MIRA
INFORM REPORT
|
Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
RECON MACHINE TOOLS PRIVATE LIMITED |
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Registered
Office : |
9, Hoota Galli Industrial Area, Off |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.09.1982 |
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Com. Reg. No.: |
004934 |
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Capital
Investment / Paid-up Capital : |
Rs.0.570 Million |
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CIN No.: [Company Identification
No.] |
U27101KA1982PTC004934 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRR02006E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Plant and Machinery used for metal cans,
metal closures and steel drums. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [45] |
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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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USD 49000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Subject is an
established company having satisfactory track. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 DECLINED BY
|
Name : |
Mr. Anil |
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Designation : |
Accounts Manager |
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Date : |
03.11.2011 |
LOCATIONS
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Registered Office : |
9, Hoota Galli Industrial Area, Off |
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Tel. No.: |
91-821-2402441 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 27.09.2010
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Name : |
Mr. Chandrashekhar Santhur Kambalguttu Rao |
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Designation : |
Director |
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Address : |
6004, Sagar Kanya, |
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Date of Birth/Age : |
06.12.1947 |
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Date of Appointment : |
04.09.1982 |
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DIN : |
00221105 |
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Other Directorship : |
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Name : |
Mr. Dattatraya Kogga Bantwal |
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Designation : |
Director |
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Address : |
Flat No. 2-A, A – Building, Cresent CoOperative Housing Society, |
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Date of Birth/Age : |
15.06.1938 |
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Date of Appointment : |
04.09.1982 |
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DIN : |
00221052 |
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Other Directorship : |
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Name : |
Mr. Anantharay Pai |
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Designation : |
Director |
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Address : |
13, Gulab View, Chembur, Mumbai – 400074, |
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Date of Birth/Age : |
03.09.1944 |
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Date of Appointment : |
04.09.1982 |
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DIN : |
00307460 |
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Other Directorship : |
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KEY EXECUTIVES
|
Name : |
Mr. Anil |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
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No. of Shares |
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Chandrashekhar Santhur Kambalguttu Rao |
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1900 |
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Dattatraya Kogga Bantwal |
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1900 |
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Anantharay Pai |
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1900 |
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Total |
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5700 |
As on 27.09.2010
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Equity Share
Break Up Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Plant and Machinery used for metal cans,
metal closures and steel drums. |
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Products : |
-Packing Machines -Metal Cans
-Metal Closures
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Syndicate Bank, Saraswathipuram Branch, 2961/38A, 5th
Main, 5th Cross, Saraswathipuram, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B Chartered Accountants |
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Address : |
72, 2nd Floor, Sri Madhvesha Complex, |
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PAN : |
AADFB1008N |
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Entitie over which key management personnel and their relatives are
able to exercise influence : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10,000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5,700 |
Equity Shares |
Rs.100/- each |
Rs.0.570 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
0.570 |
0.570 |
0.570 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.687 |
11.029 |
10.699 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.257 |
11.599 |
11.269 |
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LOAN FUNDS |
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1] Secured Loans |
0.989 |
2.874 |
1.070 |
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2] Unsecured Loans |
0.043 |
0.384 |
0.430 |
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TOTAL BORROWING |
1.032 |
3.259 |
1.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.289 |
14.857 |
12.769 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.557 |
5.355 |
5.118 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.018 |
0.018 |
0.018 |
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DEFERREX TAX ASSETS |
0.044 |
0.087 |
0.063 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.767
|
10.375 |
9.594 |
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Sundry Debtors |
7.015
|
9.448 |
5.811 |
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Cash & Bank Balances |
4.949
|
3.997 |
2.884 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
1.300
|
0.947 |
1.826 |
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Total
Current Assets |
26.031
|
24.767 |
20.115 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
6.897
|
7.489 |
5.030 |
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Other Current Liabilities |
10.464
|
7.877 |
7.205 |
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Provisions |
0.000
|
0.004 |
0.310 |
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Total
Current Liabilities |
17.361
|
15.370 |
12.545 |
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Net Current Assets |
8.670
|
9.397 |
7.570 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.289 |
14.857 |
12.769 |
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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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SALES |
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Income |
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Other Income |
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TOTAL (A) |
32.092 |
31.512 |
26.472 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
29.918 |
29.449 |
25.223 |
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[Including
Depreciation and Finance Expenses] |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.174 |
2.063 |
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Less |
FINANCIAL
EXPENSES (D) |
0.346 |
0.419 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.828 |
1.644 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.791 |
0.979 |
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PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
1.037 |
0.665 |
1.249 |
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Less |
TAX (H) |
0.379 |
0.335 |
0.362 |
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PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
0.658 |
0.330 |
0.887 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value of Export |
4.291 |
0.416 |
3.795 |
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TOTAL EARNINGS |
4.291 |
0.416 |
3.795 |
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Earnings/[Loss]
Per Share (Rs.) |
115.51 |
57.87 |
155.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.05
|
1.05 |
3.35 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.39
|
2.21 |
4.95 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.06 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.50
|
1.61 |
1.25 |
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Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.61 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
No |
|
Incorporation
details, if applicable |
- |
|
Last
accounts filed at ROC |
- |
|
Major
Shareholders, if applicable |
- |
Bankers Charges Report
as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80037575 |
|
Corporate
identity number of the company |
U27101KA1982PTC004934 |
|
Name of the
company |
RECON MACHINE TOOLS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
9,Hoota Galli
Industrial Area, Off. |
|
Type of charge |
|
|
Particular of
charge holder |
Syndicate Bank, Saraswathipuram Branch, 2961/38A, 5th
Main, 5th Cross, Saraswathipuram, |
|
Nature of description
of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement, OD/CC/Loan Facility granted to us, Request Letter
for Loan/Credit Facility date
27.9.2007 Comprehensive Pre and Post Shipment Agreement, Confirmation of creation
of second/subsequent equitable mortgage date 27.9.2007. |
|
Date of
instrument Creating the charge |
27.09.2007 |
|
Amount secured by
the charge |
Rs.6.900 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 14 % p a being 1% over Syndicate Bank's PLR for both working capital Terms of
Repayment - WC: Valid from December 2007 to August 2008. Margin - 30% for
Working Capital Extent and
Operation of the charge – 1.Working capital
limits of Rs. 1900 millions comprising of Rs 1.500 millions as SOD limit and
Rs 0.400 million as CDD limits. 2.Hypothecation
of stock in trade consisting of raw
materials , finished, work in progress, finished goods stored/to be stored at
the company's godown/premises as per Schedule III. 3. PCL/LC of Rs
2.500 millions and FDBP/LC of Rs 2.500 millions. Each PCL to be cleared
within a period of 180 days. Total amount is
Rs 6.900 millions. Others -
Continuing Equitable Mortgage of property at Plot No 9, Hootagally Indl area,
Hunsur road, |
|
Short particulars
of the property charged |
Hypothecation of
stock in trade consisting of raw materials
, finished, work in progress, finished goods stored/to be stored at the
company's godown/premises as per Schedule III.Continuing Equitable Mortgage
of property at Plot No 9, Hootagally Indl area, Hunsur road, |
|
Date of latest modification
prior to the present modification |
19.10.2005 |
|
Particulars of
the present modification |
The credit limits
are increased to Rs 6.900 millions, comprising of Working capitals limits of
Rs 1.900 millions, PCL/LC of Rs 2.500
millions and FDBP/LC of Rs 2.500 millions. |
FIXED ASSETS :
- Land
- Borewell
- Industrial
Gala – Mumbai
- Factory /
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Spares and
Accessories
- Computer
- Electrical
Installations
- Vehicles
- Technical
Know-how
- Motor Car
- Bicycle
- Air Conditioner
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. 51.44 |
|
|
1 |
Rs. 80.37 |
|
Euro |
1 |
Rs. 69.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.