MIRA
INFORM REPORT
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Report Date : |
21.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MASTER HANDLERS PRIVATE LIMITED |
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Registered Office : |
17/171 B Kothrud Industrial Estate, Pune - 411038, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.06.1986 |
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Com. Reg. No.: |
039998 |
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CIN No.: [Company
Identification No.] |
U31200MH1986PTC039998 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company is engaged in handling Systems, Machine and Mechanical Appliances, Impregnator Machine. |
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 92000 |
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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 well-established having satisfactory track records.
Directors are reported as experienced and respectable businessmen. Trade
relation are reported as fair. Business is active. Payment 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/ head Office : |
17/171 B Kothrud Industrial Estate, Pune - 411038, |
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Tel. No.: |
91-20-25465604, 25431049, 25437894 |
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Fax No.: |
91-20-25438525 |
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E-Mail : |
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Website : |
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Regional Office: |
Mr. Vimal Dhar, E-4, 1st Floor, Priya Apartments, Vikas Puri,
Mr. Jai Balaji P Rajus Manor' Flat No G4, No. 23 & 24, Perambur, Chennai – 600011 Email jaybalajip@gmail.com Phone +91-20-9380119991 |
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Factory 1 : |
Kondhapuri Gut No. 307, Village Kondhapuri, Tal.: Shirur, Dist: Pune - 412 209, Phone +91-2137-270205 +91-2137-270206 Bhosari J-523 Opp. Dairy Tops, MIDC Bhosari, Pune - 411 026, Phone +91-20-2712 1536 +91-20-2712 8116 Fax +91-20-2711 9077 |
DIRECTORS
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Name : |
Mr. Jaydeep Jayantilal Shah |
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Designation : |
Director |
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Address : |
Flat No:2, Snehvilla, Deccan Gymkhana, Pune;411004, |
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Date of Birth/Age : |
13.12.1950 |
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Date of Appointment : |
25.09.1989 |
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Name : |
Ms. Suverna Jaydeep hah |
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Designation : |
Director |
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Address : |
Flat No:2, Snehvilla, Deccan Gymkhana, Pune;411004, |
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Date of Appointment : |
23.09.1997 |
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Name : |
Mr. Shrikant Bapurao Kulkarni |
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Designation : |
Director |
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Address : |
14, Maharashtra Housing society , |
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Date of Birth/Age : |
13.12.1950 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Mohit Hasmukhlal Shah |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Mukta Kulkarni |
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Designation : |
Company Secretary |
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Address : |
Plot No. 39, Shree Krupa, Swastishri, Karve Nagar, Pune – 411 052, |
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Tel No.: |
91 -20 – 3254 1237 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Jaydeep Jayantilal Shah |
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27600 |
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Suverna Jaydeep Shah |
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19200 |
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Jayantilal Balabhai Shah |
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3400 |
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Chaitali Jaydeep Shah |
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6400 |
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Mohit Hasmukhbhai Shah |
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200 |
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Kamlesh Jayantilal Sahh |
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200 |
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Shailesh Jayantilal Shah |
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200 |
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Jaydeep Jayantilal Shah HUF |
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14100 |
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Shalmali Jaydeep Shah |
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5600 |
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Guarav Jaydeep Shah |
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6600 |
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Virprabha Hasmukbai Shah |
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4350 |
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Arunbhai Bipinbhai Doshi |
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300 |
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Vanmala Mahendra Gandhi |
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200 |
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Sandeep Bipinbhai Doshi |
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600 |
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Jayantilal Balabhai Shah (HUF) |
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1000 |
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Shilpa Shrikant Doshi |
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50 |
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Jiviba Engineering Private Limited |
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5 |
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Autovue Electronics (Pune) Private Limited |
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5 |
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J.R. Engineering Works |
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5 |
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Ajikya Transport |
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5 |
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Mansukh Velani |
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5 |
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M.P.Kondapuri |
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5 |
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R.K.Developers |
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5 |
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Shree Ram Enterprises |
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5 |
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Shrinathji Forwarding Private Limited |
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5 |
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Category |
Percentage of
Holding |
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Bodies corporate |
0.02 |
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Directors or relative of Directors |
99.98 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in handling Systems, Machine and Mechanical Appliances, Impregnator Machine. |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Total:30 (25: Factory; Office:5) |
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Bankers : |
State
Bank of Commercial
Branch, Pune -
411 037 |
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Facilities : |
Rs. 2.29 million
against hypothecation of Stock and Bills Rs. 0.37 million loan
against hypothecation of machinery |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N.T. Kitekar and Company Chartered Accountant |
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Address : |
P.M.c Servant’s |
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Associates/Subsidiaries : |
Master Automation and Robotics Autovue Electronics (Pune) private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90040 |
Equity Shares |
Rs.100/-
each |
Rs.9.004
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.004 |
9.004 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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14.057 |
14.951 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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23.061 |
23.955 |
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LOAN FUNDS |
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1] Secured Loans |
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46.623 |
36.300 |
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2] Unsecured Loans |
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19.119 |
17.319 |
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TOTAL BORROWING |
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65.742 |
53.618 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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88.803 |
77.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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47.320 |
54.113 |
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Pre-operative Expenses |
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0.000 |
1.726 |
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INVESTMENT |
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8.669 |
3.373 |
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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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53.914 |
33.989 |
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Sundry Debtors |
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37.041 |
23.190 |
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Cash & Bank Balances |
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6.089 |
3.342 |
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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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9.886 |
8.093 |
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Total
Current Assets |
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106.931 |
68.615 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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70.323 |
48.194 |
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Provisions |
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3.795 |
2.058 |
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Total
Current Liabilities |
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74.118 |
50.253 |
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Net Current Assets |
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32.813 |
18.362 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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88.8032 |
77.574 |
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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
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137.227 |
110.344 |
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Other Income
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0.000 |
0.000 |
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Total Income
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137.227 |
110.344 |
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Profit/ (Loss) Before Tax
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1.636 |
8.012 |
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Provision for Taxation
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2.530 |
0.793 |
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Profit/ (Loss) After Tax
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(0.894) |
7.219 |
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Export Value
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50.923 |
45.451 |
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Import Value
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10.580 |
11.318 |
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Expenditures:
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Total Expenses
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127.709 |
95.754 |
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Financial Charges
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7.882 |
6.578 |
Total Expenditure
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135.591 |
102.332 |
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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 |
(%) |
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(0.65) |
6.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.92 |
7.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.06 |
6.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.06 |
4.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
1.37 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
MASTER HANDLERS PRIVATE
LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
a) General Agreement for the Grant of Medium Term Advance to small Scale
Industries and hypothecation of movables, book debts and other assets b) Ancillary Agreement No.” A” Both the above agmts. are Dated
2.07.2003, and executed for the creation of a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.800 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 |
All present and Future
goods, book debts, movable and other assets of the borrower including
documents of title to goods and assets such as outstanding money,
receivables, claims, bills invoice, documents, contracts, engagements,
securities, investment and rights and the present and all future machinery.
As further security belongs to the borrower and be lying in or about the
factory premises in 17 of 17-B, Kothrud Industrial Estate, Pune |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI: 12.35% p.a
at, monthly rest. Repayment : 48
monthly installments of Rs.37500/- each the period of which installments
claim on 1.10.2003 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
No instrument,
Memorandum of Deposit for Creation of charge for Term Loan And Cash Credit
Facility Confident ion
letter: Both the above agreements are dt.17.03.2004 and executed for the
creation of as single modification |
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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 original charge
was created on 2.7.2003 for Rs.1.800 Millions 1stly modified on2.7.2003 by
giving an addl. Collateral security over its immovable properties to secure
its Rs.17.300 Millions and Term Loan of Rs.1.800 Millions 2ndly modified on
08.03.2004 only M.T. I limits increased to Rs.34.800Millions Now by the
present modification Dt. 17.03.2004 the company offered an additional.
Collateral security by way of equitable mortgage by deposit of title deeds
over its immovable properties by fixing (M.T.I. for Rs.34.800 Millions
together with W.C.F. for Rs.43.500 Millions The following
facilities granted to company covering the mortgage is as follows
The properties
described herein above are as follows: Schedule No: II-A All that piece
and parcel of leasehold land together with ownership rights in factory
building/shed being constructed thereon and additional made thereto bearing
Gate No:307 at Kondhapuri, Tal, Shirur, District, Pune, Admg-1 Hector 50 Aar
together with plant and building and fixed assets therein and the said and is
bounded as follows On or toward the
East: By Gat No: 306 On or towards the
south: By Gat No:311 &304 On or towards the
West : By Gat No: 308 On or towards the
West : By Schedule No II-B All that piece
and parcel of ownership rights in Gat No:307 at Kondhapuri, Taluka, Shirur,
dist. Pune admg-1 Hector 50 Aar and the said Land is bounded as follows: On or toward the
East: By Gat No: 306 On or towards the
south: By Gat No:311 &304 On or towards the
West : By Gat No: 308 On or towards the
West : By Schedule No: II C All that piece
and parcel of land lying being and situated at Kothrud Taluka, Haveli, dist.
Pune bearing plot No:17, out of S. No.17, Hissa No.1/B(1-4) as per the final
Layout No:697 8/22, Kothrud (as per property registered card CTS No.697 and
22 Kothrud, Pune) admg.1089.37 sq. Mtrs together with factory building
standing thereon and additional being constructed and rights of ways casement
and appurtenances annexed thereto and bounded as follows: On or toward the
East: Bu Nalla On or towards the
south: Bu Nalla On or towards the
West : Bu Nalla and Road On or towards the
West : By Plot No.16 |
As per web site:
About Them
The company was established in 1982 in
1. Paper
Impregnation and Lamination Machinery
2. Material Handling
Systems
3. Industrial
Component Cleaning Solutions
Design of these
machines is based in long-term research and development work. They have
excellent in-house manufacturing facility and resources to perform electrical
engineering and programming tasks. The company is ably supported by a
subsidiary to handle Supervisory Data Acquisition and Control (SCADA) systems.
They also provide complete product technology, training of personnel,
installation and startup of production.
They are devoted to
their customers' success. The continuous innovation and technological
improvements has made Master Handlers a premier supplier of the above machines
in
Master Handlers is
located in Pune, one of
Pune is located in the Sahayadri Hills, near the stern coast of
1982: Company
established
1984: First handling
system for laminate and board industry
1991: Software
Company incorporated - Autovue Electronics
1994: Automation
Company incorporated - Automech Handlers
1998: Agreement with
Alwayse Engineering (
2000: Collaboration
with Stewart-Gill Conveyers for Overhead conveyors (
2002: Industrial
Component Cleaning division incorporated from Thermax
Manufacturing and assembly facility2004: 6,000
m commissioned
2005: Agreement with
Tocchio for Paper Impregnation Lines
2006: Collaboration
with M/S Zippel for Industrial Component Cleaning Solutions
Shop floor Machines
- 30 general office space and 8000 mArea - 1500 m purpose machines including
floor-boring and plano-milling
Employees - 180
Integrated
Enterprise Resource Planning (ERP) System tying different departments and
associate companies
All designs
documented as CAD drawings
Master in innovative
concepts leading to many new products for various industries Automation &
Control in house
System developed for
effective project execution Technical upgradation & continuous improvement
through extensive research & development Economical solutions Resourceful,
Young team
Paper Impregnation Line
The Paper
Impregnation Line (PIL) is used for impregnating paper with Urea or Phenol or
Melamine resins. Such impregnated papers are used for making laminates or in
pre-lamination of particle boards, like MDF and HDF. The resin gives the
impregnated material strong mechanical properties, making it ideal for use as
decorative laminates, industrial laminates, and laminates for melamine faced
chip boards. Types of paper used include Decor, Kraft, Finished Foil, Overlay,
and Barrier.
Specifications
Paper speed for
Phenolic impregnation: Up to 120 m/min,
Paper speed for
Melamine / Urea impregnation: Up to 25 m/min
Web width: Up to 230
cm
Paper weight: 20 GSM
to 250 GSM
Features
Impregnation
Line
Auto
tension control and auto splicer
Precise
control on resin Pickup and uniformity
Efficient
drying with 'S' form flotation
Automatic
gap setting at metering rolls with digital display
Threading
conveyor unto Rotary Cutter
Fine
control over moisture in exhaust - Energy saver
All
drive synchronized by CNC motion controller
Anti run
back rolls at water cooling station
Click Images to Enlarge
Air Flotation Dryer
Uniform
air velocity and temperature across web width
Independent
temperature control for each zone
Fine
temperature controls
Slide
joints for thermal expansion
Rotary Cutter
©
High
speed precision rotary cutter - 4000 sheets / hr
©
Sample
cut & counter provision
©
Air
handling of cut sheet
©
Accuracy
of cutting 2mm at all speed
Gavure coating station
o
Upper
coating 30 GSM and bottom 15 GSM
o
Smoothening
rolls and meiers bar
Options
o
Multiple
Web Width
o
Auto
Pallet Changing
o
Coating
Station
o
Rewinder
o
Supervisory
Control and Data Acquisition System (SCADA)
o
Reusable
type three tier filtration - Basket Filter
o
Countrywide
Sales & Service Network
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. 40.33 |
|
|
1 |
Rs. 82.63 |
|
Euro |
1 |
Rs. 55.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--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 |
|
|
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--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 |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|