MIRA INFORM REPORT
|
Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TORNA ENGINEERING COMPANY PRIVATE LIMITED |
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Registered
Office : |
F-136, Ansa Industrial Premises
Co-operative Society, Baji Pasalkar Road, Andheri (East), Mumbai - 400072,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
15.06.1995 |
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Com. Reg. No.: |
11-089599 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500
Million |
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CIN No.: [Company Identification
No.] |
U74210MH1995PTC089599 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09617G |
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PAN No.: [Permanent Account No.] |
AABCT4975D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Industrial Hygiene Engineering, Flexible Extraction ARM, Central Vacuum Cleaning Systems, Modular Ducting, Dust Collectors, Hazardous Waste Management, Process Safety, and also providing Project Engineering Services, etc. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
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 21700 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are limited.
Trade relations are reported to be fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for small to mediocre business dealings
with slight caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 : |
Mrs. Sandhya Nikam |
|
Designation : |
Director |
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Contact No.: |
91-22-66925904 |
|
Date : |
16.05.2013 |
LOCATIONS
|
Registered Office : |
F-136, Ansa Industrial Premises Co-operative
Society, Baji Pasalkar Road, Andheri (East), Mumbai - 400072, Maharashtra,
India |
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Tel. No.: |
91-22-66925904/ 28523689 |
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Fax No.: |
91-22-28473689 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Vilas Pandurangrao Nikam |
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Designation : |
Director |
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Address : |
105, Golden Rays, Raheja, Vihar, Powai,
Mumbai – 400072, Maharashtra, India |
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Date of Birth/Age : |
20.04.1960 |
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Date of Appointment : |
15.06.1995 |
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DIN No.: |
01124618 |
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Name : |
Mrs. Sandhya Vilas Nikam |
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Designation : |
Director |
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Address : |
105, Golden Rays, Raheja, Vihar, Powai,
Mumbai – 400072, Maharashtra, India |
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Date of Birth/Age : |
07.02.1960 |
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Date of Appointment : |
15.06.1995 |
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DIN No.: |
01124653 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vilas Pandurangrao Nikam |
|
46000 |
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Sandhya Vilas Nikam |
|
4000 |
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Total |
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50000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Industrial Hygiene Engineering, Flexible Extraction ARM, Central Vacuum Cleaning Systems, Modular Ducting, Dust Collectors, Hazardous Waste Management, Process Safety, and also providing Project Engineering Services, etc. |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Actual
Production |
|
Blower |
Nos |
5 |
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Part of DCS/VES/VS |
Nos |
1093 |
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Ventilation System |
Nos |
1 |
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Part of CVC System |
Nos |
490 |
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S.S. Ducting |
Nos |
55 |
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Seals |
Nos |
203 |
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MS Ducting |
Nos |
871 |
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GI Ducting |
Nos |
5286 |
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M.S. Scrap |
Kgs. |
3310 |
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Gear Motor |
Nos |
1 |
Licensed Capacity and Installed
Capacity: Not Applicable
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
Ø
State
Bank of India, Sakinaka Branch, Lekhraj Bhavan, Mumbai – 400072, Maharashtra,
India Ø State Bank of
India, Small Medium Enterprises City Credit Centre, Bandra Kurla Complex,
(Bandra East), Mumbai – 400051, Maharashtra, India Ø Citi Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.Y. and Associates Chartered Accountants |
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Address : |
510-513, Apeejay House, 130, Mumbai Samachar Marg, Fort, Mumbai –
400023, Maharashtra, India |
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Tel. No.: |
91-22-43215000 |
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Fax No.: |
91-22-43215014 |
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E-Mail : |
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Website : |
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Income-tax
PAN of auditor or auditor's firm : |
AAFFB0462N |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500
Million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.929 |
4.576 |
4.430 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.429 |
5.076 |
4.930 |
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LOAN FUNDS |
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1] Secured Loans |
2.810 |
2.924 |
2.681 |
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2] Unsecured Loans |
1.165 |
0.903 |
1.100 |
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TOTAL BORROWING |
3.975 |
3.827 |
3.781 |
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DEFERRED TAX LIABILITIES |
0.010 |
0.000 |
0.000 |
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TOTAL |
9.414 |
8.903 |
8.711 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.511 |
4.619 |
5.191 |
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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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DEFERRED TAX ASSETS |
0.000 |
0.015 |
0.011 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
1.860
|
1.931 |
1.701 |
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Sundry Debtors |
6.613
|
3.433 |
2.661 |
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Cash & Bank Balances |
0.448
|
1.364 |
1.254 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.073
|
0.776 |
0.728 |
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Total
Current Assets |
9.994
|
7.504 |
6.344 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
3.091
|
1.874 |
2.274 |
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Other Current Liabilities |
1.293
|
0.803 |
0.000 |
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Provisions |
0.707
|
0.558 |
0.561 |
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Total
Current Liabilities |
5.091
|
3.235 |
2.835 |
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Net Current Assets |
4.903
|
4.269 |
3.509 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.414 |
8.903 |
8.711 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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Income |
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Other Income |
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TOTAL (A) |
15.843 |
11.070 |
9.796 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
14.238 |
9.995 |
8.875 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.605 |
1.075 |
0.921 |
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Less |
FINANCIAL
EXPENSES (D) |
0.497 |
0.391 |
0.255 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.108 |
0.684 |
0.666 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.470 |
0.460 |
0.500 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.638 |
0.224 |
0.166 |
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Less |
TAX (H) |
0.285 |
0.078 |
0.057 |
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PROFIT AFTER TAX
(G-H) (I) |
0.353 |
0.146 |
0.109 |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4.266 |
4.120 |
4.011 |
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BALANCE CARRIED
TO THE B/S |
4.619 |
4.266 |
4.120 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
Foreign Services |
0.919 |
0.607 |
0.000 |
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|
Export Sales |
5.673 |
0.038 |
0.000 |
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TOTAL EARNINGS |
6.592 |
0.645 |
0.000 |
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VALUE OF IMPORTS
[CIF] |
2.944 |
2.884 |
1.905 |
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Earnings Per
Share (Rs.) |
7.06 |
2.92 |
2.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.23
|
1.32 |
1.11 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.40
|
1.85 |
1.44 |
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.04 |
0.03 |
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.73
|
0.75 |
0.77 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
2.32 |
2.24 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade payable |
3.091
|
1.874 |
2.274 |
|
|
|
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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 |
No |
|
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) |
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 |
Yes |
|
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loans and Advance from Related Parties
[Directors] |
1.165 |
0.903 |
|
Total |
1.165 |
0.903 |
PERFORMANCE:
In
the year ended March 2012 they grew by over 40%. This was possible because they
were awarded an export order and they were also successful in procuring an
order for Supply, Erection and Commissioning of Central Vacuum System for a
Greenfield project in India. Several new clients that they could add to their
portfolio also helped them achieve this growth.
PROSPECTS:
They
are bullish on the nature prospects in both the areas i.e. Industrial Hygiene
Engineering and Modular Ducting.
Need
for keeping plant and equipment clean is universal and they see opportunities
across all industrial areas. This gives them the confidence to state that the
future sales performances will see further improvements.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U74210MH1995PTC089599 |
|
Name of the
company |
TORNA ENGINEERING
COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-136, Ansa Industrial Premises
Co-operative Society, Baji Pasalkar Road, Andheri (East), Mumbai - 400072,
Maharashtra, India Email: sales@tornaengineering.com |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10020801 |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of India, Small Medium Enterprises City Credit Centre,
Bandra Kurla
Complex, (Bandra East), Mumbai – 400051, Maharashtra, India Email: kamalax_saraf@hotmail.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Agreement of Loan-Cum-Hypothecation. SME-4 |
|
Date of
instrument Creating the charge |
21.05.2012 |
|
Amount secured by
the charge |
Rs. 9.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 6.50% Margin
above the base rate which is presently 10% p.a and thus the present effective
rate of interest being 16.50% p.a with monthly rests. Terms of Repayment As per the
sanction terms. Margin Raw Materials :
Indigenous 25% Semi Finished Goods 33.33% Finished
Goods
33.33% } Domestic
Receivables : 40% Bank
Guarantee : 25% Extent and Operation of the charge Name of the existing enhanced enhanced aggregate Facility Limit Limit/Addl. Cash Credit 3.500 Millions NIL 3.500 Millions Bank
Guarantee 1.500 Millions 4.000 5.500 Millions Total = 5.000 Millions 4.000 Millions 9.000 Millions |
|
Short particulars
of the property charged |
All present and
future stocks, raw materials, goods, book-debts, and vehicles and all other movable assets of the borrower(s)
including receivables, documents of title to goods, outstanding monies,
bills, invoices, documents, contracts, insurance policies, guarantees,
engagements, securities, investments and rights and the present and future
machinery. |
|
Date of
Modification |
26.05.2011 |
|
Particulars of
the present modification |
The original charge
was created on 25.9.2006 for Rs. 3.000 Millions. 1stly modified on 14.11.2007
for Rs. 4.500 Millions. 2ndly modified on 26.05.2011 for Rs 5.000 Millions.
Now by the present modfn. dt. 21.05.2012 the limit has been increased from
Rs. 5.000 Millions to Rs. 9.000 Millions. (i.e. cash credit : 3.500 Millions and bank guarantee : 5.500
Millions) |
FIXED ASSETS:
Ø Land
Ø Buildings
Ø Plant and
Machinery
Ø Furniture and
Fixture
Ø Vehicles
Ø Office Equipments
Ø Computer and
Printer
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. 54.77 |
|
|
1 |
Rs. 83.31 |
|
Euro |
1 |
Rs. 70.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.