MIRA
INFORM REPORT
|
Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FERROCARE MACHINES PRIVATE LIMITED |
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Registered Office : |
23/25, Gulmohar Kubera Industrial Area, Estate, Pune-411040,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.02.1980 |
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Com. Reg. No.: |
11-22218 |
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CIN No.: [Company
Identification No.] |
U29299MH1980PTC022218 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00554B |
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PAN No.: [Permanent
Account No.] |
AAACF3571A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporting of Electrostatic Liquid Cleaning Equipment
and Low Vacuum Dehydrator. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 360000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Ms. Anita, Executive Secretary confirmed the details. Subject is a well established and reputed company having fine track.
Trade relations are fair. Financial position is good. Payments are usually
correct and as per commitments. The company can be doing well. It can be considered good for any
normal business dealings at usual trade terms and conditions. It can be
regarded as a promising business partner in a medium to long run. |
LOCATIONS
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Registered Office : |
23/25, Gulmohar Kubera Industrial Area, Estate, Pune-411040,
Maharashtra, India |
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Tel. No.: |
91-20-26830655 |
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Mobile No.: |
91-9373031963 |
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Fax No.: |
91-20-26830071 |
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E-Mail : |
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Area : |
40000 sq.ft ( Owned) |
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Factory : |
Survey No. 33, Sunrise Manures & Chemicals Compound,
Kondwa, Budruk, Pune – 400 048, Maharashtra |
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Tel. No.: |
91-20-26830655 |
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Area : |
5000 sq.ft (Owned) |
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Branches : |
Located at ·
3, Cindrella, 602,
Sachapir Street, Pune – 411 001, Maharashtra ·
A-1/7, Giridhar Nagar,
Warje Malwadi, Warje, Pune – 411 029, Maharashtra ·
953/9 A, Padamjee Corner,
Nana Peth, Pune – 411 002, Maharashtra ·
429/2276, Sant Tukaram
Nagar, Pimpri, Pune – 411 018, Maharashtra ·
28, Sunrise, Kondwa
Budruk, Pune – 411 048, Maharashtra |
DIRECTORS
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Name : |
Mr. Girdharilal Lachhmandas Sakharani |
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Designation : |
Chairman and Managing Director |
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Address : |
T-8, Sacred Heart Town, Wanowadi, Pune-411040, Maharashtra, India |
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Date of Birth/Age : |
04.08.1955 |
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Qualification : |
B.Com |
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Date of Appointment : |
13.02.1980 |
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Name : |
Mr. Ashok Lachhmandas Sakharani |
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Designation : |
Director |
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Address : |
Flat No. 1413, Building No. 14, Clover Highland, Kondhwe Khud, Pune-411048,
Maharashtra, India |
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Date of Birth/Age : |
09.04.1959 |
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Qualification : |
SNT |
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Date of Appointment : |
13.02.1980 |
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Name : |
Mr. Ashok Madhav Patwardhan |
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Designation : |
Director |
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Address : |
Upendra-2, \9/4, Erandawana, Pune-411004, Maharashtra, India |
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Date of Birth/Age : |
25.05.1942 |
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Date of Appointment : |
01.01.1997 |
KEY EXECUTIVES
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Name : |
Kanj and Associates |
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Designation : |
Company Secretary |
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Address : |
3-4 ‘Aishwarya Sankul’, S.N. 17 G A Kulkarani Path, Opposite Joshi
Railway Museum, Kothrud, Pune-411038, Maharashtra, India |
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Tel. No.: |
91-20-25466265 |
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Fax No.: |
91-20-25461561 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.9.2005
|
Names of Shareholders |
|
No. of Shares |
|
Girdharilal Lalchhmandas Sakharani |
|
16680 |
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Ashok Lalchmandas Sakharani |
|
13560 |
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Usha Giridharilal Sakhrani |
|
6000 |
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Asha Ashok Sakhrani |
|
3000 |
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Shyam Giridharilal Sakhrani |
|
1200 |
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Rohan Giridharilal Sakhrani |
|
1200 |
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Vivek Ashok Sakhrani |
|
1200 |
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Malini Ashok Sakhrani |
|
1200 |
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Giridharilal Lachhmandas Sakhrani |
|
3000 |
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Total |
|
47040 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporting of Electrostatic Liquid Cleaning Equipment
and Low Vacuum Dehydrator. |
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Products : |
·
Low Vaccum Dehydrator and Degassifier ·
Oil Filtration System ·
Coolan Filtration System ·
Gear Box Oil Filteration Systsem ·
On Line Particle Counter ·
Abrasives ·
Copper Moulds ·
High Speed Steels ·
Hydraulics – Pump and Valves ·
Alloys and Steel Products ·
Descalling Nozzle |
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Exports : |
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Products : |
Electro Static Liquid Cleaning Machines |
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Countries : |
Middle East and Sri Lanka |
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Imports : |
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Products : |
Components |
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Countries : |
Japan |
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Terms : |
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Selling : |
Cash (Advance/ Payment after delivery) |
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Purchasing : |
Cash and Credit ( 30 days) |
GENERAL
INFORMATION
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Customers : |
·
Telco ·
Tisco ·
Bajaj Auto ·
TVS Suzuki ·
Maruti ·
Bajaj Tempo ·
Mahindra ·
Philips ·
Godrej ·
Essar ·
Crompton ·
BPL ·
Videocon ·
Bhel ·
Ashok Leyland ·
Cello ·
Polyset |
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No. of Employees : |
50 (Office 10, Factory 40) |
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Bankers : |
·
Canara Bank ·
HDFC Bank ·
Bank of Maharashtra ·
Rupee Bank, Pune, Maharashtra |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Ragunathan D Aiyer and Company Chartered Accountant |
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Address : |
2A, Modelina Road Camp, Behind New India Assurance Company,
Pune-411001, Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
47040 |
Equity Shares |
Rs. 100/-
each |
Rs. 4.704
Millions |
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 |
4.704 |
4.704 |
4.704 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
68.808 |
47.419 |
34.066 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.512 |
52.123 |
38.770 |
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LOAN FUNDS |
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1] Secured Loans |
0.494 |
0.688 |
1.214 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.494 |
0.688 |
1.214 |
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DEFERRED TAX LIABILITIES |
0.820 |
0.966 |
1.149 |
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TOTAL |
74.826 |
53.777 |
41.133 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.516 |
14.072 |
10.955 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
31.488 |
26.265 |
18.063 |
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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 |
9.031
|
5.203 |
4.365 |
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Sundry Debtors |
44.269
|
27.833 |
27.526 |
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Cash & Bank Balances |
2.933
|
6.684 |
5.459 |
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Other Current Assets |
1.634
|
1.660 |
3.090 |
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Loans & Advances |
35.867
|
22.477 |
22.504 |
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Total
Current Assets |
93.734
|
63.857 |
62.944 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
32.147
|
23.672 |
32.803 |
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Provisions |
33.765
|
26.745 |
18.026 |
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Total
Current Liabilities |
65.912
|
50.417 |
50.829 |
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Net Current Assets |
27.822
|
13.440 |
12.115 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
74.826 |
53.777 |
41.133 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
167.873 |
138.066 |
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Other Income |
|
5.170 |
6.868 |
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Total Income |
|
173.043 |
144.934 |
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Profit/(Loss) Before Tax |
|
44.353 |
31.193 |
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Provision for Taxation |
|
14.919 |
10.317 |
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Profit/(Loss) After Tax |
|
29.434 |
20.876 |
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Earnings in Foreign Currency : |
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Export Earnings |
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5.815 |
NA |
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Imports : |
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Import Value |
|
13.246 |
NA |
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Expenditures : |
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Financial Charges |
|
0.353 |
0.282 |
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Depreciation & Amortization |
|
2.792 |
2.280 |
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Other Expenditure |
|
125.545 |
111.179 |
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Total Expenditure |
|
128.690 |
113.741 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
17.01
|
14.40 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
26.42
|
22.59 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
40.59
|
40.02 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.59 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.90
|
0.98 |
1.34 |
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Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.27 |
1.24 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal
Acceptance Chart:
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Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : -- |
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Excise Registration No.: AACF3571 A XM 001 |
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VAT / TIN :-- |
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IEC Code : 0388082992 |
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PAN / TAN : AAACF3571A |
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Bank Name : Canara Bank |
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Bank Address : Kandhwa |
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Bank A/c. No.: -- |
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Account Since : 15 Years |
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In case of any affiliations / memberships / certifications : |
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Name : SSI Unit |
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Type : Directorate of Industries Approved by city/ state Government |
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Expiry Date : |
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Bankers Charges
Report as per Registry
|
Name of the company |
FERROCARE MACHINES PRIVATE LIMITED |
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Presented By |
FERROCARE MACHINES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement for
Discounting of Supply Bills Dated 10.03.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
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 |
Supply Bills |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interst
15.56% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Camp
Branch, M.G Road, Pune-411004, Maharashtra, India |
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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 |
AS PER WEBSITE
Profile:
Subject is engaged in manufacturing and exporting of electrostatic
liquid cleaning equipment and low vacuum dehydrator. The diverse range of
products they manufacture include Oil Filtration System, Low Vacuum Dehydrator
and Degassifier, Coolant Filtration System, Gear Box Oil Filtration System, On
Line Particle Counter, Noritake Abrasives, Copper Moulds, Nachi High Speed
Steeels, Nachi Hydraulics - Pumps and Valves, Alloys and Steel Products,
Everloy Descaling Nozzle etc. The products enable the customers to carry out
their industrial cleaning processes effectively there by increasing the
productivity in a sustainable way.
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
59 |
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 |
|