MIRA
INFORM REPORT
|
Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDMARK FORMTECH PRIVATE LIMITED |
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Registered Office : |
J 375, MIDC,
Bhosari, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.01.2004 |
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Com. Reg. No.: |
25-18796 |
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CIN No.: [Company
Identification No.] |
U28939PN2004PTC018796 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEI04229B |
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PAN No.: [Permanent
Account No.] |
AABCI2289M |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers
of various types of Electrical and Instrumentation erection hardware like
Cable Trays, Utility Channel Prefabricated Support System, Electrical and
Instrumentation Junction Boxes Earthing Pit material and Lead Rawal Plugs, etc |
RATING &
COMMENTS
|
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 49000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. The company has done well in 2004-05.
Trade relations are fair. Payments are 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. Narendra R Meher |
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Designation : |
Director |
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Contact No.: |
91-9822039833 |
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Date : |
25.04.2008 |
LOCATIONS
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Registered Office : |
J 375, MIDC,
Bhosari, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-20-27122544 / 45 |
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Mobile No.: |
91-9822039833 |
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Fax No.: |
91-20-27112546 |
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E-Mail : |
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Website : |
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Factory: |
J 135, MIDC, Bhosari, Pune – 411 026, Maharashtra, India |
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Tel. No.: |
91-20-27122544 |
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Mobile No.: |
91-9822039833 |
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E-Mail : |
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Websites: |
DIRECTORS
|
Name : |
Mr. Narendra R.
Meher |
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Designation : |
Director |
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Address : |
Sector No. 25, Plot
No. 143, Ashirwad Nigdi pradhikaran, Pune – 411044, Maharashtra, India s |
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Date of Appointment : |
19.01.2004 |
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Name : |
Mrs. Rajashree N.
Meher |
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Designation : |
Director |
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Address : |
Sector No. 25, Plot
No. 143, Ashirwad Nigdi pradhikaran, Pune – 411044, Maharashtra, India |
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Date of
Birth/Age : |
16.09.1966 |
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Date of Appointment : |
19.01.2004 |
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Name : |
Kailas Prajot |
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Designation : |
Company Secretary
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of
Shareholders (as on 31.03.2007) |
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No. of Shares |
|
Mr. Narendra R.
Meher |
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573200 |
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Mrs. Rajashree N.
Meher |
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55000 |
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Total |
628200 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers
of various types of Electrical and Instrumentation erection hardware like
Cable Trays, Utility Channel Prefabricated Support System, Electrical and
Instrumentation Junction Boxes Earthing Pit material and Lead Rawal Plugs, etc |
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Terms : |
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Selling : |
Credit (30 -60 Days) |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
22 |
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Bankers : |
· State Bank of India Address: Industrial Finance Branch Pimpri,
Pune – 411 034, Maharashtra, India · Citi Bank |
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Facilities : |
· Cash Credit From State Bank of India – Rs. 11.000 millions · Cash Credit from Rupee co-op Bank Limited ·
Vehicle
Loans From Citi Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Gautam and Associates Chartered Accountants |
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Address : |
#25, B Wing (Rear), 1st Floor, Kamala Cross Road, Opposite
PCMC Building, Pimpri, Pune – 411 018, Maharashtra, India |
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Qualification : |
B. Com. FCA |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
628200 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.282
millions |
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 |
6.282 |
6.282 |
6.282 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.867 |
2.168 |
1.022 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.149 |
8.450 |
7.304 |
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LOAN FUNDS |
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1] Secured Loans |
5.605 |
4.661 |
2.108 |
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2] Unsecured Loans |
7.745 |
0.500 |
0.100 |
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TOTAL BORROWING |
13.350 |
5.161 |
2.208 |
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DEFERRED TAX LIABILITIES |
0.177 |
0.162 |
0.157 |
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TOTAL |
25.676 |
13.773 |
9.669 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.692 |
10.727 |
8.441 |
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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 |
11.123
|
3.937 |
2.730 |
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Sundry Debtors |
9.476
|
4.609 |
4.869 |
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Cash & Bank Balances |
1.208
|
0.244 |
0.521 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.508
|
0.995 |
0.417 |
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Total
Current Assets |
23.315
|
9.785 |
8.537 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.176
|
6.101 |
7.409 |
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Provisions |
0.205
|
0.713 |
0.000 |
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Total
Current Liabilities |
8.381
|
6.814 |
7.409 |
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Net Current Assets |
14.934
|
2.971 |
1.128 |
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MISCELLANEOUS EXPENSES |
0.050 |
0.075 |
0.100 |
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TOTAL |
25.676 |
13.773 |
9.669 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
64.589 |
25.680 |
27.244 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
64.589 |
25.680 |
27.244 |
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Profit/(Loss) Before Tax |
5.784 |
1.790 |
1.797 |
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Provision for Taxation |
0.000 |
0.000 |
0.697 |
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Profit/(Loss) After Tax |
5.784 |
1.790 |
1.100 |
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Total Expenditure |
58.805 |
23.890 |
25.447 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
8.95
|
6.97 |
4.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.95
|
6.97 |
6.59 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.00
|
8.73 |
10.58 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.21 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.78
|
1.42 |
1.31 |
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Current Ratio (Current Asset/Current Liability) |
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2.78
|
1.44 |
1.15 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· ABB, Bangalore
· Thermax, Pune
· Thysunkrup, Pune
FIXED
ASSETS
·
Factory Land
and Building
·
Plant and
Machinery
·
Office
Equipments
·
Furniture and
Fixture
·
Vehicles
·
Computer and
Peripherals
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U28939PN2004PTC018796 |
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Name of the company |
INDMARK FORMTECH
PRIVATE LIMITED |
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Address |
j
375, MIDC Bhosari, Pune – 411 026, Maharashtra, India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Book debts · Movable property |
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Particular of the charge holder
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State Bank of India Address: Industrial Finance Branch Pimpri, Pune – 411 034,
Maharashtra, India Email: supriyatalwalkar@gmail.com
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Nature or description of the instrument creating charge |
Agreement of loan – Cum – hypothecation Link Letter Both the documents executed for a single modification |
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Date of the instrument creating charge |
29.01.2007 |
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Amount Secure by the charge |
Rs. 6.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest Demand Cash Credit – 1.50% above SBAR with monthly rest. Terms of Repayment: As per agreement Margin: As per agreement Extent and operation of the charge: Hypothecation of current assets and additional collateral security of
immovable property |
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Short particulars of the Property charged |
Hypothecation of all present and future goods, book debts, movable and
other assets , additional collateral security of immovable property at Plot
No. 375 adm. 1309 Sq.mtrs at Pimpri Industrial Estate. |
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Particulars of the present modification |
Restructuring of agreement as well as enhancement of facilities. The
limit enhanced upto Rs. 6.000 millions. Now the facility structure stands as follows: Demand cash credit – Rs.
3.000 millions, Letter of credit – Rs. 3.000 millions, Bank guarantee (Within
LC Limit) – (Rs. 0.500 million). |
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Name of the company |
INDMARK
FORMTECH PRIVATE LIMITED |
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Presented By |
State Bank of
India Industrial
finance Branch, Pune - 411034 |
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1) Date and description of instrument creating the change |
General agreement for the grant of small industrial advances and hypothecation of movables, Book debts and other assets (working capital finance) Agreement for grant of small industrial advances (ancillary agreement) (working capital finance) Re: Hypothecation of goods, Book debts, Movable and other assets Agreement for grant of small industrial advances (ancillary agreement) (working capital finance) Re: letter of credit guarantees and indemnities All the agreement dated 04.04.2005 and executed for creation of a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.500 Millions Cash credit: Rs. 3.000 Millions Letter of credit guarantees and indemnities Rs. 1.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all present and future goods, Book Debts, Movable and other assets of borrower including documents of title to the goods and other assets such as outstanding moneys, receivables, claim, bills, invoices, documents, contracts, engagements, securities, investments, and rights and the present machinery and all future machinery as per schedule to the agreement belonging to or in possession of or under the control of borrower wherever situated (including all such goods, machineries, movable and other assets as may be in course shipment, transit, or delivery) by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the rate of 1 % over the SBIAR with a minimum of 11.25 % p.a.
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India
Industrial
finance Branch, Pune - 411034 |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
AS PER
WEBSITE
Subject has leading name over the years for manufacturing of
various types of Electrical and Instrumentation
erection hardware like Cable Trays, Utility Channel Prefabricated Support
System, Electrical and Instrumentation Junction Boxes Earthing Pit material and
Lead Rawal Plugs, etc.
With pioneering spirits and dynamic team of engineers it has been a number of
outstanding achievement to its credit.
Subject junction
boxes and cable trays are the only of their kind used in prestigious projects.
Subject has its production facility located at M.I.D.C. Bhosari, Pune along
with in house testing facilities to meet the demands of industries for such
items.
DESIGNING –
Subject
is equipped to design client's products for variety of project applications.
RAW MATERIAL –
Quality
begins with the raw material. A variety of raw material procured and stocked from
selected reputed suppliers. All raw materials inspected and tested before they
are used. To insure that this confirms to the desired standards and
specifications.
MANUFACTURING –
Using
modern machinery and technology, utmost care is taken at every stage of
manufacturing. To set standards and specifications rigid stage inspection and
testing are an integral part of manufacture programme.
QUALITY ASSURANCE PROGRAMME –
Every
product is subjected to rigid quality control procedure. Every stage of inspection by qualified staff
enables us to achieve the highest quality standards.
SOME OF PROJECTS EXECUTED
By Indmark Formtech Private Limited Bhosari, Pune.
·
Nuclear Power Corpo.,
Kaiga, Karnataka
·
Jojobera Power
Project, Rahargora, Jamshedpur
·
Dabhol Power Project;
Ratnagiri, Maharashtra
·
Essar (Power)
Projects Limited, Hajira
·
Nuclear Power Corpo,
Kota
·
Karnatka Power
Corporation, Raichur, Karnatra
·
National Thermal
Power Corpo. Limited, Deepshikha, Angulm Orrisa
·
National Mineral
Development Corporation, Bacheli, Chhattisgarh
·
O.N.G.C.,Uran,
Maharashtra
·
Indian Oil,
Corporation Limited Karnal
·
Indian Oil
Corporation Limited Mathura
·
Indian Oil
Corporation Limited Barauni,
·
Indian Oil
Corporation Limited Baroda, Gujarat
·
Bharat Petroleum
Corporation Limited, Mangalore
·
Associated Cement
Company Limited,Cymore Project Karnal
·
Associated Cement
Company Limited, Wadi, Karnatka
·
Grasim Cements,
Raipur, Madhya Pradesh
·
Associated Cement
Company Limited, Jamul, Durg
·
Gujarat Cement,
Raipur, Madhya Pradesh
·
Hindalco Industries
Limited., Renquoatt, Uttar Pradesh
·
Tisco, Jamshedpur
·
Andhra Pradesh State
Electricity Board Andhra Pradesh
·
Punjab State
Electricity Board Punjab
·
Kalyani Steels
Limited, Baramati
·
Bhillai Steel Plant,
Bhhlai
·
Kalyani Ferrous
Industries, Munduaw, Pune
·
N.F.L. -Naya, Nangal
·
Hindustan Photo Flim,
Karnatka
·
Garaware Polysters
Limited., Aurangabad
·
Mahindra and Mahindra
Limited., Nashik
·
Tolani Shiping.,
Mumbai, Maharashtra
·
Bajaj Electricals,
Chakan
·
Parakh Foods Limited,
Kurkum (Jemini Oil)
·
Bannari Amman Sugar Limited,
Nanjangud, Karnataka
·
Varara India,
Ranjangaon
·
Gujarat Gas Company Limited, Surat
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|