MIRA
INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
FINEARC SYSTEMS PRIVATE LIMITED |
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Registered Office : |
S. No.-21, F-2 Block, MIDC, Pimpri, Pune – 411018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.05.1986 |
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Com. Reg. No.: |
25-39713 |
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CIN No.: [Company
Identification No.] |
U31904MH1986PTC039713 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Welding of Components like Silencer and other
Components used by manufacturer of Refrigerators, Pump Manufacturers and
Construction Industries. |
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 190000 |
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Status : |
Good |
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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 it normal
commitments timeously. Trade relations are fair. Business is active. General
financial positions are good. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Raju Hedge |
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Designation : |
Administrative Manager |
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Date : |
25.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
S. No.-21, F-2 Block, MIDC, Pimpri, Pune – 411018, Maharashtra, India |
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Tel. No.: |
91-20-30686306/ 307/ 27471655 |
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Fax No.: |
91-20-27475584 |
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E-Mail : |
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Website : |
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Area : |
1850 sq. ft. |
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Location : |
Owned |
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Corporate Office/ Factory : |
Gat No.408, Village Gurwade Taluka Mulshi, India |
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Tel. No.: |
91-20-22922485 |
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Services Centers : |
Located at
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DIRECTORS
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Name : |
Mr. S. S. Pathak |
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Designation : |
Managing Director |
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Name : |
Mrs. Shobha Hegde |
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Designation : |
Whole Time Director |
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Address : |
Jeevan Chaitra, Mohan Nagar, Pune – 411019, Maharashtra, India |
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Date of Birth/Age : |
22.05.1945 |
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Qualification : |
MA |
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Date of Appointment : |
01.05.1986 |
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Name : |
Mrs. Gayatri Shrinivasan |
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Designation : |
Whole Time Director |
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Address : |
11 Silver Oal Park, Baner Road, Pune – 411008, Maharashtra, India |
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Date of Birth/Age : |
09.05.1954 |
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Qualification : |
M. Com |
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Date of Appointment : |
01.05.1986 |
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Name : |
Mr. Shrikant Pathak |
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Designation : |
Whole Time Director |
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Address : |
1Plot No.12, Amar Society, 44/2, Erandwana, Pune – 411004,
Maharashtra, India |
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Date of Birth/Age : |
18.09.1944 |
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Qualification : |
B.E. |
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Date of Appointment : |
01.10.1991 |
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Name : |
Mr. Vikram Sirur |
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Designation : |
Director |
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Address : |
Opposite HDMC Office, Hubli, Dharwad – 580020, Karnataka, India |
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Date of Birth/Age : |
16.12.1946 |
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Qualification : |
B.E. |
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Date of Appointment : |
01.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Shobha Hegde |
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9690 |
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Anjali Pathak |
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8400 |
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Gayatri Srinivasan |
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7134 |
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Shreepad Hegde |
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810 |
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Shrikant Pathak |
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2100 |
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V S Srinivasan |
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2826 |
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V S R Prasad |
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540 |
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N A Sirur (Hubli) Private Limited |
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10500 |
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Total |
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42000 |
(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 Welding of Components like Silencer and other
Components used by manufacturer of Refrigerators, Pump Manufacturers and
Construction Industries. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
World Wide |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Corporate Industries
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No. of Employees : |
250 |
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Bankers : |
Pimpri Branch, Pune – 411018, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anand D. Shenoy Chartered Accountant |
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Address : |
Enkay Complex, 1st Floor, Above Vijaya Bank, Opposite
Fatima School, Keshwapur, Hubli – 580023, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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49000 |
Equity Shares |
Rs.100/- each |
Rs.4.900 Millions |
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1000 |
Preference Shares |
Rs.100/- each |
Rs.0.100 Million |
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Total |
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Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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42000 |
Equity Shares |
Rs.100/- each |
Rs.4.200
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 |
4.200 |
4.200 |
4.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
33.556 |
25.228 |
16.166 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.756 |
29.428 |
20.366 |
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LOAN FUNDS |
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1] Secured Loans |
16.851 |
3.301 |
2.034 |
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2] Unsecured Loans |
0.000 |
0.521 |
0.741 |
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TOTAL BORROWING |
16.851 |
3.822 |
2.775 |
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DEFERRED TAX LIABILITIES |
0.347 |
0.000 |
0.000 |
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TOTAL |
54.954 |
33.250 |
23.141 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.065 |
14.612 |
12.056 |
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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 |
45.688
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33.789 |
21.893 |
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Sundry Debtors |
15.280
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11.030 |
13.014 |
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Cash & Bank Balances |
6.520
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6.411 |
6.381 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
21.937
|
18.266 |
11.989 |
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Total
Current Assets |
89.425
|
69.496 |
53.277 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
58.874
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38.698 |
35.017 |
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Provisions |
11.662
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12.160 |
7.715 |
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Total
Current Liabilities |
70.536
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50.858 |
42.732 |
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Net Current Assets |
18.889
|
18638 |
11.085 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
54.954 |
33.250 |
23.141 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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163.154 |
143.197 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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163.154 |
143.197 |
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Profit/(Loss) Before Tax |
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15.280 |
16.374 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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15.280 |
16.374 |
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Export Value |
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6.240 |
4.092 |
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Expenditures : |
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Interest |
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0.120 |
0.073 |
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Depreciation & Amortization |
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2.656 |
2.850 |
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Other Expenditure |
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145.098 |
123.900 |
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Total Expenditure |
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147.874 |
126.823 |
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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 |
(%) |
9.37
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11.43 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
9.37
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11.43 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.18
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19.47 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.40
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0.56 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.31
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1.86 |
2.23 |
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Current Ratio (Current Asset/Current Liability) |
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1.27
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1.37 |
1.25 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Tenneco
Automation – Baroda
- Sharda Motors
– Nashik
Form 8:
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Corporate identity
number of the company |
U31904MH1986PTC039713 |
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Name of the
company |
FINEARC SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
S. No.-21, F-2 Block, MIDC, Pimpri, Pune – 411018, Maharashtra, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of India Pimpri Branch, Pune
– 411018, Maharashtra, India |
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Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
16.05.2008 |
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Amount secured by
the charge |
Rs.30.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: ROI @BPLR
Presently 12.75% p.a. Terms of
Repayment: On Demand Margin: Margin 25% Extent and
Operation of the charge: Cash Credit
Rs.30.000 Millions |
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Particulars of
the property charged |
All tangible
movable machineries and plant, both present and future and all tangible
movable properties and assets of whatsoever nature (Other than movable and uninstalled
machineries) of the company (Both present and future and all including and
including but without prejudice to the generality of the foregoing all stock
of raw materials, such as finished and semi finished goods, spares, parts,
components (Including Spares parts and
stores relating to plant and machinery both present and future. |
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Particulars of
the present modification |
By present supplemental deed of hypothecation dated 16.05.2008 Cash Credit Facilities has been enhanced from Rs.20.000 Millions to Rs.30.000 Millions |
Website Details:
Competing in today's fast-moving global economy is tough
especially for welding and cutting applications. Need a partner that applies the
most advanced technologies to meet the most challenging needs. In this
scenario, Finearc gives the real edge to succeed.
As a real single-source partner, company is a name synonymous with high-quality
welding, cutting and automation solutions. From simple mechanized systems to
the state of the art robotic work cells, company adds value features that lead
the industry in innovation. And, their aftermarket service and support is an
assurance that get everything expect
from the welding and cutting experts.
From concept and design to manufacture and installation,
their professional, highly-skilled team strives to meet the critical
requirements and specialized applications of global majors across varied
industry domains including automotive, pumps, valves, aviation, construction
and many others. Plus, they ensure on-time delivery, exceptional quality and
competitive pricing to help the business grow.
Core
Competencies
- Arc, Resistance, Ultrasonic & Laser welding process know-how.
- Design of motion control systems for high precision, multiple axes
motion.
- CNC, PLC and software programming, control & interfacing.
- Work holding, fixturing, material handling.
- Robotics.
Industries
Services
2 wheeler Industry
4 wheeler Industry
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.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
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 |
NO |
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--LISTED |
YES/NO |
NO |
|
--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 |
|