MIRA
INFORM REPORT
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Report Date : |
20.11.2008 |
IDENTIFICATION DETAILS
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Name : |
JOSEPH LESLIE DRAGER MANUFACTURING PRIVATE LIMITED |
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Registered Office : |
Leslico House, P.B. No.17035, 87-C, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.07.1975 |
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Com. Reg. No.: |
018449 |
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CIN No.: [Company
Identification No.] |
U51109MH1975PTC018449 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ03325A |
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PAN No.: [Permanent
Account No.] |
AAACJ2779A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Safety Products like Breathing Apparatus. |
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 324000 |
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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 having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY (General Details)
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Name : |
Mr. Nilesh |
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Designation : |
Assistant Accounts Manager |
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Date : |
13.11.2008 |
LOCATIONS
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Registered Office : |
Leslico House, P.B. No.17035, 87-C, |
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Tel. No.: |
91-22-24221880 |
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Fax No.: |
91-22-24303705 |
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E-Mail : |
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Website : |
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Area : |
3000 sq ft |
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Location : |
Owned |
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Factory : |
Vora Industrial Estate, Gokhiware, Sativali, Vasai (East), Mumbai – 401 208, |
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Tel. No.: |
95250-2451053/ 4 |
DIRECTORS
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Name : |
Mr. Cyril Pereira |
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Designation : |
Director |
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Address : |
Rays, 3rd Floor, T.P.S. IV, |
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Date of Birth/Age : |
18.03.1942 |
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Date of Appointment : |
16.05.1977 |
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Name : |
Mrs. Wendy L. Pereira |
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Designation : |
Director |
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Address : |
Rays, 3rd Floor, T.P.S. IV, |
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Date of Birth/Age : |
18.02.1948 |
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Date of Appointment : |
25.07.1975 |
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Name : |
Mrs. Carol Leslie Roy |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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36.00 |
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Directors
or relatives of directors |
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64.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Safety Products like Breathing Apparatus. |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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No. of Employees : |
115 (In office) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Damani and Shah Chartered Accountants |
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Address : |
C Block, 1st Floor, Ranjit Studiao Complex, |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
As on 26.09.2007
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000 |
Equity Shares |
Rs.100/-
each |
Rs.3.500
millions |
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As on 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000 |
Equity Shares |
Rs.100/- each |
Rs.3.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/-
each |
Rs.2.500
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008
(Approximately) |
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Sales Turnover (Estimated) |
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190.000 |
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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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.274 |
56.906 |
55.067 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
64.774 |
59.406 |
57.567 |
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LOAN FUNDS |
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1] Secured Loans |
19.932 |
21.387 |
21.236 |
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2] Unsecured Loans |
3.000 |
4.480 |
4.500 |
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TOTAL BORROWING |
22.932 |
25.867 |
25.736 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.065 |
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TOTAL |
87.706 |
85.273 |
83.368 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.316 |
9.977 |
11.198 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.026 |
0.026 |
0.026 |
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DEFERREX TAX ASSETS |
0.331 |
0.187 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
45.359
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40.143 |
30.740 |
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Sundry Debtors |
80.940
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69.637 |
78.845 |
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Cash & Bank Balances |
8.962
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6.508 |
7.338 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
17.033
|
17.379 |
12.951 |
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Total
Current Assets |
152.294
|
133.667 |
129.874 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
69.769
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55.552 |
56.449 |
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Provisions |
5.492
|
3.032 |
1.281 |
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Total
Current Liabilities |
75.261
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58.584 |
57.730 |
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Net Current Assets |
77.033
|
75.083 |
72.144 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
87.706 |
85.273 |
83.368 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover and Other Income |
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185.657 |
207.373 |
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Total Income |
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185.657 |
207.373 |
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Profit/(Loss) Before Tax |
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4.618 |
2.344 |
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Provision for Taxation |
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2.497 |
0.915 |
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Profit/(Loss) After Tax |
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2.121 |
1.429 |
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Earnings in Foreign Currency : |
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Export Earnings |
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0.275 |
0.092 |
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Total Earnings |
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Imports : |
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56.491 |
63.676 |
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Total Imports |
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56.491 |
63.676 |
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Expenditures : |
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Interest |
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5.405 |
4.727 |
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Depreciation & Amortization |
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2.982 |
3.624 |
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Other Expenditure |
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172.652 |
196.678 |
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Total Expenditure |
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181.039 |
205.029 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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1.14 |
0.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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2.49 |
1.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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3.21 |
1.66 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.08 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.52
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1.42 |
1.45 |
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Current Ratio (Current Asset/Current Liability) |
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2.02
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2.28 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
JOSEPH LESLIE DRAGER MANUFACTURING PRIVATE LIMITED |
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Presented By |
The Saraswat
Co-Operative Bank Limited, Prabhadevi Branch, Mumbai – 400 025 |
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1) Date and description of instrument creating the change |
Agreements dated
19.04.1995 1) Hypothecation
of Movable Property 2) Hypothecation
of Book Debts (Both these
agreements together constitute a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 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 |
1. All, present and
future, the stock, tangible movable property including the stocks for the
time being whether new or manufactured or process of manufacturing and every
tangible movable property, of the Borrower. 2. All, present
and future, outstanding book debt money receivables, claims and approved book
debts, due to the Borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the
Cash Credit facility granted by Bank to the Borrower 1. Rate of
Interest: 18.5% p.a. 2. Period: on
demand 3. Basis: 70% on
stock, Plant and machinery 60% on Book Debts |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-Operative Bank Limited, Prabhadevi Branch, Mumbai – 400 025 |
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6) Date and brief description of instrument modifying the charge |
Supplementary
Deed for Additional Advances dated 18.09.2002 |
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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. |
By earlier
modifications, dated 12.02.1997, 27.01.1998, 18.09.1999 and 14.01.2000, the
limits had been enhanced up to Rs.13.500 millions and also by modification,
dated 30.06.2000, the Adhoc Cash Credit Limit of Rs.2.500 millions provided
on 14.01.2000, had been repaid and also by modifications, dated 14.01.2000
and 27.03.2002, the Cash Credit limit had been enhanced upto Rs.30.000
millions. Rate of interest had also been modified to 14% p.a. By this
modification, the Cash Credit limit has further been increased by Rs.29.000
millions. Hence, the overall charge has been enhanced from Rs.30.000 millions
to Rs.59.000 millions. Therefore, the
overall charge now stands at Rs.59.000 millions. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80006850 |
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Corporate
identity number of the company |
U51109MH1975PTC018449 |
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Name of the
company |
JOSEPH LESLIE DRAGER MANUFACTURING PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Leslico House, P.B. No.17035, 87-C, |
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Type of charge |
Immovable
Property Book Debts Others (all Current
and Fixed Assets) |
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Particular of
charge holder |
Vijaya Bank, E-Mail: adlawani@rediffmail.com |
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Nature of description
of the instrument creating or modifying the charge |
(all the above
agreement constitute a single charge) |
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Date of
instrument Creating the charge |
22.05.2007 |
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Amount secured by
the charge |
Rs.50.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As stipulated by Bank from time to time. Terms of
Repayment: As stipulated by Bank from time to time. Margin: As
stipulated by Bank from time to time. Extent and
Operation of the charge: First Charge (present and future) – Total limit
Rs.50.000 millions CC(H) = Rs.25.000 millions, BG = Rs.25.000 millions. Others: As
stipulated by Bank from time to time and as per agreement attached and as per
sanction letter of Bank. |
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Short particulars
of the property charged |
First Charge (present
and future) – (1) Hypothecation of all current assets including stock of raw
materials, SIP and Finished goods and hypothecation of all book debts and
receivables of the company. (2) EMG of Unit No.436, 4th Flat 241,
Kewal Industrial Estate, Gala Owners Association, S.B. marg, Lower Parel,
Mumbai – 13. (3) EMG of – Unit No.5, 3rd Floor, The Enterprises
Co-op Society Limited, bearing CS No.45, Tenal, Plot No.1223 IV (Mahim), Veer
Savarkar Marg, Prabhadevi, Mumbai. (4) Hypothecation of all plant and machinery
and fixed assets. |
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Date of latest
modification prior to the present modification |
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Particulars of
the present modification |
By this
modification limit is reduced to Rs.50.000 millions and continued security as
given by original charge and by modifications. |
FIXED ASSETS:
- Factory Units
- Plant and
Machinery
- Furniture and
Fixture
- Motor Car
- Dies, Zigs
and Tools
- Office
Equipment
- Computer
- Software
FUTURE OUTLOOK:
Safely industry shall continue to grow and so
the competition, which will put more pressure on the margins. Safely norms are
getting continuously upgraded and stricter norms are expected to be enforced in
couple of years now. This will require technological up-gradation of existing
products and introduction of new product to meet this new requirement. The
company has taken up the exercise of revamping its marketing setup. With the
growth in economy in the country and more foreign entrepreneurs are coming to
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.49.74 |
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|
1 |
Rs.74.37 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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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 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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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 |
|
--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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|