MIRA
INFORM REPORT
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Report Date : |
24.02.2011 |
Note : Registered Office
of the company has been shifted from 107, Gambhir Industrial Estate, C Wing, Off.
IDENTIFICATION DETAILS
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Name : |
TOTAL TOOLS AND EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
A-57, Giriraj Industrial Estate, 1st Floor, Mahakali Caves
Road, Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.08.1989 |
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Com. Reg. No.: |
11 - 052892 |
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CIN No.: [Company
Identification No.] |
U29220MH1989PTC052892 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09151C |
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PAN No.: [Permanent
Account No.] |
AAACT4144P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tools. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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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Maximum Credit Limit : |
USD 68000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported as
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 – April 1, 2010
|
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. Chandra |
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Designation : |
Senior Manager in Operations |
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Date : |
23.02.2011 |
LOCATIONS
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Registered Office : |
A-57, Giriraj Industrial Estate, 1st Floor, Mahakali Caves
Road, Andheri (East), Mumbai – 400093, Maharashtra |
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Tel. No.: |
91-22-40661228 |
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Fax No.: |
91-22-26879766 |
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E-Mail : |
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Branch Office : |
Located at : v
Pune v
v
v
Mumbai |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Anish Linesh Sheth |
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Designation : |
Director |
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Address : |
B-703, |
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Date of Birth/Age : |
06.05.1970 |
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Qualification : |
Engineer |
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Date of Appointment : |
04.08.1989 |
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DIN No : |
00092926 |
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Name : |
Mr. Amit Linesh Sheth |
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Designation : |
Director |
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Address : |
10, Archana, 18/20, |
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Date of Birth/Age : |
16.07.1978 |
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Qualification : |
MBA |
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Date of Appointment : |
20.05.2003 |
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DIN No : |
00092872 |
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Name : |
Mr. Linesh Dullabhdas Sheth |
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Designation : |
Managing Director |
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Address : |
10, Archana, 18/20, |
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Date of Birth/Age : |
11.07.1939 |
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Qualification : |
Engineer |
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Date of Appointment : |
15.12.1994 |
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DIN No : |
00092809 |
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Name : |
Mr. Lokendra Dullabhdas Sheth |
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Designation : |
Director |
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Address : |
34, Lavina, 52-A, |
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Date of Birth/Age : |
13.01.1946 |
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Date of Appointment : |
15.12.1994 |
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DIN No : |
00092670 |
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Name : |
Mr. Chaitanya Lokendra Sheth |
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Designation : |
Director |
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Address : |
34, Lavina, 52-A, |
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Date of Birth/Age : |
30.11.1976 |
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Date of Appointment : |
15.01.1995 |
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DIN No : |
00093002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Anish Linesh Sheth |
20000 |
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Amit Linesh Sheth |
20000 |
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Linesh Dullabhdas Sheth |
20000 |
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Lokendra Dullabhdas Sheth |
20000 |
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Chaitanya Lokendra Sheth |
20000 |
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Wood Tools |
100000 |
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Total |
200000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tools |
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Products : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
35 (5 In Office and 30 In Factory) (Approximately) |
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Bankers : |
v
Bank of Worli Branch, Ready Money Terrace, Worli Naka, Dr. A B Road, Mumbai – 400018,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. Sanghani and Company Chartered Accountants |
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Address : |
B-4, Parekh Apartment, Ground Floor, |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 10/- 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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200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.218 |
10.655 |
9.209 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.218 |
12.655 |
11.209 |
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LOAN FUNDS |
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1] Secured Loans |
20.126 |
24.343 |
22.167 |
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2] Unsecured Loans |
6.552 |
6.009 |
8.511 |
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TOTAL BORROWING |
26.678 |
30.352 |
30.678 |
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DEFERRED TAX LIABILITIES |
0.918 |
0.852 |
0.735 |
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TOTAL |
44.814 |
43.859 |
42.622 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.205 |
15.189 |
14.609 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
10.228 |
4.751 |
4.573 |
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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 |
11.972
|
14.421 |
20.588
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Sundry Debtors |
48.136
|
31.839 |
35.337
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Cash & Bank Balances |
4.237
|
6.787 |
7.515
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
7.451
|
8.439 |
5.157
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Total
Current Assets |
71.796
|
61.486 |
68.597 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
42.774 |
32.386 |
40.779 |
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Other Current Liabilities |
5.370
|
2.536 |
3.483
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Provisions |
5.271
|
2.645 |
0.895
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Total
Current Liabilities |
53.415
|
37.567 |
45.157 |
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Net Current Assets |
18.381
|
23.919 |
23.440 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
44.814 |
43.859 |
42.622 |
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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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Sales |
|
93.315 |
90.483 |
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Other Income |
|
1.576 |
2.234 |
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TOTAL |
113.419 |
94.891 |
92.717 |
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Less |
EXPENSES |
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Cost of Sales |
|
56.723 |
64.514 |
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Administrative Expenses |
|
25.541 |
18.854 |
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TOTAL |
|
82.264 |
83.368 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
100.925 |
12.627 |
9.349 |
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(Including |
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Less |
FINANCIAL
EXPENSES |
Financial |
4.200 |
3.180 |
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Charges) |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
8.427 |
6.169 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.615 |
2.514 |
2.158 |
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PROFIT BEFORE
TAX |
9.879 |
5.913 |
4.011 |
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Less |
TAX |
2.965 |
2.127 |
1.339 |
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PROFIT AFTER TAX
|
6.914 |
3.786 |
2.672 |
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less |
EXCESS PROVISION
FOR INCOME TAX |
(0.010) |
0.000 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.696 |
3.850 |
1.678 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.600 |
0.600 |
0.500 |
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Dividend |
2.000 |
2.000 |
0.000 |
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Tax on Dividend |
0.340 |
0.340 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
8.660 |
4.696 |
3.850 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
8.941 |
15.527 |
NA |
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TOTAL EARNINGS |
8.941 |
24.468 |
NA |
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IMPORTS |
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Finished Goods |
38.541 |
30.341 |
NA |
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TOTAL IMPORTS |
38.541 |
68.882 |
NA |
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Earnings Per
Share (Rs.) |
34.57 |
18.93 |
13.36 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
3.99 |
2.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.71
|
6.34 |
4.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.23
|
7.71 |
4.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.47 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.71
|
5.43 |
6.83 |
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Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.64 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
(Rs.
In Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
SUNDRY CREDITORS |
|
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|
Creditors for Purchases |
3.740 |
30.487 |
37.932 |
|
Creditors for Expenses |
39.034 |
1.899 |
2.847 |
|
Total |
42.774 |
32.386 |
40.779 |
OPERATIONS:
During the year 2009-2010
the company continued to consolidate its position, rationalize the product mix
and focused on its marketing strengths. For the stage of consolidation, as part
of review, they had focused their attention on all areas of wastage and
ineffectiveness as well as on Export Market and Service Centre for Tools
Sharpening.
They rationalized
our product mix, to those ranges where they had excellent response from
customers. They tapped all those industries, on all India bases by taking up
short projects and giving them trials. The trials were successful in all
aspects and they have now consolidated their strength in the export market as
well as establishing Service Center facility as part of their project. Hence by
focusing on these strengths, they are today almost in a position of being
market leaders in a couple of products and in others, the same process is on.
By this exercise, they are in a stage where they have created a base, and
systems by which they can leap ourselves towards future and progress in multiples
every year.
This time they
have achieved the turnover of Rs.113.419 millions as against last year of Rs
94.891 millions and profit before tax of Rs.9.879 millions against last year of
Rs.5.913 millions.
FORM 8
|
Corporate
identity number of the company |
U29220MH1989PTC052892 |
|
Name of the
company |
Total Tools and Equipments Private Limited |
|
Address of the
registered office or of the principal place of business in |
107, Ghambhir Industrial
Estate, C Wing, Off. Aarey Road, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others |
|
Particular of
charge holder |
Bank of
Maharashtra Worli Branch,
Ready Money Terrace, Worli Naka, Dr. A B Road, Mumbai - 400018, Maharashtra,
India Email ID: bom50@mahabank.co.in |
|
Nature of
instrument creating charge |
Composite deed
of hypothecation for all facilities. |
|
Date of
instrument Creating the charge |
25.07.2008 |
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Amount secured by
the charge |
Rs.42.450 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest @ BPLR
+ 0.50% i.e.14.00% p.a. with monthly rests. Interest on Packing Credit &
Commission on FOBN / FOBP as per
C.O. / FEDAI Guidelines. Terms of
repayment Cash
Credit on Demand. Packing Credit on realization of bills. New Term Loan, by present
modification, repayable by monthly installment of Rs.0.091 million w.e.f.
October 2008, to be repaid within 60 months excluding moratorium period of 3
months.. Margin 25%
for cash credit limit & Term Loan. 10% for Packing Credit. Extent and operation
of the charge Hypothecation
charge on book debts, stock for export, IPR etc as described in column 14 to
cover apart from principal sums of Cash Credit, Packing Credit, FOBN/FOBP/
Rupee Advance, Term Loan (New) and Existing Term Loans in aggregate of Rs.42.450
millions and interests, charges, costs and expenses. |
|
Short particulars
of the property charged (Including location of the property) |
Present
and future movable plants, machineries, goods stocks of Raw materials,
articles, installations, equipment, tools, implements and vehicle 8 No. of
imported Sharpening and 3 CNC Sharpening machines stocks in process, semi
finished / finished goods, consumable stores and spares, stock in trade lying
/ installed at its gala at Goregaon (E), or in transit and book debts,
receivables, claims in Schemes e.g. DDS, documents of title, goodwill, IPRs,
contracts, investments, rights titles interests therein |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. If yes, in whose
name it is registers |
Yes Since these are movables not requiring registration. |
|
Charge
identification number of the charge to be modified |
90223058 |
|
Date of
instrument modifying the charge |
10.08.2007 |
|
Particulars of the
present modification |
Existing charge of hypothecation securing Rs.22.750 millions by last
modification of 10.08.2007. now extended to credit facilities aggregating
Rs.42.450 millions thus in Rs. Million : Cash Credit : 95 (enhanced from 50),
Packing Credit : 55 (enhanced from 15), FOBN / FOBP 75 (enhanced from
17.5), Term Loan (existing) 91, Term Loan (existing) 5.370 and New Term Loan
Rs.5.480 respectively |
FIXED ASSETS
v Computer
v Furniture and Fitting
v Equipments
v Plant and Machinery
v Tel and Mobile Phones
v Vehicles Office
v Air Conditioner
v Office Premises
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.45.20 |
|
|
1 |
Rs.73.16 |
|
Euro |
1 |
Rs.61.88 |
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 |
5 |
|
--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 |
|
46 |
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.