MIRA
INFORM REPORT
|
Report Date : |
30.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FILTECH FABRICS PRIVATE LIMITED |
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Registered Office : |
M -24 Trade Centre, 18 South Tukoganj, Indore – 452 001, Madhya
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.02.1996 |
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Com. Reg. No.: |
10-10475 |
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CIN No.: [Company
Identification No.] |
U51311MP1996PTC010475 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLF00172E |
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PAN No.: [Permanent
Account No.] |
AAACF2682G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Filter Cloth and Accessories. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company meetings its small commitments
timeously. Trade relations are fair. The company can be considered for small to mediocre business dealings.
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INFORMATION PARTED
BY
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Name : |
Mr. Sanjay |
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Designation : |
Accountant |
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Date : |
30.05.2008 |
LOCATIONS
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Registered Office : |
M -24 Trade Centre, 18 South Tukoganj, Indore – 452 001, Madhya
Pradesh, India |
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Tel. No.: |
91-731-250209 / 24085203 |
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Mobile No.: |
91-9826052020 / 9301560731 |
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Fax No.: |
91-731-24085203 |
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E-Mail : |
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Website : |
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Area: |
425 Sq.fts |
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Location: |
Owned |
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Corporate Office : |
M 4-4, Chetak Arch 7 M G Road, Indore – 452 001, Madhya Pradesh, India
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Tel. No.: |
91-731-2520209 |
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E-Mail : |
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Factory: |
D - 5B, 56 A, Sector C Sanwar Road, Indore– 452 001, Madhya Pradesh,
India |
DIRECTORS
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Name : |
Mr. Punit Tongia |
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Designation : |
Director |
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Address : |
19/2, Old Palasia Indore – 452 001, Madhya Pradesh, India |
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Date of Birth/Age : |
30.11.1972 |
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Date of Appointment : |
06.02.1996 |
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Name : |
Mr. Ravi Makija |
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Designation : |
Director |
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Address : |
375 Saket Nagar, Indore – 452 001, Madhya Pradesh, India |
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Date of Birth/Age : |
16.04.1972 |
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Date of Appointment : |
06.02.1996 |
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Name : |
Mrs. Monika Tongia |
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Designation : |
Director |
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Address : |
19/2, Old Palasia Indore – 452 001, Madhya Pradesh, India |
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Date of Birth/Age : |
05.12.1979 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mrs. Reena Makhija |
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Designation : |
Director |
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Address : |
375 Saket Nagar, Indore – 452 001, Madhya Pradesh, India |
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Date of Birth/Age : |
03.05.1976 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Love Makhija |
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Designation : |
Director |
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Date of Birth/Age : |
25.05.1978 |
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Date of Appointment : |
01.09.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2007) |
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No. of Shares |
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Mr. Punit Tongia |
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25000 |
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Mr. Ravi Makija |
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25000 |
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Total
|
50000 |
Equity Shares Breakup (Percentage of Total Equity): as on 31.03.2007:-
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Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Filter Cloth and Accessories. |
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Exports : |
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Countries : |
Nepal, Srilanka |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash, T/T |
GENERAL
INFORMATION
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Customers : |
Dealers, Consumers |
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No. of Employees : |
16 (4 in Office, 12 in Factory) |
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Bankers : |
State Bank Of India , 2nd Floor, Regional Business Offices,
Near GPO, Indore – 452 001, Madhya Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gupta and Ashok Chartered Accountants |
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Address : |
226, Sunrise Tower, 579, M G Road, Indore – 452 001, Madhya Pradesh,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity shares |
Rs. 10/- each |
Rs. 0.600 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.500
million |
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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.306 |
0.240 |
0.188 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.806 |
0.740 |
0.688 |
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LOAN FUNDS |
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1] Secured Loans |
0.842 |
0.700 |
0.872 |
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2] Unsecured Loans |
0.248 |
0.269 |
0.285 |
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TOTAL BORROWING |
1.090 |
0.969 |
1.157 |
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DEFERRED TAX LIABILITIES |
0.102 |
0.114 |
0.107 |
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TOTAL |
1.998 |
1.823 |
1.952 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.693 |
0.760 |
0.587 |
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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 |
0.412
|
0.483 |
0.418 |
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Sundry Debtors |
2.912
|
2.315 |
2.196 |
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Cash & Bank Balances |
0.328
|
0.087 |
0.044 |
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Other Current Assets |
0.023
|
0.020 |
0.025 |
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Loans & Advances |
0.051
|
0.048 |
0.018 |
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Total
Current Assets |
3.726
|
2.953 |
2.701 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.383
|
1.864 |
1.316 |
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Provisions |
0.038
|
0.026 |
0.020 |
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Total
Current Liabilities |
2.421
|
1.890 |
1.336 |
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Net Current Assets |
1.305
|
1.063 |
1.365 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.998 |
1.823 |
1.952 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
10.436 |
9.193 |
8.642 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
10.436 |
9.193 |
8.642 |
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Profit/(Loss) Before Tax |
0.105 |
0.098 |
0.129 |
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Provision for Taxation |
0.039 |
0.045 |
0.039 |
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Profit/(Loss) After Tax |
0.066 |
0.053 |
0.090 |
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Expenditures : |
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Financial Charges |
0.221 |
0.126 |
0.138 |
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Increase/(Decrease) in Finished Goods |
[0.141] |
[0.117] |
0.100 |
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Depreciation & Amortization |
0.068 |
0.067 |
0.031 |
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Other Expenditure |
10.183 |
9.019 |
8.244 |
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Total Expenditure |
10.331 |
9.095 |
8.513 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.63
|
0.57 |
1.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.01
|
1.07 |
1.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.76
|
2.64 |
3.92 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
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0.13 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.36
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3.86 |
3.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.54
|
1.56 |
2.021 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Name of the
company |
FILTECH
FABRICS PRIVATE LIMITED |
|
Presented By |
FILTECH FABRICS PRIVATE LIMITED |
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1) Date and
description of instrument creating the change |
· Recital S No. 601 dated 08.08.1997 · General Agreement for the grant of small industrial advances and hypothecation of movable assets, book debts and other assets dated 08.08.1997. · Agreement fro the grant of small industrial advances dated 08.08.1997 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 1.000
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 |
Continuing
collateral security of leasehold Plot No. D 5/B, and D-6/A C sector,
industrial Area, Indore and build erected thereon and plant and machinery
installed. All stocks book
debts movable and other assets |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 2% over SBI advance rates with minimum 16.5% Payable on demand |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Industrial Area , Indore |
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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 |
TRADE REFERENCES:
· Pramod Laboratory Private Limited
· Macc And Food
· Pune Veg Private Limited
OTHER
INFORMATION:-
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PARAMETER |
DETAIL |
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Statutory Approval |
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Income Tax Registration |
AACF2628G |
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VAT / TIN Registration |
23810901814 |
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Import Export Code |
1104001195 |
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Name of Bank |
State Bank of India |
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Current Account Number |
00000010586247968 |
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Credibility
Factors |
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India Mart Client Since |
3 years |
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Trade
Affiliations |
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SSI Registration |
101633384 Dated 08.02.1996 |
WEBSITE DETAILS:
The company is engaged in manufacture, export and supply business of wide
array of sparkler filter pad, filter fabric, filter cloth, filter bags, dust
collection bag, filter paper, cotton belting cloth, tarpaulin cloth and other
allied products having extensive usage in edible oil industry, chemical
industry, cement industry and other industrial unit.
They can develop both woven and non-woven version of filter fabrics that are
often used in filteration of air, gas and liquid in different industries.
Their business concern relates to designing the prototypes and finished filteration
products along with complete application assistance of their product into the
system. They assure to work in close coordination with their clients to develop
specific filteration products in compliance with their requirements.
Products
· Filter cloth
· Filter bag
· Filter paper
· Non woven filter fabric
· Dust collection bag
· Conveyor belting cloth
· Centrifuge filter bag
· Filter fabric
· Anti static filter bag
· Tarpaulin cloth.
Raw Material Used/Fabric Used
They use different raw material for developing their wide array of
filtration products. The raw material mainly used in their production process
is cotton, polyester, poly propylene spun, polypropylene multi filament, nylon
etc. The fabrics or bag made out of these is safe for any chemical conditions
as the raw material procured from reputed manufacturers and suppliers based
across the globe.
Infrastructure
They are capable to provide a wide array of filtration products,
developed in compliance with the set industrial standards, sufficing the
requirements of distinct industries. Their manufacturing unit is fully equipped
with sophisticated machines and they have different divisions to streamline the
production processes. The technology adopted in their unit for the design and
development of filtration products is in sync with the innovations in the
industry.
Their company, with its efficient and dynamic management, computerized
accounting systems and inventory control, is also well equipped to provide
quality products and services to their valued customers.
Quality
Selecting the right filter material is the key to achieve productive
results. They take utmost care to choose filter material, with proper
considerations for their particle size, operating temperature and chemical
resistance. Whatever the filtration requirement, filtech assures to suffice to
the specific demand. All their products are inspected with proper
documentation. They also provide the inspection reports and test certificates
to avoid any defects with in their products.
Filtech filtration products find wide acceptance in the global market due to
the added features of guaranteed quality with them. They are a quality
conscious company. Their commitment to manufacture premium quality filtration
products is directed towards achieving complete customer satisfaction.
Design Assurance
They give different treatment to their filtration products in order to
make them compatible with liquid, air and gases. Their capabilities extend to
developing different sizes of filtration products that benefit the specific
requirements. They have a sewing plant that fabricates all types of filter bag
dust collection bag, centrifuge filter bag and media for all applications for
liquid, air and gas. Their team of experts supervises complete designing and
allied process to avoid any fallacies, if any arises in their division and
manufacturing process.
Clients
Their continual endeavors are directed towards achieving maximum
satisfaction of their clients. They have established a reliable image for their
selves amidst their clients as they are capable to undertake bulk as well as
minimum ordered quantity. Further, they have earned proficiency in the sector
and are able to customize their filtration products in compliance with their
client's requirements. They supply their filtration products to major Edible
oil refineries, chemical industries and biscuit industries in India and Nepal.
Their clientèle includes:
· Ruchi Soya Industries Limited.
· Ranbaxy Laboratories Limited.
· Nicholas Piramal Limited.
· Hindustan Wax Industry.
· Swastik Oil Industry (Private) Limited.
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.42.85 |
|
UK Pound |
1 |
Rs.84.74 |
|
Euro |
1 |
Rs.67.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|