MIRA
INFORM REPORT
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Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
FABTECH ENGINEERING COMPANY |
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Registered Office : |
Plot No. 4314/3, 4314/4, Road No. 43-C, GIDC Sachin, Surat – 394 230, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2004 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTF00227D |
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PAN No.: [Permanent
Account No.] |
AABFF2794D |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer and Fabrication for L and T and S R 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 21000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed concern having satisfactory
track. Trade relations are fair. Business is active. No Complaints have been
heard. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Mukesh Patel |
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Designation : |
Accountant |
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Contact No.: |
91-9723357783 |
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Date : |
05.12.2008 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 4314/3, 4314/4, Road No. 43-C, GIDC Sachin, Surat – 394 230,
Gujarat, India |
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Tel. No.: |
91-261-2397777 |
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Mobile No.: |
91-9824146748 / 9723357783 |
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Fax No.: |
91-261-2397725 / 2397777 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq. M. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Satyadeep Sarvaiya |
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Designation : |
Partner |
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Date of Birth/Age : |
28 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Himanshu K Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Fabrication for L and T and S R Industries |
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Terms : |
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Selling : |
Credit (15 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
·
State Bank of India, Sachin, Surat ·
Standard Chartered Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Farooklal and Company Chartered Accountants |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.4.132 millions |
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Borrowed : |
- |
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Total : |
Rs.4.132 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.132 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.743 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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4.875 |
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LOAN FUNDS |
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1] Secured Loans |
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7.592 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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7.592 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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12.467 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.964 |
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Capital work-in-progress |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.138 |
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Sundry Debtors |
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4.855 |
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Cash & Bank Balances |
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2.045 |
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Other Current Assets |
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0.014 |
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Loans & Advances |
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1.999 |
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Total
Current Assets |
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9.051 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.681 |
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Provisions |
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1.867 |
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Total
Current Liabilities |
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11.548 |
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Net Current Assets |
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(2.497) |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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12.467 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Sales Turnover |
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17.837 |
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Other Income |
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38.892 |
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Total Income |
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56.729 |
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Net Profit |
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0.743 |
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Expenditures : |
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Cost of Goods Sold |
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13.428 |
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Bank Charges |
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0.044 |
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Bank Loan Interest |
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0.747 |
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Boiler Shut Allowance |
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0.266 |
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Bonus to Staff |
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1.666 |
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Car Hire Charges |
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0.668 |
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Factory Expenses |
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4.332 |
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Salaries, Wages, Bonus, etc. |
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28.333 |
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Transport Charges |
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0.215 |
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Insurance Expenses |
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0.294 |
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Miscellaneous Expenses |
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0.259 |
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Depreciation & Amortization |
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1.502 |
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Other Expenditure |
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4.232 |
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Total Expenditure |
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55.986 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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PAT / Total Income |
(%) |
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1.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.09 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.93 |
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Current Ratio (Current Asset/Current Liability) |
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0.78 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : -- |
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Excise Registration No.: AABFF2794D XM001 |
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VAT / TIN : 24222101898
dated 01.01.2005 |
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IEC Code : -- |
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PAN / TAN : AABFF2794D |
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Bank Name : State Bank of India |
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Bank Address : Sachin, Surat |
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Bank A/c. No.: 10733594927 |
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Account Since : 2004 |
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In case of any affiliations / memberships / certifications : |
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Name : -- |
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Type : -- |
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Expiry Date : -- |
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Trade References
·
Larsen and Turbo
·
S R Industries
Web Details
Profile
Subject is recognized for its technical expertise and its
ability to provide equipments to meet the unique requirements of abroad Range
of industries.
Subject is a rapidly growing company in the field of
manufacturing of fabricated equipments and machineries such as steel plant
equipments. Pressure vessels, columns, reactors, heat exchangers, piping work
and ship building. The firm is located as G.I.D.C –Sachin, Surat Gujarat
(India).
The company takes it inspiration from its highly qualified
team of promoters comprising Mr. Satyadeep Sarvaiya (B.E.Mech.) and Mr.Himanshu
Patel(B.E. Mech.) who has put in emphatic efforts in bringing company among the
frontrunners in manufacturing and supply of quality mechanical equipments.
Since its inception, Subject Has had one overriding
commitment to provide personalized creative engineering service to the
customers. The depth of our technical knowledge and wealth of experience serves
to bring the most effective equipment available today.
They constantly upgrade the equipment with the latest
technology. This has gone a long way in helping them to exchange information on
latest technologies, developments and in working together to provide value
added solutions of our ever growing demanding customers.
Customer service subject Goes beyond the realm of solving
problems pertaining to our products. They comprise of highly trained technical
personnel. They work in close association with the customers. They always bring
to the customers a cost effective solutions.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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