MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PADMANI LATHES PRIVATE LIMITED |
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Registered Office : |
3740, Shimlapuri, Near Daba Chowk, Gill Road, Ludhiana – 141 003,
Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.07.2004 |
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Com. Reg. No.: |
027286 |
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CIN No.: [Company
Identification No.] |
U28910PB2004PTC027286 |
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IEC No.: |
3006007221 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDP03078F |
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PAN No.: [Permanent
Account No.] |
AADCP3753H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Lathe. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 700 |
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Status : |
Small company |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Trade relations are
fair. Scale of activity is limited. No complaints have been heard so far. The company can be considered for small to
mediocre business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Dilraj Singh |
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Designation : |
Director |
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Contact No.: |
Mobile no.91-9888428011 |
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Date : |
02.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
3740, Shimlapuri, Near Daba Chowk, Gill Road, Ludhiana – 141 003,
Punjab, India |
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Tel. No.: |
91-161-5023373 |
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Mobile No.: |
91-9316948243 / 9888428011 |
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E-Mail : |
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Website : |
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Area : |
500 sq yards |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Dilraj Singh |
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Designation : |
Director |
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Address : |
2548, Phase-1, Urban Estate, Dugri, Ludhiana – 141002,
Punjab, India |
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Date of Birth/Age : |
25.06.1979 |
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Qualification : |
B.E. |
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Date of Appointment : |
08.07.2004 |
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Name : |
Mr. Jasbir Singh |
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Designation : |
Director |
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Address : |
2548, Phase-1, Urban Estate, Dugri, Ludhiana – 141002,
Punjab, India |
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Date of Birth/Age : |
29.11.1983 |
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Qualification : |
BBA |
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Date of Appointment : |
08.04.2004 |
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Name : |
Mrs. Jasbir Kaur |
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Designation : |
Director |
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Address : |
2548, Phase-1, Urban Estate, Dugri, Ludhiana – 141002,
Punjab, India |
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Date of Birth/Age : |
12.11.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.10.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Dilraj Singh |
5000 |
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Jasbir Singh |
5000 |
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Total |
10000 |
As on 29.09.2007
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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 |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Lathe. |
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Products : |
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Exports : |
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Products : |
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Countries : |
Bahrain |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Dealers
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No. of Employees : |
37 (In office – 7, In factory – 30) |
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Bankers : |
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Facilities : |
CC – Rs.0.200 million |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S.P.S. and Company Chartered Accountants |
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Address : |
326 – AZ, Model Town Extension, Ludhiana – 141 002, Punjab, India |
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Tel. No.: |
91-161-4612326 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 million |
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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 |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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8.500 |
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Expected Sales (2008-09): Rs.10.000 millions
ABRIDGED BALANCE
SHEET
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.035 |
0.035 |
0.010 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.135 |
0.135 |
0.110 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.186 |
0.209 |
0.000 |
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TOTAL BORROWING |
0.186 |
0.209 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.321 |
0.344 |
0.110 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.190 |
0.134 |
0.100 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.860
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0.206 |
0.299 |
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Sundry Debtors |
0.194
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0.363 |
0.000 |
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Cash & Bank Balances |
0.172
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0.162 |
0.000 |
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Other Current Assets |
0.000
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0.000 |
0.225 |
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Loans & Advances |
0.027
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0.007 |
0.020 |
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Total
Current Assets |
1.253
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0.738 |
0.544 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.851
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0.410 |
0.506 |
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Provisions |
0.282
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0.131 |
0.043 |
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Total
Current Liabilities |
1.133
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0.541 |
0.549 |
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Net Current Assets |
0.120
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0.197 |
(0.005) |
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MISCELLANEOUS EXPENSES |
0.011 |
0.013 |
0.015 |
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TOTAL |
0.321 |
0.344 |
0.110 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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6.218 |
2.538 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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6.218 |
2.538 |
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Net Profit |
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0.025 |
0.010 |
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Expenditures : |
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Depreciation & Amortization |
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0.029 |
0.019 |
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Other Expenditure |
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6.164 |
2.509 |
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Total Expenditure |
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6.193 |
2.528 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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0.40 |
0.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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0.40 |
0.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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2.87 |
1.55 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.19 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.77
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5.56 |
4.99 |
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Current Ratio (Current Asset/Current Liability) |
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1.11
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1.36 |
0.99 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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VAT / TIN : 03401144239 |
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IEC Code : 3006007221 |
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PAN / TAN : AADCP3753H |
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Bank Name : ICICI
Bank |
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Bank Address : Ludhiana, Model Town |
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Bank A/c. No.: 041305000277 |
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Account Since : 3
Years |
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In case of any affiliations / memberships / certifications
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Name : 9001 : 2000 |
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Type : From Jas
Anz |
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Expiry Date : 2011 |
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TRADE REFERENCES:
- J.P. Machine Tools Private Limited, Ludhiana
- Atlas Machinery Tools Corporation, Ludhiana
WEBSITE DETAILS:
PROFILE:
Subject came into existence in 1970 under the flagship of Subjectmachines.
Subject started in 1970 of Mr. Kuldeep Singh. Since then Subjecthas got the reputation to be the leader in industry. The network and the service centers all across the globe enable them to serve the customers in a better way.
The customer list speaks for them as they cater to Naval services, Polytechnic Colleges and Ordinance Factory. Machinery exported to the countries which is famous for machinery (Germany) is a proof of nothing but the intelligence that Subject has in design and Engineering.
Tailor made machines and equipment is the specialty and by which they guarantee for efficiency and the effectiveness both quality and cost wise. At subject the Business is the Satisfaction.
Started in the year 1983, Subject are an
established name in manufacturing, exporting and supplying a wide range of
lathe machines and boring machine. The vast range includes lathe machines for
students, lathe machines, precision geared head lathe, high speed lathe
machines, all geared head lathe and boring machine.
They are a technically sound organization manufacturing and marketing the
products from Ludhiana. The operations are well handled by the efficient team
of experts who check all the pros and cons of the products. This has enabled
them in meeting the demands of the honorable clients very well.
For easy accessibility to the clients, they follow certain policies and
strategies. The management works efficiently for client satisfaction which are
well directed by Mr. Mr. S. Kuldip Singh who is the founder of the company and
Mr. Jasbir Singh who is director of planning and Dilraj Singh who is the
director of the technical department.
Leaders
The concern was founded by Mr. S. Kuldip Singh
who is even the managing director of the firm. With regards to his credits, he
is also the vice President of Ludhiana ''Machine Tools Manufacturing
Association''. He has an experience of more than 35 years in Machine tool
Industry. He has also been a partner in Punjab Lathe (Co.) from 1970 to 1985,
during his tenure, there was a manufacturing of more than 25''PL-4'' bench
Lathe per month and also allotted quotas to dealers all over India. Adding to
his other achievements, he was also exporting machines to Australia. As part of
the roaring achievement, he contributed actively in exhibiting Lathe Machine in
England in Birmingham International Trade Fair through Punjab Small Industry
and Export Corp. in 1980.
Mr. Dilraj Singh who is the director of technical department, who is a graduate
in engineering, specialized in production engineering. He has an experience in
5 years in Machine Tool Industry along with a industrial training attained in
HMT Limited, Pinjore, Machine Tool Division. His work in AGM Development during
training on 3 Projects on Horizontal Machining Center is of much credit.
Mr Jasbir Singh who is the director of
planning and sales has acquired BBA degree with an experience of 5 Years in the
industry. He efficiently handles all the sales management of the products which
they are able to market the products so efficiently. 
Value Added Services
Only delivery of the products do not count for them, so they tend to
provide excellent post sales services.
Along with the products, they aim at providing utmost comfort to the clients
while using the products. There are a number of facilities which they are
giving to the clients so as retain their trust. Following are some after sales
services they are giving to the clients:
• Manual training
• Operational
training
• Installation
training
• Onsite support
Apart from the services, they also provide varied choices in front of the
client so that they are at ease while paying. Following are the varied modes
through which the clients can pay:
• Demand draft
• Cash
• Telegraphic
transfer
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.50.52 |
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UK Pound |
1 |
Rs.75.08 |
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Euro |
1 |
Rs.63.72 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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