MIRA
INFORM REPORT
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Report Date : |
28.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
FIRECHEM FIRE SAFETY DEVICES PRIVATE LIMITED |
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Formerly Known As : |
FIRE SAFETY DEVICES PRIVATE LIMITED |
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Registered Office : |
B-4, 2nd Floor, Rama Commercial Complex, Sector 20-B, Near
Ajronda Chowk, Faridabad – 121007, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.05.1999 |
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Com. Reg. No.: |
034245 |
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CIN No.: [Company
Identification No.] |
U29193HR1999PTC034245 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKF00190B |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
Manufacturer and Export of Fire Extinguishing, Flame Retardant,
Environment Friendly Chemicals. |
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 19684 |
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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. The company has not filed
its latest financials with the Government departments and the management
declined to part the same. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. D P Parekh |
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Designation : |
Director |
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Date : |
17.05.2008 |
LOCATIONS
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Registered Office : |
B-4, 2nd Floor, Rama Commercial Complex, Sector 20-B, Near
Ajronda Chowk, Faridabad – 121007, Haryana, India |
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Tel. No.: |
91-129-2288196/ 7/ 8 |
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Fax No.: |
91-129-2288700 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Plot No.1920, Sector 3A, Industrial Area, Sidcul – 249403, Haridwar,
India |
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Tel. No.: |
91-1334-2392101/ 11 |
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Area : |
22000 sq. ft |
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Location : |
Owned |
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Factory 2: |
Plot No.296, Sector 24, Faridabad – 121004, India |
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Area : |
4000 sq. ft |
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Location : |
Rented |
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Factory 3: |
Plot No.373, Sector 24, Faridabad – 121004, India |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Bharat Parekh |
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Designation : |
Director |
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Address : |
House No.727, Sector 15, Faridabad – 121007, Haryana, India |
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Date of Birth/Age : |
27.03.1954 |
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Qualifications : |
Graduate |
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Date of Appointment : |
14.05.1999 |
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Name : |
Mr. Dhiren P. Parekh |
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Designation : |
Director |
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Address : |
House No.727, Sector 15, Faridabad – 121007, Haryana, India |
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Date of Birth/Age : |
01.01.1957 |
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Qualifications : |
Graduate |
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Date of Appointment : |
14.05.1999 |
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Name : |
Mr. Ashish Parekh |
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Designation : |
Director |
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Address : |
House No.726, Sector 15, Faridabad – 121007, Haryana, India |
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Date of Birth/Age : |
13.04.1960 |
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Qualifications : |
Graduate |
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Date of Appointment : |
14.05.1999 |
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Name : |
Mr. Parag P. Parekh |
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Designation : |
Director |
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Address : |
House No.726, Sector 15, Faridabad – 121007, Haryana, India |
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Date of Birth/Age : |
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Date of Appointment : |
14.05.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Bharat Parekh |
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45000 |
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Mr. Dhiren P. Parekh |
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45000 |
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Mr. Ashish Parekh |
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45000 |
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Mr. Parag P. Parekh |
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45000 |
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Total |
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180000 |
(As on 31.03.2006)
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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, Importer and Export of Fire Extinguishing, Flame
Retardant, Environment Friendly Chemicals. |
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Products : |
· Fire
Extinguishing · Flame Retardant
Chemicals · Environment
Friendly Chemicals · Dry Chemical
Powder · Fire Fighting
Foams · Oil Spill
Dispersant · Duscon |
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Exports : |
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Products : |
All Products |
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Countries : |
· Romania · Australia · Thailand · Malaysia · Bangladesh · Nepal · UAE · Kenya · Mauritius · Yemen |
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Imports : |
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Products : |
UL Listed ABC Powder |
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Countries : |
Kiddie (Maxico) |
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Terms : |
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Selling : |
Cash and Credit (30-60-90 days) |
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Purchasing : |
Cash and Credit (30-60-90 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Dealers · Oil
& Natural Gas Corporation · Indian
Oil Corporation Limited · Bharat
Petroleum Corporation Limited · Hindustan
Petroleum Corporation Limited · Airport
Authority of India · Ministry
of Defence · Nuclear
Power Corporation · NTPC
· NHPC
· BHEL
· Coalfields
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No. of Employees : |
50 (Office – 20 and Factory – 30) |
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Bankers : |
Bank of India, NH2, Faridabad |
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Facilities : |
CC Facility – Bank of India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Sanjay Chundalia and Associates Chartered Accountant |
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Address : |
B-402-403, 2nd Floor, Nehru Ground, NIT, Faridabad –
121001, Haryana, India |
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Mobile : |
91-9811025321 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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180000 |
Equity Shares |
Rs.10/- each |
Rs.1.800
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.800 |
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2] Share Application Money |
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1.980 |
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3] Reserves & Surplus |
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1.141 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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4.921 |
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LOAN FUNDS |
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1] Secured Loans |
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1.761 |
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2] Unsecured Loans |
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3.495 |
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TOTAL BORROWING |
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5.256 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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10.177 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.747 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.533 |
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Sundry Debtors |
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5.615 |
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Cash & Bank Balances |
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0.214 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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3.542 |
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Total
Current Assets |
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12.904 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.106 |
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Provisions |
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0.372 |
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Total
Current Liabilities |
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10.478 |
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Net Current Assets |
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2.426 |
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MISCELLANEOUS EXPENSES |
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0.004 |
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TOTAL |
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10.177 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.20 |
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Current Ratio (Current Asset/Current Liability) |
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1.23 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference:
· Indian Oil Corporation
· BPCL
· HPCL
· NTPC
Form 8:
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Name of the company |
FIRE SAFETY DEVICES PRIVATE LIMITED |
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Presented By |
Mr. Bharat P.
Parekh, Director |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Book Debts for Cash Credit Limit Dated 13.02.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 Million |
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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 |
Hypothecation of
Book Debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First Charge by
way of hypothecation of Book debts as mentioned in item no.3 and such assets
of the nature described in item no.3 as are or may at any time be in the
possession or power of the company to secure the limits as mentioned in item
no.2, together with interests at 4% p.a. above bank of India PLR as may from
time to time be fixed by bank and notified to borrower and shall be
calculated and charged in accordance with the practice of Bank. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
NIT Faridabad |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Profile:
After huge success of Fire Safety Devices Private Limited, in
1999, Subject was established for manufacturing of Fire Extinguishing Foams, by
adopting good manufacturing practices, company brand was established in market.
Due to untiring research, company has developed other range of chemicals like
oil spill dispersant, Dust control Chemicals and various other types of foams.
They made a humble start by introducing Dry Chemical Powder
in the year 1995. As a result of their constants innovation end earn to provide
reliable quills products. They have to day a very large range of products like
Dry Chemical Powder, Aqueous Film Foaming Foam, Duscon and Oil Spill
Dispersant.
They are ISO 9001:2000 certified company and their products
are manufactured as per national / international standard. Some of their
products are UL Listed.
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.42.89 |
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UK Pound |
1 |
Rs.84.84 |
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Euro |
1 |
Rs.67.61 |
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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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 |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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