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MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
FOURESS ENGINEERING ( |
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Registered Office : |
Mahalaxmi
Chambers, 22, |
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Country : |
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Date of Incorporation : |
25.06.1971 |
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Com. Reg. No.: |
015196 |
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CIN No.: [Company
Identification No.] |
U74210MH1971PLC015196 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF00095E |
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Legal Form : |
A private limited liability company |
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Line of Business : |
Manufacturers of Industrial Valves. |
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 : |
USD 370000 |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Unknown |
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Comments : |
Subject is an old established engineering company and was doing well. Since 2002, its financials are unknown. No payments are known. The company appears to be poor in corporate governance. It can be considered for small to mediocre business dealings with some caution. No latest financials are available from the
Government records and the management remained non-co-operative. |
LOCATIONS
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Registered Office : |
Mahalaxmi
Chambers, 22, |
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Tel. No.: |
91-22-24964400-05 (5 Lines) |
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Fax No.: |
91-22-24937544 |
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E-Mail : |
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Website : |
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Area : |
4800 Sq.fts. |
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Location : |
Owned |
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Plants: |
Ř
Plot No. A-324, Road No. 21, Wagle Industrial
Estate, Thane - 400 604, Tel. No. 91-22-25823754 - 57 Fax No. 91-22-25823603 E Mail : foursbyp@bom5.vsnl.net.in
Ř
Peenya Industrial Estate, Plot 2, Phase II, Tel. No. 91-80-8395734-8/8395494 - 6 Fax No. 91-80-8395175/76 E Mail : fsbgp@blr.vsnl.net.in Cable: FOURSSCOPE Telex: 845-5086 Ř
C-2, MIDC Industrial Estate, Paithan - 431
148, Tel. No. 91-2431-32190 / 91 / 32374 Fax No. 91-2431-32058 |
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Area : |
4 acres land and plant area 48000 Sq.fts |
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Location: |
Owned |
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Branches : |
Mumbai Tel : 022-25601529 Fax : 022-25695704 Email : mulund@fouressindia.com Tel : 040-23233063 Fax : 040-23241467 Email : feilhyd@fouressindia.com Tel : 0265-2344663 Fax : 0265-2331213 Email : feilbaroda@fouressindia.com
Kolkata Tel : 033-22402706 Fax : 033-22473752 Email : feilkolkata@fouressindia.com
Pune Tel : 9520-24331686 / 2433-8797 Fax : 9520-24337850 Email : feilpune@vsnl.net
and feilpune@fouressindia.com
Tel : 011-26105990 Fax : 011-26106274 Email : feildelhi@fouressindia.com
Chennai Tel : 044-28592132 Fax : 044-28521233 Email : feilchennai@fouressindia.com |
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Regional Representatives |
Bhubaneshwar - feilbbsr@fouressindia.com Guwahati - feilguwahati@fouressindia.com |
DIRECTORS
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Name : |
Mr. Sadanand A. Shetty |
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Designation : |
Chairman and
Managing Director |
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Name : |
Mrs. Soumyalatha S. Shetty |
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Designation : |
Director |
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Name : |
Mr. Ramkrishna M. Hegde |
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Designation : |
Director |
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Name : |
Mr. S. Paramasivan |
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Designation : |
Director |
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Name : |
Mr. F. S. Broacha |
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Designation : |
Director |
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Name : |
Mr. N. Ramachandran |
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Designation : |
Director |
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Name : |
Mr G. C. Garg |
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Designation : |
Director |
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Name : |
Mr. Sundersyam |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Sadanand A.
Shetty |
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Designation : |
Chairman |
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Date of Birth/Age : |
69 Years |
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Qualification : |
B.A., MBA |
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Experience : |
42 Years |
SHAREHOLDING PATTERN
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Category |
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Percentage of
Holding |
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Shetty Family |
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85.00 |
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Financial Institutions |
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15.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Industrial Valves. |
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Products : |
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Brand Names : |
“FOURESS” |
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Agencies Held : |
˜
Kvaerner Boving Limited, ˜
Hopkinsons Limited, ˜
Okumura Engineering Works Company Limited, ˜
Daniel Industrial Inc., ˜
Herman Rappold and Company ˜
Werner Kiester AG, ˜
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Werner Riester KG, |
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Exports : |
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Products: |
v Steel plates v Electrodes v Acoustic material |
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Countries : |
Africa, |
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Imports : |
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Products: |
v
Industrial valves v
Exhaust systems |
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Countries : |
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Terms : |
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Selling : |
Contract, Credit (30-60 days), L/C or Other terms |
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Purchasing : |
Contract, Credit (30 days) or L/C terms |
GENERAL INFORMATION
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Suppliers : |
˜ Steel Authority of India Limited ˜ Minerals and Metal Trading Company Limited ˜
Boving and Company Limited, ˜
Daniel Industrial Engineering, |
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Customers : |
Manufacturers and Wholesalers ˜ Kirloskar Oil Engines Limited, Chennai, Tamilnadu ˜
Voltas Limited, Mumbai, ˜
Larson and Toubro Limited, Mumbai, ˜
ONGC, Mumbai, ˜
Reliance Industry Limited, Mumbai, ˜
Indian Petrochemical Corporation Limited,
Mumbai, ˜
RCF Limited, Vadodara, ˜
Gulf Oil Company, ˜
Emirates General Petroleum, |
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No. of Employees : |
125 (Office – 25; Factory – 100) |
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Bankers : |
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State Bank of ˜
State Bank of |
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Facilities : |
Facilities : Fund based : Rs. 275.0 millions Non Fund based : Rs. 145.0 millions |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
J. R. Jain and Company Chartered Accountants |
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Address : |
Sheet Chambers, |
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Associates/Subsidiaries : |
˜
Fouress Marketing International Private
Limited, ˜
Boving Fouress Limited, ˜
Blohm Voss Fouress Private Limited, ˜
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Petrochemical Engineering ˜ Auma India Limited ˜ International Agency Division ˜ Fouress Energy Efficiency Division |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity shares |
Rs. 10.00 each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity shares |
Rs. 10.00 each |
Rs. 75.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2002 |
31.03.2001 |
31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
75.000 |
75.000 |
75.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.249 |
9.248 |
9.248 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
84.249 |
84.248 |
84.248 |
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LOAN FUNDS |
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1] Secured Loans |
329.202 |
324.096 |
309.137 |
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2] Unsecured Loans |
3.679 |
4.144 |
4.941 |
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TOTAL BORROWING |
332.881 |
328.240 |
314.078 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
417.130 |
412.488 |
398.326 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.544 |
93.759 |
100.215 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.190 |
0.225 |
0.226 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
195.851 |
192.234 |
229.922 |
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Sundry Debtors |
367.675 |
372.992 |
262.679 |
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Cash & Bank Balances |
5.202 |
5.914 |
9.097 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
48.644 |
46.950 |
40.706 |
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Total
Current Assets |
617.372 |
618.090 |
542.404 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities and Provisions |
326.271 |
334.332 |
261.966 |
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Total
Current Liabilities |
326.271 |
334.332 |
261.966 |
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Net Current Assets |
291.101 |
283.758 |
280.438 |
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MISCELLANEOUS EXPENSES |
32.295 |
34.746 |
17.447 |
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TOTAL |
417.130 |
412.488 |
398.326 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2002 |
31.03.2001 |
31.03.2000 |
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Sales Turnover [Including other Income] |
670.737 |
608.756 |
533.198 |
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Profit/(Loss) Before Tax |
2.700 |
4.151 |
2.343 |
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Provision for Taxation |
0.250 |
0.326 |
1.000 |
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Profit/(Loss) After Tax |
2.450 |
3.825 |
1.343 |
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Export Value
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NA |
121.960 |
113.800 |
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Import Value
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NA |
40.319 |
18.200 |
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Total Expenditure
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668.036 |
625.728 |
NA |
KEY RATIOS
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PARTICULARS |
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31.03.2002 |
31.03.2001 |
31.03.2000 |
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PAT / Total Income |
(%) |
0.365
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0.628 |
0.251 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.402
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0.681 |
0.439 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.379
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0.582 |
0.364 |
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Return on Investment (ROI) (PBT/Networth) |
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0.032
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0.049 |
0.027 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.406
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7.264 |
7.056 |
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Current Ratio (Current Asset/Current Liability) |
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2.120
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2.178 |
1.934 |
LOCAL AGENCY FURTHER INFORMATION
History
Subject was incorporated as partnership concern in 1962 and converted into a private limited liability company on 25th June 1971 at Mumbai. During 1992-93 it became a deemed public limited liability company.
Subject is engaged in manufacturing of alloy steel and stainless steel industrial valves used for fluid isolation control and regulation, marketing and measurement, power generation and propulsion systems with mechanical, electrical, pneumatic and hydraulic devices
It purchases its requirements 70% locally and 30% from international market.
It sells its products 79.97% locally and 20.03% in international market.
Website details attached:
Profile
Subject is the flagship company of the FOURESS GROUP
of companies and commenced operations in 1962 with the manufacture of carbon
steel industrial valves at Thane. In order to enhance its know-how base, the
company in 1973 signed what was to be the first of its Foreign Collaboration
Agreements with M/s. BOVING & Co. Ltd.,
The re-organization of individual strategic business units,
supported with solid technological upgradation and a vast experience of over 40
years has today equipped the subject to take on future market challenges.
Today the subject
in
Products
Thane Plant
GATE/GLOBE/CHECK VALES &
Air Release Valves
Oil & Gas; Refinery &
Petrochemicals
Butterfly Valves; Gas-Tight Isolators; Control Valves; Diverters &
Dampers; Gas Turbine Exhaust System; Marine Propulsion Systems; Large Knife Gas
Valves etc.
(For power; Waste water; Gas based Co-Generation Plants and Combined Cycle
Power Plants; Cement Plants; Fertilizers & Chemicals; Process Industries
and Defense Industries etc.)
Steel Plant Valves - for Metallurgical Industries; Blast Furnace; Coke
Oven; Gas Cleaning Plant; Copper & Zinc Smelters etc.
Gate, Globe and Check Valves - Oil & Gas; Refinery & Petro.
Metering & Measurement - Custody Transfer units for Oil and Gas
Boving Fouress Ltd
Hydro Power generation - Turbine & Governors; Water to Wire Projects.
Technology
Partners
With Rolls Royce Naval Marine of U.K. for the manufacture of
Marine Propulsion System, Steering Gear & Stabilizer for Naval Marine With
Kaefer-Raco GmbH, Germany for the manufacture of Diverter Flap Valves, Guillotine
Isolators, Flap Isolators etc., for Frame 9E and V94.2 Gas Turbines.
With M/s. Okumura Engg. Corp.,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 40.40 |
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1 |
Rs. 82.93 |
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Euro |
1 |
Rs. 55.81 |
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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