MIRA
INFORM REPORT
|
Report Date : |
16.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRECISION BUSINESS PARK PRIVATE LIMITED (w.e.f. 08.07.2008) |
|
|
|
|
Formerly Known
As : |
PRECISION RUBBER INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
201-A, Poonam Chambers, Shiv Sagar Estate, Worli, Mumbai -
400 018, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
18.08.1971 |
|
|
|
|
Com. Reg. No.: |
11-015286 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.83.445
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25200MH1971PTC015286 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP15629F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2272L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturers of Aprons and Cots. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
No Business Activity |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
As per available details, there is no business activity in the company
since 2008 due to demerger of Aprons and Cots Division of the company held on
15th February, 2008. Payments are unknown. The company can be considered for business dealings on a safe and
secured 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Barot |
|
Designation : |
Accounts Manager |
|
Date : |
16.12.2011 |
LOCATIONS
|
Registered Office/ Corporate Office : |
201-A, Poonam Chambers, Shiv Sagar Estate, Worli, Mumbai -
400 018, |
|
Tel. No.: |
91-22-40049750 / 40049751 / 40766444 / 40766404 |
|
Fax No.: |
91-22-66605382 / 66605383 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Sales and Marketing Office/ Thane Plant : |
C-45, Road No.25, Wagle Industrial Estate, Thane - 404 604, |
|
Tel. No.: |
91-22-25822569 / 25830983 / 40766333 |
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Fax No.: |
91-22-25821778 |
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E-Mail : |
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302, Harsha House, Karampura Commercial Complex, |
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Tel. No.: |
91-11-25920540 / 25920541 |
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Fax No.: |
91-11-25920540 / 25920541 |
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E-Mail : |
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|
No.62, T. Balan Nagar, Kavundampalayam, |
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Tel. No.: |
91-422-4504152 / 4347152 |
|
Fax No.: |
91-422-2454152 |
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E-Mail : |
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|
|
|
Palia Chouraha, Near |
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Tel. No.: |
91-731-3292923 |
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E-Mail : |
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|
|
|
|
Umbergaon Factory : |
A1-5. G.I.D.C., Umbergaon - 396 171, |
|
Tel. No.: |
91-260-563468 / 563868 |
|
Fax No.: |
91-260-562868 |
|
E-Mail : |
DIRECTORS
As on 16.09.2011
|
Name : |
Mr. Ghansham Tolaram Dembla |
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Designation : |
Director -
Chairman |
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|
Address : |
8/A, Hormazd
Villa, |
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Date of Birth/Age : |
24.11.1934 |
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Date of Appointment : |
18.08.1971 |
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|
00060361 |
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Other Directorship :
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Name : |
Mrs. Rovina G. Dembla |
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Designation : |
Whole Time Director |
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Address : |
8/A, Hormazd
Villa, |
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Date of Birth/Age : |
04.08.1942 |
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Date of Appointment : |
18.08.1971 |
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DIN No.: |
00064013 |
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Other Directorship :
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Name : |
Mr. Diven Ghansham Dembla |
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|
Designation : |
Managing Director |
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|
Address : |
8/A, Hormazd
Villa, |
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Date of Birth/Age : |
27.12.1968 |
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Date of Appointment : |
16.04.1996 |
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DIN No.: |
00060426 |
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Other Directorship :
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|
Name : |
Mr. Niraj Ishwar Thakkar |
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|
Designation : |
Director -
Technical |
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|
Address : |
1001, 10th
Floor, |
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Date of Birth/Age : |
30.11.1970 |
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|
Date of Appointment : |
16.04.1996 |
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DIN No.: |
00060388 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Barot |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ghansham T. Dembla Jointly With Rovina G. Dembla Bhenoy G. Dembla Diven G. Dembla |
|
2076958 |
|
Diven G. Dembla Jointly with Ghansham T. Dembla Rovina G. Dembla Bhenoy G. Dembla |
|
1258417 |
|
Rovina G. Dembla Jointly With Ghansham T. Dembla Bhenoy G. Dembla Diven G. Dembla |
|
1993393 |
|
Ghansham T. Dembla HUF |
|
178600 |
|
|
|
372566 |
|
Ishwar Dhanjidas Thakkar HUF |
|
447733 |
|
Minali N. Thakkar Jointly With |
|
6227 |
|
|
|
2010594 |
|
|
|
10 |
|
Hardayal Tolaram HUF |
|
1 |
|
Harsha Bakhru |
|
1 |
|
Total
|
|
8344500 |
As on 16.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Aprons and Cots. |
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Products : |
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Brand Names : |
“PRECITEX” |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Aprons |
Nos. |
N.A. |
33300000 |
0 |
|
Cots |
Nos. |
N.A. |
22200000 |
0 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Canara Bank,
Worli Branch, |
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|
|
|
Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
K.A. Pandya and Company Chartered Accountants |
|
Address : |
RH-001, Swagat Buillding, Plot No.48, Sector-4, Airoli, Mumbai – 400
708, |
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Tel. No.: |
91-22-27790539 |
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Mobile No.: |
91-9320744041 |
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E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AACPP0416B |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8344500 |
Equity Shares |
Rs.10/- each |
Rs.83.445
millions |
|
|
|
|
|
Notes:
a) Of the above
shares 30000 Equity Shares are allotted as Fully Paid up for payment wholly in
cash.
b) Of the above 5000
Equity Shares have been allotted to the Shareholders of Bajaj Rubber Industries
Private Limited on the merger of the Company.
c) Of the above,
2415000 Equity Shares are allotted as fully paid up by way of Bonus Shares, and
5894500 Equity shares have been allotted as fully paid up pursuant to the
scheme of Amalgamation without payment being received in cash.
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 |
83.445 |
83.445 |
83.445 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
32.819 |
|
|
4] (Accumulated Losses) |
(73.858) |
(75.051) |
0.000 |
|
|
NETWORTH |
9.587 |
8.394 |
116.264 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
135.252 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
83.850 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
219.102 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
5.806 |
|
|
|
|
|
|
|
|
TOTAL |
9.587 |
8.394 |
341.172 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.481 |
7.647 |
72.154 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.011 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
167.290 |
|
|
Sundry Debtors |
0.009
|
0.000 |
91.937 |
|
|
Cash & Bank Balances |
3.964
|
0.031 |
25.126 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.431
|
1.053 |
73.436 |
|
Total
Current Assets |
7.404
|
1.084 |
357.789 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.557 |
0.018 |
22.762 |
|
|
Other Current Liabilities |
6.293
|
0.266 |
35.386 |
|
|
Provisions |
1.468
|
0.200 |
30.906 |
|
Total
Current Liabilities |
8.318
|
0.484 |
89.054 |
|
|
Net Current Assets |
(0.914)
|
0.600 |
268.735 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.019 |
0.146 |
0.272 |
|
|
|
|
|
|
|
|
TOTAL |
9.587 |
8.394 |
341.172 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.925 |
0.000 |
456.640 |
|
|
|
Property Rent Receipt |
|
0.920 |
3.138 |
|
|
|
Increase/ (Decrease) in Stock) |
|
0.000 |
0.910 |
|
|
|
TOTAL |
5.925 |
0.920 |
460.688 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Raw Materials Consumed |
3.464 |
0.000 |
173.039 |
|
|
|
Purchases for Trading |
|
0.000 |
1.923 |
|
|
|
Operating and Other Expenses |
|
1.122 |
231.256 |
|
|
|
TOTAL |
3.464
(including interest/ financial expenses and depreciation) |
1.122 |
406.218 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
(0.202) |
54.470 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES |
|
0.000 |
26.789 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(0.202) |
27.681 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.476 |
14.125 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2.461 |
(0.678) |
13.556 |
|
|
|
|
|
|
|
|
|
|
|
1.268 |
0.000 |
0.188 |
|
|
|
|
|
|
|
|
|
|
SUB TOTAL |
|
(0.678) |
13.744 |
|
|
|
|
|
|
|
|
|
Less |
Provision for
Current Tax including Wealth Tax and Fringe Benefit Tax |
|
0.200 |
7.200 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT/
(LOSS) AFTER TAX, WEALTH TAX AND FRINGE BENEFIT TAX |
1.193 |
(0.878) |
6.544 |
|
|
|
|
|
|
|
|
|
Add |
Provision for
Deferred Tax Assets (Liability) |
NA |
0.000 |
0.902 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
0.000 |
9.972 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed
Dividend |
NA |
0.000 |
2.503 |
|
|
|
Provision for Corporate Tax on Proposed
Dividend |
NA |
0.000 |
0.425 |
|
|
|
Profit & Loss Account |
NA |
(0.878) |
14.490 |
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
For Value of |
NA |
0.000 |
95.990 |
|
|
|
Reimbursement of Freight and Insurance |
NA |
0.000 |
1.253 |
|
|
|
Others |
NA |
0.000 |
0.618 |
|
|
TOTAL EARNINGS |
NA |
0.000 |
97.861 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
0.000 |
60.153 |
|
|
|
Plant and Machineries |
NA |
0.000 |
1.678 |
|
|
TOTAL IMPORTS |
NA |
0.000 |
61.831 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.14 |
(0.11) |
0.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
20.14
|
(95.43) |
1.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.00 |
2.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.76
|
(7.77) |
3.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
(0.08) |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
0.06 |
2.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89
|
2.23 |
4.02 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
0.557 |
0.018 |
22.762 |
|
|
|
|
|
FINANCIAL
HIGHLIGHTS: (As on 31.03.2010)
The Company has no manufacturing activity during the year.
OPERATIONAL REVIEW
AND FUTURE OUTLOOK: (As on 31.03.2009)
The Board of Directors of the Company have decided to Demerger the running
business of APRON and COTS Division of Manufacturing unit Precision Rubbers
Industries Private Limited having its manufacturing plant situated at Thane
Maharashtra State held on 15th February 2008.
In continuation of demerger process, name of Precision Rubber Industries
Private Limited has been changed to Precision Business Park Private Limited.
They have received the fresh certificate on Incorporation from Registrar of
Companies, Mumbai.
FORM 8:
|
This form is for |
Modification of
charge |
||||||||||||||
|
Charge
identification number of the modified |
80019880 |
||||||||||||||
|
Corporate
identity number of the company |
U25200MH1971PTC015286 |
||||||||||||||
|
Name of the
company |
PRECISION RUBBER INDUSTRIES PRIVATE LIMITED |
||||||||||||||
|
Address of the
registered office or of the principal place of business in |
201-A, Poonam Chambers, Shiv Sagar Estate, Worli, Mumbai -
400 018, |
||||||||||||||
|
Type of charge |
Immovable
Property |
||||||||||||||
|
Particular of
charge holder |
Canara Bank,
Worli Branch, E-Mail: managermcity0113@canbank.co.in |
||||||||||||||
|
Nature of
description of the instrument creating or modifying the charge |
No Instrument executed
Equitable Mortgage created on Deposit of Title Deeds vide Supplemental Letter
Evidencing Deposit of Title Deeds No Instrument
executed Equitable Mortgage created on Deposit of Title Deeds vide
Supplemental Letter Evidencing Deposit of Title Deeds (both agreement
constitute in single charge) |
||||||||||||||
|
Date of
instrument Creating the charge |
08.02.2008 |
||||||||||||||
|
Amount secured by
the charge |
Rs.159.200
millions |
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|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest @ 15.25%
p.a. shall be charged at Monthly rests Terms of
Repayment: Regular OCC / LC
/ BG: On demand / Annual Review / Periodical Review. Term Loan I: Repayable
in 68 months after 4 months moratorium period. Monthly installment for the
first 67 months is Rs.0.426 million each and the last installment is Rs.0.458
million. Short Term Loan:
Repayable in 12 Monthly installments of Rs.1.170 millions and last installment
of Rs.1.130 millions. Margin: a) OCC : Raw material : 25%; WIP : 35%; Finished Goods and stores: 40%; Book-debts : 40%. (b) L/C : DP LC:
10%;
DA LC: 25%. (c) BG : 15%. (d) TL : 25%. Extent and
Operation of the charge: Exclusive charge
by way of Mortgage on Fixed Assets at S. No. 276/P, 246/P, 287/P in Umbergaon
Estate, Village Umbergaon, District. Bulsar and Plot No. C-45, at Village
Panchpakhadi, District. Thane Others: Limit enhanced to
Rs.159.200 millions |
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|
Short particulars
of the property charged |
Equitable
Mortgage on Company's immovable properties viz. all type of Shed bearing
No.5, Plot bearing No.87 and 88/P consisting of Revenue S. No.276/P, 246/P,
287/P in Umbergaon Estate, admeasuring 648 Sq. Mtrs., Village Umbergaon,
District. Bulsar Equitable
Mortgage on company immovable property situated at Plot No. C-45, admeasuring
7783 Sq. Mtrs. at Village Panchpakhadi, District. Thane and all Buildings and
Machineries appurtenant thereto |
||||||||||||||
|
Date of latest
modification prior to the present modification |
23.08.2007 |
||||||||||||||
|
Particulars of
the present modification |
Limits on
Equitable mortgage on Company's immovable property viz. Shed bearing No.5,
Plot bearing No.87 and 88/P in Umbergaon Estate, Village Umbergaon, District
Bulsar and Plot No. C-45 adm7783 Sq. Mtrs. Village Panchpakhadi, District
Thane has now increased to Rs.159.200 millions, detailed as under
|
FIXED ASSETS:
v
v
v
Office/ Other Premises
v
Plant and Machinery
v
Furniture and Fixture
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 |
|
US Dollar |
1 |
Rs.54.23 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.70.46 |
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.