MIRA
INFORM REPORT
|
Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRANSPRO INDIA PRIVATE LIMITED |
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Registered Office : |
# 500, 7th Cross, Mahalakshmi Layout, Bangalore:560086, Karnataka
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.07.2006 |
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Com. Reg. No.: |
08-039861 |
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CIN No.: [Company
Identification No.] |
U52342KA2006PTC039861 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT05075A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers, Sellers, Traders, Inventors, Retailers, Wholesalers, suppliers,
Indenters, Packers, movers, Preservers, stockists, agents, sub-agents,
merchants, distributors, consignors, jobbers, brokers, concessionaries,
exporters, and importers or otherwise deal in oil, distempers, paints,
chemicals, inks, varnishes, thinners, turpentine, oxide zinc, glues,
adhesives, spirits, ;milestones, laminating and coating materials, liquidized
metals, waxes and other printing, lamination, coating or other protective or
decorative surfacing materials whether now in existence or as may developed
in future. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and has incurred some initial
losses as per the first financials of the company. Trade relations are fair.
Payments are reported as slow but correct.
The Company can be considered for small to mediocre business dealings
with slight cautions, initially. |
LOCATIONS
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Registered Office : |
# 500, 7th Cross, Mahalakshmi Layout, Bangalore –
560086, Karnataka, India |
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E-Mail : |
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Corporate Office : |
# 303, House of Lords, St.
Marks Road, Bangalore-560001, Karnataka, India |
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Tel No. : |
91-80 4149 2499 |
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Fax No.: |
91-80 4149 2488 |
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E-Mail : |
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Branch Office : |
A – 15, Road No. 319,
Mangolpuri Industrial Area, Phase – I, New Delhi – 110083, India |
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Tel. No.: |
91-9899767900 |
DIRECTORS
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Name : |
Mr. M. K. Lakshiminarayana |
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Designation : |
Director |
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Address : |
# 119,II Stage west of Woc Road, Rajajin Nagar, Bangalore:5600086,
Karnataka |
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Date of Birth/Age : |
28.03.1971 |
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Income-tax Pan: |
ABPPL5416K |
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Passport No: |
E0859893 |
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Partnership held in partnership firm : |
Transpro # 486, 7th Cross, Mahalakshmi Layout, Bangalore – 560086,
Karnataka, India |
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Date of Appointment: |
03.07.2006 |
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Name : |
Mrs. R. Nirupama |
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Designation : |
Director |
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Address : |
# 119,II Stage west of Woc Road, Rajajin Nagar, Bangalore:5600086, Karnataka |
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Date of Birth/Age : |
07.05.1975 |
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Income-tax Pan: |
AEAPN8118E |
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Passport No: |
E0859886 |
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Partnership held in partnership firm : |
Transpro # 486, 7th Cross, Mahalakshmi Layout, Bangalore – 560086,
Karnataka, India |
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Date of Appointment: |
03.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. M. K. Lakshminarayana |
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5000 |
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Mrs. R. Nirupama |
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5000 |
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TOTAL |
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10000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers, Sellers, Traders, Inventors, Retailers, Wholesalers, suppliers,
Indenters, Packers, movers, Preservers, stockists, agents, sub-agents,
merchants, distributors, consignors, jobbers, brokers, concessionaries,
exporters, and importers or otherwise deal in oil, distempers, paints,
chemicals, inks, varnishes, thinners, turpentine, oxide zinc, glues,
adhesives, spirits, ;milestones, laminating and coating materials, liquidized
metals, waxes and other printing, lamination, coating or other protective or
decorative surfacing materials whether now in existence or as may developed
in future. |
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Products: |
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GENERAL
INFORMATION
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Bankers : |
Not Available |
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Auditors : |
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Name : |
D. N. Sreehari and Company Chartered accountants |
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Address : |
1631/4, I Cross, Behind Devaiah Park, Rammohanpuram, Bangalore – 560021,
Karnataka, India |
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Name : |
Niranjan Prasad and Company Chartered Accountants |
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Address : |
No. 5, Vishwanath Rao Road, Madhavnagar, Bangalore 560001, Karnataka,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs.10/- (each) |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity shares |
Rs.10/- (each) |
Rs.0.100 Million |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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[0.349] |
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NETWORTH |
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[0.249] |
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LOAN FUNDS |
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1] Secured Loans |
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|
1.038 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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1.038 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.789 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.470 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.261 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.096 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
0.410 |
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Total
Current Assets |
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0.767 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.487 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.487 |
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Net Current Assets |
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|
0.280 |
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MISCELLANEOUS EXPENSES |
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0.039 |
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TOTAL |
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0.789 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2007 |
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Total Income |
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NA |
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Profit/(Loss) Before Tax |
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|
[0.349] |
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Provision for Taxation |
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|
-- |
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Profit/(Loss) After Tax |
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[0.349] |
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Expenditure : |
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Depreciation |
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0.027 |
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Other Expenditure |
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|
0.322 |
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Total Expenditure |
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|
0.349 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
|
PAT / Total Income |
(%) |
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[28.21] |
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Return on Investment (ROI) (PBT/Networth) |
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[1.40] |
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Debt Equity Ratio (Total Liability/Networth) |
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[6.12] |
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Current Ratio (Current Asset/Current Liability) |
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1.57 |
LOCAL AGENCY
FURTHER INFORMATION
To acquire and take over the existing business of M/s. Transpro as a
going concern together with such assets and liabilities and to carry on the Business
of M/s. TRANSPRO
AS PER WEBSITE
TRANSPRO
Transpro
has achieved fast paced growth and has established itself as the market leader
in the field of automotive paints and allied products. They provide one stop solution
in car care products and allied products for all kind/s of commercial vehicles.
Their
confidence has further build-up every year which strengthens their resolve to
be the largest disciplined and organized group in this field further To cater
to the growing special needs of the decorative segment they have tied up with
M/s Nerolac paints the market leaders in decorative segment.
MARKETING
Car
Dealerships
Commercial
vehicle body building
Dealer
Network
Industrial
segment
PRODUCT
Sikkens PRODUCTS
Autocoat BT 300MM / RM
High
quality two pack, medium solid polyurethane topcoat for first time finishing
and refinishing of buses, commercial vehicles and equipments available via a
mixing machine or as ready mixed colours.
Autocoat
120 Basecoat
BT 120
Basecoat is designed to produce solid, pearl and metallic colours. It can be
used for new work and refinishing system of commercial vehicles
300
Clear ASG
High
build two pack medium- solid clearcoat designed to achieve the optimum scratch
and grafitti, resistance.
300
Clear
Autocoat
BT 300 clear is a 2k polyurethane clearcoat which renders a superb appearance
in combination with autobase in a two coat system. It can be applied wet on wet
on Autocoat BT to maximize resistance to chemicals and for better gloss
retention.
LV
Monocoat D5
Autocoat
BTLV450 Monocoat DS is a two pack chromate free semi gloss-primer-finish,
designed for all kinds of steel constructions where excellent corrosion
resistance and limited gloss is required. Autocoat BTLV 450 is available in
many standard colours and does not contain isocyanate.
300
Filler Beige – Gray
Autocoat
BT 300 filler is a high build fast drying two pack filler for new work and
refinishing system of commercial vehicles. This product can be used as either
sanding or non sanding filler and is available in Beige and gray colour.
LV 250
Primer EP
Quick
drying chromate free and VOC complaint. High solid two pack epoxy primer
surfaces for shot blasted steel substrates like chassis. The VOC of the ready
to spray mixture is below 540 grams per liter at spraying viscosity. Is
available in beige and gray colours.
LV 350
Antistatic Silicon Remover
Autocoat
BT 350 antistatic silicon remover is specially suited for the removing of
silicon oils and has antistatic properties. It is also suitable for cleaning
and degreasing of old paint coatings, including thermoplastic acrylic
finishes.It has a flashpoint above 21°C
Autocoat
BT 100 polyester putty
Silicon
Autocoat BT 100 polyester putty Two component quick drying , fine pigmented
polyester putty for general use in refinishing cars. Excellent filling
properties and easy sanding .
Kombi
fillers
Fine
textured knifing filler for filling minor flaws and scratch marks in cars and
commercial vehicles. Designed for new work as well as for repairs.
Poly
fiber
Two
component glass fibre reinforced bridging filler for repair of rusted through
areas on car and commercial vehicles. It can be used for quick and effective
repair of holes upto 6cm in diameter
WB 450
primer IP
Fast
drying water base chromate free one pack primer containing corrosion inhibitive
pigments designed for chassis frames, containers
Isonatic
AQ
Mono
component and acqueous emulsion copolymer based coating for reinforced anti
vibration and sound proofing protection
Spot
sealer direct to metal
Quick
drying universal one pack primer aerosol suitable for use directly on metal
substrates
Totalseal Products
FLOOR BONDING
Floor
bonding using conventional fixed rigid fasteners is labours intensive and allows
moisture ingress into wood causing delamination. Rigid fixtures also allow
direct transmittance of vibration and noise through the floor.
BENEFITS:
Totalseal 34,35,55 provide a flexible elastic seal, which can withstand
vibration, shock loads and thermal expansion between a wide variety of
substrates. Totalseal has good chamical resistance and can withstand elongation
and distortion.
PANEL
BONDING
Conventional
fixings of side panels require many mechanical fastenings which is labour
intensive during production. In service these fixings can cause problems of
deterioration, vibration and corrosion.
BENEFITS:
Totalseal 34,35,42,55 allow for rapid fixing of side panels with minimal
clamping and assembly. Totalseal is easy to apply and in service reduces
friction, by absorbing thermal shock and movement, preventing galvanic
corrosion. Totalseal allows you flush panel fixing giving pleasing aesthetic
smooth lines to the exterior of the vehicle, whilst affording a watertight
seal.
SEAM
SEALING
Water
ingress has long been a problem in the automotive, bus, coach and train
industry. A water leak is a potential problem of corrosion and long term costly
repair.
BENEFITS:
Totalseal 34,38,39,45,55 flexible seam sealants when used in all interior and
extrior panel joints not only eliminates treditional fixings and riverts, but
when cured, Totalseal becomes a permanent fixible rubber seal and an econamic
way to produce a wetertight seal.
ROOF
BONDING
Materials
commonly used for the construction of vehicle roofs are a metal framework of
usually aluminium alloy or steel, with sheets of aluminium or GRP fixed
directly to the framework. These structures can reach very high temperatures
and traditional fixing methods must accommodate both thermal and structural
movement. In addition mechanical fixings require drilled holes which increase
the risk of water leakage.
BENEFITS:
Totalseal 34,42 elastic bounding technologyallows ease of a roof structure
without the need for drilling and mechanical fixing of the watertight skin. The
thermal movement is taken up by the Totalseal elastic adhesive with minimum
stress being applied to the bond face or substrate, eliminating vibration or
thermal breakdown.
GRP
BONDING
Due to
the coefficients of expansion when fixing to two different substrates in
vehicle body construction, e.g. GRP to metal, GRP to glass, a product must be
used to withstand both thermal shock and impact absorption.
BENEFITS:
Totalseal 34, 35, 42, 55,100,180,200 products offer a solutioin to any
combination of product fixing, high elongation, good adhesion, gap filling and suprior
sealing performance. Totalseal can withstand vibration, shovk loads and thermal
expansion between a varietyof substrates. Totalseal has good chemical
resistances, can withstand elongation and distortion and can be overpainted.
DIRECT
GLAZING
The
process of bonding glass into the vehicle body aperture on front, rear and side
glasses to offer a watertight flexible seal between glass and body is now
accepted as the industry standard, giving torsional strength and safety in
glassinstallation.
BENEFITS:
Totalseal 100, 180, 185,200 polyurethane adhesives for direct glazing are
specially designed to meet the road vehicle safety crash and rollover test for
passengers; compenstates on fitting tolerances; water leak elimination;
dampening of drag increases fuel saving, meaning lighter weight vehicles with
more scope for aerodynamics and cost effective installation.
STRUCTURAL
BONDING
If a
more rigid fixing method is required to offer structural strength and integrity
when fixing metal to metal, or other substrates, a rigid adhesive is required.
BENEFITS:
Totalseal 42 and Axiom acrylic 2 component structural adhesive, offer extermely
high bond strength to all surfaces and a rapid cure mechanism.
LUGGAGE
& DOOR ASSEMBLY
In the
assembly of doors and luggage compartments, traditional fixings between
different substrates can cause vibration and noise problems. This can lead to
distortion between panels and costly rectification.
BENEFITS:
Totalseal 34,42 offer a flexible bonding solution to eliminate
movement and vibration when assembled onto the vehicle. In years of services
they helpto reduce impact and stress forces on door and luggage compartment
mechanisms.
COSMETIC
FINISHING
Traditional
seam sealing in joints can move after application and dry out, leaving
unsightly cracks in the paint surface. After some time this allows water
ingress, corrosion and eventual panel removal, resulting in costly replacement.
BENEFITS:
Totalseal34,35,39 for flexible movement in seam sealing where expansion and
contraction take place in panel joints, therfore reducing costly repairs and
repainting.
MOULDING
AND TRIM FINISHING
To eliminate
traditional fixings when fastening rubber moulding and trim finishing strips to
the vehicle body.
BENEFITS:
Totalseal 34,35,42 can be used as a flexible adhesive to bond all
rubbewr, EPDM and plastic finishing trims to all surfaces, allowing for
permanent fixing without screws.
ANCILLARY
PRODUCTS
Totalseal
also offer a range of:
Cleaning
Solvents.
Primers
and Activating Chemicals for Adhesion Promotion.
Contact
Adhesive for Trim and Floor Coverings.
Fastak
Spray Contact Adhesive.
Instant
Expanding Polyfoam.
Pre-Formed
Butyl non-setting Mastic.
Handy
Wipe Cleaning Cloths.
Plastic
Repair Kit, etc.
Meguiar’s Products
Rich SudsCar Wash
Rich Suds
car wash contains rich ingredients that produce long lasting suds that protect
& enhance the finish as you wash.
Diamond
Cut Compound
Diamond
cut compound is a super fast cutting cleaner designed to remove sanding marks
quickly.
Dual
Action Cleaner
Dual
action cleaner polish combines effective abrasive cleaners with pure rich
polishes to produce a deep gloss shine.
Speed
Glaze
Speed
glaze is one step cleaner and polish that provides protection to a fresh paint
finish.
All
Metal Restorer
All
metal restorer is an extra easy-to–use highly effective treatment for all metal
wheels and metal trim. It dirt and other contaminants and adding tough,
long-lasting protection.
Natural
Shine Vinyl & Rubber Protectant
Natural
Shine Vinyl & Rubber Protectant leave an artificial plastic or greasy look,
brings back the original natural finish and create a perfect, “Like New”
shine.
Car
Odor Eliminator
Meguiar’s
car odor eliminator is a fast acting extra strength formula that safety and
permanently removes the toughest odors from car interiors.
Endurance
Tire Gel
Endurance
tire gel is a significant advancement in the protection technology that lasts
week longer than ordinary protectants and stops tires from turning brown.
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. 39.94 |
|
UK Pound |
1 |
Rs. 78.81 |
|
Euro |
1 |
Rs. 63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|