MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PETROTEC-RETAIL PETROLEUM EQUIPMENT [INDIA] PRIVATE LIMITED |
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Registered Office : |
E – 109/110, GIDC Electronic Estate, Sector 26, Gandhinagar – 382028,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.09.1999 |
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Com. Reg. No.: |
04-36522 |
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CIN No.: [Company
Identification No.] |
U29199GJ1999PTC036522 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP01902F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of pressure die cast components, accessories for volume meters. |
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 76000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
In absence of Registry details and management’s corporation the company’s details were obtained from confidential sources. Subject is promoted by well known industrialists. Trade relations are fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. Mr. Mehul Mehta [Director] confirmed the details. |
INFORMATION PARTED
BY
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Name : |
Mr. Mehul Mehta |
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Designation : |
Director |
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Date : |
03.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
E – 109/110, GIDC Electronic Estate, Sector 26, Gandhinagar 382028,
Gujarat, India |
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Tel. No.: |
91-79-23287428 / 29 / 23244931 / 23244937/ 23240841 |
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Fax No.: |
91-79-23287430 / 23245465/ 23240841 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sybrand Willem Vogt |
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Designation : |
Director |
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Address : |
Herenweg 135, 8435, Donkerbroek 8435, Netherlands |
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Date of Birth/Age : |
16.01.1948 |
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Date of Appointment : |
28.12.1999 |
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Name : |
Mr. Mario Manuel Santos Vila Nova |
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Designation : |
Director |
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Address : |
QtA, De S. Vicenso-Lugar, De S. Vicenso 4700-760, Portugal |
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Date of Birth/Age : |
08.04.1966 |
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Date of Appointment : |
26.04.2003 |
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Name : |
Mr. Atul K. Bhagwati |
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Designation : |
Director |
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Address : |
6, M. I. Dhanukar Road, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
12.07.1932 |
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Date of Appointment : |
01.09.1999 |
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Name : |
Mr. Prakash K. Bhagwati |
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Designation : |
Director |
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Address : |
Vatsalya, Bhagwati Farms, Behind Karnavati Club, Mumatapura Village,
Ahmedabad 380009, Gujarat, India |
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Date of Birth/Age : |
30.08.1946 |
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Date of Appointment : |
01.09.1999 |
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Name : |
Mr. Tushar Shukla |
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Designation : |
Director |
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Address : |
E-5, Abhishek Apartment,. Ankur Road, Ahmedabad 380013, Gujarat, India
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Date of Birth/Age : |
16.09.1950 |
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Date of Appointment : |
01.09.1999 |
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Name : |
Mr. Erich Sigrist |
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Designation : |
Director |
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Address : |
Greies Dula 362, Portalban |
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Date of Birth/Age : |
04.05.1952 |
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Date of Appointment : |
12.04.2001 |
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Name : |
Mr. Jose Cabral |
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Designation : |
Director |
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Address : |
Co-operative Vimaranes, Guimaraes, Portugal |
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Date of Birth/Age : |
01.11.1941 |
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Date of Appointment : |
28.12.1999 |
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Name : |
Mr. Anuj Bhagwati |
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Designation : |
Director |
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Address : |
Nishat, 6, M. I. Dhanukar Road, Mumbai 400026 |
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Date of Birth/Age : |
06.10.1968 |
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Date of Appointment : |
27.03.2002 |
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Name : |
Mr. Avanindra Desai |
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Designation : |
Director |
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Address : |
Parijat 3, Tulsibag Colony, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
03.01.1947 |
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Date of Appointment : |
27.03.2002 |
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Name : |
Mr. Nuno Alexandre Logrado Carbal
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Designation : |
Director |
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Address : |
Parque Industrial, Joa De Ponte 4800493, Guimaraes |
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Date of Birth/Age : |
15.08.1979 |
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Date of Appointment : |
19.05.2006 |
KEY EXECUTIVES
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Name : |
Umesh Parikh and Associates |
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Designation : |
Company Secretary |
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Address : |
308, Sunmukh Complex, 9 kalpana Colony, B/H Navrangpura Muni. Market,
Navrangpura, Ahmedabad-380009, Gujarat, India Tel : 91-26564866, 27481536 Mobile: 91-9825067518 E-Mail : ugparikh@hotmail.com
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 03.06.2005]
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Names of Shareholders |
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No. of Shares |
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Petrotech Assistencia Tecnica Ao Ramo Petroliero S.A. Portugal |
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87500 |
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Simi B.V. Netherlands |
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100000 |
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Total |
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187500 |
[As on 31.03.2007]
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Equity Share
Break-up |
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Percentage |
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Foreign Holdings |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of pressure die cast components, accessories for volume meters. |
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Terms : |
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Selling : |
Cash and Credit [30 days] |
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Purchasing : |
Cash and Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
25 |
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Bankers : |
Motilal Centre, Ashram
Road, Ahmedabad – 380009, Gujarat, India |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Shah and Shah Associates Chartered Accountants |
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Address : |
702, Aniket, Navrangpura, Ahmedabad 380009, Gujarat, India |
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Associates/Subsidiaries : |
A.T.E. Industries Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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187500 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.875
Millions |
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FINANCIAL DATA
[all figures are in Rupees 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 |
1.875 |
1.875 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.322 |
11.562 |
11.194 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.197 |
13.437 |
13.694 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.230 |
0.194 |
0.000 |
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TOTAL |
19.427 |
13.631 |
13.694 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.894 |
2.358 |
2.079 |
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Capital work-in-progress |
3.943 |
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 |
6.145 |
2.879 |
0.000 |
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Sundry Debtors |
24.001 |
14.729 |
11.601 |
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Cash & Bank Balances |
2.484 |
7.227 |
12.222 |
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Other Current Assets |
0.458 |
0.923 |
0.884 |
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Loans & Advances |
2.565 |
2.773 |
1.879 |
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Total
Current Assets |
35.653 |
28.531 |
26.586 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
24.613 |
17.258 |
14.417 |
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Provisions |
1.450 |
0.000 |
0.554 |
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Total
Current Liabilities |
26.063 |
17.258 |
14.971 |
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Net Current Assets |
9.590 |
11.273 |
11.615 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
19.427 |
13.631 |
13.694 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
86.964 |
56.299 |
49.013 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
86.964 |
56.299 |
49.013 |
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Profit/(Loss) Before Tax |
9.884 |
2.163 |
3.716 |
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Provision for Taxation |
4.124 |
1.270 |
2.482 |
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Profit/(Loss) After Tax |
5.760 |
0.893 |
1.234 |
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Export Value |
75.925 |
51.495 |
NA |
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Import Value |
9.502 |
7.508 |
NA |
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Expenditures : |
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Total Expenditure |
77.080 |
54.136 |
45.297 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.62
|
1.59 |
2.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.36
|
3.84 |
7.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.79
|
7.00 |
12.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.51
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0.16 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.35 |
1.28 |
1.09 |
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Current Ratio (Current Asset/Current Liability) |
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1.36 |
1.65 |
1.77 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The situation of the Registered office of the
company was changed from E-145, GIDC Electronic Estate,
Gandhinagar-328028, Gujarat, India to E – 109/110, GIDC
Electronic Estate, Sector 26, Gandhinagar 382028, Gujarat, India w.e.f.
16.07.2007.
Fixed
Assets
·
Plant and
machinery
·
Air
Conditioner Machines
·
Data
Processing equipments
·
Furniture and
Fixture
·
Pressure Die
Cast Components
·
Volume Meter
·
Accessories
for Volume Meters
· Suction Pump
Form 8
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge Identification
number of the charge to be modified |
10062224 |
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Corporate
identity number of the company |
U29199GJ1999PTC036522 |
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Name of the
company |
PETROTEC-RETAIL
PETROLEUM EQUIPMENT [INDIA] PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
E – 109/110, GIDC Electronic Estate, Sector 26, Gandhinagar 382028,
Gujarat, India |
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Type of charge |
Immovable property |
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Particular of
charge holder |
The Karur Vysya Bank
Limited Motilal Centre,
Ashram Road, Ahmedabad 380009, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Confirmation of
deposit of title deeds |
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Date of
instrument Creating the charge |
22.11.2007 |
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Amount secured by
the charge |
Rs. 7.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest PCL and FBN :
BPLR 5% with a minimum of 9% [b] Terms of
repayment As per bank sanction
letter [c] Margin PCL : 25% FBP : 10% [d] Extent and
operation of the charge All the
securities have been charged to the bank to secure 1] PC limit of
Rs. 2.500 Millions 2] FBN/P limit of
Rs. 5.000 Millions Making aggregate
limit of Rs. 7.500 Millions |
|
Short particulars
of the property charged |
All that piece
and parcel of land and building of lease hold plot no. E – 109/110,
GIDC Electronic Estate, Sector 26, Gandhinagar 382028, Gujarat, India
admeasuring about 500 Sq. mtrs. For each plot in the plot known as
‘Gandhinagar Electronics Area/Estate of Gujarat Industrial Development
Corporation situated in sector No.25 situated lying and being at Mouje
Village Gandhinagar, Registration District Sub District Gandhinagar. |
|
Particulars of the
present modification |
By virtue of said
modification immovable properties being plot no. E – 109/110,
GIDC Electronic Estate, Sector 26, Gandhinagar 382028, Gujarat has been
mortgaged to the bank to further secure PC limit of Rs. 2.500 Millions and enhanced
limit of FBN/P of Rs. 5.000 Millions making aggregating of Rs. 7.500 Millions
|
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. 42.53 |
|
UK Pound |
1 |
Rs. 83.44 |
|
Euro |
1 |
Rs. 66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|