MIRA
INFORM REPORT
|
Report Date : |
27.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
INFIN
MACHINE TOLLS PRIVATE LIMITED |
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Registered Office : |
Maker
Bhavan No 2, 5th Floor, New Marine Lines, Mumbai – 400020,
Maharshatra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.08.1965 |
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Com. Reg. No.: |
11-13301 |
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CIN No.: [Company
Identification No.] |
U74140MH1965PTC013301 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI05492E |
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PAN No.: [Permanent
Account No.] |
AABCI0650C |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of Industry Machine Tools |
RATING & COMMENTS
|
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 : |
USD50000 |
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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 usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trader terms
and conditions. |
LOCATIONS
|
Registered Office : |
Maker
Bhavan No 2, 5th Floor, New Marine Lines, Mumbai – 400020,
Maharshatra, India |
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Tel. No.: |
91-22-66335301 |
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Fax No.: |
91-22-66335304 |
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E-Mail : |
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Website : |
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Admin. Office : |
99,
Spencer Road, 1st Floor, Frazer Town, Bangalore – 560 005,
Karnataka |
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Tel. No.: |
91-22-25567837 |
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Fax No.: |
91-22-25567849 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Niranjan Jeewanlal Shah |
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Designation : |
Director |
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Address : |
131, Neelamber,
37, Doctor G Deshmukh Marg, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
24.06.1945 |
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Date of Appointment : |
16.04.2002 |
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Name : |
Mr.
Dwarkadas Ganpatlal Parikh |
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Designation : |
Director |
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Address : |
B / 13,
Paschim Apartment, K A Road, Opposite Kirti College, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
22.07.1932 |
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Date of Appointment : |
06.07.2001 |
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Name : |
Mr.
Nandlal Kishandas Pokharna |
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Designation : |
Director |
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Address : |
103,
Senate A, Lokhandwala Complex, Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
04.01.1953 |
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Date of Appointment : |
12.03.2003 |
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Name : |
Mr
Aniket Niranjan Shah |
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Designation : |
Director |
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Address : |
131, Neelamber,
37, Doctor G Deshmukh Marg, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
03.04.1974 |
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Date of Appointment : |
02.06.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr R N
Hooda |
2 |
|
Mr D D
Shah and Mrs I D Shah |
5 |
|
Mr.
Nazarali Hooda |
2 |
|
Mrs S
N Hooda |
2 |
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Mr N A
Hooda |
2 |
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Mrs N
J Bagadia, Mr ignesh M Bagadia and Mrs Harsha J Bagadia |
2 |
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Mr J R
Bagadia and Mr Jayesh R Bagadia |
2 |
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Mrs
Sudha J Doshui |
300 |
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Mrs Rashmi
Shrikant |
50 |
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Mrs
Rashmi Shrikant and Mrs Manali Wadhvana |
150 |
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Mrs
Manorma A Dalal, Ms. Deepti Dalal and Mr A T Dalal |
2 |
|
Ms S D
MUlla, Ms D D MUlla and Mrs A D MUlla |
50 |
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Mrs
Rashmi Shrikant and Mrs Manali Wadhvana |
50 |
|
Mr G G
Parikh (HUF) |
100 |
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Mrs M
G Parikh |
2 |
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Mr D G
Parikh, Mrs P D Parikh and Ms Rupal Parikh |
4 |
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Mrs M
G Parikh amd Mr G G Parikh |
2 |
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Mrs R
P Jhaveri |
100 |
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Mrs P
D Parikh, Mr D G Parikh and Ms Rupal Parikh |
2 |
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Mrs P J
Shah, Mr J H Shah, Mr Y J Shah and Mr Kamlesh Shah |
120 |
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Mr J H
Shah, Mrs P J Shah, Mr Y J Shah and Mr Kamlesh Shah |
120 |
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Mr K J
Shah, Mr J H Shah, Mrs P J Shah and Mr Y J Shah |
60 |
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Mrs
Minal Shah |
1690 |
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Mrs
Minal Shah |
1480 |
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Mrs Minal
Shah |
5530 |
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Mrs
Minal Shah |
1480 |
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Mrs
Nalini Shah and Mr Narendra Jeewanlal Shah |
2 |
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Mr
Aniket N Shah and Mrs Minal N Shah |
5600 |
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Mr
Anirudh N Shah and Mrs Minal N Shah |
5000 |
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Mrs
Minal Shah |
4800 |
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Mrs Romilla
M Chillimbi, Ms Trisha M Chillimbi, Mr Trishul M Chillimbi and Mrs T V
D’Lima |
300 |
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Aims
Investment Trades Private Limited |
1000 |
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Mrs
Minal M Shah |
11484 |
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Mrs M
A Pereira, Mr K N Kumaran, Ms Shardha Kumaran and Mrs U S Shah |
1 |
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Mr M D
Shroff, Mrs H M Shroff, Mr Bhikaji R Gandhi and Ms K S Kore |
1 |
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Mrs S
NDoshi, Mr N N Doshi, Mr R M Lobo and Mr K S Kore |
1 |
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Category
of Shareholders |
|
Percentage of Holding |
|
Bodies
Corporate |
|
21.00 |
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Directors
or Relatives of Director |
|
78.00 |
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Other
top 50 Share Holders |
|
1.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Industry Machine Tools |
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Products : |
The Jung Je Series from J Jung GMBH,
Goppingen, Germany is a Machine Type.
Chamfering is a very important operation
in order to obtain a good quality gear.
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GENERAL
INFORMATION
|
Auditors : |
Suren Shah
and Company Chartered
Accountants |
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Address: |
111,
Maker Bhavan 3, 21, New Marine Lines, Mumbai – 400020, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity
Shares |
Rs 100/- each |
Rs 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
48,500 |
Equity
Shares |
Rs 100/- each |
Rs 4.850 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
4.850 |
4.850 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
6.306 |
6.184 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
11.156 |
11.034 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.046 |
2.430 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
1.046 |
2.430 |
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DEFERRED TAX LIABILITIES |
|
---- |
----- |
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TOTAL |
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12.202 |
13.464 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.082 |
1.902 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
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 |
|
0.000 |
0.000 |
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Sundry Debtors |
|
4.768 |
1.737 |
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Cash & Bank Balances |
|
8.040 |
3.476 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
6.554 |
11.860 |
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Total Current Assets |
|
19.362 |
17.073 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
1.441 |
2.221 |
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Provisions |
|
8.801 |
3.290 |
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Total Current Liabilities |
|
10.242 |
5.511 |
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Net Current Assets |
|
9.120 |
11.562 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
12.202 |
13.464 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other
income] |
|
31.742 |
21.552 |
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Profit/(Loss)
Before Tax |
|
6.423 |
2.533 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
6.423 |
2.533 |
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Total
Expenditure |
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25.807 |
19.601 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
20.23 |
11.75 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
20.23 |
11.75 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
28.61 |
13.34 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.57 |
0.22 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.01 |
0.71 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.89 |
3.09 |
LOCAL AGENCY
FURTHER INFORMATION
The
company represents Studer AG in India.
|
Name of the company |
INFIN MACHINE TOOLS PRIVATE LIMITED |
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Presented By |
NANOLAL K POKHARNA, DIRECTOR |
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1) Date and description of instrument creating the change |
06.05.2003 Memorandum
of Entry |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
11.000 Millions |
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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 |
Flat
No. 5B, admeasuring 1140, Square feet on 5th Floor, In Maker
Bhuvan No. II situated at new Marine Lines, Mumbai – 400020 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To
secure the due repayment by the company of the loan advanced by
lenders/guarantors to the pledgors and such sums not exceeding Rs 6.550
Millions as may be paid by the lenders/guarantors and pledgors or any of them
either (i)
pursuant to the agreement – cum – guarantee –cum – pledge dated 26.12.2002
between Inter Alia Standard Chartered Bank and the company on Innovation/
enforcement of the guarantees given and the securities pledged o the terms
provided thereon together with al interest additional interest, charges,
fees, costs as provided therein, (ii) by way of further advances to the company
to enable the company to repay the
overdraft facility of Rs 6.550 Millions provided by Standard Chartered
Bank to the company under the aforesaid agreement-cum-pledge dated 26.12.2002 |
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5) Name and Address and description of the person entitled to the charge. |
Mr.
Aniket Niranjan Shah, Minal Shah, Anirudh Shah, Abhishek Shah, Jeewanlal
Motichand HUF, Niranjan Shah and Minal Shah as Trustees of C J Shah will
trust. 131,
Neelamber, 87 Doctor G D Marg, Mumbai - 400026 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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.44.24 |
|
UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
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 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--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 |
|