MIRA INFORM REPORT

 

 

Report Date :

19.06.2007

 

IDENTIFICATION DETAILS

 

Name :

TURBO INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

Surjit Cinema Road, Industrial Area – C, Dhandal Kalan, Ludhiana – 141 010, Punjab.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

14.12.2000

 

 

Com. Reg. No.:

24130

 

 

CIN No.:

[Company Identification No.]

U28910PB2000PTC024130

 

 

IEC No.:

3001003707

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JLDT00392A

 

 

PAN No.:

[Permanent Account No.]

AABCT3463C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Castings of Iron or Steel, Fabricated Structural Products, Forgings, Pressing, Roll Forming of Metal.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 536000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are 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

 

Registered Office/ Factory :

Surjit Cinema Road, Industrial Area – C, Dhandal Kalan, Ludhiana – 141 010, Punjab.

Tel. No.:

91-161-2512096-98

Mobile No.:

91-9876016002

Fax No.:

91-161-2512015

E-Mail :

info@turboindustries.in

Area :

607674 sq. fts.

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. S Ravinder Pal Singh

Designation :

Managing Director

Address :

H. No. 591-A, Model Town Extension, Ludhiana, Punjab, India

Date of Birth/Age :

40 Years

Qualification :

Graduate

Experience :

19 Years

 

 

Name :

Mr. S Manohar Singh

Designation :

Director

Address :

H. No. 591-A, Model Town Extension, Ludhiana, Punjab, India

Date of Birth/Age :

67 Years

Qualification :

Graduate

Experience :

36 Years

 

 

Name :

Mr. S Inder Mohan Singh

Designation :

Director

Address :

H. No. 591-A, Model Town Extension, Ludhiana, Punjab, India

Date of Birth/Age :

33 Years

Qualification :

Graduate

Experience :

13 Years

 

 

Name :

Mr. S Amrit Pal Singh

Designation :

Director

Address :

H. No. 71 B, Model House, Ludhiana, Punjab, India

Date of Birth/Age :

44 Years

Qualification :

Graduate

Experience :

10 Years

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Mr. S Manohar Singh

 

3628000

Mr. S Ravinder Pal Singh

 

2057500

Mr. S Inder Mohan Singh

 

776000

Mrs. Amarjit Kaur

 

10500

Mrs. Manjit Kaur

 

8000

Mrs. Amandeep Kaur

 

7000

Mrs. Baljit Kaur

 

10000

Manohar Singh and Sons (HUF)

 

3000

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Castings of Iron or Steel, Fabricated Structural Products, Forgings, Pressing, Roll Forming of Metal.

 

 

Products :

ˇ         Castings of Iron or Steel

ˇ         Fabricated Structural Products

ˇ         Forgings

ˇ         Pressing

ˇ         Roll Forming of Metal

 

 

Exports :

 

Products :

Casted, Fabricated and Forged Components

Countries :

Australia, UAE, France, UK, Dubai and USA

 

 

Imports :

 

Products :

Paint, Zinc, CNC Machines, VMC Machines

Countries :

Sharjah, high Sea Purchase, Japan, Germany

 

 

Terms :

 

Selling :

L/C at sight basis

 

 

Purchasing :

L/C at sight basis

 

PRODUCTION STATUS

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Castings of Iron or Steel

MT

--

1600

947.213

Fabricated Structural Products 

MT

--

14000

5987.385

Forged Components

MT

--

1000

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers

 

 

No. of Employees :

In Office: - 62 and in Factory : - 816 = Total  878

 

 

Bankers :
  • State Bank of India

      SCB, Pahwa Hospital Branch, Miller Ganj, Ludhiana, Punjab, India

 

 

Facilities :

Credit Limit: Rs. 125.000 millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Y K Bhushan and Associates

Chartered Accountants

Address :

1, Noble Enclave, Bhaiwala Crossing, Ludhiana, Punjab, India

Tel. No.:

91-161-2772541

Fax No.:

91-161-5097541

 

 

Associates :

Turbo Tools Private Limited

D-172, Phase VI, Focal Point, Ludhiana, Punjab, India

Line of Business: Manufacturer and Exporter of Engineering Goods.

 

Turbo Impex

Surjit Cinema Road, Industrial Area, Dhandari Kalan, Ludhiana, Punjab, India

Line of Business: Merchant Exporter

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7000000

Equity Shares

Rs. 10/- each

Rs. 70.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6500000

Equity Shares

Rs. 10/- each

Rs. 65.000 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

65.000

65.000

2] Reserves & Surplus

 

68.943

40.337

NETWORTH

 

133.943

105.337

LOAN FUNDS

 

 

 

1] Secured Loans

 

237.761

165.372

2] Unsecured Loans

 

98.958

97.379

TOTAL BORROWING

 

336.719

262.751

DEFERRED TAX LIABILITIES

 

16.920

14.947

 

 

 

 

TOTAL

 

487.582

383.035

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

179.722

155.134

Capital work-in-progress

 

9.038

6.715

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

159.415

115.041

 

Sundry Debtors
 

171.229

115.388

 

Cash & Bank Balances
 

0.531

0.098

 

Other Current Assets
 

3.308

3.218

 

Loans & Advances
 

25.852

32.703

Total Current Assets
 

360.335

266.448

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

60.729

37.965

 

Provisions
 

0.971

7.578

Total Current Liabilities
 

61.700

45.543

Net Current Assets
 

298.635

220.905

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.187

0.281

 

 

 

 

TOTAL

 

487.582

383.035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

439.930

396.038

Other Income

 

14.373

14.253

Total Income

 

454.303

410.291

 

 

 

 

Profit/(Loss) Before Tax

 

43.861

61.587

Provision for Taxation

 

15.264

22.032

Profit/(Loss) After Tax

 

28.597

29.555

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

389.416

351.802

Total Earnings

 

389.416

351.802

 

 

 

 

Imports :

 

 

 

 

Raw Materials

 

8.781

0.000

 

Stores & Spares

 

3.546

9.587

Total Imports

 

12.822

11.710

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

327.652

276.760

 

Administrative Expenses

 

43.596

41.254

 

Interest

 

28.341

21.838

 

Depreciation & Amortization

 

10.853

8.851

Total Expenditure

 

410.442

348.703

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

6.29

7.20

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

9.65

15.01

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

7.98

14.37

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.32

0.58

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

4.10

4.07

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

5.84

5.85

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

 

ˇ         SGB (Worldwide)

ˇ         Axmann Sas

ˇ         Biljax Inc.

ˇ         National Paint Factory

ˇ         MMTC Limited

ˇ         Yamazen Corporation

ˇ         DMG

ˇ         Aarti Steels Limited, Ludhiana, Punjab

ˇ         Sangam Steels, Ludhiana, Punjab

ˇ         Bhambri Steels, Mandi Gobindgarh 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.40.82

UK Pound

1

Rs.81.18

Euro

1

Rs.54.79

 

 

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

6

--PROFITABILIRY

1~10

4

--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

YES

--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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions