MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
FORBES MARSHALL PRIVATE LIMITED |
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Formerly Known As : |
FORBESONS ENGINEERS PRIVATE LIMITED |
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Registered Office : |
A – 34/35, 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 : |
18.10.1985 |
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Com. Reg. No.: |
11-037806 |
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CIN No.: [Company
Identification No.] |
U28996PN1985PTC037806 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of products that cover the entire spectrum of energy generation,
energy efficiency, control and instrumentation for the process industry. |
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 2000000 |
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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 having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
A – 34/35, MIDC Pimpri, Pune – 411018, Maharashtra, India. |
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Tel. No.: |
91-20-27442020 91-20-27477762 (after office Hrs.) |
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Fax No.: |
91-20-27442040 |
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E-Mail : |
cs@forbesmarshall.com |
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Website : |
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Head Office : |
PB # 29, Mumbai – Pune Road, Kasarwadi, Pune – 411 034, Maharashtra,
India. |
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Tel. No.: |
91-20-27145595 / 39858555 |
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Fax No.: |
91-20-27147413
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Email : |
corpcomm@forbesmarshall.com |
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Website : |
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Overseas Office : |
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Regional Office : |
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Factory 1 : |
Plot No. A-19/2 & T-4/2 ,I.D.A
Nacharam, Hyderabad - 500 076 |
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Tel. No.: |
91-40-27153918 / 27152276 /27171909
/27170732 |
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Fax No.: |
91-40-27173235 /27179223 |
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Website : |
www.forbesmarshallhyd.com |
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E-Mail : |
hydcig@forbesmarshall.com |
DIRECTORS
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Name : |
Ms. Rati Forbes |
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Designation : |
Director |
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Address : |
30, Koregaon Park, Pune – 411 001, Maharashtra, India. |
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Date of Birth/Age : |
23.03.1957 |
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Date of Appointment : |
10.03.1989 |
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Name : |
Mr. Patalay Sriniivas |
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Designation : |
Director |
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Address : |
6-3-1109/4, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra
Pradesh, India. |
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Date of Birth/Age : |
25.06.1939 |
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Date of Appointment : |
20.04.1988 |
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Name : |
Mr. Maharookh D. Forbes |
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Designation : |
Director |
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Address : |
30 Koregaon Park, Pune – 411 001, Maharashtra, India. |
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Date of Birth/Age : |
06.10.1934 |
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Date of Appointment : |
18.10.1985 |
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Name : |
Mr. Farhad D. Forbes |
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Designation : |
Director |
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Address : |
Po Box No. 60670, Palo Alto, Calfornia, USA. |
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Date of Birth/Age : |
08.12.1955 |
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Date of Appointment : |
18.10.1985 |
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Name : |
Mr. Naushad D. Forbes |
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Designation : |
Director |
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Address : |
Po Box No. 60670, Palo Alto, Calfornia, USA. |
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Date of Birth/Age : |
13.05.1960 |
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Date of Appointment : |
18.10.1985 |
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Name : |
Mr. Kiran S. Vohra |
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Designation : |
Director |
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Address : |
333, Arlington Court Clover Village, Wanowrie, Pune – 411040,Maharashtra,
India. |
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Date of Birth/Age : |
14.12.1946 |
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Date of Appointment : |
30.03.1988 |
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Name : |
Mr. Phiroz F. Khambatta |
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Designation : |
Director |
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Address : |
4-B, North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India. |
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Date of Birth/Age : |
23.08.1937 |
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Date of Appointment : |
15.08.1995 |
KEY EXECUTIVES
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Name : |
Mr. K. Bhaskar |
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Designation : |
Company Secretary |
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Address : |
Flat 9, anushka Society, aundh road, Pune -411020, Maharashtra, India. |
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Date of Birth/Age : |
24.12.1973 |
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PAN No.: |
AAOPB3843N |
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Tel. No.: |
91-20-32532423 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr. Darius M. Forbes |
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Designation : |
Chairman |
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Address : |
30 Koregaon Park, Pune – 411 001, Maharashtra, India. |
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Date of Birth/Age : |
02.10.1926 |
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Date of Appointment : |
18.10.1985 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 28.09.2007
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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Mr. Farhad D. Forbes |
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33468 |
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Mr. Naushad D. Forbes |
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49878 |
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Ms. Rati F. Forbes |
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26115 |
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Mr. Darius M. Forbes |
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44705 |
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Mr. Maharookh D. Forbes |
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52549 |
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Mr. Mini F. Forbes |
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1 |
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Names of Shareholders (Preference Shares) |
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No. of Shares |
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Mr. Darius M. Forbes |
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170000 |
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Mr. Maharookh D. Forbes |
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184000 |
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Ms. Rati F. Forbes |
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31000 |
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Mr. Farhad D. Forbes |
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80000 |
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Mr. Naushad D. Forbes |
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79000 |
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AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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40.32 |
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Directors or relatives of directors |
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59.68 |
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Total |
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100.00 |
List of Allottees of Preference Shares
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Names of Applicant |
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No. of Shares |
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Mr. Farhad Forbes – NRI With Mrs. Rati
Forbes |
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75000 |
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Dr. Naushad Forbes - NRI With Mr. D.M.
Forbes And Mrs. Forbes |
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75000 |
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Mrs. Rati Forbes With Mr. Farhad Forbes |
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20000 |
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Mr. Darius Forbes With Mrs. M.D. Forbes And Mr.
Farhad Forbes |
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67500 |
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Mr. Darius Forbes With Mrs. M.D. Forbes And
Dr. Naushad Forbes |
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67500 |
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Mrs. Maharookh Forbes With Mr. D.M. Forbes
And Mr. Farhad Forbes |
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72500 |
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Mrs. Maharookh Forbes With Mr. D.M.Forbes
And Dr. Naushad Forbes |
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72500 |
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Total |
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450000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of products that cover the entire spectrum of energy
generation, energy efficiency, control and instrumentation for the process
industry. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Mumbai Pune Road, Pimpri
Branch, Pune – 411018, Maharashtra,
India.
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Facilities : |
Secured Loans As
On 31.03.2007
Unsecured Loans
As On 31.03.2007
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ford Rhodes and Company Chartered Accountant |
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Address : |
3rd Floor – 312/313, BKS Devshi Marg Govandi, Mumbai – 400088,
Maharashtra, India. |
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Name : |
P C Parmar and Company Chartered Accountant |
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Address : |
Parmar House, 2413, Gen Thimayya Road, East Street Camp, Pune -411001,
Maharashtra, India. |
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Partner Companies : |
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Associate Companies : |
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Subsidiary Company : |
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CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 100/- Each |
Rs.30.000
Millions |
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100000 |
15% Redeemable Cumulative Preference
Shares |
Rs. 100/- Each |
Rs.10.000
Millions |
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100000 |
13% Redeemable Cumulative Preference
Shares |
Rs. 100/- Each |
Rs.10.000
Millions |
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700000 |
8% Redeemable Cumulative Preference Shares |
Rs. 100/- Each |
Rs.70.000
Millions |
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Total |
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Rs.120.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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206716 |
Equity Shares |
Rs. 100/- Each |
Rs.20.671 Millions |
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64000 |
15% Redeemable Cumulative Preference Shares |
Rs. 100/- Each |
Rs.6.400 Millions |
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30000 |
13% Redeemable Cumulative Preference Shares |
Rs. 100/- Each |
Rs.3.000 Millions |
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450000 |
8% Redeemable Cumulative Preference Shares |
Rs. 100/- Each |
Rs. 45.000 Millions |
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Total |
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Rs.75.071 Millions |
Note:
Out of the above 33,100 equity shares are allotted
as fully paid-up pursuant to contract without payment being received in cash
and 120,000 equity shares are allotted as bonus shares by capitalization of
reserve.
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 |
75.072 |
30.072 |
30.071 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
315.922 |
185.226 |
102.227 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
390.994 |
215.298 |
132.298 |
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LOAN FUNDS |
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1] Secured Loans |
8.962 |
17.308 |
28.808 |
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2] Unsecured Loans |
18.189 |
25.689 |
24.179 |
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TOTAL BORROWING |
27.151 |
42.997 |
52.987 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.475 |
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TOTAL |
418.145 |
258.295 |
186.760 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
84.037 |
56.819 |
40.060 |
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Capital work-in-progress |
10.329 |
0.487 |
0.000 |
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INVESTMENT |
68.610 |
15.118 |
16.766 |
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DEFERREX TAX ASSETS |
4.778 |
0.396 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
136.035
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76.527 |
45.960 |
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Sundry Debtors |
343.174
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195.593 |
124.842 |
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Cash & Bank Balances |
38.578
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22.631 |
8.988 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
70.352
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45.930 |
42.255 |
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Total
Current Assets |
588.139
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340.681 |
222.045 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
303.323
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117.401 |
73.319 |
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Provisions |
34.425
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37.805 |
18.792 |
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Total
Current Liabilities |
337.748
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155.206 |
92.111 |
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Net Current Assets |
250.391
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185.475 |
129.934 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
418.145 |
258.295 |
186.760 |
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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 |
1041.480 |
699.833 |
382.482 |
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Other Income |
105.510 |
83.850 |
63.864 |
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Total Income |
1146.990 |
783.683 |
446.346 |
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Profit/(Loss) Before Tax |
234.117 |
160.069 |
59.956 |
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Provision for Taxation |
69.740 |
54.896 |
17.087 |
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Profit/(Loss) After Tax |
164.260 |
105.173 |
42.869 |
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Earnings in Foreign Currency : |
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Export Earnings |
208.825 |
156.842 |
NA |
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Commission Earnings |
53.706 |
41.976 |
NA |
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Total Earnings |
262.531 |
198.818 |
NA |
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Imports : |
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Components |
167.306 |
122.968 |
NA |
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Total Imports |
167.306 |
122.968 |
NA |
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Expenditures : |
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Raw Material Consumed |
592.613 |
394.724 |
230.324 |
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Interest |
3.291 |
3.906 |
3.861 |
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Depreciation & Amortization |
14.228 |
11.105 |
6.827 |
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Other Expenditure |
302.741 |
213.879 |
145.378 |
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Total Expenditure |
912.873 |
623.614 |
386.390 |
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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 |
(%) |
14.32
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13.40 |
9.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
22.47
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22.87 |
15.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
30.97
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38.71 |
21.49 |
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Return on Investment (ROI) (PBT/Networth) |
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0.59
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0.74 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.93
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0.92 |
1.09 |
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Current Ratio (Current Asset/Current Liability) |
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1.74
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2.19 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
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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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80001963 |
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Corporate
identity number of the company |
U28996PN1985PTC037806 |
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Name of the
company |
FORBES MARSHALL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A – 34/35, MIDC Pimpri, Pune – 411018, Maharashtra, India. |
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Type of charge |
Book debts Others |
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Particular of charge
holder |
Bank of Maharashtra, Mumbai- Pune Road, Pimpri Branch, Pune – 411018, Maharashtra, India. 080@mahabank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Composite deed of hypothecation for all facilities dated :- 28.03.2008 |
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Date of
instrument Creating the charge |
28.03.2008 |
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Amount secured by
the charge |
Rs.330.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Cash credit:
BPLR-2.25% Presently 11.00% per annum Bill discounting
under LC (sub-limit of CC) : as per C.O guidelines Term loan I and
II: BPLR -2.25% that is presently 11.00% per annum BG (commission) :
1. Rs.150 +1% per annum for performance guarantee up to Rs.0.100 million 2. Rs.150 +0.5% per annum for performance
guarantee above Rs. 0.100 millions 3. Rs.150 +1% per
annum for other guarantees. LOC: @ 0.40% per
annum on daily basis quarterly upfront. Terms of repayment Term loan I: with
monthly installments of Rs. 0.750 millions for 2008-09 and Rs. 1.500 millions
for 2009-10 and 2010-11 commencing from one month after disbursement. Term loan II :
with monthly installments of Rs.0.250 millions for 2008 -09 and Rs.0.500
millions for 2009-10 and 2010-11 commencing from one month after
disbursement. Margin Cash credit : 25%
in Bank’s favour Bill discounting
under LC : NIL Term loan I :
25% in Bank’s favour Term loan II :
10% in Bank’s favour Extent and operation of the charge
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Short particulars
of the property charged |
CC: Hypo. of inv
and receivables up to 180 days Bill discounting
under LC: Confirmation of LC issuing bank/hypo. of receivables Term loan I:
hypo. of specific FA purchased under bank loan Term loan II:
hypo. of vehicles to be purchased BG: counter
guarantee of the company and Add. charge on the CA LC: Hypo. Of
material purchased under LC and Add. charge on CA |
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Date of latest
modification prior to the present modification |
05.04.2007 |
FIXED ASSETS
Ø
Goodwill
Ø
Freehold Land And Development
Ø
Leasehold Land
Ø
Building
Ø
Flat
Ø
Plant And Machinery
Ø
Electrical Installations
Ø
Micro Processors
Ø
Office Equipments
Ø
Air Conditioners
Ø
Typewriters
Ø
Furniture And Fixtures
Ø
Vehicles
AS PER WEB SITE
DETAILS
Company Profile
For over half a century, Forbes Marshall has been building steam engineering and control instrumentation solutions that work for process industry. Forbes Marshall's goal is to provide solutions in Energy, Efficiency and process automation, using the best technology the world has to offer. 50 years ago they started out with steam generation solutions. Today they comprise seven business divisions; each one partnering the world technology leader in its respective field, manufacturing products that cover the entire spectrum of energy generation, energy efficiency, control and instrumentation for the process industry.
But they are proud of much more than just the products they make. They are
committed to creating a progressive work culture that uniquely puts people
first. They are concerned with the community beyond their factory's gate.
Putting people first is the way they have become industry's first choice to
better harness their steam, air and water. They do much more than sell
products. They build steam engineering and control instrumentation solutions
that work for you.
From their unique corporate structure and commitment to quality, to their
extensive community and social service programs, there's a lot that makes us
stand out from the crowd.
In the last five decades Forbes Marshall has grown from a modest, Mumbai based
trading company to a multi-divisional, ISO 9001 certified global company
manufacturing advanced engineering products for process industries across the
World. Forbes Marshall is probably the only company in the world to have
extensive expertise in both steam and control instrumentation. The dual
expertise has allowed us to engineer industry specific systems that focus on
energy efficiency and utilities management for sectors as diverse as textiles,
food processing, paper, power and chemicals.
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.49.90 |
|
UK Pound |
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.63.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|