MIRA
INFORM REPORT
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Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
FATEHPURIA TRANSFORMERS AND SWITCHGEARS PRIVATE LIMITED |
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Registered Office : |
P. O. Machwa, Kalwar Road, Jaipur – 302 012, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.10.1995 |
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Com. Reg. No.: |
17-10945 |
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CIN No.: [Company
Identification No.] |
U31102RJ1995PTC010945 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRF00077A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Transformers |
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 191000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
P. O. Machwa, Kalwar Road, Jaipur – 302 012, Rajasthan, India |
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Tel. No.: |
91-141-2319788 / 930 |
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Fax No.: |
91-141-2311778 |
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E-Mail : |
ftsplmsf@jpl.dot.in, ftsplmsf@hotmail.com, guptavindoca@rediffmail.com |
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Factory : |
S/91-92, Raisar Plaza, Baba Harish Chandra Marg, Indira Bazar, Jaipur
– 302 001, Rajasthan, India |
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Tel. No.: |
91-141-319788 / 378367 |
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Fax No.: |
91-141-311778 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Madhusudan Fatehpuria |
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Designation : |
Director |
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Address : |
301, D-24, Akshat Tower, Bhaskar Marg, Bani Park, Jaipur – 302 006,
Rajasthan, India |
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Date of Birth/Age : |
27.10.1967 |
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Date of Appointment : |
18.10.1995 |
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Name : |
Mrs. Amita Devi Fatehpuria |
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Designation : |
Director |
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Address : |
C-37, Bhagwan Das Road, C – Scheme, Jaipur – 302 005, Rajasthan, India |
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Date of Birth/Age : |
04.07.1965 |
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Date of Appointment : |
18.10.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Puroshottam Lal Fatehpuria |
1001597 |
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Amita Devi Fatehpuria |
786932 |
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Madhu Sudan Fatehpuria |
656406 |
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Others / Relatives of Directors |
2012 |
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Total |
2446947 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Transformers |
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Products : |
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GENERAL
INFORMATION
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Suppliers : |
·
Balaji Cork and Ribber Inc. ·
Central Power Research Institute ·
Adhunik Niryat Ispat Limited ·
Apart Industries Limited ·
Grand Polycoats Company Private Limited ·
Izzy Metals Private Limited ·
Kalsan Engineering Industries Private Limited ·
Coventry Metals Rajasthan Private Limited ·
Kandoi Steels Private Limited ·
Mohit Engineering Industries ·
Pankaj Industries Agency Private Limited ·
RPG International |
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Customers : |
·
Fatehpuria Vidyut Udyog Private Limited ·
Genus Overseas Electronics Private Limited ·
Hindalco Industries Limited ·
Himachal Pradesh State Electricity Board ·
Chattisgarh State Electricity Board ·
MESCOM, Mangalore ·
JVVNL ·
Minda Industries Limited ·
Rajasthan Electricity Board ·
Geet Priya Hotels Private Limited ·
Win Power Marketing Private Limited ·
ITW India Limited ·
Hindustan Copper Limited ·
Elpro International Limited |
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Bankers : |
·
Dena Bank M. I. Road, Jaipur – 302 001, Rajasthan,
India ·
ICICI bank Limited ·
Punjab National Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gupta Abhishek and Company Chartered Accountants |
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Address : |
203, Shyam Anukampa, O-11 Ashok Marg, C-Scheme, Jaipur – 302 001,
Rajasthan, India |
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Tel. No.: |
91-141-2372688, 2360732 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2446947 |
Equity Shares |
Rs.10/- each |
Rs.24.469
millions |
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 |
24.469 |
24.469 |
24.469 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.662 |
3.446 |
0.321 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.320) |
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NETWORTH |
38.131 |
27.915 |
24.470 |
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LOAN FUNDS |
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1] Secured Loans |
73.891 |
44.843 |
27.877 |
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2] Unsecured Loans |
6.106 |
7.706 |
8.932 |
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TOTAL BORROWING |
79.997 |
52.549 |
36.809 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
118.128 |
80.464 |
61.279 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
77.890 |
31.130 |
23.661 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
29.891
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41.504 |
31.255 |
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Sundry Debtors |
54.221
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45.071 |
28.425 |
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Cash & Bank Balances |
7.301
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0.653 |
0.084 |
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Other Current Assets |
3.600
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3.003 |
1.522 |
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Loans & Advances |
8.081
|
7.503 |
7.210 |
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Total
Current Assets |
103.094
|
97.734 |
68.496 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
47.697
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48.400 |
28.489 |
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Provisions |
15.159
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0.000 |
2.389 |
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Total
Current Liabilities |
62.856
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48.400 |
30.878 |
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Net Current Assets |
40.238
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49.334 |
37.618 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
118.128 |
80.464 |
61.279 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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386.421 |
246.316 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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386.421 |
246.316 |
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Profit/(Loss) Before Tax |
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28.609 |
4.980 |
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Provision for Taxation |
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18.392 |
1.572 |
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Profit/(Loss) After Tax |
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10.217 |
3.408 |
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Total Expenditure |
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357.812 |
241.336 |
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 |
(%) |
2.64
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1.38 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
7.40
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2.02 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.81
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3.86 |
- |
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Return on Investment (ROI) (PBT/Networth) |
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0.75
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0.18 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
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3.75
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3.62 |
2.78 |
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Current Ratio (Current Asset/Current Liability) |
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1.64
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2.02 |
2.22 |
LOCAL AGENCY
FURTHER INFORMATION
·
Quality Certification: ISO 9001 (Under
Process)
Form No.8
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Name of the company |
FATEHPURIA TRANSFORMERS AND SWITCHGEARS PRIVATE LIMITED |
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Presented By |
Director,
Fatehpuria Transformers and Switchgears Private Limited and Dena Bank
Jointly. |
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1) Date and description of instrument creating the change |
29.12.1995 (Regd.
on 17.06.1996) Agreement for
Hypothecation of stocks, bills agreement, guarantee letter. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.84.700
millions Detailed as:
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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 |
All the tangible
movable property and assets including palnt and machinery, tools, accessories,
stores and spares at Machwa, Kalwar Road, Jaipur. Bills, Cheques, Hundies,
Drafts or Bill of Exchange, R/R’s etc. Bills of madding, insurance policy,
invoice, shares or securities. Raw material i.e.
conductor cargo, lamination etc. Immovable
property, building, structures, erection, fixed palnt and machinery and other
fittings and fixtures. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
Rate of
interest @ 19.75% p.a. with quarterly rests. ·
Repayable on
demand ·
Margin as
per bank’s rules. |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank M. I. Road,
Jaipur |
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6) Date and brief description of instrument modifying the charge |
31.01.2004 Agreement of Hypothecation
goods, book debts and other movable assets to secure multiple facilities. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
a) The amount of
limit enhanced to Rs.104.000 millions detailed as: Fund Based Limit
Non Fund Based
Limit
b) Hypothecation
on first charge basis all the companies goods, book debts, movables, raw
material, stock in process and finished goods such as transformers etc. consumable
stores, apares, packing material, both present and future, where ever
situated and belonging to the company, extended on the enhanced limit. c) Hypothecation
on first charge basis all the tangible movable properties and assets plant,
machinery, tools, accessories, stores and spares relating to palnt and
machinery, furniture, articles, office equipments, computers both present and
future extended on the enhanced limit. d) Hypothecation
on first charge basis all present and future biik debts, outstanding monies,
receivables, claims, bills, rights to or in movable properties and assets due
and owing present or in future and entire current and fixed assets of the
company, extended on the enhanced limit. e) Equitable
mortgage created on the property of the company situated at Khasra No. 249
(lease hold) admeasuring 4000 sq. yards and Khasra No. 295/907 (free hold
land) admeasuring 8853 sq. mtrs. With all buildings, sheds, factory, plant
and machinery attached to earth, extended on the enhanced limit. f) The property
at Khasra No. 294 and 295/907 was sold by Sh. P. L. Fatehpuria to M/s.
Fatehpuria Vidyut Udyog at a sale consideration of Rs.0.040 million (in 1981)
and Rs.1.743 millions (in 1995) respectively. g) The firm M/s Fatehpuria
Vidyut Udyog was taken over by the company on 1.12.1995 along with to all
assets and liabilities and the partners were issued shares equivalent to
their capital. h) Interest to be
charged @ 13%, (2% above PLR) subject to change in bank / RBI guidelines from
time to time. i) Margin – 25%
on Stocks, Book debts, 20% on Letter of Credit, 10% on Bank Guarantee ii) Other terms
and conditions remain same. |
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Corporate
identity number of the company |
U31102RJ1995PTC010945 |
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Name of the company
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FATEHPURIA TRANSFORMERS AND SWITCHGEARS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
P. O. Machwa, Kalwar Road, Jaipur – 302 012, Rajasthan, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book Debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Dena Bank M. I. Road, Jaipur – 302 001, Rajasthan, India |
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Nature of
instrument creating charge |
Agreement of
Hypothecation (Goods, Book debts and
other movable assets) dated 18.01.2007, Memorandum of Entry dated 18.01.2007
and Memorandum of Entry for extension of existing mortgage dated 18.01.2007. |
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Date of
instrument Creating the charge |
18.01.2007 |
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Amount secured by
the charge |
Rs.150.300
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest BPLR incase of CC Hypothecation of stock and book debts, commission 50%
of applicable in case of letter of credit-I/F, DA, DP. 0.375% per quarter
instead of 0.5% for performance BG. 0.5% instead of 0.75% in case of
financial BG. ·
Terms of
repayment Repayable on demand. ·
Margin 25% in case of CC Hypothecation of stock and book-debts, 10%+10% in
case of Letter of credit, 10% For Bank Guarantee ·
Extent and
operation of the charge Charge on current assets and immovable properties including stock and
book debts and land and building of factory at Machwa, Kalwar Road, Jaipur,
Shops at S-91 and S-92, Raisar Plaza, Jaipur. |
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Particulars of
the property charged |
Stock of raw
materials such as CRGO, Copper alluminium, steel etc., stock in process in
finished goods, book-debts, and others. Charge on current
assets and immovable properties including stock and book debts and land and
building of factory at Machwa, Kalwar Road, Jaipur, Shops at S-91 and S-92,
Raisar Plaza, Jaipur. |
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 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.42.73 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.66.97 |
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|