MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PROFILE FORGINGS PRIVATE LIMITED |
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Registered Office : |
E – 6, SIDCO Industrial Estate, Kurichi, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.02.1984 |
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Com. Reg. No.: |
013007 |
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CIN No.: [Company
Identification No.] |
U28910TZ1984PTC013007 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBP04623D |
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PAN No.: [Permanent
Account No.] |
AABCP7148Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Forged Valve Parts and Forged Machine Tools. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6700 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair.
Business is active. Payments
are however reported as usually correct and as per commitments. The can be considered for small business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
E – 6, SIDCO Industrial Estate, Kurichi, |
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Tel. No.: |
91-422-2672009 / 3955543 / 2230678 |
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Fax No.: |
91-422-2673503 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. G R Govindhrajan |
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Designation : |
Managing Director |
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Address : |
159 Justice Satya Dev Enclave, Race course, |
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Date of Birth/Age : |
10.08.1950 |
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Date of Appointment : |
19.01.2005 |
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Name : |
Mr. G Vijaya Rangaraj |
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Designation : |
Director |
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Address : |
737 H, |
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Date of Birth/Age : |
11.10.1968 |
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Date of Appointment : |
19.01.2005 |
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Name : |
Mr. D Ramakrishnan |
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Designation : |
Director |
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Address : |
160 Justice Satya Dev Enclave, Race Course, |
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Date of Birth/Age : |
20.12.1977 |
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Date of Appointment : |
19.01.2005 |
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Name : |
Mr. P Ramchandran |
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Designation : |
Director |
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Address : |
Rohini, Appaparanbath lane, |
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Date of Birth/Age : |
09.05.1938 |
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Date of Appointment : |
20.01.2005 |
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Name : |
Mrs. Sudha Ramchandran |
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Designation : |
Director |
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Address : |
Rohini, Appaparanbath lane, |
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Date of Birth/Age : |
26.07.1942 |
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Date of Appointment : |
12.01.1984 |
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Date of Ceasing: |
20.01.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. G R Govindhrajan |
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250 |
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Mr. D Ramakrishnan |
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325 |
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Mr. D Satish Krishnan |
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325 |
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Mr. G Vijaya Rangaraj |
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700 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Forged Valve Parts and Forged Machine Tools. |
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Products : |
v
Forged Textile Machinery part v
Forged Valved Parts v
Forged Machine Tools |
GENERAL INFORMATION
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Bankers : |
STATE BANK OF SSI Branch,
Kurichi, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. N Ravisankar Chartered Accountants |
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Address : |
No.1, |
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Tel No.: |
91-422-2230678 / 4379560 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 100.00 each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.250
million |
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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0.250 |
0.250 |
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2] Share Application Money |
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1.250 |
0.000 |
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3] Reserves & Surplus |
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0.199 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.699 |
0.250 |
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LOAN FUNDS |
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1] Secured Loans |
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5.182 |
1.051 |
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2] Unsecured Loans |
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3.135 |
2.884 |
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TOTAL BORROWING |
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8.317 |
3.935 |
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DEFERRED TAX LIABILITIES |
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0.12 |
0.104 |
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TOTAL |
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10.144 |
4.289 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.675 |
0.601 |
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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 |
0.002 |
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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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2.856 |
1.021 |
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Sundry Debtors |
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2.330 |
1.400 |
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Cash & Bank Balances |
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0.985 |
0.074 |
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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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0.720 |
0.354 |
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Total
Current Assets |
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6.891 |
2.849 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.237 |
0.458 |
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Provisions |
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0.185 |
0.058 |
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Total
Current Liabilities |
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1.422 |
0.516 |
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Net Current Assets |
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5.469 |
2.333 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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10.144 |
4.289 |
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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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17.168 |
8.503 |
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Total Income |
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17.168 |
8.503 |
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Profit/(Loss) Before Tax |
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1.702 |
(0.620) |
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Provision for Taxation |
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0.150 |
0.000 |
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Profit/(Loss) After Tax |
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1.552 |
(0.620) |
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Total Expenditure |
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15.466 |
9.123 |
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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9.04 |
(7.29) |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.91 |
(7.29) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.72 |
(17.97) |
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Return on Investment (ROI) (PBT/Networth) |
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1.00 |
(2.48) |
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Debt Equity Ratio (Total Liability/Networth) |
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5.73 |
(17.80) |
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Current Ratio (Current Asset/Current Liability) |
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4.85 |
(5.52) |
LOCAL AGENCY FURTHER INFORMATION
Note: The Registered Office of the Company has been shifted from Sudhas
XXXVII /
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Name of the company |
PROFILE FORGINGS
PRIVATE LIMITED |
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Presented By |
PROFILE FORGINGS
PRIVATE LIMITED AND STATE BANK OF SSI Branch,
Kurichi, |
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1) Date and description of instrument creating the change |
01.02.1996; General Agreement
for the grant of medium term advances to small scale industries and
hypothecation of movables, book debts and other assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.400
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 |
Movables, goods,
machineries, book debts, movables and other assets shall stand hypothecated
to the Bank by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable in 57
installments starting from April 1996 of Rs. 0.007 million each and on 58th
installment of Rs. 0.008 million Interest above State Bank of India Advance
Rate with a minimum of 17.25% plus interest tax. Effective Rate 18% p.a.
including interest tax. Margin – 26% |
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5) Name and Address and description of the person entitled to the charge. |
STATE BANK OF SSI Branch,
Kurichi, |
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6) Date and brief description of instrument modifying the charge |
06.07.2000 No Instrument:
Extension of Equitable Mortgage by constructive deposit of title deeds on the
6th day of July 2000 |
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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 said immovable
properties: All the piece and part of land and building bearing No. E – 6, SIDCO
Industrial Estate, Coimbatore, south Taluka, Coimbatore District measuring
868.96 Sq. mtrs. Comprised in Survey No. 189 / 2 of Kurichi village.
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Website details attached
Profile
Subject is involved in the manufacturing of Steel
Forgings. The steel forgings are supplied to various industries including Textile
Machinery Industry, Pump Industry, Valve Industry, Drilling Rig Industry, etc.
An efficient management, backed by 30 years of experience in the Manufacturing
Industry, heads the company. The last two decades have seen the company grow
into a frontrunner of the Steel Forgings Industry.
Company
Subject was established in 1988 to develop and
produce tailor-made products to cater to the needs of their reputed clientele.
The company specializes in Steel Forgings and is located in
Product and Services
Their products –
primarily Stepped Shafts, Gear Blanks, Rings and Flanges - are customized to
the clients’ specifications. They deal in all types of Steel Forgings, Open
& Closed Die Forgings, Pump Flange Valve Parts, Rig Parts, and Other
Machinery Parts.
The components that they produce are
Main Spindles of Lathe, Textile Machinery Parts, and Drilling Rig Parts, Front
chuck from Scrap Piston, Value Parts like Seat Ring, Disc, and Valve Stem.
Their special products include Vertical Upsetting and Rings King Bolt.
Their Open Forging capability lies in manufacturing various
components in 16 MnCr5, EN Series – 8, 8D, 9, 19, 24, 36C, 353, 354, SAE 8620,
AI SI – 304, 316,410 and Mild Steel. Forging is done on Power Hammers using
Open Dies, Stepped Shafts, Gear Blanks, Flanges and Rings in Steel and
Stainless Steel. They also manufacture Joint less Rings up to 500mm dia and
weighing up to 80 kgs, stepped shafts weighing up to 150kgs / piece, Head
Upsetting for 100 mm dia and length 600 mm.
By means of Drop Forging, they can forge jobs weighing up to 4 kg
per piece like Connecting Rods, Web, Pump Flanges, Rings, Gears, Cones, etc.
Merits
Forging facilitates
saving of costly material from 25% to 75%.
Increased component strength possible due to improved grain flow.
Utilization of even single pieces since cost
of die is less when compared to close die forging.
Scrap
material can be employed gainfully by forging.
Inventory Carrying Cost can be reduced
considerably.
Engineering units consuming Stainless Steel,
Carbon Steel, Alloy Steel and Mild Steel can convert their components to
forging to achieve substantial saving in material and machining.
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. 40.41 |
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1 |
Rs. 81.23 |
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Euro |
1 |
Rs. 55.00 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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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34 |
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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