MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
POTENTIAL ENGINEERING |
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Registered Office : |
D-5, Sidhpur Industrial Estate, Amrut Nagar, Off. L B S Marg, Ghatkopar
(West), Mumbai – 400 086, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.04.1982 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP12283F |
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PAN No.: [Permanent
Account No.] |
AAAFP0332N |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer of Pollution Control Equipment, Flame Proof and switch
gears. |
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 23984 |
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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 Concern having Satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually Correct and as per Commitments. The Concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Vijay |
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Designation : |
Junior Accountant |
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Date : |
03.06.2008 |
LOCATIONS
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Registered Office : |
D-5, Sidhpur Industrial Estate, Amrut Nagar, Off. L B S Marg,
Ghatkopar (West), Mumbai – 400 086, Maharashtra, India |
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Tel. No.: |
91-22-25007115 / 7517 |
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Fax No.: |
91-22-25007147 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branches : |
F. 10/11, Shailesh Industrial Complex, (Plastic Contains), Waliv
Village, Sativali, Vasai – (East), Mumbai, Maharashtra, India |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Piyush P. Sheth |
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Designation : |
Partner |
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Age : |
46 Years |
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Qualification : |
Electrical Engineer |
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Name : |
Mrs. Neeta M Sheth |
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Designation : |
Partner |
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Date of Birth/Age : |
42 Years |
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Qualification : |
B.com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pollution Control Equipment, Flame Proof and switch
gears. |
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Products : |
FLAMEPROOF DIVISION OIL SKIMMER DIVISION v Standard Floating type Oil Skimmer : SK-1000 v Double Disc Bank Floating Type Oil Skimmer Model : DDBF - 24 PACKAGING DIVISION v Molds |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
v OEM’s v Project
Consultant |
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No. of Employees : |
Total : 18 (Office : 3, Factory : 4, Branches : 11) |
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Bankers : |
Dena Bank, Ghatkopar (East) Branch |
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Facilities : |
Rs. 5.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Sheth and Doshi Associates Chartered Accountants |
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Sister Concerns : |
Potential Electric This Company manufacturing transformers. |
CAPITAL STRUCTURE
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Capital Investment |
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Owned : |
Rs. 5.996 millions |
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Borrowed : |
Rs. 10.574 millions |
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Total : |
Rs. 16.570 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Partner’s Capital |
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5.996 |
5.928 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.996 |
5.928 |
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LOAN FUNDS |
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1] Secured Loans |
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5.705 |
6.106 |
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2] Unsecured Loans |
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4.869 |
4.033 |
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TOTAL BORROWING |
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10.574 |
10.139 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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16.570 |
16.067 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.653 |
2.871 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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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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5.219 |
3.695 |
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Sundry Debtors |
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5.089 |
6.219 |
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Cash & Bank Balances |
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0.601 |
0.428 |
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Other Current Assets |
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0.406 |
1.108 |
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Loans & Advances |
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7.569 |
8.208 |
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Total
Current Assets |
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18.884 |
19.658 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.461 |
5.879 |
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Provisions |
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0.506 |
0.583 |
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Total
Current Liabilities |
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4.967 |
6.462 |
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Net Current Assets |
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13.917 |
13.196 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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16.570 |
16.067 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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23.080 |
22.589 |
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Total Income |
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23.080 |
22.589 |
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Profit/(Loss) Before Tax |
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0.247 |
0.238 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.247 |
0.238 |
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Expenditures : |
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Insurance Premium |
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0.109 |
0.126 |
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Salaries, Wages, Bonus, etc. |
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0.356 |
0.422 |
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Sales Promotion |
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0.217 |
0.216 |
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Staff Welfare |
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0.068 |
0.085 |
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Advertisement |
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0.273 |
0.242 |
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Interest |
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0.732 |
0.535 |
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Bank Interest |
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0.760 |
0.642 |
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Interest to Partners |
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0.435 |
0.474 |
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Bank Charges and Commission |
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0.103 |
0.120 |
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Depreciation & Amortization |
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0.354 |
0.379 |
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Other Expenditure |
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19.426 |
19.110 |
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Total Expenditure |
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22.833 |
22.351 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.07 |
1.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.07 |
1.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.07 |
1.05 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.83 |
1.09 |
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Current Ratio (Current Asset/Current Liability) |
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3.80 |
3.04 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v D. Parikh Engineer Works, Andheri
v ION Exchange Limited, New Mumbai
v Nicco Corporation Limited, Kolkata
Trust Seal Acceptance Chart
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Statutory Approvals |
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Income Tax Registration |
AAASP0362N |
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State Sales Tax Registration |
27050396602C |
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VAT/TIN Registration |
27050396602V |
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Import Export Code |
0395065861 Dtd. 06.03.1996 |
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Name of Bank |
Dena Bank |
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Current Account Number |
CC227 |
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Account Since |
+ 25 Years |
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RBI Code Number |
31/363/9/64 |
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Credibility Factors |
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IndiaMART Client Since |
+ 1 Year |
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Trade Affiliations |
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Chambers of Commerce Membership |
NO |
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D and B D-U-N-S Number |
NO |
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Govt. Recognised Export House Status |
NO |
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Standards and Certification |
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Quality Management Systems |
ISO 9001:2000 |
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Safety Certificates |
NO |
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Product Certificates |
NO |
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Other Certificates |
NO |
Profile
Subject is a leading manufacturer of general purpose and
custom built OIL pollution control equipments in India. They have a long
established name of repute as a manufacturer of quality electrical equipments
like Autotransformers, Stabilizers, Isolation Transformers. The other
activities also include manufacturing of hydraulic equipments and high accuracy
electric and electronic instruments. The diversified product range reflects
upon the engineering excellence. They are also involved in manufacturing wide range
of "Ex-d" known as Explosion proof (Flame Proof & They Weather
Proof) electrical equipments and safety devices. These products are tested and
approved by various institutions, in accordance with various National and
International standards. These products are of proven quality and find an
extensive application in petrochemical industries where potentially hazardous
explosive atmosphere exists. The complete in house engineering infrastructure
along with the technical abilities honed by experience, enable us to take up
and fulfill challenges of developing custom required Explosion proof equipment.
For Packaging industry they manufacture Pilfer proof induction sealing Wads;
For HDPE & PET Bottles and Jars, with or without monograms as desired by
the various customers.
Skimmer Division
Oil Skimmers for Pollution Control
POTENTIAL ENGINEERING AN ISO 9001: 2000 CERTIFIED COMPANY
INTRODUCES THE OIL SKIMMER YOU’VE BEEN WAITING FOR.
Katchoil Skimmer clears up oil pollution from just about any industry. It
skims away the oil and collects it for removal or recycling. This efficient oil
skimmer is manufactured in India to International standards, by Potential
Engineering with latest technical back-up for last twenty years. Katchoil is
Easy to use and easier to maintain Katchoil Skimmers can be provided with
Optional variable speed control which can be adjusted to suit different oil
viscosities of oil in effluent to ensure an optimum oil pick-up rate.
To tackle rare instances of built-up debris, a reverse rotation facility
is provided. Katchoil is stable, dedicated performer, even in the face of small
wave actions and its’ well-designed structure requires minimum maintenance and
is designed for rugged operation. Each component of the oil skimmer is made from
material that enhances its efficiency.
Oleophilic medium & PTFE (Teflon) scrapers that are
flexible & insensitive to extreme temperatures and resistant to a wide
range of substances like grease, oils, organic solvents, acids and alkalis in
effluent & are Abrasion and Pitting resistant.
The Oil Skimmers work on the basic principle of Oleophilic rotating
medium getting in touch with oily effluent which picks up oil that is scraped
by Teflon scrapers and collected in a decanter trough which is either transferred
by gravity drain or pumped out.
The family of katchoil skimmers is as follows:
v
Disc type floating oil skimmers
v
Disc type fixed oil skimmers
v
Belt type oil skimmers with floor mounting, Clamp mounting & Trolley
mounted options.
Floating Funnel type skimmers for closed roof tank.
Katchoil Skimmers are available for Safe area of Operations as well as
Hazardous area of Operation.
Katchoil Skimmer gives more value for the money. It can repay itself
within a short period of operation. What’s more - if you consider deductions
allowed as investment allowance, depreciation and extra shift allowance, you
can virtually write off the entire cost of the machine in the first year
itself.
Katchoil Skimmers are widely used in the following
industries :
v Oil Refinery.
v Petroleum and petrochemical industries.
v Edible oil industries.
v Lubricating oil industries.
v Thermal power stations.
v Fertilizer industries.
v Paints, enamel and varnish industries.
v Chemical industries.
v Glass manufacturing industries.
v Food processing industries.
v Steel industries.
v Airports.
v Textile mills.
v Hotel Industries.
v Tool rooms & CNC Machine shop.
v Ball bearing manufacturing Industry.
v Automobile Industries.
v Sugar Factories.
More and more industries are fast taking advantage of Katchoil.
Whether it oil for recycling, Katchoil is a valuable asset to most industries.
So if the factory is missing out on the benefits offered, it is time buy
katchoil.
Following are the list of katchoil skimmers, Please click on
the link to view the content:
v
Standard Floating
type Oil Skimmer: SK-1000
v
Double Disk Bank Floating Type Oil Skimmer Model : DDBF - 24
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 :
The 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.
The 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.42.63 |
|
UK Pound |
1 |
Rs.83.40 |
|
Euro |
1 |
Rs.65.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
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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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|