MIRA
INFORM REPORT
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Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
BI FRIENDS ENGINEERING WORKS |
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Registered Office : |
471, Reena Complex, Ramdev Nagar Road, Opp. Vidyavihar Bus Depot, Vidya
Vihar (W), Mumbai – 400086, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1975 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer, Exporter and Importer of pharmaceuticals and chemicals
process equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8244 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealing at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
471, Reena Complex, Ramdev Nagar Road, Opp. Vidyavihar Bus Depot,
Vidya Vihar (W), Mumbai – 400086, Maharashtra |
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Tel. No.: |
91-22-25129865/25165971 |
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Mobile No.: |
91-9870703075/9870703123 |
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Fax No.: |
91-22-25162744 |
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E-Mail : |
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Website : |
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Area : |
300 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
W – 73, Phase 11, MIDC, Manpada Road, Dombivali (E) Thane – 421204 |
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Tel. No.: |
91-251-2871511 |
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Area : |
600 sq. ft. |
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Location : |
Owned |
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Location : |
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PARTNERS
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Name : |
Mr. Vittal Khokrale |
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Designation : |
Partner |
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Date of Birth/Age : |
60 years |
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Qualification : |
Diploma holder |
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Name : |
Mr. Prakash Lade |
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Designation : |
Partner |
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Date of Birth/Age : |
59 years |
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Qualification : |
Diploma holder |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of pharmaceuticals and chemicals
process equipments. |
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Products : |
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Exports : |
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Products : |
All products |
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Countries : |
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Imports : |
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Products : |
Gear Boxes |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
40 ( 5- Office, 35 – Other) |
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Bankers : |
Abhinav Sahakari Bank Limited, Dombivali Branch |
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Facilities : |
Over Draft and Bank Guarantee Rs.20.000 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mr. V. R. Jadhav Chartered Accountants |
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Address : |
Vashi, Navi Mumbai |
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Associates/Subsidiaries : |
Sterling Fabricating Engineers Private Limited, |
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Address: |
471, Reena Complex, Ramdev Nagar Road, Opp. Vidyavihar Bus Depot, Vidya
Vihar (W), Mumbai – 400086, Maharashtra |
FINANCIAL DATA
[all figures are in Rupees Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Partners Capital |
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2.061 |
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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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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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2.061 |
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LOAN FUNDS |
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1] Secured Loans |
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1.599 |
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2] Unsecured Loans |
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4.741 |
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TOTAL BORROWING |
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6.340 |
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TOTAL |
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8.401 |
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FIXED ASSETS [Net Block] |
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5.151 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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16.741 |
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Sundry Debtors |
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15.114 |
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Cash & Bank Balances |
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1.665 |
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Other Current Assets |
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1.664 |
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Loans & Advances |
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0.310 |
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Total
Current Assets |
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35.494 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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32.244 |
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Total
Current Liabilities |
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32.244 |
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Net Current Assets |
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3.250 |
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TOTAL |
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8.401 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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108.749 |
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Other Income |
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0.000 |
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Total Income |
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108.749 |
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Profit/(Loss) Before Tax |
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0.392 |
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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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0.392 |
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Expenditures : |
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Other Expenditure |
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4.190 |
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Total Expenditure |
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4.190 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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0.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.96 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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18.72 |
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Current Ratio (Current Asset/Current Liability) |
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1.10 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Dr. Reddy’s
- Cipla
- Wockhardt
Their
Status...
When technology well amalgamates with ecology... the bona
fide results out as a single roof inhabiting the likes of pharmaceutical and
chemical plants. Subject, in action since 1975, is addressed as the single
substantial roof catering as the manufacturer and exporter of pharmaceutical
and chemical plants and process equipments on the global scale. The concern,
in-depth absorbed in the design, manufacture and implementation of these
equipments, works in materials such as stainless steel, alloy steel, hastelloy,
titanium, rubber lining, FRP lining, FRV lining, also including halar lining.
The company's extra efforts taken in terms of research, production and quality
control goes in sync with the international codes like IS, BS, ASME, TEMA and
DIN.
The concern has developed a core competence in the market, widely expanding its
wings into the vast Indian and the overseas regions of Turkey, Nigeria,
Indonesia, Thailand, Saudi Arabia, Malaysia and Nepal. Their membership of
Engineering Export Promotion Council, Mumbai gives us a vigour to keep pace and
create an aura of fast changing technology, on grounds of developing latest
models of energy efficient and cost effective plants.
Their Performance...
They have repeatedly proved their worth by emerging out as
winners in terms of their outstanding caliber. They are accredited with the
following:
- "M.L. Dahankar Award" from Maharashtra Chambers of
Commerce and Industry as 'Best Entrepreneur in Small Sector' (1991)
- "Udyogshree Award" from Udyogshree Gaurav Pusraskar Nivad
Samiti (1994)
- "Rajiv Gandhi Pragati Award" from International Business
Council, Delhi (1995)
- "Arch of Excellence Award" from All India Organisational
Entrepreneurial Confederation, Delhi (1995).
Their
Products...
Their products coming under the bracket of precision and
functional reliability, are epitomized as the benchmarks of perfection by their
vast network of valuable clients. Their quality assured products giving their
export sphere a 40% boost, can be listed as:
- Agitated Pressure Nutsche Filter Dryer
- Rotary Vacuum Paddle Dryer
- Vertical Pan Dryer
- Rotocone Vacuum Filter Dryer
- Rotary Heat Exchanger
- Spin Flash Dryer
- Fluid Bed Dryer Blending Equipments
- Cone Mixed-cum-Dryer (Nauta Type) Cone Blender
- Double Cone Blender
- 'Y' Blender
- Octagonal Blender
- Pneumatic Blender
- Inverted Bag Centrifuge High Efficiency Blender
- Plough Shear Mixed Dryer
- Ball Mills
- Sand Mills.
Their
Impact of Approval...
They constantly redefine their quality standards, owing to their
aggressive competitive approach. They follow it by the approval of third party
inspection and consulting agencies including:
- SGS India Ltd.
- Project and Development (I) Ltd., (PDIL)
- Bureau Veritas Inspection Services (I) Ltd., (BVIS)
- Dalal Consultants and Engineers Ltd., (DCEL)
- R.J. Associates (Engineers) Pvt. Ltd.
- Fact Engineering and Design Organization (FEDO)
Their
Quality Parameters...
Subject is committed towards providing products in line with
international standards and process solutions to industrial problems. Their
steady focus remains delivery of high quality products along with superior
client services to offer their clients a competitive advantage and create value
for their businesses. Their complete in-house machineries and equipment in its
state-of-art production facility along with a highly skilled team, execute an
indelible mark on the market front.
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.39.35 |
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UK Pound |
1 |
Rs.80.52 |
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Euro |
1 |
Rs.57.56 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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54 |
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. |
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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