MIRA
INFORM REPORT
|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRASHTECH ENGINEERS PRIVATE LIMITED |
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Registered Office
: |
1274, Shed No. 1 Sai Om Industrial Estate, S. No. 78/1, Shivane, Pune
– 411023, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.03.2005 |
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Com. Reg. No.: |
020419 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.800 Millions |
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CIN No.: [Company Identification
No.] |
U29299PN2005PTC020419 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP09096D |
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PAN No.: [Permanent Account No.] |
AADCP5152G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Precision Machined Components. |
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No. of Employees
: |
50 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 40152 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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
|
Name : |
Mr. Sachin |
|
Designation : |
Business Development Executive |
|
Contact No.: |
91-9922935080 |
|
Date : |
12.03.2012 |
LOCATIONS
|
Registered Office/Factory : |
1274, Shed No. 1 Sai Om Industrial Estate, S. No. 78/1, Shivane, Pune
– 411023, Maharashtra, India |
|
Tel. No.: |
91-20-25290312 |
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Mobile No.: |
91-9922935080 (Mr. Sachin) |
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Fax No.: |
91-20-25292656 |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Prabodh Prabhakar Veerkar |
|
Designation : |
Director |
|
Address : |
2080, Sadashiv Peth, Yashashree Bunglow, Pune-4110 30. |
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Date of Birth/Age : |
04.05.1964 |
|
Date of Appointment : |
16.03.2005 |
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|
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Name : |
Mr. Shekhar Sakharam Mhapsekar |
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Designation : |
Director |
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Address : |
A-53, Rutuparna, S. No. 40/1, Paranjape Schemes, Opp. Paranjape
Nursery School, Kothrud, Pune - 411038. |
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Date of Birth/Age : |
01.04.1964 |
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Date of Appointment : |
16.03.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin |
|
Designation : |
Business Development Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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|
Mr. Prabodh Prabhakar Veerkar |
|
9000 |
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Mr. Shekhar Sakharam Mhapsekar |
|
9000 |
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Total |
|
18000 |
As on 30.09.2011
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Precision Machined Components. |
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Exports : |
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Products : |
·
Precision Machined Components |
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Countries : |
·
Denmark |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
·
Siemens Limited |
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Customers : |
·
Wholesalers ·
Retailers ·
Alfa
Laval |
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No. of Employees : |
50 (approximately) (in office + in factory) |
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Bankers : |
·
Indian
Overseas Bank, 43/21 Karve Road, Near Nal Stop, Erandvane, Pune – 411004,
Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Deekay and Company Chartered Accountant |
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Address : |
1616, Sadashiv Peth, Parshuram Apartments, Pune – 411030, Maharashtra,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.800 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 |
1.800 |
1.800 |
1.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.238 |
6.431 |
6.303 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.038 |
8.231 |
8.103 |
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|
LOAN FUNDS |
|
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|
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|
1] Secured Loans |
8.322 |
10.640 |
14.304 |
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2] Unsecured Loans |
2.006 |
2.006 |
2.006 |
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TOTAL BORROWING |
10.328 |
12.646 |
16.310 |
|
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DEFERRED TAX LIABILITIES |
0.229 |
0.404 |
0.672 |
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TOTAL |
20.595 |
21.281 |
25.085 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.539 |
14.903 |
17.367 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
2.146
|
1.233 |
1.520 |
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Other Current Assets |
10.746
|
8.756 |
7.544 |
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Loans & Advances |
1.824
|
2.590 |
2.323 |
|
Total
Current Assets |
14.716
|
12.579 |
11.387 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.980
|
3.507 |
0.962 |
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Other Current Liabilities |
0.503
|
0.292 |
|
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Provisions |
2.231
|
2.459 |
2.768 |
|
Total
Current Liabilities |
7.714
|
6.258 |
3.730 |
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Net Current Assets |
7.002
|
6.321 |
7.657 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.007 |
0.011 |
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TOTAL |
20.595 |
21.281 |
25.085 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
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Income |
43.038 |
33.762 |
39.068 |
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Other Income |
0.000 |
0.000 |
0.048 |
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TOTAL |
43.038 |
33.762 |
39.116 |
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EXPENSES |
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TOTAL |
NA |
NA |
37.148 |
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PROFIT BEFORE
TAX |
2.694 |
0.306 |
1.968 |
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Less |
TAX |
1.063 |
0.279 |
0.544 |
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PROFIT AFTER TAX
|
1.631 |
0.027 |
1.424 |
|
Expected Sales (2011-2012) : Rs. 80.000 Millions
The above information has been parted by (Mr. Sachin – Business
Development Executive)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.78
|
0.07 |
3.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.25
|
0.90 |
5.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.53
|
1.11 |
6.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.03 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
2.29 |
2.47 |
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Current Ratio (Current Asset/Current Liability) |
|
1.90
|
2.01 |
3.05 |
LOCAL AGENCY FURTHER INFORMATION
|
Corporate
identity number of the company |
U29299PN2005PTC020419 |
||||||
|
Name of the
company |
PRASHTECH ENGINEERS PRIVATE LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
1274, Shed No. 1 Sai Om Industrial Estate, S. No. 78/1, Shivane, pune
– 411023, Maharashtra, India |
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|
This form is for |
Creation of
charge |
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Type of charge |
Immovable property Book debts Movable property Floating charge |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Letter of
Hypothecation executed between the
Bank and the Borrower Company to create a single and exclusive charge against
all the present and future current assets and all the fixed assets inclusive
of plant and machineries(excluding the machineries under SIDBI Loan)
inclusive of the assets, which will
come into existence through the credit facilities extended by the Bank . |
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Date of
instrument Creating the charge |
13.02.2012 |
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Amount secured by
the charge |
Rs. 16.070
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For CC: Base
Rate+2.25%effective rate:13.00% p.a. For Plant & Machineries: Base
Rate+3.00%effective rate:13.75%p.a. One time FLC DP-Applicable Service
Charges. Penal Interest on Default as per RBI's Norms. Terms of
Repayment DCC: On Demand.
For Term Loan: Term Loan-1) of Rs.1.170 millions undertaken under the process
of take over, is to be repaid as per existing terms of repayment period i.e.
to be repayable in remaining 22 monthly installments of Rs.53,200/- each and
the last install.Rs.52800/-Term Loan 2)of Rs.8.900 millions is to be repaid
in 24 quarterly installments of Rs. 0.371 millions each & the last being
Rs. 0.367 millions with initial moratorium of six months from the date of
disbursement of loan. Margin For CC: Fully
paid stocks:25% Book Debts:40% Plant and Machinery:25% For One time FLC
DP-25% in form of Bank Deposit. Extent and
Operation of the charge IOB Karve Road
Br. Pune will have first and exclusive charge over all the present and future
current & immovable assets of the company (excluding the machineries
under SIDBI Loan) The company has extended the Collateral Security of
Industrial vacant plot adm 962.46 Sq Mtrs at MIDC Bhosari Plot
No.T-188A/9.Both the Directors have set personal guarantee for the repayment
of entire loan with interest thereon. Others To avail the
loan, the Company, by virtue of the Board Resolution passed on 08/02/2012 has
given assent to all the Terms and Conditions, Covenants, as provided in
Bank's Sanction Letter Dated 05/01/2012 and executed the related loan
document(s)/ Agreement(s) through the
Director(s),who have received
and singed the documents in physical form for & on behalf of the
Company and who have been authorized to file
eform-8 for Creation of the
charge against the assets of the Company. |
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Particulars of
the property charged |
All the current
assets & immovable assets inclusive of Book debts and machineries located
at the Works and maintained at Registered Office of the Company.(excluding
the machineries under SIDBI Loan) Collateral
Security: Industrial vacant plot admeasuring 962.46 Sq.Mtrs. at MIDC Bhosari
Industrial Area ,Plot No.T-188/9 |
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
---------------------- |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
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10) Designation of contact
person |
Yes |
|
11) Turnover of firm for last
three years |
Yes |
|
12) Profitability for last three
years |
Yes |
|
13) Reasons for variation
<> 20% |
No |
|
14) Estimation for coming
financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details
(if applicable) |
Yes |
|
21) Market information |
---------------------- |
|
22) Litigations that the firm
/ promoter involved in |
---------------------- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking
account |
---------------------- |
|
26) Buyer visit details |
---------------------- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if
applicable |
---------------------- |
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29) Last accounts filed at ROC |
---------------------- |
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30) Major Shareholders, if
available |
---------------------- |
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.51.15 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
|
43 |
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.