MIRA
INFORM REPORT
|
Report Date : |
14.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
PROTECH APPLIANCES PRIVATE LIMITED |
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Registered
Office : |
No.39/5173-C&D,
2nd and 3rd Floor, K.C. Abraham Master Road, Panampilly
Nagar, Cochin – 682 036, Kerala |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.05.1987 |
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Com. Reg. No.: |
09-004767 |
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Capital
Investment / Paid-up Capital : |
Rs.2.521
millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U29308KL1987PTC004767 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of home soda maker, soft drink maker,
carbonator, fizzy drink maker, etc. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 86000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Latest
financials i.e. 2011-12 are not available. From the previous year record, profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are unknown. The company can be considered for 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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.
LOCATIONS
|
Registered Office : |
No.39/5173-C&D,
2nd and 3rd Floor, K.C. Abraham Master Road, Panampilly
Nagar, Cochin – 682 036, Kerala |
|
Tel. No.: |
91-484-4147000/ 4010350 |
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Fax No.: |
91-484-2320353 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Chalakuzhy Poulose Mammen |
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Designation : |
Managing Director |
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Address : |
Apartment B/12-D, Willingdon Enclave, Pandit Karuppan Road, Thevara,
Kochi – 682 013, Kerala, India |
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Date of Birth/Age : |
31.12.1950 |
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Date of Appointment : |
06.07.1987 |
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DIN No.: |
00150943 |
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Other Directorship :
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Name : |
Mr. Chalakuzhy George Poulose |
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Designation : |
Director |
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Address : |
Apartment C-A54, Rivera Retreat, Pandit Karuppan Road, Thevara, Kochi
– 682 013, Kerala, India |
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Date of Birth/Age : |
23.12.1953 |
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Date of Appointment : |
06.07.1987 |
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DIN No.: |
00150992 |
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KEY EXECUTIVES
|
Name : |
Jose Sebastian |
|
Designation : |
Manager |
|
Address : |
274M, Thekkel House, Thaikkattukara, Choornikkara, Alwaye, Ernakulam –
683 106, Kerala, India |
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Date of Birth/Age : |
24.05.1955 |
|
Date of Appointment : |
07.12.2007 |
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PAN No.: |
AFSPS9226D |
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|
|
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Name : |
P.P. Zibi Jose |
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Designation : |
Practising Company Secretary |
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Address : |
61/2939, Tenrose, SRM Road, Kochi – 682 018,
Kerala, India |
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Tel. No.: |
91-484-2401685 |
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Fax No.: |
91-484-2401684 |
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Mobile No.: |
91-9388603877 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
C P Mammen |
|
151284 |
|
C P Matthen |
|
14028 |
|
C George Poulose |
|
43428 |
|
Mariamma Poulose and C P Mammen |
|
14476 |
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Mariamma Poulose and C P Matthen |
|
14462 |
|
Mariamma Poulose and George Paulose |
|
14462 |
|
Total |
|
252140 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of home soda maker, soft drink maker, carbonator,
fizzy drink maker, etc. |
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|
|
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Products : |
v Home Soda Maker v Soft Drink Maker v Carbonator v Fizzy Drink
Maker |
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Brand Names : |
MR. BUTLERS |
PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
2010-2011 Qty.
(Nos.) |
|
Licensed
Capacity |
|
|
Cartridges |
N.A. |
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|
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Installed
Capacity |
|
|
Soda Maker |
50000.00 |
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Cartridge |
300000.00 |
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Production/
Purchase (No.) |
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|
Soda Maker |
39306.00 |
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Bottle Pack |
-- |
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Spare Bottle |
5726.00 |
|
Cartridge |
210970.00 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v State Bank of
Travancore, RASMECCC, Ground Floor, SBT Bhavan, Panampilly Nagar, Kochi – 682
031, Kerala, India v HDFC Bank Limited |
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Facilities : |
The above loans
are secured by: 1. Equitable
mortgage of: 21.218 cents of land at Kadugody, Bangalore South. 2. Hypothecation
of Stock-in-trade 3. Personal guarantee of Two Directors
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kuruvilla and Jose Chartered Accountants |
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Address : |
41/695, Chittoor Road, Ernakulam – 682 018, Kerala, India |
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Tel. No.: |
91-484-2391443/ 2391939 (Direct) |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AADFK7018B |
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Related Parties : |
v Katrala Products
Private Limited v CCS Technologies
v Poulose and
Matthen Private Limited v Flammo
Appliances Private Limited v Moksha Foods and
Beverages v Century Carbon
Dioxide |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
255000 |
Equity Shares |
Rs.10/- each |
Rs.2.550 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
252140 |
Equity Shares |
Rs.10/- each |
Rs.2.521
millions |
|
|
|
|
|
(Of the above 234130 equity shares have been issued as bonus shares by
way of capitalisation of reserves)
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 |
2.521 |
2.521 |
0.124 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
18.858 |
18.440 |
18.956 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
21.379 |
20.961 |
19.080 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.104 |
1.709 |
2.997 |
|
|
2] Unsecured Loans |
0.435 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
5.539 |
1.709 |
2.997 |
|
|
DEFERRED TAX LIABILITIES |
0.071 |
0.079 |
0.051 |
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|
|
|
|
|
|
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TOTAL |
26.989 |
22.749 |
22.128 |
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
5.839 |
5.145 |
4.589 |
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Capital work-in-progress |
0.964 |
0.732 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
1.460 |
0.860 |
0.335 |
|
|
DEFERRED TAX ASSETS |
0.311 |
0.311 |
0.523 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.683
|
8.027 |
7.067 |
|
|
Sundry Debtors |
9.669
|
16.139 |
12.163 |
|
|
Cash & Bank Balances |
2.481
|
0.880 |
1.097 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.780
|
4.455 |
5.246 |
|
Total
Current Assets |
31.613
|
29.501 |
25.573 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.252
|
11.040 |
5.926 |
|
|
Other Current Liabilities |
0.938
|
0.779 |
0.721 |
|
|
Provisions |
2.008
|
1.981 |
2.245 |
|
Total
Current Liabilities |
13.198
|
13.800 |
8.892 |
|
|
Net Current Assets |
18.415
|
15.701 |
16.681 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26.989 |
22.749 |
22.128 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
86.617 |
85.440 |
62.117 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
86.617 |
85.440 |
62.117 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
86.004 |
82.896 |
60.967 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
86.004 |
82.896 |
60.967 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.613 |
2.544 |
1.150 |
|
|
|
|
|
|
|
|
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Less |
TAX |
0.196 |
0.718 |
0.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.417 |
1.826 |
0.675 |
|
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|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
4.782 |
0.760 |
3.197 |
|
|
TOTAL EARNINGS |
4.782 |
0.760 |
3.197 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.65 |
7.24 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.48
|
2.14 |
1.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.64
|
7.34 |
3.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.12 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.26
|
0.08 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
2.14 |
2.88 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10) Designation of contact person |
No |
|
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 |
|
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 |
FINANCIAL RESULTS
For the year the
Company has made a net profit of Rs.0.613 million (Pr. Yr. Rs.2.544 millions)
and hopes to do better profit during the next year.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U29308KL1987PTC004767 |
|
Name of the company |
PROTECH APPLIANCES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
No.39/5173-C&D,
2nd and 3rd Floor, K.C. Abraham Master Road, Panampilly
Nagar, Cochin – 682 036, Kerala, India E-Mail: protech@mrbutlers.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable Property (not being pledge) |
|
Particular of charge holder |
State Bank of
Travancore, RASMECCC, Ground Floor, SBT Bhavan, Panampilly Nagar, Kochi – 682
031, Kerala, India E-Mail: racpcekm@sbt.co.in |
|
Nature of description of the instrument
creating or modifying the charge |
Hypothecation Agreement For Term Loan |
|
Date of instrument Creating the charge |
09.01.2013 |
|
Amount secured by the charge |
Rs.2.630 millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest: Interest @ 3.75% above SBT Base Rate
(SBTBR) effective 14% p.a. with monthly rests. Terms of Repayment: Repayable in 75 months, 72 monthly installments
of Rs.0.037 million each with a start up period of 3 months the first of
which installments be paid on the date of 9.4.2013. Margin: As determined by the bank from time to
time. Extent and Operation of the charge: Hypothecation of Company's Assets as
security for the loan sanctioned along with interest and other dues thereon. |
|
Short particulars of the property charged |
The whole of the movable assets/
machineries/ vessels/ vehicles of the Borrower including movable plant and
machinery, machinery spares, tools and accessories and other movables both
present and future whether installed
or not and whether now lying loose or
in cartons or boxes or other packing which are now lying or stored in or
about or shall hereafter from time to time during the continuance of these
presents be brought into or be stored or be in or about the borrower's
factories, premises and godows or wherever else the same may be or be held by
any party to the order or disposition of the borrower or in the course of transit
or on high seas or on order or delivery short particulars whereof are namely
Hypothecation of all current assets including stock of soda maker, mixer cum
grinder, wet grinder, induction cooker, raw materials, stock in progress,
receivables, machineries, unencumbered portion of fixed assets etc. |
FIXED ASSETS:
v
Land and Land Development
v
Factory Building
v
Plant and Machinery
v
Plant and Machinery
(Electrical)
v
Other Machinery
v
Moulds and Dies
v
Tools and Testing
Equipments
v
Furniture and Fixtures
v
Air Conditioner
v
Electrical Installation
v
Computer System
v
Compound Wall
v
Vehicles
v
Miscellaneous Assets
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 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.53.85 |
|
|
1 |
Rs.84.43 |
|
Euro |
1 |
Rs.72.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.