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MIRA
INFORM REPORT
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Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
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Name : |
TORFENSTER SYSTEMS ( |
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Registered
Office : |
# 564, 2nd Floor, 6th Main, 3rd
Block, 3rd Stage, Basaveshwara Nagar, |
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Country : |
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Date of
Incorporation : |
27.08.2010 |
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Com. Reg. No.: |
054987 |
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CIN No.: [Company Identification
No.] |
U74900KA2010PTC054987 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
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Manufacturer and Importer of UPVC Profiles. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of Torfenster Systems a partnership concern
started in the year 2002. It is a company having moderate track records. Trade relations are
reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Madam Vidya |
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Designation : |
Sales Coordinator |
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Contact No.: |
91-80-23224282 |
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Date : |
03.01.2011 |
LOCATIONS
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Registered/ Head Office : |
# 564, 2nd Floor, 6th Main, 3rd
Block, 3rd Stage, Basaveshwara Nagar, |
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Tel. No.: |
91-80-23224282/ 83/ 84 |
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Fax No.: |
91-80-42102091 |
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E-Mail : |
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Website : |
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Area : |
3000 sq ft |
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Location : |
Owned |
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Factory : |
Survey No.128, 19th KM, Machohalli Gate, Machohalli
Industrial Estate, Magdi Main Road, Viswaneedam, Dasanapura Hobli, Bangalore
– 560 091, Karnataka, India |
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Branch Office 1 : |
G 5, City Plaza, Kudmul Ranga Rao Road, Near P.V.S. Circle,
Shedigudda, Mangalore-3, Karnataka, India |
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Branch Office 2 : |
# 105, Prasang Hall, Opposite Mangalam Hospital, 150ft. Ring Road,
Rajkot, Gujarat, India |
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Channel Partners : |
No. 811, “Safal Prelude”, Corporate Road, Ultraflex, Sowbhagya Abode,
8-2-502/1/B, Road No. 7 Banjara Hills, Hyderabad-500 034, Mr. Hitesh Pune Mr. Sashi Phone : 91-96235 65465 |
DIRECTORS
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Name : |
Mr. Narendra K. Changela |
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Designation : |
Director |
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Address : |
98, Ashirvad Apartments, 2nd Floor, 8th Main, 4th
Block, 4th Stage, Basaveswaranagar, |
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Date of Birth/Age : |
29.11.1970 |
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Name : |
Mr. Piyush K. Patel |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
14.08.1977 |
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Name : |
Mr. Jasmin V. Bhalani |
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Designation : |
Director |
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Address : |
Sagar 23-B Sai Nagar, Jagnnath Society, |
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Date of Birth/Age : |
23.06.1978 |
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Name : |
Snehal Valabhbhai Changela |
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Designation : |
Whole-time director |
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Address : |
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Date of Birth/Age : |
12.12.1983 |
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Date of Appointment : |
30.08.2010 |
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Name : |
Chhaganbhai Busha |
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Designation : |
Whole-time director |
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Address : |
Amrutnagar Society, Street No 2 Corner, |
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Date of Birth/Age : |
10.1101960 |
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Date of Appointment : |
30.08.2010 |
KEY EXECUTIVES
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Name : |
Madam Vidya |
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Designation : |
Sales Coordinator |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Narendra K. Changela |
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1000 |
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Piyush K. Patel |
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1000 |
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Jasmin V. Bhalani |
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1000 |
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Total
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3000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of UPVC Profiles. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
L/C, Cash and Credit (30/ 60/ 90 days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
80 (Approximately) |
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Bankers : |
Karnataka Bank
Limited, P.B. No 9719, 1st Floor, |
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Facilities : |
Cash Credit – Rs.54.700 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Kamlakar Chartered Accountant |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/-
each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000 |
Equity Shares |
Rs.100/-
each |
Rs.0.300
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
(TORFENSTER
SYSTEMS - PARTNERSHIP FIRM)
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Particulars |
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31.03.2010 (Approximately) |
31.03.2009 |
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Sales Turnover |
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12.000 |
10.000 |
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LOCAL AGENCY FURTHER INFORMATION
Note:
Torfenster Systems was a partnership firm, it was established in the
year 2002. In August 2010, it has been taken over by Torfenster Systems (
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Corporate
identity number of the company |
U74900KA2010PTC054987 |
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Name of the company
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TORFENSTER SYSTEMS ( |
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Address of the
registered office or of the principal place of business in |
# 564, 2nd Floor, 6th Main, 3rd
Block, 3rd Stage, Basaveshwara Nagar, E-Mail: office@torfenster.com |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Karnataka Bank Limited,
P.B. No 9719, 1st Floor, E-Mail: blr.kg@ktkbank.com |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement and Term Loan Agreement for term loan account of Rs.4.900 millions
and 18.800 millions Hypothecation agreement and DPN for OD Limit of Rs.16.000
millions. |
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Date of
instrument Creating the charge |
25/11/2010 |
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Amount secured by
the charge |
Rs.54.700
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Base Rate + 4.25%
presently 13.25% per annum (Present Base Rate 9%) Terms of
Repayment: PSSITL 4.900 millions:
repayable in 41 EMI of 0.117 million last installment of Rs.0.103 million
interest to be serviced on monthly basis. PSSITL of Rs.18.800 millions:
Repayable in 53 equal monthly installment of Rs.0.349 million each and last
installment of Rs.0.303 million. PSSIOD 16.000 millions: on demand
Inland/Import LC Bank Guarantee of Rs.15.000 millions: As per LC/BG Terms Margin: 25% Extent and
Operation of the charge: As per the
agreement. |
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Short particulars
of the property charged |
Hypothecation of
existing and New plant and Machineries for Term loan of Rs.4.900
millions Hypothecation of
Existing and new machineries to be
purchased/imported by the company for TL of Rs.18.800 millions Hypothecation of
Stock and Book Debts for overdraft limit of Rs.16.000 millions. EM of deposit of
Title Deeds of Residential flat property No 2, GF BDA Site No 98, 4th Block,
4th Stage, EM of deposit of Title
Deeds of Residential flat Property No 6, FF Site No 98, 4th Block, 4th Stage,
West of Chord Road, Industrial Town Basaveshwarnagar Bangalore belonging to
Mr. Narendra K Changela EM of Deposit of
Title Deeds of 14 vacant landed properties at site nos 7, 9, 10, 17, 29, 30,
31, 32, 40, 46, 53, 54, 55 and 56
formed at SY No 129 Gokare (V) Kasaba Hobli Devanahalli Tq belong to ashraya
Developer Personal
Guarantee of all the Directors of the Company i.e. Narendra K Changela, Mr.
Jasmin V Bhalani, Mr. Piyush K Patel, Snehal V Changela, and Chhaganbhai M Patel Corporate
Guarantee of Aashraya Builders represented by its partners Mr. Narendra K
changela and Mr. Chhaganbhai M Patel |
WEBSITE DETAILS:
PROFILE:
Torfenster uPVC window and door systems is one of the brand of Patel Group of companies, setup in 2002 at Bangalore and has tie up with Profine Group - Germany. They fabricate windows and doors with high qualified and trained man power by the technical support from kommerling. Patel Group of Companies are the group of professionally managed companies and working with the well known companies like Jindal Saw, Jindal south west (JSW), Kudremukh Iron Ore Company Limited (KIOCL), SAL steel, Shreyas shipping, etc... Patel group are the manufacturers and traders of premium quality of all kinds of Steels and in shipping industry since 1995. The annual turnover is more than Rs.1000.000 millions.
Profine Group is one of the world's largest manufacturers of
UPVC profiles with Brand name KOMMERLING. Kommerling has played a pioneer role
in manufacturing and marketing of uPVC profiles in the whole world since 1967.
Kommerling controls over 23% of the market share of uPVC profile extrusion in
the world with a turnover of over USD 125 crore (more than Rs.50000.000
millions) in the year 2008 with a growth rate of 18% over the previous year.
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] 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.81 |
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1 |
Rs.69.29 |
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Euro |
1 |
Rs.59.81 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.