MIRA
INFORM REPORT
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Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
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Name : |
METALMECCANICA FRACASSO INDIA PRIVATE LIMITED |
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Registered
Office : |
E-319, Floral |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.11.2002 |
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Com. Reg. No.: |
11-137994 |
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CIN No.: [Company Identification No.] |
U31400MH2002PTC137994 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Safety Barriers, Acoustic Panels, Road
Barrier, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1790000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. M.N. Verma |
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Designation : |
Manager |
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Contact No.: |
91-2524-223435 |
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Date : |
28.01.2011 |
LOCATIONS
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Registered Office : |
E-319, Floral |
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Tel. No.: |
91-22-28377260 |
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Fax No.: |
91-22-28376131 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Leased |
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Factory : |
K5, Additional MIDC Murbad, |
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Area : |
10 acres |
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Location : |
Owned |
DIRECTORS
As on 24.09.2010
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Name : |
Mr. Michele Segato |
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Designation : |
Director |
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Address : |
VIA, |
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Date of Birth/Age : |
05.08.1960 |
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Date of Appointment : |
26.11.2002 |
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Name : |
Mr. Angelo Zenorini |
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Designation : |
Director |
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Address : |
LOC Magine, 5, VIA, Valpolicella, 44, VRN, |
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Date of Birth/Age : |
26.01.1965 |
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Date of Appointment : |
26.11.2002 |
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Name : |
Mr. Adriano Fracasso |
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Designation : |
Director |
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Address : |
V, Capriccio, 86, Vignoza (PD) – 35010, |
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Date of Birth/Age : |
24.03.1953 |
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Date of Appointment : |
26.11.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Adriano Fracasso |
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100 |
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Mr. Michele Segato |
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100 |
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Mr. Angelo Zenorini |
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100 |
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Metalmeccanica Fracasso SPA ( |
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17269303 |
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SIMEST ( |
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13332524 |
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Fracasso SPA ( |
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14272099 |
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Total |
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44874226 |
As on 24.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Safety Barriers, Acoustic Panels, Road
Barrier, etc. |
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Products : |
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Exports : |
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Products : |
Safety Barriers, Acoustic Panels, Road Barrier |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
50 (15 in office + 35 in factory) |
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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 : |
Mehta Singhvi and Associates Chartered Accountant |
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Address : |
410, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai
– 400013, Maharashtra, India |
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Tel. No.: |
91-22-66096060 |
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Fax No.: |
91-22-66096069 |
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E-Mail : |
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Parent Company : |
Metalmeccanica Fracasso S.P.A., |
CAPITAL STRUCTURE
As on 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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44874226 |
Equity Shares |
Rs.10/- each |
Rs.448.742
Millions |
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 |
448.742 |
398.527 |
134.993 |
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2] Share Application Money |
0.000 |
8.945 |
97.760 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.136) |
(14.547) |
(11.983) |
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NETWORTH |
447.606 |
392.925 |
220.770 |
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LOAN FUNDS |
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1] Secured Loans |
283.840 |
112.486 |
80.673 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
283.840 |
112.486 |
80.673 |
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DEFERRED TAX LIABILITIES |
17.606 |
5.974 |
0.000 |
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TOTAL |
749.052 |
511.385 |
301.443 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
319.223 |
360.855 |
27.462 |
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Capital work-in-progress |
96.026 |
0.000 |
53.171 |
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INVESTMENT |
0.222 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.793 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
68.971
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36.152 |
43.358 |
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Sundry Debtors |
272.845
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171.914 |
106.487 |
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Cash & Bank Balances |
0.519
|
1.589 |
57.973 |
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Other Current Assets |
40.737
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35.580 |
0.000 |
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Loans & Advances |
67.915
|
13.603 |
41.391 |
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Total
Current Assets |
450.987
|
258.838 |
249.209 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
108.992
|
106.412 |
29.867 |
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Provisions |
8.414
|
1.896 |
1.325 |
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Total
Current Liabilities |
117.406
|
108.308 |
31.192 |
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Net Current Assets |
333.581
|
150.530 |
218.017 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.00 |
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TOTAL |
749.052 |
511.385 |
301.443 |
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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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Income |
558.709 |
335.324 |
206.554 |
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Other Income |
34.237 |
20.228 |
13.274 |
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TOTAL (A) |
592.946 |
355.552 |
219.828 |
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Less |
EXPENSES |
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Increase / (Decrease) in Stock |
(19.189) |
5.479 |
(0.844) |
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Cost of Material Consumed |
431.924 |
254.454 |
158.829 |
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Direct Expenses |
58.064 |
34.218 |
25.196 |
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Employee Compensation |
8.564 |
6.732 |
4.988 |
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General, Administration and Selling Expenses |
43.048 |
33.264 |
17.347 |
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Prior Period Items |
0.249 |
1.095 |
0.056 |
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TOTAL (B) |
522.660 |
335.242 |
205.572 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
70.286 |
20.310 |
14.256 |
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Less |
FINANCIAL
EXPENSES (D) |
27.569 |
4.982 |
5.532 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
42.717 |
15.328 |
8.724 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.493 |
8.163 |
2.167 |
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PROFIT BEFORE
TAX (E-F) (G) |
30.224 |
7.165 |
6.557 |
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Less |
TAX (I) |
16.834 |
9.763 |
3.254 |
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PROFIT AFTER TAX
(G-I) (J) |
13.390 |
(2.598) |
3.303 |
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Add |
Tax Provision of earlier years written back |
0.021 |
0.033 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(14.548) |
(11.983) |
(15.286) |
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BALANCE CARRIED
TO THE B/S |
(1.137) |
(14.548) |
(11.983) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
190.391 |
68.915 |
NA |
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TOTAL EARNINGS |
190.391 |
68.915 |
NA |
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IMPORTS |
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Fish Tails, Reflectors, Terminal Type E |
0.548 |
1.861 |
NA |
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TOTAL IMPORTS |
0.548 |
1.861 |
NA |
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Earnings Per
Share (Rs.) |
0.32 |
(0.12) |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.26
|
(0.73) |
1.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.41
|
2.14 |
3.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.92
|
1.16 |
2.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
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0.02 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.90
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0.56 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
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3.84
|
2.39 |
7.99 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
:
During the year, the Company has achieved a Total Income of
Rs. 612.134 Millions as against Rs. 350.073 Millions for the previous year
registering an increase of approx 74.86%. After deducting total expenditure
including depreciation and prior period items aggregating Rs. 581.911 Millions
and provision for taxation including deferred tax of 26.832 Millions, the
Company has earned a net Profit of Rs. 13.390 Millions as against the net loss
of Rs. 2.596 Millions in the previous year. After adjustment of the loss
balance carried forward from the previous years, the loss balance of Rs. 1.136
Millions has been carried to the Balance Sheet.
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from 317 E Wing,
FORM 8 :
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10166176 |
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Corporate
identity number of the company |
U31400MH2002PTC137994 |
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Name of the
company |
METALMECCANICA FRACASSO INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
E-319, Floral |
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Type of charge |
Book Debts Movable Property Immovable
Property Other |
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Particular of
charge holder |
Axis Bank Limited, Credit Management Centre, Unit-6, Corporate Park, |
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Nature of
description of the instrument creating or modifying the charge |
No Instrument.
Memorandum of Entry (MoE) (Equitable Mortgage By Deposit of Title deeds) made
on 11.11.2009 |
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Date of instrument
Creating the charge |
11.11.2009 |
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Amount secured by
the charge |
Rs.250.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: CC and T.L.Limit
@ 2.35% below BPLR, present effective rate 12.40% p.a. payable at monthly
rests. Terms of
Repayment : Working capital -
on Demand T.L.I to be
repaid in 20 Quarterly installment of Rs.3.300 Millions each commencing after
moratorium period of 6 months after the first disbursement. T.L. II to be
repaid in 20 quarterly installments of Rs.5.300 Millions each commencing
after moratorium period of 6 months after the first disbursement. Margin : CC - RM -30%, SIP
- 35%, FG- 30%, S & S - 35% and B.Ds.- 40% EPC/PSC/BG 10% TL-II 65% of
total project cost. Extent and
Operation of the charge : The credit
facilities aggregating to Rs. 250.000 Millions granted by the Bank further
secured by Deposit of title Deeds relating to imm. property of |
|
Short particulars
of the property charged |
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|
Particulars of
the present modification |
Now vide this
Modification, credit facilities aggregating to Rs. 250.000 Millions granted
by the Bank further secured by Deposit of title Deeds relating to imm.
property of Company situated at Plot No. K - 5, Additional Murbad MIDC, |
TRADE REFERENCES :
- Jindal Group
- Ispat
Industries Limited
FIXED ASSETS :
- Land at Murbad
- Plant and Machinery
- Air Condition
- Office Equipments
- Fax Machine
- Equipments at Site / Factory
- Computers
- Furniture and Fixtures
- Motor Car – Office / Factory
- Motor Cycle – Factory
- Fork Lift Truck
- Electrical Installations
- Buildings
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--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 |
YES |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.