MIRA
INFORM REPORT
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Report Date : |
14.11.2011 |
IDENTIFICATION DETAILS
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Name : |
POWER MASTER ENGINEERS PRIVATE LIMITED |
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Formerly Known
As : |
POWER MASTER BOILERS PRIVATE LIMITED |
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Registered
Office : |
229, Pragati Industrial Estate, 316, N.M. Joshi Marg,
Chinchpokli, Mumbai- 400 011, |
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Country : |
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Financials (as
on) : |
31.30.2011 |
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Date of
Incorporation : |
21.04.1971 |
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Com. Reg. No.: |
11-15118 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.068 Millions |
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CIN No.: [Company Identification
No.] |
U29305MH1971PTC015118 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16768D |
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PAN No.: [Permanent Account No.] |
AAACP4977A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Tube Expanding Machine,
Digital Torque Controller and Grooving Tools. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2140000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
229, Pragati Industrial Estate, 316, N.M. Joshi Marg,
Chinchpokli, Mumbai- 400 011, |
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Tel. No.: |
91-22-23000015 / 91-22-23072996/43453100 |
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Fax No.: |
91-22-2307 3761 |
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E-Mail : |
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Website : |
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Sales and Service Centers/ Factory 1 : |
A-87, T.T.C. Industrial Area, M.I.D.C., Thane-Belapur
Road, Khairne, New Mumbai - 400 705. |
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Tel. No.: |
91-22-41619150 |
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Fax No.: |
91-22-24942555 |
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E-Mail : |
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Factory 2 : |
5 and 18 Rashmi Industrial Estate No.1, Vasai (East), Thane 401202, |
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Tel. No.: |
91-250-2392021 / 2390562 |
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Fax No.: |
91-250-2391576 |
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Factory 3 : |
42 and 43 Manish Industrial Estate No. 5, Vasai (East),
Thane-401210, |
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Factory 4 : |
A-87, T.T.C. Industrial Area, M.I.D.C., Thane-Belapur
Road, Khairne, New Mumbai - 400 705, Maharashtra, India |
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W-224, T.T.C. Industrial Area, M.I.D.C., |
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Tel. No.: |
91-22-41619100 |
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Fax No.: |
91-22-27780339 |
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Email : |
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Sales and Services Centre : |
126/1A, Vaibhavhali, |
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Mobile No.: |
91-986 926 44 58 |
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Fax No.: |
91-22-2778 0339 |
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E-Mail : |
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Sales and Services Centre : |
# 1835, 14th Cross, 22nd Main, Sector - I, HSR layout, |
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Tel. No.: |
91-80-2572 9054 |
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Mobile No.: |
91-99019 01345 |
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Fax No.: |
91-22-2307 3761 |
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Email : |
DIRECTORS
As on 31.08.2011
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Name : |
Mr. Sunder Lokusing Advani |
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Designation : |
Chairman cum Managing Director |
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Address : |
19’Jalkiran’, 5th Floor, G. D. Somani Marg, Cuffe parade, Colaba,
Mumbai – 400005, |
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Date of Birth/Age : |
16.01.1935 |
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Qualification : |
B.Sc. Mechanical Engineer, G.M.I. Mechanical Engineer |
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Experience : |
49 Years |
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Date of Appointment : |
21.04.1971 |
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DIN No.: |
00130516 |
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Other Directorship :
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Name : |
Ms. Meena Sunder Advani |
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Designation : |
Director |
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Address : |
19’Jalkiran’, 5th Floor, G. D. Somani Marg, Cuffe parade,
Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
14.06.1948 |
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Date of Appointment : |
27.04.1971 |
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DIN No.: |
00130666 |
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Other Directorship :
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Name : |
Mr. Dinesh Sunder Advani |
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Designation : |
Director |
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Address : |
6-A, |
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Date of Birth/Age : |
04.11.1970 |
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Qualification : |
B.Sc (Computer), |
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Experience : |
20 Years |
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Date of Appointment : |
17.05.1990 |
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DIN No.: |
00149490 |
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Other Directorship :
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Name : |
Sheerine Maurivard Advani |
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Designation : |
Director |
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Address : |
6-A, |
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Date of Birth/Age : |
13.10.1977 |
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Date of Appointment : |
18.04.2006 |
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DIN No.: |
00130751 |
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Other Directorship :
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Name : |
Mr. Shashi Singh Muwall |
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Designation : |
Additional Director |
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Address : |
EC 83, A003 |
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Date of Birth/Age : |
18.11.1966 |
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Date of Appointment : |
02.04.2007 |
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DIN No.: |
01426593 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.08.2011
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Names of Shareholders |
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No. of Shares |
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Sunder Lokusing Advani |
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466600 |
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Meena Sunder Advani |
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66600 |
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Dinesh Sunder Advani |
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371600 |
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Powermaster Tools Private Limited, |
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163300 |
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Ramesh K Pawar |
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2 |
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Shashi Singh Muwall |
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1 |
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TOTAL |
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1068103 |
Equity Share Break up (Percentage of Total Equity)
As on 31.08.2011
|
Category |
Percentage |
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Bodies corporate |
15.00 |
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Directors or relatives of Directors |
85.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Tube Expanding Machine,
Digital Torque Controller and Grooving Tools. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dinesh Gandhi and Associates Chartered Accountants |
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Address : |
301A, Aman Chambers, 113, Mama Parmanand Marg, Opera House, Mumbai –
400004, |
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PAN.: |
AAAFD33341 |
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Subsidiaries : |
Powermaster |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1470000 |
Equity Shares |
Rs.10/- each |
Rs. 1.470 Millions |
|
300 |
12% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs. 0.030 Millions |
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TOTAL |
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Rs. 1.500
Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1068103 |
Equity Shares |
Rs.10/- each |
Rs. 1.068
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.068 |
1.068 |
1.068 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
533.339 |
415.885 |
343.222 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
534.407 |
416.953 |
344.290 |
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LOAN FUNDS |
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1] Secured Loans |
2.537 |
2.192 |
2.220 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.537 |
2.192 |
2.220 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
536.944 |
419.145 |
346.510 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
96.701 |
83.205 |
79.186 |
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Capital work-in-progress |
0.128 |
17.818 |
0.000 |
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INVESTMENT |
327.724 |
244.701 |
196.845 |
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DEFERREX TAX ASSETS |
9.717 |
8.987 |
7.208 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.150
|
10.719 |
10.325 |
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Sundry Debtors |
70.054
|
77.668 |
62.349 |
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Cash & Bank Balances |
125.949
|
86.199 |
127.394 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
48.937
|
64.713 |
31.047 |
|
Total
Current Assets |
255.090
|
239.299 |
231.115 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
51.248
|
54.225 |
72.011 |
|
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Other Current Liabilities |
36.061
|
41.919 |
54.669 |
|
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Provisions |
65.107
|
78.721 |
41.164 |
|
Total
Current Liabilities |
152.416
|
174.865 |
167.844 |
|
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Net Current Assets |
102.674
|
64.434 |
63.271 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
536.944 |
419.145 |
346.510 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
305.847 |
271.610 |
258.488 |
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Other Income |
67.693 |
44.492 |
50.786 |
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TOTAL (A) |
373.540 |
316.102 |
309.274 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
211.443 |
207.510 |
202.771 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
162.098 |
108.592 |
106.503 |
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Less |
INTEREST (D) |
0.856 |
0.823 |
0.916 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
161.242 |
107.769 |
105.587 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.012 |
6.858 |
6.389 |
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|
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PROFIT BEFORE
TAX (E-F) (G) |
152.230 |
100.911 |
99.198 |
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Less |
TAX (H) |
35.269 |
28.222 |
21.278 |
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PROFIT AFTER TAX
(G-H) (I) |
116.961 |
72.689 |
77.920 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
292.990 |
227.303 |
156.236 |
|
|
|
|
|
|
|
|
|
|
|
-- |
-- |
(0.000) |
|
|
|
Central Sales Tax paid 05-06 |
--- |
-- |
(0.253) |
|
|
|
Excise Paid for Earlier |
-- |
-- |
(0.703) |
|
|
|
Prior Period Expenses |
(0.011) |
(0.002) |
(0.229) |
|
|
|
Provident Fund Paid for Earlier Year |
(0.022) |
-- |
(0.872) |
|
|
|
Income Tax Paid for Earlier Years |
(0.030) |
-- |
(0.220) |
|
|
|
Interest on Income Tax |
(0.002) |
-- |
(0.252) |
|
|
|
Excess Provision of income Tax of Earlier
Year |
0.582 |
-- |
0.113 |
|
|
|
Excess Provision of Gratuity Written Back |
-- |
-- |
3.063 |
|
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
7.000 |
7.500 |
|
|
|
Balance Retained in P & L account |
400.468 |
292.990 |
227.303 |
|
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|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
184.899 |
161.517 |
133.095 |
|
|
|
Recovery of Freight insurance |
16.656 |
14.128 |
17.515 |
|
|
|
Service Charges |
0.000 |
0.000 |
1.887 |
|
|
TOTAL EARNINGS |
201.555 |
175.645 |
152.497 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
15.156 |
9.277 |
12.322 |
|
|
TOTAL IMPORTS |
15.156 |
9.277 |
12.322 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
109.50 |
68.05 |
72.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
31.31
|
23.00 |
25.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
49.77
|
37.15 |
38.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.27
|
31.29 |
31.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.24 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.42 |
0.49 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.37 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE
The Sales Turnover, during the year Rs. 305.847 millions as against Rs.
271.610 millions in the previous year
The operating profit for the year at Rs. 162.098 millions increased by
49.27% and net profit for the year at Rs. 116.961 millions increased by 60.90%
as compared to the previous year
Income Tax for the current year at Rs. 35.269 millions is higher than Rs.
28.222 millions in last year.
FIXED ASSETS
- Furniture and
Fixture
- Plant and
Machinery
- Tools and
Implements
- Air
Conditioners
- Type Writers
- Office
Equipments
- Electrical
Installments
As Per Website
Before PowerMaster
Mr. S.L. Advani their founder and chairman was a designer of
steam boilers in an Indian company between 1963 and 1972. He took up the
challenge of manufacturing
Later, while expanding tubes in boilers, he realized that Tube Expanders were
not easily available in
Founding of
Powermaster, 1972:
Hence, POWERMASTER was born in 1972 with Tube Expanders as
its only product.
From Tube expanders
to Tube Cleaners…:
By the year 1980, Powermaster had expanded into Tube
Cleaning for boilers and pans in Sugar Mills.
With over four hundred sugar mills in India, and since most
tools for Tube Cleaning were imported from the U.K., the Founder sensed the
opportunity.
To Bolting Tools:
In 1985, Powermaster branched into the production of Bolting
Tools for precision tightening of fasteners.
Many of the Powermaster line of products - Torque Wrenches,
Spring Balancers and Impact Sockets - are being used regularly by a large
number of Automobile plants around the world as well as in general industry.
Powermaster continues to expand the product line to cover
the entire gamut of Tube Installation, Removal and Cleaning tools. Today,
Powermaster produces the most efficient line of Hydraulic Tube Pullers, Tube
Expanding Systems and Tube Facing Systems available in the world
Business
Philosophy
Quality
They produce products equal to or better than the best
available in the world. They also must provide their customers with added
values.
Price
Their prices would be among the most competitive available
adding value to the customer. Over the years they have saved customers' in over
75 countries hundreds of millions of Dollars when compared to prices they have
paid some of their competitors.
Delivery
They use their price advantage to increase their inventory
levels to an extent that higher cost manufacturers would find difficult to match.
They ship out most orders the same day via UPS, FedEX or DHL to their customers
worldwide so it reaches them within days of the order. Automated inventory
control, web based ordering systems and their Same Day Shipment program have
helped them get on their way.
Manufacturing
They will work toward being in the top 3 global producers of
each product line they manufacture. If they are not already in the top 3
or cannot see their self in the top 3 in the foreseeable future, they will exit
these product lines.
Community
They use over a hundred job shops to manufacture components
for us which they finally inspect and certify before taking up for assembly.
There are over six hundred persons working in these shops who depend on
Powermaster for their livelihood. They have a moral responsibility to make sure
that they continue to receive more work and are paid on time. They pride
themselves on paying all their suppliers faster than most companies. They are
part of the Powermaster family.
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.50.28 |
|
|
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.68.45 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.