MIRA INFORM REPORT

 

 

Report Date :

17.08.2007

 

IDENTIFICATION DETAILS

 

Name :

PFEDA SYNTHETICS PRIVATE LIMITED

 

 

Registered Office :

C-695 New Friends Colony, New Delhi – 110 065

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

06.05.1983

 

 

Com. Reg. No.:

015676

 

 

CIN No.:

[Company Identification No.]

U74899DL1983PTC015676

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELP00768F

 

 

PAN No.:

[Permanent Account No.]

AAACP0300M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Marketing of Polyurethane Automotive Components such as Bumpers, Instrument Panel, Steering Wheel, Middle Console Glove Box, Arm Rests, Fenders, etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 86224

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company whose profit margin is under severe pressure. General financial position is satisfactory. Payments are reported as slow but correct.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

C-695 New Friends Colony, New Delhi – 110 065, INDIA

Tel. No.:

91-11-6338005 / 6839374

Fax No.:

91-11-6839374

E-Mail :

pfeda@ndb.vsnl.net.in

Website :

http://www.pfeda.com

Area :

500 sq. fts. (Owned)

 

 

Factory 1 :

W-7, Sector XI, Noida – 201 301, Uttar Pradesh

Tel. No.:

91-11-91 4555543 / 4532727 / 4532828

Fax No.:

91-11-91 4555522

Area :

1800 sq. fts. (Owned)

Location :

Industrial

 

 

DIRECTORS

 

Name :

Mr. Chittaranjan Dass

Designation :

Chairman

Address :

12 Garden Court, 63 Holden Road, Woodside Park, London N12 7DG, U.K.

Date of Appointment:

06.05.1983

 

 

Name :

Mr. Pradeep Ranjan Dass

Designation :

Managing Director

Address :

C-695 New Friends Colony, New Delhi

Date of Appointment:

28.08.1984

 

 

Name :

Mr. Harish Chander Agarwal

Designation :

Executive Director

Address :

F-1/20 Model Town, Delhi – 110 009

Date of Birth/Age :

1942

Qualification :

Engineering Graduate, Post Graduate in Management

Experience :

24 years

 

 

Name :

Mr. Vinay Dube

Designation :

Director

Address :

Lammle Weg – 3, 7316 – Koengen, Germany

Date of Appointment:

22.06.1991

 

 

Name :

Mr. Rolf Pfeiffer

Designation :

Director

Address :

C/o. Pfeda GmbH, Kun St. Stoffle Chunick, Weststrasse 44046, 73240 Wendlongen, Germany

 

 

Name :

Mr. Surendra Nath

Designation :

Director

Address :

B-36 Greater Kailash, New Delhi – 110 048

 

 

Name :

Mr. Bishwanath Chowdhury

Designation :

Director

Address :

Flat No. G-D, Ashoka Apartments, South Avenue, Calcutta, West Bengal

 

 

Name :

Mr. Harneet Singh Kochar

Designation :

Director

Address :

Flat No. 1314, Sector 37, Noida, Uttar Pradesh

Date of Appointment:

11.03.1994

 

 

Name :

Mrs. Renu Dass

Designation :

Director

Address :

12 Garden Court, 63 Holden Road, Woodside Park, London N12 7DG, U.K.

Date of Appointment:

15.10.1997

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Ganpat Rao Honevar

 

22500

Mr. Pradeep Ranjan Das

 

154395

Mr. Kalyan Bose

 

7500

Mrs. Rita Bose

 

28750

Mr. Vinay Dube

 

175000

Mrs. Renu Das

 

29990

Mrs. Usha Das

 

18730

Mr. Chitta Ranjan Das

 

144000

Mr. Rolf Pfeiffer

 

30000

Mr. Harneet Singh Kochar

 

35010

Mr. Rajib Ranjan Das

 

201301

Category

 

Percentage of Holding

Foreign Holdings, Foreign Companies, Foreign Financial Institutions, Non-resident or Overseas Corporate bodies or other

 

61.00

Directors or relatives of directors

 

36.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Marketing of Polyurethane Automotive Components such as Bumpers, Instrument Panel, Steering Wheel, Middle Console Glove Box, Arm Rests, Fenders, etc.

 

 

Brand Names :

“PFEDA”

 

 

Imports :

 

Countries :

Germany

 

 

Terms :

 

Selling :

Contract, L/C or Credit (45 days)

 

 

Purchasing :

Credit (60-90 days)

 

 

GENERAL INFORMATION

 

Suppliers :
  • Ruhl AG, Hugenottenstrasse 105, 6382 Friedrichsdorf/Ts, Germany
  • Vajra Ancillaries Private Limited, A-56 Sector-8, Noida, Dist. Ghaziabad, Uttar Pradesh
  • SRF Limited, 408 Hemkunt House, 6 Rajendra Place, New Delhi

 

 

Customers :
  • Manufacturers
  • Premier Automobiles Limited, L. B. Shastri Marg, Kurla, Mumbai – 400 070
  • Tata Engineering & Locomotive Company Limited, Pimpri, Pune – 411 018, Maharashtra

Ψ       Premier Auto Electric Limited, A-Block, Shivsagar Estate, Worli, Mumbai – 400 018

 

 

No. of Employees :

82

 

 

Bankers :
  • Bank of Baroda, New Friends Colony, New Delhi
  • State Bank of Patiala, New Delhi
  • State Bank of India, Sector – 2, Noida – 201301, Uttar Pradesh

 

 

Facilities :

Cash Credit facilities: Rs.42.940 millions from State Bank of India as per hypothecation agreement dated 21.03.2006. It is secured by way of hypothecation of stocks, Plant and Machinery, Book Debts. It is further secured by mortgage of title deeds of property situated at W – 7 and W – 15 and W – 16, Sector – XI, Noida, Uttar Pradesh

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Sethi & Mehra

Chartered Accountants

Address :

80, Darya Ganj, Delhi – 110002

 

 

Collaborators :

PFEBA, Germany

Wibex, Germany

 

 

Associates/Subsidiaries :

©      Vajra Ancillaries Private Limited, India

©      PFEDA Marketing Private Limited, India

©      Prem Nath Motors Private Limited, India

©      C. R. Urethane Private Limited, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

750000

Equity Shares

Rs.10/- each

Rs.7.500 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

750000

Equity Shares

Rs.10/- each

Rs.7.500 millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

7.500

6.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

14.056

11.788

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

21.556

18.288

LOAN FUNDS

 

 

 

1] Secured Loans

 

21.113

10.185

2] Unsecured Loans

 

9.536

9.936

TOTAL BORROWING

 

30.649

20.121

DEFERRED TAX LIABILITIES

 

4.170

5.171

 

 

 

 

TOTAL

 

56.375

43.580

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

29.965

25.419

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

 

 

DEFERREX TAX ASSETS

 

0.020

0.020

 

 

0.039

0.000

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

7.771

9.116

 

Sundry Debtors
 

39.381

25.048

 

Cash & Bank Balances
 

4.048

2.918

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

8.618

4.457

Total Current Assets
 

59.818

41.539

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

30.317

22.198

 

Provisions
 

3.150

1.200

Total Current Liabilities
 

33.467

23.398

Net Current Assets
 

26.351

18.141

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

56.375

43.580

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

159.229

113.503

Other Income

 

1.217

1.059

Total Income

 

160.446

114.562

 

 

 

 

Profit/(Loss) Before Tax

 

3.960

3.563

Provision for Taxation

 

1.720

1.292

Profit/(Loss) After Tax

 

2.240

2.271

 

 

 

 

Expenditures :

 

 

 

 

Raw Material Consumed

 

96.051

64.020

 

Consumption of stores and spares parts

 

7.354

4.687

 

Increase/(Decrease) in Finished Goods

 

(2.497)

0.120

 

Salaries, Wages, Bonus, etc.

 

12.073

8.947

 

Managerial Remuneration

 

1.785

1.683

 

Financial Charges

 

1.632

1.033

 

Insurance Expenses

 

0.145

0.188

 

Power & Fuel

 

3.743

3.448

 

Depreciation & Amortization

 

4.454

3.602

 

Other Expenditure

 

31.746

23.271

Total Expenditure

 

55.578

110.999

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

1.39

1.98

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

2.48

3.13

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

4.41

5.32

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.18

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.55

1.27

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.78

1.77

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

HISTORY

 

The company was promoted by Mr. Rolf Pfeiffer of M/s. PFEDA GmbH, Kunststofftechnikwerstr 44, 7312 Wendligen, Germany in Association with Indian Directors viz., Mr. C. R. Das.

 

 

 

 

 

Name of the company

PFEDA SYNTHETICS PRIVATE LIMITED

Presented By

Mr. Pradeep Ranjan Das

1) Date and description of instrument creating the change

1. Agreement of loan for overall limit dt.30.01.2004

2. Agreement of hypothecation of goods and assets dt.30.01.2004

3. Letter regarding the grant of individual limit within the overall limit

4. Letter of Recital Registered on 24.02.2004

2) Amount secured by the charge/amount owing on the securities of charge

Rs.10.900 millions

OC (Hypothecation of stock)    6.000 millions

Letter of Credit                          4.400 millions

Bank Guarantee                        0.500 millions

Total                                          10.900 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 stocks, Book Debts and other movable assets of the company whether present or future

 

 - Equitable Mortgage of factory, Land and Building situated at W – 7, Sector – 11, Noida

4) Gist of the terms and conditions and extent and operation of the charge.

Interest

@ 11.85% p.a. for CC

 

Margin

@ 25% for raw materials, stock in process, finished goods, book debts, bank guarantee an letter of credit

5) Name and Address and description of the person entitled to the charge.

State Bank of India, Sector – 2, Noida

6) Date  and brief description of instrument modifying the charge

31.08.2005

Supplemental Agreement of Loan for increase in the overall limit

Supplemental Agreement of hypothecation of goods and assets for increase in the overall limit

Letter regarding the grant of individual limit

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.

Earlier modified on 11.05.2004 registered on 10.06.2004 modified on 24.06.2004 registered on 19.07.2004 and further modified on 16.06.2005 registered on 15.07.2005 by way of enhancement of credit facilities as follows

 

 

Existing

Proposed

(Rs. In millions)

CC (Hyp of Stocks)

4.500

4.500

CC (Book Debts)

3.500

3.500

Letter of Credit

10.00

10.000

One time FLC

-

4.400

Bank Guarantee

0.500

0.500

SLC

1.200

1.200

Fresh Term Loan

--

4.400

Term Loan

4.000

3.520

Total

23.700

27.620

 

The revised terms and conditions are as under:

Rate of Interest:

@1.50% over and above SBAR with minimum 11.75% p.a. with monthly rests for working capital loan

 

@2.50% over and above SBAR with minimum 12.75%p.a.a with monthly rests for Term Loan

 

Margin

Raw Materials             @25%

Stock in Process         @25%

Finished Goods           @25%

Book Debts                  @40%

(cover 90days)

Letter of Credit              @25%

Bank of Guarantee        @25%

Fresh Term Loan           @24%

 

First charge over entire fixed assets – present and future, equitable mortgage of factory land and building situated at W – 7, Sector – 11, Noida

 

 

Corporate identity number (CIN) Foreign company registration number

U74899DL1983PTC015676

Name of the Company

PFEDA SYNTHETICS PRIVATE LIMITED

Address

New Delhi – 110065

This form is for

Modification of charges

Type of Charge

Equitable mortgage or mortgage of property by depositing the title deeds

Particulars of the charge holder 

State Bank of India

Sector – 2, Noida – 201301, Uttar Pradesh

E – Mail: appl.helpdesk@mca.gov.in

Amount secured by the charge

Rs.42.940 millions

Description of the property charged indicating

Immovable Properties, Stock in Trade, Plant and Machinery, Book Debts

W – 7 and W – 15 / 16, Sector – XI, Noida

Charge identification

90063040

Brif description of the instrument modifying the charge under section 

Agreement of loan – cum hypothecation guarantees agreement. Letter of conformation for creation of mortgage by deposit of title deeds and link letter

Date of Instrument modifying the charge

21.03.2006

Particular of the present modification 

Letter of confirmation for extension of mortgage by deposit of title deeds

 

 

 

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.41.09

UK Pound

1

Rs.81.46

Euro

1

Rs.55.16

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions