MIRA
INFORM REPORT
|
Report Date : |
07.11.2006 |
IDENTIFICATION DETAILS
|
Name : |
FAIR
FIELD PRESSINGS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B 7,
Kumar Ashiyana, Sinhagad Road, Pune 411030, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
23.08.1982 |
|
|
|
|
Com. Reg. No.: |
11-28061 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27203MH1982PTC028061 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00619D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACF3130F |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers
of Sheet Metal Components & Assembly. |
RATING & COMMENTS
|
MIRAs Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow
by average 30 days |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Financial
position of the company is moderate.
Payments are reported as slow and delayed. The
company can be considered for small to mediocre business dealings on safe and
secured trade terms and conditions, initially. |
LOCATIONS
|
Registered Office : |
B 7,
Kumar Ashiyana, Sinhagad Road, Pune 411030, Maharashtra, India |
|
Tel. No.: |
91-20-22232514/24330179 |
|
Fax No.: |
91-20-22232514/
22232612 |
|
|
|
|
Factory
: |
D 45
/ 46, MIDC, Ranjangaon, Pune, Maharashtra |
|
Tel.
No.: |
91-2138-560725 |
DIRECTORS
|
Name : |
Mr.
Vishwas Manikrao Jagtap |
|
Designation : |
Managing
Director |
|
Address : |
36
Pushpanjali, Shivprasad Society, Panmala, Pune 411030, Maharashtra |
|
Date of Appointment : |
23.08.1982 |
|
|
|
|
Name : |
Ms.
Nutan Vishwas Jagtap |
|
Designation : |
Director |
|
Address : |
36
Pushpanjali, Shivprasad Society, Panmala, Pune 411030, Maharashtra |
|
Date of Appointment : |
23.08.1982 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Vishwas Jagtap |
|
1505 |
|
Ms.
Nutan Jagtap |
|
605 |
|
Mr.
Manikrao Jagtap |
|
505 |
|
Ms.
Pushpa Jagtap |
|
1 |
|
Mr.
Mohan More |
|
5 |
|
Mr. Madhukar
Chavan |
|
1001 |
|
Ms.
Sunita Chavan |
|
751 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Sheet Metal Components & Assembly. |
GENERAL INFORMATION
|
No. of Employees : |
About
250 |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
Ψ
The
Cosmos Co-operative Bank Limited
269/270, Shaniwar Peth, Pune 411030, Maharashtra Ψ
ICICI
Bank |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
Unknown
|
|
|
|
|
Auditors : |
S. R.
Nadpurohit & Company Chartered
Accountants, Shree
1230, Shukrawar Peth, Subhashnagar, Lane 4, Pune 411002, Maharashtra |
|
Tel. No.: |
91-20-24470270 |
|
Fax No.: |
91-20-24470759 |
|
E-Mail : |
srnad@pn2.vsnl.net.in |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
25000 |
Equity
Shares |
Rs. 100/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
4373 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.437 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.437 |
0.437 |
|
|
2] Share Application Money |
|
1.950 |
1.950 |
|
|
3] Reserves & Surplus |
|
6.242 |
9.460 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
8.629 |
11.847 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
16.119 |
16.880 |
|
|
2] Unsecured Loans |
|
15.328 |
14.013 |
|
|
TOTAL BORROWING |
|
31.447 |
30.893 |
|
|
DEFERRED TAX LIABILITIES |
|
4.313 |
4.321 |
|
|
|
|
|
|
|
|
TOTAL |
|
44.389 |
47.061 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
|
46.170 |
45.877 |
|
|
Capital
work-in-progress |
|
12.146 |
11.327 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.100 |
0.100 |
|
|
DEFERREX
TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2.711 |
1.516 |
|
|
Sundry
Debtors |
|
12.156 |
9.294 |
|
|
Cash
& Bank Balances |
|
0.139 |
0.427 |
|
|
Other
Current Assets |
|
0.000 |
0.000 |
|
|
Loans
& Advances |
|
2.342 |
1.781 |
|
Total Current
Assets |
|
17.348 |
13.018 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
|
31.287 |
23.173 |
|
|
Provisions |
|
0.088 |
0.088 |
|
Total Current
Liabilities |
|
31.375 |
23.261 |
|
|
Net Current Assets |
|
[14.027] |
[10.243] |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
44.389 |
47.061 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
72.804 |
52.615 |
|
|
|
|
|
|
Net Loss |
|
[3.908] |
[1.675] |
|
|
|
|
|
|
Total Expenditure |
|
12.997 |
13.001 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
[5.36] |
[3.18] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
[5.36] |
[3.18] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[6.15] |
2.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[0.45] |
[0.14] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
7.28 |
4.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.55 |
0.55 |
LOCAL AGENCY FURTHER INFORMATION
FIXED
ASSETS :
v
Leasehold
Land / Bhosari
v
Factory
Building
v
Plant
& Machinery
v
Moulds
& Tools
v
Electrical
Installation
v
Furniture
v
Computer
& Peripherals
v
Office
Equipments
|
Name
of the company |
FAIRFIELD
PRESSINGS PRIVATE LIMITED |
|
Presented By |
The
Cosmos Co-operative Bank Limited 269/270,
Shaniwar Peth, Pune 411030, Maharashtra |
|
1)
Date and description of instrument creating the change |
Date :
13th March, 2004 Description
: Hypothecation of tangible goods/movable property to secure demand cash
credit account / demand overdraft account / demand loan account |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
3.175 millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of machineries stated in the list attached to the agreement |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
at 11% p.a. |
|
5)
Name and Address and description of the person entitled to the charge. |
The Cosmos Co-operative Bank Limited 269/270, Shaniwar Peth, Pune 411030, Maharashtra |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the extent
of operations of the charge in which modification is made and the details of
the modification. |
Not
Applicable |
|
Name
of the company |
FAIRFIELD
PRESSINGS PRIVATE LIMITED |
|
Presented By |
The
Cosmos Co-operative Bank Limited 269/270,
Shaniwar Peth, Pune 411030, Maharashtra |
|
1)
Date and description of instrument creating the change |
Date :
22nd August, 2005 Description
: Hypothecation of tangible goods/movable property |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.678 millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Land |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
: 13% p.a. |
|
5)
Name and Address and description of the person entitled to the charge. |
The Cosmos Co-operative Bank Limited 269/270, Shaniwar Peth, Pune 411030, Maharashtra Decccan Gymkhana Branch |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
|
Name
of the company |
FAIRFIELD
PRESSINGS PRIVATE LIMITED |
|
Presented By |
The
Cosmos Co-operative Bank Limited 269/270,
Shaniwar Peth, Pune 411030, Maharashtra |
|
1)
Date and description of instrument creating the change |
Date :
3rd March, 2004 Description
: Hypothecation of tangible goods/movable property to secure demand cash
credit account / demand overdraft account / demand loan account |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
3.000 millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of stock of the company |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
at 11% p.a. |
|
5)
Name and Address and description of the person entitled to the charge. |
The Cosmos Co-operative Bank Limited 269/270, Shaniwar Peth, Pune 411030, Maharashtra |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
|
Name
of the company |
FAIRFIELD
PRESSINGS PRIVATE LIMITED |
|
Presented By |
The
Cosmos Co-operative Bank Limited 269/270,
Shaniwar Peth, Pune 411030, Maharashtra |
|
1)
Date and description of instrument creating the change |
Date :
19th March, 2004 Description
: Hypothecation of tangible goods/movable property to secure demand cash
credit account / demand overdraft account / demand loan account |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
5.430 millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of property situated at D 45, D 46, MIDC, Ranjangaon, Pune |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest 11% p.a. |
|
5)
Name and Address and description of the person entitled to the charge. |
The Cosmos Co-operative Bank Limited 269/270, Shaniwar Peth, Pune 411030, Maharashtra |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
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 records 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 Intl 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
companys 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.44.68 |
|
UK
Pound |
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.57.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
This score serves as a reference to assess SCs 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 |