MIRA
INFORM REPORT
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Report Date : |
20.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
POWER MASTER ENGINEERS PRIVATE LIMITED |
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Formerly Known As : |
POWER MASTER BOILERS PRIVATE LIMITED |
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Registered Office : |
229, Pragati Industrial Estate, 316, N.M. Joshi Marg,
Chinchpokli, Mumbai- 400 011, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.04.1971 |
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Com. Reg. No.: |
11-15118 |
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CIN No.: [Company
Identification No.] |
U29305MH1971PTC015118 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16768D |
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PAN No.: [Permanent
Account No.] |
AAACP4977A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Tube Expanding Machine,
Digital Torque Controller and Grooving Tools. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 710000 |
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Status : |
Good |
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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 fine track
records. Directors are reported as experienced, respectable and resourceful businessmen
/ industrialists. Their trade relations are fair. Financial position is very
strong. Payments are always correct and as per commitments. The company can be considered good for any normal business dealings.
It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
229, Pragati Industrial Estate, 316, N.M. Joshi Marg,
Chinchpokli, Mumbai- 400 011, Maharashtra, India |
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Tel. No.: |
91-22-2300 0015 / 91-22-2307 2996 |
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Fax No.: |
91-22-2307 3761 |
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E-Mail : |
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Website : |
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Factory 1 : |
5 & 18 Rashmi Industrial Estate No.1, Vasai
(East), Thane 401202, INDIA |
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Tel. No.: |
91-250-2392021 / 2390562 |
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Fax No.: |
91-250-2391576 |
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Factory 2 : |
42 & 43 Manish Industrial Estate No. 5, Vasai (East),
Thane-401210, India |
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Factory 3 : |
9 & 14 Rashmi Industrial Estate No.1, Vasai (East),
Thane-401202, India |
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Factory 4 : |
A-87, T.T.C. Industrial Area, M.I.D.C., Thane-Belapur
Road, Khairne, New Mumbai - 400 705. India |
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Product Development Center : |
W-224, T.T.C. Industrial Area, M.I.D.C., Thane-Belapur
Road, Khairne, New Mumbai - 400 705, INDIA |
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Tel. No.: |
91-22-2778 1934, 2778 2173 |
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Fax No.: |
91-22-2778 0339 S |
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Email : |
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Sales and Services Centre : |
A-87, T.T.C. Industrial Area, M.I.D.C., Thane-Belapur Road,
Khairne, New Mumbai - 400 705. INDIA |
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Tel. No.: |
91-22-2778 2492 |
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Fax No.: |
91-22-2778 0339 |
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E-Mail : |
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Sales and Services Centre : |
126/1A, Vaibhavhali, Opposite Lokhande Hospital, Mohan
Nagar, Chinchwad, Pune 411 019 |
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Mobile No.: |
91-986 926 44 58 |
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Fax No.: |
91-22-2778 0339 |
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E-Mail : |
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Sales and Services Centre : |
# 1835, 14th Cross, 22nd Main, Sector - I, HSR layout,
Bangalore - 560034 |
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Tel. No.: |
91-80-2572 9054 |
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Mobile No.: |
91-99019 01345 |
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Fax No.: |
91-22-2307 3761 |
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Email : |
DIRECTORS
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Name : |
Mr. Sunder Lokusing Advani |
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Designation : |
Director |
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Address : |
19’Jalkiran’, 5th Floor, G. D. Somani Marg, Cuffe parade,
Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
16.01.1935 |
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Date of Appointment : |
21.04.1971 |
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Name : |
Ms. Meena Sunder Advani |
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Designation : |
Director |
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Address : |
19’Jalkiran’, 5th Floor, G. D. Somani Marg, Cuffe parade, Colaba,
Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
14.06.1948 |
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Date of Appointment : |
27.04.1971 |
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Name : |
Mr. Dinesh Sunder Advani |
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Designation : |
Director |
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Address : |
6-A, Belvedere Court, sane Guruji Marg, Mahalaxmi, Mumbai – 400011,
Maharashtra, India |
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Date of Birth/Age : |
04.11.1970 |
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Date of Appointment : |
17.05.1990 |
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Name : |
Mr. Pratap Damodar Mayekar |
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Designation : |
Director |
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Address : |
A – 1-B, 603, Sudhir Towers, Sarojini Naidu Road, Mulund [West],
Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
09.01.1955 |
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Date of Appointment : |
15.09.1995 |
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31.03.2004 |
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Name : |
Mr. Shrikant Narayan Shende |
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Designation : |
Director |
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Address : |
Block No. 12, 1st Floor, Poorva Co-operative Housing
Society Limited, Panch Pakhdi, Thane [West], Maharashtra – 400602, India |
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Date of Birth/Age : |
11.01.1938 |
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Date of Appointment : |
30.09.2002 |
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Name : |
Mr. V. Balakrishnan |
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Designation : |
Director |
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Address : |
22/A, Seema Kiran Co-operative Housing Society, Wamanrao Dhange Road,
Dhange Wadi, Kalyan [West], Maharashtra, India |
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Date of Birth/Age : |
24.05.1959 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Shashi Singh Muwall |
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Designation : |
Additional Director |
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Address : |
Chhanni Muwallan P O Shahpurkandi Township, Pathankot – 145029,
Punjab, India |
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Date of Birth/Age : |
18.11.1966 |
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Date of Appointment : |
02.04.2007 |
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Name : |
Mr. Percy Paes |
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Designation : |
Director |
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Address : |
B. I. T. Block, 2/39, Dr. Ambedkar Road, Mubai – 400012, Maharashtra,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sunder Lokusing Advani |
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3000 |
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Meena Sunder Advani |
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400 |
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Dinesh Sunder Advani |
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2700 |
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Powermaster Tools Private Limited |
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1400 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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19.00 |
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Directors or relatives of directors |
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81.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Tube Expanding Machine,
Digital Torque Controller and Grooving Tools. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
ICICI Bank Free press House, 215, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dinesh Gandhi and Associates Chartered Accountants |
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Address : |
127, Panchratna, Opera House, Mumbai – 400004, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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14700 |
Equity Shares |
Rs. 100/- each |
Rs. 1.470 Millions |
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300 |
Preference Shares |
Rs. 100/- each |
Rs. 0.030 Million |
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Total |
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Rs. 1.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10681 |
Equity Shares |
Rs. 100/- each |
Rs. 1.068
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.068 |
0.750 |
0.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
175.946 |
86.169 |
63.444 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
177.014 |
86.919 |
64.194 |
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LOAN FUNDS |
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1] Secured Loans |
1.429 |
1.379 |
0.910 |
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2] Unsecured Loans |
0.000 |
0.360 |
0.000 |
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TOTAL BORROWING |
1.429 |
1.739 |
0.910 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
178.443 |
88.658 |
65.104 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.828 |
21.917 |
24.772 |
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Capital work-in-progress |
3.502 |
3.502 |
2.412 |
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INVESTMENT |
178.082 |
94.106 |
40.026 |
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DEFERREX TAX ASSETS |
6.212 |
1.458 |
1.072 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
21.541
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7.492 |
4.254 |
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Sundry Debtors |
53.359
|
14.400 |
27.838 |
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Cash & Bank Balances |
33.991
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12.130 |
6.234 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
50.380
|
19.925 |
11.805 |
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Total
Current Assets |
159.271
|
53.947 |
50.131 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
152.214
|
75.214 |
44.400 |
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Provisions |
50.237
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11.058 |
8.909 |
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Total
Current Liabilities |
202.451
|
86.272 |
53.309 |
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Net Current Assets |
[43.181]
|
[32.325] |
[3.178] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
178.443 |
88.658 |
65.104 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover Including Other Income |
|
237.726 |
98.600 |
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Profit/(Loss) Before Tax |
|
64.913 |
28.504 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
|
64.913 |
28.504 |
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Expenditures : |
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Interest |
|
0.976 |
0.532 |
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Depreciation & Amortization |
|
3.500 |
2.103 |
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Other Expenditure |
|
168.337 |
67.467 |
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Total Expenditure |
|
172.813 |
70.102 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
27.31
|
28.91 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
27.31
|
28.91 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
33.62
|
37.57 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.33 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
1.01 |
0.84 |
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Current Ratio (Current Asset/Current Liability) |
|
0.79
|
0.63 |
0.94 |
LOCAL AGENCY
FURTHER INFORMATION
Power Master Industries Equipments Private Limited Amalgamated with
Power Master Engineers Private Limited
Bankers Charges Report
as per Registry
|
Name of the company |
POWER MASTER
ENGINEERS PRIVATE LIMITED |
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Presented By |
ICICI Bank,
Mumbai 400021 |
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1) Date and description of instrument creating the change |
Credit facility
agreement dated 27.03.1995 Deed of hypothecation
dated 27.03.1995 Both the
aforesaid agreements shall constitute as a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.000
Millions For various
banking facilities such as Cash Credit of Rs. 3.500 Millions Guarantee Rs.
0.500 Million and a term loan of Rs. 2.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of the
borrowers entire stocks of raw materials, semi finished goods, consumable
stores and such other movables including book debts, outstanding monies,
receivables, both present and future by way of first charge. Mortgage of land
and building pertaining to properties at Thane and Lower Parel Unit and
charge on all the borrowers fixed assets and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash credit :
rate of Interest 2 % over ICICI Bank rate subject to a minimum of 17.75 %
inclusive of interest tax with quarterly rests Guarantee
commission @ 2 % p.a. guarantee Term loan : rate
of interest 2 % over ICICI Bank rate subject to a minimum of 17.75 %
inclusive of interest tax with quarterly rests. |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank Free press House, 215, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
No instrument was
executed : Memorandum of Entry dated 07.12.1996. 07.12.1996 a equitable
mortgage by deposit of title deeds was created by the company in favor of
ICICI Bank in respect of immovable properties situate, lying and being at
Lower Parel and Thana |
|
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 Credit
facilities of Rs. 6.000 Millions in terms of credit facility agreement and
deed of hypothecation both dated 27.03.1995 being the original charge is now
also secured by the deposit of title deeds on 07.12.1996 in favour of ICICI
Bank is respect of company’s immovable properties as under : Unit No. 347 adm.
935 sq. feet of Built up area on the 3rd floor of the Shah and
Nahar Industrial Premises Co-Operative Society Limited, constructed on the
several piece and parcels of Forces land or ground situate lying and being at
Parel near the Western Railway Lines outside the Fort of Mumbai in the
Registration sub-district of Mumbai containing by adm. 29572.20 sq. mt.
equivalent to 35205 aq. Yd. or thereabouts together with the message
tenements and buildings erected thereon and registered in the books of the
collector of land revenue under new nos. 12297,12602, 12630, 12663 and 12613
cadastral survey no. 159 of Lower Parel division and by the collector of
Municipal Assessment under G ward Nos. 1017, 1040, 1041 and 1093 and street
Nos. 2245, 46 A and 48 bounded as follows : On or towards the
East by : Partly by the western railway lines an partly by the property of
the Assur Virji Mills Limited On or towards the
West by : The Property of sun mills limited and Madhavrao Scindia Mills
Limited On or towards the
North by : Sun Mill Road On or towards the
South by : The Property of the Western Railway Together with
plant and machinery installed / to be installed thereon All that piece an
parcel of land together with premises and building and structure constructed
/ to be constructed thereon and the plant and machinery installed / to be
installed thereon situate lying and being at Plot No. W 224 in the Trans
Thane Creek Industrial estate of MIDC within the village limits of Khairane,
within the Registration sub district of Thane and Registration district
Thane, containing by adm. 880 square of thereabouts and bounded as follows : On or towards the
East by : Road On or towards the
North by : Plot No. W – 225 [C] On or towards the
South by : Plot No. W – 223 [C] On or towards the
West by : Plot No. W – 204 [A] and W – 205 [A] |
Fixed Assets
- Land, Building and Premises
- Furniture and Fixture
- Plant and Machinery
- Tools and Implements
- Air-Conditioners
- Typewriters
- Electrical Installations
- Data processing Equipments
- Motor Cars
As Per Website
Before PowerMaster
Mr. S.L. Advani their founder and chairman was a designer of
steam boilers in an Indian company between 1963 and 1972. He took up the challenge
of manufacturing India's first Steam Boiler and successfully designed and
manufactured a steam boiler from scratch.
Later, while expanding tubes in boilers, he realized that Tube Expanders were
not easily available in India.
Founding of Powermaster,
1972:
Hence, POWERMASTER was born in 1972 with Tube Expanders as
its only product.
From Tube
expanders to Tube Cleaners…:
By the year 1980, Powermaster had expanded into Tube
Cleaning for boilers and pans in Sugar Mills.
With over four hundred sugar mills in India, and since most
tools for Tube Cleaning were imported from the U.K., the Founder sensed the
opportunity.
To Bolting Tools:
In 1985, Powermaster branched into the production of Bolting
Tools for precision tightening of fasteners.
Many of the Powermaster line of products - Torque Wrenches,
Spring Balancers and Impact Sockets - are being used regularly by a large
number of Automobile plants around the world as well as in general industry.
Powermaster continues to expand the product line to cover
the entire gamut of Tube Installation, Removal and Cleaning tools. Today,
Powermaster produces the most efficient line of Hydraulic Tube Pullers, Tube
Expanding Systems and Tube Facing Systems available in the world
Business
Philosophy
Quality
They produce products equal to or better than the best
available in the world. They also must provide their customers with added
values.
Price
Their prices would be among the most competitive available adding
value to the customer. Over the years they have saved customers' in over 75
countries hundreds of millions of Dollars when compared to prices they have
paid some of their competitors.
Delivery
They use their price advantage to increase their inventory
levels to an extent that higher cost manufacturers would find difficult to
match. They ship out most orders the same day via UPS, FedEX or DHL to their
customers worldwide so it reaches them within days of the order. Automated
inventory control, web based ordering systems and their Same Day Shipment
program have helped them get on their way.
Manufacturing
They will work toward being in the top 3 global producers of
each product line they manufacture. If they are not already in the top 3
or cannot see their self in the top 3 in the foreseeable future, they will exit
these product lines.
Community
They use over a hundred job shops to manufacture components
for us which they finally inspect and certify before taking up for assembly.
There are over six hundred persons working in these shops who depend on
Powermaster for their livelihood. They have a moral responsibility to make sure
that they continue to receive more work and are paid on time. They pride
themselves on paying all their suppliers faster than most companies. They are
part of the Powermaster family.
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. 39.39 |
|
UK Pound |
1 |
Rs. 81.49 |
|
Euro |
1 |
Rs. 58.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|