MIRA
INFORM REPORT
|
Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PROTECK MACHINERY PRIVATE LIMITED |
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Registered
Office : |
SPL Sri Ram Nivas, 2nd Floor, No. 44/10, Venkatakrishna
Road, Mandaveli, Chennai 600028, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.03.1998 |
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Com. Reg. No.: |
18-40196 |
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Capital
Investment / Paid-up Capital : |
Rs.0.120 million |
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|
|
CIN No.: [Company Identification
No.] |
U29130TN1998PTC040196 |
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|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
CHEP02324A |
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|
PAN No.: [Permanent
Account No.] |
AABCP0020B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Traders of Printing and Allied Machinery |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 336264 |
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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. Financial
position of the company is good. 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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office : |
SPL Sri Ram Nivas, 2nd Floor, No. 44/10, Venkatakrishna Road,
Mandaveli, Chennai 600028, Tamilnadu, India |
|
Tel. No.: |
91-44-24401565 / 66 / 68 |
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Fax No.: |
91-44-24401578 |
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E-Mail : |
accounts@proteck.co.in, anand@proteck.co.in, marketing@proteck.co.in |
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Website : |
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Factory 1 : |
Proteck Circuits & Systems Private Limited |
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Tel. No.: |
91-44-2450 6000 to 10 |
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Fax No.: |
91-44-2450
6006 |
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E-Mail : |
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Factory 2 : |
Plot No D1, Marimalai Nagar Industrial
Estate, Kancheepuram District -603209, Tamilnadu, India |
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Branches : |
New
Delhi Mumbai
Sivakasi Mobile : 91-98430 12919 Cochin
Mr.Senthil Kumar Tel : 91-712 - 2744797 Pune |
DIRECTORS
|
Name : |
Mr. Jayant Vaidyanathan |
|
Designation : |
Director |
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Date of
Appointment : |
29.03.2010 |
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|
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Name : |
Mr. Kartik Vaidyanathan |
|
Designation : |
Director |
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Date of
Appointment : |
29.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. K. Balasubramanian |
200 |
|
Mr. K. Vaidyanathan |
200 |
|
Mr. Allan L. Barretto |
100 |
|
Mr. Kishor Aruru |
100 |
|
Mrs. Deepa Balasubramanian |
300 |
|
Mr. Karthik Vaidyanathan and Mr. Jayant Vaidyanathan |
300 |
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Total |
1200 |
AS ON 29.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
83.00 |
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Directors or relatives of directors |
|
17.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Traders of Printing and Allied Machinery |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Overseas Branch, 86, Rajaji Salal,
Chennai-600001, Tamilnadu, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandran and Raman Chartered Accountants, Tamilnadu |
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Address : |
No. 2 Paragon Dr. Radhakrishnan Salai, II
Street, Mylapore, Chennai 600004, Tamil Nadu, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs. 100 each |
Rs.2.500 millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200 |
Equity Shares |
Rs. 100 each |
Rs.0.120 million |
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|
|
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 |
0.120 |
0.120 |
0.120 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
83.946 |
77.958 |
62.681 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
84.066 |
78.078 |
62.801 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.897 |
1.429 |
1.887 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
22.897 |
1.429 |
1.887 |
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|
DEFERRED TAX LIABILITIES |
0.000 |
0.399 |
0.131 |
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|
|
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TOTAL |
106.963 |
79.906 |
64.819 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
8.983 |
9.330 |
8.720 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.136 |
0.000 |
0.000 |
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|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
67.595
|
57.940 |
20.401 |
|
|
Sundry Debtors |
75.146
|
52.896 |
45.852 |
|
|
Cash & Bank Balances |
14.897
|
30.912 |
23.104 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
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|
Loans & Advances |
30.496
|
8.871 |
8.673 |
|
Total
Current Assets |
188.134
|
150.619 |
98.030 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
89.561
|
78.949 |
40.472 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.729
|
1.094 |
1.459 |
|
Total
Current Liabilities |
90.290
|
80.043 |
41.931 |
|
|
Net Current Assets |
97.844
|
70.576 |
56.099 |
|
|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
|
TOTAL |
106.963 |
79.906 |
64.819 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
|
|
|
|
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|
Sales |
257.022 |
185.728 |
64.528 |
|
|
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Commission |
57.319 |
103.521 |
85.573 |
|
|
|
Other Income |
7.783 |
2.425 |
2.737 |
|
|
|
TOTAL (A) |
322.124 |
291.674 |
152.838 |
|
|
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|
|
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Less |
EXPENSES |
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|
|
|
|
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|
Cost of Materials |
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|
Manufacturing Expenses |
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|
Employees Remuneration |
|
|
|
|
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|
Selling and Distribution Expenses |
308.218 |
263.402 |
123.638 |
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Office Expenses |
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Administrative Expenses |
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|
Advertising Expenses |
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TOTAL (B) |
308.218 |
263.402 |
123.638 |
|
|
|
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.906 |
28.272 |
29.200 |
|
|
|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
2.524 |
1.310 |
0.899 |
|
|
|
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.382 |
26.962 |
28.301 |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.515 |
1.595 |
2.066 |
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
9.867 |
25.367 |
26.235 |
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Less |
TAX (H) |
3.880 |
10.091 |
12.074 |
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|
PROFIT AFTER TAX
(G-H) (I) |
5.987 |
15.276 |
14.161 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
56.642 |
99.876 |
65.405 |
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
93.478 |
125.158 |
21.910 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4989.87 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.85
|
5.23 |
9.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.83
|
13.65 |
40.65 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.00
|
15.85 |
24.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.32 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
1.04 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
1.88 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
SALES & SERVICE
The
company continued in the business of trading in Machinery, Spares for printing
and allied machinery during the year. It also rendered marketing and after
sales services in the areas of printing and allied machinery and state of the
art CNC Machines. The Company has also carried out servicing of Pre-press and
Post Press equipments to reputed customers in the printing and newspaper
industry during the year apart from servicing printing machines imported from
abroad by various printing houses.
NOTE:
Registered office of the company has been shifted from Ramakoti Apartment, 3rd Floor, No.7, 1st Main Road, Gandhi Nagar, Adyar, Chennai-600020, Tamil Nadu, India to the present address w.e.f. 24.10.2011.
FORM 8
|
Corporate
identity number of the company |
U29130TN1998PTC040196 |
|
Name of the
company |
PROTECK MACHINERY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
SPL Sri Ram Nivas, 2nd Floor, No. 44/10, Venkatakrishna
Road, Mandaveli, Chennai 600028, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank of India, Overseas Branch, 86, Rajaji Salal, Chennai-600001, Tamilnadu, India Email: mahendiran56@gmail.com |
|
Nature of
instrument creating charge |
1. Supplemental
Agreement of loan for increase in the overall limit. 2. Supplemental
Agreement of hypothecation of goods and assets for increase in the overall
limit. . 3. Letter regarding
the grant of individual limits within the overall limit. |
|
Date of
instrument Creating the charge |
07.12.2009 |
|
Amount secured by
the charge |
Rs. 130.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit:
1.25% above SBAR (present effective rate 13.00% p.a.) with monthly rests. Letter of
Credit/Bank Guarantee: Charges/Commission: As per the Bank norms. Terms of repayment Working Capital:
CC: Repayable On Demand One time LC: 20%
after 90 days of opening LC 60% against acceptance of
machinery by Proteck against shipment documents. 20% - 120 days after shipment. Margin CC: 25% of Stock
and Receivables LC: 10% BG: 10% Extent and operation of the charge As mentioned in
the Agreements Other Nature of
Facilities Rs.in.Millions Cash Credit : 25.000 LCs* : 10.000 One time LC : 80.000 BGs* : 15.000
----------- Total
130.000 * 100% two way
interchangeability between LC and BG |
|
Short particulars
of the property charged (Including location of the property) |
CC: Hypothecation
of present and future Current Assets and Book Debts belonging to the Company One time LC:
Merchandise covered by the LC and LC: Charge over the Current Assets belonging to
the Company. BG: Charge over
the Current Assets belonging to the Company and counter guarantee of the
Company. Backed up by the
Corporate Guarantee of M/s Proteck Circuits and Systems Private Limited |
|
Date of instrument
modifying the charge |
10.12.2004 |
|
Particulars of
the present modification |
By the present
modification, the overall limit has been enhanced to Rs.130.000 millions and
secured by the Current Assets belonging to the Company, Backed up by the Corporate
Guarantee of M/s Proteck Circuits and Systems Private Limited. |
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.50.92 |
|
|
1 |
Rs.81.21 |
|
Euro |
1 |
Rs.67.85 |
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 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.