MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MATERIAL HANDLING EQUIPMENT CONVEYOR MANUFACTURING DIV OF PRECIOUS
FAB CAST PRIVATE LIMITED |
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Registered Office : |
4809, Phase 4, GIDC, Near Water Tank, Industrial Estate Vatva,
Ahmedabad 382445, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.12.1988 |
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Com. Reg. No.: |
011611 |
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CIN No.: [Company
Identification No.] |
U28939GJ1988PTC011611 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP01344A |
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PAN No.: [Permanent
Account No.] |
AABCP1437C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Designer of Plants, Based on Pulverizers, Crushers, Mixers And Material Conveying Equipments. |
RATING & COMMENTS
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MIRAs 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 7276 |
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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 : |
4809, Phase 4, GIDC, Near Water Tank, Industrial Estate Vatva,
Ahmedabad 382445, |
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Tel. No.: |
91-79-25842237 / 25840315 / 25840315 |
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Mobile No.: |
91-9825605666 |
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Fax No.: |
91-79-25840026 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Pravin Rameshwar Agrawal |
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Designation : |
Director |
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Address : |
E 4, Alaknanda Society, Shahibaug, Ahmedabad 380004 |
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Date of Birth/Age : |
21.08.1954 |
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Date of Appointment : |
09.12.1988 |
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Name : |
Mrs. Chitra Pravin Agrawal |
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Designation : |
Director |
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Address : |
E 4, Alaknanda Society, Shahibaug, Ahmedabad 380004 |
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Date of Birth/Age : |
22.09.1956 |
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Date of Appointment : |
24.05.2004 |
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Name : |
Mr. Ramwshwar B. Govil |
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Designation : |
Director |
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Address : |
E 4, Alaknanda Society, Shahibaug, Ahmedabad 380004 |
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Date of Birth/Age : |
26.07.1927 |
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Date of Appointment : |
08.06.2004 |
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Name : |
Mr. Navin Rameshwar Agrawal |
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Designation : |
Resigned form Directorship |
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Address : |
E 4, Alaknanda Society, Shahibaug, Ahmedabad 380004 |
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KEY EXECUTIVES
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Name : |
Mr. B.N. Mehta |
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Designation : |
General Manager |
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Name : |
Mr. Bipin Bhatt |
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Designation : |
Marketing Manager |
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Name : |
Mr. Surju Kumar |
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Designation : |
Purchasing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Pravin Rameshwar Agrawal |
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36770 |
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Mrs. Chitra Pravin Agrawal |
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15800 |
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Mr. Nishesh Pravin Agrawal |
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4500 |
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Mr. Rameshwar B. Govil |
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5650 |
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Category |
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Percentage of
Holding |
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Director of Relatives of Directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Designer of Plants, Based on Pulverizers, Crushers, Mixers And Material Conveying Equipments. |
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Products : |
♦
Crushers |
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Brand Names : |
Precious |
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Exports : |
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Products : |
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Countries : |
Middle East, Asian Countries, |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
60 |
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Bankers : |
Bank of Vatva industrial Estate,
(SP SSI) Branch, Ahmedabad 382445, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhaidas M. Mehta and Company Chartered Accountants |
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Address : |
214 215, Sahajanand, Shahibaug, Ahmedabad 380004, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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70000 |
Equity Shares |
Rs.10/- each |
Rs.0.700 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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62720 |
Equity Shares |
Rs.10/- each |
Rs.0.627
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.627 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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1.192 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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1.819 |
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LOAN FUNDS |
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1] Secured Loans |
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0.800 |
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2] Unsecured Loans |
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0.166 |
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TOTAL BORROWING |
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0.966 |
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DEFERRED TAX LIABILITIES |
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0.409 |
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TOTAL |
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3.194 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.424 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.979 |
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Sundry Debtors |
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4.214 |
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Cash & Bank Balances |
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0.464 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.901 |
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Total
Current Assets |
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8.558 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.610 |
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Provisions |
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0.180 |
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Total
Current Liabilities |
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8.790 |
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Net Current Assets |
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(0.230) |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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3.194 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
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Sales Turnover |
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10.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.83 |
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Current Ratio (Current Asset/Current Liability) |
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0.97 |
LOCAL AGENCY FURTHER INFORMATION
Company Details:
They would like to
introduce our selves as a leading manufacturer and designer of plants, based on
Pulverizers, Crushers, Mixers and
Material Conveying Equipments. It could be an individual Machine, System
or a Plant on Turnkey basis.
Subject is a leader in size reduction technology.
Precious machines
for precious people are the philosophy behind the company's operations.
Precious is developing products
in the field of grinding, crushing and
pulverizing - minerals, chemicals, pharmaceuticals, refractories, agro based
and many other products - normal size to the fineness of 20 Microns.
Precious has a well equipped
drawing and design department which finalizes the drawings with high standards
of efficiency, performance and safety as well. The purchase of all critical
material is done with standard manufacturers and suppliers with double check
and a testing certificate is being obtained wherever it is necessary.
The productions of
all the machines are carried out under the strict supervision of qualified
engineers.
All the machines are being tested at the test banch. Before sending it
to painting. The painting is done only after proper surface preparation and
applying a coat of good quality primer, so that paint may with stand for a
longer period. Epoxy (p.u.) paint may also be applied based on the requirement
and surrounding operational conditions.
Precious is designing, the plants with the view to
reduce maintenance cost, lower downtime & to achieve high quality.
Total solution of Processing & Mechanized conveying of material -
start from raw material feed to packing section, that is your dreams becomes
the Precious responsibility, to materialize the same.
To meet the international requirements, they are developing machines of
higher & higher capacities in the field of Chemicals, Minerals, Cement,
Spices & other agro products, Tobacco, Ayurvedic Herbs, Pharmaceuticals,
Paints, Plastics, Ceramics etc.
People are finding that Precious' systems are advance, economical,
qualitative, simple and easy to maintain.
"Precious" has become a recommended name in the field of size
reduction equipments with her machines installed not even at the furthest
corner of India but exported to many countries.
Manufacturer of Pulverizer, Pulverizers, Pulveriser, Crushers, Ball
Mill, Hammer Mill, Ball mills India, Hammer mill India, Material Conveying
Equipments, Micro Pulverizer, Jaw Crushers, Roll Crushers, Mixers, Vibrating
Screen, Gayratory Siever, Rotary Screen, Conveyors, Screw Conveyor, Bucket
Elevator, Truck Loader, Belt Conveyor, Mineral plants and machinery, Stone
crushing plants, Rock crushing plants, Refractory Plant, Poultry Feed Plant,
Iodised Salt Plant, Iodized Salt Plant, Besan Plant, Dal Plant, Quarry Plants,
Plaster Of Paris Plant, Activated Carbon Plant, Cement Plant, Ceramic Plant,
Agro and Herb Based Plant, Coconut Shell Powder Plant, Cattle Feed Plant, Spice
Plant, Ultra Fine Turbo Mill
They
Are Looking Importers From Argentina, Afghanistan, Africa General, Alaska,
Albania, Algeria, Andorra, Angola, Arab General,Argentina, Armenia, Asia
General, Australia, Austria, Belgium, Bahrain, Bangladesh, Belize, Benin,
Bhutan, Bolivia, Bosnia, Botswana, Brazil, Brunei, Bulgaria, Canada, Cambodia,
Cameroon, Cayman Islands, Chile, China Colombia, Costa Rica, Croatia, Cyprus,
Czech Rep, Dubai, Dhaka, Denmark, Dominica, Ethiopia, Egypt, Estonia, Europe,
General, El Lvador, Finland, France, Green Land, Gabon, Germany, Greece,
Grenada, Guatemala, Holland, Haiti, Hong Kong, Hungary, India, Iran, Iraq,
Iceland, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Jordan, Kenya,
Korea, Kuwait, Latvia, Lebanon, Libya, Liechtenstein, Luxembourg, Malaysia,
Malta, Mauritius, Mexico, Moldova, Monaco, Mongolia, Morocco, Namibia, Nepal,
Netherlands, Norway, New Zealand, Poland, Palestine, Panama, Paraguay, Peru,
Philippines, Poland, Portugal, Puerto Rico, Qatar Romania, Russia, South
Africa, Sri Lanka, Saudi Arabia, Singapore, Slovakia, Slovenia, Somalia, Spain,
Sudan, Suriname, Sweden, Switzerland, Syria, Tanzania, Taiwan, Tehran,
Thailand, Tunisia, Turkey, Usa, Uae, United Kingdom, Ukraine, Uruguay,
Venezuela, Vietnam, Worldwide, Yemen, Zimbabwe, Zambia
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Name of the company |
PRECIOUS FAB CAST
PRIVATE LIMITED (hereafter
referred to as the Company) |
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Presented By |
Shri Pravin
Agrawal, Director |
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1) Date and description of instrument creating the change |
4.06.2002 Hypothecation
Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.250 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 the aforesaid
Fund Based and Non Fund Cased Limits to be secured by way of hypothecation
charge over stocks, book debts and first charge on factory block of the
company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Various fund
based and non fund based facilities granted by the Bank is secured by above
properties. Other terms and
conditions are as per the enclosed agreement |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Vatva industrial
Estate, (SP SSI) Bracnh, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Deed of
Continuing Oral assent dated 17.08.2005 for holding of title deeds and
extension of equitable mortgage at factory block at Plot No. 4809, Phase 4,
GIDC, VAtva, Ahmedabad |
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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
limit of Rs.1.250 millions which earlier modified by supplemental agreement
of hypothecation dated 28.08.2003 for the Revised limit of Rs.0.950 millions
and agreement of hypothecation of plant and machinery and stock and book
debts dated 25.01.2005 for increased limit of Rs.2.600 millions. Now the aforesaid
limit has been further secured by Deed of continuing oral assent dated
17.08.2005 for extension of equitable mortgage o ffactory block at Plot Noo.
4809, Phase 4, GIDC, Vatva, Ahmedabad for limit of Rs.2.600 millions divided
as under Fund Based CC (Stock) 1.700 millions CC (B / Debts) 0.800
millions Non Fund Based Guarantee 0.100 millions Total 2.600 millions |
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Corporate
identity number (CIN) Foreign company registration number |
U28939GJ1988PTC011611 |
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Name of the
Company |
PRECIOUS FAB CAST
PRIVATE LIMITED |
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Address |
E 2, Alkanande
Society B / 4 Civil Hospital Asarma, Ahmedabad, |
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This form is for |
Modification of
Charge |
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Type of Charge |
Hypothecation, Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particulars of
the charge holder |
Bank of Vatva industrial
Estate, (SP SSI) Branch, Ahmedabad 382445, |
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Amount secured by
the charge |
Rs.5.500 millions |
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Brief of the
principal terms and conditions |
Rate of interest
12% Cash Credit (Stock and Book Debt), 7.5% (Mini) for Export Packing
credit, Margin CC (Stock) 25%, CC (Book Debt) 40%, CC (EPC / FBN) 20%
and Guarantee and LC 25% |
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Description of
the property charged indicating |
Immovable
properties, Plant Machinery, Book Debts, Stock in Trade Stock and Book Debts
at Factory premises or in transit or at godown, plant and machinery and spare
parts and mortgage of landed property at Vatva, Ahmedabad at 4809, Phase - 4, GIDC industrial Estate, Ahmedabad and
also extended for additional EPC limit and guarantee cum LC Limit |
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Charge
identification |
90110449 |
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Brif description
of the instrument modifying the charge under section |
Supplementary
Deed of Hypothecation |
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Date of
Instrument |
18.07.2006 |
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Particular of the
present modification |
Additional EPC
Limit of Rs.3.000 millions and Guarantee cum LC Limit of Rs.1.400 millions
sanctioned by Bank |
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 Intl
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 companys 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.40.73 |
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|
1 |
Rs.80.43 |
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Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
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 |
YES |
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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 |
|
46 |
This score serves as a reference to assess SCs 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 |
|