MIRA
INFORM REPORT
|
Report Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CERAFLUX
INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
F –
59, MIDC, Gokul Shirgaon, Kolhapur – 410234, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
28.06.1995 |
|
|
|
|
Com. Reg. No.: |
25-90024 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51909MH2005PTC090024 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
KLPC00644A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC7442H |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
To
manufacture, produce and trade in the form of buying, selling, dealing as
commission agents, importers, exporters in all ceramic fluxes, ceramic and
other moulds for foundries and aluminium industries, foundry chemicals,
coatings, chemical additives for foundries and aluminium extrusion plants,
casts and other materials required for giving shapes and extracting mouldings
out of aluminium and other alloys, laboratory chemicals and equipment required
for testing of aluminium and other alloys and other apparatus devices,
equipments and components required for the business and manufacture of the
company’s products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
80000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established and reputed company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office/Factory : |
F –
59, MIDC, Gokul Shirgaon, Kolhapur – 410234, Maharashtra |
|
Tel. No.: |
91-231-2671352 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr.
Sanjeev Purushottam Tungatkar |
|
Designation : |
Director
|
|
Address : |
C S
380/2A, E Ward, C – 5, Jayant Residency, Mali Colony, Takala, Kolhapur,
Maharashtra |
|
Date of Appointment : |
28.06.1995 |
|
|
|
|
Name : |
Mr.
Uday Bhaskar Thite |
|
Designation : |
Director
|
|
Address : |
C S
553 / 1/ 1 Flat No. G – 1, Narayan Vihar, Kesaba Karveer, Kolhapur,
Maharashtra |
|
Date of Appointment : |
28.06.1995 |
|
|
|
|
Name : |
Mr.
Vilas Balasaheb Jadhav |
|
Designation : |
Director
|
|
Address : |
C S
380/2A, E Ward, C – 5, Jayant Residency, Mali Colony, Takala, Kolhapur,
Maharashtra |
|
Date of Appointment : |
01.07.1999 |
|
|
|
|
Name : |
Mr.
Ramesh T. Wadhwani |
|
Designation : |
Director
|
|
Address : |
Agha
Nagar Society, Near Petrol Pump, Vadgaon, Sheri Nagar Road, Pune, Maharashtra |
|
Date of Appointment : |
01.07.1999 |
|
|
|
|
Name : |
Mr.
Satish Rajiv Kadukar |
|
Designation : |
Director
|
|
Address : |
Flat
No. F / 4, S No. 559/1, Narayan Vihar, D. R. Bhosale Nagar, Kolhapur,
Maharashtra |
|
Date of Appointment : |
14.01.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Sanjeev Tungatkar |
|
124289 |
|
Mr.
Uday Thite |
|
123789 |
|
Mr.
Vilas Jadhav |
|
30619 |
|
Mr.
Ramesh Wadhwani |
|
105033 |
|
Mr.
Satish Kadukar |
|
57517 |
|
Mr.
Arvind Gosavi |
|
1 |
|
Mr.
Balkrishna Tungatkar |
|
1 |
|
Mrs.
Matrayie Kajarikar |
|
1 |
|
Mrs.
Sangeeta Sandane |
|
1 |
|
Mr.
Vasant Tapaswi |
|
1 |
|
Mr.
Rajendra Rajguru |
|
1 |
|
Mr.
Sanjiwani Avchat |
|
1 |
|
Mr.
Shivaji Gund |
|
1 |
|
Smt.
Snehmaee Bhone |
|
1 |
|
Smt.
Sumati Kanade |
|
1 |
|
Mr.
Shashikant Purandare |
|
1 |
|
Ms.
Sandhya Sutar |
|
1 |
|
TOTAL |
|
441259 |
BUSINESS DETAILS
|
Line of Business : |
To
manufacture, produce and trade in the form of buying, selling, dealing as
commission agents, importers, exporters in all ceramic fluxes, ceramic and
other moulds for foundries and aluminium industries, foundry chemicals,
coatings, chemical additives for foundries and aluminium extrusion plants,
casts and other materials required for giving shapes and extracting mouldings
out of aluminium and other alloys, laboratory chemicals and equipment
required for testing of aluminium and other alloys and other apparatus
devices, equipments and components required for the business and manufacture
of the company’s products. |
GENERAL
INFORMATION
|
Bankers : |
HDFC
Bank Limited HDFC
Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013, Maharashtra,
India |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Kumar
Mulay & Associates Chartered
Accountants, 47/22,
Ekata Park, Law College Road, Erandwane, Pune – 411004, Maharashtra, India PAN
No. : ABNPM9359G |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
441200 |
Equity
Shares |
Rs. 10/- each |
Rs. 4.412 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.412 |
4.412 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
15.328 |
7.781 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
19.740 |
12.193 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
12.107 |
10.768 |
|
|
2] Unsecured Loans |
|
1.555 |
1.590 |
|
|
TOTAL BORROWING |
|
13.662 |
12.358 |
|
|
DEFERRED TAX LIABILITIES |
|
1.582 |
1.315 |
|
|
|
|
|
|
|
|
TOTAL |
|
34.984 |
25.866 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
16.740 |
13.373 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.014 |
0.014 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
6.702 |
5.714 |
|
|
Sundry Debtors |
|
16.224 |
12.028 |
|
|
Cash & Bank Balances |
|
0.127 |
0.037 |
|
|
Other Current Assets |
|
0.809 |
1.086 |
|
|
Loans & Advances |
|
13.179 |
6.986 |
|
Total Current Assets |
|
37.041 |
25.851 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
7.195 |
5.907 |
|
|
Provisions |
|
11.616 |
7.465 |
|
Total Current Liabilities |
|
18.811 |
13.372 |
|
|
Net Current Assets |
|
18.230 |
12.479 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
34.984 |
25.866 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.64 |
2.11 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.96 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Business
:
To
acquire and take over the running business of Ceral India as a going concern
which is a partnership firm together with all goodwill, plant and machineries,
office premises, office equipment, vehicles, furniture and fixtures, electrical
installations and any other properties and assets including property rights,
lease and tenancy rights, trade rights, rights arising out of contracts and
other rights and privileges on such terms and conditions as may be agreed upon
and with a view there to adopt, become parties to or enter into such agreement
or other deeds, instruments and writing as may be necessary or as may be deemed
proper or advisable and on takeover the partnership concern shall come to an
end.
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U51909MH2005PTC090024 |
|
Name of the company |
CERAFLUX INDIA PRIVATE LIMITED |
|
Address |
F –
59, MIDC, Gokul Shirgaon, Kolhapur – 410234, Maharashtra |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds |
|
Particular of the charge holder |
HDFC
Bank Limited HDFC
Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013,
Maharashtra, India E-mail : siva.subramanian@hdfcbank.com |
|
Nature or description of the instrument creating charge |
Letter of hypothecation Memorandum recording, past transactions of creation of mortgage by deposit of title deeds |
|
Date of the instrument creating charge |
16.05.2006 |
|
Amount Secure by the charge |
Rs. 8.250 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
The facility provided to the borrower is cash credit, term loan, invoice discounting The bank is entitled to charge interest at such rate as may be determined by the bank The charge and hypothecation shall continue to subsist till such time all the borrowers dues have been paid in full |
|
Description of the property charge whether it is a charge on |
Immovable Properties, Stock in Trade and Book Debts |
|
Particulars of the Property charged |
All the stock in trade both present and future consisting of raw material, finished goods, goods in process of manufacturing, current assets, fixed assets, book debts, outstanding money receivables, claims and bills shall continue to subsist till such time all the borrowers dues have been paid in full. Mortgage of the property situated at Kolhapur as details mentioned in MOU |
|
Name of the company |
CERAFLUX INDIA PRIVATE LIMITED |
|
Presented By |
HDFC Bank Limited, Lower Parel [W] Branch, Mumbai – 13 |
|
1) Date and description of instrument creating the change |
Memorandum recording past transaction of creation of mortgage by deposit of title deed dated 12.08.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.320 millions |
|
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 |
Equitable mortgage by deposit of title deeds created be the company in favour of the bank in respect of company’s immovable property described in the Annexure III as detailed hereunder as security for the due repayment / payment of the company’s dues whether under the said agreement of otherwise Annexure III Plot No. F – 60, MIDC, Gokul Shirgaon, Taluka Tambagaon, Kolhapur |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operates as a continuing security for the due repayment of the said facilities and interest and liquidated damages, costs, charges and expected and all other moneys whatsoever due and payable by the company’s to the bank Interest : Interest at the rate as may be communicated by the bank to the company from time to time with quarterly rates |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC
Bank Limited HDFC
Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013,
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 |
|
Name of the company |
CERAFLUX INDIA PRIVATE LIMITED |
|
Presented By |
HDFC Bank Limited |
|
1) Date and description of instrument creating the change |
As per letter of hyp. Dt. 05.06.2004 & MOE dt. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 millions |
|
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 |
All the stock in trade, both present & future consisting of raw materials, finished goods, goods is in process of manufacturing merchandise current assets, plant & machinery, all the book debts o/s money receivables & bills which are due owing or which may at any time hereafter all continue subsist till such time. All the borrowers dues have been repaid in full property situated at 1-F-59, MIDC Gokul Shirgaon, Kolhapur |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The facility provided to the borrower in the nature of cash credit The bank is entitled to charge interest at such rate as may be determined by the bank The charge & hyp. & shall continue to subsist till such time all the borrower due have been repaid in full |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC
Bank Limited HDFC
Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013,
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 |
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.44.11 |
|
UK
Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|