MIRA
INFORM REPORT
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Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAPASYA ENGINEERING WORKS PRIVATE LIMITED |
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Registered Office : |
A/212, Road No. 30, Wagle Industrial Estate, Thane -
400604, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.01.1986 |
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Com. Reg. No.: |
11-38744 |
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CIN No.: [Company
Identification No.] |
U99999MH1986PTC038744 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNET04945D |
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PAN No.: [Permanent
Account No.] |
AAACT6519Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Pharmaceutical Plants and Machineries,
Saizoner Mixer-Cum-Granulators, Fluid bed Dryers, Tray Dryers, Lifting
Columns, Turbo sifter cum multimills, Blenders, Double Cone, "V" ,
Ribbon ,Octagonal, Cage Type Conta Blender, Containers and Bins For Sterile
Areas, Reactors, Condensors, Pressure Vessels, Liquid Oral Preparation
Vessels, Fermenters, Heat Exchangers, Ointment Plants, Planetary Mixers,
Comills. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 42000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
A/212, Road No. 30, Wagle Industrial Estate, Thane -
400604, Maharashtra, |
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Tel. No.: |
91-22-25823250 |
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Fax No.: |
91-22-25825243 / 25823250 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Dev Ashish Satyaprakash Bakshi |
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Designation : |
Director |
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Address : |
2nd Floor, Raji Building, R. B. Mehta Marg, 2nd
Floor, Ghatkopar [East], Mumbai – 400077, Maharashtra, India |
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Date of Birth/Age : |
10.01.1968 |
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Date of Appointment : |
05.06.1987 |
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Name : |
Ms. Puja Dev Ashish Bakshi |
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Designation : |
Director |
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Address : |
11-12, Raji Building, R. B. Mehta Marg, 2nd Floor,
Ghatkopar [East], Mumbai – 400077, Maharashtra, India |
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Date of Birth/Age : |
08.12.1974 |
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Date of Appointment : |
01.12.2001 |
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Name : |
Mr. Satyapal Rajpal Bakshi |
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Designation : |
Director |
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Address : |
11-12, Raji Building, R. B. Mehta Marg, 2nd Floor, Ghatkopar
[East], Mumbai – 400077, Maharashtra, India |
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Date of Birth/Age : |
30.05.1935 |
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Date of Appointment : |
01.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Dev Ashish Satyaprakash Bakshi |
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7110 |
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Puja Dev Ashish Bakshi |
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830 |
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Satyapal Rajpal Bakshi |
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12060 |
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Total |
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20000 |
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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 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Pharmaceutical Plants and
Machineries, Saizoner Mixer-Cum-Granulators, Fluid bed Dryers, Tray Dryers, Lifting
Columns, Turbo sifter cum multimills, Blenders, Double Cone, "V" ,
Ribbon ,Octagonal, Cage Type Conta Blender, Containers and Bins For Sterile
Areas, Reactors, Condensors, Pressure Vessels, Liquid Oral Preparation
Vessels, Fermenters, Heat Exchangers, Ointment Plants, Planetary Mixers,
Comills. |
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Exports : |
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Countries : |
Germany, France, Romania, Bulgaria, Turkey, Sudan,
Nigeria, Morocco, Algeria, Jordan, Syrian Arab Republic, Egypt, United Arab Emirates,
Saudi Arabia, United States, Poland, Malaysia, Thailand, Australia, New
Zealand, Iraq |
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Imports : |
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Countries : |
Italy, Germany, United States |
GENERAL
INFORMATION
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Bankers : |
Bank of India Ghatkopar [West] Branch, Desai Niwas, M. G. Road, Ghatkopar [West],
Mumbai – 400086, Maharashtra, India Abhyudaya
Co-operative Bank Limited Administrative office, G. D. Ambekar Marg, Parel Village, Mumbai –
400012, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M.K. Mehta and Company Chartered Accountants |
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Address : |
22, V. C. Vanik Niwas, Gurukul Lane, Tilak Road, Ghatkopar [East],
Mumbai – 400077, Maharashtra, India |
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Group Company : |
Sainath Boilers |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30,000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
20,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.000 |
2.000 |
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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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8.416 |
7.800 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.416 |
9.800 |
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LOAN FUNDS |
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1] Secured Loans |
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10.668 |
11.535 |
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2] Unsecured Loans |
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1.635 |
2.368 |
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TOTAL BORROWING |
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12.303 |
13.903 |
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DEFERRED TAX LIABILITIES |
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0.211 |
0.263 |
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TOTAL |
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22.930 |
23.966 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.421 |
4.486 |
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Capital work-in-progress |
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0.053 |
0.053 |
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INVESTMENT |
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1.963 |
1.815 |
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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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66.560 |
62.200 |
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Sundry Debtors |
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19.407 |
9.339 |
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Cash & Bank Balances |
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0.434 |
0.311 |
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Other Current Assets |
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3.180 |
1.939 |
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Loans & Advances |
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0.510 |
0.659 |
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Total
Current Assets |
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90.091 |
74.448 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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71.784 |
55.887 |
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Provisions |
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1.814 |
0.949 |
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Total
Current Liabilities |
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73.598 |
56.836 |
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Net Current Assets |
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16.493 |
17.612 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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22.930 |
23.966 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.25 |
7.22 |
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Current Ratio (Current Asset/Current Liability) |
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1.22 |
1.31 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
TAPASYA
ENGINEERING WORKS PRIVATE LIMITED |
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Presented By |
ABHYUDAYA
CO-OPERATIVE BANK LIMITED PAREL VILLAGE,
MUMBAI – 400012, MAHARASHTRA, INDIA |
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1) Date and description of instrument creating the change |
B.P. / B.D.
Agreement dated 31.03.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
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 |
All the Cheques,
bills, hundies, drafts and other instruments with or without securities or
other documents of title to goods, including railway receipts, bills of lading,
motor transport receipts, airway bills, composite receipts, etc or other
documents constituting title to goods lodged by the Borrower with the Bank. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure B.P. / B.
D. facility granted by the Bank to the Borrower Rate of Interest
: 11 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Abhyudaya
Co-operative Bank Limited Administrative office, G. D. Ambekar Marg, Parel Village, Mumbai –
400012, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U99999MH1986PTC038744 |
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Name of the
company |
TAPASYA ENGINEERING WORKS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A/212, Road No. 30, Wagle Industrial Estate, Thane -
400604, Maharashtra |
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Type of charge |
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Particular of
charge holder |
Bank of India Ghatkopar [West] Branch, Desai Niwas, M. G. Road, Ghatkopar [West],
Mumbai – 400086, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Plant and Machinery, Stock and Book Debts |
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Date of instrument
Creating the charge |
29.11.2006 |
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Amount secured by
the charge |
Rs. 6.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of
Repayment On Demand Margin 25 % Extent and
Operation of the charge To secure the following
facilities granted by the Bank to the Company EPC/PCFC Rs.
6.000 Millions FBP/PSFC Rs.
6.000 Millions |
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Short particulars
of the property charged |
Hypothecation by
way of first charge in favour of the Bank
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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.39.98 |
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UK Pound |
1 |
Rs.78.57 |
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Euro |
1 |
Rs.59.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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49 |
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
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
|
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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<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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