MIRA
INFORM REPORT
|
Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
FRIENDS INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
A-155, H Block, MIDC, Behind Pimpari Court, Pune – 411018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.01.1997 |
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Com. Reg. No.: |
105319 |
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CIN No.: [Company
Identification No.] |
U34300MH1997PTC105319 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00597C |
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PAN No.: [Permanent
Account No.] |
AAACF3930B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Press Sheet and Machined Components, Auto Press
Components. |
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 29720 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Hariom |
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Designation : |
Director |
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Date : |
24.04.2008 |
LOCATIONS
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Registered Office : |
A-155, H Block, MIDC, Behind Pimpari Court, Pune – 411018, Maharashtra,
India |
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Tel. No.: |
91-20-27475221 |
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Fax No.: |
91-20-27461220 |
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E-Mail : |
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Website : |
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Area : |
12000 sq. ft. |
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Location : |
Owned by company |
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Branch Office/ Factory 1 : |
G – 25, Chimabut, Lucknow |
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Area : |
8500 sq. ft. |
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Location : |
Owned by company |
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Factory 2 : |
45/2. Chimli, Chakan, Pune, Maharashtra, India |
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Area : |
80000 sq. ft. |
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Location : |
Owned by directors |
DIRECTORS
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Name : |
Mr. Hariom Jamnadas Agarwal |
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Designation : |
Additional Director |
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Address : |
Plot No. 354, Sector 24, Pcntda Nigdi, Pune – 411044, Maharashtra,
India |
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Date of Birth/Age : |
27.04.1951 |
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Date of Appointment : |
28.01.2008 |
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Name : |
Mr. Mayur Agarwal |
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Designation : |
Director |
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Address : |
354, Sector 24, Pcntda Nigdi, Pune – 411044, Maharashtra, India |
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Date of Birth/Age : |
06.12.1980 |
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Date of Appointment : |
01.12.2001 |
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Name : |
Mr. Navin Agarwal |
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Designation : |
Director |
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Address : |
354, Sector 24, Pcntda Nigdi, Pune – 411044, Maharashtra, India |
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Date of Birth/Age : |
22 years |
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Date of Appointment : |
30.10.2002 |
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Name : |
Mrs. Anuradha Agarwal |
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Designation : |
Director |
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Address : |
354, Sector 24, Pcntda Nigdi, Pune – 411044, Maharashtra, India |
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Date of Birth/Age : |
50 years |
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Date of Appointment : |
01.10.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Hariom Jamnadas Agarwal |
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213740 |
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Mrs. Anuradha Agarwal |
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110 |
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Mr. Sitaram Mahaviprasad Varma |
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100 |
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Mr. Prabhakar Anantrao Landge |
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100 |
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Mr. Mayur Hariom Agarwal |
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1600 |
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Mrs. Arti Hariom Agarwal |
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100 |
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Total |
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215750 |
(As on 31.03.2007)
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Category |
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Percentage |
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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 Press Sheet and Machined Components, Auto Press
Components. |
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Products : |
· Press Sheet · Machined
Components · Auto Press
Components. |
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Terms : |
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Selling : |
Credit (60-90 days) |
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Purchasing : |
Cash and Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
40 around |
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Bankers : |
· State Bank of
India Pimpri Town Branch, Pune - 411017, Maharashtra, India |
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Facilities : |
C/C – Rs.10.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deshpande and Company Chartered Accountant |
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Name : |
Kondhare Karbhari and Associated Chartered Accountant |
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Address : |
9A Sagar Complex Nashik Phata, Kasarwadi, Pune – 411034, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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215800 |
Equity Shares |
Rs.10/- each |
Rs.2.158 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.158 |
2.158 |
2.157 |
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2] Share Application Money |
2.680 |
1.480 |
0.000 |
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3] Reserves & Surplus |
2.592 |
2.758 |
1.505 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.430 |
6.396 |
3.662 |
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LOAN FUNDS |
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1] Secured Loans |
9.047 |
6.689 |
3.221 |
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2] Unsecured Loans |
0.004 |
0.000 |
0.000 |
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TOTAL BORROWING |
9.051 |
6.689 |
3.221 |
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DEFERRED TAX LIABILITIES |
1.288 |
0.267 |
0.245 |
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TOTAL |
17.769 |
13.352 |
7.128 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.983 |
4.445 |
2.971 |
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Capital work-in-progress |
2.359 |
3.691 |
0.206 |
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INVESTMENT |
0.000 |
0.006 |
0.005 |
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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 |
4.513
|
4.522 |
5.484 |
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Sundry Debtors |
12.075
|
7.274 |
5.425 |
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Cash & Bank Balances |
0.198
|
0.112 |
0.024 |
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Other Current Assets |
0.398
|
0.391 |
0.255 |
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Loans & Advances |
1.981
|
0.740 |
0.495 |
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Total
Current Assets |
19.165
|
13.039 |
11.683 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.907
|
6.670 |
6.862 |
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Provisions |
1.845
|
1.280 |
0.903 |
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Total
Current Liabilities |
15.752
|
7.950 |
7.765 |
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Net Current Assets |
3.413
|
5.089 |
3.918 |
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MISCELLANEOUS EXPENSES |
0.014 |
0.021 |
0.028 |
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TOTAL |
17.769 |
13.352 |
7.128 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
44.285 |
35.116 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
44.285 |
35.116 |
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Profit/(Loss) Before Tax |
|
1.905 |
1.183 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.905 |
1.183 |
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Total Expenditure |
|
42.380 |
33.933 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA |
4.30 |
3.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
4.30 |
3.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
10.89 |
8.07 |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
0.30 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.34
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2.29 |
3.00 |
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Current Ratio (Current Asset/Current Liability) |
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1.22
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1.64 |
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
FRIENDS INDUSTRIES PRIVATE LIMITED |
|
Presented By |
State Bank of India Pimpri Town Branch, Pune, India |
|
1) Date and description of instrument creating the change |
General Agreement
for the grant of small industries advance and hypothecation of movable book
debts and other assets (working capital finance) Ancillary Agmt.
No.1 Both the above Agmts
are dated 20.08.2003 and executed for the creation of a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 Millions Demand Cash
Credit |
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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 |
All present and
future goods, book debts, movable and other assets of the borrower including
documents of title to goods and other assets such as outstanding moneys, receivable
claims, bills, invoice, document, contracts, engagements, security,
investments, rights and the present and all future machinery raw materials,
stocks/ Book Debts. Machinery such
as: Lathe Machine 4.5 ft Radial Drilling machine capacity 2 Thread rolling
machine, copying lathe (4 ft ) Projection welding. Power press machine 150
tons and shearing machine etc. List of machinery attached herewith. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
Interests: As would be
determined by the Bank from time to time. Margin: Raw Materials Stocks/ Book
Debts |
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5) Name and Address and description of the person entitled to the charge. |
· State Bank of
India Pimpri Town Branch, Pune – 411017, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental
general agreement for the grant of small industrial advance and hypothecation
of goods, book debts and other assets (WCF). Ancillary
Agreement No.1 Both the above Agmts
are dated 06.01.2005 and executed for the creation of a single charge. |
|
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. |
The Original
Charge was created on 20.08.2003 for Rs. 2.500 Millions, Now by the present
modification dated 06.01.2005 Demand cash credit limit increased by Rs.1.500
Million making total to Rs.4.000 Millions The limits are as follows: Hypothecation of
Stock Rs.1.320 Millions Hypothecation of
B. D. Rs.2.680 Millions
--------------------------------- Total
Rs.4.000 Millions --------------------------------- Rate of
Interests: 1.50% above State
Bank of India Advance rate rising and following therewith 10.25% p.a.
effective rate minimum 11.75% p.a. with interest’s tax with quarterly rests.
Subject to changed in the Interests rate by RBI/ SBI from time to time. Margin: Raw
materials 25% Semi finished
Goods 30% Finished Goods
25% Bills/ Book Debts
40% (Cover period 90
days) |
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Corporate identity
number (CIN) Foreign company registration number |
U34300MH1997PTC105319 |
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Name of the
Company |
FRIENDS INDUSTRIES PRIVATE LIMITED |
|
Address |
A-155, H Block, MIDC, Behind Pimpari Court, Pune – 411018,
Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Immovable
Property |
|
Particulars of
the charge holder |
State Bank of
India Pimpri Town
Branch, Pimpri Colony, Near Tapovan Mandir, Pimpri, Pune – 411017,
Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum for
recording creating of mortgage by deposit of title deeds (Anuradha Agarwal) Memorandum for
recording creating of mortgage by deposit of title deeds (Hariom Agarwal) (Both Memorandum
were executed to constitutes a single charge) |
|
Date of the
instrument creating or modifying the charge |
12.01.2007 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 12.25% p.a. Terms of
Repayments: As per Letter of
Arrangement Margin: As per Letter of
Arrangement Extent and operation
of the charge: As per Letter of
Arrangement |
|
Short particulars
of the property charged (including location of the property) |
All that piece
and parcel of property bearing Plot No.A-155, H Block, admeasuring 1170 sq.
mtrs, in Pimpri industrial Area, Taluka Haveli, District Pune and Property
bearing survey No, 158/3/2A/2/1 having corresponding city survey no.5661
admeasuring 242 sq. mtrs, taluka haveli District Pune. |
|
Particular of the
present modification |
Immovable
Property of Mrs. Anuradha H. Agarwal and Mr. Hariom J. Agarwal are mortgaged
as additional security for the total credit facility of Rs.10.000 Millions
(Demand Cash Credit Rs.7.500 Millions Medium Term Loan Rs.2.500
Millions) |
Company Profile:
Mr. Hariom Agarwal is the Founder of Subject. Subject was
established in 1977 overcoming many obstacles came in the way.
Mr. Agarwal is a technically expert person and has vast experience of
Automobile industry and under his able aegis, the Company is well developed.
Management:
Mr. Mayur Agarwal and Mr. Navin Agarwal are now on the Board
of Directors of the Company and they look after the Company's all business
activities as per the guidelines set by Mr. Hariom Agarwal.
Trade Reference:
· TELLO – Pune, Lucknow, Jamshedpur
· Carraro India
· Tata Motors
· Caparo Engineering India Private Limited
· Asian M Works
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.40.04 |
|
UK Pound |
1 |
Rs.79.11 |
|
Euro |
1 |
Rs.63.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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. |
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 |
|