MIRA
INFORM REPORT
|
Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
FIXOPAN MACHINES PRIVATE LIMITED |
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Formerly Known As : |
SAMEERA ENGINEERS PRIVATE LIMITED |
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Registered Office : |
S – 35, Greater Kailash, Part I, New Delhi – 110048 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.08.1989 |
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Com. Reg. No.: |
55-18356 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PTC018356 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELF01151D DELF02359A |
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PAN No.: [Permanent
Account No.] |
AAACF1367L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Machines, Rotomoulding Machines,
Rotomould Parts and Moulds. |
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 60848 |
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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. Lalit Kumar Singh |
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Designation : |
Managing Director |
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Date : |
28.04.2008 |
LOCATIONS
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Registered Office : |
S – 35, Greater Kailash, Part I, New Delhi – 110048, India |
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Tel. No.: |
91-129-4067210/ 11/ 12/ 2237212 |
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Fax No.: |
91-129-2237672 |
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E-Mail : |
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Website : |
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Area : |
100000 sq. ft |
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Location : |
Rented |
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Corporate Office : |
71, Nehru Place, New Delhi – 110019, India |
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Tel. No.: |
91-129-2237212/ 4067210/ 4067212 |
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Fax No.: |
91-129-26468744/ 237672 |
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E-Mail : |
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Factory : |
Plot No.102, Sector – 25, Faridabad – 121004, Gujarat, India |
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Tel. No.: |
91-129-4067210-4067212 |
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Fax No.: |
91-129-2237672 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Lalit Kumar Singh |
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Designation : |
Managing Director |
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Address : |
S – 35, Greater Kailash, Part I, New Delhi – 110048, India |
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Date of Birth/Age : |
15.04.1948 |
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Qualification : |
Engineering, UK |
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Date of Appointment : |
21.01.1989 |
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Name : |
Mrs. Geeta Singh |
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Designation : |
Director |
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Address : |
S – 35, Greater Kailash, Part I, New Delhi – 110048, India |
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Date of Birth/Age : |
26.12.1951 |
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Qualifications : |
M S C |
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Date of Appointment : |
21.01.1989 |
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Name : |
Mr. Dinesh Joshi |
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Designation : |
Director |
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Date of Birth/Age : |
48 years |
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Qualifications : |
B. Com |
KEY EXECUTIVES
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Name : |
Praveen Rastogi and Company |
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Designation : |
Company Secretary |
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Address : |
Flat No.3, Sood Building, Teil Mill Marg, Ram Nagar, New Delhi –
110055, India |
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. Lalit Kumar Singh |
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11405 |
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Mrs. Geeta Singh |
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6970 |
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Mr. Sekhar C. Subramanian |
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875 |
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Mr. Jayasekhar |
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750 |
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Total |
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20000 |
(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 and Exporter of Machines, Rotomoulding Machines,
Rotomould Parts and Moulds. |
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Products : |
· Rotomoulding
Machines · Rotomould
Parts · Shuttling
Machines · Carosal
Machines · Rotational
Molds · Rotational
Tooling · Pulverizer · Moulded
Plastic Products · Material
Handling Products |
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Exports : |
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Countries : |
· S. S. Countries
Allover World · Thailand · Irland · China · Kanada |
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Terms : |
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Selling : |
Cash and Credit (30-60 days) |
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Purchasing : |
Cash and Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
100 |
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Bankers : |
· Oriental Bank of
Commerce 89 Hemkund Chambers, Nehru Place, New Delhi – 110019, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. S. Ahuja and Company Chartered Accountant |
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Address : |
Delhi |
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Name : |
Mr. S S Kalra Chartered Accountant |
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Address : |
H-61, Gobind Mansion, Connaught Circus, New Delhi – 110001, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.212 |
12.421 |
12.212 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.212 |
14.421 |
14.212 |
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LOAN FUNDS |
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1] Secured Loans |
3.076 |
5.342 |
5.428 |
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2] Unsecured Loans |
5.892 |
6.501 |
7.261 |
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TOTAL BORROWING |
8.968 |
11.843 |
12.689 |
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DEFERRED TAX LIABILITIES |
0.593 |
0.708 |
0.526 |
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TOTAL |
24.773 |
26.972 |
27.427 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.309 |
12.799 |
13.527 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.435 |
0.750 |
0.750 |
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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 |
14.252
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18.076 |
24.855 |
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Sundry Debtors |
15.472
|
6.208 |
2.566 |
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Cash & Bank Balances |
2.085
|
0.601 |
1.405 |
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Other Current Assets |
7.452
|
4.084 |
3.080 |
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Loans & Advances |
0.000
|
0.000 |
0.000 |
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Total
Current Assets |
39.261
|
28.969 |
31.906 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
25.404
|
14.423 |
18.756 |
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Provisions |
2.828
|
1.123 |
0.000 |
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Total
Current Liabilities |
28.232
|
15.546 |
18.756 |
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Net Current Assets |
11.029
|
13.423 |
13.150 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
24.773 |
26.972 |
27.427 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
74.373 |
58.152 |
26.693 |
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Other Income |
1.222 |
4.680 |
4.893 |
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Total Income |
75.595 |
62.832 |
31.586 |
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Profit/(Loss) Before Tax |
6.005 |
1.513 |
0.330 |
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Provision for Taxation |
2.288 |
0.961 |
0.150 |
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Profit/(Loss) After Tax |
3.717 |
0.552 |
0.180 |
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Expenditures : |
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Depreciation |
2.220 |
2.416 |
0.601 |
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Other Expenditure |
67.370 |
58.903 |
30.655 |
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Total Expenditure |
69.590 |
61.319 |
31.256 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.92
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0.88 |
0.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.07
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2.60 |
1.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.87
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3.62 |
0.73 |
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Return on Investment (ROI) (PBT/Networth) |
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0.39
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0.10 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.44
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1.90 |
2.21 |
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Current Ratio (Current Asset/Current Liability) |
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1.39
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1.86 |
1.70 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8:
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Name of the company |
FIXOPAN MACHINES PRIVATE LIMITED |
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Presented By |
Director |
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1) Date and description of instrument creating the change |
Cash Credit
Agreement Dated 20.02.1988 Hypothecation of
Goods Agreement Dated 20.02.1988 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.800 Million |
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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
Stock of Raw Materials Stock in process finished goods and stores and spares. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests @9%
above bank rate minimum 21% with Quarterly rests, in case of default
additional interests @ 2% will be charged Margin 25% |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce Nehru Place, New
Delhi, India |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement Dated 17.06.1997 |
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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. |
Limit enhanced by
Rs.2.500 Millions from Rs.5.500 Millions to Rs.8.000 Millions Interests 2.5%
over PLR with a minimum of 16.5% p.a. at Quarterly rests. |
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Corporate
identity number (CIN) Foreign company registration number |
U74899DL1989PTC018356 |
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Name of the
Company |
FIXOPAN MACHINES PRIVATE LIMITED |
|
Address |
S – 35, Greater Kailash, Part I, New Delhi – 110048, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Vehicles |
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Particulars of
the charge holder |
Oriental Bank of Commerce 89 Hemkund Chambers, Nehru Place, New Delhi – 110019, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement for
Term Loan |
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Date of the instrument
creating or modifying the charge |
14.02.2008 |
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Amount secured by
the charge |
Rs.1.330 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests @1.75%
below PLR subject to a minimum of 11.5% p.a. with monthly rests renal
interests @2% p.a. Terms of
Repayment: Repayment of Loan
in 36 Equal Monthly installment of Rs.0.043 Million each starting From March,
2008 Margin: 25% Extent and
operation of the charge: 100% |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
Maruti Swift LDI Car and Skoda Octavia Car Purchases out of Bank Finance. |
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Particular of the
present modification |
NA |
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.40.19 |
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UK Pound |
1 |
Rs.79.66 |
|
Euro |
1 |
Rs.62.92 |
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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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
|
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 |
|