MIRA INFORM REPORT

 

 

 

Report Date :

15.11.2008

 

IDENTIFICATION DETAILS

 

Name :

MODERN FOAM INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

21, Amirani Mansion, M M Chotani Road, Mahim (West), Mumbai – 400016, Maharashtra.

 

 

Country :

India

 

 

Date of Incorporation :

25.03.1987

 

 

Com. Reg. No.:

11-042967

 

 

CIN No.:

[Company Identification No.]

U24130MH1987PTC042967

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturers of Flexible and Rigid Polyurethane Foams

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Unknown

 

 

Comments :

Mr. Azhar (Director) of the company denied business and financial details.

 

In absence of financials from any sources, the company can be considered for any business dealings on safe and secured trade terms and conditions. 

 

INFORMATION DECLINED BY

 

Name :

Mr. Azhar

Designation :

Director

Date :

08.11.2008

 

LOCATIONS

 

Registered Office :

21, Amirani Mansion, M M Chotani Road, Mahim (West), Mumbai – 400016, Maharashtra, India.

Tel. No.:

91-22-24451751

Fax No.:

91-22-24449732

E-Mail :

info@modernfoam.com

Website :

www.modernfoam.com

Location :

Owned

 

 

Factory  :

B-22, SIDA Sathriya Industrial Estate, District Jaunpur, Uttar Pradesh, India

 

DIRECTORS

 

Name :

Mr. Qamar Rasheed Khan

Designation :

Managing Director & Chairman

Address :

21, Amirani Mansion, M. M. C. Road, Mahim, Mumbai – 400 016, Maharashtra, India.

 

 

Name :

Mrs. Farida Qamar Rasheed Khan

Designation :

Director

Address :

21, Amirani Mansion, M. M. C. Road, Mahim, Mumbai – 400 016, Maharashtra, India.

 

 

Name :

Mr. Zafar Rasheed Khan

Designation :

Director

Address :

Gulami Ka Pura, Azamgarh, Uttar Pradesh, India.

Date of Appointment :

06.05.1988

 

 

Name :

Mr. Samsi A. Nomani

Designation :

Director

Address :

Gulami Ka Pura, Azamgarh, Uttar Pradesh, India.

Date of Appointment :

15.07.1988

 

 

Name :

Mr. Abu Sad Nomani

Designation :

Director

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Mr. Qamar Rasheed Khan

 

1250

Mrs. Farida Qamar Rasheed Khan

 

1250

Mr. Zafar Rasheed Khan

 

150

Mr. Akhtar Rasheed Khan

 

150

Mr. Azar Qamar Rasheed Khan

 

50

Mr. Akhtar Qamar Rasheed Khan

 

50

Mr. Asif Qamar Rasheed Khan

 

50

Mr. Adil Qamar Rasheed Khan

 

50

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Flexible and Rigid Polyurethane Foams

 

 

Products :
  • Flexible and Rigid Polyurethane Foams

 

 

Imports :

 

Countries :
  • China,
  • Korea,
  • Japan,
  • Singapore,
  • France
  • U.K

 

 

Terms :

 

Purchasing :

D/P terms

 

GENERAL INFORMATION

 

No. of Employees :

19

 

 

Bankers 1 :

New India Co-operative Bank Limited

Girgaon Branch, Mumbai – 400 004, India

 

 

Facilities :

Rs. 0.315 million dated 16.04.2001 against hypothecation of motor vehicles.

 

 

Bankers 1 :

Union Bank of India

Mungra Badshahpur Branch, Mohalla Saheb Ganj, District Jaunpur – 222 202, Uttar Pradesh, India

 

 

Facilities :

Rs. 5.450 millions dated 23.03.2000 against land and building constructed over plot no. B-22, total area admeasuring 3591 sq.mtrs.  or 0.89 acres situated at Industrial Area Sathaharia, Tehsil Machhalishahar, District Jaunpur alongwith building structure, plant and machinery fixed thereof.

 

Rs. 2.950 millions dated 23.03.2000 against hypothecation of goods, debts and assets both present and future.

 

Rs. 2.500 million dated 10.08.2001 against hypothecation of goods.

 

Rs. 2.650 million dated 28.05.1990 against hypothecation of stock in process and pledge of raw material. 

 

 

Financial Institution :

U. P. Financial Corporation

14/88, Civil Lines, Kanpur, India 

 

 

Facilities :

Rs. 0.039 million dated 18.07.1991 against hypothecation of generator set by way of second charge.

 

 

 

Banking Relations :

Unknown

 

 

Auditors :

 

Name :

H. M. Sukhia & Company

Chartered Accountants

Address :

Yogi-Chhaya Co-operative Housing Society Limited, 61, Yogi Nagar, ‘B’ Wing, No. 507, Eksar Road, Borivali (West), Mumbai – 400 092, India

 

 

Associates/Subsidiaries :

Modern Industries Private Limited

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

30000

Equity Shares

Rs. 10/- Each

Rs.0.300 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs. 10/- Each

Rs.0.100 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Note:

 

No financials could be available from any of the sources.  Management remained non-cooperative during current investigation.  The company is irregular in preparing and maintaining adequate books of accounts.

 

The company is poor in corporate governance. It is irregular in preparing and maintaing proper books of accounts.

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

It is in trade terms with : 

 

v      Hindustan Aeronautics 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.49.46

UK Pound

1

Rs.73.17

Euro

1

Rs.62.96

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

--

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

--

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

--

--RESERVES

1~10

--

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

14

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions