MIRA
INFORM REPORT
|
Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TOTAL TOOLS AND EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
107, Gambhir Industrial Estate, C Wing, Off. Aarey Road, Goregaon
(East), Mumbai – 400 063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.08.1989 |
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Com. Reg. No.: |
11 - 52892 |
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CIN No.: [Company
Identification No.] |
U29220MH1989PTC052892 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09151C |
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PAN No.: [Permanent
Account No.] |
AAAcT4144P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader for Cutting Tools. |
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 42680 |
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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 correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mrs. Chandra |
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Designation : |
Senior Manager in Operations |
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Date : |
05.09.2008 |
LOCATIONS
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Registered Office : |
107, Gambhir Industrial Estate, C Wing, Off. Aarey Road, Goregaon
(East), Mumbai – 400 063, Maharashtra, India |
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Tel. No.: |
91-22-28793072 |
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Fax No.: |
91-22-228759071 |
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E-Mail : |
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Area : |
850 Sq. ft. |
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Location : |
Owned |
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Factory : |
Dada Manzil, 2nd Floor, 67/69 Mohammad Ali Marg, Mumbai - 400 003, Maharashtra, India |
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Tel. No.: |
91-22-23433014/ 23433347 |
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Fax No.: |
91-22-23444266 |
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Branch Office : |
Located At: v Pune v Bangalore v Nagpur v Mumbai |
DIRECTORS
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Name : |
Mr. Anish Linesh Sheth |
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Designation : |
Director |
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Address : |
B-703, Cosmos Building, Valley of Flowers, Thakur Village, Kandivali
(East), Mumbai – 401 101, Maharashtra, India |
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Date of Birth/Age : |
06.05.1970 |
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Qualification : |
Engineer |
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Date of Appointment : |
04.08.1989 |
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Name : |
Mr. Amit Linesh Sheth |
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Designation : |
Director |
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Address : |
10, Archana, 18/20, Tagore Road, Santacruz (West), Mumbai – 400 054,
Maharashtra, India |
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Date of Birth/Age : |
16.07.1978 |
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Qualification : |
MBA |
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Date of Appointment : |
20.05.2003 |
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Name : |
Mr. Linesh Dullabhdas Sheth |
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Designation : |
Managing Director |
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Address : |
10, Archana, 18/20, Tagore Road, Santacruz (West), Mumbai – 400 054,
Maharashtra, India |
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Date of Birth/Age : |
11.07.1939 |
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Qualification : |
Engineer |
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Date of Appointment : |
15.12.1994 |
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Name : |
Mr. Lokendra Dullabhdas Sheth |
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Designation : |
Director |
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Address : |
34, Lavina, 52-A, Tagore Road, Santacruz (West), Mumbai – 400 054,
Maharashtra, India |
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Date of Birth/Age : |
13.01.1946 |
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Date of Appointment : |
15.12.1994 |
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Name : |
Mr. Chaitanya Lokendra Sheth |
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Designation : |
Director |
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Address : |
34, Lavina, 52-A, Tagore Road, Santacruz (West), Mumbai – 400 054,
Maharashtra, India |
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Date of Birth/Age : |
30.11.1976 |
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Date of Appointment : |
15.01.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Anish Linesh Sheth |
20000 |
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Mr. Amit Linesh Sheth |
20000 |
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Mr. Linesh Dullabhdas Sheth |
20000 |
|
Mr. Lokendra Dullabhdas Sheth |
20000 |
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Mr. Chaitanya Lokendra Sheth |
20000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors. |
100.00 |
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|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Cutting Tools, Machine Tools,
Machine Spares, Accessories, Gadgets, Instruments and Equipments. |
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Exports : |
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Countries : |
v European
Countries |
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Imports : |
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Countries : |
v European
Countries |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v End Users |
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No. of Employees : |
35 |
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Bankers : |
v Bank of
Maharashtra Worli Branch, Ready Money Terrace, Worli Naka, Dr. A B Road, Mumbai –
400 018, Maharashtra, India |
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Facilities : |
CC – Rs. 9.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. Sanghani and Company Chartered Accountants |
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Address : |
B-4, Parekh Apartment, Ground Floor, Sarojini Road, Vile Parle (West),
Mumbai – 400 056, Maharashtra, India |
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Sister Concerns : |
v Wood Tools Address : Mohammed Ali
Road, Mumbai Line of
Business: Manufacturer of Wood Cutting Tools. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity shares |
Rs. 10/-
each |
Rs. 2.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.000 |
2.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.536 |
5.101 |
0.909 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.536 |
7.101 |
1.909 |
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LOAN FUNDS |
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1] Secured Loans |
10.158 |
9.426 |
3.336 |
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2] Unsecured Loans |
8.470 |
4.437 |
1.722 |
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TOTAL BORROWING |
18.628 |
13.863 |
5.058 |
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DEFERRED TAX LIABILITIES |
0.135 |
0.065 |
0.000 |
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TOTAL |
27.299 |
21.029 |
6.967 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.294 |
5.717 |
0.452 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.360 |
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 |
9.425
|
4.750 |
6.358 |
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Sundry Debtors |
27.776
|
16.594 |
12.151 |
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Cash & Bank Balances |
5.570
|
5.070 |
2.604 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.908
|
4.623 |
1.818 |
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Total
Current Assets |
45.679
|
31.037 |
22.931 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
30.679
|
15.345 |
16.091 |
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Provisions |
0.355
|
0.381 |
0.325 |
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Total
Current Liabilities |
31.034
|
15.726 |
16.416 |
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Net Current Assets |
14.645
|
15.311 |
6.512 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.299 |
21.029 |
6.967 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
69.306 |
47.333 |
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Total Income |
|
69.306 |
47.333 |
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Profit/(Loss) Before Tax |
|
1.864 |
0.640 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.864 |
0.640 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
11.120 |
8.684 |
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Total Earnings |
|
11.120 |
8.684 |
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Expenditures : |
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Interest |
|
1.256 |
0.629 |
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Depreciation & Amortization |
|
1.055 |
0.331 |
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Other Expenditure |
|
65.131 |
45.733 |
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Total Expenditure |
|
67.442 |
46.693 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.69
|
1.35 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
2.69
|
1.35 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.69
|
1.35 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.09 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.63
|
2.21 |
8.60 |
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Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.97 |
1.40 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office has been shifted from Dada Manzil, 2nd
Floor, 67/69 Mohammad Ali Marg, Mumbai - 400 003, Maharashtra, India to 107, Gambhir Industrial
Estate, C Wing, Off. Aarey Road, Goregaon (East), Mumbai – 400 063,
Maharashtra, India with effect from 01.11.2006
Trade References
v Godrej India
v Reliance India Limited
Form 8
|
Name of the company |
TOTAL TOOLS AND EQUIPMENTS PRIVATE LIMITED |
|
Presented By |
v Bank of
Maharashtra Worli Branch,
Ready Money Terrace, Worli Naka, Dr. A B Road, Mumbai – 400 018, Maharashtra,
India |
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1) Date and description of instrument creating the change |
06.09.1999 Hypothecation of book debts to secure cash credit facility. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500 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 Book debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @PLR + 4% + Tax on interest at present 17.85% Margin 25% in Bank’s favour. |
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5) Name and Address and description of the person entitled to the charge. |
v Bank of
Maharashtra Worli Branch, Ready Money Terrace, Worli Naka, Dr. A B Road, Mumbai – 400 018, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
26.06.2005 Composite Deed of hypothecation for all 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. |
Original Cash credit limit of Rs. 1.500 millions which was by 1st modification increased to Rs. 2.500 millions on 29.08.2003 is by present modification enhanced to Rs. 3.000 millions and aggregate credit facilities now secured stand at Rs. 4.000 millions as under and continue to be secured by first and exclusive charge and security by way of hypothecation over the movable properties particularly described in schedule III to the composite deed of hypothecation. Facility Cash Credit – Rs. 3.000 millions Packing Credit – Rs. 0.500 million FOBN – Rs. 0.500 million Total – Rs. 4.000
millions |
Form 8
|
This form is for |
Modification of charge |
|
Charge Identification (ID) number of the charge to be modified |
90223058 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U29220MH1989PTC052892 |
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Name of the company |
TOTAL TOOLS AND EQUIPMENTS PRIVATE LIMITED |
|
Address |
107, Ghambhir Industrial Estate, C Wing, Off. Aarey Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India |
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Type of Charges |
v Book debts v Movable property (not being pledge) v Others |
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Particular of the charge holder |
Name : Bank of Maharashtra Address: Worli Branch, Ready Money Terrace, Worli Naka, Dr. A B Road City: Mumbai State: Maharashtra ISO country code : IN Pin code : 400 018 e-0mail ID : bom50@mahabank.co.in |
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Nature or description of the instrument creating or modifying the charge |
Composite deed of hypothecation for all facilities. |
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Date of the instrument creating charge |
10.08.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 22.720 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest 1% over BPLR i.e. 14.25% p.a. with monthly rests for Cash Credit and New Term Loan facilities. It is as per FEDAI Guidelines in case of Packing credit and FOBN / FOBP. Terms of repayment On demand for working capital facility Rs. 0.152 million p.m. + interest as when applied in case of new term loan of Rs. 9.100 millions which to be repaid within 5 years excluding moratorium period of 6 months. Outstanding of Rs. 4.246 millions in existing term loan account (limit Rs. 5.370 millions) to be repaid as agreed earlier. Margin 25% for cash credit and 30% for Term Loan Extent and operation of the charge Charge to extend to principal sums towards cash credit, existing and new term loan, packing credit and FOBN / FOBP facilities, Interests/ commission thereon, charges, costs and expenses. Others Hypothecated assets to be insured by the borrowing company. |
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Short particulars of the Property charged |
First and exclusive charge of hypothecation on present and future movable tangible properties is plant and machineries being 8 imported sharpening machines, 3 CNC sharpening machines, vehicles, goods, stock in trade or raw materials items, inventories, stocks in process, semi finished and finished goods, consumable stores and spares, movables at Goregaon (East) or in transit or wherever And bills receivables, book debts, claims, goodwill IPRS and rights, titles, interest benefits in all contracts agreements etc. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
Yes |
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Date of latest modification prior to the present modification |
26.05.2005 |
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Particulars of the present modification |
Existing charge of hypothecation securing Rs. 4.000 millions by last modification (DOC No. 55 registered by ROC on 01.09.2005) Now extended to Rs. 22.720 millions Thus, Rs. in millions Cash Credit – Rs. 5.000 millions (enhanced from Rs. 3.000 millions) Packing Credit – Rs. 1.500 millions (enhanced from Rs. 0.500 million) FOBN / FOBP – Rs. 1.750 millions (enhanced from Rs. 0.500 million) Term Loan (new) – Rs. 9.100 millions Term Loan (existing) – Rs. 5.370 millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.37 |
|
UK Pound |
1 |
Rs. 78.09 |
|
Euro |
1 |
Rs. 63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|