MIRA
INFORM REPORT
|
Report Date : |
07.03.2007 |
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
|
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
|
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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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Total Income |
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10.015 |
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Profit/(Loss) Before Tax |
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0.327 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.327 |
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Expenditures : |
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Interest |
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0.154 |
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Depreciation & Amortization |
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0.310 |
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Other Expenditure |
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9.224 |
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Total
Expenditure |
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9.688 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total
Income |
(%) |
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3.26 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.82 |
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Return on Investment (ROI) (PBT/Networth) |
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1.13 |
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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 |
|
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.56 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
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 |
|
--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 |
|