MIRA
INFORM REPORT
|
Report Date : |
11.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THERMAL FABRICATORS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No.6 and 7, Municipal Industrial Estate, Umela Phata, Papdy,
Vasai Gaon (West), Vasai, Thane – 400207, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
29.10.1975 |
|
|
|
|
Com. Reg. No.: |
11-18625 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28932MH1975PTC018625 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09277C PNET06370A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCT4396C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Seasoned Red Meranti, Teak, Beech and Hardwood Doors,
Frames and Panel Doors. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 21000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established 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 good for normal business dealings. |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.6 and 7, Municipal Industrial Estate, Umela Phata, Papdy,
Vasai Gaon (West), Vasai, Thane – 400207, Maharashtra, India |
|
Tel. No.: |
91-250-2328855 |
|
Fax No.: |
91-250-2328899/ 91-22-28497777 |
|
Mobile No.: |
91-9821082826 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Sanjaykumar Deorah |
|
Designation : |
Director |
|
Address : |
Flat No.A-303, Lakshchandi Apartment, Krishnavatika Marg, Gokuldham,
Goregaon, Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
29.12.1971 |
|
Date of Appointment : |
13.03.1995 |
|
|
|
|
Name : |
Mrs. Poonam S. Deorah |
|
Designation : |
Director |
|
Address : |
Flat No.A-303, Lakshchandi Apartment, Krishnavatika Marg, Gokuldham,
Goregaon, Mumbai – 400063, Maharashtra, India |
|
Date of Birth/Age : |
26.11.1972 |
|
Date of Appointment : |
13.03.1995 |
KEY EXECUTIVES
|
Name : |
VMR and Associates |
|
Designation : |
Company Secretary |
|
Address : |
R-9/5, Jaishreedhan CHS Bangur Nagar, Goregaon (West), Mumbai –
400090, Maharashtra, India |
|
Date of Birth/Age : |
91-22-28765578/28090858 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No of Shares |
|
|
|
|
|
Sanjaykumar Deorah |
|
5000 |
|
Poonam S. Deorah |
|
4000 |
|
Sanjay Kumar Deorah and Sons (HUF) |
|
1000 |
|
|
|
|
|
Total |
|
10000 |
(As on 25.03.2008)
|
Names of Allotee |
|
No of Shares
Alloted |
|
Sanjaykumar Deorah |
|
14000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Seasoned Red Meranti, Teak, Beech and Hardwood Doors,
Frames and Panel Doors. |
GENERAL
INFORMATION
|
Bankers : |
Gokuldham Branch, Goregaon (East), Mumbai – 400063, Maharashtra, India
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
M. A. Parikh and Company Chartered Accountant |
|
Address : |
Yusuf Building, 29 Nariman Road, Fort, Mumbai – 400001, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.132 |
2.640 |
2.403 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4.132 |
3.640 |
3.403 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.122 |
3.816 |
5.230 |
|
|
2] Unsecured Loans |
6.009 |
6.550 |
6.135 |
|
|
TOTAL BORROWING |
15.131 |
10.366 |
11.365 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.280 |
0.372 |
|
|
|
|
|
|
|
|
TOTAL |
19.263 |
14.286 |
15.140 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11.919 |
11.328 |
11.311 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.033 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.435
|
4.286 |
4.581 |
|
|
Sundry Debtors |
6.162
|
6.410 |
5.111 |
|
|
Cash & Bank Balances |
0.231
|
0.040 |
0.117 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.555
|
1.420 |
2.363 |
|
Total
Current Assets |
16.383
|
12.156 |
12.172 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
7.596
|
8.222 |
6.549 |
|
|
Provisions |
1.476
|
0.976 |
1.794 |
|
Total
Current Liabilities |
9.072
|
9.198 |
8.343 |
|
|
Net Current Assets |
7.311
|
2.958 |
3.829 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19.263 |
14.286 |
15.140 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
34.906 |
33.159 |
30.673 |
|
|
Other Income |
0.000 |
0.130 |
0.021 |
|
|
Total Income |
34.906 |
33.289 |
30.694 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.609 |
0.548 |
0.485 |
|
|
Provision for Taxation |
0.295 |
0.311 |
0.235 |
|
|
Profit/(Loss) After Tax |
0.314 |
0.237 |
0.250 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
0.000 |
1.296 |
0.247 |
|
|
Other Expenditure |
34.297 |
31.445 |
29.962 |
|
Total Expenditure |
34.297 |
32.741 |
30.209 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.90
|
0.71 |
0.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.74
|
1.65 |
1.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.15
|
2.33 |
2.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.15 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.86
|
5.37 |
5.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.32 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
NOTE:
The Registered office of the company has been shifted from Conwood House,
Yashodham Dgoregaon (East), Mumbai – 400063, Maharashtra, India to the present
address w.e.f. 31.01.2007
FORM 8:
|
Corporate
identity number of the company |
U28932MH1975PTC018625 |
|
Name of the
company |
THERMAL FABRICATORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No.6 and 7, Municipal Industrial Estate, Umela Phata, Papdy,
Vasai Gaon (West), Vasai, Thane – 400207, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property Stocks |
|
Particular of
charge holder |
Oriental Bank of Commerce Gokuldham Branch, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement to secure credit/Loan facilities |
|
Date of
instrument Creating the charge |
22.08.2008 |
|
Amount secured by
the charge |
Rs.14.803
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests rate of
13.00% p.a. with mly rest or such other rate as agreed by the borrower
company with the bank Terms of
Repayment: As agreed by the
borrower company with the bank Margin: As agreed by the
borrower company with the bank Extent and
Operation of the charge: The Bank has
enhanced the banking limit Rs.14.803 Millions against the continuation of
existing first charge and hypothecation of stocks of raw materials, work in
progress, finished goods, stores and spares, book debts, plant and machinery
and other company. Charge modified from Rs.12.350 Millions to Rs.14.803
Millions |
|
Particulars of
the property charged |
The Bank has
enhanced the banking limit Rs.14.803 Millions against the continuation of
existing first charge and hypothecation of stocks of raw materials, work in
progress, finished goods, stores and spares, book debts, plant and machinery
and other company. Charge modified from Rs.12.350 Millions to Rs.14.803
Millions |
|
Particulars of
the present modification |
The Bank has
enhanced the banking limit Rs.14.803 Millions against the continuation of
existing first charge and hypothecation of stocks of raw materials, work in
progress, finished goods, stores and spares, book debts, plant and machinery
and other company. Charge modified from Rs.12.350 Millions to Rs.14.803
Millions |
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] 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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
48 |
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 |
|