MIRA
INFORM REPORT
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Report Date : |
07.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRABHA ENGINEERING PRIVATE LIMITED |
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Registered Office : |
Plot No. 36, MIDC Central Road, Andheri (East), Mumbai – 400 093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
12.04.1979 |
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Com. Reg. No.: |
11-21202 |
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CIN No.: [Company
Identification No.] |
U29920MH1979PTC021202 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15750A |
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PAN No.: [Permanent
Account No.] |
AAACP7472Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Automobile Parts. |
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 70000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. The company’s latest financials are missing with the government records and the management of the company remained non-cooperative despite several follow –ups. |
LOCATIONS
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Registered Office : |
Plot No. 36, MIDC Central Road, Andheri (East), Mumbai – 400 093, Maharashtra, India |
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Tel. No.: |
91-22-66925241-47 |
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Fax No.: |
91-22-66925248 |
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E-Mail : |
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Website : |
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Area : |
Leased |
DIRECTORS
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Name : |
Mr. Jaywant Y. Chaphekar |
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Designation : |
Chairman cum Managing Director |
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Address : |
19, Yeshwant Nagar, 53, S. V. Road, Andheri ( West), Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
09/03/1945 |
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Date of Appointment : |
12/04/1979 |
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Name : |
Mr. Shrikant J. Chaphekar |
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Designation : |
Director |
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Address : |
19, Yeshwant Nagar, 53, S. V. Road, Andheri ( West), Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
12/10/1977 |
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Date of Appointment : |
01/04/2000 |
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Name : |
Ms. Suchita J. Chaphekar |
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Designation : |
Director |
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Address : |
19, Yeshwant Nagar, 53, S. V. Road, Andheri ( West), Mumbai – 400 058, Maharashtra, India |
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Date of Appointment : |
14/07/2000 |
KEY EXECUTIVES
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Name : |
D. B. Karande and Company |
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Designation : |
Company Secretary |
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Address : |
Mumbai – 400 0063, Maharashtra, India |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Jaywant Y. Chaphekar |
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11100 |
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Ms. Suchita J. Chaphekar |
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4100 |
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Mr. Shrikant J. Chaphekar |
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5000 |
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Mr. J. Y. Chaphekar (HUF) |
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2500 |
BUSINESS DETAILS
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Line of Business : |
Trader of Automobile Parts. |
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Products : |
Engineering and Trading
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GENERAL
INFORMATION
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Customers : |
L & T |
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No. of Employees |
About 100 |
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Bankers : |
Bandra – Kurla Complex, G Block, Bandra (East), Mumbai – 400 051, Maharashtra, India
SEEPZ Branch, Mumbai – 400 096, Maharashtra, India
Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. B. Pokle and Company Chartered Accountants |
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Address : |
201, Chitrakool, Kashinath Dhuru Street, Agar Bazar, Dadar (West), Mumbai – 400 028, Maharashtra, India |
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Tel. No.: |
91-22-24322223 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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23000 |
Equity Shares |
Rs. 100/- |
Rs. 2.300 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.300 |
2.300 |
2.300 |
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2] Share Application Money |
0.118 |
0.118 |
0.118 |
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3] Reserves & Surplus |
15.883 |
12.705 |
11.475 |
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NETWORTH
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18.301 |
15.123 |
13.893 |
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LOAN FUNDS |
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1] Secured Loans |
32.533 |
19.646 |
21.680 |
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2] Unsecured Loans |
0.049 |
0.048 |
0.048 |
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TOTAL
BORROWING
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32.582 |
19.694 |
21.728 |
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DEFERRED TAX LIABILITIES |
1.095 |
0.924 |
0.974 |
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TOTAL
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51.978 |
35.741 |
36.595 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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7.148 |
7.792 |
8.314 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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14.277
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19.877
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19.947 |
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Sundry Debtors
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77.443
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53.626
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39.730 |
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Cash & Bank Balances
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4.717
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1.048
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0.988 |
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Loans & Advances
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8.854
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6.951
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5.502 |
Total Current Assets
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105.291
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81.502
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66.167 |
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Less : CURRENT LIABILITIES &
PROVISIONS
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60.461
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53.553
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37.886 |
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Total Current Liabilities
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60.461
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53.553
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37.886 |
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Net
Current Assets
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44.830
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27.949
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28.281 |
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TOTAL
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51.978 |
35.741 |
36.595 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other
income]
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217.903 |
158.396 |
130.425 |
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Profit/(Loss) Before Tax
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5.313 |
3.931 |
3.497 |
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Provision for Taxation
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2.135 |
1.401 |
1.261 |
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Profit/(Loss) After Tax
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3.178 |
2.530 |
2.236 |
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Total Expenditure
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Interest |
1.945 |
2.028 |
0.000 |
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Depreciation & Amortization |
1.374 |
1.457 |
0.000 |
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Other Expenditure |
212.590 |
154.465 |
126.928 |
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Total Expenditure |
215.909 |
157.950 |
126.928 |
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Sales Turnover
[March 2007] around Rs. 300.000 Millions
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
1.45 |
1.60
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1.71 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.44 |
2.48
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2.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.73 |
4.40
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4.69 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.26
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0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.08 |
4.84
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5.36 |
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Current Ratio (Current Asset/Current Liability) |
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1.74 |
1.52
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1.74 |
LOCAL AGENCY
FURTHER INFORMATION
History
The company was established under name and style to Prabha Engineering Works Private Limited. Now it became under name and style to Prabha Engineering Private Limited w.e.f 6th March, 1980.
Business
Carry on the business of mechanical engineers and to design, construct, fabricated and manufacturer all kinds of machines, tools and implements, iron and brass founders, metal workers, machinists, iron and steel workers, smiths, metallurgists, producers of electric energy, appliances.
The company’s Fixed
Assets of important value include
v Land
v Building
v Furniture and Fixtures
v Plant and Machinery
v Office Equipments
v Computers
v Motor Car
v Air Conditioners
Bankers Charges
Report as per Registry
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Name of the company |
PRABHA ENGINEERING
PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Goods Security agreement dated 18.09.2000 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Cash Credit 7 Bill Discounting facilities for Rs. 27.500 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 |
Hypothecation of Stocks, Book Debts |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
In consideration of the lender having agreed to land advance to the
company said facilities under the said agreement and declaration by the
company Covenant by the company to repay the facility at above and pay
interest and all onther monies and the lender and to comply with term &
conditions The said stock and book debts hypothecation to the lender as and by
way of first charge with repayment Margin – 40% on stock & book debts The companies to keep the said assets in marketable and good Power of entry power to take charge and or possession of seize, recover,
receive and sell |
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5) Name and Address and description of the person entitled to the
charge. |
Citibank, Bandra – Kurla Complex, G Block, Bandra (East), Mumbai – 400 051, Maharashtra, India |
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6) Date and brief description of
instrument modifying the charge |
Deed of modification dated 23.10.2004 |
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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. |
Deed of modification dated 26.09.2000 for Rs. 27.500 Millions |
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Particular of modification specifying the terms, conditions or the
extent of operation |
The original charge was created by goods security agreement dated
September 18, 2000 The bank has now extended additional facilities of Rs. 15.500
Millions |
As per website
details
Profile:
At Subject, every small movement provides them inspiration. Be it the hospital beds or the car wipers, the vending machine or the car door glass, it provides them inspiration. With over 5 decades of experience and the technological expertise in DC motors, they provide solutions for various applications all over the world.
Started in 1958, as a small one-man press shop, Subject today is known for a range of products you can depend on. The name is today synonymous with Wiper Motors & Windscreen Washer Units in the domestic Automotive market, internationally Subject is known for its expertise in DC Motors for automotive & non-automotive applications.
A special team of experts from diverse fields, under the able guidance of Mr. J. Y. Chaphekar, is dedicated to development of new applications and products.
Exports
Expanding Horizons:
Their penchant for quality & constant desire to supersede their own achievements propelled them to go beyond geographical boundries & cross language barriers. Their efforts were amply rewarded. They at Subject, today, take pride in the fact that their products is very well accepted & appreciated in developed countries like USA, Germany, UK, etc. They are putting in their best to exceed customers expectation & to deliver quality, consistently.
Apart from motors, they have now expanded their range to cover components for Recreational Vehicles (RVs) like couplers, jacks, folding steps, etc. and also are in the process of developing many more components for this segment.
Across continents, they contribute to help to keep things moving… smoothly.
Quality:
Quality is their way of life
At Subject, TQM is not just a buzz word. it is their way of life. They know that TQM means lesser rework, lesser rejections. TQM is better productivity. TQM means cost effectiveness. TQM makes them competitive.
They strive to be 'First Time Right'. This enables them to meet the deadlines. Delivering at the right time gives them happy customers. And they know, happy customers mean better business.
So they focus on Quality & process optimization to give them that consistent Quality. At Subject, they believe that better Quality means better business.
Their ISO 9001 certified production facility gives them that confidence for
achieving 'Total Customer Satisfaction'. Right quality at the right time helps
their customers move in the direction of 'Just in Time' inventory schedules.
They, at Subject, are on their way to another prestigious certification - The
TS 1649 certification.
Their penchant for quality has also helped them in gaining global acceptance. And they are proud to have discerning clients from all over the globe.
They at Subject, believe, after four decades in the industry - nothing sells
like quality… And quality is never an accident.
Product Range
Electrical Parts:
P14 Wiper Motor Range
v Rack & Pinion output drive mechanism
v 12 Volts / 24 Volts
v Single speed / two speed
v Resettable fuse
v Rf supression optional
v 45 Wipes per minute on load. (Normal speed)
v 60 Wipes per minute on load (high speed)
v Suitable for Cars, LCVs, Three wheeler
P17 Wiper Motor Range
Linkage type
v 12 Volts / 24 Volts
v Single speed / two speed With thermal cut out
v Option of high power output
v Rf suppression optional
v 40 Wipes per minute on load (Normal speed)
v 60 Wipes per minute on load (high speed)
v Suitable linkages can be supplied
v Suitable for light & heavy commercial vehicle.
P20 Wiper Motor Range
Linkage type
v 12 volts / 24 volts
v Single speed / two speed with thermal cut out
v Torque as high as 35 nm can be offered
v Stub gear design
v Ball bearing optional
v Life 1000 hrs.
v Sutable for light & heavy commercial vehicles
P10 RE
Designed for rear windshield wiping on all types of cars
v 12.0 volts / 24.0 volts
v Negative earth
v -30° C to +90° C
v 7.0 Nm at 13.5 VDC
v No Load = 60 wipes per minute On Load = 45 wipes per minute
v No Load = 3.5 Amp. On Load = 6.5 Amp
a. Single speed motor output
b. Geared Link Mechanism for output
c. Adhesive fixed high energy magnets
d. Direct mounting on glass
E. With resettable fuse (Polyswitch)
f. RF suppression option
g. With integrated rear nozzle and inline 5.0 Amps fuse Rated for 500 hours
Dispenser Motor
Solenoid Relay
v Designed for actuating vehicles starter Motor on cars and commercial vehicles with features.
v Optional mounting and location with different mounting brackets.
v Available in black or exotic colour of the choice
v 12 or 24 (v) option
v Option of different load rating
v Option of continuous rating type
v Improved nylon 6 body
Windshield Washer Units
Designed for spraying water on wind shield of cars, utility vehicles, commercial vehicles to wipe mud. Delivery pressure 1.1 bar with 110 cc of water delivery in 10 seconds minimum.
Features:
v Single speed motor
v Option of single or twin jet nozzle
v Snap on motor fitment
v Container volume range 1.5 litre to 3.5 litre
v Container available in different shapes & sizes to accommodate space available.
v Option of discharge tube in PVC (with / without stainless steel spring) or epdm rubber
v Option of filter in tank
v Option of filler neck and corrugated pipe for remote filling.
Battery Isolation
Designed to isolate power from battery to vehicle. To avoid battery drain during long storage period
Sheet Metal Products
:
Window Regulator
v Designed for lifting & lowering the front or rear glass window of all types of vehicles.
v Made of ribbed sheet metal parts for a sturdy and robust design
v High quality torsion & spiral springs
v Option of handle mounting
v Over travel & slippage protection
v Low lifting force of the order of 5.00 Kg
v High life 20,000 cycles
Hand Brake
v Designed for applying hand brake effortlessly.
v Aesthetically good to suite interiors of vehicle.
v Hand Brake on light switch provided
Wiper Kits
v Linkages either tubular or specified
v pressed configuration with spherical ball
v Bearings essentially with light weight but strong in operation wheel boxes, wiper arm
v Spingle supported in sintered
v Bush wide range for selection
Folding Steps
v Foldable Type
v Wide Application In Coach Building
v Lowers The Steppin Height In Typical Commercial Vehicles / Buses
v Autophoratic Painting For Long Life.
Bonnet Lock
Designed for vehicle bonnet locking of cars and passenger vehicle
Door Latch
It is a sheet metal assembly device that helps to control the door opening.
Couplers
It is a connecting mechanism designed for attaching a trailer to the towing vehicle.
Motorised Screw Jack
It is an accessory for the lifting of vehicles to change punctures of the tyre.
Application wise :
v
RVs
v
Industrial / Home Appliances
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. 39.32 |
|
UK Pound |
1 |
Rs. 77.53 |
|
Euro |
1 |
Rs. 57.91 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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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 |
|
46 |
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 |
|