MIRA
INFORM REPORT
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Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TIRUPATI FABRICATORS PRIVATE LIMITED |
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Registered Office : |
J-22, MIDC Area, Jalagaon-425003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.10.1989 |
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Com. Reg. No.: |
11-54062 |
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CIN No.: [Company
Identification No.] |
U27300MH1989PTC054062 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKTO1312D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of water filter |
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 10000 |
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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 steady business. Trade
relations are fair. Payments re usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
INFORMATION PARTED
BY
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Name : |
Mr. Harish Javle |
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Designation : |
Director |
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Contact No.: |
91-9823277177 |
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Date : |
21.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
J-22, MIDC Area, Jalagaon-425003, Maharashtra, India |
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Tel. No.: |
91-257-2210947 |
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Mobile No.: |
91-9823277177 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Muralidhar Ramdas |
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Designation : |
Director |
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Address : |
159, Ram Peth, Jalgaon-425001, Maharashtra, India |
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Date of Birth/Age : |
54 Years |
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Qualification : |
11th Standard |
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Experience : |
19 Years |
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Date of Appointment : |
02.11.1989 |
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Name : |
Mr, Harish Javle |
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Designation : |
Director |
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Date of Birth/Age : |
25 Years |
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Qualification : |
M.B.A |
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Experience : |
5 Years |
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Name : |
Mr. Satish Jairam Patel |
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Designation : |
Director |
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Address : |
Plot No. 3, Ganeshpuri, MIDC, Jalgaon-425003, Maharashtra, India |
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Date of Appointment : |
16.05.1998 |
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Date of Ceasing: |
01.04.1999 |
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Name : |
Mr. Pramod Pitamber Jawle |
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Designation : |
Director |
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Address : |
C/O, J-22, MIDC, Area, Jalgaon-425003, Maharshtra, India |
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Date of Appointment : |
03.04.1995 |
SHAREHOLDING
PATTERN
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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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 water filter |
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Products : |
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Terms : |
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Selling : |
Credit ( 30 Days) |
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Purchasing : |
Credit ( 30 Days) |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
25 (Office 5, Factory 20) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J B Agarwal and Company Chartered Accountant |
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Address : |
134, Jilha Peth, Bhagirathi, Jalgaon-425001, Maharashtra, India |
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Associates/Subsidiaries : |
Gira Industries, N/42, Jalgaon- MIDC |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000 |
Equity Shares |
Rs. 100/-each |
Rs. 0.200 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000 |
Equity Shares |
Rs. 100/-each |
Rs. 0.200 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.200 |
0.200 |
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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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1.956 |
2.623 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.156 |
2.823 |
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LOAN FUNDS |
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1] Secured Loans |
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2.709 |
1.574 |
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2] Unsecured Loans |
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2.028 |
1.791 |
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TOTAL BORROWING |
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4.737 |
3.365 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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6.893 |
6.188 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.028 |
1.314 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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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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0.604 |
0.522 |
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Sundry Debtors |
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7.424 |
7.817 |
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Cash & Bank Balances |
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0.020 |
0.247 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.173 |
0.370 |
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Total
Current Assets |
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8.221 |
8.956 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.230 |
3.962 |
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Provisions |
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0.126 |
0.120 |
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Total
Current Liabilities |
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2.356 |
4.082 |
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Net Current Assets |
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5.865 |
4.874 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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6.893 |
6.188 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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9.366 |
9.454 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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9.366 |
9.454 |
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Profit/(Loss) Before Tax |
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0.267 |
0.218 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.267 |
0.218 |
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Expenditures : |
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Depreciation & Amortization |
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0.199 |
0.045 |
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Other Expenditure |
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8.900 |
9.191 |
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Total Expenditure |
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9.099 |
9.236 |
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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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2.85 |
2.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.85 |
2.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.89 |
2.12 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.28 |
2.63 |
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Current Ratio (Current Asset/Current Liability) |
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3.49 |
2.19 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Details |
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Existence Verification |
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Name |
TIRUPATI FABRICATORS PRIVATE LIMITED |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited |
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Name of Bank |
State Bank of India |
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Credibility Factors |
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Years of Establishment |
1989 |
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Turn Over |
07-08 (Rs. 25.000 Millions 08-09 (Rs. 30.000 Millions) |
Trade References:
- Jain Irrigation
System Limited, Jalgaon
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Charge
identification number of the modified
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Corporate
identity number of the company |
U27300MH1989PTC054062 |
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Name of the company
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TIRUPATI FABRICATORS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
J-22, MIDC Area, Jalagaon-425003, Maharashtra, India |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
State Bank Of
India, MIDC Area, Ajanta Road, Jalgaon-425003, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement Supplementary
Agreement for Medium Term Advance |
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Date of
instrument Creating the charge |
26.02.2007 |
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Amount secured by
the charge |
Rs. 1.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital
Loan – 0.25% Above SBAR Min 11.75% Terms of
Repayment Payable on demand Margin Raw Material,
Finished goods – 30% Receivable – 40% Extent and
Operation of the charge Land, Building,
At Plot No. J-22, MIDC Area, Jalgaon All Raw Material,
Finished Goods, Receivables |
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Short particulars
of the property charged |
Land, Building,
At Plot No. J-22, MIDC Area, Jalgaon All Raw Material,
Finished Goods, Receivables |
AS PER WEBSITE
Profile:
Subject got established in the year 1990, as a private
company. Their operations are being led by Mr. Jawale. His extensive industry experience has enabled them to
emerge as leaders in their industry sector. Their attaining SSI membership has
also helped them to earn the trust of the clients. In this short span of time,
they have earned the trust of some renowned clients in the domestic as well as
global markets.
They have an upgraded infrastructure and a dedicated team of
workers. With their assistance they have developed the premium line of
products. The line of products include compressor tank, industrial boiler body,
solar tank, transformer tank, water softener and water filters. These are made
with the aim to cater to varied industrial usage demands.
Apart from this, they also provide customized solutions to the clients, as per
their requirements. On the basis of the consistent performance, they have
managed to maintain longterm association with the clients. They continue to
deliver quality service to the clients.
Products
They have developed an array of products, to cater to the
needs of varied industrial applications. They can also be customized as per the
requirements of the clients. The expertise in understanding their industrial needs
has also helped them in the efforts towards delivering better and client
specific products.
Non corrosive and good quality mild steel and stainless steel are used for the
manufacture of the line of products. The range includes compressor tank, industrial
boiler body, M.S. solar tank, transformer tank, water softener, S.S. tanks and
water filters. They have applications in varied industries.
Team
The company consists of qualified engineers and managers.
With their extensive industry experience and qualifications, they successfully
manufacture a wide range of innovative products. The team of engineers
consistently monitor the process of manufacturing and fabrication. The quality
control mangers ensure that required production processes are followed and the
manufactured products are checked for any undesirable flaws, aiding them in the
delivery of flawless range.
Quality
They aim at delivering superior quality products to the
clients. The quality control managers monitor and inspect the finishing of
products. They ensure that the products being delivered to the clients are
flawless.
Infrastructure
The profound infrastructure is the backbone of the
organization. The work area is well equipped with the latest technology. The
technology is upgraded according to the emerging requirements of the market.
The production unit consists of separate departments that helps them to
efficiently carry out the varied manufacturing processes.
Clientèle
The high performance oriented range of products are largely
appreciated in the domestic markets. They are applicable in large scale
industries for meeting the needs of treatment and storage purposes. With the on
time delivery of services and their competitive prices has also helped them to
gain some of the renowned companies as the clients. The efforts have been
greatly appreciated by Jain Irrigation Systems Limited, an esteemed client of
the company. They have also spread the companies services to foreign grounds.
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.43.38 |
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UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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 |
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