MIRA
INFORM REPORT
|
Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FILTRUM TOOLS AND COMPONENTS PRIVATE LIMITED |
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Registered Office : |
Kirloskar House 100 Anand Park, Aundh, Pune – 411007, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.04.1998 |
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Com. Reg. No.: |
114387 |
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CIN No.: [Company
Identification No.] |
U29219MH1998PTC114387 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00261C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Design and Engineering Services, Tools and Molds,
Metal and Plastic Parts Production. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 85680 |
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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 joint venture between Pleasant Precision Incorporation,
USA and Kirloskar Group of India. Available information indicates
satisfactory financial responsibility of the company. Trade relations are
fair. General financial position is satisfactory. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Kirloskar House, 100 Anand Park, Aundh, Pune – 411007, Maharashtra,
India |
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Tel. No.: |
91-20-25883903/ 25887201 |
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Fax No.: |
91-20-25887428 |
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E-Mail : |
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Website : |
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Factory : |
Survey No.265/1, Baner Road, Near Citizen Co-operative Bank, Pune –
411045, Maharashtra, India |
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Tel. No.: |
91-20-27291604/ 27291605 |
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Fax No.: |
91-20-27291601 |
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Mobile : |
91-9822002316 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pandit Shankar Sadashiv |
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Designation : |
Chairman |
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Address : |
53 Narayan Peth, Pune – 411030, Maharashtra, India |
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Date of Birth/Age : |
29.07.1955 |
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Date of Appointment : |
07.04.1998 |
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Email : |
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Name : |
Mr. Dr. S. S. Patil |
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Designation : |
Managing Director |
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Name : |
Mr. Sardesai Harshad |
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Designation : |
Director |
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Address : |
Akshata Vidya Vilas Colony, Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
22.04.1961 |
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Date of Appointment : |
08.04.1998 |
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Name : |
Mr. Kirloskar Arun Dhaval |
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Designation : |
Director |
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Address : |
Muktangan, 137/3, Vidya Vilas Colony, Aundh, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
29.07.1965 |
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Date of Appointment : |
08.04.1998 |
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Email : |
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Name : |
Mr. Kirloskar Arun Niranjan |
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Designation : |
Director |
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Address : |
Muktangan,137/3, Vidya Vilas Colony, Aundh, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
06.11.1967 |
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Date of Appointment : |
04.06.1998 |
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Email : |
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Name : |
Mr. Anil Keshav Khandekar |
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Designation : |
Managing Director |
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Address : |
Flat No. 8 Atharva Apartment, Pune Sinhagad Road, Pune – 411051,
Maharashtra, India |
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Date of Birth/Age : |
23.05.1968 |
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Date of Appointment : |
03.12.2003 |
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Email : |
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Name : |
Mr. Anil Arun Kulkarni |
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Designation : |
Additional Director |
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Address : |
Flat No.201, A-1 Wing, Rahul Towers, S No.95 (PT), Plot No. B, Paud
Road, Kothrud, Pune – 411038, Maharashtra, India |
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Date of Birth/Age : |
05.05.1971 |
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Date of Appointment : |
09.10.2006 |
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Email : |
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Name : |
Mr. Shrinivas Jagannath Gokhale |
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Designation : |
Additional Director |
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Address : |
Vishnu Laxmi Apartments, 50 Bharat Kunj Society No.2, Pune – 411038,
Maharashtra, India |
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Date of Birth/Age : |
01.03.1954 |
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Date of Appointment : |
09.10.2006 |
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Email : |
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Name : |
Mr. Shankar J. Sapre |
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Designation : |
Director |
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Address : |
A-3, Krishna Park, Anand Nagar, Vithalwadi, Pune – 411051,
Maharashtra, India |
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Date of Appointment : |
16.07.2005 |
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Name : |
Mr. S J Apre |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 12.06.2006)
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Names of Shareholders |
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No. of Shares |
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Pleasant Precision |
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60000 |
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Mr. Arun Kirloskar |
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1200 |
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Sardesa Finance |
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29400 |
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Enginetech Systems |
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29400 |
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Total |
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120000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holdings (FIIs, FCs, FFIs, NRIs. OCB or Others) |
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50.00 |
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Bodies Corporate (not mentioned above) |
|
49.00 |
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Directors or relatives of director |
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1.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Design and Engineering Services, Tools and Molds,
Metal and Plastic Parts Production. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
150 |
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Customers: |
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Bankers : |
23/4 Parmar House, East Street Camp, Pune – 411001, Maharashtra, India
Deccan Gymkhana
Branch, Nandita, Jungli Maharaj Road, Deccan Gymkhana, Pune – 411004,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Damle and Yadwad Chartered Accountant |
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Address : |
125/5, Prabhat Nagar, Opp Film Institute, Pune – 411004, Maharashtra,
India |
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Collaborators : |
Pleasant Precision Incorporation, USA |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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120000 |
Equity Shares |
Rs.10/- each |
Rs.1.200
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.200 |
1.200 |
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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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20.220 |
14.559 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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21.420 |
15.759 |
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LOAN FUNDS |
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1] Secured Loans |
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30.186 |
20.303 |
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2] Unsecured Loans |
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26.547 |
17.892 |
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TOTAL BORROWING |
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56.733 |
38.195 |
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DEFERRED TAX LIABILITIES |
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7.132 |
5.490 |
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TOTAL |
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85.285 |
59.444 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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76.127 |
45.869 |
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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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0.100 |
0.100 |
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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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32.424 |
24.500 |
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Sundry Debtors |
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57.979 |
45.508 |
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Cash & Bank Balances |
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0.944 |
1.375 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
19.364 |
15.522 |
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Total
Current Assets |
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110.711 |
86.905 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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100.901 |
70.032 |
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Provisions |
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0.752 |
3.398 |
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Total
Current Liabilities |
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101.653 |
73.430 |
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Net Current Assets |
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9.058 |
13.475 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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85.285 |
59.444 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover
(Estimated) |
|
250.000 |
200.000 |
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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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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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7.39 |
7.08 |
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Current Ratio (Current Asset/Current Liability) |
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1.09 |
1.18 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U29219MH1998PTC114387 |
|
Name of the
Company |
FILTRUM TOOLS AND COMPONENTS PRIVATE LIMITED |
|
Address |
Kirloskar House, 100 Anand Park, Aundh, Pune – 411007, Maharashtra,
India |
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This form is for |
Modification of
charge |
|
Type of Charge |
Book Debts Movable Property
(not being pledge) Others - Plant
and Machinery |
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Particulars of
the charge holder |
The Shamrao
Vithal Co-operative Bank Limited Deccan Gymkhana
Branch, Nandita, Jungli Maharaj Road, Deccan Gymkhana, Pune – 411004,
Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Letter No.PN/DG/ADV/2006.07
Dated 07.03.2007 received from Bank. |
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Date of the
instrument creating or modifying the charge |
07.03.2007 |
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Amount secured by
the charge |
Rs.14.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 16 % p.a. with
Quarterly Rest. Terms of
Repayment: Repayable On
Demand Margin: 30% for Stock and
40% for Debtors Extent and
operation of the charge: The first charge
of the Bank over the movables, assets, debts and plant and machinery of the
company. |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
movable, assets, debts and plant and machinery of the company |
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Particular of the
present modification |
The charge stands
reduced by Rs.3.750 Millions and Rs.1.900 Millions respectively being
repayment of these two term loans by the company. However the charge of
Rs.14.000 Millions continues with respect to the working capital limits. |
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Name of the company |
FILTRUM TOOLS AND COMPONENTS PRIVATE LIMITED |
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Presented By |
FILTRUM TOOLS AND COMPONENTS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
30.11.2004 Financing
Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.680 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 |
Assets namely
pressmaster NC1X Series 63 Ton |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Period of finance
– 36 months repayment 1st installment of Rs.0.117 Million and
remaining 35 monthly installment of Rs.0.090 Million w.e.f.01.02.2004 –
01.11.2007 First Charge on assets hypothecation |
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5) Name and Address and description of the person entitled to the charge. |
Concord Marketing
and Financiers Private Limited 6, Chinali
Apartment, 6/6, Erandwane, Pune – 411004, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
As per Website:
Profile:
Established in 1998, they are in collaboration with Pleasant
Precision Incorporation, USA to cater to the market needs in the areas of
metallic and non-metallic products from “CONCEPT TO CONSIGNMENT” and deliver
world class services. They are providing their clients complete technology
solutions in the field of designing and engineering services, tools and molds
designing, metal and plastic part and their assemblies etc by developing
excellence in design and manufacturing system. They have the strategic
advantage of easier reach to most part of the manufacturing industry, local and
overseas and resources available to accomplish most demanding project tasks in
the field of Engineering services. Product Designs and tooling constitute a
major part of the design contracts they undertake. The verticals they serve are
Automobile, Aviation, Industrial appliances, Electronics (Industrial and
consumer) and even luxury consumer goods.
Business
Avenues
Design
and Engineering:
- Product
design engineering and modeling and meshing.
- Designs for
press tools & plastic molds and compression molds etc.
- Product
design and iterations and FEA
- Other
Engineering services like MOLD FLOW, FEA etc.
Manufacturing:
- Press Tools,
progressive dies, deep draw dies etc,
- Sheet metal /
Plastic Components and sub assemblies
- Welded
Assemblies / Prototypes / Value Kits from concept to consignment
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 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.39.95 |
|
UK Pound |
1 |
Rs.78.91 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|