MIRA
INFORM REPORT
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Report Date : |
01.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRASAD NC MACHINE
SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
15/1, Mel Ayanabakkam Road, Off Ambattur Vanagram Road,
Chennai-600095, Tamil Nadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.10.1993 |
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Com. Reg. No.: |
18-026107 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.500 Millions |
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CIN No.: [Company Identification
No.] |
U29130TN1993PTC026107 |
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IEC No.: |
0400014548 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEP02573E |
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PAN No.: [Permanent Account No.] |
AAACP3936H |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business
: |
Manufacture and
Trader of Industrial Machinery |
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No. of Employees
: |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be 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 |
LOCATIONS
|
Registered Office : |
15/1, Mel Ayanabakkam Road, Off Ambattur Vanagram Road,
Chennai-600095, Tamil Nadu, India |
|
Tel. No.: |
91-44-43537670/ 26532852 |
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Mobile No.: |
91-9940008503 (Mr. Arasu) |
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Fax No.: |
91-44-26532109/ 26532852 |
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E-Mail : |
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Website : |
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Area : |
120000 sq. ft |
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Location : |
Owned |
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Factory : |
Shlipcart Industrial Estate, |
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Area : |
50000 sq. ft |
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Location : |
Owned |
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Branches : |
Located at Chennai |
DIRECTORS
AS ON 24.09.2010
|
Name : |
Mr. Sivaraman
Nair Krishnaprasad |
|
Designation : |
Director |
|
Address : |
3C, 5th
Block, 88, Arcot Road, Vadapalani, Chennai-600026, Tamil Nadu, India |
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Date of Birth/Age : |
01.01.1942 |
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Date of Appointment : |
28.10.1993 |
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DIN No.: |
00709935 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U18209TN1991PTC021071 |
Madras
Mechatronics Private Limited |
Director |
27-08-91 |
27-08-91 |
Active |
NO |
|
2 |
U29130TN1993PTC026107 |
Prasad
Nc Machine Systems Private Limited |
Director |
28-10-93 |
28-10-93 |
Active |
NO |
|
3 |
U74210TN1996PTC034442 |
VHS
Mechatronics Services Private Limited |
Director |
18-02-96 |
18-02-96 |
Active |
NO |
|
4 |
U31101TN2005PTC056602 |
Water
Jet Germany Private Limited |
Director |
12-09-07 |
23-01-07 |
Active |
NO |
|
Name : |
Mr. Krishnaprasad
Silvakumar |
|
Designation : |
Director |
|
Address : |
3C, 5th
Block, 88, Arcot Road, Vadapalani, Chennai-600026, Tamil Nadu, India |
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Date of Birth/Age : |
28.04.1970 |
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Date of Appointment : |
20.03.1998 |
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DIN No.: |
00710041 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U18209TN1991PTC021071 |
Madras
Mechatronics Private Limited |
Director |
07-08-92 |
07-08-92 |
Active |
NO |
|
2 |
U74210TN1996PTC034442 |
VHS
Mechatronics Services Private Limited |
Director |
18-02-96 |
18-02-96 |
Active |
NO |
|
3 |
U29130TN1993PTC026107 |
Prasad
NC Machine Systems Private Limited |
Director |
20-03-98 |
20-03-98 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Sivaraman
Nair Krishnaprasad 3C, 5th Block, 88, Arcot Road, Vadapalani, Chennai-600026, Tamil Nadu, India |
690000 |
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Mr. Krishnaprasad Silvakumar 3C, 5th Block, 88, Arcot Road, Vadapalani, Chennai-600026, Tamil Nadu, India |
60000 |
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Total |
750000 |
AS ON 24.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and
Trader of Industrial Machinery |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Machinery and Spares |
Nos. |
-- |
-- |
835 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
110 (Approximately) |
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Bankers : |
·
Indian Overseas Bank, 109, Nungambakkam High
Road, (Presently Known as Mahatma Gandhi Road), Chennai-600034, Tamil Nadu,
India ·
Bank of Maharashtra ·
IDBI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S K Murthy and Associates Chartered Accountant |
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Address : |
Ground Floor, No. 27, Royal Castle, First Main Road, C.I.T Colony,
Mylapore-600004, Tamil Nadu, India |
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Membership : |
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Associates/Subsidiaries : |
·
VHS Mechatronics Services Private Limited ·
Madras Mechatronics Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500
Millions |
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|
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|
Note
(Of the above shares, 600000 Equity Shares were
allotted as fully paid bonus shares).
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 |
7.500 |
7.500 |
7.500 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.985 |
17.965 |
5.362 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.485 |
25.465 |
12.862 |
|
|
LOAN FUNDS |
|
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|
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|
1] Secured Loans |
116.019 |
51.287 |
24.425 |
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|
2] Unsecured Loans |
82.325 |
42.355 |
6.186 |
|
|
TOTAL BORROWING |
198.344 |
93.642 |
30.611 |
|
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DEFERRED TAX LIABILITIES |
2.007 |
0.744 |
0.571 |
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|
|
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TOTAL |
236.836 |
119.851 |
44.044 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
101.653 |
42.901 |
20.247 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
46.180
|
52.159 |
27.953 |
|
|
Sundry Debtors |
46.947
|
19.776 |
27.491 |
|
|
Cash & Bank Balances |
55.642
|
26.229 |
24.823 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
19.230
|
17.375 |
7.565 |
|
Total
Current Assets |
167.999
|
115.539 |
87.832 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
25.312
|
28.560 |
36.123 |
|
|
Other Current Liabilities |
1.772
|
2.278 |
24.462 |
|
|
Provisions |
5.777
|
7.818 |
3.540 |
|
Total
Current Liabilities |
32.861
|
38.656 |
64.125 |
|
|
Net Current Assets |
135.138
|
76.883 |
23.707 |
|
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|
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MISCELLANEOUS EXPENSES |
0.045 |
0.067 |
0.090 |
|
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|
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|
|
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TOTAL |
236.836 |
119.851 |
44.044 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
136.453 |
159.096 |
76.747 |
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EXPENSES |
|
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Office Expenses |
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|
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|
|
Administrative Expenses |
107.116 |
130.328 |
65.032 |
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|
Advertising Expenses |
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|
|
|
|
|
TOTAL |
107.116 |
130.328 |
65.032 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
29.337 |
28.768 |
11.715 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11.054 |
8.198 |
4.368 |
|
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|
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|
|
|
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|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
18.283 |
20.570 |
7.347 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1.701 |
1.084 |
0.692 |
|
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|
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|
|
|
|
|
|
PROFIT BEFORE
TAX |
16.582 |
19.486 |
6.655 |
|
|
|
|
|
|
|
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|
Less |
TAX |
5.562 |
6.883 |
2.249 |
|
|
|
|
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|
|
|
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|
PROFIT AFTER TAX
|
11.020 |
12.603 |
4.406 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.267 |
0.000 |
0.100 |
|
|
TOTAL EARNINGS |
0.267 |
0.000 |
0.100 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.69 |
16.80 |
7.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
12.15
|
12.25 |
8.67 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.15
|
12.30 |
6.16 |
|
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|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.77 |
0.52 |
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.39
|
5.22 |
7.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.11
|
2.99 |
1.37 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U29130TN1993PTC026107 |
|
Name of the
company |
PRASAD NC MACHINE
SYSTEMS PRIVATE LIMITE |
|
Address of the
registered office or of the principal place of business in |
15/1, Mel
Ayanambakkam Road, Off Ambattur Vanagaram Road, Chennai-602102, Tamil Nadu,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge Others |
|
Particular of
charge holder |
Indian Overseas Bank, 109, Nungambakkam High Road, (Presently Known as
Mahatma Gandhi Road), Chennai-600034, Tamil Nadu, India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation (For securing Machineries / Vehicles / Goods / Book-Debts) in
F-110E dated 8th July 2011 |
|
Date of
instrument Creating the charge |
08.07.2011 |
|
Amount secured by
the charge |
Rs. 238.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of repayment Cash Credit
(Rs.72.500 millions) : Repayable on Demand Term Loan - I
(Rs.14.600 millions): Repayable in 14 Quarterly installments. Term Loan - II
(Rs.44.600 millions): Repayable in 53 monthly installments Term Loan - III
(WCTL) (Rs.16.700 millions): Repayable in 40 monthly installments Letter of Credit
(Rs.20.000 millions) : Repayable on Demand Letter of
Guarantee (Money / Performance) (Rs.70.000 millions) : Repayable on Demand Margin Cash Credit
(Rs.72.500 millions) : 25% on Stocks, 50% on Debtors Term Loan - I
(Rs.14.600 millions) : 25% Term Loan - II
(Rs.44.600 millions) : 25% Term Loan - III
(WCTL) (Rs.16.700 millions) : 25% Letter of Credit
(Rs.20.000 millions) : 25% Letter of
Guarantee (Money / Performance)
(Rs.70.000 millions) : 10% on Performance, 25% on Financial Extent and operation of the charge Company's entire
Assets such as Goods, Book Debts, Receivables, Outstanding monies, Bills,
Claims, Documents of Title to Goods covered under Letter of Credit, Plant and
Machineries and Equipments, shall be held as security by Indian Overseas
Bank, Nungambakkam Branch, Chennai - 34, till the complete closure of the
Overall Credit Limit of Rs.238.400 millions, together with interests, costs,
charges and other expenses which may accrue and be debited to the appropriate
account(s) from time to time. Other The Overall
Credit Limit of Rs.238.400 millions, consists of : Cash Credit
: Rs.72.500 millions Term Loan -
I
: Rs.14.600 millions Term Loan -
II
: Rs.44.600 millions Term Loan - III
(WCTL) :
Rs.16.700 millions Letter of
Credit
: Rs.20.000 millions Letter of
Guarantee (Money / Performance) : Rs.70.000 millions |
|
Short particulars
of the property charged (Including location of the property) |
Company's entire
Assets such as : (a) Stocks of Raw
Materials, Work in Process / Progress, Finished Goods (b) Fixed Assets,
Plant and Machineries [Worth Rs.94.500 millions (FSV)] and Equipments located
at F - 1, SIPCOT Industrial Estate, Irungattukottai, Chennai - 602 105 and
15/1, Mel Ayanambakkam Road, Chennai - 600 095 (c) Book Debts,
Receivables, Outstanding monies, Bills, Claims, etc (d) Documents of
Title to Goods covered under Letter of Credit |
FIXED ASSETS
·
Land
·
Factory Building
·
Plant and Machinery
·
Air Conditioner
·
Electrical Fittings
·
Computer
·
Furniture and Fittings
·
Software
·
Motor Cycle
·
Car
·
Office Equipments
·
Splendor Bike
WEB SITE DETAILS
PROFILE
Established in the year 1993, Prasad NC Machine system was founded with
the goal of providing good quality CNC machines like CNC VTL machine, VTL
machine etc. to the industry. Being an ISO 9001:2000 certified company by TUV
Suddeutschland; they assure their clients the highest quality of consistent
work. They are committed to help, define and resolve technical and
manufacturing issues to their clients with cost-effective solutions.
Modernization is the strength of our organization for sustained success in the
field of CNC Machine building and tools in India. They use technologically
proven machine elements which are available worldwide and adopt the most modern
and productive cutting edge technology. Their special purpose CNC machines
cater to the unique component production that requires Multi axes simultaneous
interpolation.
Their company is promoted by group of talented entrepreneurs who have
extensive experience in CNC based machining equipment industry. They train
their talented associates on regular basis to maintain the state of the art in
manufacturing techniques and systems.
Their Manufacturing Unit is spread on 17000 Sq Feet Land and 12000 Sq Feet
built up area.
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. 48.93 |
|
|
1 |
Rs. 76.51 |
|
Euro |
1 |
Rs. 66.64 |
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 |
4 |
|
--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 |
|
45 |
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.