MIRA
INFORM REPORT
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Report Date : |
07.06.2007 |
IDENTIFICATION DETAILS
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Name : |
FAINGER ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
136-137, Rahul Mittal Industrial co-operative Society, M |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.11.1984 |
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Com. Reg. No.: |
034610 |
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CIN No.: [Company
Identification No.] |
U28900MH1984PTC034610 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF04042D |
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PAN No.: [Permanent
Account No.] |
AAACF1797J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Valves and Instruments. |
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 2968 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small concern having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair.
Business is active. Payments are
however reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
136 /137, Sanjay Building No. 3, Mittal Estate, Marol, Andheri (East),
Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-28501692 / 3617 / 3654 / 4277 / 9747 / 9751 |
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Fax No.: |
91-22-28504470 / 28510918 |
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Telex No.: |
91-11-79335 |
DIRECTORS
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Name : |
Mr. Prakash Vaman Nayak |
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Designation : |
Wholetime Director |
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Address : |
B – 6, Prakash Nagar, New |
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Date of Birth/Age : |
23.02.1950 |
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Date of Appointment : |
21.11.1984 |
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Name : |
Mr. Baburaj Janardhan Shenoy |
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Designation : |
Wholetime Director |
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Address : |
803, Solitaire, |
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Date of Birth/Age : |
01.06.1946 |
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Date of Appointment : |
21.11.1984 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Prakash Vaman Nayak |
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500 |
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Mr. Baburaj Janardhan Shenoy |
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500 |
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Total |
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1000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Valves and Instruments. |
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Products : |
Safety and Relief Valves |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N B Shetty and Company Chartered Accountants |
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Address : |
14 /2, |
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Associates/Subsidiaries : |
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Name : |
Fainger Leser Valves Private Limited |
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Address : |
136 /137, Sanjay Building No. 3, Mittal Estate, Marol, Andheri (East),
Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-28501692 / 3617 / 3654 |
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Fax No.: |
91-22-28504470 / 28510918 / 91-11-79335 |
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Factory: |
D -3, M I D C, Paithan, District – |
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Tel. No.: |
91-2431 – 32144 / 32145 |
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Fax No.: |
91-2431 - 32144 |
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Name : |
Fainger Engineering |
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Address : |
6, Apurva Industrial Estate, |
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Tel. No.: |
91-22-28502446 / 2850 3522 |
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Fax No.: |
91-22-28504470 / 285010918 |
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Name : |
Leser Gmbh and Company |
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Address : |
133 – 135, Wendentrasse, D – 20506, |
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Tel. No.: |
0049 40 25165 – 100 / 0049 40 25165 – 200 |
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Fax No.: |
0049 40 25165 -500 |
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Name : |
REMBE Gmbh |
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Address : |
Postfach 1540, D – 59918, |
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Tel. No.: |
0049 2961 7405 – 0 |
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Fax No.: |
0049 2961 50714 |
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Name : |
MIL Limited |
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Address : |
17, |
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Tel. No.: |
00972 – 3 – 9664350 |
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Fax No.: |
00972 – 3 - 9664320 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.100 million |
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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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.642 |
0.631 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.742 |
0.731 |
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LOAN FUNDS |
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1] Secured Loans |
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0.033 |
0.572 |
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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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0.033 |
0.572 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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0.775 |
1.303 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.041 |
1.263 |
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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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0.000 |
0.000 |
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Sundry Debtors |
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0.548 |
1.066 |
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Cash & Bank Balances |
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0.282 |
0.098 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.294 |
0.190 |
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Total
Current Assets |
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1.124 |
1.354 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.196 |
1.274 |
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Provisions |
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0.194 |
0.056 |
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Total
Current Liabilities |
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1.390 |
1.330 |
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Net Current Assets |
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(0.266) |
0.024 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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0.775 |
1.303 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Sales Turnover |
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2.000 |
1.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.92 |
2.60 |
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Current Ratio (Current Asset/Current Liability) |
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0.81 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached
Subject established in the year 1975 with its Registered Office at Bombay, presently known as Mumbai, comprises of a team of engineers with over 25 years of experience in design and manufacture of Industrial Control and Safety Products.
FAINGER ENGINEERING, an associate of the FAINGER Group, manufacture level control devices such as Magnetic Level Gauges, Reflex, Transparent and Tubular Level Gauges, Float Switches; flow control devices such as Flow Switches and Flow Indicators; low pressure control devices such as Breather Valves, Bunging Apparatus, Conservation Vents and Flame Arrestors etc. FAINGER ENGINEERING works is situated at Mumbai.
FAINGER LESER, another associate of FAINGER Group, in collaboration with LESER GmbH from Germany manufacture various kinds of Safety and
Relief Valves that meet the design requirement of ASME Sec. VIII, API
520, DIN 3320, IBR 1950 etc. FAINGER
LESER works is situated at Paithan, Dist. Aurangabad, and
The
valves produced by FAINGER LESER
in
The main marketing outlet of FAINGER Group Companies, FAINGER ENGINEERING CO. PVT. LTD., with its Head Office at Mumbai, represents the local principals, FAINGER ENGINEERING & FAINGER LESER Valves (P). Ltd. as well as the foreign Principals, LESER GmbH from Germany, REMBE GmbH from Germany and MIL from Israel, in India
Product and
Capabilities
Safety & Relief Valves
Type Full
Nozzle
Inlet
Sizes : 15 to 200 mm
Connection : Threaded upto 40 mm and
flanged for the rest as standard.
Set
Pressures : 0.2
to 400 bar as
standard
Temperatures
: -200° C to +530° C
Material
of Body : Cast
Steel, Alloy Steel, Stainless Steel, PTFE Lined, Special
Materials
Material
of Trim :
Stainless Steel, PTFE Lined, Special Materials
Springs
: CS, Alloy Steel, S. S.
to relevant DIN Standards
Accessories
1. S.S. welded bellows for
varying or higher back pressures.
2. Elastomer bellows for
isolation.
3. Heating jacket.
4. Soft ‘O’ ring seal for
tight shut-off.
5. Lift Stoppers for
achieving specified capacity.
6. Test Gag.
7. Vibration Damper.
8. Packed or Open type
lever cap.
9. Rupture Disc.
Design Codes
1. ASME Section VIII
2. API
520
3. DIN 3320
4. IBR 1950 etc.
Certification
1. TUEV
2. Indian Boiler Regulation
(IBR)
3. Chief Controller of
Explosives (CCoE)
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 does 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. 40.63 |
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1 |
Rs. 81.01 |
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Euro |
1 |
Rs. 54.89 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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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 |
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34 |
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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