MIRA
INFORM REPORT
|
Report Date : |
12.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
FAB-TECH WORKS AND CONSTRUCTIONS PRIVATE LIMITED |
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Registered
Office : |
611-616, Swastik Disa Business Park, 6th Floor, LBS Marg,
Opposite Shreyas Cinema, Ghatkopar, Mumbai-400086, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.08.2009 |
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Com. Reg. No.: |
11-195032 |
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Capital
Investment/ Paid-up Capital: |
Rs. 9.500 Millions |
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CIN No.: [Company Identification
No.] |
U29268MH2009PTC195032 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AABCF41378B |
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PAN No.: [Permanent Account No.] |
MUMF05818B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Subject is engaged as service industry of Providing Labours and Materials
to companies, also engaged with Fabrication and Erection Activity. |
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No. of
Employees: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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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 a successor of Fab-Tech works and constructions, a
proprietory concern started in the year 1991. It 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
|
Name : |
Mr. S.M Baag |
|
Designation : |
Deputy General Manager in Finance |
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Contact No.: |
91-9004607221 |
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Date : |
10.12.2011 |
LOCATIONS
|
Registered Office : |
611-616, Swastik Disa Business Park, 6th Floor, LBS Marg,
Opposite Shreyas Cinema, Ghatkopar, Mumbai-400086, Maharashtra, India |
|
Tel. No.: |
91-22-25001951/ 52/ 53 |
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Mobile No.: |
91-9004607221 (Mr. S M Baag) |
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Fax No.: |
91-22-25007553 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Workshop : |
Plot No. H-44/43/42/36, M.I.D.C., Additional Murbad Village- Kuda
Murbad-421401, Thane, (They manufacturer pressure vessels, dishends etc as per client
orders) |
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Tel. No.: |
91-2524-222637/ 223384 |
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Fax No.: |
91-2524-222638 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Jayprakash Narsingdas Lakhani |
|
Designation : |
Managing Director |
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Address : |
Block-A 975/1950, Kailash Colony, |
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Date of Birth/Age : |
10.10.1956 |
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Date of Appointment : |
19.08.2009 |
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DIN No.: |
02439745 |
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Name : |
Mrs. Kusum Jayprakash Lakhani |
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Designation : |
Director |
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Address : |
Block-A 975/1950, Kailash Colony, |
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Date of Birth/Age : |
07.12.1957 |
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Date of Appointment : |
19.08.2009 |
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DIN No.: |
02404501 |
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Name : |
Mr. Aashish Jayprakash Lakhani |
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Designation : |
Director |
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Address : |
Block-A 975/1950, Kailash Colony, |
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Date of Birth/Age : |
08.01.1985 |
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Date of Appointment : |
19.08.2009 |
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DIN No.: |
02379702 |
KEY EXECUTIVES
|
Name : |
Mr. S.M Baag |
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Designation : |
Deputy General Manager in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Jayprakash N Lakhani |
51300 |
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Kusum J Lakhani |
21850 |
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Aashish J Lakhani |
21850 |
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Total |
95000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged as service industry of Providing Labours and
Materials to companies, also engaged with Fabrication and Erection Activity. |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
Manufacturer ·
Boc India Limited ·
G R Engineering Limited ·
Mukund Limited ·
Offshore Infrastructure Limited ·
Oil and Gas plant Engineers India Private Limited ·
Tata Steel Limited ·
Thermax Limited ·
Walchand Nagar Industries Limited |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Canara Bank, Nariandas Chambers, Dudh Naka, Near Old Bus Stop, Ulhasnagar
(Head Office Banglore) Ulhasnagar-421005, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Hari Dudani and Company Chartered Accountants |
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Address : |
C-5/10, Dev Smaj Road, Netaji, Ulhasnagar-421004, Maharashtra, India |
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Tel. No.: |
91-251-2522374 / 2530165 |
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Mobile No.: |
91-9822840310 |
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Fax No.: |
91-251-2531172 |
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E-Mail : |
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PAN No.: |
ABDPD1707F |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000 |
Equity Shares |
Rs.100/- each |
Rs. 9.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
95000 |
Equity Shares |
Rs.100/- each |
Rs. 9.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
|
9.500 |
4.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
27.887 |
7.040 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
37.387 |
11.040 |
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LOAN FUNDS |
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|
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1] Secured Loans |
|
62.211 |
0.000 |
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2] Unsecured Loans |
|
9.291 |
21.170 |
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TOTAL BORROWING |
|
71.502 |
21.170 |
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DEFERRED TAX LIABILITIES |
|
6.545 |
0.240 |
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TOTAL |
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115.434 |
32.450 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
78.692 |
10.460 |
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Capital work-in-progress |
|
32.126 |
36.141 |
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INVESTMENT |
|
10.183 |
0.910 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.000 |
0.000 |
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Sundry Debtors |
|
41.654 |
18.161 |
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Cash & Bank Balances |
|
9.643 |
6.907 |
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Other Current Assets |
|
21.173 |
3.361 |
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Loans & Advances |
|
22.205 |
3.254 |
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Total
Current Assets |
|
94.675 |
31.683 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
|
53.236 |
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Other Current Liabilities |
|
21.869 |
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Provisions |
|
25.209 |
14.855 |
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Total
Current Liabilities |
|
100.314 |
46.840 |
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Net Current Assets |
|
(5.639) |
(15.157) |
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MISCELLANEOUS EXPENSES |
|
0.072 |
0.096 |
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TOTAL |
|
115.434 |
32.450 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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|
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TURNOVER |
|
404.228 |
90.715 |
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PROFIT BEFORE
TAX |
|
38.070 |
10.217 |
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Less |
TAX |
|
17.224 |
3.177 |
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PROFIT AFTER TAX
|
|
20.846 |
7.040 |
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Earnings Per
Share (Rs.) |
|
219.43 |
74.11 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
|
9.42 |
11.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
21.96 |
24.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
1.02 |
0.93 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
4.78 |
6.18 |
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Current Ratio (Current Asset/Current Liability) |
|
|
0.94 |
0.68 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
|
|
|
Sundry Creditors for Goods |
|
42.598 |
NA |
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Sundry Creditors for Expenses |
|
10.638 |
NA |
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Total |
|
53.236 |
NA |
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Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
------ |
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8. No. of Employees |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last two years |
Yes |
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12. Profitability for last three years |
No |
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13. Reasons for variation <> 20% |
No |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
No |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
Yes |
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20. Export / Import details |
No |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
No |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
No |
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28. Incorporation details, if applicable |
------ |
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29. Last accounts filed at ROC |
------ |
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30. Major Shareholders, if available |
------ |
FORM 8
|
Corporate
identity number of the company |
U29268MH2009PTC195032 |
|
Name of the
company |
FAB-TECH WORKS AND CONSTRUCTIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
611-616, Swastik Disa Business Park, 6th Floor, LBS Marg,
Opposite Shreyas Cinema, Ghatkopar, Mumbai-400086, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Canara Bank, Nariandas Chambers, Dudh Naka, Near Old Bus Stop,
Ulhasnagar (Head Office Banglore) Ulhasnagar-421005, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of Mortgage
dated 05/10/2011 |
|
Date of
instrument Creating the charge |
05.10.2011 |
|
Amount secured by
the charge |
RS. 234.625
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Term Loan of
6.400 millions 14.50% pa Compounded Monthly floating Fresh Term of
Loan of 9.000 millions, 13.25 % pa Compounded Monthly Floating. OCC Rs. 9.5 Cr
14.25 % pa Float, Term Loan 4.225 millions 14.25% pa Float Terms of repayment 1. Earlier Term
Loan of Rs 6.400 millions - 47 installments of Rs. 0.133 million plus
interest as and when due and last installments of Rs. 0.133 million +
interest as and when due. 2. Term Loan 50
Installments of Rs 0.180 million plus interest as and when due. 3. Term Loan of
4.225 millions - First 8 Installments of Rs. 1 Lac plus interest due, next 27
installments of Rs. 0.125 million plus interest due. and last installment of
Rs. 0.050 million plus interest due Margin 1. Term Loan of
6.400 millions, Margin 32.95 % 2. Term Loan of
Rs. 9.000 millions Margin 34.16 % 3. OCC Margin 40
% on Book Debts and 25 % on Stock. 4. Bank Guarantee
25 % 5. Term Loan of
Rs. 4.225 millions Margin 25.12 %. Extent and operation of the charge Bank has
sanctioned total limit of Rs. 234.625 millions, including the earlier term
loan sanction of Rs. 6.400 millions, hence supplement common hypothecation
agreement for the total limits is obtained from the party from borrower.
Details are as follows. 1. Term loan
6.400 millions 2. Term Loan
9.000 millions 3. OCC 95.000
millions 4. Bank Guarantee
120.000 millions. 5. Term Loan of
4.225 millions Other Sub limit of
Advance payment Guarantee (APG) of Rs. 40.000 millions is sanctioned out of
the total Bank guarantee limit of Rs. 120.000 millions |
|
Short particulars
of the property charged (Including location of the property) |
1. Plot H 44 MIDC, Additional Murbad, Village
Kudavali, Murbad 421401 District Thane. Maharashtra. 2. Plot H 43 MIDC, Additional Murbad, Village
Kudavali, Murbad 421401 District Thane. Maharashtra 3. Plot H 42 MIDC, Additional Murbad, Village
Kudavali, Murbad 421401 District Thane. Maharashtra. 4. Plot H 36 MIDC, Additional Murbad, Village
Kudavali, Murbad 421401 District Thane. Maharashtra. |
|
Charge
identification number of the charge to be modified |
10285155 |
|
Particulars of
the present modification |
ILC/FLC
facilities of Rs. 20.000 millions withdrawn/ Cancelled, Fresh Term Loan of
Rs. 4.225 millions sanctioned, OCC limit enhanced to Rs. 95.000 millions from
50.000 millions. |
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. 52.22 |
|
|
1 |
Rs. 81.54 |
|
Euro |
1 |
Rs. 69.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
|
|
|
--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 |
|
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 |
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.