MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRABHA ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
PRABHA ENGINEERING WORKS PRIVATE LIMITED |
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Registered Office : |
Plot No. 36, MIDC Central Road, Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
12.04.1979 |
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Com. Reg. No.: |
11-21202 |
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CIN No.: [Company
Identification No.] |
U29920MH1979PTC021202 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15750A |
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PAN No.: [Permanent
Account No.] |
AAACP7472Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Automobile Parts. |
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 90000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 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.
The company’s latest financials are missing with the government and the management of the company remained non-cooperative despite several follow –ups. The Company has not filed its latest financials with the government department and Mr. Shirish Ratnakar (Account Manager) declined to part the same. |
INFORMATION PARTED
BY
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Name : |
Mr. Shirish Ratnakar |
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Designation : |
Account Manager |
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Date : |
01.10.2008 |
LOCATIONS
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Registered Office : |
Plot No. 36, MIDC Central Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-66925241-47 |
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Fax No.: |
91-22-66925248 |
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E-Mail : |
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Website : |
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Area : |
Leased |
DIRECTORS
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Name : |
Mr. Jaywant Y. Chaphekar |
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Designation : |
Chairman cum Managing Director |
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Address : |
19, Yeshwant Nagar, 53, S. V. Road, Andheri ( West), Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
0903.1945 |
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Date of Appointment : |
12.04.1979 |
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Name : |
Mr. Shrikant J. Chaphekar |
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Designation : |
Director |
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Address : |
19, Yeshwant Nagar, 53, S. V. Road, Andheri ( West), Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
12.10.1977 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Ms. Suchita J. Chaphekar |
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Designation : |
Director |
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Address : |
19, Yeshwant Nagar, 53, S. V. Road, Andheri ( West), Mumbai – 400058, Maharashtra, India |
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Date of Appointment : |
14.07.2000 |
KEY EXECUTIVES
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Name : |
D. B. Karande and Company |
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Designation : |
Company Secretary |
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Address : |
Mumbai – 400 0063, Maharashtra, India |
MAJOR SHAREHOLDERS
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Jaywant Y. Chaphekar |
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11100 |
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Ms. Suchita J. Chaphekar |
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4100 |
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Mr. Shrikant J. Chaphekar |
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5000 |
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Mr. J. Y. Chaphekar (HUF) |
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2500 |
BUSINESS DETAILS
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Line of Business : |
Trader of Automobile Parts |
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Products : |
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GENERAL
INFORMATION
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Customers : |
L & T |
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No. of Employees |
About 100 |
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Bankers : |
Bandra – Kurla Complex, G Block, Bandra (East), Mumbai – 400 051, Maharashtra, India
SEEPZ Branch, Mumbai – 400 096, Maharashtra, India
Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. B. Pokle and Company Chartered Accountants |
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Address : |
201, Chitrakool, Kashinath Dhuru Street, Agar Bazar, Dadar (West), Mumbai – 400 028, Maharashtra, India |
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Tel. No.: |
91-22-24322223 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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23000 |
Equity Shares |
Rs.100/- each |
Rs.2.300 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.300 |
2.300 |
2.300 |
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2] Share Application Money |
0.118 |
0.118 |
0.118 |
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3] Reserves & Surplus |
15.883 |
12.705 |
11.475 |
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NETWORTH
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18.301 |
15.123 |
13.893 |
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LOAN FUNDS |
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1] Secured Loans |
32.533 |
19.646 |
21.680 |
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2] Unsecured Loans |
0.049 |
0.048 |
0.048 |
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TOTAL BORROWING
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32.582 |
19.694 |
21.728 |
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DEFERRED TAX LIABILITIES |
1.095 |
0.924 |
0.974 |
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TOTAL
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51.978 |
35.741 |
36.595 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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7.148 |
7.792 |
8.314 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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
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14.277
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19.877
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19.947 |
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Sundry Debtors
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77.443
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53.626
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39.730 |
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Cash & Bank Balances
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4.717
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1.048
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0.988 |
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Loans & Advances
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8.854
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6.951
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5.502 |
Total Current Assets
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105.291
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81.502
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66.167 |
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Less : CURRENT LIABILITIES &
PROVISIONS
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60.461
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53.553
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37.886 |
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Total Current Liabilities
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60.461
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53.553
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37.886 |
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Net Current Assets
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44.830
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27.949
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28.281 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL
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51.978 |
35.741 |
36.595 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other
income]
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217.903 |
158.396 |
130.425 |
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Profit/(Loss) Before Tax
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5.313 |
3.931 |
3.497 |
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Provision for Taxation
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2.135 |
1.401 |
1.261 |
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Profit/(Loss) After Tax
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3.178 |
2.530 |
2.236 |
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Total Expenditure
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Interest |
1.945 |
2.028 |
0.000 |
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Depreciation & Amortization |
1.374 |
1.457 |
0.000 |
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Other Expenditure |
212.590 |
154.465 |
126.928 |
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Total Expenditure |
215.909 |
157.950 |
126.928 |
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Sales Turnover
[March 2007] around Rs.300.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
1.45 |
1.60
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1.71 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.44 |
2.48
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2.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.73 |
4.40
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4.69 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.26
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0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.08 |
4.84
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5.36 |
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Current Ratio (Current Asset/Current Liability) |
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1.74 |
1.52
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1.74 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
The company was established under name and style to Prabha Engineering Works Private Limited. Now it became under name and style to Prabha Engineering Private Limited w.e.f 6th March, 1980.
Bankers Charges
Report as per Registry
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Name of the company |
PRABHA ENGINEERING PRIVATE LIMITED |
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Presented By |
Mr. Jaywant Chaphekar |
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1) Date and description of instrument creating the change |
Goods Security agreement dated 18.09.2000 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Cash Credit and Bill Discounting facilities for Rs.27.500 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 |
Hypothecation of Stocks, Book Debts |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
In consideration of the lender having agreed to land advance to the
company said facilities under the said agreement and declaration by the
company Covenant by the company to repay the facility at above and pay
interest and all other monies and the lender and to comply with term &
conditions The said stock and book debts hypothecation to the lender as and by
way of first charge with repayment Margin – 40% on stock & book debts The companies to keep the said assets in marketable and good
conditions and also insured as provided therein. Power of entry power to take charge and or possession of seize,
recover, receive and sell, contract, dispatch for realization or otherwise
dispose of or deal with all or any part of the said assets etc., as provided
therein. |
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5) Name and Address and description of the person entitled to the
charge. |
Citibank, Bandra – Citigroup Centre, Bandra Kurla Complex, G Block, Bandra (East), Mumbai – 400051, Maharashtra, India |
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6) Date and brief description
of instrument modifying the charge |
Deed of modification dated 23.10.2004 Relating to enhancement in credit facilities. |
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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. |
Deed of modification dated 26.09.2000 for Rs.27.500 Millions |
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Particular of modification specifying the terms, conditions or the
extent of operation |
The original charge was created by goods security agreement dated
September 18, 2000 The bank has now extended additional facilities of Rs.15.500
Millions |
FIXED ASSETS:
- Land
- Building
- Furniture and Fixtures
- Plant and Machinery
- Office Equipments
- Computers
- Motor Car
- Air Conditioners
AS PER WEBSITE
DETAILS
PROFILE:
At Subject, every small movement provides them inspiration. Be it the hospital beds or the car wipers, the vending machine or the car door glass, it provides them inspiration. With over 5 decades of experience and the technological expertise in DC motors, they provide solutions for various applications all over the world.
Started in 1958, as a small one-man press shop, Subject today is known for a range of products you can depend on. The name is today synonymous with Wiper Motors & Windscreen Washer Units in the domestic Automotive market, internationally Subject is known for its expertise in DC Motors for automotive & non-automotive applications.
A special team of experts from diverse fields, under the able guidance of Mr. J. Y. Chaphekar, is dedicated to development of new applications and products.
EXPORTS
EXPANDING HORIZONS:
Their penchant for quality & constant desire to supersede their own achievements propelled them to go beyond geographical boundries & cross language barriers. Their efforts were amply rewarded. They at Subject, today, take pride in the fact that their products is very well accepted & appreciated in developed countries like USA, Germany, UK, etc. They are putting in their best to exceed customer’s expectation & to deliver quality, consistently.
Apart from motors, they have now expanded their range to cover components for Recreational Vehicles (RVs) like couplers, jacks, folding steps, etc. and also are in the process of developing many more components for this segment.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.46.96 |
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UK Pound |
1 |
Rs.83.91 |
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Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
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46 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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