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MIRA
INFORM REPORT
|
Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
FURNACE FABRICA ( |
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Registered
Office : |
Opposite Milma Dairy, Koonamthai, Edapally, Kochi-682024, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.12.1985 |
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Com. Reg. No.: |
09-026752 |
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Capital
Investment / Paid-up Capital : |
1500000 Euro
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CIN No.: [Company Identification
No.] |
U28123KL1985PLC026752 |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Subject is an Engineering and Construction Company Engaged in Turnkey
Project. |
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No. of Employees
: |
450 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Euro 1742294 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. The company is
doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Opposite Milma Dairy, Koonamthai, Edapally, Kochi-682024, |
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Tel. No.: |
91-484-2543044 |
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Fax No.: |
91-484-2540131 |
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E-Mail : |
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Corporate Office/ EPC Centre/ Works: |
C/16-3, TTC, MIDC Area, |
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Tel. No.: |
91-22-67931700/822/27684149/6224 |
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Fax No.: |
91-22-27612056 |
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Email: |
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97, Kailash Hills, Lower Ground, New Delhi-110065, |
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Tel No.: |
91-11-26831702 |
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Fax No.: |
91-11-26823165 |
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|
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Overseas Office: |
Located At: |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Badri Prasad |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
B-1, Raza Complex, Trombay, Mumbai-400088, |
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Date of Birth/Age : |
07.06.1942 |
|
Date of Appointment : |
03.12.1985 |
|
Din No.: |
00329275 |
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|
|
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Name : |
Mr. Basheeruddin Abdul Rehman |
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Designation : |
Managing Director |
|
Address : |
2-Zenith Park, |
|
Date of Birth/Age : |
07.05.1941 |
|
Date of Appointment : |
03.12.1985 |
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Din No.: |
00307766 |
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|
|
|
Name : |
Mr. Thampi K Thrivikram |
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Designation : |
Director |
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Address : |
203, Building 13, Indra Darshan Off |
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Date of Birth/Age : |
15.08.1927 |
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Date of Appointment : |
31.03.2000 |
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|
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Name : |
Mr. Shashikiran Badri Prasad |
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Designation : |
Director |
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Address : |
B-1, Raza Complex, Trombay, Mumbai-400088, |
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Date of Birth/Age : |
12.02.1979 |
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Date of Appointment : |
29.09.2007 |
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Din No.: |
00329392 |
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|
|
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Name : |
Mr. Ibrahim Ali |
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Designation : |
Director |
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Address : |
10 E, Old Fatehpura, Udaipur-313001, |
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Date of Birth/Age : |
02.06.1934 |
|
Date of Appointment : |
22.12.2005 |
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|
|
|
Name : |
Mr. Raiz Basheeruddin |
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Designation : |
Director |
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Address : |
2-Zenith Park, |
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Date of Birth/Age : |
11.07.1979 |
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Date of Appointment : |
01.10.2009 |
|
Din No.: |
01235524 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Badri Prasad |
|
1500000 |
|
Basheeruddin Abdul Rehman |
|
1500000 |
|
Mohammed Shajahan |
|
100000 |
|
Sanam |
|
600000 |
|
Shashikiran Badri Prasad |
|
1200000 |
|
Archana Badri Prasad |
|
800000 |
|
Raiz Basheeruddin |
|
1300000 |
|
Nezee Basheeruddin |
|
1500000 |
|
Sudha Badri Prasad |
|
1000000 |
|
Ramesh Chandra |
|
500000 |
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|
|
|
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Total |
|
10000000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is an Engineering and Construction Company Engaged in Turnkey
Project. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
450 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Ajay Garg Chartered Accountant |
|
Address : |
517-518, Shreekant Chambers, V.N. Purav Marg, Chembur, Mumbai-400071, |
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|
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Fellow Subsidiaries: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
0.15 Euro Each |
1500000 Euro |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
0.15 Euro Each |
1500000 Euro
|
After as on 30.09.2010
Authorised Capital : 6060606 Euro
Issued, Subscribed & Paid-up Capital : 3030303 Euro
FINANCIAL DATA
[all figures are
in Euro]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1500000 |
1500000 |
1500000 |
|
|
2] Share Application Money |
000 |
000 |
000 |
|
|
3] Reserves & Surplus |
7211472 |
6207292 |
3807905 |
|
|
4] (Accumulated Losses) |
000 |
000 |
000 |
|
|
NETWORTH |
8711472 |
7707292 |
5307905 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3846211 |
2452798 |
4500191 |
|
|
2] Unsecured Loans |
757575 |
000 |
000 |
|
|
TOTAL BORROWING |
4603786 |
2452798 |
4500191 |
|
|
DEFERRED TAX LIABILITIES |
552658 |
353340 |
245607 |
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|
|
|
|
|
|
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TOTAL |
13867916 |
10513430 |
10053703 |
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|
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|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
5459055 |
4590904 |
3791486 |
|
|
Capital work-in-progress |
1458212 |
29168 |
11422 |
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|
|
|
|
|
|
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INVESTMENT |
2501189 |
1252027 |
39905 |
|
|
DEFERREX TAX ASSETS |
000 |
000 |
000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1749513
|
1280536 |
711294 |
|
|
Sundry Debtors |
12333815
|
11606650 |
7760023 |
|
|
Cash & Bank Balances |
5097663
|
4359981 |
1750915 |
|
|
Other Current Assets |
000
|
000 |
000 |
|
|
Loans & Advances |
7596210
|
4346495 |
1920577 |
|
Total
Current Assets |
26777201
|
21593662 |
12142809 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7396066
|
5561327 |
2603678 |
|
|
Other Current Liabilities |
10285232
|
8905982 |
2188547 |
|
|
Provisions |
4631293
|
2469872 |
1124545 |
|
Total
Current Liabilities |
22312591
|
16937181 |
5916770 |
|
|
Net Current Assets |
4464610
|
4656481 |
6226039 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
000 |
000 |
000 |
|
|
OTHERS |
(15150) |
(15150) |
(15149) |
|
|
|
|
|
|
|
|
TOTAL |
13867916 |
10513430 |
10053703 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
41602675 |
37824031 |
31529019 |
|
|
|
Other Income |
1096181 |
1251309 |
290696 |
|
|
|
TOTAL (A) |
42698856 |
39075340 |
31819715 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Trading and Construction Expenses |
33440351 |
29651124 |
25124528 |
|
|
|
Payments to and Provision for Employees |
992142 |
1071779 |
781796 |
|
|
|
Remuneration to Directors |
123333 |
63939 |
000 |
|
|
|
Administrative Expenses |
3470973 |
3627127 |
3259762 |
|
|
|
Increase / Decrease in Stock of Material and Work in Progress |
(492394) |
(462833) |
(325045) |
|
|
|
TOTAL (B) |
37534405 |
33951136 |
28841041 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5164451 |
5124204 |
2978674 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
713327 |
908090 |
806195 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4451124 |
4216114 |
2172479 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
138489 |
279322 |
169973 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4312635 |
3936792 |
2002506 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1535804 |
1351553 |
699172 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2776831 |
2585239 |
1303334 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
757575 |
000 |
000 |
|
|
|
Proposed Dividend |
757575 |
151515 |
75757 |
|
|
|
Corporate Dividend Tax |
257500 |
25750 |
12875 |
|
|
|
Adjustment During the Year |
000 |
8588 |
000 |
|
|
BALANCE CARRIED
TO THE B/S |
1004181 |
2399386 |
1214702 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1831818 |
12636818 |
6579636 |
|
|
|
Overseas Contracts |
2629500 |
6059484 |
11026530 |
|
|
TOTAL EARNINGS |
4461318 |
18696302 |
17606166 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
971712 |
1497530 |
2296409 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Euro) |
0.27 |
0.26 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.50
|
6.62 |
4.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.37
|
10.40 |
6.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.38
|
15.03 |
12.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.51 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
2.52 |
1.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.27 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
CHANGE OF
REGISTERED OFFICE:
The company has shifted the Registered Office to
REVIEW OF
OPERATIONS:
The Company achieved impressive performance during the year and
continued to register all time high turnover in sales and other income of Euro
42698484 as against Euro 39075757. The export turnover constituted Euro
5977272. The total revenue during the year has increased by 9.27% as compared
to the last year. The net profit before tax is Euro 4312121 which is 9.55%
higher as compared to the net profit of last year.
The orders received form Vedanta Aluminium Limited for 3x3300 TPD
Calcinations Plant, BPCL Kochi Refinery, Sterlite Industries India Limited,
Thermax Engineering Company Limited and HPCL are in advanced stage of
completion.
The export project order received from Konkola Copper Mines Plc.,
The company has won further major domestic orders from Sterlite
Industries India Limited, Tuticorin, Sesa Goa Limited, Goa and Export order
from Raez Sulphate Factory,
The fabrication workshop has been certified by ISO 9001:2008, HSC
14000:18000, ASME for U stamp, IBR and CCOE. The workshop has shown good
performance.
FIXED ASSETS:
- Land
- Temporary
Structures
- Plant and
Machinery
- Motor
Vehicles
- Electrical
and Office Equipment
- Furniture and
Fixtures
WEBSITE DETAILS:
PROFILE:
Subject is a leading engineering and construction company in the Indian industry with over 60 EPC projects to its credit. FFIL utilizes its extensive engineering and construction experience for providing engineering and construction services mainly based on proprietary technologies.
For over three decades, the company has provided quality engineering and
construction services for a range of projects worldwide. Hundreds of operating
installations stand testimony to the company's proven track record.
The standards they have set are made possible by the technical skills of the
highest order and construction expertise aimed to meet customer satisfaction.
Their endearing attitude and executional discipline towards their projects has
established the company as the ultimate destination for cost conscious clients.
They have execution experience in Iron and steel, Zinc, Copper, Alumina,
Sulphuric Acid, Power, Chemicals, Cement, Petroleum and Petrochemicals, Tankages
and others industries. Their deliverables to their client range from single
equipments to large turn-key plant construction, commissioning and training.
They aim to offer their customers a cost-effective and up-to-date solution in plant
engineering and construction for the entire range of service associated with an
international EPC organization.
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.45.77 |
|
|
1 |
Rs.75.57 |
|
Euro |
1 |
Rs.65.97 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.