MIRA
INFORM REPORT
|
Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRUSHAPE PRECISION CASTINGS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Survey No.160, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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|
Date of
Incorporation : |
09.02.2000 |
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|
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Com. Reg. No.: |
04-037340 |
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|
Capital Investment
/ Paid-up Capital : |
Rs 8.325 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24111GJ2000PTC037340 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT02096D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT2881J |
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|
|
Legal Form : |
Private Limited Liability Company and Precision Casting |
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Line of Business
: |
Manufacturing and Trading in Investments and Precision Casting. |
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|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
a huge accumulated losses recorded by the company. However, Trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
terms and condition. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Harish Kotak |
|
Designation : |
General Manager |
|
Contact No.: |
91-278-2541099 |
|
Date : |
25.07.2011 |
LOCATIONS
|
Registered Office / Factory : |
Survey No.160, |
|
Tel. No.: |
91-278-2541099 |
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Fax No.: |
91-278-2591098 |
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E-Mail : |
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|
Area : |
10000 Sq.ft. |
|
Location : |
owned |
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|
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Kishor Himatsinh Jhala |
|
Designation : |
Director |
|
Address : |
504, Panchsheel 3 Wing A |
|
Date of Birth/Age : |
05.10.1950 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
09.03.2003 |
|
DIN No. : |
00534251 |
|
|
|
|
Name : |
Mr. Shakti Kishor Jhala |
|
Designation : |
Director |
|
Address : |
504, Panchsheel 3 Wing A |
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Date of Birth/Age : |
27.01.1952 |
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Qualification : |
Graduate |
|
Date of Appointment : |
07.03.2005 |
|
DIN No. : |
00534307 |
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|
|
|
Name : |
Mr. Kutubuddin Fakruddin Kapasi |
|
Designation : |
Director |
|
Address : |
Plot No. 508 – H, |
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Date of Birth/Age : |
29.07.1961 |
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Date of Appointment : |
01.06.2010 |
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DIN No. : |
03076953 |
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|
|
|
Name : |
Mr. Tarakbhai Kishorbhai Dholakiya |
|
Designation : |
Director |
|
Address : |
70/B Shivnjali, Devbaug, Near Nilambaug, |
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Date of Birth/Age : |
16.08.1953 |
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Date of Appointment : |
01.06.2010 |
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DIN No. : |
03045979 |
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|
|
|
Name : |
Mr. Sirajali Mansurali Makda |
|
Designation : |
Director |
|
Address : |
202, Pruthvi Vallabh Complex, |
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Date of Birth/Age : |
21.12.1958 |
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Date of Appointment : |
01.06.2010 |
|
DIN No. : |
03076971 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Jhala Kishorsinh |
|
403100 |
|
Jhala Jyotiben K |
|
67500 |
|
Jhala Niti K |
|
89900 |
|
Jhala Shaktisinh |
|
271969 |
|
Total |
|
832469 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading in Investments and Precision Casting |
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|
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|
Products : |
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|
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Exports : |
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|
Products : |
Investment Castings |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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|
|
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS As on 31.03.2009
|
Particulars |
|
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Investments |
|
NA |
NA |
20919.86 K.G. |
|
Castings |
|
|
|
(35750) |
GENERAL INFORMATION
|
No. of Employees : |
30 (Approximately) |
|
|
|
|
Bankers : |
|
|
Banking Relations
: |
-- |
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|
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|
Financial
Institute: |
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|
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Auditors : |
|
|
Name : |
A. J. and Company Chartered Accountant |
|
Address : |
Urja House, opposite Jyoti Mahila Vidyalaya, Lokhand Bazar |
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Pan No.: |
ACXPM5850H |
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|
|
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Associates/Subsidiaries : |
Steelbar Re Rollers |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
832469 |
Equity Shares |
Rs.10/-each |
Rs 8.325
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.325 |
8.325 |
8.325 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(15.031) |
(12.682) |
(10.756) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
(6.706) |
(4.357) |
(2.431) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
6.275 |
|
|
2] Unsecured Loans |
24.695 |
25.983 |
19.114 |
|
|
TOTAL BORROWING |
24.695 |
25.983 |
25.389 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17.989 |
21.626 |
22.958 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
11.117 |
10.999 |
12.027 |
|
|
Capital work-in-progress |
0.480 |
0.615 |
0.615 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.039
|
3.642
|
5.499 |
|
|
Sundry Debtors |
1.410
|
2.294
|
4.841 |
|
|
Cash & Bank Balances |
1.590
|
0.939
|
0.038 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
3.647
|
4.252
|
1.644 |
|
Total
Current Assets |
7.686
|
11.127
|
12.022 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.264
|
1.024
|
1.513 |
|
|
Other Current Liabilities |
0.036
|
0.000
|
0.081 |
|
|
Provisions |
0.000
|
0.103
|
0.128 |
|
Total
Current Liabilities |
1.300
|
1.127
|
1.722 |
|
|
Net Current Assets |
6.386
|
10.000
|
10.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.006 |
0.012 |
0.018 |
|
|
|
|
|
|
|
|
TOTAL |
17.989 |
21.626 |
22.958 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8.804 |
6.397 |
9.263 |
|
|
|
Other Income |
0.452 |
1.355 |
1.537 |
|
|
|
TOTAL (A) |
9.256 |
7.752 |
10.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
2.578 |
0.880 |
3.416 |
|
|
|
Manufacturing Expenses |
6.082 |
4.584 |
6.866 |
|
|
|
Establishing and Selling Expenses |
0.320 |
1.082 |
0.871 |
|
|
|
Increased / Decreased in Stock |
1.974 |
2.045 |
(2.405) |
|
|
|
TOTAL (B) |
10.954 |
8.591 |
8.748 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.698) |
(0.839) |
2.052 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.013 |
0.472 |
1.351 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1.711) |
(1.311) |
0.701 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.638 |
0.615 |
0.656 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(2.349) |
(1.926) |
0.045 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(2.349) |
(1.926) |
0.045 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(12.682) |
(10.756) |
(10.801) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(15.031) |
(12.682) |
(10.756) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.82 |
2.31 |
0.05 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
20.000 |
Expected Sales (2011 - 2012) : Rs.35.000 Millions
The above information has been parted by Mr. Harish (General Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(25.38)
|
(24.84)
|
0.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(26.68)
|
(30.10)
|
0.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.18)
|
(8.70)
|
0.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
(0.44)
|
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(3.88)
|
(6.22)
|
(11.15) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.91
|
9.87
|
6.98 |
LOCAL AGENCY FURTHER INFORMATION
Operation:
Trushape Precision Castings Private Limited is company formed registered
under the companies act, 1956. The activity of this company is manufacturing /
trading in investment and precision casting
Trade Reference:
- ITec
Investment Casting Limited
- L and T
- Siemens
Form 8
|
Corporate
identity number of the company |
U24111GJ2000PTC037340 |
|
Name of the
company |
Trushape Precision Castings Private Limited |
|
Address of the
registered office or of the principal place of business in |
Survey No.160, |
|
This form is for |
Modification
Charge |
|
Charge
identification (ID) number of the charge to be modified |
90106020 |
|
Type of charge |
Hypothecation Equitable mortgage
or mortgage of property by depositing the title deeds |
|
Particular of
charge holder |
State Bank of Saurashtra SSI Branch, Atabhai Chowk, |
|
Amount secured by
the charge |
Rs.14.000
Millions |
|
Description of the
property charged indicating whether it is a charge on |
Immovable
properties Plant and
machinery Book debts Stock in trede |
|
particulars of
the property or asset(s) charged (including complete address and location of
the property) |
|
|
Brief Description
of the instrument modifying the charge under section 135 |
Memorandum of
Deposit of Title Deeds |
|
Date of
instrument modifying the charge |
05.04.2006 |
|
Particulars of
the present modification |
The existing loan
be now further covered be this equitable mortgage of factory land and
building. |
Fixed Assets:
- Land
- Office Equipments
- Office Furniture
- Laboratory Equipments
- Plant and Machinery
- Electric Installation
- Computers
- Fax Machine
- Shell Structure
- Bolero Car
- Water Cooler
- Water Softing Plant
- Air Conditioner
- Weight Machine
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 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.44.15 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--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 |
|
12 |
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.