MIRA
INFORM REPORT
|
Report Date : |
30TH
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MACRO
FURNACES PRIVATE LIMITED |
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Registered Office : |
16/2,
W.E.A. 3rd Floor, Sewak Bhawan, Karol Bagh, New Delhi - 110005 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
23rd
June, 1995 |
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Com. Reg. No.: |
55-70119 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC070119 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM05040A/DELM09370E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer,
Supplier and Exporter of Industrial Furnaces, Combustion Equipment, Waste
Heat Recovery Systems (Recuperators) and Allied Accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
average 30 days |
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Litigation : |
Clear |
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Comments : |
Financial
position of the company is moderate having accumulated losses. The company’s
payments are slow and delayed. Initially,
subject should be considered for any business dealings on safe and secured trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
16/2,
W.E.A. 3rd Floor, Sewak Bhawan, Karol Bagh, New Delhi - 110005 |
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Website: |
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Factory
1 : |
Plot
No. 2, 16/2, Mathura Road, Faridabad – 121002, Haryana |
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Tel.
No.: |
91-129-2260004/2292215 |
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Fax
No.: |
91-129-2260146 |
DIRECTORS
|
Name : |
Mr.
Surinder Kumar Sharma |
|
Designation : |
Managing
Director |
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Address : |
875,
sector – 28, Faridabad – 121007, Haryana |
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Date of Birth/Age : |
04.07.1954 |
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Date of Appointment : |
23.06.1995 |
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Mobile No.: |
91-9810976250 |
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Name : |
Mr.
Sharma Jeewan |
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Designation : |
Director
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Address : |
Shelly
Bhawan, Mojowal, Naya Nangal, Ropar, Punjab |
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Date of Birth/Age : |
13.11.1961 |
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Date of Appointment : |
23.06.1995 |
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Name : |
Ms.
Durga Das Sharma |
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Designation : |
Director
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Address : |
Shelly
Bhawan, Mojowal, Naya Nangal, Ropar, Punjab |
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Date of Appointment : |
20.10.1997 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Surinder Kumar Sharma |
8600 |
|
Mr. Sharma
Jeewan |
6200 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Supplier and Exporter of Industrial Furnaces, Combustion Equipment, Waste
Heat Recovery Systems (Recuperators) and Allied Accessories. |
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Export |
Bangladesh, Sri Lanka,
Nepal |
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Import |
UK, Australia |
PRODUCTION
STATUS
|
Particulars |
Unit |
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Actual Production |
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Furnaces and Accessories |
Nos. |
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|
27 |
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Others |
Nos. |
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|
144 |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
v
Punjab
National Bank v
Standard
Chartered Bank v
UCO
Bank |
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Facilities : |
Secured Loan Standard
Chartered Bank – Rs. 0.402 Millions (Against
hypothecation of car Honda city ) UCO
Bank – Rs. 1.733 Millions (No CC
159 Against Hypothecation of stocks) Total
– Rs. 2.140 Millions |
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Banking Relations : |
-- |
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Auditors : |
Kapoor
Sharma Associates Chartered
Accountant |
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Address: |
306-307,
Sewak Bhawan, 16/2 W.E.A. Abdul Aziz & Arya Samaj, Karol Bagh, New Delhi
– 110005 |
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Tel. No.: |
91-11-25725080 |
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Fax No.: |
91-11-25782083 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
14800 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.148 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.148 |
0.148 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.148 |
0.148 |
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LOAN FUNDS |
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1] Secured Loans |
|
2.140 |
1.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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2.140 |
1.000 |
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DEFERRED TAX LIABILITIES |
|
(0.001) |
0.008 |
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TOTAL |
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2.287 |
1.156 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.756 |
0.264 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
5.250
|
5.311 |
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Sundry Debtors |
|
5.895
|
2.840 |
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Cash & Bank Balances |
|
0.324
|
0.777 |
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Other Current Assets |
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0.000
|
0.000 |
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Loans & Advances |
|
0.724
|
0.362 |
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Total Current Assets |
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12.193
|
9.290 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.337
|
9.480 |
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Provisions |
|
0.000
|
0.010 |
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Total Current Liabilities |
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11.337
|
9.490 |
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Net Current Assets |
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0.856
|
(0.200) |
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MISCELLANEOUS EXPENSES |
|
0.875 |
1.092 |
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TOTAL |
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2.487 |
1.156 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
16.043 |
10.958 |
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Profit/(Loss)
Before Tax |
|
0.212 |
0.120 |
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Provision
for Taxation |
|
0.004 |
0.012 |
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Profit/(Loss)
After Tax |
|
0.207 |
0.108 |
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Total
Expenditure |
|
15.830 |
10.838 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
1.29 |
0.98 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
1.32 |
1.09 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
1.63 |
1.25 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
1.43 |
0.81 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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91.06 |
70.87 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.07 |
0.97 |
LOCAL AGENCY
FURTHER INFORMATION
Dividend
Keeping
in view the expansion in activities of the company and obviously the
requirement of the funds, the director do not recommend any dividend for this
year.
Fixed
Assets
v
Car
v
CVT
v
Computer
v
Cylinder
v
Drill
Machine
v
Fan
v
Furniture
& Fixture
v
Gas
Cutting Set
v
Generators
v
Inverter
v
Machinery
v
Mobile
Phone
v
Motor
Cycle
v
Telephone
Set
v
Cycle
v
Welding
Table
v
Car
Honda City
About
Us:
Macro Furnaces (P) Ltd. is a leading manufacturer,
supplier and exporter of industrial furnaces, combustion equipment, waste heat
recovery systems (Recuperators) and allied accessories. MFPL manufactures a
variety of efficient industrial furnaces like fuel oil fired and electrical
reistant heated, MFPL waste heat recovery system (recuperators), MFPL
combustion equipment like burner and compact burner, blower and induced draft
fans, heating and pumping unit, gas train, hydraulic pusher and hydraulic
ejector. The company designs, fabricates and supplies various kinds of
industrial furnaces on a turn key basis to meet the requirements of various
industries alike.
Established in 1986, the company is deeply committed
to providing excellent service to its customers round the globe. The company
has achieved specialization in forging plants, aluminum extrusion plants,
aluminium alloys plant, copper alloys plant and steel rolling mills. The
company exports its range of industrial furnaces, combustion equipment, waste
heat recovery systems and allied accessories to countries like Bangladesh, Sri
Lanka and Nepal. The import markets of the company include countries of UK and
Bangladesh. Apart from manufacturing products as per the customer's
specifications, the company ensures timely dispatch of its consignments.
Excellent customer services of the company
complemented by their dedication to quality and performance, has earned them
the golden opinion of their clients from all over the globe.
|
Company
Profile |
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CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.46.19 |
|
UK
Pound |
1 |
Rs.86.51 |
|
Euro |
1 |
Rs.59.32 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
21 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |