MIRA
INFORM REPORT
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Report Date : |
20.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PROXIMON CONTROLS PRIVATE LIMITED |
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Registered Office : |
202 Krishna, Laxmi IIndustrial Estate, Pokhran Road No.1, Vertak Nagar,
Thane – 400606, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.07.1995 |
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Com. Reg. No.: |
11-90635 |
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CIN No.: [Company
Identification No.] |
U30000MH1995PTC090635 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP07985F PNEP07701B |
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PAN No.: [Permanent
Account No.] |
AABCP6522C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Inductive Proximity Sensors, Capacitive Proximity
Sensors, Photoelectric Sensors and Color Mark sensors. |
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 27000 |
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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 company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
LOCATIONS
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Registered/ Head Office : |
202 Krishna, Laxmi IIndustrial Estate, Pokhran Road No.1, Vertak
Nagar, Thane – 400606, Maharashtra, India |
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Tel. No.: |
91-22-25889244/ 45/ 25854287/ 5448037 |
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Mobile No.: |
91-9820059434/ 9821013641 |
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Fax No.: |
91-22-25889246/ 5448039 |
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E-Mail : |
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Website : |
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Area: |
900 sq. ft. |
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Factory : |
Automation House, Plot No.EL-18, Electronic Zone, TTC Industrial Area,
Mahape, Navi Mumbai – 400701, Maharashtra, India |
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Tel. No.: |
91-22-27671928/ 56140867/ 25889244/ 45 |
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Fax No.: |
91-22-27671931/ 25889246 |
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Area : |
10000 sq. ft. |
DIRECTORS
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Name : |
Mr. Deepak D. Pai |
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Designation : |
Director |
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Name : |
Mrs. Sheetal V. Pai |
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Designation : |
Director |
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Address : |
R-175, Dattaprasad Sector IV, Airoli, Navi Mumbai – 400708,
Maharashtra, India |
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Date of Birth/Age : |
19.10.1971 |
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Date of Appointment : |
02.04.2005 |
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Name : |
Mrs. Shaila Deepak Pai |
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Designation : |
Director |
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Address : |
Flat No.403, F-4, Lok Upvan Phase 2, Gladys Alvares, Off Pokharan Road
No.2, Near Vasant Vihar, Thane (West), Thane – 400606, Maharashtra, India |
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Date of Birth/Age : |
27.01.1975 |
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Date of Appointment : |
02.04.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(A son 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate |
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27.00 |
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Directors or relatives of directors |
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73.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Inductive Proximity Sensors, Capacitive Proximity
Sensors, Photoelectric Sensors and Color Mark sensors. |
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Products : |
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Brand Name : |
PROXIMON
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GENERAL
INFORMATION
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No. of Employees : |
85 |
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Bankers : |
Vartak Nagar Branch, Thane – 400606, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Joshi and Karandikar Chartered Accountant |
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Address : |
Devkinandan Society, Ground Floor, Noori Baba Road, Thane – 400601,
Maharashtra, India |
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Memberships : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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111900 |
Equity Shares |
Rs.10/- each |
Rs.1.119
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.119 |
1.119 |
1.119 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.301 |
3.736 |
3.017 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.420 |
4.855 |
4.136 |
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LOAN FUNDS |
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1] Secured Loans |
7.837 |
8.927 |
6.163 |
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2] Unsecured Loans |
1.247 |
1.354 |
1.354 |
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TOTAL BORROWING |
9.084 |
10.281 |
7.517 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.504 |
15.136 |
11.653 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.586 |
9.779 |
8.626 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.289 |
0.246 |
0.247 |
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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 |
3.660
|
2.114 |
2.060 |
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Sundry Debtors |
4.493
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2.934 |
6.441 |
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Cash & Bank Balances |
1.352
|
2.899 |
1.100 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.633
|
2.842 |
2.555 |
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Total
Current Assets |
13.138
|
10.789 |
12.156 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.356
|
4.800 |
8.156 |
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Provisions |
1.153
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0.878 |
1.220 |
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Total
Current Liabilities |
8.509
|
5.678 |
9.376 |
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Net Current Assets |
4.629
|
5.111 |
2.780 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.504 |
15.136 |
11.653 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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34.795 |
30.575 |
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Other Income |
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0.000 |
0.00 |
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Total Income |
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34.795 |
30.575 |
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Profit/(Loss) Before Tax |
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0.991 |
1.197 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.991 |
1.197 |
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Expenditures : |
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Interests |
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0.832 |
0.824 |
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Depreciation & Amortization |
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1.188 |
1.246 |
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Other Expenditure |
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31.784 |
27.308 |
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Total Expenditure |
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33.804 |
29.378 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.85
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3.91 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.85
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3.91 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.36
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5.82 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.25 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.25
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3.27 |
4.08 |
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Current Ratio (Current Asset/Current Liability) |
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1.54
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1.90 |
1.30 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the
company |
PROXIMON CONTROLS PRIVATE LIMITED |
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Presented By |
The Saraswat Co-op. Bank Limited, Vartak Nagar Branch, Thane |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Vehicle Dated 07.03.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.345 Million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Vehicle |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI: 8% p.a. or
at such other rate as may be fixed by the bank from time to time with monthly
rests |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-op. Bank Limited Vartak Nagar Branch, Thane |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number of the company |
U30000MH1995PTC090635 |
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Name of the
company |
PROXIMON CONTROLS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
202 Krishna, Laxmi IIndustrial Estate, Pokhran Road No.1, Vertak
Nagar, Thane – 400606, Maharashtra, India |
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This form is for |
Creation of charge |
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Type of charge |
Vehicle |
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Particular of
charge holder |
Vartak Nagar Branch, Shree Rameshwar Bhavan, Pokhran Road, Thane West,
Thane – 400606, Maharashtra, India |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of Vehicle |
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Date of
instrument Creating the charge |
29.05.2007 |
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Amount secured by
the charge |
Rs.0.420 Million |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: 10.50% p.a. Terms of
Repayment: Term Loan of
Rs.0.420 Million will be repayable by monthly installment of Rs.0.009 Million
each (EMI) |
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Particulars of the
property charged |
Hypothecation of
Car (Santro XO) |
Website Details:
Profile:
Proximon
Controls a proprietary concern was established in 1989 with the intention of manufacturing
proximity sensors. By 1995, Proximon could achieve good market share for it’s
sensors all over the country.
To
consolidate it’s position in the market it was decided to include special
purpose sensors, in its manufacturing range.
The proprietor
decided to convert proprietary concern into a private limited organisation by
inducting professionals and technocrats on the board of directors.
Subject
was established in 1995
Organisational Set up
Proximon’s head office is situated at Thane, a developed Industrial & trade
sector near Mumbai. The factory is also situated in Thane, which provides a
close communication & co-ordination between sales office and production
units. Separate sales offices established in Pune, Nasik, New Delhi have also
started giving good returns in a short period. To compliment the marketing
force, Proximon has established a country wide network of qualified &
experienced dealers & service centre at Ahmedabad, Bangalore, Calcutta, Coimbatore, Hyderabad, Chennai, Kota,
Surat, Vizag, Indore.
Product Facility And Methodology:
A team of qualified engineers & technicians constitute
core of manufacturing unit. Although a vendor is selected after close scrutiny
as per their standard assessment procedure, each incoming component is
thoroughly tested as per quality manual, with the help of test equipments. A
few testing jigs are developed in-house to facilitate efficient testing &
remove non-confirming product at the incoming stage itself. After vigilant
in-process quality control, the finished products are again subjected to
quality tests as quality tests as required.
The details on Quality Control & Assurance System
adopted in Proximon are also enclosed. The number of repeat orders and the
status of preferred supplier that they have achieved today is the result of
their technical expertise and endless efforts to improve and maintain the
quality of their products. The turnover figures and the list of major customers
reflect their motto of manufacturing quality products.
Growth Strategy:
After successfully establishing market for proximity sensors
through nation-wide dealer’s network, Company is entering into the
manufacturing of Encoders and will shortly introduce it in the market. With the
addition of this product the company is poised to record overall sales growth
of minimum 150% in the current year.
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.46.32 |
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UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
6 |
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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 |
|
54 |
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 |
|