MIRA
INFORM REPORT
|
Report Date : |
05.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PERFECT ENGINEERING PRODUCTS LIMITED |
|
|
|
|
Registered Office : |
31, Golden Beach Co-operative Housing Society, Ruia Park, Juhu, Mumbai
– 400049, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
26.03.1964 |
|
|
|
|
Com. Reg. No.: |
11-12880 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28920MH1964PLC012880 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP00781E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCP6180E |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business : |
Manufacturer of C I Castings and Engine Components. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 730000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track.
It manufacturer C I Castings and Engine Components. Trade relations are fair.
Financial position is good. Payments are usually correct and as per
commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
31, Golden Beach Co-operative Housing Society, Ruia Park, Juhu, Mumbai
– 400049, Maharashtra, India |
|
E-Mail : |
|
|
|
|
|
Head Office : |
172 Tungarli, Lonavla, Pune – 411465, Maharashtra, India |
|
Tel. No.: |
91-2114-270673 / 4 / 5 |
|
Fax No.: |
91-2114-273310 / 273401 |
DIRECTORS
|
Name : |
Mr. Ambrish Vijay Shah |
|
Designation : |
Managing Director |
|
Address : |
31, Golden Beach Co-operative Housing Society, Ruia Park, Juhu, Mumbai
– 400049, Maharashtra, India |
|
Date of Birth/Age : |
01.12.1971 |
|
Date of Appointment : |
01.01.2004 |
|
|
|
|
Name : |
Mr. Siddarth Vijay Shah |
|
Designation : |
Managing Director |
|
Address : |
Marbel Arch, 6th Floor, Flat 22, Green Society, Aundh, Pune
– 411007, Maharashtra, India |
|
Date of Birth/Age : |
29.12.1973 |
|
Date of Appointment : |
01.05.1992 |
|
|
|
|
Name : |
Mr. Vijay Shivlal Shah |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
31, Golden Beach Co-operative Housing Society, Ruia Park, Juhu, Mumbai
– 400049, Maharashtra, India |
|
Date of Birth/Age : |
15.11.1939 |
|
Date of Appointment : |
06.11.1964 |
|
|
|
|
Name : |
Ms. Mangala Vijay Shah |
|
Designation : |
Director |
|
Address : |
31, Golden Beach Co-operative Housing Society, Ruia Park, Juhu, Mumbai
– 400049, Maharashtra, India |
|
Date of Birth/Age : |
17.03.1946 |
|
Date of Appointment : |
08.03.1990 |
KEY EXECUTIVES
|
Name : |
M R M Associates |
|
Designation : |
Company Secretaries |
|
Address : |
First Floor, Dnyan Sudha Apartments, 77, Vijaynagar Colony, 2147,
Sadashiv Peth, Pune – 411030, Maharashtra, India |
|
Tel No.: |
91-20-24335075 / 24320368 / 24334288 |
|
Email : |
|
|
Website : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Shivlal Shah |
|
15000 |
|
Mangala Vijay Shah |
|
8160 |
|
Vijay Shivlal Shah Joint With Mangala Vijay Shah |
|
10250 |
|
Vijay Shivlal Shah Joint With Mangala Vijay Shah and Ambrish Shah |
|
2250 |
|
Vijay Shivlal Shah Joint With Mangala Vijay Shah and Siddharth Vijay
Shah |
|
2240 |
|
Mangala Vijay Shah Joint With Vijay Shivlal Shha |
|
11385 |
|
Mangala Vijay Shah Joint With Vijay Shivlal Shha and Ambrish Shah |
|
1315 |
|
Mangala Vijay Shah Joint With Vijay Shivlal Shah and Siddarth Vijay
Shah |
|
1200 |
|
Vijay Shah [HUF] |
|
9830 |
|
Siddharth Vijay Shah |
|
16500 |
|
Ambrish Shah |
|
14185 |
|
Ambrish Shah [Trust] |
|
2000 |
|
Ambrish Shah |
|
16500 |
|
Ambrish Shah Joint with Siddharth Vijay Shah |
|
14185 |
|
Pivotal Securities Private Limited |
|
11000 |
|
Pasha Finance Private Limited |
|
11000 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
21.00 |
|
Directors or relatives of directors |
|
79.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of C I Castings and Engine Components. |
GENERAL
INFORMATION
|
No. of Employees : |
About 250 |
|
|
|
|
Bankers : |
State Bank of India, Wagle Industrial Estate Branch, Road No. 22, Thane
– 400604, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R. A. Jagtap and Company Chartered Accountants |
|
Address : |
427, Parekh Market, 39, Kennedy Bridge, Opera House, Mumbai – 400004,
Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Kerla Engine Components Limited CIN No.: U35999MH2005PTC151387 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,631,500 |
Equity Shares |
Rs. 10/- each |
Rs. 16.315
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.315 |
25.500 |
9.500 |
|
|
2] Share Application Money |
0.000 |
35.992 |
0.000 |
|
|
3] Reserves & Surplus |
165.982 |
36.245 |
24.018 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
182.297 |
97.737 |
33.518 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
168.822 |
106.358 |
54.074 |
|
|
2] Unsecured Loans |
16.303 |
16.264 |
14.824 |
|
|
TOTAL BORROWING |
185.125 |
122.622 |
68.898 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
367.422 |
220.359 |
102.416 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
196.170 |
93.511 |
39.999 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
7.499 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
123.948
|
79.663 |
40.900 |
|
|
Sundry Debtors |
94.602
|
83.019 |
52.597 |
|
|
Cash & Bank Balances |
4.087
|
5.122 |
2.354 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
23.323
|
14.038 |
4.710 |
|
Total
Current Assets |
245.960
|
181.842 |
100.561 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
68.754
|
50.281 |
35.144 |
|
|
Provisions |
13.453
|
4.713 |
3.000 |
|
Total
Current Liabilities |
82.207
|
54.994 |
38.144 |
|
|
Net Current Assets |
163.753
|
126.848 |
62.417 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
367.422 |
220.359 |
102.416 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
389.876 |
170.763 |
|
|
Other Income |
|
1.667 |
3.401 |
|
|
Total Income |
|
391.543 |
174.164 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
89.824 |
20.209 |
|
|
Provision for Taxation |
|
7.771 |
4.000 |
|
|
Profit/(Loss) After Tax |
|
82.053 |
16.209 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
180.686 |
62.251 |
|
|
Consumption of stores and spares parts |
|
15.951 |
14.178 |
|
|
Increase/(Decrease) in Finished Goods |
|
[48.336] |
[28.863] |
|
|
Salaries, Wages, Bonus, etc. |
|
28.698 |
16.506 |
|
|
Managerial Remuneration |
|
4.050 |
1.704 |
|
|
Payment to Auditors |
|
0.102 |
0.088 |
|
|
Interest |
|
16.304 |
7.982 |
|
|
Insurance Expenses |
|
1.858 |
2.993 |
|
|
Power & Fuel |
|
10.271 |
8.763 |
|
|
Depreciation & Amortization |
|
19.522 |
7.894 |
|
|
Other Expenditure |
|
72.612 |
60.459 |
|
Total Expenditure |
|
301.718 |
153.955 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
20.96
|
9.31 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.04
|
11.83 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.32
|
7.34 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.21 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.47
|
1.82 |
3.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.99
|
3.31 |
2.64 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Building
- Plant and Machinery
- Foundry Equipments
- Fire Extinguisher
- Factory Equipments
- Office Equipments
- Telephone Equipments
- Furniture and Fixture
- Vehicles
- Fax
- Water Equipments
- Computers
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90228652 |
|
Corporate
identity number of the company |
U28920MH1964PLC012880 |
|
Name of the
company |
PERFECT ENGINEERING PRODUCTS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
31, Golden Beach Co-operative Housing Society, Ruia Park, Juhu, Mumbai
– 400049, Maharashtra |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, Wagle Industrial Estate Branch, Road No. 22,
Thane – 400604, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
13.07.2007 |
|
Amount secured by
the charge |
Rs. 758.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As would be
determined by Bank from time to time Margin Raw materials 25
% Stocks in process
: 33.33 % EPC : 10 % Book Debts /
Receivables : 40 % |
|
Short particulars
of the property charged |
All present and
future goods, B. D. moveable and other assets of the borrow including
documents of title to goods and other assets, such as outstanding moneys,
receivables, claims, bills, documents contracts, engagements, securities,
investments documents contracts, engagements, securities, investments and
rights and the Plant and all Machinery belonging to or in possession or under
the control of the company whether lying stored an kept and whether lying
stored and kept and whether in possession of the company or of the Bank or of
any 3rd party whether in India or elsewhere throughout world. |
|
Date of latest
modification prior to the present modification |
22.11.2005 |
|
Particulars of the
present modification |
Now by the
present modification dated 13.07.2007 the limits increased from Rs. 525.000
Millions to Rs. 758.800 Millions |
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.39.45 |
|
UK Pound |
1 |
Rs.81.12 |
|
Euro |
1 |
Rs.58.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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. |
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 |
|