MIRA INFORM REPORT

 

 

Report Date :

23.07.2012

 

IDENTIFICATION DETAILS

 

Name :

PERFECT ENGINEERING PRODUCTS LIMITED

 

 

Registered Office :

31, Golden Beach Co-operative Housing Society, Ruia Park, Juhu, Mumbai – 400049, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

26.03.1964

 

 

Com. Reg. No.:

11-12880

 

 

Capital Investment / Paid-up Capital :

Rs.52.208 Millions

 

 

CIN No.:

[Company Identification No.]

U28920MH1964PLC012880

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEP00781E

 

 

PAN No.:

[Permanent Account No.]

AABCP6180E

 

 

Legal Form :

A closely held public limited liability company

 

 

Line of Business :

Manufacturer of Engine Components

 

 

No. of Employees :

Not divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 2357776

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old established company having moderate track. There management of the company has failed to file its financials with the government department after 2010. The company has been defaulted by the RBI as on 31.03.2012.

 

Business is active. Payment are unknown.

 

The company can be considered for normal business dealings with some caution.  

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INFORMATION DENIED BY

 

Name :

Mrs. Asha

Designation :

Accountant 

Contact No.:

91-9325315522

Date:

21.07.2012

 

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

 

Borrowers’ Name :

PERFECT ENGINEERING PRODUCTS LIMITED

Address :

31, Golden Beach Co-operative Housing Society, Ruia Park, Juhu, Mumbai – 400049, Maharashtra, India

Name of Individual :

1.       Mr. Ambrish Vijay Shah (Director)

2.       Mr. Siddarth Vijay Shah (Director)

3.       Ms. Mangala Vijay Shah (Director)

Name of Credit Grantors / Bank & Branch:

SBI Global Factors

Amount (Rs. In Millions) :

Rs.160.900 Millions

 

 

EPF (Employee Provident Fund) DEFAILTERS’ 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.

 

 

LOCATIONS

 

Registered Office :

31, Golden Beach Co-operative Housing Society, Ruia Park, Juhu, India – 400049, Maharashtra, India

E-Mail :

finance@perfectenginecomponents.com

 

 

Factory  :

172 Tungarli, Lonavla, Pune – 411465, Maharashtra, India

Tel. No.:

91-2114-270673 / 4 / 5

Fax No.:

91-2114-273310 / 273401

 

 

Factory :

They have 2 factories at Lonavala and 2 factory’s at Kamshet

215/3 Chikali, Kamshet, Pune, Maharashtra, India.

 

 

Corporate Office :

550 B, Sindh Society, Aund Baner Road, Pune, Maharashtra, India.

Tel. No.:

91-20-25851586 / 87

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Ambrish Vijay Shah

Designation :

Managing Director

Address :

Flat No. 29, 8th and 9th Floor, Nikas Sekies, Aundh, Pune – 411007, Maharashtra, India.

Date of Birth/Age :

01.12.1971

Date of Appointment :

01.01.2004

 

 

Name :

Mr. Siddarth Vijay Shah

Designation :

Managing Director

Address :

Marbel Arch, 6th Floor, Flat 22, Green Society, Aundh, Pune – 411007, Maharashtra, India

svshah@perfectenginecomponents.com

Date of Birth/Age :

29.12.1973

Date of Appointment :

01.05.1992

 

 

Name :

Ms. Mangala Vijay Shah

Designation :

Director

Address :

Bunglow No. 10, Near Citi Bank Holiday Home, Valval, Lonavla – 410401, Maharashtra, India.

Date of Birth/Age :

17.03.1946

Date of Appointment :

08.03.1990

 

 

KEY EXECUTIVES

 

Name :

Mrs. Asha

Designation :

Accountant 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

 

No. of Shares

Ambrish Shah Trustee Ambrish Shah Trust

 

64000

Mangala Shah

 

742080

Ambrish Shah

 

1658080

Siddharth Shah

 

1659040

Pivotal Securities Private Limited

 

363200

Pasha Finance Private Limited

 

548160

JDP Shares And Finance Private Limited

 

184960

Chetna Shah

 

1280

Total

 

5220800

 

AS ON 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

21.00

Directors or relatives of directors

 

79.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Engine Components

 

 

PRODUCTION STATUS AS ON 31.03.2010

 

Particulars

 

Licensed Capacity

Installed Capacity

Actual Production

 

 

 

 

 

SGI and Graded C.I. Castings

 

1000

1000

956.85

Alloy S.S.Castings

 

400

400

376.07

Alloys C.I.Castings

 

600

600

555.57

Cobalt Base Castings

 

40

40

4.50

Sockets and Connectors

 

NA

NA

1892.98

 

 

GENERAL INFORMATION

 

No. of Employees :

Not divulged

 

 

Bankers :

State Bank of India, Wagle Industrial Estate Branch, Road No. 22, Thane – 400604, Maharashtra, India 

 

 

Facilities :

 

SECURED LOANS

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

 

 

 

Term Loan

 

 

State Bank Of India, Thane

364.913

221.388

 

 

 

Cash Credit And Other Advances From Banks

 

 

State Bank Of India, Thane

(Cash Credit A/C)

412.641

322.655

State Bank Of India, Thane

(Export Packing Credit)

123.005

150.823

 

 

 

From Financial Institutions

 

 

Sundaram Finance Limited

(Vehicle Finance)

0.326

0.900

Total

900.885

695.766

 

UNSECURED LOANS

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

 

 

 

Sales Tax Deferred Loan From SICOM

12.413

12.413

Deposits From Directors And Others

30.951

5.330

Total

43.364

17.743

 

 

 

Banking Relations :

--

 

 

Auditors :

R. A. Jagtap and Company

 

Chartered Accountants

Address :

427, Parekh Market, 39, Kennedy Bridge, Opera House, Mumbai – 400004, Maharashtra, India

 

 

Subsidiaries :

Kerla Engine Components  Private Limited

CIN No.: U35999MH2005PTC151387

Sales Turnover (2008):- Rs.690.000 Millions

Expected (2008-09) :- 860.000 Millions

 

Perfect Engine Components Private Limited

CIN No.: U29120MH2005PTC150632

Sales Turnover (2008): Rs. 140.000 Millions

Expected (2008-09) :- Rs. 260.000 Millions

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

Authorised Capital :

No. of Shares

Type

Value

Amount

5250000

Equity Shares

Rs. 10/- each

Rs. 52.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5220800

Equity Shares

Rs. 10/- each

Rs. 52.208 millions

 

 

 

 


 

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

52.208

52.208

52.208

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

537.236

607.740

596.985

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

589.444

659.948

649.193

LOAN FUNDS

 

 

 

1] Secured Loans

900.885

695.766

464.709

2] Unsecured Loans

43.364

17.743

19.800

TOTAL BORROWING

944.249

713.509

484.509

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

1533.693

1373.457

1133.702

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

574.776

544.330

467.097

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

63.200

35.300

25.300

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

576.732

410.315

363.852

 

Sundry Debtors

489.505

554.739

350.623

 

Cash & Bank Balances

4.761

11.542

20.402

 

Other Current Assets

0.000

0.000

0.092

 

Loans & Advances

168.352

243.259

164.757

Total Current Assets

1239.350

1219.855

899.726

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

218.241

305.893

182.399

 

Current Liabilities

54.546

51.604

9.590

 

Provisions

70.846

68.531

66.432

Total Current Liabilities

343.633

426.028

258.421

Net Current Assets

895.717

793.827

641.305

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1533.693

1373.457

1133.702

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

924.815

1260.347

1113.088

 

 

Other Income

8.968

107.421

16.429

 

 

TOTAL                                     (A)

933.783

1367.768

1129.517

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw material and stores consumption

824.774

964.920

648.893

 

 

Other Manufacturing Expenses

44.750

115.031

100.186

 

 

Expenses on Employees

42.229

59.186

24.962

 

 

Administrative Employees

60.447

83.225

67.047

 

 

Increased / (Decreased) In Stock

(171.269)

(74.799)

(89.323)

 

 

TOTAL                                     (B)

800.931

1147.563

751.765

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

132.852

220.205

377.752

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

130.304

118.623

52.776

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

2.548

101.582

324.976

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

71.393

71.427

46.816

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

(68.845)

30.155

278.160

 

 

 

 

 

Less

TAX                                                                  (I)

2.249

9.916

38.434

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

(71.094)

20.239

239.726

 

 

 

 

 

Less

TAX DUES PAID FOR EARLIER YEARS

0.107

0.380

1.266

Less

INCOME TAX DUES (2006-2007)

0.000

9.104

0.000

Less

TAX ON DIVIDEND

0.000

0.000

5.220

Less

DIVIDEND TAX

0.000

0.000

0.732

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(70.504)

10.755

232.507

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

132.512

278.107

157.294

 

TOTAL EARNINGS

132.512

278.107

157.294

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.88

56.18

--

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

(7.61)

1.61

21.22

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

(7.44)

2.39

24.98

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(3.79)

1.71

20.35

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.12

0.05

0.43

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.18

1.73

1.14

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.61

2.86

3.48

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars

 

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors (Goods and Expenses)

218.241

305.893

191.989

 

 

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

 No

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%

 --

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

No

20) Export / Import details (if applicable)

No

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

 --

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

No

30) Major Shareholders, if available

Yes

 

CONTINGENT LIABILITIES AS ON 31.03.2010

 

Particulars

Rs. In Million

Sales Bill Discounted

76.801

Bank Guarantee Issued Against Export Obligations For EOU Units.

2.800

Total

79.601

 

FORM 8:

 

Corporate identity number of the company

U28920MH1964PLC012880

Name of the company

PERFECT ENGINEERING PRODUCTS LIMITED

Address of the registered office or of the principal place of  business in India of the company

31 Golden Beach Co Ophsg Society Ruia Park, Juhu, MUMBAI – 400049, Maharashtra, INDIA

 

This form is for

Creation of charge

Type of charge

Immovable Property

Particular of charge holder

State Bank of India

Nature of instrument creating charge

Deed of Further charge dated 08th August 2011

Date of instrument Creating the charge

08/08/2011

Amount secured by the charge

Rs. 627.300 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As per Agreement with the Bank

 

Terms of Repayment

As per Agreement with the Bank

 

Extent and Operation of the charge

2nd charge on entire fixed assets and mortgage of immovable properties of the Company to secure facilities amounting to Rs.627.300 Millions availed by Perfect Engine Components Private Limited.

1st charge is held by State Bank of India through its Commercial Branch, Chembur, Mumbai for the credit facilities availed by Perfect Engineering Products Limited.

 

Others

As per Agreement with the Bank

Short particulars of the property charged

Entire Fixed Assets and mortgage of immovable properties - All that piece and parcel of Land at Tungarli with all factory andother buildings and structures erected/to be erected hereafter  and fixed assets and bearing S.No.55B,Hissa No.1 adm.8 Acres and 13 Gunthas i.e 33.685 Sq. Mtrs.

S.No.55B,Hissa No.1 adm.4 Acres and 25 Gunthas equivalent to 18719/75 Sq. Mtrs.or thereabouts. Plot No. D/9 Thane Indl. Area Panchpakdi, Thane adm.10822 Sq.Yds.i.e.9049 Sq. Mtrs., Land bearing Gat No.394A and 394B adm.3 Hectors 55.3R along with factory building at Vill. Adhe, Gat No.215,Hissa No.3,adm.37 Aar at Vill. Chikalse, Gat No.324,adm.71R at Chikhalse, Gat No.208/1,adm.70R at Chikhalse together with plant and machinery, equipments and fixed assets therein.

 

 

FIXED ASSETS

 

  • Building
  • Plant and Machinery
  • Foundry Equipments
  • Fire Extinguisher
  • Factory Equipments
  • Office Equipments
  • Telephone Equipments
  • Furniture and Fixture
  • Vehicles
  • Fax
  • Water Equipments
  • Computers  

 


CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.55.15

UK Pound

1

Rs.86.58

Euro

1

Rs.67.60

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

SDA

 


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

YES

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

 

26

 

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

-

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.