MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PETALS ENGINEERS PRIVATE LIMITED |
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Registered Office : |
Plot No. 237/238, Kundaim Industrial Estate, Kundaim – 403115, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.11.1990 |
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Com. Reg. No.: |
24-1096 |
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CIN No.: [Company
Identification No.] |
U29199GA1990PLC001096 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP04425B |
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PAN No.: [Permanent
Account No.] |
AABCP1393D |
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Legal Form : |
Private Limited Liability Company.
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Line of Business : |
Manufacturer of Machinery used in Chemical Industry. |
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 45000 |
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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 : |
Plot No. 237/238, Kundaim Industrial Estate, Kundaim – 403115, |
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E-Mail : |
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Website : |
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Factory 1 : |
114 |
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Tel. No.: |
91-22-26922833 / 28387904 / 26873615 |
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Fax No.: |
91-22-28372953 / 26873651 |
DIRECTORS
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Name : |
Mr. Joseph Rosario Dias |
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Designation : |
Chairman cum Managing Director |
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Address : |
Roslin Lawn, 34-B, Per Seraulim, P. O. Colva, Salcete, South Goa –
403708, |
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Date of Appointment : |
28.11.1990 |
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Name : |
Mr. Thresa Dias |
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Designation : |
Director |
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Address : |
Roslin Lawn, 34-B, Per Seraulim, P. O. Colva, Salcete, South Goa –
403708, |
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Date of Appointment : |
01.12.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Joseph Rosario Dias |
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5660 |
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Mr. Thresa Dias |
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1250 |
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Total |
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6910 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Machinery used in Chemical Industry. |
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Products : |
AMPOULE/VIAL INSPECTION MACHINE – Automatic Ampoule/Vial Inspection Machine is the latest
product from subject. The filled Ampoules/Vials are loaded into the infeed
chute from which they are ceded in batches by an index wheel on to a linear
transfer rack. The rack transfers the Ampoules/Vials on to the inspection
station, where spinners spin them at a predetermined rpm so as a vortex is
formed. Light coming from behind the Ampoules/Vials magnifies all
particles/fibres with the help of a lens. The Ampoules/Vials are unaccepted
by pressing rejection switches ergonomically located for the convenience of
the operator. A numbered light kept just above the magnifying lens within the
operators field of vision lights up showing the Ampoules/Vials which have
been refused. In case a recheck is desired before checking the next lot, a
expertise for repeat cycle is provided. The Ampoules/Vials batch is then
transferred on to the rejection station where the rejected ones are
automatically ejected out. A numbered light lights up above the lens
indicating a positive rejection taking place. Vials are transferred on to the
collection station where they are collected in a tray and they are the
accepted ampoules. ALUMINIUM CAP SEALING MACHINE – Aluminium Cap Sealing Machine is an 8-head, rotary,
continious motion machine to Seal Vials, which have been bunged with standard
bungs. Specifications: output speed - 100 to 300 Vials/minute; infinitely
variable speed control through frequency inverter; and factory preset
clutches disengage when the star wheel drive is over loaded by a fallen vial
or large diameter than for which it is set. The tool can handle standard
aluminium seals or flip-tops. Operation: bunged vials are fed by a turntable
to the in-feed wheel. The in-feed wheel feeds the spaced vials to the sealing
turret. Simultaneously to this action the vials collects a cap each from the
end of a cap teed chute and imparts it a proper orientation for the sealing.
The sealing turret include of eight sealing heads, which are identical. These
eight sealing head skirt, spin and seal the cap onto the neck of the vial. |
PRODUCTION STATUS
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Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Ampoule Inspection Machine |
15 |
15 |
01 |
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8 Head Ampoule Washing Machine |
15 |
15 |
00 |
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16 Head Ampoule Washing Machine |
05 |
05 |
00 |
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3 Head Ampoule Filling and Sealing Machine |
10 |
10 |
00 |
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4 Head Ampoule Filling and Sealing Machine |
05 |
05 |
00 |
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8 Head Ampoule Filling and Sealing Machine |
05 |
05 |
00 |
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Vial Inspection Machine |
05 |
05 |
00 |
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Ampoule / Vial Sterlizing Tunnel |
05 |
05 |
00 |
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Rotary Vial / Ampoule Washing Machine |
05 |
05 |
00 |
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Vial Cap Sealing Machine |
05 |
05 |
00 |
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Vial Filling and Bunging Machine |
05 |
05 |
00 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. V. Arolkar and Company Chartered Accountants |
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Address : |
9R / 13th Floor, Navjivan Commercial Premises Co-operative
Society Limited, Dr. D. Bhadkamkar Marg, Mumbai – 400008, |
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Tel. No.: |
91-22-23012301 / 56337290 |
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Fax No.: |
91-22-23012301 / 56337290 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6910 |
Equity Shares |
Rs. 100/- each |
Rs. 0.691
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.691 |
0.691 |
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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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10.778 |
10.819 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.469 |
11.510 |
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LOAN FUNDS |
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1] Secured Loans |
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7.371 |
6.219 |
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2] Unsecured Loans |
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0.426 |
0.288 |
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TOTAL BORROWING |
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7.797 |
6.507 |
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DEFERRED TAX LIABILITIES |
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1.687 |
1.601 |
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TOTAL |
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20.953 |
19.618 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.878 |
11.089 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.049 |
0.049 |
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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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6.499 |
8.913 |
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Sundry Debtors |
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7.953 |
9.816 |
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Cash & Bank Balances |
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1.409 |
1.494 |
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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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7.185 |
6.123 |
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Total
Current Assets |
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23.046 |
26.346 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.705 |
12.742 |
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Provisions |
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5.315 |
5.124 |
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Total
Current Liabilities |
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14.020 |
17.866 |
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Net Current Assets |
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9.026 |
8.480 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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20.953 |
19.618 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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16.281 |
31.180 |
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Other Income |
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Total Income |
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16.281 |
31.180 |
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Profit/(Loss) Before Tax |
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0.428 |
1.602 |
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Provision for Taxation |
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0.415 |
0.704 |
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Profit/(Loss) After Tax |
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0.013 |
0.898 |
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Expenditures : |
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Cost of Goods Sold |
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5.740 |
13.941 |
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Manufacturing Expenses |
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1.467 |
2.876 |
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Administrative Expenses |
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3.777 |
6.358 |
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Selling and Distribution Expenses |
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2.113 |
3.113 |
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Financial Expenses |
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0.927 |
1.195 |
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Loss of sale of asset |
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0.000 |
0.008 |
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Donation |
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0.862 |
0.529 |
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Depreciation & Amortization |
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0.967 |
1.558 |
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Total Expenditure |
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15.853 |
29.578 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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0.08 |
2.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.63 |
5.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.23 |
4.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.90 |
2.12 |
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Current Ratio (Current Asset/Current Liability) |
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1.64 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Plant and
Machinery
- Electrical
and Installation
- Furniture and
Fixture
- Vehicles
- Office
Equipment
- Air
Conditioner
- Computer
- Xerox Machine
Review
of Operation and Prospects
During the period
under report the turnover the company had reduced to Rs. 11.600 Millions,
registering as decrease of nearly 60 %. The Net profit before interest and
depreciation, had also reduced as compared to previous year. The directors had
strengthened the marketing efforts and had laid foundation for developing of
export markets. It is expected that the efforts would be translated into gains
in the near future. The company had decided to concentrate on marketing of
machines, both in
Bankers Charges
Report as per Registry
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Name of the company |
PETALS ENGINEERS
PRIVATE LIMITED |
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Presented By |
Director : Mr. Joseph Dias |
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1) Date and description of instrument creating the change |
General Agreement
for grant of Small Industries Advances and Hypothecation of all movables,
book debts and other assets both dated 10.09.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000
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
stock of raw materials, semi finished, finished goods, book debts etc. and
collateral security byway of second charge on fixed assets mortgaged to
Economic Development Corporation of Goa, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
2.75 % below SBAR. Minimum 15.75 %
p.a. with quarterly rests. Effective rate of interest 16.06 % p.a. with
interest tax. Raw materials :
25 % Semi Finished Goods
: 25 % Finished Goods :
25 % Book Debts : 40 %
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Ponda, |
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6) Date and brief description of instrument modifying the charge |
Supplemental
General Agreement for the grant of Small Industrial Advances and
Hypothecation of goods, Book debts and other assets Ancillary Agreement No.
1,3 all dated 11/11/2003. |
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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. |
Charge limit
enhanced from Rs. 4.000 Millions to Rs. 6.000 Millions by availing additional
working capital limit of Rs. 2.000 Millions with rate of interest @ 1.50 %
above SBAR with minimum 12 % p.a. with monthly rests and extension of charge
over existing security and pledge of machineries. Other terms and conditions
of existing charge remains unchanged. |
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.40.71 |
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1 |
Rs.81.24 |
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Euro |
1 |
Rs.54.63 |
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 |
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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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
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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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