MIRA
INFORM REPORT
|
Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PATSON MACHINES PRIVATE LIMITED |
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Registered Office : |
SNEH C-11 Erandwane Society, 14/5, Erandwane, Pune-411004, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
23.03.2006 |
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Com. Reg. No.: |
11 - 022214 |
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Capital Investment / Paid-up Capital : |
Rs. 2.500 Millions |
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CIN No.: [Company
Identification No.] |
U29299PN2006PTC022214 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP10561F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Machines and Machines Equipment |
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No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
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 6000 |
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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. The
latest financial are not made available with the government department. As per previous year’s record, there appears some accumulated losses
recorded by the company. However, trade relations are reported to be 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) |
|
India |
A1 |
A1 |
|
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
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.
INFORMATION PARTED BY
|
Name : |
Ms.Vidya |
|
Designation : |
Accountant |
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Contact No.: |
91-20-25442913 |
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Date : |
14.01.2013 |
LOCATIONS
|
Registered Office
: |
SNEH C-11 Erandwane Society, 14/5, Erandwane, Pune-411004, |
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Tel. No.: |
91-20-25442913/ 25292830/ 65709980/ 65619979 |
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Fax No.: |
91-20-25410836/ 25442913/ 65709980 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft. |
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Location : |
Owned |
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Factory : |
Shop No-H3, Survey No.77/1+2+3 Vishnu Malati IndustrialEstate,
Village-Shivane, Pune-411023, |
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Tel. No.: |
91-20-25292830 |
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Fax No.: |
91-20-25410836 |
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E-Mail : |
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Area : |
2000 sq.ft. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Shridhar Patwardhan |
|
Designation : |
Director |
|
Address : |
Sneh C-11 Erandwane Society, 14/5 Erandwane, Pune-411004, |
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Date of
Birth/Age : |
15.12.1947 |
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Date of
Appointment : |
23.03.2006 |
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DIN No.: |
00564973 |
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Name : |
Mr. Amit Patwardhan |
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Designation : |
Director |
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Address : |
Sneh C-11 Erandwane Society, 14/5 Erandwane, Pune-411004, |
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Date of
Birth/Age : |
31.12.1976 |
|
Date of
Appointment : |
23.03.2006 |
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DIN No.: |
00565078 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Shridhar Patwardhan |
246000 |
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Amit Patwardhan |
4000 |
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TOTAL
|
250000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
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TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturer of Machines and Machines Equipment |
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Products : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. A. Limya and Company Chartered Accountant |
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Address : |
Flat No - 9, Smruti Co Operative Hosing Society, |
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PAN.: |
ABGFS8004D |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500
Millions |
AS
ON 28.09.2012
Authorised Capital : RS. 5.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 5.000
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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
(0.887) |
(1.085) |
(0.100) |
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NETWORTH |
1.613 |
1.415 |
2.400 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
1.929 |
2.994 |
3.131 |
|
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2] Unsecured Loans |
3.075 |
1.333 |
1.701 |
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TOTAL BORROWING |
5.004 |
4.327 |
4.832 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.017 |
0.028 |
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TOTAL |
6.617 |
5.759 |
7.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.706 |
1.663 |
1.999 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.083 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.823 |
6.701 |
8.669 |
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Sundry Debtors |
3.369 |
4.244 |
2.903 |
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Cash & Bank Balances |
0.860 |
0.692 |
1.092 |
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Other Current Assets |
0.896 |
0.767 |
0.480 |
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Loans & Advances |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
13.948 |
12.404 |
13.144 |
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Less: CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
7.818 |
0.000 |
0.000 |
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Other Liabilities |
1.011 |
8.311 |
7.868 |
|
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Provisions |
0.291 |
0.011 |
0.042 |
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Total Current Liabilities |
9.120 |
8.322 |
7.910 |
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Net Current Assets |
4.828 |
4.082 |
5.234 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.014 |
0.027 |
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|
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TOTAL |
6.617 |
5.759 |
7.260 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Other Income |
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TOTAL |
32.178 |
21.314 |
19.871 |
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|
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|
Less |
EXPENSES |
|
|
|
|
|
|
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TOTAL |
32.081 |
22.309 |
20.143 |
|
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PROFIT / LOSS
BEFORE TAX |
0.097 |
(0.995) |
(0.272) |
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|
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|
|
Less |
TAX |
(0.100) |
(0.011) |
0.089 |
|
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PROFIT / LOSS
AFTER TAX |
0.197 |
(0.984) |
(0.361) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
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Export Earnings |
|
1.990 |
0.000 |
|
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TOTAL EARNINGS |
|
1.990 |
0.000 |
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IMPORTS |
|
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Raw Materials |
NA |
|
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|
Capital Goods |
|
|
|
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|
TOTAL IMPORTS |
|
0.246 |
0.000 |
|
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|
Earnings Per
Share (Rs.) |
0.79 |
(3.94) |
(1.44) |
|
Expected Sales (2012-2013) : Rs. 35.000
Millions
The above information has been parted by Ms. Vidya
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.61
|
(4.62) |
(1.82) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.30
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.61
|
(7.07) |
(1.80) |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
(0.70) |
(0.11) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.65
|
8.94 |
5.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.49 |
1.66 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
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] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29299PN2006PTC022214 |
|
Name of the
company |
PATSON MACHINES PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
SNEH C-11 Erandwane Society, 14/5,
Erandwane, Pune-411004, |
|
Type of charge |
Book debts Movable property (not
being pledge) Floating Charge Others (Stock in
Trade) |
|
Particular of
charge holder |
State Bank Of India, SMECCC, Sharda Chambers, Shankar Sheth Road,
Pune- 411037,
Maharashtra, India. Email ID : pramod.kadam@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Loan-Hypothecation SME-2 |
|
Date of
instrument Creating the charge |
29.02.2008 |
|
Amount secured by
the charge |
Rs.7.700 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 14%p.a for D.C.C
AND 14.50% for the Medium Term Loan as per the agreement executed Terms of Repayment: DCC: on demand. MTL : as per
agreed terms, the repayment is to effected in 60 equated monthly installments
of Rs.0.030 Millions with first installment falling on September 2008 and the
last installment falling due on February2013 including moratorium period of
six months . Margin: Raw Material
indeginous and imported: 25% Semi finished goods: 33% Domestic receivables:
40% Term Loan: 25% and BG: 25% Extent and Operation of the charge: The first charge
on the entire stock, receivables, plant and machinery and on the assets
purchased out of the term loan. The bank has offered the total limit of
Rs.7.700 Millions inclusive of fund based limit of Rs.3.700 Millions and Non
fund based limit of Rs.4.000 Millions with the personal guarantee of the
Directors and the collateral security of Residential Bungalow located at
C-11, "SNEH" Erandvana Co-op Hsg society S. No.14/4+14/5+10 ( part)
Erandvana Pune-410506 and the third party guarantee . |
|
Short particulars
of the property charged |
All the Stock and
Book debts and the thereof situated at the Registered Office of the borrower
Company |
Fixed Assets:
- Machinery
- Vehicles
- Computer
- Digital Camera
- Tressing Board
- Furniture
- M.S.E.B Transformer
- Computer Software
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 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. 54.54 |
|
|
1 |
Rs. 87.69 |
|
Euro |
1 |
Rs. 72.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SPR |
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 |
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 |
NO |
|
MERIT POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.