MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
INFINITY FAB ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
Plot No. 31, Machhe Industrial Area, Machhe, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.08.1992 |
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Com. Reg. No.: |
13449 |
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CIN No.: [Company
Identification No.] |
U85110KA1992PTC013449 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI02642D |
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PAN No.: [Permanent
Account No.] |
AAAFI4806L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pre Fabricated Structures and providing various
engineering construction services. |
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 65000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments
are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 31, Machhe Industrial Area, Machhe, Belgaum – 590 014,
Karnataka, India |
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Tel. No.: |
91-831-2411976 |
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Fax No.: |
91-831-2411020 |
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E-Mail : |
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Website : |
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Factory : |
G-1, Sukhsagar Apartments, Opp. 3rd Railway Gate, Tilakwadi, Belgaum –
590 006, Karnataka, India |
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Tel. No.: |
91-831-4202754 |
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Fax No.: |
91-831-4202754 |
DIRECTORS
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Name : |
Mr. Ravindra Vasantrao Ganamukhi |
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Designation : |
Chairman cum Managing Director |
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Address : |
G 1, Sukhsagar Apartment, Near Third Railway Gate, Tilakwadi, Belgaum
– 590 006, Karnataka, India |
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Date of Birth/Age : |
09.03.1970 |
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Date of Appointment : |
17.08.1992 |
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Name : |
Mr. Irshad Mehboob Dakhani |
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Designation : |
Director |
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Address : |
1247, Bauxite Road, Sahyadri Nagar, Hindalga, Belgaum – 590 001,
Karnataka, India |
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Date of Birth/Age : |
24.05.1970 |
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Date of Appointment : |
24.08.1999 |
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Name : |
Mrs. Snehalata Vasantrao Ganamukhi |
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Designation : |
Director |
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Address : |
G 1, Sukhsagar Apartment, Near Third Railway Gate, Tilakwadi, Belgaum
– 590 006, Karnataka, India |
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Date of Birth/Age : |
24.06.1951 |
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Date of Appointment : |
24.08.1999 |
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Name : |
Mr. Vasantrao Gurubasappa Ganamukhi |
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Designation : |
Director |
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Address : |
G 1, Sukhsagar Apartment, Near Third Railway Gate, Tilakwadi, Belgaum
– 590 006, Karnataka, India |
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Date of Birth/Age : |
27.12.1941 |
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Date of Appointment : |
02.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Ravindra Vasantrao Ganamukhi |
1761 |
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Sangeeta Ravindra Ganamukhi |
640 |
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Rashmi Ravi Talikoti |
310 |
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Nusrat Irshad Dakhani |
200 |
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Snehalata Vasantrao Ganamukhi |
280 |
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Vasantrao Gurubasappa Ganamukhi |
304 |
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Total |
3495 |
List of Allotment (As on 31.03.2006)
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Names of Allottees |
No. of Shares |
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Irshad Mehboob Dakhani |
300 |
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Ravindra Vasantrao Ganamukhi |
1220 |
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Sangeeta Ravindra Ganamukhi |
480 |
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Total |
2000 |
List of Allotment (As on 31.03.2007)
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Names of Allottees |
No. of Shares |
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Ravindra Vasantrao Ganamukhi |
375 |
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Irshad Mehboob Dakhani |
150 |
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Snehalata Vasantrao Ganamukhi |
220 |
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Ravi Talikoti |
200 |
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Rashmi Ravi Talikoti |
200 |
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W Jambanna |
246 |
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Total |
1391 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or Relative of director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pre Fabricated Structures and providing various
engineering construction services. |
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Products : |
·
Industrial
Sheds/Manufacturing Plants ·
Warehouses/Godowns
·
Airport/Railway/Bus
Terminals ·
Aircraft
Hangers, Supermarkets/Malls, etc. ·
Canopies
for Petroleum Retail Outlets and Buildings ·
Highway
Toll Booths ·
Pre Built
Shelters etc. ·
Underground
and Above Ground Petroleum/Chemical Storage Tanks |
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Services Offered : |
Turnkey Construction of, ·
Pre Engineered Building Systems
·
Pre Fabricated Structures ·
Structural Fabrication ·
Petroleum Retail Outlets (Petrol
Pumps) ·
Petroleum Storage Tank Farms ·
Turnkey Projects involving Civil
Construction and Steel Fabrication Works. |
GENERAL INFORMATION
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Suppliers : |
·
Indian Oil Corporation Limited ·
Hindustan Petroleum Corporation Limited ·
Bharat Petroleum Corporation Limited ·
Mangalore Refinery and Petrochemicals Limited ·
Nuclear Power Corporation Limited ·
Mecon Limited |
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Bankers : |
State Bank of India Commercial Branch, Goa Ves., Belgaum – 590 011, Karnataka, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
G A Mekalke and Company Chartered Accountants |
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Address : |
14, Cantonment Complex, Opposite Fish Market, Camp, Belgaum – 590 001,
Karnataka, India |
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Memberships : |
·
Belgaum Chamber of Commerce ·
Small Scale Industries |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.1000/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4391 |
Equity Shares |
Rs.1000/- each |
Rs.4.391
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
4.391 |
3.000 |
1.000 |
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2] Share Application Money |
0.000 |
1.390 |
2.000 |
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3] Reserves & Surplus |
8.522 |
6.468 |
5.082 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.913 |
10.858 |
8.082 |
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LOAN FUNDS |
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1] Secured Loans |
18.964 |
16.444 |
12.509 |
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2] Unsecured Loans |
2.565 |
2.125 |
1.376 |
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TOTAL BORROWING |
21.529 |
18.569 |
13.885 |
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DEFERRED TAX LIABILITIES |
0.223 |
0.269 |
0.321 |
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TOTAL |
34.665 |
29.696 |
22.288 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.471 |
2.198 |
2.378 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
16.504
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13.710 |
8.577 |
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Sundry Debtors |
12.611
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10.966 |
7.260 |
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Cash & Bank Balances |
0.991
|
2.107 |
1.461 |
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Other Current Assets |
6.232
|
5.887 |
5.283 |
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Loans & Advances |
1.077
|
0.601 |
0.027 |
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Total
Current Assets |
37.415
|
33.271 |
22.608 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.172
|
5.734 |
2.674 |
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Provisions |
0.050
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0.040 |
0.025 |
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Total
Current Liabilities |
5.222
|
5.774 |
2.699 |
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Net Current Assets |
32.193
|
27.497 |
19.909 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.665 |
29.696 |
22.288 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
61.492 |
54.307 |
46.372 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
61.492 |
54.307 |
46.372 |
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Profit/(Loss) Before Tax |
1.744 |
2.366 |
0.776 |
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Provision for Taxation |
(0.046) |
1.013 |
0.332 |
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Profit/(Loss) After Tax |
1.790 |
1.353 |
0.444 |
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Expenditures : |
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Interest |
2.739 |
2.346 |
1.439 |
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Depreciation & Amortization |
0.410 |
0.403 |
0.458 |
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Other Expenditure |
56.599 |
49.192 |
43.699 |
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Total Expenditure |
59.748 |
51.941 |
45.596 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.91
|
2.49 |
0.96 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.84
|
4.36 |
1.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.37
|
6.67 |
3.11 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
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0.22 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.07
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2.24 |
2.05 |
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Current Ratio (Current Asset/Current Liability) |
|
7.16
|
5.76 |
8.38 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
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Name of the company |
INFINITY FAB ENGINEERING COMPANY PRIVATE LIMITED |
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Presented By |
State Bank of India Commercial Branch, Goa Ves., Belgaum – 590 011, Karnataka, India and
M/s. Infinity Fab Engineering Company Private Limited |
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1) Date and description of instrument creating the change |
Date : 25.05.1995 General Agreement
for the grant of SIA and Hypothecation of Goods, Book Debts and Other Assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.800 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 |
All Present and
Future Goods, Book Debts, Movables and Other Assets of the Borrower including
Documents of Title to Goods and Other Assets such as Outstanding Moneys,
Receivables, Claims, Bills, Invoices, Documents and Securities, Contracts,
Engagements, Investments, Rights and the existing Machinery and all Future
Machinery belonging to or in possession of or under the control of the
Borrower wherever lying stored and kept and whether in possession of the
Borrower or of the Bank or of any third party whether in India or elsewhere
throughout world (including all such goods, machineries, movables and other
assets as may be in course of shipment, transit or delivery) by way of First
Charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
Rate
of Interest 16% per annum with quarterly rests. ·
Repayment On Demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Commercial Branch, Goa Ves., Belgaum – 590 011, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
Date : 29.11.2005
(29th day of November, 2005). Agreement of
Loan-cum-Hypothecation SME 2. Link Letter SME 12. (Both the above pertain to
same charge) |
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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. |
By the above, the
amount secured by the charge stands Increased from Rs.14.000 millions to
Rs.21.000 millions. (CC Sts Rs.7.000 millions, CC Rec Rs.7.000 millions, SME
Credit Plus – Rs.2.000 millions, LC Rs.3.000 millions and BG – Rs.2.000
millions ) Rate of Interest
: 12.25% per annum with periodical rests or at such rate/s and at such
periodical rests as the Bank may specify from time to time. Repayment : On
Demand Margin : 25% on
RM/Receivables/BG/LC and 33% on SPG. Security of
Stocks, goods, Book Debts, Receivables, Other Movable Assets, Plant and
Machinery, etc. already obtained and now obtained both present and future are
available for the entire credit facilities of Rs.21.000 millions by way of
first charge. |
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Corporate
identity number of the company |
U85110KA1992PTC013449 |
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Name of the
company |
INFINITY FAB ENGINEERING COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
9445, Airport Road,
Brampton, Ontario, Canada L6S 4J3, Canada, Karnataka, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book
Debts ·
Movable
Property (not being pledge) |
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Particular of
charge holder |
State Bank of India Commercial Branch, Goa Ves., Belgaum – 590 011, Karnataka, India |
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Nature of
instrument creating charge |
Supplementary
Agreement of Loan-Cum-Hypothecation and Letter of arrangement |
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Date of
instrument Creating the charge |
27.02.2007 |
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Amount secured by
the charge |
Rs.27.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest 2% above SBAR presently 12.25% with a minimum of 14.25% p.a. with
monthly rests. ·
Terms
of repayment Repayable on demand. However, the sanction is valid for 12 months upto
28.01.2008 subject to review. ·
Margin On Raw Materials – indigenous 25% On Semi finished goods 33.33% On Receivables 25% cover period for receivables 120 days On Letters of credit 20% On Bank Guarantee 20% ·
Extent
and operation of the charge The charge operates over the whole of raw materials, finished goods,
semi-finished goods, stock in process, receivables ·
Others The bank has
enhanced credit facilities from Rs.21.200 millions to Rs.27.500 millions as
under : 1.
Cash
Credit secured by hypothecation of stocks enhanced from Rs.7.000 millions to
Rs.8.000 millions 2.
Cash
Credit secured by hypothecation of receivables enhanced from Rs.7.000
millions to Rs.8.000 millions. 3.
Cash
Credit (SME+) secured by enhanced from Rs.2.000 millions to Rs.2.500
millions. 4.
Bank
Guarantee enhanced from Rs.2.000 millions to Rs.6.000 millions 5.
LC
Rs.3.000 millions Making the total
limit to Rs.27.500 millions |
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Particulars of
the property charged |
Hypothecation of stock,
which includes raw materials, semi-finished goods, situated at the Works and
registered office at Plot No. 31, Machine Industrial estate, Machine,
Belgaum, receivables and other current assets. |
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Particulars of
the present modification |
In terms of the
present modification, the bank has enhanced credit facilities from Rs.21.200
millions to Rs.27.500 millions as mentioned in column no. 12(e) above secured
by hypothecation of raw materials, semi finished products and finished
products, receivables and other current assets continues to be available for
the enhanced limit also. All other terms and conditions remain the same. |
Fixed Assets
·
Construction
·
Electrification
·
Furniture
·
Generator
·
Machinery
·
Vehicles
·
Vehicles (Scorpio)
·
Computer
·
Tools
Web Details
Incorporated in the year 1992, Subject is a
noted business entity engaged in manufacture of Pre Fabricated Structures and
providing various engineering construction services. These include,
·
Design, Fabrication and Erection of Pre-Engineered
Building Systems (PEBs) for Industrial Buildings/Sheds,
Warehouses/Godowns, Canopies, Aircraft Hangers, Malls, Bus/Railway
Terminuses, etc.
·
Design, Fabrication and Erection of Pre-Fabricated
Structures like CANOPIES for Petroleum Retail Outlets and Large Buildings, Highway
Toll Booths, Pre-Built Shelters, etc.
·
Petroleum/Chemical Storage Tanks (Underground and
Above ground)
·
Turnkey Construction of Pre-Engineered
Building Systems, Petroleum Retail Outlets, etc.
The company is professionally
managed by a group of technocrats having versatile knowledge and experience in
the discipline. High quality and timely delivery are the two parameters, which
have kept them ahead in the industry. The company is a perfect blend of man and
machine to deliver its clients with the best possible engineering construction
services and allied products at the most competitive prices. They are committed
to deliver the best, thus leaving no space for quality degradation. The company
is associated with Belgaum Chamber of Commerce and Industries.
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.49.79 |
|
UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.63.91 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
46 |
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 |
|