MIRA
INFORM REPORT
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Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
FURUS PACKAGING PRIVATE LIMITED |
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Registered Office : |
303, Lisbon, Shastri Nagar, Lokhandwala Complex, Andheri (West),
Mumbai – 400053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.04.1998 |
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Com. Reg. No.: |
114649 |
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CIN No.: [Company
Identification No.] |
U25202MH1998PTC114649 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF04437G |
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PAN No.: [Permanent
Account No.] |
AAACF3317N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Polyester Straps |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 8552 |
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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 low. It has some accumulated losses. Trade
relations are fair. Business is active. Payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
303, Lisbon, Shastri Nagar, Lokhandwala Complex, Andheri (West),
Mumbai – 400053, Maharashtra, India |
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Corporate Office : |
304, Midas Chambers, Opp. Laxmi Industrial Estate, Andheri (W), Mumbai
– 400053, India |
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Tel. No.: |
91-222-65263648 |
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Fax No.: |
91-222-26732890 |
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E-Mail : |
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Website : |
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Area : |
600sq.fts |
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Location : |
Owned |
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Factory : |
K – 18, Additional Murbad, MIDC, Thane, Mumbai |
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International Marketing Office : |
Blue Bird Co. WLL P O Box: 26908, Safat, 13130 – Kuwait |
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Tel. No.: |
965-2423494 / 2442873 |
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Fax No.: |
965-2409138 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Suhail Parwar |
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Designation : |
Director |
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Date of Birth/Age : |
32 years |
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Qualification : |
MBA |
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Name : |
Mr. Dawood Parwar |
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Designation : |
Director |
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Date of Birth/Age : |
62 years |
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Qualification : |
Graduate |
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Name : |
Mr. Anjum Parwar |
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Designation : |
Director |
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Date of Birth/Age : |
28 years |
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Qualification : |
Post Graduate |
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Name : |
Mrs. Sebah Parwar |
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Designation : |
Director |
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Date of Birth/Age : |
31 years |
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Qualification : |
Graduate |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on :30.09.2006
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Polyester Straps |
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Exports : |
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Countries : |
Middle East, South Asia Part of Europe and Central Africa |
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Imports : |
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Products : |
Strapping Tools |
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Countries : |
Europe and Middle East |
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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 : |
Wholesalers and Manufacturers |
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No. of Employees : |
25 |
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Bankers : |
State Bank of India, M.I.D.C., Andheri |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. Madanmal Mehta and Company Chartered Accountants |
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Address : |
47, M.B. Velkar Street, Mumbai – 400002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :As on : 30.09.2006
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 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 |
8.000 |
8.000 |
8.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(5.862) |
(5.986) |
(5.233) |
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NETWORTH |
2.138 |
2.014 |
2.768 |
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LOAN FUNDS |
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1] Secured Loans |
3.483 |
6.574 |
8.745 |
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2] Unsecured Loans |
4.769 |
3.728 |
3.218 |
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TOTAL BORROWING |
8.252 |
10.302 |
11.963 |
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DEFERRED TAX LIABILITIES |
1.196 |
1.360 |
0.000 |
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TOTAL |
11.586 |
13.676 |
14.731 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.443 |
9.537 |
9.579 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.557
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2.924 |
1.159 |
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Sundry Debtors |
2.811
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3.295 |
4.024 |
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Cash & Bank Balances |
1.367
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1.094 |
1.448 |
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Other Current Assets |
1.675
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2.508 |
2.182 |
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Loans & Advances |
0.082
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0.000 |
0.000 |
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Total
Current Assets |
8.492
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9.821 |
8.813 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
5.275
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5.661 |
3.661 |
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Provisions |
0.074
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0.021 |
0.000 |
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Total
Current Liabilities |
5.349
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5.682 |
3.661 |
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Net Current Assets |
3.143
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4.139 |
5.152 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.586 |
13.676 |
14.731 |
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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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29.535 |
18.131 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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29.535 |
18.131 |
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Profit/(Loss) Before Tax |
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0.361 |
0.627 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.361 |
0.627 |
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Expenditures : |
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Interest |
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0.670 |
1.260 |
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Depreciation & Amortization |
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1.122 |
1.270 |
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Other Expenditure |
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27.381 |
14.974 |
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Total Expenditure |
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29.173 |
17.504 |
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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 |
(%) |
1.22
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3.45 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.22
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3.45 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.13
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3.23 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.31 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.47
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2.82 |
1.32 |
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Current Ratio (Current Asset/Current Liability) |
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1.58
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1.72 |
2.40 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
FURUS PACKAGING
PRIVATE LIMITED |
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Presented
By |
State bank of
India, M.I.D.C., Andheri (East) Br., Mumbai – 93 |
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1) Date and description of instrument creating the change |
1. General
Agreement for the grant of small industrial advances and hypothecation of
movable, book debts and other assets (working capital finance) 2. Agreement for
the grant of small industrial advances (Re: Hypothecation of Goods, Book
Debts, Movable and other assets) 3. Agreement for
the grant of small industrial advance (Re: Letter of Credit, Guarantees and
indemnities) 4. General
Agreement for the grant of medium term advances to small scale industries and
hypothecation of movable, book debts and other assets. 5. Ancillary
agreement for medium term loan against pledge of the machineries All the above
agreement are date 12.06.1999 and executed for single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.25.200
millions Facility Rs. In millions Demand cash
credit (stock and Bood
Debts)
Rs.2.400 Medium Term Loan (Land and
Building / Plant and Mach
Rs.12.800 Letters of Credit
(one time import Rs.9.500 Bank
Guarantee Rs.0500 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest: The interest on
demand cash credit shall be charged by the Bank at the rate of 2.25% over the
State Bank of India Advance Rate with a minimum of 14.53% Interest on
medium term loan shall be charged by the bank at the rate of 2.00% above the
SBMTLR rate with a minimum of 14.00 and effective rate of 14.28% (including
interest tax) Margin: 1. Demand Cash
Credit: Stock – Raw
Material 25% - Stocks, in process 40% - Finished Goods 33.33% 2. Book Debts
–All receivable 40% 3. Letter of
credit 40% 4. Bank
Guarantee 25% 5. Medium Term
Loan: - Land 10% -Building 20% - Plant and Machinery 20% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India M.I.D.C , Andheri
(E) Branch, Marol, Central
Road, Andheri (East),
Mumbai 0 400093 |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
Deposit of title deeds dated 08.03.2002 |
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 |
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US Dollar |
1 |
Rs.39.94 |
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UK Pound |
1 |
Rs.78.81 |
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Euro |
1 |
Rs.63.05 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
1 |
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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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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
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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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