MIRA
INFORM REPORT
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Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TURRET ART METAL PRIVATE LIMITED (w.e.f. 06.08.2004) |
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Formerly Known As : |
TURRET ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
15 and 16, Shiva Estate, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.10.2000 |
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Com. Reg. No.: |
11-128945 |
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CIN No.: [Company
Identification No.] |
U27300MH2000PTC128945 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT13409E |
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PAN No.: [Permanent
Account No.] |
AABCT5554C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Grills, Gates, Balcony Railings etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a
small company in its field. Its scale of activities are limited. However trader relations are reported as
fair. Business is active. Payments are reported to be slow. The company can
be considered for business dealings with slight caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Arun K. Palange |
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Designation : |
Director |
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Contact No.: |
91-9820342711 |
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Date : |
25.04.2011 |
LOCATIONS
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Registered Office/Factory : |
15 and 16, Shiva Estate, |
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Tel. No.: |
91-22-25964771 / 25964772 / 25964769 / 40230402 |
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Mobile No.: |
91-9820342711 (Mr. Arun K. Palange) |
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Fax No.: |
91-22-25961507 / 25964769 / 26350998 / 25964772 |
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E-Mail : |
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Website : |
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Area : |
2200 Sq. Ft. |
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Location : |
Owned |
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Factory 2 : |
Located at Kudal, MIDC, |
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DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Arun Kisan Palange |
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Designation : |
Director |
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Address : |
Room No. 7, Balkrishna Kripa, Navghar, |
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Date of Birth/Age : |
01.06.1964 |
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Qualification : |
Diploma in Mechanical Engineer |
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Date of Appointment : |
03.10.2000 |
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Name : |
Mr. Sunil Kisan Palange |
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Designation : |
Director |
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Address : |
Room No. 7, Balkrishna Kripa, Navghar, |
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Date of Birth/Age : |
06.08.1973 |
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Qualification : |
H.S.C. |
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Date of Appointment : |
03.10.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2010)
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Names of Shareholders |
No. of Shares |
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Arun Kisan Palange |
7645 |
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Sunil Kisan Palange |
1145 |
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Sharada Kisan Palange |
110 |
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Panchal Vijay Vithal |
100 |
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Total |
9000 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2010)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Grills, Gates, Balcony Railings etc. |
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Products : |
·
Ornamental Grills ·
Gates ·
Balcony Railings ·
Staircase Railings ·
Entrance Gates Sculpture in Iron Work ·
Iron Furniture / Metal Furniture ·
Lamp Posts and Garden Furniture ·
Metal Gift Articles ·
Door and Window Griss |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
Unit |
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Actual
Production |
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Grills, Gates, Balcony Railings |
Tonnes |
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50 |
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GENERAL INFORMATION
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Customers : |
·
Wholesalers
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No. of Employees : |
11 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R U Shah and Associates Chartered Accountant |
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Address : |
F-55, SEJ Plaza, 1st Floor, Marve Road, Malad – (West),
Mumbai – 400064, Maharashtra, India |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs. 2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000 |
Equity Shares |
Rs.100/- each |
Rs. 0.900 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.900 |
0.900 |
0.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.902 |
0.706 |
0.574 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.802 |
1.606 |
0.874 |
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LOAN FUNDS |
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1] Secured Loans |
1.302 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.346 |
0.284 |
1.175 |
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TOTAL BORROWING |
1.648 |
0.284 |
1.175 |
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DEFERRED TAX LIABILITIES |
0.025 |
0.000 |
0.000 |
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TOTAL |
3.475 |
1.890 |
2.049 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.405 |
2.366 |
1.901 |
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Capital work-in-progress |
0.559 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.076
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0.285
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1.141 |
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Sundry Debtors |
0.043
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0.655
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0.453 |
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Cash & Bank Balances |
0.124
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0.013
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0.104 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
0.507
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0.665
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0.083 |
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Total
Current Assets |
0.750
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1.618
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1.781 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.165
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1.511
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0.987 |
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Provisions |
0.075
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0.583
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0.646 |
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Total
Current Liabilities |
1.240
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2.094
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1.633 |
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Net Current Assets |
(0.490)
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(0.476)
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0.148 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.475 |
1.890 |
2.049 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TOTAL INCOME |
6.322 |
3.570 |
3.570 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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3.275 |
3.421 |
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Advertising Expenses |
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Interest |
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TOTAL |
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3.275 |
3.421 |
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6.028 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(Including
Depreciation Expenses ) |
0.295 |
0.149 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
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0.113 |
0.028 |
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PROFIT BEFORE
TAX |
0.294 |
0.182 |
0.121 |
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Less |
TAX |
0.099 |
0.050 |
0.053 |
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PROFIT AFTER TAX
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0.195 |
0.132 |
0.068 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.706 |
0.573 |
0.505 |
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BALANCE CARRIED TO
THE B/S |
0.901 |
0.706 |
0.573 |
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Earnings Per
Share (Rs.) |
21.77 |
14.78 |
19.13 |
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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14.300 |
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Expected Sales (2011-2012) : Rs. 20.000 millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
3.08 |
3.73
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1.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.07 |
4.59
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3.31 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
0.11
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0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.60 |
1.48
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3.21 |
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Current Ratio (Current Asset/Current Liability) |
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0.60 |
0.77
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1.09 |
LOCAL AGENCY FURTHER INFORMATION
Note :
The name of the
company was changed from TURRET ENGINEERING COMPANY PRIVATE LIMITED to the
present with effect from 6th September, 2004.
The Registered Office of the company has been shifted from 7, Balkrishna
Krupa,
Form : 8
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10146876 |
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Corporate
identity number of the company |
U27300MH2000PTC128945 |
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Name of the
company |
TURRET ART METAL PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
15 and 16, Shiva Estate, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
State Bank of India, Small and Medium Enterprises City Credit Center,
Synergy, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra,
India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum for recording
creation of mortgage by deposit of title deeds. SME-5 |
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Date of
instrument Creating the charge |
03.03.2009 |
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Amount secured by
the charge |
Rs. 2.190
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms Terms of
Repayment As per sanction
terms Margin As per sanction
terms Extent and
Operation of the charge As per sanction
terms |
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Short particulars
of the property charged |
Hypothecation of stock,
book debts, and receivables. Hypothecation of the machineries to be purchased
out of the bank finance |
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Corporate
identity number of the company |
U27300MH2000PTC128945 |
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Name of the
company |
TURRET ART METAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
15 and 16, Shiva Estate, |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book
debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
State Bank of Small and |
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Nature of instrument
creating charge |
Agreement of
loan-cum-hypothecation. SME-2 |
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Date of
instrument Creating the charge |
03.03.2009 |
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Amount secured by
the charge |
Rs.2.190 millions
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest Cash Credit Rs.0.500 million at SBAR 12.25% p.a. payable monthly Term Loan Rs.1.690 millions ·
Terms
of repayment Term Loan of Rs.1.690 millions will be repayable in 59 installments of
Rs.0.028 million + Interest each. And a final instalment of Rs.0.038 million
4 months offer disbursement. ·
Margin Finished Goods 25% Term Loan 34.18% ·
Extent
and operation of the charge As per the sanction terms. |
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Particulars of
the property charged |
Hypothecation of
stock, book debts and receivables, hypothecation of the machineries to be
purchased out of the bank finance. |
Fixed Assets
·
Plant and Machinery
·
Furniture and Fixture
·
Plant and Machinery
·
Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 |
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US Dollar |
1 |
Rs. 44.40 |
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|
1 |
Rs. 73.26 |
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Euro |
1 |
Rs. 65.17 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.