MIRA
INFORM REPORT
|
Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PASCAL INDUSTRIAL EQUIPMENTS MANUFACTURING
AND CONSULTANCY PRIVATE LIMITED |
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Registered Office : |
28 / 3 / 3, Kharadi, Pune – 411014, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.12.1986 |
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Com. Reg. No.: |
041979 |
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CIN No.: [Company
Identification No.] |
U29100MH1986PLC041979 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP00335G |
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PAN No.: [Permanent
Account No.] |
AABCP1239J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Dealers of Allied process Equipment for use in
various industries. |
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 18380 |
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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. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office 1 : |
28 / 3 / 3, Kharadi, Pune – 411014, Maharashtra, India |
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Tel. No.: |
91-212-340805 |
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Fax No.: |
91-212-623159 |
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E-Mail : |
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Corporate Office : |
Nataraj Co-Op HSG. Society, 1A – 1B, Plot No. 54, Pune – 411052,
Maharashtra, India |
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Tel. No.: |
91-20-65615312 / 64103758 |
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Mobile : |
91-9822057148 / 9822057147 |
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Fax No.: |
91-20-6872988 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vishwanath Gajanan Sathe |
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Designation : |
Director |
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Address : |
54, Natraj Society, Karvelinagar, Pune – 411052, Maharashtra |
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Date of Appointment : |
23.01.1987 |
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Name : |
Mr. Sushila Gajanan Sathe |
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Designation : |
Director |
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Address : |
54, Natraj Society, Karvelinagar, Pune – 411052, Maharashtra |
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Date of Birth/Age : |
23.02.1931 |
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Date of Appointment : |
20.08.1988 |
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Name : |
Mr. Anand Tulsidas Kirad |
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Designation : |
Director |
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Address : |
P 14, Amalshree Society, Aundh,
Pune – 414007, Maharashtra |
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Date of Appointment : |
23.01.1987 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vishwanath G. Sathe |
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506 |
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Mr. Hemant G. Sathe |
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205 |
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Mr. Vasant G. Sathe |
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205 |
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Mrs. Sushila G. Sathe |
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806 |
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Mrs. Manjiri V. Sathe |
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5 |
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Mrs. Anita V. Sathe |
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5 |
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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 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Dealers of Allied process Equipment for use in
various industries |
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Products : |
©
Vacuum and Pressure Filling Systems © Filling
equipments © Equipments |
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GENERAL
INFORMATION
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Customers : |
˛ Tata Motors ˛ Mahindra and
Mahindra ˛ Maruti Udyog
limited ˛ Daewoo Motors ˛ John Deere
Limited ˛ Hyundai Motors
Limited ˛ Force Motors ˛ Larsen and
Toubro ˛ Ford India ˛ Climate Systems
India Private Limited |
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No. of Employees : |
50 |
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Bankers : |
Bank of
Maharashtra Lokmangal,
Shivjinagar, At its Mundhawa Branch, Pune – 411005, Maharashtra E-Mail: msncs@vsnl.net |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shripad Godbole and Associates Chartered Accountants |
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Address : |
Flat No. 3, Mini Apartment, Bhandarkar Road, Pune – 411004,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6732 |
Equity Shares |
Rs.100/-
each |
Rs.0.673
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.673 |
0.673 |
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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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3.922 |
2.027 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.595 |
2.700 |
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LOAN FUNDS |
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1] Secured Loans |
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2.536 |
5.184 |
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2] Unsecured Loans |
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1.990 |
1.433 |
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TOTAL BORROWING |
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4.526 |
6.617 |
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DEFERRED TAX LIABILITIES |
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0.049 |
0.035 |
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TOTAL |
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9.170 |
9.354 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.161 |
2.022 |
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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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0.175 |
0.185 |
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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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3.035 |
4.218 |
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Sundry Debtors |
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4.860 |
2.617 |
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Cash & Bank Balances |
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1.081 |
0.504 |
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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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2.230 |
2.483 |
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Total
Current Assets |
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11.206 |
9.822 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.457 |
2.458 |
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Provisions |
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1.915 |
0.219 |
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Total
Current Liabilities |
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4.372 |
2.677 |
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Net Current Assets |
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6.834 |
7.147 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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9.170 |
9.352 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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32.411 |
15.632 |
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Other Income |
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0.072 |
0.008 |
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Total Income |
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32.483 |
15.640 |
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Profit/(Loss) Before Tax |
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3.603 |
1.157 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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3.603 |
1.157 |
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Expenditures : |
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Raw Material Consumed |
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4.218 |
2.081 |
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Purchases made for re-sale |
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15.607 |
7.100 |
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Salaries, Wages, Bonus, etc. |
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0.580 |
0.504 |
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Managerial Remuneration |
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0.948 |
0.564 |
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Payment to Auditors |
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0.044 |
0.033 |
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Interest |
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0.578 |
0.782 |
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Insurance Expenses |
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0.087 |
0.068 |
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Depreciation & Amortization |
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0.304 |
0.347 |
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Total Expenditure |
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2.541 |
2.298 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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11.091 |
7.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
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11.11 |
7.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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26.95 |
9.76 |
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Return on Investment (ROI) (PBT/Networth) |
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0.78 |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.88 |
0.99 |
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Current Ratio (Current Asset/Current Liability) |
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2.56 |
3.66 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U29100MH1986PLC041979 |
|
Name of the
Company |
PASCAL INDUSTRIAL EQUIPMENTS MANUFACTURING
AND CONSULTANCY PRIVATE LIMITED |
|
Address |
28 / 3 / 3, Kharadi, Pune – 411014, Maharashtra, India |
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This form is for |
Creation of charges |
|
Type of Charge |
Immovable
property, Floating Charge and others |
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Particulars of
the charge holder |
Bank of
Maharashtra Lokmangal,
Shivjinagar, At its Mundhawa Branch, Pune – 411005, Maharashtra E-Mail: msncs@vsnl.net |
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Amount secured by
the charge |
Rs.7.500 millions |
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Brief of the
principal terms and conditions |
Rate of interest: 13.25% with
monthly rest as per sanction letter Terms of
Repayments: As per sanction Margin: As per sanction Extent and
operation of the charfe to the extent of
Rs.7.500 millions Others: Mortgage
collateral security for CC and BG Situated at Plot No. 5, Out of S. No. 28, HISA
No. 3/3 together with industrial shade situated at village kharadi, tal
haveli dist. Pune |
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Date of
Instrument creating or modifying the charge |
12.07.2007 |
Fixed Assets:
˛
Building
˛
Plant and Machinery
˛
Furniture
˛
Library
˛
Computers
˛
Motor
As Per Web Details
Company Profile:
Started in 1965 in
name the Vacuum Plants and Instruments Mfg. Co. Pvt. Ltd.
1987 sees the
start of M/s Pascal Industrial Equipments Manufacturing & Consultancy Pvt.
Ltd.
Subject does R
& D in food industry, defence and chemical industry
987 sees the start of Subject mainly as a R & D based organisation.
Main Company started in 1965 in name the Vacuum Plants and Instruments
Manufacturing Company Private Limited. VPI was founded by Late Mr. T.R. Kirad
& Late Mr. G.V. Sathe. This company continues business with main clients as
electrical and electronic industry and is leader in its field.
Subject is managed by Mr. Vishwanath G. Sathe, Managing Director, age 52 years,
B.E. ( Electrical ), Pune University. Experience: 28 years. Mr. Vasant G.
Sathe, Marketing Director, age 50 years, B.E. ( Mech ), Mysore University.
Experience: 26 years.
Milestones:
˛
Starts with TELCO ( now TATA MOTORS ) as customer. Makes first
indigenous a/c gas charging equipment.1996 - 97
˛
Makes Coolant fill eqpt for Safari Line in Telco
˛
Makes a series of equipments for Maruti - Suzuki Udyog Ltd ( MUL ),
Daewoo, Telco, Hyundai, Mahindra & Mahindra Limited
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.39.35 |
|
UK Pound |
1 |
Rs.80.52 |
|
Euro |
1 |
Rs.57.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
54 |
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. |
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 |
|