MIRA
INFORM REPORT
|
Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRECIHOLE MACHINE TOOLS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
A-180, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
17.05.1991 |
|
|
|
|
Com. Reg. No.: |
11-61745 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1991PTC061745 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP08536D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP0112G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Machines Components like Gun Barrels,
Oil Tubes, Drill Collars, Master Cylinders, Balance Rolls etc. |
|
|
|
|
No. of Employees
: |
102 (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 |
|
Maximum Credit Limit : |
USD 280000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Anil Mangalvedhe |
|
Designation : |
General Manager Sales and Marketing |
|
Contact No.: |
91-9321305480 |
|
Date : |
31.12.2011 |
LOCATIONS
|
Registered Office/Factory : |
A-180, |
|
Tel. No.: |
91-22-39914444 / 39914445 / 39914456 /
25836780 |
|
Mobile No.: |
91-9321305480 (Mr. Anil Mangalvedhe) |
|
Fax No.: |
91-22-25824862 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Vishwanath Ramkrishna Nayak |
|
Designation : |
Director |
|
Address : |
101, M V Everest, |
|
Date of Birth/Age : |
23.06.1944 |
|
Date of Appointment : |
20.05.1991 |
|
DIN No.: |
00337879 |
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 |
U99999MH1988PTC046576 |
Precihole
Engineering Private Limited |
Director |
17-03-88 |
17-03-88 |
Active |
NO |
|
2 |
U99999MH1991PTC061745 |
Precihole
Machine Tools Private Limited |
Managing
director |
20-05-91 |
20-05-91 |
Active |
NO |
|
|
|
|
Name : |
Mr. Ayaz Abusaleh Qazi |
|
Designation : |
Director |
|
Address : |
11, Krutika Aakashganga Complex, 2nd Rabodi, Thane – 400
601, |
|
Date of Birth/Age : |
06.04.1961 |
|
Date of Appointment : |
20.05.1991 |
|
DIN No.: |
00338017 |
|
|
|
|
Name : |
Mr. Anil Surendra Kulkarni |
|
Designation : |
Director |
|
Address : |
1503 |
|
Date of Birth/Age : |
13.01.1952 |
|
Date of Appointment : |
11.01.1996 |
|
DIN No.: |
00337963 |
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 |
U99999MH1988PTC046576 |
Precihole
Engineering Private Limited |
Director |
17-03-88 |
17-03-88 |
Active |
NO |
|
2 |
U99999MH1991PTC061745 |
Precihole
Machine Tools Private Limited |
Director |
11-01-96 |
11-01-96 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Anil Mangalvedhe |
|
Designation : |
General Manager Sales and Marketing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vishwanath R Nayak |
|
43875 |
|
Ayaz A A. Qazi |
|
43875 |
|
Vishwanath R Nayak (HUF) |
|
30600 |
|
Amit V Nayak |
|
31500 |
|
Vianaya V Nayak |
|
44025 |
|
Kausar Jahan A Qazi |
|
44025 |
|
M A Qazi |
|
31050 |
|
Abusalah A D M |
|
31050 |
|
A |
|
43875 |
|
M A Kulkarni |
|
44025 |
|
A |
|
30600 |
|
Parag A Kulkarni |
|
31500 |
|
Total |
|
450000 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Machines Components like Gun
Barrels, Oil Tubes, Drill Collars, Master Cylinders, Balance Rolls etc. |
|
|
|
|
Products : |
·
Deep Hole Drilling Machines ·
Precision Components ·
Deep Hole Drilling (Services) |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
US ·
·
·
|
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|
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Imports : |
|
|
Products : |
Machinery |
|
Countries : |
|
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Terms : |
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Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
Retailers ·
End Users |
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No. of Employees : |
102 (Approximately) |
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Bankers : |
·
The Thane Janata Sahakari Bank Limited Shop No. 10/11, Tip Top Plaza, LBS Road,
Wagle Estate, Thane – 400 604, Maharashtra, India ·
State Bank of ·
ICICI Bank ·
Bank of |
||||||||||||||||||||||||
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|
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Facilities : |
1.
Term Loan from Bank of Maharashtra,
and Bank Guarantee are secured by deposit of Title deeds of Leasehold land
Plot A-180, A-I97 and A-272 and hypothecation of entire plant and Machinery already installed and
to be installed. 2.
Cash Credit facility of Bank of
Maharashtra is secured by hypothecation of Stock of Raw Materials. Work In
Process Finished Goods, and Book Debts of the Company.
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|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singavi Oturkar and Kelkar Chartered Accountants |
|
Address : |
Nirveli Apartment, 1st Floor, Near Malhar Talkies, Thane –
400 602, |
|
PAN No.: |
AAEFS8002L |
|
|
|
|
Associates : |
Precihole Engineering Private Limited
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
995000 |
Equity Shares |
Rs.10/- each |
Rs.9.950 millions |
|
5000 |
2% Redeemable Preference Shares |
Rs.10/- each |
Rs.0.050 million |
|
|
Total |
|
Rs.10.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500
millions |
Of the above, 440000 Equity Shares allotted as
fully paid up Bonus Shares by way of capitalization.
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 |
4.500 |
4.500 |
4.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
65.626 |
61.139 |
61.098 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
70.126 |
65.639 |
65.598 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
47.871 |
29.411 |
60.752 |
|
|
2] Unsecured Loans |
39.221 |
16.282 |
12.343 |
|
|
TOTAL BORROWING |
87.092 |
45.693 |
73.095 |
|
|
DEFERRED TAX LIABILITIES |
7.771 |
8.216 |
7.855 |
|
|
|
|
|
|
|
|
TOTAL |
164.989 |
119.548 |
146.548 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
92.680 |
88.509 |
94.525 |
|
|
Capital work-in-progress |
1.584 |
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 |
79.716
|
34.952 |
46.341 |
|
|
Sundry Debtors |
34.364
|
24.000 |
37.771 |
|
|
Cash & Bank Balances |
4.368
|
4.699 |
11.086 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.877
|
6.519 |
12.449 |
|
Total
Current Assets |
128.325
|
70.170 |
107.647 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19.897
|
10.626 |
10.288 |
|
|
Other Current Liabilities |
37.728
|
28.555 |
45.411 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
57.625
|
39.181 |
55.699 |
|
|
Net Current Assets |
70.700
|
30.989 |
51.948 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.025 |
0.050 |
0.075 |
|
|
|
|
|
|
|
|
TOTAL |
164.989 |
119.548 |
146.548 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
139.543 |
116.911 |
NA |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
139.543 |
116.911 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
102.768 |
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
118.626 |
102.768
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.917 |
14.143 |
20.727 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.821 |
8.643 |
7.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
12.096 |
5.500 |
12.836 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.924 |
1.763 |
4.592 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
8.172 |
3.737 |
8.244 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3.150 |
3.150 |
3.150 |
|
|
|
Provision for Dividend Tax |
0.535 |
0.535 |
0.535 |
|
|
|
Interest on Delayed payment of Dividend
Tax |
0.000 |
0.010 |
0.000 |
|
|
|
Transfer to General Reserve |
0.820 |
0.380 |
0.830 |
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
44.129 |
35.732 |
40.491 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
34.347 |
16.066 |
19.250 |
|
|
|
Tools and Attachments |
1.991 |
0.747 |
1.392 |
|
|
|
Components |
3.285 |
5.198 |
14.044 |
|
|
TOTAL IMPORTS |
39.623 |
22.011 |
34.686 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.16 |
8.30 |
18.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.86
|
3.20 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.47
|
3.47 |
6.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.08 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
1.29 |
1.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23
|
1.79 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
|
|
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 |
-- |
|
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 |
NO |
|
13. |
Reasons for variations <> 20% |
NO |
|
14. |
Estimation for coming financial year |
NO |
|
15. |
Capital in the business |
YES |
|
16. |
Details of sister concerns |
NO |
|
17. |
Major Suppliers |
NO |
|
18. |
Major Customers |
NO |
|
19. |
Payment terms |
YES |
|
20. |
Export / Import details (is applicable) |
YES |
|
21. |
Market information |
-- |
|
22. |
Litigation 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 |
NO |
|
28. |
Incorporation details, if applicable |
-- |
|
29. |
Last accounts filed at ROC |
-- |
|
30. |
Major Shareholders, is available |
-- |
CONTINGENT
LIABILITIES (As on 31.03.2011)
Guarantees Issued Rs.3.709 millions to customers for performance of material supplied. Security for advances / materials received from the Customers.
FORM 8
|
Corporate identity number of the company |
U99999MH1991PTC061745 |
|
Name of the company |
PRECIHOLE MACHINE TOOLS PRIVATE LIMITED |
|
Address of the registered office or of the principal place
of business in |
A-180, Z Lane, Road No. 16, Wagle Industrial Estate, Thane
(West), Thane - 400 604, Maharashtra,
India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
The Thane Janata Sahakari Bank Limited Shop No. 10/11, Tip Top Plaza, LBS Road, Wagle Estate,
Thane – 400 604, Maharashtra, India E-Mail : scctjsb@gmail.com |
|
Nature of instrument creating charge |
Hypothecation of tangible movable machinery and plant
(Hypothecation Loan) |
|
Date of instrument Creating the charge |
09.08.2011 |
|
Amount secured by the charge |
Rs.8.000 millions |
|
Brief of the principal terms an conditions and extent and
operation of the charge |
Rate of Interest @12% p.a. (At monthly rest) i.e. 2.50% p.a. below PLR. Terms of Repayment repayable within a period of 93 months with 84 equal
monthly installments of Rs.0.141 million each. Margin Margin - 20% Extent and Operation of the charge Charge is created for hypothecation of tangible movable
machinery and plant in favour of bank. |
|
Short particulars of the property or asset(s) charged
(including complete address and location of the property) |
Charge is secured against hypothecation of all present and
future movable plant and machinery, machinery spares, machinery stores,
spares and accessories more particularly referred to as the hypothecated
assets in the hypothecation agreement. |
TRADE REFERENCES
·
Godrej
·
Tata
·
Hero Honda
FIXED ASSETS
·
Land
·
·
Plant and Machinery
·
Electrical Fittings
·
Furniture and
Fixture
·
Office
Equipment
·
Computer
·
Computer
Software
·
Motor Car
·
Scooter
·
Cycle
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.53.14 |
|
|
1 |
Rs.83.08 |
|
Euro |
1 |
Rs.69.25 |
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 |
YES |
|
--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.