MIRA
INFORM REPORT
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Report Date : |
18.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TAURUS FLEXIBLES PRIVATE LIMITED |
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Registered Office : |
C-63, 2nd
Phase, Industrial Area, Adityapur, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.04.2003 |
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Com. Reg. No.: |
010149 |
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CIN No.: [Company
Identification No.] |
U00247JH2003PTC010149 |
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IEC No.: |
2188000811 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RCHT00101D |
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PAN No.: [Permanent
Account No.] |
AACCT5527E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Reusable and Crimped Hydraulic hose Assembly, Nylon, Air Brake Assemblies. |
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 300000 |
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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 : |
C-63, 2nd
Phase, Industrial Area, Adityapur, |
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Tel. No.: |
91-657-2200455/2407259 |
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Mobile No.: |
98351 78608 |
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Fax No.: |
91-657-2225485 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. fts. |
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Location : |
Owned |
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Factory 1 : |
C-63, 2nd Phase, Industrial Area, Adityapur, |
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Area : |
25000 Sq. fts. |
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Location : |
Owned |
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Warehouse: |
C-63, 2nd Phase, Industrial Area, Adityapur, |
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Area : |
5000 Sq. fts. |
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Location : |
Owned |
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Branches : |
44, |
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Tel. No.: |
91-33-22417779/22417780 |
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Fax No.: |
91-33-22417779 |
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E-Mail: |
DIRECTORS
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Name : |
Mr. Bhuvan Kshettry |
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Designation : |
Managing Director |
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Address : |
23, Circuit House Area,
East Jamshedpur – 831 001, |
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Date of Birth/Age : |
25.12.1967 |
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Qualification: |
B. Tech (Mech)., MBA |
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Experience: |
15 years |
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Previous Employment: |
ICICI |
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Name : |
Mr. Ravi Kshettry |
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Designation : |
Director |
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Address : |
44, |
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Date of Birth/Age : |
29.11.1940 |
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Qualification: |
B.Com. |
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Experience: |
26 years |
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Name : |
Mr. Sashi Kshettry |
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Designation : |
Director |
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Address : |
5, Circuit House Area, East Jamshedpur – 831 001, |
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Date of Birth/Age : |
14.03.1942 |
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Qualification: |
B. Com. |
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Experience: |
26 years |
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Name : |
Mrs. Indira Kshettry |
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Designation : |
Director |
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Address : |
23, Circuit House Area, East Jamshedpur – 831 001, |
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Date of Birth/Age : |
29.03.1948 |
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Qualification: |
B. A. |
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Experience: |
26 years |
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Name : |
Mrs. Madhu Kshettry |
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Designation : |
Director |
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Address : |
14, Circuit House Area, East Jamshedpur – 831 001, |
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Date of Birth/Age : |
05.12.1957 |
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Qualification: |
B. A. |
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Experience: |
26 years |
SHAREHOLDING PATTERN
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Name of Shareholders |
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No. of Shares |
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Mr. Bhuvan Kshettry |
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654000 |
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Mrs. Indira Kshettry |
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500000 |
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Mr. Bhupen Kshettry |
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446000 |
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Mr. Ravi Kshettry |
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800000 |
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Mr. Sashi Kshettry |
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800000 |
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Mrs. Madhu Kshettry |
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491000 |
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Mr. Gautam Kshettry |
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309000 |
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Believe Commodities (Private) Limited |
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1000000 |
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Total |
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5000000 |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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22.00 |
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Directors or relatives of directors |
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78.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Reusable and Crimped Hydraulic hose Assembly, Nylon, Air Brake Assemblies. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling: |
L/C and D/P |
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Purchasing : |
L/C and D/P |
PRODUCTION STATUS
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Products |
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Unit |
Installed
Capacity |
Actual
Production |
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Reusable and Crimped Hydraulic Hose Assembly, Nylon Air Brake
Assemblies, Coiled Air Brake Tubing |
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Nos. |
1200000 Assemblies |
999918 Assemblies |
GENERAL INFORMATION
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Suppliers : |
Atofina, 4-8, Corers
Michelet, La Defese 10 F
920991, |
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Customers : |
v Tata Engineering & Locomotive Company Limited v Ashok Leyland Limited v The Tata Iron & Steel Company Limited v
Eicher Metals Limited, |
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No. of Employees : |
100 (Office: 20;
Factory: 80) |
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Bankers : |
State Bank of Commercial Branch, Bistupur, |
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Facilities: |
Credit Limit of Rs. 85.000 millions |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
P S Banerjee and associated Chartered Accountants |
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Address : |
146, Sonari West Layout, Road No. D, |
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Tel No.: |
91-657-2303011 |
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Memberships : |
v Federation of Indian Export Organizations v Confederation of Indian Industry |
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Collaborators : |
Subject has collaboration with Esdan Plastics, |
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Associates/Subsidiaries : |
v
Taurus Esdan Hydraulics Private Limited,
Address: C- 2, C -3, Phase I Industrial Area, Adityapur,
832109, Line of Business: Manufacturers of Polyamide Tubes for export Market.
v Taurian Tubes Line of Business: Manufacturers of Hydraulic Rubber Hoses v R & R Polymers Line of Business: Manufacturers of Automobile Hoses v Esdan Plastics Private Limited. v Taudan Auto Components Private Limited Address:
C – 66, Phase II, Industrial Area, Adityapur,
832109, Line of Business: Manufacturers of Polyamide Tubes for Domestic Markets v Indo Australian Hose Manufacturing Private Limited Address:
C – 2 and 3, Phase I, Industrial Area, Adityapur,
-832109, Line of Business: Manufacturers of Air Brakes and Suraksha LPG Hoses |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 50.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
44.700 |
44.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.000 |
5.400 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.000 |
50.100 |
44.750 |
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LOAN FUNDS |
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1] Secured Loans |
128.000 |
103.200 |
63.569 |
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2] Unsecured Loans |
16.400 |
7.900 |
2.966 |
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TOTAL BORROWING |
144.400 |
111.100 |
66.535 |
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DEFERRED TAX LIABILITIES |
9.100 |
3.700 |
2.515 |
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TOTAL |
230.500 |
164.900 |
113.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
53.200 |
46.200 |
36.746 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
34.200 |
31.700 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
110.700
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65.400 |
35.008 |
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Sundry Debtors |
71.300
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38.500 |
25.789 |
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Cash & Bank Balances |
1.800
|
1.200 |
2.577 |
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Other Current Assets |
63.400
|
36.600 |
0.000 |
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Loans & Advances |
0.000
|
0.000 |
31.266 |
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Total
Current Assets |
247.200
|
141.700 |
94.640 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.000
|
0.000 |
35.614 |
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Provisions |
104.100
|
54.700 |
1.465 |
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Total
Current Liabilities |
104.100
|
54.700 |
37.079 |
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Net Current Assets |
143.100
|
87.000 |
57.262 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
230.500 |
164.900 |
113.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover other Income |
782.700 |
511.600 |
NA |
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Other Income |
4.000 |
1.900 |
NA |
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Total Income |
786.700 |
513.500 |
NA |
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Profit/(Loss) Before Tax |
40.300 |
30.100 |
NA |
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Provision for Taxation |
18.100 |
4.900 |
NA |
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Profit/(Loss) After Tax |
21.600 |
25.200 |
NA |
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Expenditures : |
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Cost of Goods |
582.300 |
371.000 |
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Administration Expenses |
144.600 |
100.100 |
NA |
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Depreciation |
2.700 |
2.300 |
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Interest |
16.700 |
11.500 |
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Total Expenditure |
746.300 |
484.900 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.76
|
4.91 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.15
|
5.88 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.42
|
16.02 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.60 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.23
|
3.31 |
2.32 |
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Current Ratio (Current Asset/Current Liability) |
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2.37
|
2.59 |
2.55 |
Expected Sales Turnover (2007 – 08) Rs. 1000.000 millions
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject has been taken over by newly Taurus Flexibles Private Limited incorporated on 10th April, 2003 having Company Registration Number U25100JH 2003 ATC 10149 w.e.f. 1st April, 2004.
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Corporate
identity number (CIN) Foreign company registration number |
U00247JH2003PTC010149 |
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Name of the
Company |
TAURUS FLEXIBLES PRIVATE LIMITED |
|
Address |
C-63, 2nd Phase,
Industrial Area, Adityapur, |
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This form is for |
Creation of
charge |
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Type of Charge |
A charge on:
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Particulars of
the charge holder |
State Bank of Commercial
Branch, Pratap tower, Bistpur, E-Mail: jsr_sbicbjsr@sancharnet.in |
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Amount secured by
the charge |
Rs. 277.600
millions |
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Nature or
description of the instrument(s) creating or modifying the charge |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest Cash Credit – 2%
above SBAR currently 14.75% EPC – 2.75% below
SBAR Currently 10%pa Cash Credit – 2%
above SBAR Currently 14.75% pa FBD – Demand Bill
and Usance Bill (<90 days) – 2.75% Below SBAR Currently 10% pa DDP Cheque –
Usance Bill (>90, <180 Days) 1.5%Below SBAR currently 11.25% pa Term Loan 1 –
2.5% above SBAR, Currently 15.25%pa Term Loan II –
2.5% above SBAR, currently 15.25% pa Letter of Credit
– NA Stand by line of
Credit – 1% above the rate applicable for normal WC Limit (b) Terms of
repayment CC Limit – On
Demand Term Loan I – In
thirteen quarterly installments Term Loan II – In
nineteenth quarterly installments (C) Margin Raw Material –
25% Stock in process
– 25% Finished Goods –
25% LC – 25% Book Debts – [
Domestic – 40%] [Export – 25%] Land and Building
/ Plant and Machinery (Term Loan) – 36.42% (d) Extent and
operation of the charge 1. 2nd charge on all the fixed assets including
Land and Building and current assets of the company to secure overall credit
limit of Rs. 277.600 millions granted to Indo Australian Hose Manufacturing
Private Limited 2. 2nd
charge over |
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Short particulars
of the property charged |
1. 2nd charge on all the fixed assets including
Land and Building and current assets of the company to secure overall credit limit
of Rs. 277.600 millions granted to Indo Australian Hose Manufacturing Private
Limited 2. 2nd
charge over |
Subject is ISO 9002company in the field of nylon air brake tubing,
coiled air brake tubing, hydraulic hose assemblies for the previous 30
years. Beside this they also do low pressure
hose assembly and high pressure hose assembly for power steering in commercial
vehicles. They are OEM suppliers to TATA
Motors and Ashok Leyland in
Website details attached:
Innovative design, in-built quality and customer care are significant
reasons for the continued growth of Taurus. At every stage of manufacture
strict quality controls are applied in accordance with ISO 9002. To complement
this we provide design support to our customers worldwide. We offer the highest
level of technical advice for both product selection and application, giving
the most cost effective hose solution.
Comprehensive
in-house testing facilities are available to our customers. They include
Hydrostatic, impulse, Aging, cold flexibility and Tensile Testing.
Engineered
safety and the dedicated approach to continuous improvement have contributed to
the successful development of one of the most comprehensive ranges of Rubber
hose found anywhere in the world.
ESSENTIAL INFORMATION
PRODUCTION MATERIALS
Verified by supplier certification and strictly controlled by trained quality assurance staff Approved suppliers are selected vender appraisal and are regularly monitored to ensure their quality meets the required level.
RUBBER COMPOUNDING
Controlled by trained personnel working to specific written procedures, Material batch traceability is recorded and passed to the next process.
TUBE EXTRUSION
Quality empowered staff set up and continues to monitor the critical processes with support from the laboratory with support from the laboratory test facility and dedicated state of the art measuring technology.
HOSE BRAIDING
Trained operators responsible for providing both product integrity and
accurate recording of product data. They utilize some of the most modern
braiding technology available to produce a superior quality product
PACKING AND IDENTIFICATION
Every drum of hose produced is identified by an individual label incorporating codes for date of manufacture and material batch serial numbers. Thus each customer receives the specific product ordered and full traceability is ensured.
CUSTOMERS ORDERS
Each order received is only passed to production after full contract review has taken place and the most suitable product in our range has been selected. The Tourus part numbering system aids this process.
DOCUMENTATION AND TRACEABILTY
All
quality control procedures and technical information are fully documented. All
documentation is subject to strict control and any changes require
authorization from the quality assurance department.
INSPECTION AND TESTING
First off, in-process and approval tests are carried out in our own fully equipped test laboratory. Also available for customers design tests.
Products
AIR BRAKE COILED TUBING AS PER DIN 74324
All Taurus Esdan Air Brake Coils with Anti-Kink Springs have been tested to
meet the safety - critical parameters of DIN 74323 - the recognized standard
for Air Brake Coils.
All Taurus Esdan Air Brake Coils with Plastic Colour Coded Tail Supports have
been tested to meet the safety - critical parameters of DIN 74323 - the
recognized standard for Air Brake Coils.
All Taurus Esdan Air Brake Coils with Plastic Colour Coded Tail Supports have
been tested to meet the safety - critical parameters of DIN 74323 - the
recognized standard for Air Brake Coils.
Abrasion resistance – good
Flame retardency excellent (outer) UL 94 HB rating
IMPERIAL NYLON TUBING AS PER BS 5409 PART 1
Manufactured
from heat and light stabilized Type 12 Nylon to precise tolerances.
High resistance to moisture absorption
Polyurethane Coiled Tubing as per DIN 74324 & DIN 73378
At Taurus Esdan, we extrude all our own tubing.
Heat and light stabilized material
Polyamide 12 and Polyamide 11.
FUEL-HOSES AS
PER DIN 73379
TYPE B
The inner tube is made of nitrile rubber compound resisting to fuel effects.
The textile braiding at outside provides the reinforcement for holding
pressure. The color is black and the hose is marked with size reading and DIN
73379.
TYPE C
The hose can be made of various rubber compounds according service
requirements. It does not have textile reinforcement. The color is black
nitrile rubber compounds are used for fuels, EPDM for hot conditions and open
air and Chloroprene for hot and oily conditions and open air.
TYPE E
The inner tube is made of nitrile rubber compound resisting to fuel effects.
The outer shell is made of chloroprene rubber compound. The textile braiding
between rubber layers provides the reinforcement for holding pressure. The
color is black and the hose is marked with size reading and DIN 73379.
TYPE PZ
Synthetic rubber inner tube with steel wire braided cover. Temperature range :
-15o C to + 80o C
TYPE PZC
Synthetic rubber inner tube, single textile braid reinforcement and steel wire
braided cover. Temperature range : -15o C to +80o C
TYPE PZK
Identical to Oil / Gasoline hose type PZK but without marking threat.
TYPE PZA
Identicla to Oil / Gasoline hose type PZA but with stainless steel wire braided
cover.
RUBBER BRAIDED HOSES
SAE 100R1 AT - DIN 20022 1SN HOSE
High pressure hydraulic systems using mineral oils, glycols and acqueous oils.
SAE 100R1 AT - HIGH TEMPERATURE HOSE
High pressure hydraulic systems requiring high temperature
AIR BRAKE RUBBER HOSE
For use in automotive air brake systems.
AIR BRAKE RUBBER HOSE AS PER DIN 74310
For use in automotive air brake systems
VACUUM BRAKE HOSE
For use in automotive vacuum brake systems.
CAR HEATER HOSE
For use in engine cooling systems.
LPG HOSE
For use with welding and allied processes in workshops, shipyards, construction
sites and manufacturing industries.
WELDING HOSE
For use with welding and allied processes in workshops, shipyards, construction
sites and manufacturing industries.
WATER HOSE
For gardening and low pressure usage of conveying water. Lightweight and
flexible.
FITTINGS
ADAPTER FOR COILED HOSES & TUBING
NUT
Similar
to DIN 3870 with Metic & BSP thread
LIGHT WEIGHT ALLOY PALM COUPLING
Fitted
with coloured plastic dustcovers.
TUBE SUPPORT FOR PLASTIC TUBING
SPIRAL WRAP
Spiral cut low density polythylene tube.
Easily wraps around tubing and wiring assemblies
ELECTRICAL COIL
7 Core
Polyamide 12 sheathing
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 |
|
US Dollar |
1 |
Rs. 40.36 |
|
|
1 |
Rs. 82.23 |
|
Euro |
1 |
Rs. 55.65 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|