MIRA
INFORM REPORT
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Report Date : |
09.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PROFAB ENGINEERS PRIVATE LIMITED |
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Registered Office : |
W-310, TTC Industrial Area, MIDC, Rabale, Services Road adj to water Pipeline
Road, Navi Mumbai - 400 701, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.11.1998 |
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Com. Reg. No.: |
11-117239 |
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CIN No.: [Company
Identification No.] |
U31300MH1998PTC117239 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP11684B |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturer of fabricated metal products. |
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 140000 |
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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.
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 / Factory : |
W-310, TTC Industrial Area, MIDC, Rabale, Services Road adj to water
Pipeline Road, Navi Mumbai - 400 701, Maharashtra, India |
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Tel. No.: |
91-22-2760 7299, 2760 4592, 27696806 |
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Fax No.: |
91-22-5597 1599 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. [Owned] |
DIRECTORS
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Name : |
Mr. Vutha Arunachalam Gopal |
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Designation : |
Director |
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Address : |
Block No. 7, Building No. 5, Twinkle Star CHS, |
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Date of Birth/Age : |
01.05.1946 |
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Qualification : |
Graduate |
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Experience : |
35 Years |
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Date of Appointment : |
26.11.1988 |
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Name : |
Mrs. Vutha Mohan Jayakameshwari |
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Designation : |
Director |
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Address : |
11/397 E, |
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Date of Birth/Age : |
01.05.1946 |
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Date of Appointment : |
26.11.1988 |
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Name : |
Mr. Mohan Vutha |
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Designation : |
Additional Director |
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Address : |
11/394 E, |
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Date of Birth/Age : |
12.02.1950 |
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Qualification : |
C. A. and ICWA |
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Experience : |
30 Years |
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Date of Appointment : |
01.04.2007 |
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Other Directorship : |
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Other Partnership : |
MA Industries 56, Shanti Industrial Estate, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Vutha Arunachalam Gopal |
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49500 |
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Vutha Mohan Jayakameshwari |
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49500 |
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Vutha Arunachalam Gopal – HUF |
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500 |
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Vutha Aditya |
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500 |
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Total |
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100000 |
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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 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of fabricated metal products. |
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Exports : |
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Countries : |
UAE, |
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Terms : |
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Purchasing : |
Cash [40 %] and Credit [60 %] |
GENERAL INFORMATION
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Customers : |
Industrial
Commercial
Exports
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No. of Employees : |
100 [In Office : 20; In Factory : 80] |
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Bankers : |
State Bank of Mulund West, Mumbai – 400080, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dinesh Rasiklal Shah and Company Chartered Accountants |
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Address : |
160, D. N. Road, Office No. 26, 2nd Floor, Above Kelkar
Vishranti Gruh, C. S.T., Mumbai – 400001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 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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1.000 |
1.000 |
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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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35.488 |
17.561 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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36.488 |
18.561 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
3.441 |
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2] Unsecured Loans |
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8.985 |
8.711 |
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TOTAL BORROWING |
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8.985 |
12.152 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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45.473 |
30.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.340 |
4.654 |
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Capital work-in-progress |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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0.000 |
0.225 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.402 |
5.151 |
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Sundry Debtors |
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36.859 |
28.322 |
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Cash & Bank Balances |
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2.756 |
0.757 |
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Other Current Assets |
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8.128 |
2.433 |
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Loans & Advances |
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0.434 |
0.321 |
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Total
Current Assets |
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53.579 |
36.984 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.521 |
8.535 |
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Provisions |
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7.932 |
2.625 |
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Total
Current Liabilities |
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14.453 |
11.160 |
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Net Current Assets |
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39.126 |
25.824 |
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MISCELLANEOUS EXPENSES |
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0.007 |
0.010 |
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TOTAL |
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45.473 |
30.713 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 [Unaudited] |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
250.000 |
169.000 |
NA |
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Profit/(Loss) Before Tax |
28.100 |
22.100 |
NA |
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Provision for Taxation |
7.000 |
4.000 |
NA |
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Profit/(Loss) After Tax |
21.100 |
18.000 |
NA |
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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10.65 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.08 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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36.88 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.61 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.64 |
1.26 |
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Current Ratio (Current Asset/Current Liability) |
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3.71 |
3.31 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
- Sjemts
Limited, Chennai and
Bankers Charges
Report as per Registry
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Name of the company |
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Presented By |
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1) Date and description of instrument creating the change |
General agreement
for grant of small industrial advances and hypothecation of movables, book
debts and other assets Ancillary
agreement No. 1 & 3. All instruments dated 20.10.1999 and crests single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all present and future goods, book debts, movable and other assets including
documents of title to goods and other assets such as outstanding moneys,
receivables, claims, bills, invoice, documents and future machinery, stock in
raw materials stock in process, finished goods wherever lying, situated or in
transit and book debts and bills. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 1.5 %
over SBAR minimum of 13.50 % p.a. effective rate 13.77 % Margin Raw Materials
/ Stock in Process / Finished goods 25 % Bills 20 % security to secure Cash
Credit facility with interest, cost, expenses charge, commission etc as
continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Severam Lalwani
Marg, Mulund West Mumbai, |
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6) Date and brief description of instrument modifying the charge |
Supple, General Agreement
for grant of small industrial advances and hypothecation of goods and other
assets. Ancillary
agreement no. 1 & 6 all instruments dated 09.03.2005 and create single
charge |
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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 dated 20.10.1999 for Rs. 2.000 Millions was modified on enhancing the
facilities form Rs. 2.000 millions to Rs. 2.500 Millions. Further modified
on 03.04.2003 enhancing the facilities from Rs. 2.500 Millions to Rs. 4.000
Millions by way of additional LC / BG facilities of Rs. 1.500 Millions Now further
modified on 09.03.2005 enhancing the facilities from Rs. 4.000 Millions to
Rs. 7.500 Millions consisting of CC Rs. 4.500 Millions LC / BG Rs. 3.000
Millions. |
AS PER
WEBSITE
PROFILE OF THE COMPANY:
- Operations
commenced in 1984
- Initial emphasis was on fixing cable trays/supports
at site to gain detailed technical information on design Expectations of
users.
- First to produce the range of cable
management products specified by Russians for Vizag Steel Plant- Over 300
MT delivered to 4 different contractors at site.
- Innovative approach addressing project
site requirements with suitable designs, also keeping international
developments as basis.
- Profab products made so versatile that
many complex project site problems are handled with standard products in
combination or with different configurations
- Rendered technical assistance in
drawing up National standards
- Quality standards with respect to
materials, sections and profiles as per Indian National Standards.
Galvanising as per Indian or British Standards offered. ISO 9001
implementation at advanced stage.
- Profab first choice in
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Large number of multinationals
operating in
City off: Tel : 91-22-2564 6256, 91-22-2567
2475 Fax: 91-22-2564 7307
E-mail : profab@bom4.vsnl.net.in
Tel : Chennai Office - 91-044-483 6410, Telefax:91-044-480 2966
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.40.98 |
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1 |
Rs.80.98 |
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Euro |
1 |
Rs.54.99 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
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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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
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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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