MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
FIKE INDIA
PRIVATE LIMITED |
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Registered Office : |
B-138/139, Satyam
Industrial Estate, Erandwane Karve Raod, Pune-411038, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.06.1999 |
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Com. Reg. No.: |
25-13723 |
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CIN No.: [Company
Identification No.] |
U11102PN1999PTC013723 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00615G |
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PAN No.: [Permanent
Account No.] |
AAACF4754B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
To carry on the
business as designers, manufacturers, assemblers, testers, servicers,
dealers, importers, exporters, buyers, sellers, marketing agents,
distributors of protection systems, equipment, valves and components,
including but not limited to pressure relief devices such as rupture discs
and explosion vents and systems, equipment, valves and components related to
automatic explosion venting suppression including but nor restricted to dust,
chemical and gas explosions, explosion venting including but not restricted
to dust, chemical and gas explosions, explosion isolation including but nor
restricted to dust, chemical and gas explosions, explosion testing, fire
protection, fire fighting, process safety, hazard protection, facilities
protection. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old
and established company having moderate track. Company’s profitability is
under severe pressure. It has some accumulated losses. Payments are reported
as slow and correct and delayed. The company can
be considered normal for small business dealings at usual trade terms and
conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
B-138/139, Satyam
Industrial Estate, Erandwane Karve Raod, Pune-411038, Maharashtra, India |
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Tel. No.: |
91-20-25453336/8 |
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Fax No.: |
91-20-25453337 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sameer Ulhas
Pargaonkar |
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Designation : |
Director |
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Address : |
A/2/29, Gajalaxmi
Sahkar N?agar No.1, Pune-411009, Maharashtra, India |
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Date of Birth/Age : |
29.09.1969 |
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Date of Appointment : |
03.06.1999 |
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Name : |
Mr. Maxwell Mason
Jewell |
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Designation : |
Director |
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Address : |
704, South 10th
Street, P O Box No.610, Blue Springs, Missouri-64013, USA |
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Date of Birth/Age : |
11.12.1948 |
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Date of Appointment : |
15.06.2000 |
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Name : |
Mr. Vikram Sarkar |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sameer Ulhas
Pargaonkar |
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10 |
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Mr. Maxwell Mason
Jewell |
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20 |
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Fike Corporation |
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249970 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business
as designers, manufacturers, assemblers, testers, servicers, dealers,
importers, exporters, buyers, sellers, marketing agents, distributors of
protection systems, equipment, valves and components, including but not
limited to pressure relief devices such as rupture discs and explosion vents
and systems, equipment, valves and components related to automatic explosion
venting suppression including but nor restricted to dust, chemical and gas
explosions, explosion venting including but not restricted to dust, chemical
and gas explosions, explosion isolation including but nor restricted to dust,
chemical and gas explosions, explosion testing, fire protection, fire
fighting, process safety, hazard protection, facilities protection. |
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GENERAL
INFORMATION
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Auditors : |
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Name : |
P.D. Kudva &
Company Chartered
Accountants |
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Address : |
4, Kumar
Panaroma, 1st Floor, 45/1B, Shankarseth Raod, Pune-411037,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.419 |
5.419 |
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4] (Accumulated Losses) |
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(6.538) |
(7.249) |
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NETWORTH |
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1.381 |
0.670 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.381 |
0.670 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.311 |
0.340 |
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Capital work-in-progress |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.472 |
0.479 |
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Sundry Debtors |
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2.171 |
1.594 |
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Cash & Bank Balances |
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9.067 |
5.539 |
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Other Current Assets |
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0.038 |
0.034 |
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Loans & Advances |
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0.172 |
0.129 |
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Total
Current Assets |
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11.920 |
7.775 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.755 |
7.367 |
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Provisions |
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0.095 |
0.078 |
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Total
Current Liabilities |
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11.850 |
7.445 |
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Net Current Assets |
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0.070 |
0.330 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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1.380 |
0.370 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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12.935 |
9.392 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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12.935 |
9.392 |
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Profit/(Loss) After Tax |
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0.711 |
0.126 |
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Expenditures : |
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Interest |
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0.021 |
0.005 |
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Depreciation & Amortization |
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0.144 |
0.094 |
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Other Expenditure |
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12.058 |
9.419 |
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Total Expenditure |
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12.223 |
9.518 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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5.49 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.58 |
11.11 |
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Current Ratio (Current Asset/Current Liability) |
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1.00 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Subject was founded in 1999 to best
serve their Indian customers by selling and distributing industrial protection
systems and pressure relief products. Their large warehouse in India ensures
on-time delivery and allows us to react to special customer needs. Flexibility
and quick delivery time are their key success factors in India.
In addition, their unique testing
facility, located at their headquarters in the USA, is another important
advantage. Subject is capable of simulating almost any customer application to
help insure the selection of the best safety product for the situation. Subject
is dedicated to providing quality, innovative products to their customers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.14 |
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UK Pound |
1 |
Rs.84.71 |
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Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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23 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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