MIRA
INFORM REPORT
|
Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FABTECH PROJECTS AND ENGINEERS PRIVATE LIMITED |
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Registered Office : |
J – 504, MIDC, Bhosari, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.06.2002 |
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Com. Reg. No.: |
017050 |
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CIN No.: [Company
Identification No.] |
U29299PN2002PLC017050 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00839G |
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PAN No.: [Permanent
Account No.] |
AAACF7903Q |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
Manufacturer of Mounded Bullets projects, Pressure Vessels, Heat Exchangers, Reactors and Agitators, Storage Vessels, Sphere and Mobile Tankers. |
RATING &
COMMENTS
|
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 327612 |
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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 having
satisfactory track records. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The management remained non – cooperative despite several follow –
ups. |
LOCATIONS
|
Registered Office : |
J – 504, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-20-27474134 / 27474235 / 66113326 |
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Fax No.: |
91-20-66113327 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 1, Gat No. 272/273,
Nanekarwadi, Chakan, Dist. Pune - 410501, Maharashtra, India |
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Tel. No.: |
91-2135-395482 / 563052 |
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Fax No.: |
91-2135-253833 |
DIRECTORS
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Name : |
Mr. Bira A. Rupnar |
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Designation : |
Director |
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Address : |
A/2/203 Antanksha Housing Complex, Pimpri, Pune – 411018, India |
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Date of Appointment : |
11.06.2002 |
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Name : |
Mr. Rajabahu A Rupnar |
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Designation : |
Director |
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Address : |
Prem Geet Apartments, Masulkar Colony, Pimpri, Pune – 411018, India |
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Date of Appointment : |
11.06.2002 |
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Name : |
Mr. Neelavarn Bira Rupnar |
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Designation : |
Director |
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Address : |
A/2/203 Antanksha Housing Complex, Pimpri, Pune – 411018, India |
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Date of Appointment : |
11.06.2002 |
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Name : |
Mr. Parameshwaran Nurani Hariharan |
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Designation : |
Director |
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Address : |
703, Gandharv Chs. Sector No,40, Plot No.38, Nerul (West) – 400009,
Maharashtra, India |
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Date of Birth/Age : |
31.12.1946 |
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Date of Appointment : |
01.03.2006 |
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Name : |
Mr. Raman Krishnan |
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Designation : |
Additional Director |
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Address : |
Unit No.15, Stele Park, Plot No.283, Sector 21, Nerul – 400706,
Maharashtra, India |
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Date of Birth/Age : |
15.06.1948 |
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Date of Appointment : |
01.03.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 03.06.2002)
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Names of Shareholders |
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No. of Shares |
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Mr. Bira A. Rupnar |
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350 |
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Mr. Rajabahu A Rupnar |
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350 |
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Mr. Neelavarn Bira Rupnar |
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300 |
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Total |
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1000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Mounded Bullets projects, Pressure Vessels, Heat Exchangers, Reactors and Agitators, Storage Vessels, Sphere and Mobile Tankers. |
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Products : |
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Agencies Held : |
· Lloyd’s
Register Asia · Bureau
Veritas · Det
Norske Veritas · Engineers
India Limited / Ceil · Projects
and Development India Limited · Jacobs
Engineering (H and G) · Bax Counsel
Inspection Bureau Pvt. Limited · Indian
Register Of Shipping · Bharat
Heavy Electrical Limited · Bechtel
Power Corporation · Dalal
Consultants and Engineers Limited · Quest
Inspection Services Pvt. Limited · Tata
Consulting Engineers · S.G.S.
India Limited · Uhde
India Limited · Kvaerner
Powergas (India) Limited · M.
N. Dastur and Company ·
Germaischer Lloyd |
GENERAL
INFORMATION
|
Customers : |
· Indian
Oil Corporation Limited · Hindustan
Petroleum Corporation Limited · Bharat
Petroleum Corporation Limited · Mangalore
Refineries & Petrochemicals Corp. Limited · L
& T Limited · Crompton
Greaves Limited · Kochi
Refineries Limited · Bharat
Shell Limited · Thermax
Limited · Ion
Exchange (I) Limited · Aquatech
Systems (Asis) Private Limited · V A
Tech Wabag Limited · Praj
Industries Limited · Va
Tech Hydro Flovess Limited · Barc
/ Dae · Globe
Gas Equipments Industry Private Limited · Super
Gas · Elf
Gas · Indian
Navy · Alkyl
Amines and Chemicals Limited · Hindustan
Polyamides and Fibers Limited · Galaxy
Chemicals Limited. · Ador
Technologies Limited |
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Bankers : |
· Axis Bank
Limited Pimpri Chinchwad Branch, Pune – 411033, Maharashtra, India ·
The Saraswat
Co-operative Bank Limited Akurdi Branch,
Pune – 411026, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. M. Rajapurkar and Company Chartered Accountant |
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Address : |
1 – Regent Avenue, Sambhaji Chowk, Pradhikaran, Nigdi, Pune – 411044,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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218060 |
Equity Shares |
Rs.100/- each |
Rs.21.806 Millions |
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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 |
21.806 |
21.806 |
0.100 |
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2] Share Application Money |
0.000 |
0.00 |
0.000 |
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3] Reserves & Surplus |
60.097 |
34.938 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
81.903 |
56.744 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
356.265 |
237.613 |
0.000 |
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2] Unsecured Loans |
72.517 |
57.875 |
0.033 |
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TOTAL BORROWING |
428.782 |
295.488 |
0.033 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
510.685 |
352.232 |
0.133 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
75.213 |
48.384 |
0.037 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
28.885 |
6.388 |
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 |
51.733
|
32.302 |
0.000 |
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Sundry Debtors |
250.120
|
212.063 |
0.000 |
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Cash & Bank Balances |
12.141
|
277.196 |
0.035 |
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Other Current Assets |
497.694
|
52.854 |
0.000 |
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Loans & Advances |
11.480
|
17.199 |
0.016 |
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Total
Current Assets |
823.168
|
591.614 |
0.051 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
416.581
|
294.204 |
0.006 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
416.581
|
294.204 |
0.006 |
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Net Current Assets |
406.587
|
297.410 |
0.045 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.050 |
0.051 |
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TOTAL |
510.685 |
352.232 |
0.133 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
1228.879 |
713.184 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
1228.879 |
713.184 |
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Profit/(Loss) Before Tax |
|
38.664 |
34.938 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
38.664 |
34.938 |
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Expenditures : |
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Interests |
|
16.325 |
9.989 |
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Depreciation |
|
6.312 |
3.187 |
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Other Expenditure |
|
1167.578 |
665.070 |
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Total Expenditure |
|
1190.215 |
678.246 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.15
|
4.90 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.15
|
4.90 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.30
|
5.46 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.61 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
10.32
|
10.39 |
0.39 |
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Current Ratio (Current Asset/Current Liability) |
|
1.98
|
2.01 |
8.50 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8:
|
Corporate
identity number (CIN) Foreign company registration number |
U29299PN2002PLC017050 |
|
Name of the
Company |
FABTECH PROJECTS AND ENGINEERS PRIVATE LIMITED |
|
Address |
J-504, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
|
This form is for |
Modification of Charge |
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Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) All Tangible
Movable Property |
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Particulars of
the charge holder |
The Saraswat
Co-operative Bank Limited Akurdi Branch,
Pune – 411026, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Deed of Hypothecation
for additional advances (Supplemental deed) 30th October, 2007.
Equitable Mortgage by way of deposit of original Title Deeds Dated 30th
October 2007 (Both these Documents create a single Charge) |
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Date of the
instrument creating or modifying the charge |
30.10.2007 |
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Amount secured by
the charge |
Rs.490.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: For Cash Credit: PLR
LESS 0.50% p.a. = 12.50% p.a. with monthly Rests or at such rate as may be
prescribed in future by the Bank from Time to time PLR at Present is 13% p.a.
for letter of credit : as per Terms and conditions. Terms of
Repayment: Repayable on
Demand Margin: For cash
cRedit:30% Hypothecation of Stocks less sundry Creditors Debtors (Within 90
days) For letter of
credit : As per Terms and
Conditions Extent and
operations of the charge: Type of facility Cash Credit :
Rs.150.000 Millions Letter of
credit:Rs.340.000 Millions Others: As per Terms and
Conditions |
|
Short particulars
of the property charged (including location of the property) |
Bank all the
tangible movable property all the Book Debts, outstanding. Monies, receivable,
claims and Bills belonging to the borrowers place of business At J 504, MIDC
Bhosari Pune. All that piece and Parcel of Plot No. J 504 Admeasuring 1225
sq. mtrs Together with factory shed admeasuring about 375 sq. mtrs J Block
Pimpri Industrial Area. Village Bhosari District Pune more property described
in Such A together with all easement rights. |
|
Particular of the
present modification |
Cash credit
enhanced by Rs.100.000 Millions making Total CC to Rs.150.000 Millions, and
LC reduced By Rs.100.000 Millions, Making to Rs.340.000 Millions, Net Effect
on the Charge Totaling To Rs.490.000 Millions The tangible
movable property all the Book Debts, outstanding. Monies, receivable, claims
and Bills belonging to the borrowers place of business At J 504, MIDC Bhosari
Pune. All that piece and Parcel of Plot No. J 504 Admeasuring 1225 sq. mtrs
Together with factory shed admeasuring about 375 sq. mtrs J Block Pimpri
Industrial Area. |
Profile:
The company subject was established in the year 1992, is
headed by the Managing Director, Shri. B. A. RUPNAR, qualified Mechanical
Engineer having more than 23 years experience in the field of Fabrication
& Construction of all types of Pressure Vessels including Mounded
Storage Vessels.
Company
accreditations:
·
ASME “U” Stamp certified
·
ISO 9001:2000 certified by BVQI
·
National Board “NB” & “R” Stamp certified
Shops
are approved by:
·
Chief Controller of Explosives (CCOE) Nagpur India
·
Lloyds Register
·
Engineers India Ltd.
·
Bureau Veritas
·
Kvaerner Powergas
·
Dalal Mottmac
·
Toyo Engineering
·
IRS (Indian Register of Shipping)
·
BARC (Bhabha Atomic Research Centre)
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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
|