MIRA
INFORM REPORT
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Report Date : |
01.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
FORCE
COMPONENTS PRIVATE LIMITED |
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Registered Office : |
B-9,
Adarsh Dahisar Gaurav Building, Hari Shankar Joshi Road, Dahisar (East),
Mumbai - 400068 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.09.2005 |
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Com. Reg. No.: |
11-156043 |
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CIN No.: [Company
Identification No.] |
U27100MH2005PTC156043 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF04423G |
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PAN No.: [Permanent
Account No.] |
AAACF9167C |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturers,
importers, exporters of and dealers in all kinds of ferrous and
non ferrous material, precision press components progressive tools, CNC wire,
Cut EDM moulding articles mould making, plastic powder meant for any
industrial and non industrial use whatsoever and to carry on the business in
Cole and hot rolling, slitting – milling, sheeting, heat treatment of all
kind of steel an other metalwork and strips, sheets foils, tapes, wires,
rods, plates and any other sections, shapes or forms. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and in the process of establishing itself. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
B-9,
Adarsh Dahisar Gaurav Building, Hari Shankar Joshi Road, Dahisar (East),
Mumbai - 400068 |
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Fax No.: |
91-22-28965338 |
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E-Mail : |
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Website : |
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Factory / Corporate Office: |
106,
Diamond Industrial Estate, Behind Haren Textile Mill, Near Dahisar Toll Naka,
Ketkipada, Near W. E. Highway, No 8, Dahisar (East), Mumbai – 400068 |
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Tel No. |
91-22-28961450
, 28280939 |
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Mobile No. |
91-9820468859 |
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DIRECTORS
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Name : |
Mr
Hetal Mahendra Parmar |
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Designation : |
Director |
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Address : |
B-9,
Adarsh Dahisar Gaurav Building, Hari Shankar Joshi Road, Dahisar (East),
Mumbai – 400068 |
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Date of Appointment : |
14.09.2005 |
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Name : |
Mrs
Manisha Hatal Parmar |
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Designation : |
Director |
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Address : |
B-9,
Adarsh Dahisar Gaurav Building, Hari Shankar Joshi Road, Dahisar (East),
Mumbai – 400068 |
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Date of Appointment : |
14.09.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr
Hetal Parmar |
5000 |
50.00 |
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Mrs
Manisha Parmar |
5000 |
50.00 |
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Total |
10000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures,
importers, exporters of and dealers in all kinds of ferrous and
non ferrous material, precision press components progressive tools, CNC wire,
Cut EDM moulding articles mould making, plastic powder meant for any
industrial and non industrial use whatsoever and to carry on the business in
Cole and hot rolling, slitting – milling, sheeting, heat treatment of all
kind of steel an other metalwork and strips, sheets foils, tapes, wires,
rods, plates and any other sections, shapes or forms. |
GENERAL
INFORMATION
|
Bankers : |
The
Bharat Co-operative Bank [Mumbai]
Limited, Borivali Branch, B [6
to 8], Mandapeshwar Industrial Premises Co-operative Society Limited, SVP
Road, Borivali [West], Mumbai - 400092 |
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Banking Relations : |
Satisfactory |
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Auditors : |
K P Dedhia
and Company Chartered
Accountants |
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Address : |
B-104,
Halkara Complex, C S Road, Avdhoot Nagar, dahisar (East), Mumbai – 400068,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity
Shares |
Rs 10/- each |
Rs 0.100 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares |
Rs 10/- each |
Rs 0.100
Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.190 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.290 |
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LOAN FUNDS |
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1] Secured Loans |
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6.999 |
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2] Unsecured Loans |
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2.106 |
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TOTAL BORROWING |
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9.105 |
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DEFERRED TAX LIABILITIES |
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0.102 |
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TOTAL |
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9.497 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.582 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.099 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.217 |
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Sundry Debtors |
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8.085 |
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Cash & Bank Balances |
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0.003 |
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Other Current Assets |
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0.062 |
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Loans & Advances |
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0.000 |
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Total Current Assets |
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10.367 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.979 |
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Provisions |
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|
0.580 |
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Total Current Liabilities |
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8.559 |
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Net Current Assets |
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1.808 |
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MISCELLANEOUS EXPENSES |
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|
0.008 |
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TOTAL |
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9.497 |
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KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt
Equity Ratio(Total Liability/Networth) |
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60.91 |
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Current
Ratio(Current Asset/Current Liability) |
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1.21 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
FORCE COMPONENTS PRIVATE LIMITED |
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Presented By |
THE BHARAT CO-OPERATIVE BANK [MUMBAI] LIMITED, BORIVALI BRANCH, MUMBAI - 400092 |
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1) Date and description of instrument creating the change |
18th
November 2005
Both
the documents constitute as a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
1.000 Millions |
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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 |
At the
request of the borrower the bank has sanctioned cash credit facility of Rs.
1.000 Millions. To secure the due repayment of the said facility and for
interest and other charges thereon first charge in favour of the Bank. Hypothecation
of Stock of the company including therein the stocks thereof for the time being whether raw or
manufactured or in the process of manufacture, and also all product goods and
any and every machinery, tool, tangible movable property of the borrower whether now lying or at any time
hereafter during the continuance of this security lying or being in or about
the borrower’s premises at Mumbai or wherever the same may be situated. Hypothecation
by way of first charge on all the outstanding book debts, money receivables,
claims an approve book debts, due to the borrower’s and bills which are now
due and owing or which become due and owing to the borrower in the course of
its business by any person, firm, company or by the government or any local
or public body or authority. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
at the rate of 14.50 % p.a. with monthly rest or such other rate as may be
prescribed by Reserve Bank of India from time to time and for all costs,
charges and expenses together with interest, compound interest, additional
penal interest, further interest, liquidated damages, commission costs,
charges, expenses and all other money payable there on by the said company to
the bank under the said letters of sanction as amended from time to time. Margin
: 25 % of the Hypothecated assets |
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5) Name and Address and description of the person entitled to the charge. |
The
Bharat Co-operative Bank [Mumbai]
Limited, Borivali Branch, B [6 to 8], Mandapeshwar Industrial Premises
Co-operative Society Limited, SVP Road, Borivali [West], Mumbai - 400092 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Name of the company |
FORCE COMPONENTS PRIVATE LIMITED |
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Presented By |
THE BHARAT CO-OPERATIVE BANK [MUMBAI] LIMITED, BORIVALI BRANCH, MUMBAI - 400092 |
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1) Date and description of instrument creating the change |
18th
November 2005
Both
the documents constitute as a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
6.000 Millions |
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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 |
At the
request of the borrower the bank has sanctioned cash credit facility of Rs.
6.000 Millions. To secure the due repayment of the said facility and for
interest and other charges thereon first charge in favour of the Bank. Hypothecation
of Stock of the company including therein the stocks thereof for the time being whether raw or
manufactured or in the process of manufacture, and also all product goods and
any and every machinery, tool, tangible movable property of the borrower whether now lying or at any time
hereafter during the continuance of this security lying or being in or about
the borrower’s premises at Mumbai or wherever the same may be situated. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
at the rate of 14.50 % p.a. with monthly rest or such other rate as may be
prescribed by Reserve Bank of India from time to time and for all costs,
charges and expenses together with interest, compound interest, additional
penal interest, further interest, liquidated damages, commission costs,
charges, expenses and all other money payable there on by the said company to
the bank under the said letters of sanction as amended from time to time. Margin
: 25 % of the Hypothecated assets Repayment
of Term Loan in 80 Monthly instalments for Rs 0.075 Millions |
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5) Name and Address and description of the person entitled to the charge. |
The
Bharat Co-operative Bank [Mumbai]
Limited, Borivali Branch, B [6 to 8], Mandapeshwar Industrial Premises
Co-operative Society Limited, SVP Road, Borivali [West], Mumbai – 400092 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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.44.17 |
|
UK
Pound |
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.57.25 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
29 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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