MIRA INFORM REPORT
|
Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
TAURUS FLEXIBLES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
C-63, 2nd Phase, Industrial Area, Adityapur, Jamshedpur-830109, Jharkhand |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
10.04.2003 |
|
|
|
|
Com. Reg. No.: |
03-010149 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 64.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U00247JH2003PTC010149 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RCHT00101D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Fuel, Air, Hydraulic and Pneumatics Hose/Nylon Assemblies for Commercial Vehicles. |
|
|
|
|
No. of Employees
: |
Not Available |
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 680000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as
experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are 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 |
LOCATIONS
|
Registered Office/ Warehouse : |
C-63, 2nd Phase,
Industrial Area, Adityapur, Jamshedpur830109, |
|
Tel. No.: |
91-657-2200455/2407259 |
|
Fax No.: |
91-657-2225485 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. fts. |
|
Location : |
Owned |
|
|
|
|
Factory 1: |
Unit-I, Plot no. C-63,
2nd Phase Industrial Area Jamshedpur, Unit-II A-23 1st Phase Industrial Area,
Adityapur Jamshedpur. |
|
|
|
|
Factory 2: |
Unit IV-
S.No.408/6 (662 old), Hisa No. 6,CTS No. 7684, Pune- Mumbai Road, Talegaon,
Pune-410506, Maharashtra, India. |
|
|
|
|
Factory 3: |
Unit V- Plot no.
62, SA Goyla Industrial Area, |
|
|
|
|
Factory 4: |
Unit- N -22,
Phase III, SIDCO Industrial Area, Hosur, Karnataka, Pin code-635109. |
|
|
|
|
Branches : |
44, |
|
Tel. No.: |
91-33-22417779/22417780 |
|
Fax No.: |
91-33-22417779 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bhuvan Kshettry |
|
Designation : |
Director |
|
Address : |
23, Circuit House Area, Bistupur, Jamshedpur-831001, East
Singhbhum, |
|
Date of Birth/Age : |
25.12.1967 |
|
Date of Appointment : |
10.04.2003 |
|
Din No.: |
00918913 |
|
|
|
|
Name : |
Ms. Indira Kshettry |
|
Designation : |
Director |
|
Address : |
23, Circuit House Area, Bistupur, Jamshedpur-831001, East
Singhbhum, |
|
Date of Birth/Age : |
29.03.1948 |
|
Date of Appointment : |
10.04.2003 |
|
Din No.: |
00474251 |
|
|
|
|
Name : |
Mr. Ravi Kshettry |
|
Designation : |
Director |
|
Address : |
23, Circuit House Area, Bistupur, Jamshedpur-831001, East
Singhbhum, |
|
Date of Birth/Age : |
29.11.1940 |
|
Date of Appointment : |
10.04.2003 |
|
Din No.: |
00470481 |
|
|
|
|
Name : |
Mr. Sashi Kshettry |
|
Designation : |
Director |
|
Address : |
23, Circuit House Area, Bistupur, Jamshedpur-831001, East
Singhbhum, |
|
Date of Birth/Age : |
14.03.1942 |
|
Date of Appointment : |
10.04.2003 |
|
Din No.: |
00944298 |
|
|
|
|
Name : |
Ms. Madhu Kshettry |
|
Designation : |
Director |
|
Address : |
14 C H Area, Bistupur, Jamshedpur-831001, East Singhbhum, |
|
Date of Birth/Age : |
05.12.1957 |
|
Date of Appointment : |
10.04.2003 |
|
Din No.: |
00948580 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bhuvan Kshettry |
|
686700 |
|
Indira Kshettry |
|
525000 |
|
Sashi Kshettry |
|
840000 |
|
Madhu Kshettry |
|
515550 |
|
|
|
840000 |
|
Gautam Kshettry |
|
324450 |
|
Bhupen Kshettry |
|
468300 |
|
Believe Commodities Private Limited, |
|
1700000 |
|
Starlite Vanijya Private Limited, |
|
500000 |
|
|
|
|
|
Total |
|
6400000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
35.38 |
|
Directors
or relatives of directors |
|
64.62 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fuel, Air, Hydraulic and Pneumatics Hose/Nylon Assemblies for Commercial Vehicles. |
PRODUCTION STATUS : 31.03.2011
Installed capacity – 50,00,000 Nos.
Actual Production – 47,75,519 Nos.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P Chartered Accountants |
|
Address : |
146, Sonari West Layout, Road No. D, |
|
Tel. No.: |
91-657-2303011 |
|
|
|
|
Memberships : |
v Federation of Indian Export Organizations v Confederation of Indian Industry |
|
|
|
|
Collaborators : |
Subject has collaboration with Esdan Plastics, |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
Rs.10/- each |
Rs.65.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6400000 |
Equity Shares |
Rs.10/- each |
Rs.64.000
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 |
64.000 |
64.000 |
62.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
104.977 |
80.367 |
47.223 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
168.977 |
144.367 |
109.223 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
296.691 |
201.974 |
215.126 |
|
|
2] Unsecured Loans |
100.828 |
58.171 |
37.554 |
|
|
TOTAL BORROWING |
397.519 |
260.145 |
252.680 |
|
|
DEFERRED TAX LIABILITIES |
65.568 |
46.615 |
30.304 |
|
|
|
|
|
|
|
|
TOTAL |
632.064 |
451.127 |
392.207 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
188.630 |
162.154 |
144.707 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
70.868 |
70.768 |
61.344 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
265.333
|
176.038 |
159.381
|
|
|
Sundry Debtors |
225.071
|
131.098 |
92.307
|
|
|
Cash & Bank Balances |
1.838
|
3.039 |
4.432
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
60.284
|
46.082 |
39.740
|
|
Total
Current Assets |
552.526
|
356.257 |
295.860 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
130.831
|
111.658 |
38.379 |
|
|
Other Current Liabilities |
27.241
|
26.394 |
71.324
|
|
|
Provisions |
21.888
|
0.000 |
0.000
|
|
Total
Current Liabilities |
179.960
|
138.052 |
109.704
|
|
|
Net Current Assets |
372.566
|
218.205 |
186.156
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
632.064 |
451.127 |
392.207 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1265.069 |
716.489 |
|
|
|
Miscellaneous Income |
|
14.128 |
3.941 |
|
|
|
Excess Liability no more required written back |
|
3.092 |
2.249 |
|
|
|
TOTAL (A) |
|
1282.289 |
722.679 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales |
|
1038.005 |
549.038 |
|
|
|
Selling and administrative expenses |
|
136.458 |
111.372 |
|
|
|
Auditors remuneration |
|
0.239 |
0.213 |
|
|
|
TOTAL (B) |
NA |
1174.699 |
660.623 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
107.587 |
62.056 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
33.049 |
28.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
74.538 |
33.378 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
6.786 |
5.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
74.974 |
67.752 |
27.783 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.842 |
36.226 |
19.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
34.132 |
31.526 |
8.676 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
65.367 |
35.222 |
26.547 |
|
|
|
|
|
|
|
|
|
Less |
ADVANCES NOT
RECOVERABLE WRITTEN OFF |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
89.977 |
65.367 |
35.223 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.29 |
-- |
1.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA |
2.66 |
1.20
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
5.35 |
3.88
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.11 |
13.06 |
6.31
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44 |
0.46 |
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.41 |
2.75 |
3.32
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.07 |
2.58 |
2.70
|
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the year ended 31.03.2011, the company has earned a net profit of
Rs.749,74,650.81/- before making provision for taxation as compared to the net
profit of Rs. 677,52,359.38 during the year ended 31.03.2010.
OPERATIONS :
During the year
the Company's turnover has been increased from Rs.1265.000 millions to
Rs.1867.800 millions which is almost
increased by Rs.600.000 millions. While the Company in the year ended
31.03.2010 has earned a net profit of Rs.67.800 millions before making
provision for taxation now in the year ended 31.03.2011 the company has earned
a net profit of Rs.75.000 millions before making provision for taxation. The
Order position at the end of the year was also satisfactory with the order book
at an all time high. The management of the company is making its best possible
efforts in making its present being felt in the domestic auto components
manufactures all over country. The Company is in the operation of manufacturing
of auto components the demand of which is in an increasing trend and the
company always strive to do better supply as per the demand.
CUSTOMERS :
Their customers
includes various leading and global Automobile manufacturers like Tata Motors
Limited, Ashok Leyland Limited, being the two biggest truck manufacturers in
India, besides these two their other customers also includes global leaders
like Hyva India Private Limited, Eicher Motors Limited, Asia Motors Works
Limited and Swaraz Mazda, Tal etc. and the management is consistently making
its best efforts to increase its customer base. They have already received various orders from all
of the above mentioned customers and the order book till now is being
satisfactory.
Form : 8
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25200JH2003PTC010149 |
|
Name of the
company |
TAURUS FLEXIBLES PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-63, 2nd Phase, Industrial Area, Adityapur,
Jamshedpur830109, |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Union Bank of
India, MSME Branch, Main Road, Bistupur, Jamshedpur, Jharkhand- 831001, INDIA |
|
Nature of
instrument creating charge |
Letter of hypothecation
of bills Sd 17. Sanction letter. |
|
Date of
instrument Creating the charge |
24/10/2011 |
|
Amount secured by
the charge |
Rs. 15.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Bank Rate + 2.00%
Per Annum With Monthly Rests. Terms of repayment Repayable on
demand. Margin Nil Extent and operation of the charge Hypothecation
over bills, receivables and book debts. Other Nil |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
Over Bills, Receivables And Book Debts Situated At The Factory Premises at C
63, 2ND Phase, Industrial Area, Adityapur, Jamshedpur 832109 Or Any Where
Else. |
|
Date of instrument
modifying the charge |
04/03/2005 |
|
Particulars of
the present modification |
Total Limit
Modified To Rs. 15.000 millions From Rs. 20.900 millions. |
FIXED ASSETS:
- Land
- Air Conditioner
- Factory Shed
- Computers
- Electrical Equipments
- Electrical Installation
- Furniture and Fixture
- Generator
- Lab Equipments
- Plant and Machinery
- Motor Car
- Office Equipments
- Tools and Implement
- Water Boring
- Water Tank
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 |
5 |
|
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 |
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 |
NO |
|
--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.