MIRA
INFORM REPORT
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Report Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
FIKE
INDIA PRIVATE LIMITED |
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Registered Office : |
B-138/139,
Satyam Industrial Estate, Erandwane Karve Raod, Pune-411038, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.06.1999 |
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Com. Reg. No.: |
25-13723 |
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CIN No.: [Company
Identification No.] |
U11102PN1999PTC013723 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00615G |
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PAN No.: [Permanent
Account No.] |
AAACF4754B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on the business as designers, manufacturers, assemblers, testers,
servicers, dealers, importers, exporters, buyers, sellers, marketing agents,
distributors of protection systems, equipment, valves and components,
including but not limited to pressure relief devices such as rupture discs
and explosion vents and systems, equipment, valves and components related to
automatic explosion venting suppression including but nor restricted to dust,
chemical and gas explosions, explosion venting including but not restricted
to dust, chemical and gas explosions, explosion isolation including but nor
restricted to dust, chemical and gas explosions, explosion testing, fire
protection, fire fighting, process safety, hazard protection, facilities
protection. |
RATING & COMMENTS
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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 |
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Litigation : |
Clear |
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Comments : |
Subject
is an old and established company having moderate track. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow and correct and delayed. The
company can be considered normal for small business dealings at usual trade
terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
B-138/139,
Satyam Industrial Estate, Erandwane Karve Raod, Pune-411038, Maharashtra,
India |
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Tel. No.: |
91-20-25453336/8 |
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Fax No.: |
91-20-25453337 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr.
Sameer Ulhas Pargaonkar |
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Designation : |
Director |
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Address : |
A/2/29,
Gajalaxmi Sahkar N?agar No.1, Pune-411009, Maharashtra, India |
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Date of Birth/Age : |
29.09.1969 |
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Date of Appointment : |
03.06.1999 |
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Name : |
Mr.
Maxwell Mason Jewell |
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Designation : |
Director |
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Address : |
704,
South 10th Street, P O Box No.610, Blue Springs, Missouri-64013,
USA |
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Date of Birth/Age : |
11.12.1948 |
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Date of Appointment : |
15.06.2000 |
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Name : |
Mr.
Vikram Sarkar |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr.
Sameer Ulhas Pargaonkar |
10 |
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Mr.
Maxwell Mason Jewell |
20 |
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Fike
Corporation |
249970 |
BUSINESS DETAILS
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Line of Business : |
To
carry on the business as designers, manufacturers, assemblers, testers,
servicers, dealers, importers, exporters, buyers, sellers, marketing agents,
distributors of protection systems, equipment, valves and components,
including but not limited to pressure relief devices such as rupture discs
and explosion vents and systems, equipment, valves and components related to
automatic explosion venting suppression including but nor restricted to dust,
chemical and gas explosions, explosion venting including but not restricted
to dust, chemical and gas explosions, explosion isolation including but nor
restricted to dust, chemical and gas explosions, explosion testing, fire
protection, fire fighting, process safety, hazard protection, facilities
protection. |
GENERAL
INFORMATION
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Auditors : |
P.D. Kudva
& Company Chartered
Accountants 4,
Kumar Panaroma, 1st Floor, 45/1B, Shankarseth Raod, Pune-411037,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs.10/- each |
Rs.2.500 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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
2.500 |
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2] Share Application Money |
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5.419 |
5.419 |
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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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(6.538) |
(7.250) |
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NETWORTH |
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1.381 |
0.669 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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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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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.381 |
0.669 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.310 |
0.338 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.472 |
0.479 |
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Sundry Debtors |
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2.172 |
1.594 |
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Cash & Bank Balances |
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9.067 |
5.539 |
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Other Current Assets |
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0.038 |
0.034 |
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Loans & Advances |
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0.173 |
0.130 |
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Total Current Assets |
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11.922 |
7.776 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.756 |
7.367 |
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Provisions |
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0.095 |
0.078 |
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Total Current Liabilities |
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11.851 |
7.445 |
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Net Current Assets |
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0.071 |
0.331 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1.381 |
0.669 |
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KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net
Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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NA |
NA |
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Return
on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt
Equity Ratio (Total
Liability/Networth) |
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8.58 |
11.13 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.00 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
Website
Details :
Subject
was founded in 1999 to best serve their Indian customers by selling and
distributing industrial protection systems and pressure relief products. Their
large warehouse in India ensures on-time delivery and allows us to react to
special customer needs. Flexibility and quick delivery time are their key
success factors in India.
In
addition, their unique testing facility, located at their headquarters in the
USA, is another important advantage. Subject is capable of simulating almost
any customer application to help insure the selection of the best safety
product for the situation. Subject is dedicated to providing quality,
innovative products to their customers.
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 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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.11 |
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UK
Pound |
1 |
Rs.86.79 |
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Euro |
1 |
Rs.57.44 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
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23 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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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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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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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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