MIRA INFORM REPORT
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Report No. : |
302320 |
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Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
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Name : |
TRU TEK SYSTEMS COMBINE PRIVATE LIMITED |
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Registered
Office : |
206-B, Narayan Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
12.11.1990 |
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Com. Reg. No.: |
11-058945 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.738 Millions |
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CIN No.: [Company Identification
No.] |
U29299MH1990PTC058945 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNET00435B |
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PAN No.: [Permanent Account No.] |
AAACT6308B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Services on Turnkey Projects like Powder Coating, Surface Coating,
Liquid Painting Systems and other engineering activities. |
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No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 120000 |
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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 record. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. The company can be considered 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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Shrikant |
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Designation : |
Accounts Department |
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Contact No.: |
91-20-24453575 |
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Date : |
07.01.2014 |
LOCATIONS
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Registered/ Head Office : |
206-B, Narayan Chambers, Kelkar Road, 555, Narayan Peth, Pune – 411030, Maharashtra, India |
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Tel. No.: |
91-20-24453575/ 24452092/ 24432276 |
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Mobile No.: |
91-9822655825 [Mr. Parag Ramchandra Shellikeri] |
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Fax No.: |
91-20-24450679/ 25678726 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2014
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Name : |
Mr. Parag Ramchandra Shellikeri |
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Designation : |
Managing director |
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Address : |
5-B, Defence Accounts Cooperative Society, Janwadi, Pune – 411053,
Maharashtra, India |
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Date of Birth/Age : |
27.01.1979 |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
00044375 |
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Other Directorship :
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Name : |
Mr. Ramchandra Venkatesh Shellikeri |
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Designation : |
Managing director |
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Address : |
5-B, Defence Accounts Cooperative Society, Janwadi, Pune – 411053,
Maharashtra, India |
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Date of Birth/Age : |
05.03.1948 |
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Date of Appointment : |
12.11.1990 |
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DIN No.: |
00044519 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Shrikant |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Ramchandra Venkatesh Shellikeri |
236900 |
50.00 |
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Parag Ramchandra Shellikeri |
236900 |
50.00 |
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Total |
473800 |
100.00 |
AS ON 30.09.2014
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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
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Line of Business : |
Providing Services on Turnkey Projects like Powder Coating, Surface Coating,
Liquid Painting Systems and other engineering activities. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
· Altius Sales Corporation Balaji Electricals Baramati Enterprises Biju Engineers Cartel Automation Private Limited Concrete Engineers Delta Flow Ganga Automation Maktech Solutions Minto Godown |
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Customers : |
Retailers and Others
· Arkay Fabsteel Systems Private Limited Avanti Bufa Private Limited Deltronic India Limited Honda Cars India Limited Maruti Suzuki India Limited Tata Motors Limited VE Commercial Vehicles Limited |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
· Bank of Maharashtra Narayan Peth Branch, Pune - 411030, Maharashtra, India · Axis Bank Limited HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. B. Merchant and Company Chartered Accountants |
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Address : |
317, Narayan Peth, Opposite Daily Prabhat Press, Pune – 411030,
Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
ADLPV5145R |
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Subsidiary Company : |
Tru Tek Manufacturing Systems Private Limited [U29268PN2011PTC139796] |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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473,800 |
Equity Shares |
Rs. 10/- each |
Rs. 4.738 Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
4.738 |
2.369 |
2.369 |
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(b) Reserves & Surplus |
36.104 |
36.855 |
35.880 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
40.842 |
39.224 |
38.249 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
1.488 |
1.046 |
0.083 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
1.488 |
1.046 |
0.083 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
2.878 |
4.830 |
5.289 |
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(b)
Trade payables |
36.378 |
47.701 |
36.992 |
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(c) Other
current liabilities |
23.489 |
7.261 |
4.792 |
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(d) Short-term
provisions |
11.780 |
11.044 |
9.510 |
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Total Current
Liabilities (4) |
74.525 |
70.836 |
56.583 |
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TOTAL |
116.855 |
111.106 |
94.915 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
8.106 |
8.759 |
8.003 |
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(ii)
Intangible Assets |
0.166 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
4.151 |
4.100 |
4.100 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
16.523 |
5.825 |
4.267 |
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(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
28.946 |
18.684 |
16.370 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
17.585 |
8.211 |
14.617 |
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(c)
Trade receivables |
23.456 |
44.405 |
33.648 |
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(d) Cash
and cash equivalents |
24.977 |
0.000 |
0.000 |
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(e)
Short-term loans and advances |
7.909 |
2.848 |
3.266 |
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(f)
Other current assets |
13.982 |
36.958 |
27.014 |
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Total
Current Assets |
87.909 |
92.422 |
78.545 |
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|
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TOTAL |
116.855 |
111.106 |
94.915 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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TOTAL (A) |
125.257 |
154.292 |
125.863 |
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Less |
EXPENSES |
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TOTAL (B) |
119.988 |
146.495 |
119.447 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.269 |
7.797 |
6.416 |
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Less |
FINANCIAL
EXPENSES (D) |
1.374 |
1.436 |
0.719 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.895 |
6.361 |
5.697 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.552 |
1.524 |
1.209 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.343 |
4.837 |
4.488 |
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Less |
TAX (H) |
0.724 |
1.522 |
1.391 |
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PROFIT AFTER TAX
(G-H) (I) |
1.619 |
3.315 |
3.097 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.292 |
5.657 |
27.239 |
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Earnings Per
Share (Rs.) |
6.83 |
13.99 |
13.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.08 |
4.52 |
4.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.12 |
0.12 |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11 |
0.15 |
0.14 |
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Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.30 |
1.39 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2.369 |
2.369 |
4.738 |
|
Reserves & Surplus |
35.880 |
36.855 |
36.104 |
|
Net
worth |
38.249 |
39.224 |
40.842 |
|
|
|
|
|
|
Long-term borrowings |
0.083 |
1.046 |
1.488 |
|
Short term borrowings |
5.289 |
4.830 |
2.878 |
|
Total
borrowings |
5.372 |
5.876 |
4.366 |
|
Debt/Equity ratio |
0.140 |
0.150 |
0.107 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
125.863 |
154.292 |
125.257 |
|
|
|
22.587 |
(18.818) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
125.863 |
154.292 |
125.257 |
|
Profit |
3.097 |
3.315 |
1.619 |
|
|
2.46% |
2.15% |
1.29% |
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 |
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 |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90082584 |
16/06/2012 * |
30,000,000.00 |
BANK OF MAHARASHTRA |
NARAYAN PETH BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
B43233287 |
|
2 |
90084414 |
16/06/2012 * |
5,000,000.00 |
BANK OF MAHARASHTRA |
NARAYAN PETH BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
B43233873 |
* Date of charge modification
CORPORATE INFORMATION
The Company is a Small and Medium Sized Company (SMC) as defined in the
General Instructions in respect of Accounting Standards notified under the Companies
Act, 1956. Accordingly, the Company has complied with the Accounting Standards
as applicable to a Small and Medium Sized Company.
The Company is engaged in manufacturing and implementing turnkey
projects, mainly relating to paint shops of industrial requirements, shower
tester, powder coating plant and other engineering activities.
OPERATIONS AND
FUTURE PROSPECTS
During the year, paid-up capital of the company was increased from Rs. 2.369
Millions to Rs. 4.738 Millions by way of Bonus Issue of Shares to the members
of the Company.
During the year, turnover of the company has recorded a turnover of Rs.
125.257 Millions as compared to Rs. 154.292 Millions during the last year and
company has recorded net profit of Rs. 1.619 Millions as compared to Rs. 3.315
Millions. Considering the challenges business environment globally, the
Company’s performance can be termed as satisfactory.
The Company expects a good volume of business in combination with growth
in the profitability of the Company during the next financial year.
FIXED ASSETS:
· Furniture and Fixture
Office
Premises
Office
Equipment
Vehicles
Tools
Equipments
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 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. 63.45 |
|
|
1 |
Rs. 95.99 |
|
Euro |
1 |
Rs. 75.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.