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MIRA
INFORM REPORT
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Report Date : |
06.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TUBE TURN ( |
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Formerly Known As : |
Desal Water Treatment Company Private Limited |
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Registered Office : |
93 – A, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.03.1989 |
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Com. Reg. No.: |
11-51005 |
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CIN No.: [Company
Identification No.] |
U41000MH1989PTC051005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09059B |
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PAN No.: [Permanent
Account No.] |
AAACD2189E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of flanges, chemical process equipments including
filteration and water treatment plant and equipment. |
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 22756 |
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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
trade terms and conditions. |
LOCATIONS
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Registered Office : |
93 – A, |
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Tel. No.: |
91-022-27695430 |
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E-Mail : |
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Corporate Office : |
R- 808, TTC Industrial Area, MIDC, Rabale, Thane, Navi Mumbai – 400 701, |
DIRECTORS
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Name : |
Mr. Ashit P. Kadakia |
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Designation : |
Director |
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Address : |
6F, Happy Home Apt., 6th Floor, 28A, |
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Date of Birth/Age : |
31.07.1964 |
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Date of Appointment : |
14.03.1989 |
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Name : |
Mrs. Alpa Ashit Kadakia |
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Designation : |
Director |
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Address : |
6F, Happy Home Apt., 6th Floor, 28A, |
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Date of Birth/Age : |
26.01.1969 |
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Date of Appointment : |
14.03.1989 |
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Name : |
Mr. Pravinchandra Kadakia |
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Designation : |
Director |
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Address : |
6F, Happy Home Apt., 6th Floor, 28A, |
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Date of Birth/Age : |
15.01.1939 |
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Date of Appointment : |
14.03.1989 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Equity
Shares |
No. of
Preference Shares |
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Mr. Ashit Pravinchandra Kpadia |
6,373 |
700 |
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Mrs. Alpa Ashit Kapadia |
3,627 |
1,060 |
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Mrs. Pravinchandra Ochhavlal Kadakia |
3,241 |
1,520 |
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Mrs. Pravinchandra Ochhavlal Kadakia |
4 |
1,140 |
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Mrs. Pravinchandra Ochhavlal Kadakia |
1,225 |
-- |
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Mrs. Aarti Sanjay Kadakia |
480 |
580 |
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Mrs. Kantaben Manilal Shah |
10 |
-- |
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Mrs. Shantaben Kirtanlal Kadakia |
10 |
-- |
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of flanges, chemical process equipments including
filteration and water treatment plant and equipment. |
GENERAL INFORMATION
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Bankers : |
Bank of |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
Mr. Bhupendra Shroff Chartered Accountant |
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Address : |
402, Auto Commerce House, Nana Chowk, Near |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 1.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 1.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.500 |
2.000 |
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2] Reserves & Surplus |
4.189 |
2.480 |
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NETWORTH |
5.689 |
4.480 |
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LOAN FUNDS |
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1] Secured Loans |
6.116 |
5.982 |
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2] Unsecured Loans |
4.146 |
3.535 |
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TOTAL BORROWING |
10.262 |
9.517 |
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DEFERRED TAX LIABILITIES |
0.112 |
0.164 |
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TOTAL |
16.063 |
14.161 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.716 |
4.549 |
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Capital work-in-progress |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.643
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9.086 |
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Sundry Debtors |
23.438
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13.588 |
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Cash & Bank Balances |
1.129
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0.279 |
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Loans & Advances |
0.594
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1.221 |
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Total
Current Assets |
32.804
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24.174 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.390
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14.062 |
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Provisions |
1.067
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0.500 |
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Total
Current Liabilities |
22.457
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14.562 |
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Net Current Assets |
10.347
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9.612 |
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TOTAL |
16.063 |
14.161 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
83.730 |
85.614 |
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Other Income |
0.000 |
0.000 |
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Total Income |
83.730 |
85.614 |
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Profit/(Loss) Before Tax |
0.828 |
0.933 |
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Provision for Taxation |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.828 |
0.933 |
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Export Earnings |
14.867 |
65.874 |
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Expenditures : |
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Interest |
0.938 |
0.808 |
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Depreciation & Amortization |
0.905 |
0.666 |
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Other Expenditure |
81.058 |
83.207 |
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Total Expenditure |
82.901 |
84.681 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.99
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1.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.99
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1.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.15
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3.25 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.95
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3.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.46
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1.66 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
TUBE
TURN ( |
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Presented
By |
Bank
of Mumbai
– 400 036, |
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1) Date and description of instrument creating the change |
Hypothecation Agreement dated 21.03.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.700 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 |
1. The whole of the borrower’s stocks, both present and future and including but without prejudice to the generality of the foregoing words, all stocks of raw materials, work-in-process, semi-finished goods and finished goods such as carbon steel, stainless steel, alloy steel, fittings and forgings etc. packing materials and stores etc. whatsoever and whersoever situate and / or in transit whether now belonging to or that may at any time during the continuance of this security belong to the borrower or that may be held by any party anywhere to the order and disposition of the borrower. 2. All the present and future book-debts, outstanding, monies receivable, claims, bills, contracts, engagements and securities which are now due and owing or which may at anything hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the government of India or any state government or Indian railways or any government department or office or any municipal or local or public or semi government body or authority whatsoever including those relating to the assets leased out and / or given on hire purchase basis. 3 All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the borrower together with spares, tools and accessories and other movables, both present and future and the furniture, fixtures and fittings and office equipment whether installed or not and whether lying loose or in cases which are now lying oar stored in or upon or about the borrower’s premises and godowns or wherever else the same may be or be hold by any party to the order or disposition of the borrower (including those on lease or hire-purchase) relating or pertaining to the borrower’s works at R- 808, TTC Indusrial area, Thane Belapur Road, Rabale, Opp. Watco Company, Thane – 400 701. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Bank
of 21, Mumbai
– 400 036, |
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6) Date and brief description of instrument modifying the charge |
Composite Hypothecation Agreement dated 31.03.2002 |
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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. |
The charge is now modified to cover following increased credit facilities
The charge is increased from Rs. 2.700 Millions to Rs. 4.200 Millions. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.46 |
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1 |
Rs.81.55 |
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Euro |
1 |
Rs.55.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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 |
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48 |
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
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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