MIRA INFORM REPORT

 

 

Report Date :

03.06.2011

 

IDENTIFICATION DETAILS

 

Name :

PREMAC TOOLS PRIVATE LIMITED

 

 

Registered Office :

42, Sreenivasanagar, Malgal Village, Nagarabhavi P. O., Bangalore, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

01.06.1994

 

 

Com. Reg. No.:

015701

 

 

Capital Investment / Paid-up Capital :

Rs..2.328 Millions

 

 

CIN No.:

[Company Identification No.]

U29220KA1994PTC015701

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRP01349F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Supplier of Jigs, Fixtures, Assembly Automation and Shop Floor Productivity Aided Equipment to All Leading Machine Tool

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (18)

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Maximum Credit Limit :

USD 5196

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The management has not filed the financials of the company with the government department after the year 2007. Payment terms are not known.

 

Initially, the company can be considered 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

42, Sreenivasanagar, Malgal Village, Nagarabhavi P. O., Bangalore, Karnataka, India 

Tel. No.:

91-80-23305912

Fax No.:

91-80-23103022

E-Mail :

fixsol@premactools.com

 

 

DIRECTORS

 

AS ON 30.09.2006

 

Name :

Mr. Vasudev Mani

Designation :

Director

Address :

2221, 4th Main, 23rd Cross, BSK II Stage, Bangalore – 560070, Karnataka, India 

Date of Birth/Age :

27.09.1952

Date of Appointment :

01.06.1994

 

 

Name :

Mr. Venk Mani

Designation :

Director

Address :

118, Junction Road, Bolto BL3, London, England 

Date of Birth/Age :

30.06.2005

Date of Appointment :

16.12.1994

 

 

Name :

Mr. Vishakdev Mani

Designation :

Director

Address :

2221, 4th Main, 23rd Cross, BSK II Stage, Bangalore – 560070, Karnataka, India 

Date of Birth/Age :

19.07.1982

Date of Appointment :

30.06.205

Date of Ceasing:

30.09.2006

 

 

Name :

Mr. Latha Mani

Designation :

Director

Address :

2221, 4th Main, 23rd Cross, BSK II Stage, Bangalore – 560070, Karnataka, India 

Date of Birth/Age :

17.12.1955

Date of Appointment :

30.09.2006

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2006

 

Names of Shareholders

 

No. of Shares

Mr. Vasudev Mani

 

12470

Mr. Vishakdev Mani

 

3117

Ms. Latha Mani

 

2529

Mr. Venk Mani

 

5155

Ms. H.K.Bharathi

 

1

Ms. H.K.Meena

 

1

Ms. H.K.Jyothi

 

1

Mr. H.K.Ravi

 

1

Ms. H.K.Shyla

 

1

Mr. Jose A

 

1

Mr. Bansilal F.

 

1

Mr. Mehul B Tekkar

 

1

Ms.Vasundhara K.

 

1

Ms. Suchita

 

1

M/s.Engineering Services, Bangalore

 

1

M/s. Mass Tools, Bangalore

 

1

M/s. Guruprasad Engineering, Bangalore

 

1

Mr. Vinod B

 

1

Total

 

23285

 

AS ON 30.09.2006

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Supplier of Jigs, Fixtures, Assembly Automation and Shop Floor Productivity Aided Equipment to All Leading Machine Tool

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Vijaya Bank, Vijayanagar Branch, Vijayanagar, Bangalore - 560040, Karnataka, India

 

 

Facilities :

 

SECURED LOAN

 

Rs. In Millions

31.03.2007

Rs. In Millions

31.03.2006

Cash Credit from Vijaya Bank

(Secured by Hypothecation of Stocks. Further secured by hypothecation of Plant and Machinery and the personal guarantee of the directors)

3.839

2.465

Bills Discounted with Vijaya Bank

(Secured by Hypothecation of Receivables. Further secured by hypothecation of Plant and Machinery and the personal guarantee of the directors)

1.462

 

1.947

Term Loan from Vijaya Bank

(Secured by Hypothecation of Various assets financed by the bank and collatarel security of stocks and Plant and Machinery already changed to the bank. Further secured by the directors)

3.319

0.384

TOTAL

8.620

4.796

 

 

 

UNSECURED LOAN

 

Rs. In Millions

31.03.2007

Rs. In Millions

31.03.2006

ICICI Bank

0.059

0.165

Loans from Directors

1.404

0.490

Loans from Shareholders and Relatives

1.180

0.465

TOTAL

2.643

1.120

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

E S and Associates

Chartered Accountant

Address :

No.765, 1st Floor, Bank of Baroda Building, Gandhi Square, Mysore – 570001, Karnataka, India 

Tel No.:

91-80-2420778/2420784

Fax No.:

91-80-2563333

 

 

Associates/Subsidiaries :

NA

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2007

 

Authorised Capital :

No. of Shares

Type

Value

Amount

40000

Equity Shares

Rs.100/- each

Rs.4.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

23285

Equity Shares

Rs.100/- each

Rs.2.328 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2007

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.328

2.328

1.499

2] Share Application Money

0.000

0.000

0.817

3] Reserves & Surplus

1.898

1.898

0.240

4] (Accumulated Losses)

(2.927)

(2.936)

(2.999)

NETWORTH

1.299

1.290

(0.443)

LOAN FUNDS

 

 

 

1] Secured Loans

8.622

4.795

4.406

2] Unsecured Loans

2.643

1.121

3.142

TOTAL BORROWING

11.265

5.916

7.548

DEFERRED TAX LIABILITIES

0.543

0.492

0.085

 

 

 

 

TOTAL

13.107

7.698

7.190

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

6.482

2.715

2.162

Capital work-in-progress

0.000

0.000

0.00

 

 

 

 

INVESTMENT

0.026

0.026

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2.371

3.016

2.952

 

Sundry Debtors
10.694

5.999

6.687

 

Cash & Bank Balances
0.524

0.682

0.629

 

Other Current Assets
0.013

0.013

0.000

 

Loans & Advances
2.129

1.151

0.873

Total Current Assets
15.731

10.861

11.141

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
7.061

4.655

3.911

 

Other Current Liabilities
1.965

1.116

2.082

 

Provisions
0.107

0.133

0.121

Total Current Liabilities
9.133

5.904

6.114

Net Current Assets
6.599

4.958

5.027

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.001

 

 

 

 

TOTAL

13.107

7.698

7.190

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2007

31.03.2006

31.03.2005

 

SALES

 

 

 

 

 

TOTAL                                    

41.400

26.700

18.900

 

 

 

 

 

 

PROFIT FOR THE YEAR

0.009

0.063

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2007

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
15.70

9.16

(30.84)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.72

1.83

1.82

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

From 8:

 

This form is for

Modification of charge

Charge identification number of the modified 

80028049

Corporate identity number of the company

U85110KA1994PTC015701

Name of the company

PREMAC TOOLS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

42, Sreenivasanagar,Malgal Village,

Nagarbvhavi P.O., Bangalore, Karnataka

India

Type of charge

Movable Property

Floating Charge

Particular of charge holder

Vijaya Bank

Nature of description of the instrument creating or modifying the charge

SUPPLEMENTARY AGREEMENT

Date of instrument Creating the charge

23/04/2008

Amount secured by the charge

Rs.7.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

14.5%

 

Terms of Repayment

Working Capital Facility Repayable On Demand

 

Margin

C B P MARGIN-2% P A

 

Extent and Operation of the charge

Charge Extends on All The Afore Said Assets Throigh out The Period of Sanctioned Limits By Way of First Charge

Short particulars of the property charged

Hypothecation of Stock In Trade/Products/Raw Materials/Finished Goods Valued Rs. 500.000 Millions And Plant And Machinery Valued Rs. 630.000 Millions Situated At Factory Premises At 42, Srinivasanagar, Nagarabhavi Post, Bangalore - 560072.

Date of latest modification prior to the present modification

23/04/2008

Particulars of the present modification 

The Total Limit Is Increased To Rs.700.000 Millions From Rs. 570.000 Millions

(Cch- Rs. 500.000 Millions, Ccm- Rs. 50.000 Millions, Cbp- Rs. 150.000 Millions)

 

FIXED ASSETS:

 

·         Computers

·         Vehicles

·         Plant and Machinery

·         Furniture and Fixtures

·         Electrical installation

·         Office Equipments

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.89

UK Pound

1

Rs.73.84

Euro

1

Rs.64.76

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

18

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.