MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MACRO FURNACES
PRIVATE LIMITED |
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Registered Office : |
306-307, 16/2,
W.E.A. 3rd Floor, Sewak Bhawan, Karol Bagh, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.06.1995 |
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Com. Reg. No.: |
55-70119 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC070119 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM05040A /
DELM09370E |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer, Supplier and Exporter of Industrial Furnaces, Combustion
Equipment, Waste Heat Recovery Systems (Recuperators) and Allied Accessories. |
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 : |
USD 6000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow average 30
days |
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Litigation : |
Clear |
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Comments : |
Financial
position of the company is moderate having accumulated losses. The company’s
payments are slow and delayed. Initially, subject
should be considered for any business dealings on safe and secured trade
terms and conditions. |
LOCATIONS
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Registered Office : |
306-307, 16/2,
W.E.A. 3rd Floor, Sewak Bhawan, Karol Bagh, |
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Mobile No.: |
91-9810976250 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 2, 16/2,
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Tel. No.: |
91-129-2260004/2292215 |
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Fax No.: |
91-129-2260146 |
DIRECTORS
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Name : |
Mr. Surinder
Kumar Sharma |
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Designation : |
Managing Director
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Address : |
875, sector – 28,
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Date of Birth/Age : |
04.07.1954 |
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Date of Appointment : |
23.06.1995 |
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Mobile No.: |
91-9810976250 |
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Name : |
Mr. Sharma Jeewan
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Designation : |
Director |
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Address : |
Shelly Bhawan,
Mojowal, Naya Nangal, Ropar, |
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Date of Birth/Age : |
13.11.1961 |
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Date of Appointment : |
23.06.1995 |
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Name : |
Ms. Durga Das
Sharma |
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Designation : |
Director |
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Address : |
Shelly Bhawan,
Mojowal, Naya Nangal, Ropar, |
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Date of Appointment : |
20.10.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Surinder
Kumar Sharma |
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8600 |
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Mr. Sharma Jeewan
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6200 |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of Industrial
Furnaces, Combustion Equipment, Waste Heat Recovery Systems (Recuperators) and
Allied Accessories. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
40 |
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Bankers : |
v
Punjab
National Bank v
Standard
Chartered Bank
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kapoor Sharma
Associates Chartered
Accountant |
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Address: |
3rd Floor,
Sewak Bhawan, 16/2 W.E.A. Abdul Aziz & Arya Samaj, Karol Bagh, |
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Tel. No.: |
91-11-25725080 |
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Fax No.: |
91-11-25782083 |
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E-Mail : |
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Memberships : |
FSIA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- Each |
Rs. 1.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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64800 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.648
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.648 |
0.648 |
0.148 |
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2] Share Application Money |
1.000 |
0.500 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.648 |
1.148 |
0.148 |
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LOAN FUNDS |
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1] Secured Loans |
1.808 |
2.140 |
1.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.808 |
2.140 |
1.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.008 |
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TOTAL |
3.456 |
3.288 |
1.156 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.869 |
0.757 |
0.264 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.013 |
0.001 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.516 |
5.250 |
5.311 |
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Sundry Debtors |
5.889 |
5.695 |
2.840 |
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Cash & Bank Balances |
0.901 |
0.325 |
0.777 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.960 |
0.724 |
0.362 |
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Total
Current Assets |
15.266 |
11.994 |
9.290
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.298 |
10.338 |
9.480 |
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Provisions |
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0.010 |
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Total
Current Liabilities |
13.298 |
10.338 |
9.490
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Net Current Assets |
1.968 |
1.656 |
(0.200) |
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MISCELLANEOUS EXPENSES |
0.606 |
0.874 |
1.092 |
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TOTAL |
3.456 |
3.288 |
1.156 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [Estimated] |
20.000 |
16.043 |
10.958 |
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Profit/(Loss) Before Tax |
NA |
0.212 |
0.120 |
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Provision for Taxation |
NA |
0.004 |
0.012 |
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Profit/(Loss) After Tax |
NA |
0.207 |
0.108 |
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Total Expenditure |
NA |
15.830 |
10.838 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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1.29 |
0.98 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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1.32 |
1.09 |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
NA
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1.66 |
1.26 |
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Return on
Investment (ROI) (PBT/Networth) |
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NA
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1.43 |
0.81 |
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Debt Equity Ratio (Total
Liability/Networth) |
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9.17
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10.87 |
70.88 |
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Current Ratio (Current
Asset/Current Liability) |
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1.15
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1.16 |
0.98 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
Car
v
CVT
v
Computer
v
Cylinder
v
Drill
Machine
v
Fan
v
Furniture
& Fixture
v
Gas
Cutting Set
v
Generators
v
Inverter
v
Machinery
v
Mobile
Phone
v
Motor Cycle
v
Telephone
Set
v
Cycle
v
Welding
Table
v
Car
Honda City
As per website
Subject is a manufacturer, supplier and exporter of
industrial furnaces, combustion equipment, waste heat recovery systems
(Recuperators) and allied accessories. MFPL manufactures a variety of
efficient industrial furnaces like fuel oil fired and electrical
reistant heated, MFPL waste heat recovery system (recuperators), MFPL
combustion equipment like burner and compact burner, blower and induced draft
fans, heating and pumping unit, gas train, hydraulic pusher and hydraulic
ejector. The company designs, fabricates and supplies various kinds of
industrial furnaces on a turn key basis to meet the requirements of various
industries alike.
Markets
The company exports its range of industrial furnaces,
combustion equipment, waste heat recovery systems and allied accessories to
countries like
Commitment
Established in 1986, the company is deeply committed to
providing excellent service to its customers round the globe. The company has
achieved specialization in forging plants, aluminum extrusion plants, aluminum
alloys plant, copper alloys plant and steel rolling mills. Excellent customer
services of the company complemented by their dedication to quality and
performance, has earned them the golden opinion of their clients from all over
the globe.
Infrastructure
They
inhabit one of the best infrastructural facilities in the industry, delivering
exceptional quality components. With the magnificent convergence of their
diligent workforce and an unrivaled technological base, they are able to
fulfill their constant endeavor of customer gratification. Their impeccable
quality is the primary reason for an astounding market position. They believe
in establishing long term relationships and therefore are high on ethical
standards.
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 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.40.73 |
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1 |
Rs.80.43 |
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Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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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 |
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 |
YES |
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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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21 |
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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