MIRA
INFORM REPORT
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Report Date : |
25.01.2007 |
IDENTIFICATION DETAILS
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Name : |
PROTECK
MACHINERY PRIVATE LIMITED |
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Registered Office : |
Ramakoti
Apartment, 3rd Floor, No.7, 1st |
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Country : |
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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 : |
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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.
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 |
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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, |
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Branches
: |
Mumbai Mr.Kamal
Vyas Mr.
Vinay Kumar Kaushal Mr.V.Chakrapani,
Mr.Chandrasekar
/ Mr. R. Kumar Sivakasi Mr.
P.P.Kumaran / Mr. M. Kumar
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 |
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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, |
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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
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Line of Business : |
Traders
of Printing and Allied Machinery |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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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, |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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25000 |
Equity
Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued,
Subscribed & Paid-up Capital :
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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
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SOURCES OF FUNDS |
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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 |
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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 |
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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 |
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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 |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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 |
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26.145 |
17.435 |
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Cash & Bank Balances |
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5.725 |
1.441 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.768 |
2.641 |
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Total Current Assets |
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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 |
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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
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
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115.292 |
82.590 |
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Profit/(Loss)
Before Tax |
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19.802 |
5.100 |
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Provision
for Taxation |
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0.000 |
0.000 |
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Profit/(Loss)
After Tax |
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19.802 |
5.100 |
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Total
Expenditure |
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95.490 |
77.490 |
KEY
RATIOS
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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 |
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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 |
State Bank of Overseas Branch, 86, Rajaji Salal, Chennai-600001, |
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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 |
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 |
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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 |
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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 Overseas Branch, 86, Rajaji Salal, Chennai-600001, |
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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 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
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.
"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,
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 |
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US
Dollar |
1 |
Rs.44.23 |
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|
1 |
Rs.87.56 |
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Euro |
1 |
Rs.57.61 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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