MIRA
INFORM REPORT
|
Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FORBES AND COMPANY LIMITED |
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Formerly Known As : |
FORBES GOKAK LIMITED (With Effect From 02.11.2007) |
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Registered Office : |
Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.11.1919 |
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Com. Reg. No.: |
11-628 |
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CIN No.: [Company
Identification No.] |
L17110MH1919PLC000628 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF01185C |
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Legal Form : |
A Public Limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and marketing of Yarn, Blended Yarn, Cycle Tyre Cord, Cotton Canvas and Duck, Fabric, Terry Towel, Textile Goods, Textile Tools, Tool Bits, Rotary Cutters, High Speed Air Tools, Spring Washers, Current Transformers, Telecom Testing Equipments and Accessories, Cutting Tools, Dyes and Neutralisers and Spectacle Frames. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 14602275 |
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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. Available information indicates high financial responsibility of the company. Financial position is good. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Forbes Building, Charanjit Rai Marg, Fort, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22008081-8100 / 22002273 / 22002274 / 22002275 |
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Fax No.: |
91-22-22007378/22007933/22094895/22005281 |
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E-Mail : |
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Website : |
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Collection Center
: |
Tata Consultancy Services, 23 Union Co-operative Insurance Building (Meherwan), Sir P. M. Road, Fort, Mumbai – 400 001, Maharashtra |
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Factory : |
AURANGABAD: A-7, M.I.D.C. Area, Chikalthana, Aurangabad – 431 210, Maharashtra Plot B-13, Waluj Industrial Area, Aurangabad – 431 133, Maharashtra Belgaum: Bagalkot Road, Marihal Village, District Belgaum - 591 167, Karnataka MUMBAI: Chandivali Estate, Kurla – Powai Road, Mumbai – 400 072, Maharashtra Tel. No. 91-22-28521861-62 Fax No. 91-22-28521799 Bradma House, Road No. 16, Wagle Industrial Estate, Thane – 400 604,
Maharashtra |
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Mills : |
Gokak Falls, District Belgaum – 591 308, Karnataka Vadodara – 390 005, Gujarat |
DIRECTORS
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Name : |
Mr. K. C. Mehra |
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Designation : |
Deputy Chairman and Managing Director |
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Date of Birth/Age : |
63 years |
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Qualification : |
B.A. (Hons.) |
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Experience : |
43 years |
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Date of Appointment : |
01st April, 1997 |
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Previous Employment |
The Tata Iron & Steel Company Limited,
Senior Vice President & Executive Director |
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Name : |
Mr. C. G. Shah |
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Designation : |
Executive Director (Finance) |
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Date of Birth/Age : |
60 years |
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Qualification : |
B. Com. (Hons.), F.C.A., D.M.A., F.C.S. |
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Experience : |
37 years |
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Date of Appointment : |
01st April, 1972 |
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Previous Employment |
Inter Publicity Private Limited –
Secretary |
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Name : |
Mr. Pallonji S. Mistry |
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Designation : |
Director |
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Date of Birth/Age : |
01st June, 1929 |
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Date of Appointment : |
20th February, 2002 |
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Qualification : |
Inter Arts |
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Other Directorships :- |
v
Afcons Infrastructure Limited v
Cyrus Investments Limited v
Shapoorji Pallonji and Company Limited v
Shapoorji Pallonji Infrastructure Capital Company Limited v
Shapoorji Pallonji Power Company Limited v
Tata Sons Limited v
Tata International Limited v
Tata Investment Corporation Limited v
Tata Housing Development Company Limited v
United Moors (India) Limited |
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Name : |
Mr. D. S. Soman |
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Designation : |
Director |
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Date of Birth/Age : |
08.05.1930 |
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Date of Appointment : |
28.09.1992 |
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Qualification : |
IPS (Retired) |
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Other Directorships :- |
Ruby Mills Limited Vashisti Detergents Limited |
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Name : |
Mr. N. D. Khurody |
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Designation : |
Director |
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Date of Birth/Age : |
26.10.1936 |
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Date of Appointment : |
17.03.2004 |
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Qualification : |
M.A.(Economics) Cambridge University |
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Other Directorships :- |
Auto Aircon (India) Limited Eureka Forbes Limited RDI Print and Publishing Limited Samrat Holdings Limited Voltas Limited |
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Name : |
Mr. R. N. Jha |
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Designation : |
Director |
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Date of Birth/Age : |
02nd July, 1939 |
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Date of Appointment : |
27th March, 1998 |
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Qualification : |
B.A.(Hons) |
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Other Directorships :- |
HGI Industries Limited |
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Name : |
Mr. Cyrus P. mistry |
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Designation : |
Director |
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Name : |
Mr. M. R. Pai |
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Designation : |
Director (expired on 3rd July, 2003) |
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Name : |
Mr. A. T. Shah |
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Designation : |
Compliance Officer |
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Name : |
Mr. K. C. Mehra |
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Designation : |
Deputy Chairman & Managing Director |
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Name : |
Mr. C. G. Shah |
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Designation : |
Executive Director (Finance) |
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Name : |
Mr. B. G. Jain |
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Designation : |
Director (Textile) |
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Name : |
Mr. C. A. Karnik |
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Designation : |
Director (Human Resources) |
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Name : |
Mr. H. S. Bhaskar |
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Designation : |
Director – Operations (Textiles) |
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Name : |
Mr. G. Mukherji |
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Designation : |
Director Precision Tools (Engineering) |
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Name : |
Mr. Babu Naik |
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Designation : |
Director- Marketing (Textiles) |
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Name : |
Capt. S. P. Rao |
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Designation : |
Director (Shipping) |
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Name : |
Mr. S. S. Rewri |
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Designation : |
Director (Forbes Bradma Business Automation) |
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Name : |
Mr. K. C. Raman |
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Designation : |
Regional Director (Shipping - South and East) |
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Name : |
Mr. R. T. Doshi |
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Designation : |
Vice President (Finance and Accounts) |
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Name : |
Mr. A. V. Sathe |
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Designation : |
Director (Materials Management and Logistics) |
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Name : |
Mr. Shapoor P Mistry |
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Designation : |
Chairman |
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Name : |
Mr. S L Goklaney |
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Designation : |
Director |
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Name : |
Mr. Ashok Bharat |
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Designation : |
Managing Director |
KEY EXECUTIVES
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Name : |
Mr. A T Shah |
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Designation : |
Company Secretary |
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MANAGEMENT: |
Mr. K. C. Mehra Deputy Chairman
& Managing Director Mr. C. G. Shah Executive
Director (Finance) Mr. Ashok Barat Chief Operating
Officer Mr. C. A. Karnik Director (Human
Resources) Mr. H. S. Bhaskar* Director-
(Textiles) Mr. G Mukherji Director
(Precision Tools) CAPT. S. P. Rao Director
(Shipping) Mr. K. C. Raman Regional Director
(Shipping-South and East) Mr. R. T. Doshi Vice President (Finance and Accounts) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters |
94,61,691 |
73.35 |
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Central/State Government Institutions |
1,10,343 |
0.86 |
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Nationalised Banks |
20,302 |
0.16 |
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Nationalised Insurance Companies and Mutual Funds |
8,17,974 |
6.34 |
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FII & NRI/OBC |
3,54,768 |
2.75 |
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Domestic Companies |
3,36,663 |
2.61 |
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Public |
17,96,875 |
13.93 |
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Total |
1,28,98,616 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and marketing of Yarn, Blended Yarn, Cycle Tyre Cord, Cotton Canvas and Duck, Fabric, Terry Towel, Textile Goods, Textile Tools, Tool Bits, Rotary Cutters, High Speed Air Tools, Spring Washers, Current Transformers, Telecom Testing Equipments and Accessories, Cutting Tools, Dyes and Neutralisers and Spectacle Frames. |
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Products : |
v Cotton Yran v Shipping Agencies v Threading Tools |
PRODUCTION STATUS
AS ON 31.03.2007
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Yarn |
Spindles |
145,310 |
1,21,188 |
23,682 M.T |
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Blended Yarn |
Spindles |
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|
1,510 M.T. |
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Cotton Canvas and Duck |
Looms |
60 |
24 |
23,55,935 Mtrs. |
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Fabric |
Metres |
---- |
--- |
2,69,430 Mtrs. |
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Terry Towel |
Looms |
---- |
4 |
7,48,617 Pcs. |
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Threading Tools |
Nos. |
1,22,00,000 |
73,20,000 |
55,36,585 |
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Carbide Tools |
Nos. |
11,00,000 |
4,20,000 |
3,74,464 |
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High Speed Air Tools |
Nos. |
1,200 |
1,200 |
---- |
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Spring Washers |
M. Tonnes |
350 |
1,440 |
1,303 |
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Products made out of Allyl Diglycol Carbonate Monomer Hard Resin Ophthalmic Lenses |
M. Tonnes Pieces |
-- |
62,40,000 |
-- -- |
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Current Transformers |
Nos. |
---- |
1,58,000 |
-- |
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Hand |
Nos. |
-- |
20,000 |
440 |
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Electric |
Nos. |
360 |
600 |
-- |
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Mechanical Typewrites |
Nos. |
45,000 |
45,000 |
2,983 |
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Vaccum Cleaners |
Nos. |
2,80,000 |
2,80,000 |
2,08,432 |
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Electric Motor |
Nos. |
6,00,000 |
6,00,000 |
3,88,029 |
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Lighting Products |
Nos. |
5,00,000 |
5,00,000 |
1,79,256 |
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Plates |
Nos. |
---- |
15,300,000 |
-- |
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Plastic Cards |
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3,78,123 |
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Precision interchangeable steel types sets along with rotary wheels, holding devices and fixtures for composite metal indentation |
Nos. |
1,2000 Sets |
12,000 Sets |
5,11,139 |
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Electronic Cash Register |
Nos. |
3,000 |
3,000 |
9 |
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Perforator Control Systems with high Precision Perforated dies |
Nos. |
1,000 |
1,000 |
-- |
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MICR (Magnetic Ink Character Recognition) Encoder |
Nos. |
1,500 |
1,500 |
-- |
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Ink Jet Printers |
Nos. |
200 |
200 |
---- |
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Note Counting Machines |
Nos. |
---- |
10,000 |
10 |
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Collating and Jogging Machinery Sets |
Nos. |
---- |
1,000 |
---- |
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PCO Monitors, Time Registers, Time Recorders |
Nos. |
---- |
5,000 |
---- |
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Knitted Garments |
Pieces |
6,000,000 |
1,872,000 |
19,94,017 |
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Intermediate Products |
Kilograms |
---- |
---- |
14,392 |
GENERAL
INFORMATION
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No. of Employees : |
1800 |
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Bankers : |
v Punjab National Bank, Mumbai v Standard Chartered Grindlays Bank, Mumbai v Union Bank of India, Mumbai v State Bank of India, Mumbai v Industrial Development Bank of India Limited v The Federal Bank Limited v Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S. B. Billimoria and Company Chartered Accountants |
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Holding Company |
v Shapoorji Pallonji and Company Limited v Sterling Investment Corporation Private Limited v Cyrus Investments Limited |
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Associates/Subsidiaries : |
v The Svadeshi Mills Company Limited v Forbes Services Limited v Forbes Tinsley Company Limited v FAL Industries Limited v Forvol International Services Limited v Warrior (Investment) Limited v Forbes Campbell Holdings Limited v P. T. Gogak Indonesia v Wandell & Goltermann and Forbes Limited v Barwill Forbes Shipping Services Limited v Nypro Forbes Mould Private Limited v Forbes Infotainment Private Limited Subsidiaries : v Aquamall Water Solutions Limited v Eureka Forbes Limited v Forbes Estates Limited v Latham India Limited v Volkart Fleming Shipping and Services Limited v Forbes Aquamall Limited v Bradma of India Limited v Campbell Knitwear Limited |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,28,98,616 |
Equity Shares |
Rs. 10/- each |
Rs. 128.986 Millions |
Of the above shares :-
(a) 3,89,640 (Previous year
3,89,640) shares of Rs. 10 each are allotted as fully paid-up,
pursuant to a contract without payment being received in cash;
(b) 51,22,860 (Previous year
51,22,860) shares of Rs. 10 each are allotted as fully paid-up,
by way of Bonus Shares by capitalization of Reserves and Securities Premium
Account;
(c) 7,65,450 (Previous year
7,65,450) shares of Rs. 10 each are allotted as fully paid-up,
shares to the Shareholders of erstwhile Patel Volkart Limited other than The
Gokak Mills Limited on amalgamation with the Company;
(d) 16,99,861 (Previous year
16,99,861) shares of Rs.10 each are allotted as fully paid-up,
shares to the Shareholders of erstwhile Forbes Forbes Campbell & Company
Limited on amalgamation with the Company; and
(e) 4,45,214 (Previous year Nil) shares of Rs.10 each are
allotted as fully paid-up, shares to the Shareholders of erstwhile FAL
Industries Limited on amalgamation with the Company.
Foot note
of the above
83,26,352; (Previous year
80,65,080) Shares are held by the holding company, Sterling Investment
Corporation Private Limited;
6,14,505; (Previous year
6,09,105) Shares are held by the ultimate holding company, Shapoorji Pallonji
and Company Limited;
3,54,436; (Previous year
3,54,436) Shares are held by Cyrus Investments Limited (a subsidiary of
the ultimate holding company).
1,64,862; (Previous year
1,27,055) Shares are held by Forbes Finance Limited (a subsidiary of the
Company) and
1,536; (Previous year Nil) Shares
are held by Warrior (Investment) Limited (a subsidiary of the Company).
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
128.986 |
124.534 |
124.500 |
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2] Shares Capital Suspense Accountant |
0.000 |
4.452 |
0.000 |
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3] Reserves & Surplus |
2791.469 |
2906.924 |
1905.300 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2920.455 |
3035.910 |
2029.800 |
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LOAN FUNDS |
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|
1] Secured Loans |
2696.807 |
2001.507 |
1293.900 |
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2] Unsecured Loans |
359.840 |
484.644 |
378.800 |
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TOTAL BORROWING |
3056.647 |
2486.151 |
1672.700 |
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DEFERRED TAX LIABILITIES |
56.871 |
125.311 |
0.000 |
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Shareholders Fund |
0.165 |
0.419 |
0.000 |
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TOTAL |
6034.138 |
5647.791 |
3702.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2965.836 |
2791.106 |
1699.300 |
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Capital work-in-progress |
219.489 |
269.439 |
34.000 |
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INVESTMENT |
1322.404 |
1297.454 |
1007.300 |
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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 |
1296.150
|
1290.374 |
1303.500
|
|
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Sundry Debtors |
823.973
|
1180.422 |
774.100
|
|
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Cash & Bank Balances |
258.913
|
266.668 |
196.500
|
|
|
Other Current Assets |
20.449
|
4.258 |
0.000
|
|
|
Loans & Advances |
1279.575
|
1144.965 |
857.900
|
|
Total
Current Assets |
3679.060
|
3886.687 |
3132.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1886.018
|
2374.904 |
2005.500
|
|
|
Provisions |
266.633
|
285.323 |
179.000
|
|
Total
Current Liabilities |
2152.651
|
2660.227 |
2184.500 |
|
|
Net Current Assets |
1526.409
|
1226.460 |
947.500
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
63.332 |
14.400 |
|
|
|
|
|
|
|
|
TOTAL |
6034.138 |
5647.791 |
3702.500 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
5530.142 |
5233.615 |
5100.100 |
|
|
Other Income |
1011.673 |
922.062 |
0.000 |
|
|
Total Income |
6541.815 |
6155.677 |
5100.100 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
128.710 |
260.411 |
263.300 |
|
|
Provision for Taxation |
37.515 |
44.402 |
13.800 |
|
|
Profit/(Loss) After Tax |
91.195 |
216.009 |
249.500 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
1419.090 |
1210.440 |
|
|
|
Commission Earnings |
174.916 |
128.040 |
|
|
|
Other Earnings |
97.549 |
58.556 |
|
|
Total Earnings |
1691.555 |
1397.036 |
|
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
87.114 |
76.738 |
0.000 |
|
|
Stores & Spares |
37.264 |
49.632 |
|
|
|
Capital Goods |
668.975 |
174.159 |
|
|
|
Others |
285.254 |
231.732 |
|
|
Total Imports |
1078.607 |
532.261 |
|
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
5932.554 |
5518.405 |
|
|
|
Interest |
173.358 |
126.366 |
|
|
|
Depreciation & Amortization |
271.013 |
235.091 |
|
|
|
Other Expenditure |
36.180 |
15.404 |
4836.800 |
|
Total Expenditure |
6413.105 |
5895.266 |
4836.800 |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2008 (Full
Year) |
|
Sales Turnover |
|
|
2335.200 |
|
Other Income |
|
|
414.800 |
|
Total Income |
|
|
2750.000 |
|
Total Expenditure |
|
|
2422.900 |
|
Operating Profit |
|
|
327.100 |
|
Interest |
|
|
106.500 |
|
Gross Profit |
|
|
220.600 |
|
Depreciation |
|
|
131.100 |
|
Tax |
|
|
0.00 |
|
Reported PAT |
|
|
52.500 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity
Ratio |
1.06 |
0.95 |
0.86 |
|
Long
Term Debt-Equity Ratio |
0.79 |
0.71 |
0.59 |
|
Current
Ratio |
1.18 |
1.16 |
1.19 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
1.21 |
1.39 |
1.25 |
|
Inventory |
4.94 |
4.63 |
3.45 |
|
Debtors |
6.37 |
6.15 |
5.90 |
|
Interest
Cover Ratio |
1.23 |
1.85 |
3.13 |
|
Operating
Profit Margin(%) |
8.94 |
9.32 |
12.85 |
|
Profit
Before Interest And Tax Margin(%) |
4.69 |
5.41 |
8.33 |
|
Cash
Profit Margin(%) |
4.75 |
5.87 |
9.89 |
|
Adjusted
Net Profit Margin(%) |
0.51 |
1.95 |
5.37 |
|
Return
On Capital Employed(%) |
5.60 |
7.69 |
10.74 |
|
Return
On Net Worth(%) |
1.24 |
5.37 |
12.85 |
LOCAL AGENCY
FURTHER INFORMATION
Source:
BSE – Forbes Gokak
Limited has informed BSE that pursuant to the scheme of arrangement for the demerger
of the textiles undertaking of the company to Gokak Textiles Limited, approved
by the High Court, Bombay and High Court of Karnataka at Bangalore, the name of
the company has changed to “Forbes and Company Limited” with effect from
25.10.2007.
History :
Established by John Forbes
in 1764 as Forbes and Company, Forbes Gokak is one of the oldest surviving
companies in India. In 1903, the merger with Ritchie Stuart and Company (then
owned by the Campbell family - the second-oldest firm after Forbes) enabled
further diversification in its activities and brought with it the managing
agency business of Gokak Mills. Most of the foreign shareholding was
disinvested in 1957 and a major part of this was acquired by the Tatas. In
Jul.'92, Forbes Campbell and Company was amalgamated with Gokak Patel Volkart
and the name was formally changed to Forbes Gokak (FGL).
The textile division manufactures cotton yarn, cycle tyre cord, canvas and
duck, terry towels, etc. FGL also has an EOU for cotton yarn and a dyeing unit.
The division has mills at Gokak Falls, Karnataka; and Vadodara, Gujarat. The
Patvolk division is engaged in ship broking, tramp vessels and crew
recruitment. Its Forbes division is engaged in managing shipping agencies,
communication equipment agencies and has engineering units which deal in
cutting tools, deburring tools and measuring instruments. The engineering unit
secured the ISO 9002 during 1996-97.
The company started to market solid carbide tools and advanced range of milling
cutters manufactured by a USA and UK based company to meet the demand for high
technology cutting tools in the country. During 1997-98, Gokak Mills at Gokak
Falls has obtained recertification of quality system ISO 9002 for a further
period of 4 years.
During 1999-2000, the company installed 3 cards, 3 ring frames and 1
autoconer in the EOU, which helped the company in increasing the volume of
production of EOU substantially. The High End Tools division in 2001-02 has
expanded its capacity by commissioning an additional CNC machine. The company
had shut down its Vadodara spinning unit as the textile business has become a
drag on the financials owing to difficult market conditions.
The Shareholding Pattern of the company has entirely changed and
ownership has now been completed with Shapoorji Pallonji Group acquiring a
majority stake of the share capital of the company and Forbes Gokak now becomes
a subsidiary of Shapoorji Pallonji & Company Limited. During 2003 the
company undertook technology upgrdation for one of its facilities,in order to
improve the quality of yarn. The total capex was Rs.8 crore for installing
unifloc vision sheild,cotton testing and yarn testing equipments. It has also
proposed capital expenditure of Rs.40 crore in the coming years to exploit the
full business potential.
The company has completed the purchase of 1980000 shares of Eureka Forbes
Limited(1180000 shares directly by the company and 800000 shares through its
wholly owned subsidiary Forbes Finance Limited)during January 2005, and with
this acquisition,Eureka Forbes Limited has become a wholly owned subsidiary of
the company.
The Scheme of amalgamation FAL Industries Limited with the company is
under approval and this was proposed to be effective from 1st April 2005. As
the scheme the shareholders of FAL Industries Limited (FAL) and other than
Forbes Gokak Limited will be alloted 1 share of FGL for 7 shares of FAL
Industries Limited held by them.
During 2004-05 the company has enhanced its installed capacity of Yarn
& Blended Yarn, Cotton Canvas & Duck, Threading Tools, Carbide Tools
and Knitted Garments by 12108 Spindles, 6 Looms, 252000 Nos, 30000 Nos and
1872000 Pieces respectively. With this expansion the total installed capacity
of Yarn & Blended Yarn, Cotton Canvas & Duck, Threading Tools, Carbide
Tools and Knitted Garments has increased to 117444 Spindles, 18 Looms, 7320000
Nos, 264000 Nos and 3744000 Pieces respectively.
The company has joint venture with :-
v Barwill Forbes Shipping Services Limited
v Nypro Forbes Mould Private Limited
v Forbes Infotainment Private Limited
The company has technical collaboration with:
v M. A. Ford Manufacturing Company Inc., USA
v Richard Lloyd Limited, UK
Trade Terms
v Apte Flasks and Refils Private Limited
v B. K. Mechanical Works
v Metallurgical Processes and Equipments
v Ramco Ancillary
v Nikopas Engineering Private Limited
v Shakti Engineering
v G. K. Industries
v JDT Diamond Tools Private Limited
v Prayag Engineering
v Smith Industries
v Vidya Enterprises
v Vidya Engineering works
v Anand Tools and Equipments
v Applied Power System/Industries
v Bharat Udyog
v Bhawani Digital Systems
v Dee-Ess Tele Systems Private Limited
v Elca Laboratories
v Gleneil Plastics
v Gulab Die Works
v Hycrome Industries
v Jay Engineers
v Lipap Systems Private Limited
v Micromation Private Limited
v Mercury Pneumatics Private Limited
v Pershah Paper Products
v Pragati
v Sterling Paper Converters
v Strata Rolls (Nagpur)
v Telecommunications Paper
v Veeny International
v Shree Mauli Flexo Pack
v Aditya Engineering Company
Fixed Assets :
v Land (Leasehold and Freehold)
v Buildings
v Canal Lining
v Plant And Machinery
v Furniture
v Fixtures
v Office Equipment
v Vehicles.
FINANCIAL RESULTS
In addition, upon the sale of the properties of the Company at Chennai and
Vadodara, an amount of Rs. 652.900 Millions representing revaluation
component.has been transferred from Revaluation Reserve to General
Reserve.
Provision required for had anti doubtful debts, a chartering loss of Rs.
145.400 Millions, including a higher depreciation charge by Rs. 35.900 Millions
and adverse impact of the continuous and substantial adverse USS / Rupee rate
have affected results lbr the year. But for these, the results would have been
comparable to those of the previous year.
Segmentwise details of the operating performance are given in subsequent
paragraphs.
DEMERGER:
Shareholders of the Company, at their meeting held on 20th March, 2007 have
approved the demerger of the Textiles Undertaking i.e. Yarn business (the
manufacturing unit of which is located at Gokak Falls. Dist. Belagaum,
Karnataka State) and the Knitwear business (the manufacturing unit of which is
located at Marihal. Dist. Belgaum, Karnataka State) into a separate company
namely Gokak Textiles Limited, effective from 1st April, 2007 by way of a
Scheme of Demerger under the provisions of Sections 391 to 394 of the Companies
Act 1956. The Scheme has been subsequently sanctioned by the High Court, Bombay
and the High Court of Karnataka at Bangalore and has taken effect from 1st
April 2007.
Under the Scheme, the Shareholders of Forbes Gokak Limited shall receive
one (1) share of Gokak Textiles Limited, for (and not in exchange there of)
every two (2) shares held by them in Forbes Gokak Limited. Their shareholding
in Forbes Gokak Limited, will continue, as it is, without any change.
These shares will be issued and allotted to the Shareholders of Forbes Gokak
Limited whose names appear on the Register of Members of the Company on 28th
September, 2007 and the Shareholders will receive an intimation of allotment /
share certificates in due course.
Consequent to the Demerger, the results of Forbes Gokak Limited, as from 1st
April, 2007 shall exclude the operations of the Textiles Undertaking, which
shall now be published by Gokak Textiles Limited as their results, when this
Company is listed on Bombay Stock Exchange Limited., Mumbai.
TEXTILES
DIVISION:
During the year due to the increased costs not supported by increase in yarn
price, the operating performance remained static.
The energy cost increased significantly compared to previous year. Use of HFO
plant had to be stopped as the cost per unit of power generated was much higher
as compared to the cost per unit of power purchased from State Electricity
Board. In order to reduce the energy cost, the preliminary work on project
"Monsoon Spillway" has been commenced. Subject to requisite approvals
being received it is intended to complete this project by July 2008.
Utilisation of Dying vessels improved substantially and they processed around
35%) M.T. of dyed yarn during the year.
Cotton prices showed an upward trend during the year.
The investment made for upgradation, technology coupled with the in crease in
interest rates, has resulted in an increase in interest cost, though this, has
imparted it long term strength to the activity.
The Company has invested around Rs.600.000 Millions during the year in various
machineries resulting in increased depreciation cost in the year. This
investment is expected to yield returns in the coming years.
During the year under review K441 Reiter Ring Frames were commissioned to
produce Compact Yarn for a better price realisation. This investment will start
yielding results in the coming years.
A number of new products developed during the year have generated enquiries,
commercial production of which will be commenced in the current year.
A significant portion of their production is sold in export market.
Continuous and substantial changes in parity of Indian Rupee vs US$ in
last one year have upset all cost and price equations. Whereas their buyers are
keen to continue long term relationship withthem, the price which they are
compelled to quote, because of exchange rate position, makes them explore
supply opportunities from other countries. The demotivation to sell in the
export market, in turn, has created a pressure to sell in the domestic market,
with consequent pressure on price and margin. They are trying to tackle this
position by further intensifying cost reduction exercise, moving up value chain
and concentrating on niche customers. But this position would impact their
profitability in the immediate future.
On the whole, the year has been a difficult one. The business is passing
through a transition phase wherein cost of upgradation of technology in the
form of interest and depreciation is a reality. but gains arising therefrom.
would take some time. Given the long term steps they have taken to align with
the market, they expect that in the long term the business would report
satisfactory results.
Upon the Demerger becoming effective from 1st April, 2007. the business will
form a part of the demerged company, viz. Gokak Textiles Limited.
FORBES CAMPBELL
KNITWEAR DIVISION:
Marketing efforts made during the year resulted into a healthy growth in
sales.
During the year the Division commenced successfully the second shift
operations. This has enabled catering to more customers and expanding the
customer base.
They will continue to strengthen their marketing set up and with the strategy
to work directly with the buyers, they expect to strengthen their market
position.
Impact of the change in exchange rate parity has diluted the results of their
efforts to increase the quantity of production. What they have gained during
the year by enhancing the production and sales. is nullified by the adverse
movement of the exchange rate and thus the net realisation. They are addressing
the situation by restructuring cost and price equation.
Upon the Demerger becoming effective from 1st April, 2007, this business will
form a part of the demerged company. viz. Gokak Textiles Limited.
FORBES PATVOLK SHIPPING DIVISION:
Significant achievement of the year was, commissioning of Container
Freight Station (CFS) at Veshvi near JNPT. The facility is going to pave a way
for asset-based service offering, on the basis of which, long term relationship
can be built with shipping lines and customers. Construction of the CFS at
Mundra has also been completed and this was commissioned in June 2007.
Operation of these two CFS would enablethem to devise a strategy to enter other
cargo catchment areas, and will bring benefits from growing business
opportunities.
As a part of a process to seek alliance and benefits from mutual
strengths, the Company has set up a joint venture company, namely SCI Forbes
Limited. This company has placed an order for four chemical tankers.
First vessel is expected to be delivered by January 2009. This activity
is calculated to uplift the business to a model, which is of (a) large volume
(b) recurring activity and (c) wherein the participants are large
organisations. Up-to-date technology for building of the ship and the market
standing of the JV partners is expected to give a significant strength to this
business.
The Company owned through its wholly-owned subsidiary, Forbes Sterling Star
Limited, a vessel named `X-Press Alexander' which was acquired three years ago.
This vessel has been profitably sold and they are now monitoring the market and
propose to acquire a couple of vessels at an appropriate time.
Market conditions continued to be difficult. With Principals restructuring
their businesses and deciding to operate on their own or rearranging deployment
of vessels, not only volume of business but also the margins have suffered. The
Company is tackling this situation by rationalising operations and
organisation, exploring new cargo markets and cutting costs. Whereas they
expect the competition to grow even further, they also expect the market to
grow and what will impact their performance is how they are aligned to market
expectations. They are preparing them selves for this, by building human
resources which are trained, motivated and eager to deliver results.
FORBES PRECISION TOOLS DIVISION:
The Division has witnessed another successful year of growth in domestic as
well as export market. The growth is attributed to buoyancy in automobile and
engineering industries and timely modernisation of their plants for quality and
capacity. The growth rate of the division has been faster than the
competitors.
The Division has entered into marketing alliance with a Swiss company for
trading in high performance tools, which has improved their presence in the
high-end tools market.
During the year, the Division has installed CNC grinding machines for
manufacture of Solid Carbide Custom Tools, which cater to new application
segments resulting into a higher unit realisation. These customised tools will
further boost sales of solid carbide tools during the current year.
The division is also in the process of making investments in customised
tools for HSS Taps for future growth.
By addition of the latest state of the art CNC machines, the Division has
established quality of Tungsten Carbide Rotary Burrs, which is equivalent of
the leading global manufacturers.
Modernisation of plant is being continued with the addition of further CNC/NC
machines, to raise level of technology necessary to compete with international
brands both, in terms of technological competence and quality.
Entry into new markets like Saudi Arabia, Australia, Mexico, Sweden has
strengthened the Division's own brand identity.
The markets, which they cater to, are set for an impressive growth. Over the
past few years, they have been building technological competence to benefit
from market-led growth. It would appear that the investments they have made are
bearing fruits and they intend to continue this process further.
FORBES BRADMA AUTOMATION DIVISION:
The Division continued its strategy of appointment of channel partners
throughout the width and breadth of the country. The channel network has now
been stabilised, which has resulted into an economy in the operations.
The Division continued its exercise of restructuring of organisation and
reduced number of sales offices, and now the business is being conducted
through a limited number of regional/zonal offices.
The Retail Automation group has been able to make an impact in the market and has
contributed to a substantial increase in turnover of the Division.
Simultaneously, other business groups, including Coding Business Group (CBG),
has also shown a marked improvement over the previous year.
As a cumulative result of these reorganisation processes coupled with
limiting of operational costs and an economy in the cost of procured items, the
Division has reported an improved gross income and is on a recovery path.
FORBES ENERGY SYSTEMS DIVISION:
This Division manufactures vacuum cleaners and other products on a
contract manufacturing basis. Whereas, during the year the gross income showed
a marginal increase, the operations yielded negative results. Over the years,
costs of inputs such as copper, steel, aluminium and employee costs have
continued to rise significantly. On the other hand, the Division has been
unable to pass on the increase to the customers and the operations have been
continuously yielding negative results. The Company is therefore in the process
of rationalising and restructuring this activity.
Motor manufacturing activity shows a promise of growth. Customers in domestic
and export markets for high value motors, have been identified, samples have
been developed and submitted for their tests. They are hopeful that the new
range of motors will provide a basis for growth of this product.
FORBES ENERGY SYSTEMS - TURBINE DIVISION:
In the year 2006-2007 the business was not up to their expectations, as their
Principals, Dresser-Rand Co. USA, could not meet the agreed deliveries of the
turbine units to their customers in India, which was primarily due to the
closure of Dresser-Rand Millbury Works (Mass) and shifting of all operations to
Dresser-Rand Wellsville. This has affected severely their earnings from this
activity for this financial year.
They expect a much brighter scenario in the forthcoming financial year because
Dresser-Rand are expected to meet production schedule and make shipments on
time, coupled with the fact that they have been receiving a good number of
enquiries for Steam Turbines, which will materialise into orders during this
year.
UPMARKET BRANDS DIVISION:
The retail industry is the fastest growing industry in India and on the
strength of the presence in market, demonstrated in last few years, coupled
with a benefit of infrastructural support and leveraged with the Licences of
well-known brands, the activity has reported higher volume of sales and have
reduced operational losses.
However, it must be recognised that this business works on a 5 to 7 - year
cycle of break-even, calls for continued investment in advertisement and
promotion and a huge working capital requirement. The Company needs to take a
long term view as to the further course this activity should take.
Meanwhile the activity continues to operate through several outlets in Mumbai
and other cities plus through several channel partners.
FINANCE AND CORPORATE:
The most significant development of the year has been the decision of the
Shareholders to demerge tire Textiles Undertaking of the Company into a
separate company namely GOKAK TEXTILES LIMITED, of which details ar, set out
elsewhere in this Report. Post-demerger of the Textiles Undertaking, effective
froth 1st April 2007, the major business of the Company will include Precision
Engineering, Logistic Solutions and Forbes Energy Systems. Thus, when you see
Accounts of the next year i.e. ending 31st March, 2008, as well as periodical
quarterly results, you will notice a decrease in terms of gross revenue,
assets, etc., for the reason of demerger of the Textiles Undertaking of the
Company into GOKAK TEXTILES LIMITED. A note in Schedule 11 of the Accounts sets
out relevant data of the Demerged Undertaking i.e. to what extent these formed
a part of the Company, for the year ended 31st March 2007.
Consequent upon the Demerger and transfer of assets and borrowings to
GOKAK TEXTILES LIMITED, the quantum and profile of the borrowing of the Company
would also change and this would be at a significantly lower level.
With additions to the Fixed Assets of more than Rs.1190.000 Millions
during the year, which included a Container Freight Station at Veshvi near
Mumbai, up gradation of Technology at Engineering Division at Chandivali and
Aurangabad and significant additions at Gokak Falls, and a simultaneous
repayment of earlier loans, resources hat to be mobilised from all sources.
At the end of the year, the aggregate borrowings of the Company stood at
Rs.3050.000 Millions compared to Rs.2480.000 Millions at the end of the
previous year.
Having regard to the Capital Expenditure and increased level of activity
coupled with an upward trend in interest rates, the interest cost has increased
from Rs.126.300 Millions to Rs.173.400 Millions. A co-ordinated effort at all
levels has enabled to restrict this cost at less than 3% of the gross
income.
OUTLOOK FOR FUTURE AND POST BALANCE
SHEET EVENTS:
The
process of making the Company a stronger organisation by rationalising
operations, restructuring, eliminating unviable operations, reducing costs and
aligning to market and creating organisational strength, which is capable of
not only withstanding competition but can benefit therefrom, continues. Given
the intrinsic strength of the company, its market position and overall market
conditions, the Company is poised for an improved performance in the long
term.
SUBSIDIARY COMPANIES:
Details
of these companies are set out in the statement pursuant to section 212 of the
Companies Act 1956. Full accounts of these subsidiaries are available to the
shareholders of the holding company and other investors at any point of time on
request and these are available for inspection to any investor, at the
registered office of the Company and that of the subsidiary company
concerned.
Eureka Forbes Limited., Aquamall Water Solutions Limited., and Forbes Aquamall
Limited., continued their commendable performance and continue to improve their
performance.
Next Gen Publishing Limited. has completed private placement of shares at a
premium and shareholding of the Company has changed from 68.29% of its paid up
capital to 40.90% of its paid up capital.
OTHER ASSOCIATE COMPANIES:
Forbes Edumetry Limited. and Edumetry Inc. U.S.A., whose core mission is to create
economic value by transforming the way assessment of learning and education is
done in Universities, have commenced operations and are showing a promise of
long term growth.
As a part of rationalisation process the Company has sold its shareholding in
Barwil Forbes Shipping Services Limited and Warrior Logistics and Shipping
Limited.
Forbes Infotainment Limited, continues to pass through difficult times. The
Company is exploring vauious options for improving operations, including by
inviting an investment in this company.
Assets of The Svadeshi Mills Company Limited continue to be in the hands of the
Official Liquidator, High Court, Bombay, who has effected a sale of part of the
assets i.e. plant and machinery and has distributed proceeds to employees. The
process of realisation of balance assets is expected to be long drawn, as it
involves several agencies and complicated legal issues. The Company would do
everything possible to realise loan advanced to this company of Rs.43.73
crores, which is fully provided in the Accounts of the Company.
Discontinuing Operations
When a component of the Company is disposed off or decided to be
disposed off, by way of sale, demerger (spin-off to shareholders) or terminated
through abandonment, it is reported as a "Discontinuing Operation",
provided that certain criteria are met. A component can be a reportable segment
or a smaller unit which can be clearly distinguished, and for which separate
financial information is available. Cash flows, results of operations and any
gain or loss from disposal are excluded from "Continuing Operations"
and reported separately. Prior period assets, liabilities, cash flows and
results of operations are reclassified to be comparable. Disposal groups which
are not material, are not classified as "Discontinued Operations"
1) Deferred Revenue Expenditure
Expenditure incurred on voluntary retirement schemes is being amortised
on a straight line basis over the estimated period of payback which does not
exceed 5 years. The period of deferral does not extend beyond 31st March, 2010.
Taxes on Income
The Company's income taxes include taxes on the Company's taxable
profits, fringe benefits tax, adjustment attributable to earlier periods and
changes in deferred taxes. Valuation of all tax liabilities/receivables is
conducted at nominal amounts and in accordance with enacted tax regulations and
tax rates or in the case of deferred taxes, those that have been substantially
enacted. Deferred tax is calculated to correspond to the tax effect arising
when final tax is determined. Deferred tax corresponds to the net effect of tax
on all timing differences which occur as a result of items being allowed for
income tax purposes during a period different from
when they were recognised in the financial statements. Deferred tax
assets are recognised with regard to all deductible timing differences to the
extent that it is probable that taxable profit will be available against which
deductible timing differences can be utilised. When the Company carries forward
unused tax losses and unabsorbed depreciation, deferred tax assets are
recognised only to the extent there is virtual certainty backed by convincing
evidence that sufficient future taxable income will be available against which
deferred tax assets can be realised. The carrying amount of deferred tax assets
is reviewed at each balance sheet date and reduced by the extent that it is no
longer probable that sufficient taxable profit will be available to allow all
or a part of the aggregate deferred tax asset to be utilised.
Contingent Liabilities
|
Contingent Liabilities |
31.03.2007 Rs. In mIllions |
|
Bills discounted |
273.179 |
|
Guarantees issued by bank |
34.433 |
|
Entry Tax |
14.377 |
|
Sales Tax (Advance paid Rs.12.90 lakhs; |
70.303 |
|
Property Tax |
11.955 |
|
Income-tax (Advance paid Rs.142.37 lakhs; |
111.071 |
|
Wealth tax |
0.651 |
|
Excise demand |
395.589 |
|
Labour matters in dispute |
25.254 |
|
Gujarat Electricity Board has raised a claim for alleged diversion of
fraction of the power consumed and the same has been contested by the Company
in the Court |
18.869 |
|
Uncalled liability on partly paid shares held as Long Term Investments |
2.695 |
|
In respect of guarantees given on behalf of Shipping Principals and
Surety Bonds jointly executed with third parties in favour of customs and
other parties |
457.130 |
|
In respect of guarantees given in favour of customs authorities |
0.400 |
|
The Company has given Guarantee Bonds on behalf of others |
0.871 |
|
The Company has given Bonds in favour of Excise/Customs Authorities |
268.304 |
|
Guarantees given in respect of jointly controlled entity |
255.842 |
|
Pat Hire Charges - Montiko Marine (Patchart Hire) |
35.175 |
|
Interest on Inter Corporate Deposits |
23.915 |
|
Rent |
0.300 |
|
Creditors Claim |
0.513 |
|
Electricity Duty |
1.037 |
Except in respect of
item (F) above, the Company does not expect any liability to devolve on it on
account of the above referred contingent liabilities and therefore no provision
is held.
Provision for
Contingencies, in schedule 8 comprises of provisions made is in respect of
pending disputes with supplier of services, an employee and an on other
Party.The Management believes that additional disclosure in this respect could
seriously prejudice the interest of the Company. Therefore, the disclosures are
required under the Accounting Standard on Provisions, Contingent Liabilities
and Contingent Assets (AS-29) issued by the Institute of Chartered Accountants
of India, have not been made in this respect. Estimated amount of Contracts
remaining to be executed on Capital Account and not provided for Rs.773.251
Millions; (Previous year Rs. 633.412
Millions) (against which advances paid aggregate Rs.245.160 Millions; Previous year Rs. 135.394 Millions).
As per Website Details
Profile :
The Engineering division of Forbes started with the manufacture of Spring Lock Washers. In 1962, it started the manufacture of Threading Taps and Dies, in collaboration with Nuckey Scott, U.K. While the relationship was discontinued in the early 70’s, the division went on to expand its capabilities and its product range.
The division has two manufacturing facilities one in Chandivali, Mumbai, India, and the other in Chikaltana, Aurangabad. While the factory in Chandivali was commissioned in 1962, the Aurangabad plant was established in India in 1974.
The Engineering division, is equipped with the most modern manufacturing facility, and is perhaps one of the largest manufacturer of Carbon Steel Taps in the world and a very large & versatile manufacturer of High Speed Steel Taps. The manufacturing program includes Threading round and Hex Die nuts (Carbon Steel and High Speed Steel), Tungsten Carbide Burrs, HSS Rotary Cutters, Spring Washers and Measuring Instruments. The Taps and Dies are manufactured as per international standards like BS, ISO, ANSI, DIN, JIS in various thread forms which include Metric, BSW, BSF, UNC, UNF, BSP, NPT, BSPT, BA, ME, NS, BSCYL etc.
The tools are sold under the brand name TOTEM. It not only holds a major share in the domestic market but are well accepted in over 30 countries across the world which include Europe, U.S.A., South East Asia, Latin America, Middle East, Africa etc.,
The Aurangabad plant, which manufactures Carbon Steel taps and Dies, has been accredited with the ISO certification. The main advantages being the availability of a vast variety of thread forms and range with a reasonable price.
Installation of CNC Thread Grinders, Flute grinders, Square Grinders and backed by dedicated and skilled personnel, the Totem HSS Taps manufactured in the Mumbai plant are comparable in quality and performance with the best of the international brands. Further expansion in the Taps now includes M35 Steel Taps for application specific materials. The range covers the spiral pointed Taps for through Hole applications and Spiral Fluted Taps for Blind Hole applications with various kinds of coatings and tool geometries.
Totem Tungsten Carbide Rotary Burrs are manufactured by state of art CNC burr Grinding Machine for hardened Ferrous materials. The range covers different shapes (Cylindrical, Conical, Tree Shape pointed and radius end, Spherical, Oval, and Flame) in Standard cut, Double cut and Diamond Cut. For Non Ferrous materials, like Aluminium, they have designed Aluma burrs. Also one has a choice of selecting High Speed Steel Burrs for Non Ferrous material, which is also in their range. Shapes are quite similar to the Tungsten Carbide Burrs.
The Spring Lock Washers are manufactured under the brand name “BBBB”. It is the largest manufacturer of superior quality Lock washers in the organized sector and caters to all the major Auto and Tractor manufacturers.
To compliment the range of cutting tools, Forbes Gokak Limited. has introduced Solid Carbide End Mills manufactured under Joint Operation agreement with the World’s leading manufacturers M/S M A FORD U.S.A. These Tools are manufactured in Aurangabad since 1999. The range is available in various sizes with a combination of design, geometry and different types of coatings (TiN, TiCN, and TiAlN) to cover all possible application areas in the Industrial segments like Aluminium, Stainless steel etc., available in Centre Cutting and Ball Nose.
Quality Policy :
They commit them selves to the enhancement of customer satisfaction and maintaining global market presence by development, manufacturing and marketing of excellent products. This involves continual improvement of processes, participation of employees and suppliers.
Group
Company :
The focus of this website is on the engineering division of the Forbes Group. The group was established in 1767 by John Forbes of Abeerdeenshire Scotland They are the oldest surviving company in India and one of the oldest in the world.
Their products have a reach in over 30 countries
Their manufacturing plant at Aurangabad is accredited with
ISO 9002 certification.
Their range of products and standards has lead to alliances
with reputed manufacturers around the world
Their brand TOTEM holds the most dominant position in the
market of threading taps in India
Their main advantage is the availability of a vast variety
of thread forms and the range of sizes.
Forbes activities include Engineering, Textiles, business machines, shipping and freight forwarding activities.
Their divisions are
Bradma of India Limited - Business Automation machines
Cambell Knitwear Limited - Knitted Garments
Eureka Forbes Limited - Consumer appliances
Fal Industries Limited - Office and Floor care products
Forbes Agency Division - Communication testing & measuring systems
Gokak Mills
- Dyed yarn, canvas, terry towels, tyre cord
Nypro Forbes
- Precision Moulds and Injection Moulded components
Forbes Patvolk - Shipping and Freight Forwarding
They Have Manufacturing Facilities At,
Saki Powai Road, Chandivali, Mumbai, Maharashtra.
MIDC, Chikalthana, Aurangabad, Maharashtra.
New Development :
To compliment a complete package of cutting tools, Forbes Gokak Limited. has established a range of Solid Carbide Tools in joint operation with the world's leading manufacturer M/s. M.A.FORD,U.S.A.
The solid carbide tools are manufactured to the highest standards and consistent quality and performance, resulting in higher productivity from the machining operations. The range of products includes End Mills, Drills, Reamers, Boring Tools, Internal Grinding Tools, Routers, Printed circuit board Drills, Standard drills, Step drills, Combination drills and Application specific drills.
Forbes Gokak Limited. successfully launched a range of Aluma Cutters, specially
designed Tungsten Carbide Rotary Burrs (Cutters) for Aluminum and other
Non-Ferrous material.
Products
Hss Taps
Industrial mass production requires tools of high performance to meet the challenge of progress through implementation of new production methods and increasing quality demand.
Straight Flute Short Machine and Hand Taps
Straight Flute Serial Form Taps
Fluteless Taps for Cold Forming Material
Spiral Fluted Taps Helical Taps (15° to 35°)
Special Taps with varied Tool Geometries
Straight Flute Long Shank Machine Taps
Straight Flute Spiral Pointed (Gun Nosed Taps)
Nib Taps for Nut Manufacturers
High Performance Special Taps
Taps in M35 (5% Cobalt) & M42 (8% Cobalt)
Forbes spring washers with their firm grip helps to eliminate rattling in equipment reduce wear & tear and ensures secured fastening of nuts and bolts under severe working conditions. Manufactured from a superior grade High carbon steel under strict quality control and rigid inspection standards.
The Forbes spring washers are exclusively preferred by all leading sectors like Automobile and Two wheeler units, Machine tools, Fan Industries, Transmission lines, Transformers etc. Forbes Spring Washers are also available in plating condition in Zinc White / Yellow Passivation
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 :
The 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.
The 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. 43.16 |
|
UK Pound |
1 |
Rs. 85.51 |
|
Euro |
1 |
Rs. 67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|