MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PORTESCAP INDIA PRIVATE LIMITED |
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Registered Office : |
Unit No. 2, SDF –I, Seepz, Sez, Andheri (East), Mumbai-400096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.08.1994 |
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Com. Reg. No.: |
137603 |
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CIN No.: [Company
Identification No.] |
U31103MH1994PTC137603 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK05457E |
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PAN No.: [Permanent
Account No.] |
AAACK4896K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of DC, BlDC and Stepper Motors |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 4400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Danher Motion Group World wide. Trade relations
are fair. General Financial position is good. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. Mrs. Vaishali of the company declined to part with any details. |
INFORMATION
DECLINED BY
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Name : |
Mrs. Vailshali Padmanabh Denekar |
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Designation : |
Secretary |
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Date : |
23.09.2008 |
LOCATIONS
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Registered Office : |
Unit No. 2, SDF –I, Seepz, Sez, Andheri (East), Mumbai-400096,
Maharashtra, India |
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Tel. No.: |
91-22-28294007/ 28290552 |
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Fax No.: |
91-22-26916704 |
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E-Mail : |
chetan.gandhi@portescap.com
, vaishali.clanekar@partescap.com
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Website : |
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Area : |
2500 sq.ft ( Leased) |
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Overseas Offices : |
Located At:- ·
USA ·
Canada ·
Maxico ·
Europe ·
Japan ·
Asia |
DIRECTORS
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Name : |
Mr. Rutesh Joshi |
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Designation : |
Managing Director |
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Name : |
Mr. Manohar Lal Tandon |
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Designation : |
Director |
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Address : |
37, Merry Niketan, Mt. Mary Road, Bandra (West) Mumbai – 400 050,
Maharashtra, India |
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Name : |
Mr. Bhupendra Vamandas Shah |
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Designation : |
Director |
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Address : |
26-B-31, Takshila, Mahakali Caves Road, Andheri (East) Mumbai – 400
093 , Maharashtra, India |
KEY EXECUTIVES
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Name : |
Mrs. Vailshali Padmanabh Denekar |
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Designation : |
Secretary |
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Address : |
3/19, Shri Chintamani CHS, Near Siddhivinayak Temple, Thane (East)-
400603, Maharashtra, India |
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Date of Birth/Age : |
05.01.0974 |
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Date of Appointment : |
25.03.2008 |
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Name : |
Mr. Chetan Vasantlal Gandhi |
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Designation : |
Secretary |
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Address : |
11/A, Rajesh Apartment, Shankar Lane, Kandivali (West), Mumbai-400096,
Maharashtra, India |
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Date of Birth/Age : |
22.03.1972 |
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Date of Appointment : |
24.11.2007 |
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Tel. No.: |
91-22-28294000 |
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Fax No.: |
91-22-28294036 |
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E Mail : |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of DC, BlDC and Stepper Motors |
GENERAL
INFORMATION
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No. of Employees : |
800 |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batilboi and Company Chartered Accountant |
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Address : |
6th Floor, Express Towers, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Holding Company : |
Kollmorgen India Investment Company |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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14000000 |
Equity Shares |
Rs, 10/- each |
Rs. 140.000 Millions |
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4000000 |
Preference Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
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Total |
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Rs. 180.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13921100 |
Equity Shares |
Rs. 10/-
each |
Rs. 139.211
Millions |
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4000000 |
Preference Shares |
Rs. 10/-
each |
Rs. 40.000
Millions |
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Total |
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Rs. 179.211 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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179.211 |
179.211 |
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2] Share Application Money |
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0.000 |
0.945 |
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3] Reserves & Surplus |
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703.375 |
356.206 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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882.586 |
536.362 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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882.586 |
536.362 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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188.481 |
134.142 |
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Capital work-in-progress |
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4.083 |
11.757 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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3.112 |
0.987 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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481.380
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355.010 |
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Sundry Debtors |
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456.641
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424.061 |
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Cash & Bank Balances |
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142.593
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49.044 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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31.917
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31.399 |
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Total
Current Assets |
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1112.531
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859.514 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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409.343
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467.112 |
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Provisions |
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16.278
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2.926 |
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Total
Current Liabilities |
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425.621
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470.038 |
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Net Current Assets |
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686.910
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389.476 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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882.586 |
536.362 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1501.453 |
1258.069 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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1501.453 |
1258.069 |
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Profit/(Loss) Before Tax |
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370.163 |
260.271 |
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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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370.163 |
260.271 |
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Earnings in Foreign Currency : |
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Export Earnings |
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1477.718 |
1253.557 |
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Expenditures : |
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Depreciation & Amortization |
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41.362 |
23.310 |
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Other Expenditure |
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1089.928 |
974.488 |
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Total Expenditure |
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1131.290 |
997.798 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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24.65 |
1.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
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24.65 |
1.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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24.66 |
26.19 |
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Return on Investment (ROI) (PBT/Networth) |
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1.70 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.48 |
0.88 |
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Current Ratio (Current Asset/Current Liability) |
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2.61 |
1.83 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
About Portescap India
Portescap India (A Division of Danaher Motion) is an ISO 9001:2000,
18001 and 14001 certified company with a state of the art manufacturing
facility at SEEPZ-SEZ, Andheri, Mumbai with a revenue of 40 Million USD and has
been developing and manufacturing miniature DC motors since 1995. Innovative
design and application has made Portescap the preferred supplier to thousands
of companies serving OEM, medical industries, etc. Portescap Group is committed
to meeting the needs of today's highly diversified manufacturing world.
About Danaher
Corporation
Danaher, a diversified technology leader, designs, manufactures, and
markets innovative products and services with strong brand names and
significant market positions. Driven by strong core values and a foundation
provided by the Danaher Business System, Danaher's associates are pursuing a
focused strategy aimed at creating a Premier Global Enterprise.
Microscopes that let researchers see life at 100 nanometers in three
dimensions. Dental diagnostics that spot decay as it forms, enabling painless,
noninvasive treatments. Disinfection technologies that help ensure safe
drinking water at the rate of billions of gallons of water a day. Transaction
systems that bring new levels of speed and security to consumers. Network
analyzers that ink seamlessly with sophisticated software to maximize uptime.
Danaher products span some of the most demanding applications in the world,
creating new possibilities not only for those who use them, but for millions
more who never give them a moment’s thought. In every case, they’re delivering
benefits that matter to markets that are eager for innovation. And they are
doing it through a customer-centric approach that unites the businesses and has
made them global leaders.
Danaher has a proven system for achieving performance: the Danaher Business
System (DBS). It drives every aspect of the group’s culture and performance.
DBS is a system of continuous improvement and is used to guide and measure
everyday activities.
Danaher’s business activities encompass four reporting segments and are
comprised of six strategic platforms: Medical Technologies, Professional
Instrumentation (Environmental, Electronic Test), Industrial Technologies
(Motion, Product ID, Focused Niche Businesses) and Tools & Components
(Mechanic’s Hand Tools).
Subject (PI) is a 100% owned subsidiary of DanaherMotion USA - a US $10 Billion
Fortune 500 MNC.
PI is an ISO 9001:2000 certified company with a state of
the art manufacturing facility at SEEPZ-SEZ, Andheri, Mumbai having a turnover
of approx. 30 Million USD. They are manufacturers of DC, BLDC and Stepper
Motors with an annual export volume of about1 Lacunits. They are poised for
ambitious growth and to support the expansion plans, are looking for dynamic,
highly motivated and self-driven professionals with proven track to join the
Junior and Middle Management Team.
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.45.72 |
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UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
60 |
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 |
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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 |
|
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 |
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