MIRA
INFORM REPORT
|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRAXIT ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
406, Solaris II, Opposite L and T Gate No. 6, Saki - Vihar
Road, Powai, Mumbai – 400072, Maharashtra |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
08.07.1999 |
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|
|
|
Com. Reg. No.: |
11-120710 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.3.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29297MH1999PTC120710 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT07160G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACT9131G |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Process Machinery. |
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|
|
|
No. of Employees
: |
9 (Approximately) (In Office + In Factory) |
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 46000 |
|
|
|
|
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 to be fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Swaminathan Venkatraman |
|
Designation : |
Director |
|
Contact No.: |
91-9820675924 |
|
Date : |
14.08.2012 |
LOCATIONS
|
Registered Office / Factory: |
406, Solaris II, Opposite L and T Gate No. 6, Saki - Vihar
Road, Powai, Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-284717025/66938739/28471705 |
|
Mobile No.: |
91-9820675924 (Mr. Swaminathan Venkatraman) |
|
Fax No.: |
91-22-28578451 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 09.09.2011
|
Name : |
Mr. Rashmin Kumar Panachand Shah |
|
Designation : |
Director |
|
Address : |
9 Trimurti Ashok Nagar, X Road No.2, Kandivali (East), Mumbai –
400101, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1960 |
|
Date of Appointment : |
08.07.1999 |
|
DIN No.: |
00799716 |
|
|
|
|
Name : |
Mr. Swaminathan Venkatraman |
|
Designation : |
Director |
|
Address : |
C-201, Eden – 3, Hiranandani Gardens, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
21.05.1945 |
|
Date of Appointment : |
09.06.2001 |
|
DIN No.: |
00525566 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Rashmin Kumar Panachand Shah |
|
30001 |
|
Traxit International GMBH, Germany |
|
210000 |
|
Swaminathan Venkatraman |
|
60001 |
|
Total |
|
300002 |
As on 09.09.2011
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 and Exporter of Process Machinery. |
|
|
|
|
Products : |
· Tailor Made Planetary Mixers · Contra Mixer · Rubber Cutter Dissolver · Ribbon Blender · Ploughshare Mixers · "V" Blender · Vertical Rotary Air Lock · Special Purpose Gearbox · TEPL Lube Applicator |
|
|
|
|
Exports : |
|
|
Products : |
·
Process Machinery. |
|
Countries : |
·
Germany ·
China ·
USA ·
Middle East |
|
|
|
|
Terms : |
|
|
Selling : |
40% Advance |
|
|
|
|
Purchasing : |
40% Advance |
GENERAL INFORMATION
|
Suppliers : |
·
Shivam Enterprises ·
Urvashi Enterprises ·
Traxit International GMBH -
Germany ·
Traxit Tianjin Chemical
Company Limited - China ·
V Tech Engineers ·
Samarth Enterprises ·
Plastichemix Industries ·
Quality International Company
Limited - UAE ·
Prashant Electricals ·
Nilkanth Steel (India) ·
Yogi Industries ·
Auguest Neuhoff ·
Hira Enterprises ·
S S Engineering ·
H.M. Fabricators and
Engineers |
|
|
|
|
Customers : |
End Users · August Neuh off, Germany · Traxit Tianjin Chemical Company Limited, China · Anchor industries Limited, India · Excel Industries Limited , India · Clariant, India · Siroplast Limited, India · Pidilite Industries Limited, India · India Insule Products, India · Nocil (RCD) Limited, India · Reshma Organics Chemicals Private Limited, India · Laxmi Industries, India · Sai Industries, India · Sunrise Chemicals Industries, India · Ronch Polymers Private Limited, India · Plasti Chemix Industries, India |
|
|
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No. of Employees : |
9 (Approximately) (In Office + In Factory) |
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|
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Bankers : |
Bank of Baroda, Mumbai, Maharashtra, India |
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|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
K C Nanavati and Company Chartered Accountants |
|
Address : |
3, Aman Chamber, 1st Floor, M.P. Marg, Opposite Charni Road Station,
Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-23678586 |
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Mobile No.: |
91-9820045185 |
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Fax No.: |
91-22-23677376 |
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E-Mail : |
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PAN No.: |
AAAPN6044M |
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|
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Memberships : |
· EEPC (Engineering Export Promotion Council) · IMC (Indian Merchants' Chamber) |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300002 |
Equity Shares |
Rs.10/- each |
Rs.3.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.000 |
3.000 |
3.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.440 |
7.165 |
5.541 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.440 |
10.165 |
8.541 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.204 |
0.123 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11.644 |
10.288 |
8.541 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.144 |
4.631 |
2.327 |
|
|
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 |
3.098
|
0.997 |
0.176 |
|
|
Sundry Debtors |
6.019
|
0.762 |
4.282 |
|
|
Cash & Bank Balances |
1.878
|
4.719 |
0.402 |
|
|
Other Current Assets |
0.935
|
0.958 |
4.967 |
|
|
Loans & Advances |
3.037
|
1.860 |
0.000 |
|
Total
Current Assets |
14.967
|
9.296 |
9.827 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.184
|
2.825 |
|
|
|
Other Current Liabilities |
0.000
|
0.000 |
|
|
|
Provisions |
1.283
|
0.814 |
1.864 |
|
Total
Current Liabilities |
8.467
|
3.639 |
3.613 |
|
|
Net Current Assets |
6.500
|
5.657 |
6.214 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11.644 |
10.288 |
8.541 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35.605 |
33.602 |
49.135 |
|
|
|
Other Income |
0.443 |
0.286 |
0.41 |
|
|
|
TOTAL |
36.048 |
33.888 |
49.545 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
26.946 |
26.911 |
40.408 |
|
|
|
Administrative Expenses |
6.053 |
4.281 |
5.368 |
|
|
|
TOTAL |
32.999 |
31.192 |
45.776 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.049 |
2.696 |
3.769 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.423 |
0.333 |
0.266 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.626 |
2.363 |
3.503 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.352 |
0.739 |
1.124 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.274 |
1.624 |
2.379 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.165 |
5.541 |
3.162 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8.439 |
7.165 |
5.541 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.25 |
NA |
NA |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
50.000 |
Expected Sales (2012-2013) : Rs.35.000 Millions (Due to less Orders)
The above information has been parted by Mr. Swaminathan Venkatraman.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.53
|
4.79 |
4.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.38
|
7.03 |
7.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.06
|
16.97 |
28.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.23 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.74
|
0.36 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
2.55 |
2.72 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
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% |
Yes |
|
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 |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FIXED ASSETS:
·
Wooden Pattern
·
Computer
·
Drawing Board
·
Dies and Tools
·
Office Premises
·
Furniture
·
Machinery
·
Air Conditioner
·
Invertors
·
LCD TV
WEBSITE DETAILS:
The principle objective of the company is - To Provide Appropriate Process
Engineering Technology through Specialized Process Machinery. The company
specializes in unit operations of Mixing and Drying.
The company was floated in June 1999, but the personnel heading the
organisation have over 35 years of experience in Design and Manufacture of
process plant and equipment, by virtue of their association with organizations
considered as specialists in the field.
The Company started with a bang by exporting 7 Kneaders (Sigma Mixers) of 1000
liter capacity, to Germany which are operating to the customer's entire
satisfaction. Thereafter the company has received orders from Germany for other
tailor made equipment like 1400 Liter Double Planetary Mixer, Vertical Rotary
Airlocks, Contra Mixers and also spares for French Equipment operating in
Germany. The company has also supplied Kneaders to China. The latest being a
kneader having a brim capacity of 2000 Liter capacity.
Apart from exporting machinery to suit specific application, the Company has
also supplied machinery to local users like - Pidilite Industries Limited,
Clariant India Limited, Nocil, Excel Industries Limited, Siroplast Limited,
Anchor Industries Limited, Plastichemix Industries etc.
In close co-ordination with M/s. Excel Industries Limited, The Company has
developed an equipment to suit their specific requirement of processing organic
waste. It started with studying their requirement thoroughly, suggesting a
suitable equipment from their standard range of products, modifying the
equipment to meet their specific application, building a pilot model of 20
liters to enable them to take extensive trials and thereafter scaling up to
give them a production equipment. This has now become one of standard equipment
for their process application.
M/s. Anchor Industries Limited, had a technical problem of dissolving rubber
chunks into solvent for preparing adhesives. The time consumed for this process
was cut down by over 60% by developing a special mixing system which cuts the
rubber chunks in situ thereby increasing the specific area of the solute and
hence accelerating the dissolution process.
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 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.55.99 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
5 |
|
--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.