MIRA INFORM REPORT

 

 

Report Date :

21.06.2011

 

IDENTIFICATION DETAILS

 

Name :

PATSON MACHINES PRIVATE LIMITED

 

 

Registered Office :

SNEH C-11 Erandwane Society, 14/5, Erandwane, Pune-411004, Maharashtra.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

23.03.2006

 

 

Com. Reg. No.:

11 - 022214

 

 

Capital Investment / Paid-up Capital :

Rs. 2.500 Millions

 

 

CIN No.:

[Company Identification No.]

U29299PN2006PTC022214

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEP10561F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Machines and Machines Equipment

 

 

No. of Employees :

35 (Approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 5600

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears some accumulated losses being recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings with some cautions.

 

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

 

 

INFORMATION DECLAINED BY

 

Name :

Ms.Vidya

Designation :

Accountant

Contact No.:

91-20-25442913

Date :

18.06.2011

 

 

LOCATIONS

 

Registered Office :

SNEH C-11 Erandwane Society, 14/5, Erandwane, Pune-411004, Maharashta, India.

Tel. No.:

91-20-25442913/ 25292830/ 65709980/ 65619979

Fax No.:

91-20-25410836/ 25442913/ 65709980

E-Mail :

patsontech@vsnl.net

Website :

www.patsonmachines.om

Location :

Ownrd

 

 

Factory :

Shop No-H3, Survey No.77/1+2+3 Vishnu Malati IndustrialEstate, Village-Shivane, Pune-411023, Maharashtra, India.

Tel. No.:

91-20-25292830

Fax No.:

91-20-25410836

E-Mail :

patsontech@vsnl.net

 

 

DIRECTORS

As on 30.09.2010

 

Name :

Mr. Shridhar Patwardhan

Designation :

Director

Address :

Sneh C-11 Erandwane Society, 14/5 Erandwane, Pune-411004, Maharashtra, India.

Date of Birth/Age :

15.12.1947

Date of Appointment :

23.03.2006

DIN No.:

00564973

 

 

Name :

Mr. Amit Patwardhan

Designation :

Director

Address :

Sneh C-11 Erandwane Society, 14/5 Erandwane, Pune-411004, Maharashtra, India.

Date of Birth/Age :

31.12.1976

Date of Appointment :

23.03.2006

DIN No.:

00565078

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Mr. Shridhar Patwardhan

 

246000

Mr. Amit Patwardhan

 

4000

Total

 

250000

 

 

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Machines and Machines Equipment

 

 

Products :
  • Multispindle Drilling Heads
  • Multispindle Tapping Heads
  • Automatic quill feed drilling unit upto 40mm
  • Automatic slide units – Upto 1 mtr. Stroke
  • Multispindle Drilling Machines – Vertical / Horizontal
  • Multispindle Tapping Machines – Vertical / Horizontal
  • Way type Drilling, Milling, Tapping and Boring Machines
  • Rotary Indexing Drilling, Milling, Tapping and Boring Machines
  • Spindle Vertical Machining Centre
  • Jigs and Fixtures of all types
  • Precision machined components  
  • Sub assemblies

 

 

GENERAL INFORMATION

 

Customers :

Industries

 

As on 31.03.2009

  • Ordnance Factory
  • Kei hin Fie Private Limited., Pune Plant
  • Kei hin Fie Private Limited., Bawal Plant 
  • Tata Motors Limited., Pune
  • High Technology Transmission Systems (India) Private Limited. (HTTS)
  • Shriniwas Engineering Works, Pune
  • Milling Drilling SPM for Steering Knuckle
  • SPM for Milling and Drilling of Alternator Brack
  • Kumar Motors Private Limited., Pune
  • Nelson Engine Systems India Limited.
  • Oblum Electrical Industries Private Limited.
  • KSB Pumps Limited., Pune
  • B. P. Ergo Limited., Nagpur
  • GKN Sinter Metals Limited
  • Vickers Systems International Limited.
  • Spaco Carburettors (I) Private Limited., Pune
  • Automotive Composiete Systems (I) Private Limited., Pune

 

 

No. of Employees :

35 (Approximately)

 

 

Bankers :
  • State Bank Of India, SMECCC, Sharda Chambers, Shankar Sheth Road, Pune - 411037, Maharashtra, India.
  • Standard Chartered Bank
  • Kotak Mahindra

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

State Bank of India C/C Account

2.329

2.158

Term Loan

(Secured by hypothecation of stock receivables Plant and Machinery and Personal Guarantee of Director)

0.665

0.973

Total

2.994

3.131

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Standard Chartered Bank

0.000

0.276

From Directors Relative

1.024

1.125

From Directors

0.309

0.174

Kotak Mahindra

0.000

0.126

Total

1.333

1.701

 

 

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. A. Limya and Company

Chartered Accountant

Address :

Flat No - 9, Smruti Co Operative Hosing Society, Prabhat Road Lane-1, 33/ 38, Erandwane, Pune-411004, Maharshtra, India.

                                     PAN.:

ABGFS8004D

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

250000

Equity Shares

Rs. 10/- each

Rs. 2.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

250000

Equity Shares

Rs. 10/- each

Rs. 2.500 Millions

 

 

NOTE:

 

250000 Equity Shares of Rs.10/-each (Out of 240000 shares have been allotted for consideration Other than 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

2.500

2.500

2.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.260

4] (Accumulated Losses)

(1.085)

(0.100)

0.000

NETWORTH

1.415

2.400

2.760

LOAN FUNDS

 

 

 

1] Secured Loans

2.994

3.131

1.039

2] Unsecured Loans

1.333

1.701

2.871

TOTAL BORROWING

4.327

4.832

3.910

DEFERRED TAX LIABILITIES

0.017

0.028

0.000

 

 

 

 

TOTAL

5.759

7.260

6.670

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.663

1.999

2.130

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

6.701

8.669

7.270

 

Sundry Debtors

4.244

2.903

1.916

 

Cash & Bank Balances

0.692

1.092

1.104

 

Other Current Assets

0.767

0.480

1.868

 

Loans & Advances

0.000

0.000

0.000

Total Current Assets

12.404

13.144

12.158

Less: CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

0.000

0.000

0.000

 

Other Liabilities

8.311

7.868

7.445

 

Provisions

0.011

0.042

0.214

Total Current Liabilities

8.322

7.910

7.659

Net Current Assets

4.082

5.234

4.499

 

 

 

 

MISCELLANEOUS EXPENSES

0.014

0.027

0.041

 

 

 

 

TOTAL

5.759

7.260

6.670

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

 

 

 

Other Income

 

 

 

 

 

TOTAL                                    

21.314

19.871

16.124

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

22.309

20.143

16.037

 

 

 

 

 

 

PROFIT BEFORE TAX              

(0.995)

(0.272)

0.087

 

 

 

 

 

Less

TAX                                                                 

(0.011)

0.089

0.011

 

 

 

 

 

 

PROFIT AFTER TAX                

(0.984)

(0.361)

0.076

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1.990

0.000

0.000

 

TOTAL EARNINGS

1.990

0.000

0.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

 

 

 

Capital Goods

 

 

 

 

TOTAL IMPORTS

0.246

0.000

0.624

 

 

 

 

 

 

Earnings Per Share (Rs.)

(3.94)

(1.44)

0.30

 

Particulars

 

 

 

31.03.2011

Sales Turnover (Approximately)

 

 

24.000

 

The above information has been parted by Ms. Vidya

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
(4.62)

(1.82)

0.47

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(7.07)

(1.80)

0.61

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.70)

(0.11)

0.03

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
8.94

5.31

4.19

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.49

1.66

1.59

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

FORM 8

 

This form is for

Creation of charge

Corporate identity number of the company

U29299PN2006PTC022214

Name of the company

PATSON MACHINES PRIVATE LIMITED

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

SNEH C-11 Erandwane Society, 14/5, Erandwane, Pune-411004, Maharasahtra, India

Type of charge

Book debts

Movable property (not being pledge)

Floating Charge

Others (Stock in Trade)

Particular of charge holder

State Bank Of India, SMECCC, Sharda Chambers, Shankar Sheth Road, Pune-                 411037, Maharashtra, India.

Nature of description of the instrument creating or modifying the charge

Agreement of Loan-Hypothecation SME-2

Date of instrument Creating the charge

29.02.2008

Amount secured by the charge

Rs.7.700 Millions

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

Rate of Interest:

14%p.a for D.C.C AND 14.50% for the Medium Term Loan as per the agreement executed

 

Terms of Repayment:

DCC: on demand.

MTL : as per agreed terms, the repayment is to effected in 60 equated monthly installments of Rs.0.030 Millions with first installment falling on September 2008 and the last installment falling due on February2013 including moratorium period of six months .

 

Margin:

Raw Material indeginous and imported: 25% Semi finished goods: 33% Domestic receivables: 40% Term Loan: 25% and BG: 25%

 

Extent and Operation of the charge:

The first charge on the entire stock, receivables, plant and machinery and on the assets purchased out of the term loan. The bank has offered the total limit of Rs.7.700 Millions inclusive of fund based limit of Rs.3.700 Millions and Non fund based limit of Rs.4.000 Millions with the personal guarantee of the Directors and the collateral security of Residential Bungalow located at C-11, "SNEH" Erandvana Co-op Hsg society S. No.14/4+14/5+10 ( part) Erandvana Pune-410506 and the third party guarantee .

Short particulars of the property charged

All the Stock and Book debts and the records thereof situated at the Registered Office of the borrower Company

 

 

Contingent Liability not provided for:

 

Particulars

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Bank Guarantees

1.638

1.774

Total

1.638

1.774

 

 

Fixed Assets:

 

  • Machinery
  • Vehicles
  • Computer
  • Digital Camera
  • Tressing Board
  • Furniture
  • M.S.E.B Transformer

 

INTANGIBLE ASSET

 

  • Computer / Software

 

 

 

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. 44.99

UK Pound

1

Rs. 72.60

Euro

1

Rs. 64.01

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

 

26

 

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.