MIRA INFORM REPORT
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Report Date : |
13.04.2011 |
IDENTIFICATION DETAILS
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Name : |
FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED |
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Registered Office : |
C-45/2, MIDC Area, Miraj – 416 410, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.06.1984 |
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Com. Reg. No.: |
11-33333 |
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CIN No.: [Company
Identification No.] |
U33129MH1984PTC033333 |
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IEC No.: |
0388175907 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPF00099B |
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PAN No.: [Permanent
Account No.] |
AAAFF32891 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of
Material Testing Machine. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 52400 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
Relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (General Details)
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Name : |
Mr. Yunus |
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Designation : |
Sales Manager |
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Date : |
30.03.2011 |
LOCATIONS
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Registered Office/ Factory : |
C-45/2, MIDC Area, Miraj - 416410, |
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Tel. No.: |
91-233-2644332 / 2644532 / 2644832 |
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Mobile No.: |
91-9850507360 (Mr. Yunus ) |
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Fax No.: |
91-233-2644334 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. (Owned) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Anant Dattatraya Deshpande |
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Designation : |
Director |
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Address : |
Guruprasad, Plot – 45, |
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Date of Birth/Age : |
04.08.1943 |
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Date of Appointment : |
03.01.2007 |
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Date of Cessation : |
16.10.2009 |
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Name : |
Mr. Yeshwant Vasudev Kulkarni |
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Designation : |
Director |
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Address : |
Mrunmai, Akuj Nagar, |
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Date of Birth/Age : |
20.09.1948 |
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Date of Appointment : |
01.04.2006 |
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DIN : |
00113546 |
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Name : |
Mr. Kedar Shankar Joshi |
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Designation : |
Director |
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Address : |
Atharva, Plot No. 1, Hudco Colony, Near |
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Date of Birth/Age : |
29.06.1977 |
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Date of Appointment : |
08.12.2000 |
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DIN : |
00113436 |
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Name : |
Mrs. Arti Anant Deshpande |
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Designation : |
Director |
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Address : |
Gurukripa, Lokmanya Housing Society, |
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Date of Birth/Age : |
15.06.1947 |
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Date of Appointment : |
01.04.2008 |
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E-Mail : |
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Name : |
Mrs. Anita Shankar Joshi |
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Designation : |
Director |
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Address : |
Atharva, Plot No. 1, Hudco Colony, Near |
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Date of Birth/Age : |
15.03.1949 |
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Date of Appointment : |
01.04.2008 |
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DIN : |
02114051 |
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E-Mail : |
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Name : |
Mrs. Yogini Yeshwant Kulkarni |
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Designation : |
Director |
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Address : |
Mrunmai, Akuj Nagar, |
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Date of Birth/Age : |
09.07.1953 |
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Date of Appointment : |
01.04.2008 |
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E-Mail : |
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Name : |
Mr. Rahul Anant Deshpande |
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Designation : |
Additional Director |
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Address : |
Lokmanya Colony, Miraj, Miraj – 416410, |
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Date of Birth/Age : |
15.06.1947 |
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Date of Appointment : |
16.10.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
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Prakash Govind Badkundri |
436 |
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Anant Dattatraya Deshpande |
8982 |
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Arti Anant Deshpande |
444 |
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Shankar Ramkrishna Joshi |
1850 |
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Yeshwant Vasudev Kulkarni |
5096 |
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Anita Shankar Joshi |
2133 |
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Yogini Yeshwant Kulkarni |
3591 |
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Anant Dattatraya Deshpande |
1109 |
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Shankar Ramkrishna Joshi |
2977 |
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Rahul Anant Deshpande |
889 |
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Shardul Yeshwant Kulkarni |
3103 |
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Kedar Shankar Joshi |
3040 |
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Shankar Ramkrishna Joshi |
2697 |
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Archna Kedar Joshi |
636 |
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Shardul Yeshwant Kulkarni |
933 |
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Rahul Anant Deshpande |
974 |
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Uttara Rahul Deshpande |
500 |
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Yogini Yeshwant Kulkarni |
610 |
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Total |
40000 |
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of
Material Testing Machine. |
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Products : |
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Exports : |
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Products : |
Testing Machines |
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Countries : |
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Exports : |
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Products : |
Components |
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Countries : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A V Manavi and Company Chartered Accountant |
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Address : |
Ashirwad, 294, R K Extension, Sangli – 416 410, |
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Pan No : |
ABLPM0075D |
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Associates/Subsidiaries : |
Address: C-45/1, MIDC
Area, Miraj – 416 410, Line
of Business: Manufacturer of premier
grade universal testing
machine, tensile testing machine, spring testing machine, hardness testing
machine, dynamic balancing machine and dynamic hardness tester
Line
of Business: Manufacturer
Line
of Business: Manufacturer
Line
of Business: Manufacturer |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40,000 |
Equity Share |
Rs.100/- Each |
Rs.4.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40,000 |
Equity Share |
Rs.100/- Each |
Rs.4.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.122 |
5.645 |
3.458 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.122 |
9.645 |
7.458 |
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LOAN FUNDS |
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1] Secured Loans |
5.361 |
0.962 |
1.060 |
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2] Unsecured Loans |
3.946 |
2.746 |
3.763 |
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TOTAL BORROWING |
9.307 |
3.708 |
4.823 |
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DEFERRED TAX LIABILITIES |
0.231 |
0.188 |
0.132 |
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WMDC Special Cap. Incentive |
0.335 |
0.418 |
0.502 |
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TOTAL |
22.995 |
13.959 |
12.915 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.524 |
4.516 |
4.536 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.083 |
0.158 |
0.226 |
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DEFERREX TAX ASSETS |
0.002 |
0.001 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.939
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8.021
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7.681 |
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Sundry Debtors |
5.825
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2.343
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2.686 |
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Cash & Bank Balances |
8.622
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8.570
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4.583 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
2.938
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3.219
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2.315 |
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Total
Current Assets |
25.324
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22.152
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17.265 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.178
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8.425
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1.429 |
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Sundry Creditors |
2.478
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2.214
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5.886 |
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Provisions |
2.282
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2.229
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1.852 |
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Total
Current Liabilities |
7.938
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12.868
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9.167 |
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Net Current Assets |
17.386
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9.284
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8.098 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.055 |
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TOTAL |
22.995 |
13.959 |
12.915 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales (Exports + Indigenous) |
58.112 |
53.667 |
36.496 |
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TOTAL (A) |
58.112 |
53.667 |
36.496 |
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Less |
EXPENSES
(B) |
50.736 |
46.803 |
31.336 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.376 |
6.864 |
5.160 |
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Less |
FINANCIAL
EXPENSES (D) |
0.344 |
0.098 |
0.130 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.032 |
6.766 |
5.030 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.020 |
0.876 |
0.884 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.012 |
5.890 |
4.146 |
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Less |
TAX (I) |
1.864 |
2.052 |
1.496 |
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PROFIT AFTER TAX
(G-I) (J) |
4.148 |
3.838 |
2.650 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Sales |
11.813 |
11.664 |
-- |
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TOTAL EARNINGS |
11.813 |
11.664 |
NA |
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Earnings Per
Share (Rs.) |
103.70 |
95.95 |
66.25 |
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Expected Sales ( 2010-2011 ) : Rs.80.000 millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
7.14
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7.15
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7.26 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.35
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10.98
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11.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.49
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22.09
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19.02 |
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Return on Investment (ROI) (PBT/Networth) |
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0.46
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0.61
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0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.31
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1.72
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1.88 |
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Current Ratio (Current Asset/Current Liability) |
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3.19
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1.72
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1.88 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
Indigenous Sales of the company for the period were increased to
Rs.44.495 Millions from Rs. 41.415 Millions showing increase in the indigenous
sales. Company’s Export sales were increased from Rs. 12.252 Millions to
Rs.13.617 Millions. Company’s aggregate sales shows increasing trend.
Companies’ profit after tax is Rs.4.148 Millions as compared to previous year
figure of Rs. 3.838 millions of showing increase.
Due to improvement in market condition there is increase in aggregate
turnover of the company as compared to previous financial year, as a result
there is improvement in profit of company showing increase in overall
performance of the company.
As a result of constant and concerted efforts of the directors to
explore export market for the company’s products, the company is receiving lot
of enquiries from overseas market. It is a matter of pride for the company that
with the motto of maintaining good quality of company’s product and prompt
services, the company has established goodwill in the overseas market.
Bankers Charges
Report as per Registry
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Name of the company |
FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED |
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Presented By |
Sadashiv
Ramchandra Mirashi, Director |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement Dated: 20th October, 2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.700 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 |
Hypothecation of
Plant and Machineries of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Type of
Facilities Rate of Interest
: 10.25% Margin : 26% Period : 39
Months |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
Sangli Branch 39, Vakhar Bhag, High School Road, Sangli |
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6) Date and brief description of instrument modifying the charge |
Supplemental
Memorandum of Entry (Company’s Property) |
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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. |
Modified for
creation of additional security by way of equitable mortgage by deposit of
title deeds of land and building of the company situated at C-45/2, MIDC
Area, Miraj: 416 410 |
Bankers Charges
Report as per Registry
|
Name of the company |
FINE SPAVY ASSOCIATES AND ENGINEERS PRIVATE LIMITED |
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Presented By |
Sadashiv
Ramchandra Mirashi, Director |
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1) Date and description of instrument creating the change |
Instrument of
Hypothecation of goods Dated: 20th April, 2002.. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 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 |
Hypothecation of
raw materials such as C. I Casting hardwares, Electronic / Electrical Goods,
CRC Sheets, Channels, Casting, etc. Lying at borrowers premises or godowns or
those rented. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Type of Facilities
Adhoc Packing
Credit Facility Rate of Interest
: 8.5% Margin : 10% Period : 6 Months
from first disbursement |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Sangli
Branch 39, Vakhar Bhag, High School Road, Sangli |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
Fixed Assets
v
v
v
v Plant and Machinery
v Electrical Fitting and Instrument
v Office Vehicles
v Furniture and Dead Stock
v Library Books
v Cycle / Car Stand
v Air Conditioner
v Computer
v Jigs and Pattern
v Tools and Installation
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.20 |
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|
1 |
Rs.72.26 |
|
Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.