MIRA
INFORM REPORT
|
Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PERFECT ACTUATORS AND CONTROLS PRIVATE LIMITED |
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Registered Office : |
Shalimar Galaxy, Flat S1 & S2, First Main Road, Sheshadripuram,
Bangalore – 560020, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.09.1992 |
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Com. Reg. No.: |
08-013527 |
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CIN No.: [Company
Identification No.] |
U29120KA1992PTC013527 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP04736E BLRP02492A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Actuators. |
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 48000 |
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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.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as 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. |
LOCATIONS
|
Registered Office : |
Shalimar Galaxy, Flat S 1 & S 2, First Main Road, Sheshadripuram,
Bangalore – 560020, Karnataka, India |
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Tel. No.: |
91-80-23465823/ 23465853 91-836-2210619/ 2331697/ 2335971 |
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Fax No.: |
91-80-23465822 91-836-2331698 |
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E-Mail : |
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Website : |
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Corporate Head Office: |
47/48, Gokul Road, Hubli - 580030, Karnataka - India |
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Tel.
No.: |
91-836-2331499 / 2333930 |
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Fax
No.: |
91-836-2330799 / 2330899 |
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E-Mail
: |
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Factory : |
B-493, Industrial Estate, Gokul Road, Hubli
- 580030, Karnataka, India |
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Tel. No.: |
91-836-2331697/2335971/4252697 |
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Fax No.: |
91-836-2331698 |
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Mobile No. : |
91-9448191697 / 9341624122 / 9341624121 |
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International Sales Office: |
Shiv Sagar Estate "A"
Block, Dr. Annie Besant Road, Worli,
Mumbai - 400018 - India |
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Tel.
No.: |
91-22-2492 5319 / 2492 7671 |
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Fax
No.: |
91-22-24950580 |
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E-Mail
: |
DIRECTORS
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Name : |
Mr. Mannikarjun B. Bhusad |
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Designation : |
Director |
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Address : |
Gouri Sangam Opposite Vivekanand Hospital, Hubli, Dharwad – 580029,
Karnataka, India |
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Date of Birth/Age : |
23.11.1948 |
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Date of Appointment : |
14.09.1992 |
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Name : |
Mr. Praful A Singala |
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Designation : |
Director |
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Address : |
9/1, Pinto Road, Hubli, Dharwad – 580029, Karnataka, India |
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Date of Birth/Age : |
03.09.1951 |
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Date of Appointment : |
14.09.1992 |
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Name : |
Mr. Nawal M Jhunjhunwala |
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Designation : |
Director |
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Address : |
B / 2, Navaniketan Apartments Ashok Nagar, Hubli, Dharwad – 580032,
Karnataka, India |
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Date of Birth/Age : |
29.07.1947 |
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Date of Appointment : |
16.07.1993 |
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Date of Ceasing : |
10.01.1997 |
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Name : |
Mr. Sundaram K |
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Designation : |
Director |
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Address : |
House No. 43, Adhyapak Nagar, Hubli, Dharwad – 580032, Karnataka,
India |
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Date of Birth/Age : |
15.06.1949 |
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Date of Appointment : |
16.07.1993 |
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Name : |
Mr. Rahul N Jhunjhunwala |
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Designation : |
Director |
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Address : |
B / 2, Navaniketan Apartments Ashok Nagar, Hubli, Dharwad – 580032,
Karnataka, India |
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Date of Birth/Age : |
16.02.1972 |
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Date of Appointment : |
10.01.1997 |
KEY EXECUTIVES
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Name : |
Mr. Nikhil M. Bhusad |
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Designation : |
Head - Marketing and Sales Department |
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Name : |
Mr. Bharat Khimji |
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Designation : |
C.E.O.
and Founder of the BDK Group of Companies |
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Name : |
Mr. Sachin
Khimji, |
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Designation : |
Director
- Manufacturing |
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Name : |
Mr. Binoy Khimji, |
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Designation : |
Director
- International Business |
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Name : |
Mr. K. Sundaram, |
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Designation : |
Director
- Corporate Finance |
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Name : |
Mr. M.B. Goudar, |
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Designation : |
Director
- Domestic Sales |
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Name : |
Shrikant Kulkarni
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Designation : |
Head
Exports |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 27.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Mallikarjun B. Bhusad |
|
2000 |
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Mr. Praful A Singala |
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2000 |
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Mr. Nawal M Jhunjhunwala |
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2000 |
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Total |
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6000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors of relatives of directors |
|
67.00 |
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Other top fifty shareholders (other than listed above) |
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33.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Actuators. |
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Products : |
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Exports : |
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Countries : |
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GENERAL
INFORMATION
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Customers : |
Domestic Clients
International Clientele
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No. of Employees : |
40 |
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Bankers : |
New Cotton
Market, Hubli, Karnataka, India
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Auditors : |
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Name : |
Krishnaswamy and Company Chartered Accountants |
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Address : |
14, Lakshmi Buildings, J. C. Road, Bangalore – 560002, Karnataka,
India |
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Memberships : |
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Standard Certification : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
6000 |
Equity Shares |
Rs.100/- each |
Rs.0.600
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.600 |
0.600 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.920 |
4.679 |
6.185 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.520 |
5.279 |
6.785 |
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LOAN FUNDS |
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1] Secured Loans |
0.182 |
0.320 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.182 |
0.320 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.702 |
5.599 |
6.785 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.334 |
1.207 |
0.838 |
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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 |
1.530
|
2.105 |
3.042 |
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Sundry Debtors |
12.563
|
9.779 |
6.053 |
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Cash & Bank Balances |
4.832
|
3.286 |
2.344 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.665
|
2.513 |
1.535 |
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Total
Current Assets |
23.590
|
17.683 |
12.974 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.216
|
8.314 |
5.230 |
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Provisions |
4.006
|
4.977 |
1.797 |
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Total
Current Liabilities |
16.222
|
13.291 |
7.027 |
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Net Current Assets |
7.368
|
4.392 |
5.947 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.702 |
5.599 |
6.785 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
45.125 |
35.295 |
24.117 |
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Other Income |
0.000 |
0.015 |
0.000 |
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Total Income |
45.125 |
35.310 |
24.117 |
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Profit/(Loss) Before Tax |
4.241 |
1.674 |
2.105 |
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Provision for Taxation |
0.000 |
3.180 |
0.827 |
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Profit/(Loss) After Tax |
4.241 |
(1.506) |
1.278 |
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Expenditures : |
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Depreciation & Amortization |
0.299 |
0.206 |
0.216 |
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Other Expenditure |
40.585 |
33.224 |
21.580 |
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Total Expenditure |
40.884 |
33.430 |
21.796 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.40
|
(4.26) |
5.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.40
|
4.74 |
8.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.36
|
8.86 |
15.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.31 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
2.58 |
1.04 |
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Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.33 |
1.85 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the
company |
PERFECT ACTUATORS AND CONTROLS PRIVATE LIMITED |
|
Presented By |
Mr. Mallikarjun B. Bhusad |
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1) Date and description of instrument creating the change |
Unattested
Hypothecation Deed dated 09.02.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.075
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
Board new Modi Xerox Model 5216 Machine and accessories, one 24 KVA Voltage
Stabiliger. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 17 %
p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank,
New Cotton
Market, Hubli, Karnataka, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Website Details:
Profile
Keeping pace with the global industrial growth,
the BDK Engineering Industries was founded in 1978 by Bharat B. Khimji. The now
US $38 million company has since been building on a heritage of initiative and
innovation, offering a wide spectrum of Industrial Valves designed for the
needs of the Oil & Gas, Power, Water Treatment, Chemical Process,
Fertilizer and Pharmaceutical Industries worldwide. For more than three
decades, BDK's valves have enjoyed sustained and lasting reputation in both the
domestic and global markets.
Today with a network of fourteen
marketing offices, and group strength of a little over a 1000 dedicated
employees, synergize their strengths to form one of India's largest and fastest
growing manufacturers in the field of valve engineering. With its heritage of
excellence, and its resources of expertise and experience, the Group is poised
to realize its destiny - as a world leader in manufacturing and marketing of
Industrial Valves.
Key People
Mr. Bharat Khimji,
C.E.O. and Founder of the BDK
Group of Companies
The one who spearheaded the group
successfully through a three decade-long manufacturing and marketing journey
from a one product manufacturer to a company offering a complete range of
Industrial Valves.
Email: - bbk@bdkindia.com
Mr. Sachin Khimji,
Director - Manufacturing
His dynamism and industrial
experience of over twenty years in Production, Planning, Control and
Administration has provided a very vital and strong pillar to the group. Today
he focuses on streamlining the manufacturing processes at BDK, from inventory
management to introducing the latest manufacturing techniques.
Email :- sbk@bdkindia.com
Mr. Binoy Khimji,
Director - International Business
A management whiz, who has
mastered his Management and Marketing skills from Bentley College, Boston, USA.
Currently handles the group Strategy in terms of Acquisition and Corporate
Communication, he is also actively involved in marketing of valves for North
America and new emerging markets.
Email: - binoy@bdkindia.com
Mr. K. Sundaram,
Director - Corporate Finance
Sharp and meticulous, he has been
an integral part of the group for the last forty years. Corporate Law, Taxation
and Group Finance are his forte, he is actively involved in new venture
financing and banking.
Email: - ks@bdkindia.com
Mr. M.B. Goudar,
Director - Domestic Sales
With over forty years experience
in Production, he has also been rendering relentless support to the group's
Sales Co-ordination. He is responsible for BDK's Indian clients and the
domestic sales team.
Email: - mbg@bdkindia.com
Shrikant Kulkarni
Head Exports
The key force behind the export
division of BDK; handles BDK's worldwide clientele that spans from the United
States to Australia. He is responsible for the groups entire international
business as well as new client development. A multifaceted personality
conversant in Valves as well as Pumps.
Email: - bdkei@bdkindia.com
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.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|