MIRA
INFORM REPORT
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Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TERYAIR EQUIPMENT
PRIVATE LIMITED |
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Registered Office : |
G. 5, Rizvi Mahal,
Waterfield, Bandra (West), Mumbai – 400050, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.12.2003 |
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Com. Reg. No.: |
11-143477 |
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CIN No.: [Company
Identification No.] |
U29130MH2003PTC143477 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT11028D |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of Pneumatic
Pumps and Tools, Chisels and Accessories. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 29208 |
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Status : |
Good |
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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 reported as usually correct and as
per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajendran |
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Designation : |
Commercial Manager |
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Email : |
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Date : |
25.02.2008 |
LOCATIONS
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Registered Office : |
G. 5, Rizvi Mahal,
Waterfield, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Tel. No.: |
91-22-26411088 |
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Fax No.: |
91-22-26459946 |
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E-Mail : |
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Website : |
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Area : |
16000 sq. ft. |
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Location : |
Owned by
directors |
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Factory 1 : |
A – 1, Tirupati
Udyog Nagar, Sativali Road, Vasai
(East), Thane – 401208, Maharashtra, India |
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Tel. No.: |
91-250-2453803/
802, 6450239/ 609 |
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Fax No.: |
91-250-2450693 |
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Email : |
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Area : |
16000 sq. ft. |
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Location : |
Owned by company |
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Factory 2 : |
Unit No.1 and 2, Building A, Udyog Nagar, Sativali Road, Vasai (East),
Thane – 401208, Maharashtra, India |
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Tel. No.: |
91-250-6450609 |
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Fax No.: |
91-22-26459946 |
DIRECTORS
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Name : |
Mr. Terence
Valentine Dcunha |
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Designation : |
Director |
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Address : |
603, Laburnum,
Dmonte Park Road, Bandra [West], Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
07.11.1964 |
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Qualification : |
B.E. Mech |
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Experience : |
24 Years |
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Date of Appointment : |
10.12.2003 |
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Name : |
Mr. Dierdre
Maryann Dcunha |
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Designation : |
Director |
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Address : |
603, Laburnum,
Dmonte Park Road, Bandra [West], Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
17.03.1966 |
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Qualification : |
B.E. Mech |
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Experience : |
20 Years |
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Date of Appointment : |
10.12.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Terence
Valentine Dcunhab |
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5100 |
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Mr. Dierdre
Maryann Dcunha |
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4900 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Pneumatic Pumps and Tools, Chisels and Accessories. |
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Products : |
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Brand Names : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
Around 100 |
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Bankers : |
Dr. Ambedkar
Road, Bandra [West], Mumbai – 400050, India
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Facilities : |
C/C and Over Draft – Rs.10.000 Millions from Karnataka Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinit Rao and
Associates Chartered
Accountants |
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Address : |
116 Ambika Commercial
Complex, Navghar, Vasai [West], Thane – 401210, India |
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Tel. No.: |
95-250-2390701 /
2390706 |
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Mobile No.: |
91-982008507 |
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Associates/Subsidiaries : |
Alpha Pneumatic Private Limited 4, 7, Tirupati –
Vasai – Thane Manufacturing of Chisels
and Accessories (From April
Onwards Close) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs 0.100 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs 0.100 Million |
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.202 |
5.998 |
2.937 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.302 |
6.098 |
3.037 |
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LOAN FUNDS |
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1] Secured Loans |
5.559 |
3.180 |
2.546 |
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2] Unsecured Loans |
3.424 |
4.389 |
4.263 |
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TOTAL BORROWING |
8.983 |
7.569 |
6.809 |
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DEFERRED TAX LIABILITIES |
0.212 |
0.212 |
0.178 |
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TOTAL |
16.497 |
13.879 |
10.024 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.165 |
7.520 |
4.455 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.056 |
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 |
4.014
|
3.469
|
3.473 |
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Sundry Debtors |
4.180
|
7.751
|
6.234 |
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Cash & Bank Balances |
1.376
|
0.216
|
0.189 |
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Other Current Assets |
8.792
|
5.451
|
2.844 |
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Loans & Advances |
0.237
|
0.122
|
0.116 |
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Total
Current Assets |
18.599
|
17.009
|
12.856 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.892
|
7.392
|
5.788 |
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Provisions |
5.862
|
3.269
|
1.517 |
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Total
Current Liabilities |
15.754
|
10.661
|
7.305 |
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Net Current Assets |
2.845
|
6.348
|
5.551 |
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MISCELLANEOUS EXPENSES |
0.431 |
0.011 |
0.018 |
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TOTAL |
16.497 |
13.879 |
10.024 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
60.292 |
52.348 |
40.094 |
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Other Income |
1.178 |
0.000 |
0.000 |
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Total Income |
61.470 |
52.348 |
40.094 |
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Profit/(Loss) Before Tax |
4.391 |
4.847 |
4.615 |
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Provision for Taxation |
1.583 |
1.751 |
1.511 |
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Profit/(Loss) After Tax |
2.808 |
3.096 |
3.104 |
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Expenditures : |
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Materials |
32.152 |
27.064 |
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Manufacturing Expenses |
11.814 |
10.434 |
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Staff Cost |
6.126 |
4.634 |
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Office and Administrative Expenses |
3.108 |
2.372 |
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Sales and distribution Expenses |
1.555 |
1.086 |
35.479 |
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Financial Charge |
0.665 |
0.708 |
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Depreciation & Amortization |
1.650 |
1.192 |
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Other Expenditure |
0.009 |
0.011 |
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Total Expenditure |
57.079 |
47.501 |
35.479 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.57
|
5.91
|
7.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.28
|
9.26
|
11.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.82
|
19.76
|
26.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.79
|
1.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.39
|
2.99
|
4.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.18
|
1.60
|
1.76 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U29130MH2003PTC143477 |
|
Name of the
Company |
TERYAIR EQUIPMENT
PRIVATE LIMITED |
|
Address |
G. 5, Rizvi Mahal,
Waterfield, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
This form is for |
Creation of
Charges |
|
Type of Charge |
Book Debts Movable Property
(not being Pledge) |
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Particulars of
the charge holder |
Karnataka Bank
Limited Bandra West,
Mumbai – 400050, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Hypothecation
Agreement |
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Date of the
instrument creating or modifying the charge |
07.03.2007 |
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Amount secured by
the charge |
Rs.2.500 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: PLR + 0.25% i.e.,
at present 13.25% p.a. Terms of
repayments: On Demand Margin: 25% on stock in
trade and 40% on book debts or to be maintained as stipulated by the bank
from time to time. Extent and
Operation of the charge: Security created
in respect of overdraft limit |
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Short particulars
of the property charged (including location of the property) |
Stock in trade of
pneumatic tools, equipment, machineries etc. stored at Gala No.2, Building A,
Tirupati Udyog Nagar, Satiuali Road, Vasai (East), Thane Assignment of
Book Debts |
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Particular of the
present modification |
NA |
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Name of the company |
TERYAIR EQUIPMENT PRIVATE LIMITED |
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Presented By |
Jointly company and charge holder |
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1) Date and description of instrument creating the change |
No instrument was
executed. Charge created on 03.05.2005 by way of equitable mortgage by
deposit of title deeds. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.500
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 |
Immovable
properties of the company viz, four industrial galas numbered 102, 103, 104
and 105 situated on 1st Floor in the proposed new building complex
known as Tirupari Udyog Nagar Building, ‘A’, Village Waliv, Vasai, Thane |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security created
in respect of DPH, Pre shipment and post shipment facilities sanctioned as
per resolution No. DGMR 6/2005-06 |
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5) Name and Address and description of the person entitled to the charge. |
The Karnataka
Bank Limited Bandra [West] Mumbai – 400050 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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.39.92 |
|
UK Pound |
1 |
Rs.79.31 |
|
Euro |
1 |
Rs.60.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
|