MIRA INFORM REPORT
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Report Date : |
25.04.2007 |
IDENTIFICATION DETAILS
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Name : |
PROTECK MACHINERY PRIVATE LIMITED |
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Registered
Office : |
Ramakoti Apartment, 3rd Floor, No.7, 1st Main
Road, Gandhi Nagar, Adyar, Chennai-600020 |
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Country : |
India |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
26.03.1998 |
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Com. Reg. No.: |
18-40196 |
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CIN No.: [Company
Identification No.] |
U29130TN1998PTC040196 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
CHEP02324A |
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PAN No.: [Permanent
Account No.] |
AABCP0020B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Traders of Printing and Allied Machinery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 84000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered
Office : |
Ramakoti Apartment, 3rd Floor, No.7, 1st Main
Road, Gandhi Nagar, Adyar, Chennai-600020, India |
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Tel. No.: |
91-44-24401565/ 66/ 68 |
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Fax No.: |
91-44-24401578 |
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E-Mail : |
accounts@proteck.co.in, anand@proteck.co.in, marketing@proteck.co.in |
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Website : |
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Factory 1 : |
Proteck Circuits & Systems
Private Limited |
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Tel. No.: |
91-44-2450 6000 to 10 |
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Fax No.: |
91-44-2450 6006 |
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E-Mail : |
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Factory 2 : |
Plot No D1, Marimalai Nagar Industrial Estate, Kancheepuram District
-603209, Tamilnadu, India |
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Branches : |
New Delhi Mumbai Mr.Kamal Vyas Mr. Vinay Kumar Kaushal Mr.V.Chakrapani, Mr.Chandrasekar / Mr. R. Kumar Sivakasi Mr. P.P.Kumaran / Mr. M. Kumar Mobile : 91-98430 12919 Cochin Mr.Senthil Kumar Mr. Umesh Sharma Tel : 91-712 - 2744797 Mr. Ramamurthy |
DIRECTORS
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Name : |
Mr. K. Balasubramanian |
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Designation : |
Director |
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Address : |
1 A, Tarangini Apartment, 3rd Seaward Road, Thiruvanmiyur,
Chennai-600041, Tamilnadu, India |
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Date of
Birth/Age : |
28.03.1960 |
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Date of
Appointment : |
26.03.1998 |
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Name : |
Mr. K. Vaidyanathan |
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Designation : |
Director |
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Address : |
A 4, Ramaniyam Saileela 35, Balakrishna Road, Thiruvankmiyur,
Cheanni-600041, Tamilnadu, India |
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Date of
Birth/Age : |
20.06.1951 |
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Date of
Appointment : |
26.03.1998 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mr. K. Balasubramanian |
200 |
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Mr. K. Vaidyanathan |
200 |
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Mr. Allan L. Barretto |
100 |
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Mr. Kishor Aruru |
100 |
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Mrs. Deepa Balasubramanian |
300 |
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Mr. Karthik Vaidyanathan and Mr. Jayant Vaidyanathan |
300 |
BUSINESS DETAILS
|
Line of Business
: |
Traders of Printing and Allied Machinery |
GENERAL INFORMATION
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Bankers : |
State Bank of India, Overseas Branch, 86,
Rajaji Salal, Chennai-600001, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Chandran & Raman Chartered Accountants, Tamilnadu |
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Address : |
2, Dr. Radhakrishnan Salai, 2nd Street, Mylapore,
Chennai-600004, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200 |
Equity Shares |
Rs.100/- each |
Rs.0.120
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.120 |
0.120 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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21.106 |
9.369 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
21.226 |
9.489 |
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LOAN FUNDS |
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1] Secured Loans |
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2.315 |
0.257 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
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2.315 |
0.257 |
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DEFERRED TAX LIABILITIES |
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0.371 |
0.451 |
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TOTAL |
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23.912 |
10.197 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
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8.098 |
4.943 |
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Capital
work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX
ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
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10.288 |
12.969 |
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Sundry Debtors |
|
26.145 |
17.435 |
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Cash & Bank
Balances |
|
5.725 |
1.441 |
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Other Current
Assets |
|
0.000 |
0.000 |
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Loans &
Advances |
|
5.768 |
2.641 |
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Total Current Assets |
|
47.926 |
34.486 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
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26.597 |
27.822 |
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Provisions |
|
5.515 |
1.410 |
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Total Current Liabilities |
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32.112 |
29.232 |
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Net
Current Assets |
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15.814 |
5.254 |
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MISCELLANEOUS
EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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23.912 |
10.197 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover
[including other income] |
|
115.292 |
82.590 |
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Profit/(Loss) Before Tax |
|
19.802 |
5.100 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
19.802 |
5.100 |
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Total Expenditure |
|
95.490 |
77.490 |
KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
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17.17 |
6.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
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17.17 |
6.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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35.34 |
12.93 |
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Return on Investment (ROI) (PBT/Networth) |
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0.93 |
0.54 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.62 |
3.10 |
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Current Ratio (Current Asset/Current Liability) |
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1.49 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
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Corporation identity number or foreign company registrations number
of the company |
U29130TN1998PTC040196 |
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Name of the company |
PROTECH MACHINERY PRIVATE LIMITED |
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Address |
Ramakoti Apartment, 3rd Floor, No.7, 1st Main
Road, Gandhi Nagar, Adyar, Chennai-600020, India |
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This Form is for |
Modification of Charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
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State Bank of India Overseas Branch, 86, Rajaji Salal, Chennai-600001, Tamilnadu, India |
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Nature or description of the instrument creating charge |
List of documents are mentioned in the “Attachment” |
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Date of the instrument creating charge |
28.07.2003 |
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Amount Secure by the charge |
Rs.20.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Charge and commission on Letter of Credit, letter will be as per existing
rates and as per RBI Guidelines from time to time and the limit is on ADHOC
basis only. |
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Description of the property charge whether it is a charge on |
Plant and Machinery Book Debts |
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Brief Description of the instrument modifying the charge under
section 135 |
Letter regarding the Grant of Individual Limits within the Overall
Limit – Form C5 |
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Date of instrument modifying the charge |
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Particulars of the Property charged
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Hypothecation of Book Debts relating to the sale of Machinery
purchased under the Letter of Credit at the Company, premises or elsewhere or
transit. |
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Particulars of the present modification |
By the present modification the Credit facilities have been interchanged
and there is no change in the existing limit of Rs.25 millions and the
existing charge on the Book Debts, Machineries purchased etc. belonging to
the company have been extended to cover the existing limit and the details of
which is given by way of “Attachment” to this form. |
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Name of the
company |
PROTECH MACHINERY PRIVATE LIMITED |
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Presented By |
PROTECH MACHINERY PRIVATE LIMITED (herein after called “The Borrower”)
and State Bank pf India, Overseas Branch, Chennai-600001. |
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1) Date and
description of instrument creating the change |
28.07.2003 Stamped Agreement
for Loan for Overall Limit in Form C-1 Stamped Agreement
for Hypothecation of Goods and Assets in Form C-2 Stamped Agreement
for Hypothecation of Goods and Assets in Form C-3 Letter regarding
the grant of individuals within the overall limit in Form C-5 All the above
documents are executed by the Company in favour of State Bank of India and
related to single charge. True copies enclosed. |
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2) Amount secured by
the charge/amount owing on the securities of charge |
Rs.20 millions due
under ADHOC Letter of Credit. Rs.20 millions along with charges commission
and other expenses borne by the company. |
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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 Book
Debts relating to the sale of Machinery purchased under the Letter of Credit
at the company premises or elsewhere or in transit. |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
Charges and commission on Letter of Credit, letter will be as per
existing rates and as per RBI Guidelines from time to time and the limit is
on ADHOC Basis only. |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Overseas Branch, 86, Rajaji Salal, Chennai-600001, Tamilnadu, India |
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6) Date and brief description of instrument
modifying the charge |
10.12.2004 Supplemental Agreement
of Loan for increase in the overall limit – Form C.1A. Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit – Form C.2A. Supplemental
Agreement of Pledge of Goods and Assets for increase in the overall limit |
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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. |
By the present
modification the limit has been enhanced form Rs.20 millions to Rs.25
millions and the details are hereunder :
Letter of Credit and
Bank Guarantee : Commission : As
per extant instructions. Margin : 10% Hypothecation of
current assets of the company including raw materials, semi-finished and
finished goods The existing
charge on all present and future goods, book-debts and all other movable
assets of the Borrower including documents of title to the goods, outstanding
moneys, receivables including receivables by way of cash assistance and/or
cash incentives under the cash incentive scheme or any other scheme claims
including claims by way of refund of customs/excise duties under the Duty
Drawback credit scheme or any other scheme, Bills, Invoices, Documents,
Contracts, Insurance Policies, Guarantees, Contracts, Insurance Policies,
Guarantees, Engagements, Securities, Investments and rights and all the
present and future machinery belonging to or in the possession or under the
control of the Borrower wherever lying stored and kept and whether in
possession of the Borrower or of the Bank or of any third party whether in
India or elsewhere throughout the world (including all such goods, other
movable assets as to be in course of
shipment, transit or delivery) (hereinafter referred to as the said goods and
assets) which are hypothecated to the Bank by way of First Charge shall
continue to secure the enhanced limit of Rs.25.000 millions together with
interest, costs, charges and other expenses which may be debited to the
account from time to time and Corporate
Guarantee given by Proteck Circuits and Systems Private Limited for the
aforesaid limit. |
Website Details :
Manufacturers of industrial machinery focused on products
for Printing and Packaging industry, CNC Machine Tools. Subject also offers
end-to-end manufacturing solutions through its contract manufacturing service.
Group
Companies
Proteck International Limited
Proteck Machinery Private Limited (PMPL)
Subject is the marketing arm of the group has sales offices and service support
infrastructure throughout India. Besides marketing group manufactured products,
the company sells and services a wide range of printing machinery and machine
tools from such international heavy weights as Mitsubishi Heavy Industry, FERAG
AG, NTC Corporation and others.
India Metamation Software Private Limited
Metamation develops CAD/CAM software for design and manufacturing automation,
with a focus on metal fabricating industry. Its also develops programming tools
for CNC machines, Robotics and laser cutting. Through its subsidiary companies
(Metamation Japan and Metamation Inc) it accesses the sophisticated
manufacturing markets in Japan and USA.
Subject is a multi-product engineering company that manufactures machinery
& software for diverse industries. Their product lines include Printing
Machinery, Packaging Machinery, CNC Machine Tools and CAD/CAM software. They
also provide Contract Manufacturing Services. Subject’s products are
operational in more than 20 countries worldwide.
Cutting edge product performance and market leading value distinguish their
products in their markets. A two decade tradition of customer centric business
practice has earned us respect & reputation in markets worldwide. As a
technology-driven group, we are on the trajectory of extreme growth in the
first decade of the new era.
Mission
"They are committed to delighting their customers
through industrial excellence and innovative application of technology,
powering growth with performance and experiencing exhilaration in their path
breaking work."
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.40.97 |
|
UK Pound |
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.56.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|