MIRA
INFORM REPORT
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Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
POONA SWITCHGEARS PRIVATE LIMITED |
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Registered Office : |
B – 56 Gandhi Nagar, Bandra [East], Mumbai – 400051, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.11.1977 |
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Com. Reg. No.: |
11-19949 |
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CIN No.: [Company
Identification No.] |
U32106MH1977PTC019949 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP08445D |
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PAN No.: [Permanent
Account No.] |
AACCP3275B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and supplier of highly efficient and safe
electrical switchgears and
control. |
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 5000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mrs. Saroj Taskar |
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Designation : |
Director |
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Date : |
10.05.2008 |
LOCATIONS
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Registered Office / Factory : |
B – 56 Gandhi Nagar, Bandra [East], Mumbai
– 400051, Maharashtra, India |
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Head Office : |
A -2/13, Royal Orchard, Wireless Colony, Aundh B, Pune – 411007, Maharashtra,
India |
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Tel. No.: |
91-20-25883012 /
27495647 |
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Fax No.: |
91-20-27495647 |
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E-Mail : |
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Area : |
850 sq. ft. [Owned] |
DIRECTORS
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Name : |
Mrs. Saroj Purshottam Taskar |
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Designation : |
Managing Director |
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Address : |
Royal Arcade, A – 2 Wing Flat No. 13, Aundh, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
07.04.1935 |
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Qualification : |
M. Sc. PHD |
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Date of Appointment : |
26.08.2004 |
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Name : |
Miss. Vijay Dinkar Taskar |
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Designation : |
Director |
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Address : |
Siddharth Apartments, Flat 2/26, Bhosale Nagar, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
12.02.1925 |
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Date of Appointment : |
01.11.1977 |
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Name : |
Mr. Rasika Birwa |
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Designation : |
Director |
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Date of Birth/Age : |
37 Years |
KEY EXECUTIVES
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Name : |
Mr. R. B. Khopkar |
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Designation : |
Technical Director |
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Qualification : |
B. E. |
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Experience : |
11 Years |
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Name : |
Mr. P. L. Dixit |
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Designation : |
Marketing Executive |
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Qualification : |
D. E. E. |
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Experience : |
8 Years |
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Name : |
Mr. V. R. Lohar |
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Designation : |
Accountant |
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Qualification : |
B. Com. |
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Experience : |
11 Years |
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Name : |
Mr. P. A. Shaikh |
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Designation : |
Production / Testing Engineer |
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Qualification : |
E. E. |
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Experience : |
7 Years |
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Name : |
Mr. G. R. Wadekar |
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Designation : |
Production Supervisor |
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Qualification : |
ITI NCTVT |
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Experience : |
6 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2005
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Names of Shareholders |
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No. of Shares |
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Saroj P Taskar |
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1080 |
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Neeta V Chare |
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120 |
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Rasika Abhijit Birewar |
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200 |
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Total |
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1400 |
AS ON 29.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and supplier of highly efficient and safe
electrical switchgears and
control. |
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Terms : |
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Purchasing : |
Advance payment |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
9 |
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Bankers : |
HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Financial Institution : |
The Maharashtra State Financial Corporation, New Excelsior Building,
7,8 and 9th Floor, Amrit Keshav Nayak Marg, Fort, Mumbai – 400001 |
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Auditors : |
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Name : |
D. S. Desai and Company Chartered Accountants |
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Address : |
3/3A, Anita Park Co-operative Housing Society Limited, Anant Waman
Vartak Marg, Vile Parle [East], Mumbai – 400057, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.200 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1400 |
Equity Shares |
Rs. 100/- each |
Rs. 0.140 Million |
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 |
0.140 |
0.140 |
0.140 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.219 |
0.024 |
0.024 |
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4] (Accumulated Losses) |
0.000 |
[0.039] |
[0.197] |
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NETWORTH |
1.359 |
0.125 |
[0.033] |
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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 |
0.004 |
0.058 |
0.136 |
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TOTAL BORROWING |
0.004 |
0.058 |
0.136 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.363 |
0.183 |
0.103 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.829 |
0.888 |
0.488 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.419 |
0.011 |
0.011 |
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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 |
0.955
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0.550 |
0.832 |
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Sundry Debtors |
8.692
|
3.804 |
0.569 |
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Cash & Bank Balances |
1.913
|
0.766 |
0.058 |
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Other Current Assets |
0.644
|
0.477 |
0.059 |
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Loans & Advances |
0.537
|
0.230 |
0.153 |
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Total
Current Assets |
12.741
|
5.827 |
1.671 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.976
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6.547 |
2.071 |
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Provisions |
0.653
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0.000 |
0.000 |
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Total
Current Liabilities |
12.629
|
6.547 |
2.071 |
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Net Current Assets |
0.112
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[0.720] |
[0.400] |
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MISCELLANEOUS EXPENSES |
0.003 |
0.004 |
0.004 |
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TOTAL |
1.363 |
0.183 |
0.103 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 [Approximately] |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
35.000 |
34.097 |
19.295 |
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Profit/(Loss) Before Tax |
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1.938 |
0.158 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.938 |
0.158 |
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Expenditures : |
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Interest |
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0.004 |
0.000 |
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Depreciation & Amortization |
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0.279 |
0.131 |
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Other Expenditure |
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31.876 |
19.006 |
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Total Expenditure |
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32.159 |
19.137 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.68
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0.82 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.68
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0.82 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.28
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2.35 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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1.43
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1.26 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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9.30
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52.84 |
[66.88] |
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Current Ratio (Current Asset/Current Liability) |
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1.01
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0.89 |
0.81 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal
Acceptance Chart
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Parameters |
Details |
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Statutory
Approvals |
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-
Income Tax Registration |
AACCP3275B |
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VAT / TIN Registration |
27860017032V |
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Name of Bank |
HDFC Bank |
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-
Current Account Number |
00522320001213 |
Business
Specification
S. S. I. Registration No : 111929634
dated 29.10.1996
VAT TIN : 27860017032 V w.e.f. 1
/ 4 / 2006
CST TIN : 27860017032 C w.e.f. 1
/ 4 / 2006
Excise Registration No :
AACCP3275BXM002
Service Tax No : CAI / 116 / STC / PI / 04 / POONA dated
02.06.2004
Trade Reference
- Kirloskar, KBL
- MSCB Contractors
Bankers Charges
Report as per Registry
|
Name of the company |
POONA
SWITCHGEARS PRIVATE LIMITED |
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Presented By |
POONA
SWITCHGEARS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Indenture of Mortgage
dated the 21.07.1980 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.160 Million
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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 |
The first Legal
Mortgage / Charge of the company’s land / building / plant and machinery etc.
fixed or moveable and all other similar assets to be acquired or which may be
acquired in future situate at Plot No. W-15 in the additional Nasik
Industrial Estate, situated at village Pathardi within the registration Sun –
District and District Nasik |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration for
the aforesaid loan the company has created First Legal Mortgage / Charge of
the company’s property in favour of the Corporation Rs. 0.060 Million
paid upon execution of the Indenture of Mortgage dated the 21.07.1980 The total amount
of Rs. 0.160 Million to be repaid by the company in 17 half – yearly
installments from 20.07.1982 and ending on 21.07.1990 The loan to carry
interest at 14 ˝ % p a from 21.07.1980 payable half yearly on the 15th
June and 15th December in each year with a proviso for rebate of 2
% for prompt payment. The first
payment of interest to be made on December 1980 The company to
maintain a minimum margin of 25 % between the market value of the mortgage
premises and the amount of outstanding loan. |
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5) Name and Address and description of the person entitled to the charge. |
The Maharashtra State Financial Corporation, New Excelsior Building,
7,8 and 9th Floor, Amrit Keshav Nayak Marg, Fort, Mumbai – 400001 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
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 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.42.85 |
|
UK Pound |
1 |
Rs.84.74 |
|
Euro |
1 |
Rs.67.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|