MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
FAIR FIELD PRESSING PRIVATE LIMITED |
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Registered Office : |
B-7, Kumar Ashiyana Singhagad Road, Pune – 411030, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.08.1982 |
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Com. Reg. No.: |
11-028061 |
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CIN No.: [Company
Identification No.] |
U27203MH1982PTC028061 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00619D |
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PAN No.: [Permanent
Account No.] |
AAACF3130F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers of
Sheet Metal Components & Assembly. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow by average
30 days |
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Litigation : |
Clear |
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Comments : |
Financial
position of the company is moderate.
Payments are reported as slow and delayed. The company can be
considered for small to mediocre business dealings on safe and secured trade
terms and conditions, initially. |
LOCATIONS
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Registered Office : |
B – 7, Kumar
Ashiyana, Sinhagad Road, Pune – 411030, Maharashtra, India |
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Tel. No.: |
91-20-22232514/24330179/
24479369 |
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Fax No.: |
91-20-22232514/
22232612 |
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E-Mail : |
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Website : |
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Factory : |
D-45 / 46, MIDC Ranjangaon, Tal. Shirpur, Dist. Pune, 412 209,
Maharashtra, India. |
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Tel. No.: |
91-2138-560725 / 560726 |
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Fax No.: |
91-2138-670183/86 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vishwas
Manikrao Jagtap |
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Designation : |
Managing Director |
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Address : |
36 Pushpanjali,
Shivprasad Society, Panmala, Pune – 411030, Maharashtra |
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Date of Appointment : |
23.08.1982 |
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Name : |
Ms. Nutan Vishwas
Jagtap |
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Designation : |
Director |
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Address : |
36 Pushpanjali, Shivprasad
Society, Panmala, Pune – 411030, Maharashtra |
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Date of Appointment : |
23.08.1982 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Mr. Vishwas
Jagtap |
2187 |
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Ms. Nutan Jagtap |
2186 |
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Total |
4373 |
(As On 31.03.2007)
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Category |
Percentage |
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Others |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Sheet Metal Components & Assembly. |
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Products : |
· Assembly Door Hinge– Various Types · Spacer Drive Shaft · Assembly reinforcement · Brackets · Assembly Hinge Hood · Back Panel for refrigerators · Wishbones · Clamps · Deep drawn items · Cross members · Step-assembly · Floor Substructures · Support Dash Board · Thrust Washer · Various types of harden Washers. |
GENERAL
INFORMATION
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Customers : |
· Whirlpool of India Limited. · Piaggio Motors Private Limited. · Tata Motors Limited · LG Electronics Limited · Flat India Private Limited · L and T John Deere · Suyash Auto Press Company Private Limited |
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Suppliers : |
· Anand Alloys · Bhushan Steel
and Strips Limited · Ajay Iron Steel
Traders · Hitech Engineers · India Chemicals
Industries Private Limited · Ispat Industries
Limited · M and M
Engineers · Sai Samarth
Enterprises · Shree Mahavir
Udyog Private Limited · Star Auto
Industries Private Limited |
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No. of Employees : |
80 Employees |
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Bankers : |
· Cosmos Co. op.
Bank Limited Deccan Gymkhana, Pune, Maharashtra, India. · State Bank of
India · ICICI Bank
Limited · Bank of
Maharashtra · CITI Bank NA |
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Facilities : |
The Company reported to enjoy some facilities from it’s Bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Avinash J. Utgikar, Chartered Accountants |
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Address : |
2nd Floor, Dyanda Apartment, 517, Sadashiv Peth, Pune,
411030, Maharashtra, India. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4373 |
Equity Shares |
Rs. 100/- each |
Rs. 0.437 million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.437 |
0.437 |
0.437 |
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2] Share Application Money |
0.000 |
1.950 |
1.950 |
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3] Reserves & Surplus |
0.000 |
2.537 |
6.242 |
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4] (Accumulated Losses) |
(2.293) |
(2.206) |
0.000 |
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NETWORTH |
(1.856) |
2.718 |
8.629 |
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LOAN FUNDS |
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1] Secured Loans |
15.709 |
17.390 |
16.119 |
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2] Unsecured Loans |
23.211 |
15.940 |
15.328 |
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TOTAL BORROWING |
38.920 |
33.330 |
31.447 |
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DEFERRED TAX LIABILITIES |
3.648 |
3.787 |
4.313 |
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TOTAL |
40.712 |
39.835 |
44.389 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.346 |
51.555 |
46.170 |
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Capital work-in-progress |
0.000 |
0.000 |
12.146 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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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 |
6.371
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3.745 |
2.711 |
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Sundry Debtors |
18.533
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17.767 |
12.156 |
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Cash & Bank Balances |
0.184
|
1.358 |
0.139 |
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Other Current Assets |
3.625
|
2.995 |
0.000 |
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Loans & Advances |
0.630
|
2.450 |
2.342 |
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Total
Current Assets |
29.343
|
28.315 |
17.348 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.287
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13.572 |
31.287 |
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Provisions |
36.789
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26.563 |
0.088 |
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Total
Current Liabilities |
45.076
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40.135 |
31.375 |
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Net Current Assets |
40.713
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(11.820) |
[14.027] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.005 |
39.835 |
44.389 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2005 |
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Sales Turnover |
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89.752 |
72.804 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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89.752 |
72.804 |
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Profit/(Loss) Before Tax |
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(4.951) |
(3.908) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(4.951) |
(3.908) |
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Total Expenditure |
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94.703 |
76.712 |
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 |
(%) |
(5.52)
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NA |
(5.37) |
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Net Profit Margin (PBT/Sales) |
(%) |
(5.52)
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NA |
(5.37) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(5.78)
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NA |
(6.15) |
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Return on Investment (ROI) (PBT/Networth) |
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2.67
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NA |
(0.45) |
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Debt Equity Ratio (Total Liability/Networth) |
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24.29
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14.77 |
3.63 |
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Current Ratio (Current Asset/Current Liability) |
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0.65
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0.70 |
0.55 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the
company |
FAIRFIELD PRESSINGS PRIVATE LIMITED |
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Presented By |
The Cosmos Co-operative Bank Limited 269/270, Shaniwar Peth, Pune – 411030, Maharashtra |
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1) Date and
description of instrument creating the change |
Date : 22nd
August, 2005 Description :
Hypothecation of tangible goods/movable property |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 0.678
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Land |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest : 13%
p.a. |
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5) Name and
Address and description of the person entitled to the charge. |
The Cosmos Co-operative Bank Limited 269/270, Shaniwar Peth, Pune – 411030, Maharashtra Decccan Gymkhana Branch |
FIXED ASSETS:
·
Leasehold Land
/ Bhosari
·
Factory
Building
·
Plant &
Machinery
·
Moulds &
Tools
·
Electrical
Installation
·
Furniture
·
Computer &
Peripherals
·
Office
Equipments
Company Profile:
Subject is a renowned and trusted name in manufacturing of sheet metal pressing and sub assemblies supported by own tool room. It all started in 1976, when Mr. V. M. Jagtap (D.M.E. & D. Met.) laid the foundation of M/s. Veejay Engineers. Being a young, experienced and confident entrepreneur, within a small time span he built for Veejay Engineering a trusted image in the field of press components. Keeping in tune with the advancements in the field, the company maintained an excellent track record of growth.
Due to this continuous growth and the resultant hi-tech requirements and customers expectations, Fairfield Pressings Pvt. Ltd. came into existence in 1982 and built-up a total in-house infrastructure and started operation on 28th June 1986. From then on it has never looked back and has reached the turnover of nearly Rs. 50.000 millions handling upto 350 tons of pressings.
History:
Established in 1976
as a Proprietory Concern under the name and style and Veejay Engineers. Name
Changes to Present in 1982.
FACILITIES
Fairfield
Pressings Pvt. Ltd.
v Equipped
with 50 Tons to 800 Tons small to large bed mechanical & hydraulic presses,
where majority of the presses are imported from UK/GERMANY.
v Fabrication
facility with all type of welding machines e.g. Spot Welding guns, Integrated
Welding Guns, Capacitor discharge projection machines, TIG/MIG machines, Arc
Welding machines.
v Tool
room facility is activated to support all time needed tools manufacturing &
maintenance. Tool room is equipped with vertical Machining Center, CNC Wire Cut
machine, Small & Large Bed Grinding machine, Radial Drilling and SIP JIG
Boring Machine and all conventional machines.
v 50
Tons to 400 Tons Mechanical Presses
v Fabrication
& Assembly Shop
v Tool
room is supported by computerized design center with qualified and versatile
tool designers & engineers.
List
of Machineries
Tool Room
·
Vertical Machining Center
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Radial Drilling machine
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CNC Wire cut machine
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Pillar Mounted Vertical Drilling machines
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Surface grinding Machine
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Center Lathe machines
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Small & Large bed surface Grinding machines
Utility Service
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Screw compressors
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Overhead EOT crane
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Battery Driven Fork Lift
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Diesel Engine driven Fork Lift
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Diesel Generating Set
Press Shop
·
800 Ton Mechanical Press
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400 Ton Mechanical Press
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250 Ton Mechanical Press
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160 Ton Mechanical Press
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150 Ton Mechanical Press
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100 Ton Mechanical Press
·
63 Ton Mechanical Press
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50 Ton Mechanical Press
·
160 Ton Hydraulic / Mechanical Press
Fabrication Shop
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MIG/ TIG Machines
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Arc Weldin
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Integrated Spot Welding Guns
·
Butt Welding
·
Spot Welding
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CO2 Welding Facilities
·
Projection Welding
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. 42.53 |
|
UK Pound |
1 |
Rs. 83.44 |
|
Euro |
1 |
Rs. 66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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