MIRA INFORM REPORT

 

 

 

Report Date :

14.05.2008

 

IDENTIFICATION DETAILS

 

Name :

INDO AUSTRALIAN HOSE MANUFACTURING PRIVATE LIMITED 

 

 

Registered Office :

C-2, NS-3, 1st Phase, Adityapur Industrial Area, Adityapur, Jamshedpur – 832109, Jharkhand

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

02.06.2005

 

 

Com. Reg. No.:

03-11381

 

 

CIN No.:

[Company Identification No.]

U23203JH2005PTC011381

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RCHI00185D

 

 

PAN No.:

[Permanent Account No.]

AABCI3809F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Rubber Hoses.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 67564

 

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track and a part of Medium Sized Taurus Group. 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.

 

Input for this report was parted by Mr. Gujral, Accountant of the company.

 

 

LOCATIONS

 

Registered Office :

C-2, NS-3, 1st Phase, Adityapur Industrial Area, Adityapur, Jamshedpur – 832109, Jharkhand, India

Tel. No.:

91-657-3291156

Email :

ramakant_rkg@hotmail.com

rahul@taurusesdan.com 

Website :

http://www.taurusesdan.com

 

 

Factory  :

S. No. 662, Pune Mumbai Road I, Telegaon, Dabhade, Pune – 410506, Maharashtra, India

Tel. No.:

91-20-3091156

Fax No.:

91-20-2225485

Fax No.:

rahul@taurusesdan.com 

Website :

http://www.taurusesdan.com

 

 

DIRECTORS

 

Name :

Mr. Rishi Kshettry

Designation :

Director

 

 

Name :

Mr. Rahul Kshettry

Designation :

Director

Mobile No. :

91-9334616139

 

 

Name :

Mr. Ravi Kshettry

Designation :

Director

 

 

Name :

Mr. Emmanuel Elizondo

Designation :

Director

 

 

Name :

Ms. Ruchi Kshettry

Designation :

Director

 

 

Name :

Mr. Bert Ekenaike

Designation :

Director

 

 

Name :

Mr. lan Willimson

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Ms. Rajashree Singh

Designation :

Company Secretary

Address :

15-B, Ganesh Vihar, Bhatia Basti, Kadma – 831005, Jamshedpur

Tel No.  :

91-657-6572707

Email :

raj_suvansh16@yahoo.co.in

 

 

SHAREHOLDING PATTERN

 

(As on 30.05.2005)

Name of Shareholders

 

No of Shares

 

 

 

Mr. Rishi Kshettry

 

5000

Mr. Rahul Kshettry

 

5000

 

 

 

Total

 

10000

 

(As on 31.03.2007)

Category

 

Percentage

 

 

 

Directors of relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Rubber Hoses.

 

 

GENERAL INFORMATION

 

Suppliers :
  • Bihar Electric and Refrigeration Company Limited
  • Bharat Petroleum Corporation Limited
  • BVQI India Private Limited
  • Advance chemical Company
  • Hindustan Petroleum Corporation Limited
  • Polycab Premiers Private Limited 

 

 

Customers :
  • Gauder and Company, SA Belgium
  • IAHMPL, Bangalore
  • Ekta Enterprises
  • Garhwa Gas Agency
  • BSFCS Limited
  • Blur Flames HP Gas Agency, Ranchi
  • Birsa Indane Agency, Ranchi
  • Laxmi Agency
  • Mukti Gas Service
  • Precision Automotive Company Private Limited
  • Rekha Bharat gas Service

 

 

No. of Employees :

250

 

 

Bankers :
  • State Bank of India,

Commercial Branch, Pratap Tower, Bistupur, Jamshedpur – 831001, Jharkhand, India

 

  • Union Bank of India,

SSI Branch, Bistupur, Jamshedpur – 831001, Bihar, India 

 

  • HDFC Bank Limited

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

P S Banerjee and Associates

Chartered Accountants

Address :

146, Sonari West Layout, Road No. D, Sonari, Jamshedpur – 831001, Jharkhand

 

 

Associates/Subsidiaries :
  • Taurus Flexibles

 

  • Taurus Thermoplast

 

  • Taurus Esdan Hydraulics Private Limited

Address : 63 C, Phase II, Industrial Area, Adityapur, Jamshedpur – 832109, Jharkhand, India

Tel No. : 91-657-2200865 / 2200744

Fax No. : 91-657-2225485

Email : taurusflex@vsnl.com

Website : http://www.taurusesdan.com

 

 

CAPITAL STRUCTURE

 

As on 30.09.2006

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs. 10/- each

Rs. 30.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1200000

Equity Shares

Rs. 10/- each

Rs. 12.000 Millions

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

12.000

12.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

4.891

0.595

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

16.891

12.595

LOAN FUNDS

 

 

 

1] Secured Loans

 

228.180

33.695

2] Unsecured Loans

 

25.805

11.251

TOTAL BORROWING

 

253.985

44.946

DEFERRED TAX LIABILITIES

 

5.085

0.913

 

 

 

 

TOTAL

 

275.961

58.454

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

153.803

34.880

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

44.415

14.863

 

Sundry Debtors
 

34.405

11.438

 

Cash & Bank Balances
 

2.942

0.097

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

79.798

5.893

Total Current Assets
 

161.560

32.291

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

38.091

8.717

 

Provisions
 

1.311

 

Total Current Liabilities
 

39.402

8.717

Net Current Assets
 

122.158

23.574

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

275.961

58.454

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2008

[Expected]

31.03.2007

31.03.2006

Sales Turnover

880.000

520.000

52.420

Other Income

 

 

0.121

Total Income

52.541

 

 

 

 

Profit/(Loss) Before Tax

 

 

2.229

Provision for Taxation

 

 

1.634

Profit/(Loss) After Tax

 

 

0.595

 

 

 

 

Expenditures :

NA

NA

 

 

Cost of Goods Sold

 

 

28.373

 

Selling and Administrative Expenses

 

 

17.764

 

Payment to Auditors

 

 

0.018

 

Interest

 

 

2.630

 

Depreciation & Amortization

 

 

1.406

Total Expenditure

 

 

50.191

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

PAT / Total Income

(%)
 

NA

1.13

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

NA

4.25

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

NA

3.32

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

NA

0.18

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

17.37

4.26

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

4.10

3.70

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8:

 

This form is for

Modification of charge

Charge identification number of the charge to be modified

10020662

Corporate identity number of the company

U23203JH2005PTC011381

Name of the company

INDO AUSTRALIAN HOSE MANUFACTURING PRIVATE LIMITED 

Address of the registered office or of the principal place of  business in India of the company

C-2, NS-3, 1st Phase, Adityapur Industrial Area, Adityapur, Jamshedpur – 832109, Jharkhand

Type of charge
  • Immovable Property
  • Book Debts
  • Movable Property
  • Floating Charge

Particular of charge holder

State Bank of India

Commercial Branch, Pratap Tower, Bistupur, Jamshedpur – 831001

jsr_sbicbjsr@sancharnet.in

Nature of description of the instrument creating or modifying the charge

  • Sanction Letter
  • List of Plant and Machinery
  • Supplemental Agreement of loan for increase in the overall limits [Form C-1A]
  • Supplemental Agreement of Goods and Assets for increase for increase in the Overall Limit [Form C – 2A]
  • Letter Regarding the Grant of Individual limit within the overall limit [Form C – 5]

Date of instrument Creating the charge

19.05.2007

Amount secured by the charge

Rs.277.600 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Cash Credit 2 % above SBAR currently 14.75 %

EPC 2.75 % below SBAR Currently 10 % p.a.

Ash Credit 2 % above SBAR Currently 14.75 % p.a.

FBD – Demand Bill and Usance Bill [90 days] – 2.75 % below SBAR Currently 10 % p.a.

DDP Cheque – Usance Bill [90-180 days] 1.5 % below SBAR Currently 11.25 % p.a.

Term Loan I – 2.5 % above SBAR, Currently 15.25 % p.a.

Term Loan II – 2.5 % above SBAR, Currently 15.25 %

Stand by line of Credit 1 % above the rate applicable for normal WC Limit

 

Terms of repayment

CC Limit – On Demand

Term Loan I – In 13 quarterly installments

Term Loan Ii – in 19 quarterly installments

 

Margin

Raw Material 25 %

Stock in process 25 %

Finished goods 25 %

LC 25 %

Book Debts [Domestic 40 %]

[Export 25 %]

Land and Building / Plant and Machinery [Term Loan] 36.42 %

 

Extent operation of the charge

  • 1st charge on all the fixed assets including plant and machinery, factory land and building and all current assets including finished goods, stock and raw materials of the company
  • 2nd charge on the factory land situated at Pune of Taurus Flexibles Private Limited [on which the bank already has a 1st charge on term loan granted to them] and 2nd charge over all fixed  and current assets of Taurus Flexibles Private Limited

Short particulars of the property charged
  • Dist – Saraikela – Kharsawan Industrial Plot No – C – 66, 2nd Phase, AIADA, Jamshedpur [area 15000 sft] 
  • Dist – Saraikela – Kharsawan Industrial Plot No – north of C2 and C3, 1st Phase, AIADA, Jamshedpur [10000 sft
  • Dist – Saraikela – [W] Industrial Plot No – C 2 & 3, 1st Phase, AIADA, Jamshedpur [area 30000 sft] 
  • Survey No. 408, Hissa No. 6, Vill Talegaon Dabhade, Pune

Date of latest modification prior to the present modification

19.08.2006

Particulars of the present modification 

Overall limit enhanced to Rs.277.600 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.42.16

UK Pound

1

Rs.82.28

Euro

1

Rs.65.54

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

63

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions