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Tel. No.: |
91-22-28964968/28979362/28969585 |
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Fax No.: |
91-22-28963741 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr.
Taparia Hanumanbux Madanlal |
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Designation : |
Director
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Address : |
1202,
Banhar Building, 2 B Narayan Dabolkar Marg, Mumbai – 400 006, Maharashtra,
India. |
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Date of Birth/Age : |
13.11.1930 |
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Date of Appointment : |
01.08.1987 |
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Name : |
Mr.
Taparia Verawdan Sunilkumar |
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Designation : |
Director
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Address : |
Kedia
Apartments, 7th Floor, Dugarshi Road, Malabar Hills, Mumbai – 400
006, Maharashtra, India. |
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Date of Birth/Age : |
02.10.1957 |
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Date of Appointment : |
05.12.1988 |
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Name : |
Mrs.
Taparia Jyotiprasad Sanjeevkumar |
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Designation : |
Director
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Address : |
Laxmivilas,
87, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India. |
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Date of Birth/Age : |
29.07.1967 |
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Date of Appointment : |
01.09.1990 |
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Name : |
Mr.
Taparia Jaiprakash Sharadkumar |
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Designation : |
Director
|
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Address : |
Vastushilp
Building, Nr. Ganga Jamuna Talkies, Tardeo Road, Mumbai – 400 034,
Maharashtra, India. |
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Date of Birth/Age : |
13.01.1973 |
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Date of Appointment : |
03.02.1988 |
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Name : |
Mr.
Taparia Verawdan Anilkumar |
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Designation : |
Director
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Address : |
Ship
Building, Padurang Budhkar Marg, Mumbai – 400 013, Maharashtra, India. |
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Date of Birth/Age : |
24.07.1954 |
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Date of Appointment : |
30.09.2000 |
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Name : |
Mr.
Taparia Hanumanbux Shyamsunder |
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Designation : |
Director
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Address : |
Vastushilp
Building, Nr. Ganga Jamuna Talkies, Tardeo Road, Mumbai – 400 034,
Maharashtra, India. |
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Date of Appointment : |
20.12.1999 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mandanlal
Taparia HUF |
7500 |
|
Chayadeiv
Jaiprakash Taparia |
12000 |
|
Jaiprakash
Taparia |
2700 |
|
Vimladevi
Shyamsunder Taparia |
17600 |
|
Rukmani
Verwadan Taparia |
10500 |
|
Anilkumar
Verwadan Taparia |
1500 |
|
Kamaldevi
Anilkumar Taparia |
10425 |
|
Sunilkumar
Verwadan Taparia |
4600 |
|
Anupkumar
Verwadan Taparia |
8000 |
|
Jaiprakash
Taparia HUF |
10000 |
|
Anupkumar
Taparia HUF |
1600 |
|
Anilkumar
& Anupkumar Taparia |
1500 |
|
Sunitadevi
Anupkumar Taparia |
7400 |
|
Rameshchandra
Madanlal Taparia |
2500 |
|
Poomimadevi
Rameshchandra Taparia |
1000 |
|
Mukul
Jaiprakash Taparia |
17600 |
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VimlaDevi
Shyamsunder Taparia |
4575 |
|
Seemadevi
Anupkumar Taparia |
9700 |
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Rameshchandra
Taparia HUF |
5225 |
|
Madanlal
Hanuman Taparia |
14000 |
|
Suryakani
T Bhatewara |
75 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Magnetic Devices for Holding, Lifting and Seperation. |
GENERAL
INFORMATION
|
Suppliers : |
Ø
J
R C Electronics Industrial Estate Ø
Herb
Kenus Fastners Private Limited Ø
Permanent
Magnets Limited Ø
Supreme
Engineering Industrial Ø
Tech
Tone Electronics |
|
|
|
|
Customers : |
Ø
Hindustan
Lever Limited Ø
Ashok
Leyland Limited Ø
Dasur
India Limited Ø
Gharda
chemicals Limited Ø
Micro
Intecs Limited Ø
Lupin
Limited |
|
|
|
|
No. of Employees : |
45 |
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Bankers : |
Ø
Bank
of India, Ballerd Pier Branch, Mumbai – 400 038, Maharashtra, India. Ø
Bank
of India, Rajasthan Ø
Central
Bank of India, A R Street, Main Branch Ø
State
Bank of India, Nara Shera, DBK IACC Branch Ø
Central
Bank of India, Borivali Ø
HDFC
Bank, Worli Branch Ø
Bank
of Rajasthan, Andheri |
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Facilities : |
-- |
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Banking Relations : |
Unknown
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Auditors : |
B B
Ladda & Associates Chartered
Accountant |
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Address: |
43,
Bhagwan Bhuvan, 4th Floor, 196/198, Samuel Street, Mumbai – 400
009, Maharashtra, India. |
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Tel. No.: |
91-22-23465154 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
300000 |
Equity
Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
150000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.500 |
1.500 |
2.601 |
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2] Share Application Money |
1.101 |
1.101 |
0.000 |
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|
3] Reserves & Surplus |
1.952 |
1.952 |
1.845 |
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|
4] (Accumulated Losses) |
(1.007) |
0.000 |
0.000 |
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NETWORTH |
3.546 |
4.553 |
4.446 |
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|
LOAN FUNDS |
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1] Secured Loans |
2.090 |
0.400 |
0.576 |
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2] Unsecured Loans |
18.484 |
12.035 |
12.753 |
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TOTAL BORROWING |
20.574 |
12.435 |
13.329 |
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DEFERRED TAX LIABILITIES |
0.063 |
0.063 |
0.062 |
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TOTAL |
24.183 |
17.051 |
17.837 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.061 |
1.122 |
1.210 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.966 |
2.966 |
2.966 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
7.265 |
6.195 |
|
|
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Sundry Debtors |
2.771
|
3.628 |
|
|
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Cash & Bank Balances |
0.238
|
0.190 |
18.187 |
|
|
Other Current Assets |
2.217
|
2.168 |
|
|
|
Loans & Advances |
11.660
|
4.781 |
|
|
Total Current Assets |
24.151
|
16.962 |
18.187 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3.995
|
3.999 |
4.526 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total Current Liabilities |
3.995
|
3.999 |
4.526 |
|
|
Net Current Assets |
20.156
|
12.963 |
13.661 |
|
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|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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TOTAL |
24.183 |
17.051 |
17.837 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
16.731 |
17.504 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
(0.914) |
0.159 |
|
Provision
for Taxation |
|
(0.093) |
0.001 |
|
Profit/(Loss)
After Tax |
|
(1.007) |
0.158 |
|
|
|
|
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Export
Value |
|
3.065 |
5.196 |
|
|
|
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Import
Value |
|
2.083 |
0.442 |
|
|
|
|
|
|
Total
Expenditure |
|
17.401 |
17.068 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
(6.02) |
0.90 |
|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
(5.46) |
0.91 |
|
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
(3.24) |
0.76 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
(0.26) |
0.03 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
6.93 |
3.61 |
|
|
|
|
|
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|
Current
Ratio (Current
Asset/Current Liability) |
|
|
6.05 |
4.24 |
LOCAL AGENCY
FURTHER INFORMATION
More
than 25 years experience for Permanent Magnetic Systems, Electro-Permanent
Magnetic System in Holding, Lifting & Iron Separation Applications.
Fixed
Assets:
Plant
& Machinery, Office Equipment, Motor Car, Furniture & Fixtures,
Computers, Dies, Moulds and Tools, etc.
|
Name
of the company |
TAPARIA
MAGNETICS PRIVATE LIMITED |
|
Presented By |
Bank
of India, Ballerd Pier Branch, Mumbai – 400 038, Maharashtra, India. |
|
1)
Date and description of instrument creating the change |
Dated
11.08.2006 Deed
of Hypothecation. |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
4.000 Millions |
|
3)
Particulars of the Property Charged (including location of the property.) |
Situate
at 12/23/34, Sarita Prabhat Industrial Estate, Before Checknaka, Western
Express Highway, Dahisar (East), Mumbai – 400 088, Maharashtra, India. |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Plant & Machinery, Stock in Trade and
Book Debts. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
W.C.C/C
Hypothecation of Stock, BPLR
at Present 11.25% p.a., Monthly Rests and EPC/FBP/FBN
7.5% pa.a monthly rests. |
|
5)
Name and Address and description of the person entitled to the charge. |
Bank
of India, Ballerd Pier Branch, Mumbai – 400 038, Maharashtra, India. |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
AS
PER WEBSITE:
Subject
is engaged in the business of manufacturing and marketing products harnessing
magnetic energy. The range of products includes engineering products and
electronic products.
Background
Subject has evolved to a company making value added magnetic systems. The
technical capability of the company has grown over the years and there is a
deep understanding of magnetic circuits and mechanical fabrication. Taparia
Magnetics sources its magnet from its parent company Permanent Magnets Ltd.
which makes cast Alnico magnets as also Ferrite magnets. Taparia Magnetics is
well established in this field since 1982 and has vast experience and
knowledge. Taparia Magnetics also manufactures equipment incorporating special
rare earth magnets or any other magnets that may be suitable for a special
application or for a specific product.
Capability
Subject has the technical capability to design and develop new equipment for
newer applications harnessing magnetic energy. The technical team has engineers
and design personnel who are specialized in magnetic equipment design and use
CAD for design purposes. Many products have been successfully developed for
highly specialized applications. Supplies have been made to large public sector
units in India.
Product Range
Taparia
Magnetics manufactures magnetic devices for Holding, Lifting and Seperation.
Standard Products:
Ø
Lifting
Magnets
Ø
Electropermanent
Magnetic Lifting devices
Ø
Magnetic
Holding Links, Sheet transporters
Ø
Multi
angle welding clamps, Magnetic Clamps
Ø
Magnetic
Sheet transporters
Ø
Magnetic
Sheet Floaters
Ø
Pot
Magnets
Ø
Magnetic
Tool Racks
Ø
Mini
Magnetic Collectors
Ø
Magnetic
Cleaners
Ø
Toucher
Magnet (for small jobs handling)
Ø
Magnetic
Holders
Customized
Products:
Ø
Overband
Magnets (for seperation)
Ø
Magnetic
Plates
Ø
Magnetic
Pulleys (for continous seperation)
Ø
Magnetic
Drum Seperators
Ø
Magnetic
Grill Seperators
Ø
Magnetic
Chutes
Ø
Magnetic
Vibration Seperators
Ø
Magnetic
Filters
Ø
Continous
Magnetic Seperation system
Ø
Magnetic
Conveying
Ø
Magnetic
Textile Rollers
Other Products:
Ø
High
temperature holding link
Ø
Transducers
Strengths
Taparia
Magnetics has a qualified complement of engineering manpower to do the
engineering for new products.
Parent company Permanent Magnets is ISO 9002 certified.
Immense
quality control systems to ensure excellent quality supplies.
Use of
CAD for design of magnetic equipment for optimization of magnetic strength.
Taparia
Magnetics has vast experience of design and development of new innovative
products.
Business
Development
Subject
is interested in exploring business in newer geographical areas and for newer
products. Taparia Magnetics can undertake design and development contracts,
manufacturing or sub-manufacturing contracts or consider opportunities of some
collaborative joint venture to expand technology and global market penetration.
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. 44.86 |
|
UK
Pound |
1 |
Rs. 85.24 |
|
Euro |
1 |
Rs. 56.99 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|