MIRA
INFORM REPORT
|
Report Date : |
11.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PREMIUM TOOLS PRIVATE LIMITED |
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Registered Office : |
115-116, MIDC Estate, Satpur, Nashik-422007, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.06.1989 |
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Com. Reg. No.: |
052016 |
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CIN No.: [Company
Identification No.] |
U27300MH1989PTC052016 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKP00617B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Engineering Steel Files. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 60000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Mr.Chandra Shekhar of the company initially agreed to part the details
and lately denied on instructions from directors. Initially position of the company is moderate. Profit margin is under
severe pressure. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
115-116, MIDC Estate, Satpur, Nashik-422007, Maharashtra, India. |
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Tel. No.: |
91-253-2350665 |
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Fax No.: |
91-253-2351246 |
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E-Mail : |
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Corporate Office : |
13, Silk House, 630 J Shankarshet Road, Mumbai -400 002, Maharashtra,
India. |
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Tel. No.: |
91-22-22060108 |
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Fax No.: |
91-22-22082450 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.Jakir M.Shaikh |
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Designation : |
Additional Director |
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Address : |
Flat No.3, 1st Floor, Shah Sadik Park, Mirankar Nagar, Opp.
Life Line Hospital, Nashik-422011, Maharashtra, India. |
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Date of Birth : |
28.02.1954 |
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DIN No.: |
02151151 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr.Sham C.Keluskar |
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Designation : |
Managing Director |
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Address : |
11, Margaret Towers, Sharnpur- Trimbak Link Road, Canada Corner,
Nashik – 422002, Maharashtra, India. |
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Date of Birth : |
20.05.1954 |
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DIN No.: |
00114413 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mrs.Jyoti S.Keluskar |
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Designation : |
Director |
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Address : |
11, Margaret Towers, Sharnpur- Trimbak Link Road, Canada Corner,
Nashik – 422002, Maharashtra, India |
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Date of Birth: |
09.10.1954 |
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Date of Appointment : |
06.12.2004 |
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Name : |
Mr.Anant H.Rajput |
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Designation : |
Director |
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Address : |
Flat #17, “Archit Retreat”, Date Nagar, Gangapur Road, Nashik – 422
005, Maharashtra, India. |
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Date of Birth : |
11.09.1972 |
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Date of Appointment : |
06.12.2004 |
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Name : |
Mr.Jan H.Ruggeberg |
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Designation : |
Director |
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Address : |
D-51709, Marienheide, Germany |
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Date of Birth : |
01.04.1938 |
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Date of Appointment : |
22.06.1989 |
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Name : |
Mr.Manfred F.Massmann |
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Designation : |
Director |
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Address : |
D-51709, Marienheide, Germany |
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Date of Birth : |
27.06.1939 |
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Date of Appointment : |
22.06.1989 |
KEY EXECUTIVES
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Name : |
Mr.Tom A.Ruggeberg |
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Designation : |
Chairman |
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Address : |
D-51709, Marienheide, Germany |
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Date of Birth/Age : |
26.10.1939 |
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Date of Appointment : |
22.06.1989 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 14.05.2005
|
Names of Shareholders |
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No. of Shares |
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Mr.Sham C.Keluskar |
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1199996 |
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Mrs.Jyoti S.Keluskar |
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4 |
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Total |
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1200000 |
AS ON 31.03.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Engineering Steel Files. |
GENERAL
INFORMATION
|
Bankers : |
v
Bank of
Maharashtra College Campus Branch, College
Road, Nashik- 422005, Maharashtra, India v ICICI Bank Limited |
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Auditors : |
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Name : |
Kalyaniwala and Mistry Chartered Accountant |
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Address : |
Kalpataru Heritage, 127 M.G.Road, Mumbai-400023, Maharashtra, India. |
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Tel. No.: |
91-22-66348020 / 22677640 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs. 10/- Each |
Rs.25.000
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.000 |
12.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.800 |
2.799 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
12.800 |
14.799 |
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LOAN FUNDS |
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1] Secured Loans |
|
20.554 |
20.680 |
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2] Unsecured Loans |
|
41.901 |
39.269 |
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TOTAL BORROWING |
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62.455 |
59.949 |
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DEFERRED TAX LIABILITIES |
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1.940 |
3.785 |
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TOTAL |
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77.195 |
78.533 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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43.573 |
42.524 |
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Capital work-in-progress |
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0.000 |
0.717 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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61.921 |
54.910 |
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Sundry Debtors |
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8.786 |
10.959 |
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Cash & Bank Balances |
|
0.602 |
0.918 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.928 |
10.394 |
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Total
Current Assets |
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82.237 |
77.181 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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33.702 |
29.325 |
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Provisions |
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14.913 |
12.564 |
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Total
Current Liabilities |
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48.615 |
41.889 |
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Net Current Assets |
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33.622 |
35.292 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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77.195 |
78.533 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
164.765 |
138.897 |
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Other Income |
|
0.768 |
1.571 |
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Total Income |
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165.533 |
140.468 |
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Profit/(Loss) Before Tax |
|
(3.728) |
(6.672) |
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Provision for Taxation |
|
(5.727) |
(1.076) |
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Profit/(Loss) After Tax |
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(1.999) |
(5.596) |
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Imports Value |
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10.878 |
9.958 |
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Exports Value |
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157.422 |
122.771 |
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Expenditures : |
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Manufacturing Expenses |
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126.842 |
100.812 |
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Raw Material Consumed |
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40.403 |
39.146 |
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Increase/(Decrease) in Finished Goods |
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(5.300) |
(1.117) |
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Financial Charges |
|
1.610 |
1.637 |
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Depreciation & Amortization |
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5.706 |
6.662 |
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Total Expenditure |
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169.261 |
147.140 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
(1.20) |
(3.98) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(2.26) |
(4.80) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.02) |
(0.05) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.29) |
(0.45) |
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Debt Equity Ratio (Total Liability/Networth) |
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8.67 |
6.88 |
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Current Ratio (Current Asset/Current Liability) |
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1.69 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
Name of the company |
PREMIUM TOOLS PRIVATE LIMITED |
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Presented
By |
Mr.S.C.Keluskar- Managing Director |
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1) Date and description of instrument creating the change |
Equitable Mortgage
by way of deposit of Title Deeds of the property on 13.04.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.22.500
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 |
All that piece
and parcel of the land known as plot No.114/115/116 along with plant and
machinery embedded in the earth in the Nashik Industrial Area, Satpur, and
Nashik. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Mortgage
covers the following limits Rs. a)
Packing
Credit Facilities – 20.000 Millions b)
Letter of
Credit - 1.000 Millions c)
Bank
Guarantee Limit - 1.500 Millions
------------------------ Total
22.500 Millions |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra, College Campus Branch,Nashik-422005 |
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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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90235044 |
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Corporate
identity number of the company |
U27300MH1989PTC052016 |
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Name of the
company |
PREMIUM TOOLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
13, Silk House 630,
J Shankarshet Road, Mumbai-400002, Maharashtra, India. |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
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Particular of
charge holder |
Bank of
Maharashtra College Campus Branch,
College Road, Nashik- 422005, Maharashtra, India. |
|
Nature of
description of the instrument creating or modifying the charge |
Composite Deed of
hypothecation for all facilities. |
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Date of
instrument Creating the charge |
28.09.2007 |
|
Amount secured by
the charge |
Rs.46.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Term of Repayment
Margin 25% Extent and operation of the charge
|
|
Short particulars
of the property charged |
First and
exclusive charge on stocks of raw materials, goods in process, semi finished
goods, stores and spares, intangible assets, vehicles, goodwill, trademark,
copyright, patent, book debts, receivables, book debts, movable plant and
machineries, spares, tools and accessories and other movables. |
|
Particulars of
the present modification |
The existing
Limit of Rs.20.000 Millions increased to Rs.46.000 Millions covering the
following 1)
Cash Credit
against hypothecation of stock Rs.7.000 Millions 2)
Packing
Credit / FOBN- increased from the present Rs.20.000 Millions to Rs.25.000
Millions 3)
Letter of
credit Rs.1.000 Millions 4)
Bank
Guarantee Rs.1.500 Millions 5)
Term Loan
Rs.11.500 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 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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|