MIRA
INFORM REPORT
|
Report Date : |
07.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BELGAUM FERROCAST INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No.7A and 8A, RS No.680/2, Bemciel Industrial Estate, Udyambag,
Belgaum – 590001, Karnataka. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.01.2005 |
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Com. Reg. No.: |
035442 |
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CIN No.: [Company
Identification No.] |
U27320KA2005PTC035442 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB06218C |
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PAN No.: [Permanent
Account No.] |
AACCB9465D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Precision Machined 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 113540 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sachin Sabnis |
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Designation : |
Director |
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Contact No.: |
91-9845273756 |
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Date : |
01.08.2008 |
LOCATIONS
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Registered Office : |
Plot No.7A and 8A, RS No.680/2, Bemciel Industrial Estate, Udyambag,
Belgaum – 590001, Karnataka, India |
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Tel. No.: |
91-831-2441185 / 2411367 / 2440665 |
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Fax No.: |
91-831-3090393 |
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E-Mail : |
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Area : |
12000 sq ft |
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Location : |
Owned |
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Unit 1 : |
Plot No.11 and 20, BEMCIEL Industrial Estate, Machhe, Belgaum –
590014, Karnataka, India |
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Tel. No.: |
91-831-2411367 |
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E-Mail : |
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Area : |
20000 sq ft |
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Location : |
Owned |
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Unit 2 : |
Plot No.150, BEMCIEL Industrial Estate, Machhe, Belgaum – 590014,
Karnataka, India |
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Tel. No.: |
91-831-2411319 |
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E-Mail : |
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Web Site : |
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Area : |
80000 sq ft |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Sachin Sabanis |
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Designation : |
Director |
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Address : |
Sai, Rajwada Compound, Vedgaon, Belgaum – 590005 |
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Date of Birth/Age : |
16.02.1972 |
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Qualification : |
B.E.M. |
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Date of Appointment : |
18.01.2005 |
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Name : |
Mr. Niranjan Sant |
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Designation : |
Director |
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Date of Birth/Age : |
15.05.1966 |
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Qualification : |
B.E. |
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Experience : |
27, Adarsh Nagar, Vedgaon, Belgaum - 590005 |
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Date of Appointment : |
18.01.2005 |
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Name : |
Mr. Vikrant |
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Designation : |
Director |
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Address : |
289, Patil Galli, Vedgaon, Belgaum - 590005 |
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Date of Birth/Age : |
20.05.1965 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.01.2005 |
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Name : |
Mr. Sankar Karkhanis |
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Designation : |
Director |
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Address : |
720/1 Jayshree Apartments, Navi Peth, Pune – 410030, Maharashtra,
India |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
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No. of Shares |
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Mr. Sabins Balakrishna Sachin |
|
271700 |
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Mr. Sant Ravindra Niranjan |
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1293805 |
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Mr. Vikrant Laxmanrao Kangralkar |
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271686 |
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Mr. Karkhains Shankar Prabhatkumar |
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264685 |
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Mr. Sant Ranvindra Veena |
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52784 |
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Total |
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2154660 |
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AS ON 29.09.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 Gear Icon and Casting Automative |
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Products : |
Casting
Portfolio
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Terms : |
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Selling : |
Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
180 (In Office – 50, In Factory 1 – 60 and 2 - 70) |
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Bankers : |
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Facilities : |
CC Limit – Rs.30.000 Millions (State of Mysore) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sanjay Kulkarni and Association Chartered Accountant |
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Address : |
Audit House, Raviwar Peth, Belgaum – 590002, Karnataka, India |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3250000 |
Equity Shares |
Rs. 10/- Each |
Rs.32.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2154660 |
Equity Shares |
Rs. 10/- Each |
Rs.21.546 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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185.000 |
Expected Sales (2008-09) : Rs.400.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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21.546 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.162 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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22.708 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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25.053 |
0.000 |
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2] Unsecured Loans |
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5.207 |
2.925 |
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TOTAL BORROWING |
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30.260 |
2.925 |
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DEFERRED TAX LIABILITIES |
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1.213 |
0.000 |
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TOTAL |
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54.181 |
3.025 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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27.093 |
1.353 |
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Capital work-in-progress |
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0.558 |
0.000 |
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INVESTMENT |
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0.001 |
0.001 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.671 |
0.000 |
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Sundry Debtors |
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33.783 |
0.000 |
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Cash & Bank Balances |
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3.241 |
0.594 |
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Other Current Assets |
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0.00 |
0.000 |
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Loans & Advances |
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3.610 |
1.000 |
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Total
Current Assets |
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52.305 |
1.594 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.687 |
0.001 |
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Provisions |
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5.353 |
0.000 |
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Total
Current Liabilities |
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26.040 |
0.001 |
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Net Current Assets |
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26.265 |
1.593 |
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MISCELLANEOUS EXPENSES |
|
0.264 |
0.078 |
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TOTAL |
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54.181 |
3.025 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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|
58.018 |
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Other Income |
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0.000 |
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Total Income |
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58.018 |
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Profit/(Loss) Before Tax |
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7.286 |
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Provision for Taxation |
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4.118 |
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Profit/(Loss) After Tax |
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3.168 |
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Expenditures : |
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Administrative Expenses |
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1.528 |
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Depreciation & Amortization |
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1.412 |
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Other Expenditure |
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47.792 |
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Total Expenditure |
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50.732 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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12.55 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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05.46 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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03.96 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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13.95 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.47 |
29.26 |
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Current Ratio (Current Asset/Current Liability) |
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2.00 |
1 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Hodek
Engineering Private Limited
- Kiloskar
Brother Limited
- Cummines
Indian Private Limited
Notes
The register office of the company has been shifted from Plot No.11 and
20, BEMCIEL Industrial Estate, Machhe, Belgaum – 590014, Karnataka, India to
Plot No.7A and 8A, RS No.680/2, Bemciel Industrial Estate, Udyambag, Belgaum –
590001, Karnataka, India with effect from 01.12.2006
Form No.8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10048259 |
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Corporate
identity number of the company |
U27320KA2005PTC035442 |
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Name of the
company |
BELGAUM FERROCAST INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No.7A and 8A, RS No.680/2, Bemciel Industrial Estate, Udyambag,
Belgaum – 590001, Karnataka, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
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Nature of description
of the instrument creating or modifying the charge |
Letter for
creation of equitable mortgage by deposit of the deeds |
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Date of
instrument Creating the charge |
17.07.2007 |
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Amount secured by
the charge |
Rs.0.650 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.25% over the
SBM Prime Lending Rate with a minimum of 13.75% per annum. Terms of
Repayment On Demand Margin 25% Extent and
Operation of the charge 54 Months with
effect from 26th March 2007 |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
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Particulars of
the present modification |
The deeds of immovable
properties of the company i.e. Land in S. No.
589, Plot No. 11 and 20 admeasuring 1612 sq meter in the industrial area
Machhe Belgaum are deposit with the Bank with an intention of creating an
equitable mortgage over the said properties to secure the facility, in
addition to the original security. |
Trustseal Acceptance
Chart
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Existence Verification |
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Name |
BELGAUM FERROCAST INDIA PRIVATE LIMITED |
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Statutory Approvals |
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Income Tax Registration |
AACCB5465D |
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VAT/ TIN Registration |
29540726924 |
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Account Since |
2006 |
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Emp PF Reg Number |
64015249002 |
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Credibility Factors |
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IndiaMART Client Since |
1 Month |
Web Details Attached
Subject is one of the leading grey Castings machined
components manufacturer and supplier for domestic and over seas automobile industry.
They are a privately held company established on 01 December 2006 , with
mergers of companies S.N.Engineering established in the year 1997 and M/s. Sai
Metals established in 2000. Both the companies were engaged in manufacturing
and supply of cast iron components in machined and semi-machined conditions.
Both the companies were ISO 9001: 2000 certified companies.
They are situated in Belgaum city in Karnataka sate of
India. Belgaum is an auto component manufacturing hub and is equipped with technology
and expertise required to manufacture and supply of grey iron, ductile iron
casting and components.
BFPL is engaged in supplying Grey Cast Iron components as
per the requirement of the customer. BFPL consists of a machine shop, two
foundries and a proposed upcoming foundry. Their annual capacity is about
4500mt /Annum consisting of 1 million components. All the components are
supplied in finish and semi finished condition. Such as Inertia Rings, Hub and
Housings for Torsional Vibration Dampers, Pump Body, Covers, and Manifolds used
in diesel engines.
Foundry Division
BFPL is equipped with a fully mechanized foundry with ARPA moulding
line, sand plant and Induction furnace. BFPL is also equipped with pair of cupola
melting furnaces one of 30 Inches Internal Diameter with a melt rate of 2800kgs
/Hr and a 24 Inches Cupola with a melt rate of 1800kgs /Hr. both the cupolas
are fitted with scrubbers for environment friendly operations for production
of cored and non cored castings using jolt squeeze machines, floor
molding, loose moulding processes. The moulds are done in green sand, silicate,
no bake and also in shell core as required. The moldings are done in fix boxes
as well as loose flask type. The cores are made up of silicate, shell, no bake
and sand mix.
Engineering
Division
Machine Division is a full fledged setup with latest CNC
turning Centers which production capacity range from 6” Chucking to 20”
chucking capacity, with conventional machining centers’ set of broaching
machines and set of drilling machines with SPM.
Scope of their work
BFPL specializes in the production of custom castings. They
are able to produce castings to suit all of your specific requirements. The
outstanding flexibility of their sand casting process, combined with their
unique know-how, allows them to deliver the most diverse and unusual castings.
They are engaged in supplying Grey Cast Iron components as
per the requirement of the customer. BFPL consists of a machine shop, two
foundries and a proposed upcoming foundry .Their annual capacity is about
4500mt /Annum consisting of 1 million components. All the components are
supplied in finish and semi finished condition. Such as Inertia Rings, Hubs and
Housings for Torsional Vibration Dampers, Pump Body, Covers, and Manifolds used
in diesel engines.
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 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.42.00 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.65.09 |
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 |
|