MIRA
INFORM REPORT
|
Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
FATEH INDUSTRIES |
|
|
|
|
Registered
Office : |
Modi Chambers, 319/ |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Year of
Establishment : |
2002 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Manufacturer o Plain and Decorative Candles. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established proprietory concern having satisfactory track.
The valuation report appears to be satisfactory; however the networth
statement has not been certified. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. It would be advisable to take adequate securities while dealing with
the subject. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Naresh F. Khanchandani |
|
Designation : |
Proprietor |
|
Date : |
30.12.2010 |
|
|
|
|
Name : |
Mr. Punjabi |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-9820589710 |
|
Date : |
30.12.2010 |
LOCATIONS
|
Registered/ Head Office : |
Modi Chambers, 319/ |
|
Tel. No.: |
91-22-23425464/
23465465 |
|
Mobile No.: |
91-9820589710 (Mr. R. Punjabi – Accounts) |
|
Fax No.: |
91-22-23425464/
23465465 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Leased |
|
|
|
|
Bhandup Factory : |
1&28, Kala
Udyog Premises Co-op. Society, L.B.S. Marg, Bhandup - West, Mumbai – 400078,
Maharashtra, India. |
|
Tel. No.: |
91-22-25663922 |
|
Fax No.: |
91-22-25663922 |
|
Location : |
Owned |
|
|
|
|
Umbergaon Factory : |
252/3,253/1, 2,
3, G.I.D.C., Umbergaon – 396171, |
|
Tel. No.: |
91-260-2565016 |
|
Fax No.: |
91-260-2565016 |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Naresh F. Khanchandani |
|
Designation : |
Proprietor |
|
Address : |
503/ 504, Mangal Kunj, Junction of 35th and |
|
Date of Birth/Age : |
42 years |
|
Qualification : |
B. Com |
|
Experience : |
18 years |
|
Pan No.: |
AABPK2432R |
KEY EXECUTIVES
|
Name : |
Mr. R. Punjabi |
|
Designation : |
Accounts Department |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer o Plain and Decorative Candles. |
|
|
|
|
Products : |
Plain and Decorative Candles |
|
|
|
|
Brand Name : |
“FISH” and “GOLD FISH” |
|
|
|
|
Imports : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
Cash |
GENERAL INFORMATION
|
Customers : |
Retailers · Aarti Traders ·
· Baba Gelaram Gen Stores · Bajaj Hotels Private Limited · Bharat sales · Chitlange Stores · China Gate Restaurant · Datwani Hospital Private Limited · Deepak Trading Company · Godrej Industries Limited · Gupta stores · Hetal Agencies · Hetal Traders · Mumbai Grahak Panchayat Vitran · Jignesh Enterprises · Jai Santoshi Maa Enterprises · Kapil Agencies · Laxmie Trading Company · Mahavir Sugandhayala · Megha Plastics · New Laxmi General Stores · National Decorators · Prabha Plastic and General Store · R R Sales · Shankarlal and Company · Sai Agencies · Samruddhi Agencies |
|
|
|
|
Suppliers : |
· C. P. Gas Service · Survodaya blending Private Limited · Advance Power control · Roma Gas Agency · Sharp Bus Systems Private Limited · United Traders and Manufacturing · Shivam Infotech · M H Nahar and Company · Heramb Graphics |
|
|
|
|
No. of Employees : |
84 (Office – 14 and Factory – 70) |
|
|
|
|
Bankers : |
·
State Bank of Samuel St. Branch, Mandvi, Mumbai – 400003, · Corporation Bank |
|
|
|
|
Facilities : |
CC – Rs.17.500 Millions and TL – Rs.11.800 Millions |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nahar and Associates Chartered Accountant |
CAPITAL STRUCTURE
FATEH INDUSTRIES
CAPITAL ACCOUNT AS
ON 31.03.2010
|
PARTICULARS |
(RS. IN MILLIONS) |
|
|
|
|
Balance as per
last account |
7.647 |
|
|
|
|
Net Profit
during the year |
2.981 |
|
|
|
|
Transfer during
the year |
4.409 |
|
|
|
|
Withdrawals
During the year |
(5.720) |
|
|
|
|
TOTAL |
9.317 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
FATEH INDUSTRIES
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
9.317 |
8.279 |
|
|
2] Share Application Money |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
|
|
NETWORTH |
9.317 |
8.279 |
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
19.878 |
3.166 |
|
|
2] Unsecured Loans |
4.424 |
0.741 |
|
|
TOTAL BORROWING |
24.302 |
3.907 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL |
33.619 |
12.186 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19.528 |
1.571 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT |
0.012 |
3.131 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
11.289
|
3.721
|
|
|
Sundry Debtors |
1.861
|
5.551
|
|
|
Cash & Bank Balances |
0.577
|
0.144
|
|
|
Other Current Assets |
0.000
|
0.092
|
|
|
Loans & Advances |
3.820
|
0.462
|
|
Total
Current Assets |
17.547 |
9.970
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
Sundry Creditor |
0.316
|
0.171
|
|
|
Other Current Liabilities |
3.152
|
2.106
|
|
|
Provisions |
0.000
|
0.209
|
|
Total
Current Liabilities |
3.468 |
2.486
|
|
|
Net Current Assets |
14.079 |
7.484
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL |
33.619 |
12.186 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
59.455 |
14.695 |
|
|
|
Other Income |
0.000 |
0.000 |
|
|
|
TOTAL |
59.455 |
14.695 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Goods Sold |
37.652 |
7.841 |
|
|
|
Customs Duty |
4.142 |
2.860 |
|
|
|
Wages, Bonus etc |
2.841 |
0.750 |
|
|
|
Octroi |
1.046 |
0.333 |
|
|
|
Vat Tax |
1.251 |
0.468 |
|
|
|
Salaries |
0.000 |
0.107 |
|
|
|
Staff Expenses |
1.596 |
0.009 |
|
|
|
Others Expenses |
6.368 |
1.340 |
|
|
|
TOTAL |
54.896 |
13.708 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.559 |
0.987 |
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.578 |
0.105 |
|
|
|
|
|
|
|
|
|
NET PROFI |
2.981 |
0.882 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.01 |
6.00 |
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.01 |
6.00 |
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.04 |
7.64 |
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.11 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.98 |
0.77 |
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.06 |
4.01 |
(PROP.:
MR. NARESH F. KHANCHANDANI)
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
1] Share Capital |
17.533 |
|
|
2] Share Application Money |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
|
|
NETWORTH |
17.533 |
|
|
LOAN FUNDS |
|
|
|
1] Secured Loans |
12.982 |
|
|
2] Unsecured Loans |
3.397 |
|
|
TOTAL BORROWING |
16.379 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
|
|
|
|
|
|
TOTAL |
33.912 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.200 |
|
|
Capital work-in-progress |
0.000 |
|
|
|
|
|
|
INVESTMENT |
11.850 |
|
|
DEFERREX TAX ASSETS |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
5.244
|
|
|
Sundry Debtors |
5.629
|
|
|
Cash & Bank Balances |
0.194
|
|
|
Other Current Assets |
0.002
|
|
|
Loans & Advances |
1.810
|
|
Total
Current Assets |
12.879
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Sundry Creditor |
0.726
|
|
|
Other Current Liabilities |
0.291
|
|
|
Provisions |
0.000
|
|
Total
Current Liabilities |
1.017
|
|
|
Net Current Assets |
11.862
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
|
|
|
|
|
|
TOTAL |
33.912 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
Income |
64.702 |
|
|
|
Other Income |
0.002 |
|
|
|
TOTAL |
64.704 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Goods Sold |
43.804 |
|
|
|
Customs Duty |
5.203 |
|
|
|
Wages, Bonus etc |
2.528 |
|
|
|
Octroi |
1.079 |
|
|
|
Vat Tax |
1.692 |
|
|
|
Staff Expenses |
0.104 |
|
|
|
Others Expenses |
6.309 |
|
|
|
TOTAL |
60.719 |
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.985 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.553 |
|
|
|
|
|
|
|
|
NET PROFIT |
2.432 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
|
PAT / Total Income |
(%) |
3.76 |
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.76 |
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.54 |
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.99 |
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.66 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING STATEMENT
(RS.
IN MILLIONS)
|
Particulars |
2011 |
2012 |
2013 |
2014 |
|
|
(Estimated) |
(Estimates) |
(Estimates) |
Estimates) |
|
Goss Sales |
|
|
|
|
|
Domestic Sales |
75.000 |
80.000 |
82.500 |
85.000 |
|
Income from |
0.600 |
1.200 |
1.200 |
1.200 |
|
Add Other revenue income |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Total |
75.600 |
81.200 |
83.700 |
86.200 |
|
|
|
|
|
|
|
Less : Excise Duty |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Net
Sales |
75.600 |
81.200 |
83.700 |
86.200 |
|
|
|
|
|
|
|
% rise [+] or fall [-] in net sales as compared to
previous year |
31.83 |
7.41 |
3.08 |
2.99 |
|
|
|
|
|
|
|
Cost
of Sales |
|
|
|
|
|
Raw Materials [Including stores and other items used in
the process of manufacture] |
|
|
|
|
|
[a] Imported |
0.000 |
0.000 |
0.000 |
0.000 |
|
[b] Indigenous |
56.000 |
62.000 |
64.000 |
66.000 |
|
|
|
|
|
|
|
Other Spares and Plant Maintenance |
|
|
|
|
|
[a] Imported |
0.000 |
0.000 |
0.000 |
0.000 |
|
[b] Indigenous |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Power and Fuel |
0.550 |
0.650 |
0.700 |
0.750 |
|
Direct Labour |
2.750 |
2.900 |
3.050 |
3.200 |
|
Other Manufacturing Expenses |
2.250 |
2.360 |
2.475 |
2.600 |
|
Depreciation |
1.850 |
2.125 |
2.125 |
2.125 |
|
SUB
TOTAL |
63.400 |
70.035 |
72.350 |
74.675 |
|
|
|
|
|
|
|
Add : Opening Stocks – in – process |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Sub
Total |
63.400 |
70.035 |
72.350 |
74.675 |
|
|
|
|
|
|
|
Deduct : Closing Stock – in – Process |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Cost
of production |
63.400 |
70.035 |
72.350 |
74.675 |
|
|
|
|
|
|
|
Add : Opening Stock of finished goods |
5.243 |
3.000 |
3.000 |
3.000 |
|
|
|
|
|
|
|
Sub
– Total |
68.643 |
73.035 |
75.350 |
77.675 |
|
|
|
|
|
|
|
Deduct: Closing Stock of finished goods |
3.000 |
3.000 |
3.000 |
3.000 |
|
|
|
|
|
|
|
Sub
– Total (Total Cost of Sales) |
65.643 |
70.035 |
72.350 |
74.675 |
|
|
|
|
|
|
|
Selling General and Administrative Expenses |
3.500 |
3.675 |
3.850 |
4.000 |
|
|
|
|
|
|
|
SUB
– TOTAL |
69.143 |
73.710 |
76.200 |
78.675 |
|
|
|
|
|
|
|
Operation profit before interest |
6.457 |
7.490 |
7.500 |
7.525 |
|
|
|
|
|
|
|
Interest |
2.850 |
3.550 |
2.500 |
2.350 |
|
|
|
|
|
|
|
Operating profit after interest |
3.607 |
3.940 |
5.000 |
5.175 |
|
|
|
|
|
|
|
Add : other non-operating income |
0.000 |
25.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
SUB
– TOTAL [INCOME] |
0.000 |
25.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Deduct other non-operating expenses |
|
|
|
|
|
- Expenses on
Consultancy Income |
0.000 |
0.000 |
0.000 |
0.000 |
|
- Preliminary
Expenses w/off |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
SUB
– TOTAL [EXPENSES] |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Net
of Other Non-Operating Income/ Expenses |
0.000 |
25.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Profit Before Tax / Loss |
3.607 |
28.940 |
5.000 |
5.175 |
|
|
|
|
|
|
|
Provision for Taxes |
1.082 |
6.182 |
1.500 |
1.553 |
|
|
|
|
|
|
|
Net Profit / Loss |
2.525 |
22.758 |
3.500 |
3.623 |
|
|
|
|
|
|
|
Withdrawals |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Retained profit |
2.525 |
22.758 |
3.500 |
3.623 |
|
|
|
|
|
|
|
Retained profit [%] |
100.00 |
100.00 |
100.00 |
100.00 |
BALANCE SHEETS
(RS.
IN MILLIONS)
|
Particular |
2011 |
2012 |
2013 |
2014 |
|
|
(Estimated) |
(Estimates) |
(Estimates) |
Estimates) |
|
Short – Term borrowings from banks [including bills,
purchased, discounted and excess borrowings placed on repayment basis] |
|
|
|
|
|
From Application Bank |
12.500 |
12.500 |
12.500 |
12.500 |
|
From other banks |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Sub
Total |
12.500 |
12.500 |
12.500 |
12.500 |
|
|
|
|
|
|
|
Short Term Borrowings from promoters |
0.000 |
0.000 |
0.000 |
0.000 |
|
Sundry creditors [Trade] |
1.000 |
1.250 |
1.500 |
1.750 |
|
Advance payments from customers/ Deposits from dealers |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provision for tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Dividend payable |
0.000 |
0.000 |
0.000 |
0.000 |
|
other statutory liabilities |
0.000 |
0.000 |
0.000 |
0.000 |
|
Deposits/ Installments of term loans/ DPGs/ debentures,
etc [due within one month] For New Project |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other current liabilities and provisions [due within one
year] [Specify major items] |
1.450 |
1.750 |
2.000 |
2.500 |
|
Sub
– Total |
2.450 |
3.000 |
3.500 |
4.250 |
|
|
|
|
|
|
|
TOTAL
CURRENT LIABILITIES |
14.950 |
15.500 |
16.000 |
16.750 |
|
|
|
|
|
|
|
TERM LIABILITIES |
|
|
|
|
|
Debentures [not maturing within one year] |
0.000 |
0.000 |
0.000 |
0.000 |
|
Preference Shares [Redeemable after 1 year] |
0.000 |
0.000 |
0.000 |
0.000 |
|
Term loans [excluding installments payable within one
year] For New Project |
27.400 |
4.535 |
1.670 |
0.000 |
|
Deferred Payment Credits [excluding installments due
within one year] |
0.000 |
0.000 |
0.000 |
0.000 |
|
Term deposit [repayable after one year] |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Term Liabilities |
3.500 |
3.500 |
3.500 |
2.000 |
|
|
|
|
|
|
|
TOTAL
TERM LIABILITIES |
30.900 |
8.035 |
5.170 |
2.000 |
|
|
|
|
|
|
|
TOTAL
OUTSIDE LIABILITIES |
45.850 |
23.535 |
21.170 |
18.750 |
|
|
|
|
|
|
|
NET
WORTH |
|
|
|
|
|
|
|
|
|
|
|
Ordinary Share Capital
|
20.500 |
41.500 |
43.500 |
45.000 |
|
General Reserve |
0.000 |
0.000 |
0.000 |
0.000 |
|
Revaluation Reserve |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Reserves – Government Grant |
0.000 |
0.000 |
0.000 |
0.000 |
|
Surplus [+] or deficit [-] in Profit and Loss Account |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
NET
WORTH |
20.500 |
41.500 |
43.500 |
45.000 |
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
66.350 |
65.035 |
64.670 |
63.750 |
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and Bank Balance |
1.008 |
0.318 |
0.590 |
0.295 |
|
Investments [Other than long term investments] |
|
|
|
|
|
Government and other Trustee securities |
0.000 |
0.000 |
0.000 |
0.000 |
|
Fixed deposit with bank |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Receivables other than deferred and exports |
6.250 |
6.500 |
7.000 |
7.500 |
|
Export receivables |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Installments of Deferred receivables [due within one
year] |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Inventory
|
12.500 |
13.000 |
13.500 |
14.000 |
|
Raw materials [Including stores and other items used in
the process of manufacture] |
|
|
|
|
|
a] Imported |
0.000 |
0.000 |
0.000 |
0.000 |
|
b] Indigenous |
9.500 |
10.000 |
10.500 |
11.000 |
|
|
|
|
|
|
|
Stock – in – process |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Finished Goods |
2.500 |
2.500 |
2.500 |
2.500 |
|
|
|
|
|
|
|
Other consumable spares |
0.500 |
0.500 |
0.500 |
0.500 |
|
|
|
|
|
|
|
Advances to suppliers of Raw Materials and stores/spares |
0.500 |
0.500 |
0.500 |
0.500 |
|
Advance payment of taxes |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other current assets (specify major items) |
1.000 |
1.250 |
1.250 |
1.250 |
|
|
|
|
|
|
|
TOTAL
CURRENT ASSETS |
21.258 |
21.568 |
22.840 |
23.545 |
|
|
|
|
|
|
|
FIXED
ASSETS |
|
|
|
|
|
Gross Block (Land and Building, Machinery, Work-In-Progress)
|
47.048 |
45.423 |
43.798 |
42.173 |
|
Depreciation to date |
2.125 |
2.125 |
2.125 |
2.125 |
|
|
|
|
|
|
|
NET BLOCK |
44.923 |
43.298 |
41.673 |
40.048 |
|
|
|
|
|
|
|
OTHER
NON – CURRENT ASSETS |
|
|
|
|
|
Investments/ book/ debts/ advances/ deposits which are not
Current Assts |
|
|
|
|
|
[a] Investments in Subsidiary companies/ affiliates |
0.000 |
0.000 |
0.000 |
0.000 |
|
[b] Others |
0.012 |
0.012 |
0.000 |
0.000 |
|
|
|
|
|
|
|
ii] Advances to suppliers of capital goods and contractors
|
0.000 |
0.000 |
0.000 |
0.000 |
|
iii] Deferred receivables [maturity exceeding one year] |
0.000 |
0.000 |
0.000 |
0.000 |
|
iv] Others |
0.157 |
0.157 |
0.157 |
0.157 |
|
|
|
|
|
|
|
Non consumables Stores and Spares |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Other non – current assets including dues from directors
(Deferred Tax Assets) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
OTHER NON – CURRENT ASSETS |
0.169 |
0.169 |
0.157 |
0.157 |
|
|
|
|
|
|
|
Intangible assets [Patents, goodwill, prelim, expenses,
bad / doubtful expenses Not provided for etc.] |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
ASSETS |
66.350 |
65.035 |
64.670 |
63.750 |
STATEMENT OF ASSETS AND LIABILITIES
(MR.
NARESH KHANCHANDANI – PROPRIETOR FATEH INDUSTRIES)
(RS.
IN MILLIONS)
ASSETS
INVESTMENT
IN BUSINESS CAPITAL
|
Name of the Company. Firm/ Concern in which
investment is made |
Amount Invested (Rs. In Millions) |
|
|
|
|
Fateh Industries
|
22.729 |
|
|
|
|
Total |
22.729 |
IMMOVABLE
PROPERTIES
|
Name of the Owner |
Description of Property |
Location/ Address of Property |
Extent of Land |
Extent of Building area Constructed |
|
|
|
|
|
|
|
Mr. Naresh
Khanchandani |
Residential Flat
at Bandra |
Bandra (West),
Mumbai – 400050, |
1100 sq. ft. |
1150 sq. ft. |
|
Type of Property |
Details of documents Conferring right |
Date of Purchases of Property |
Original Purchases Cost (Rs. In Millions) |
Present market Value (Rs. In Millions) |
|
|
|
|
|
|
|
Residence |
Title deeds |
1998 |
2.800 |
25.000 |
INCLUDING
MOVABLE ASSETS LIKE FURNITURE AND FIXTURES/ PLANT AND MACHINERY/ VEHICLES/
JEWELS ETC.
|
Nature/ Details of Assets |
Market Value of Assets (Rs. In Millions) |
|
|
|
|
Jewellery |
0.650 |
|
|
|
|
TOTAL ASSETS |
RS.48.379 MILLIONS |
CREDIT
LIMITS/ FACILITIES WITH FINANCIAL INSTITUTIONS AND BANKS
|
Name of the Institutions/ Banks |
Nature of Credit Facility |
Extent |
|
|
|
|
|
State Bank of |
Working Capital
and Term Loans CC – Rs.12.500
Millions TL – Rs.9.600
Millions for the Firm |
Part of Fixed
Assets of Fateh Industries |
|
NET WORTH |
RS.48.379 MILLIONS |
VALUATION REPORT
|
Purpose for which valuation is made |
Ascertaining Current Value |
||
|
|
|
||
|
Date on which valuation is made |
16.09.2010 |
||
|
|
|
||
|
Name of the seller |
Mr. Satinderpal Singh Anand |
||
|
|
|
||
|
Name of the Owner/ Account/ applicant |
Mr. Naresh Fatehchand Khanchandani and Mrs. Jharna Naresh Khanchandani A/c M/s. Fateh Industries |
||
|
|
|
||
|
If the property is under/ Joint Ownership |
Joint Ownership |
||
|
|
|
||
|
Documents referred |
Agreement Copy |
||
|
|
|
||
|
Brief Description of the property |
Commercial Office |
||
|
|
|
||
|
Location, Street, Ward No. |
Office No.301, 3rd Floor, Anand
center, 105 dr. Ambedkar Road, Palinaka, Near SBI Bandra (West), Mumbai –
400050, Maharashtra, India |
||
|
|
|
||
|
Survey No./ Plot No. of Land |
Plot No.319-C of TPS III, City Survey No.
F/510 |
||
|
|
|
||
|
If the property situated in Residential/
Commercial/ Mixed/ Industrial Area |
Mixed Area |
||
|
|
|
||
|
Classification of Locality High Class/
Upper Middle class/ middle class |
Upper Middle Class/ Middle Class |
||
|
|
|
||
|
Width of the Road |
60 feed Road |
||
|
|
|
||
|
Proximity of Amenities |
All Available in plenty. |
||
|
|
|
||
|
Means and proximity to Surface
Communication by which the locality is served |
Train, Auto, Taxi, Buses from Bandra (West),
Railway station, Just 2 Kms from Railway Station |
||
|
|
|
||
|
Area of Property |
As per Agreement SBU Area = 1550 SBU Total Carpet as per Physical Measurement =
894 sft. |
||
|
|
|
||
|
Property Bounded as |
|
||
|
|
|
||
|
Whether the property is self occupied/
Leasehold. Tenanted |
Lying Vacant |
||
|
|
|
||
|
Does the Landfall in an area included in any
town Planning scheme or any development plan of Govt. or any statutory body?
If so give particulars |
Mumbai Municipal Corporation |
||
|
Yes of
Acquisition |
August, 2006 |
||
|
Value/ Purchase
Price paid |
Rs.12.500 Millions |
||
|
Year of Construction
of Building |
2006 |
||
|
Number of
Floors/ Storey |
Lower Stilt + Gr. + 6 Upper Storey
Building |
||
|
Is the Building
as per the approved Plan |
Plan Not made available by the Owner |
||
|
Number of Wings/
Building |
Single |
||
|
Number of Units
on Each floor |
One Office per floor |
||
|
Additions and
Improvements |
Marbonite Flooring Wooden Flush Door, Open
Glass door, concealed Wiring and Plumbing, currently Renovation work is in
Process. |
||
|
Maintenance charges/
current Payment status |
Owner to Bear the Cost |
||
|
Electricity
charges Status and current Payment status |
Owner to bear the Cost |
||
|
In which floor/
Storey Units is located |
3rd Floor |
||
|
Height of the
above Building |
80 feet |
||
|
|
|
||
|
Type/ class of Construction |
RCC construction with RCC slab Roofing |
||
|
|
|
||
|
Service item available (List of Items to
be such as lifts, water supply) |
Lift, Electricity, water supply, parking
space, security guards available. |
||
|
|
|
||
|
Whether the property is unit / Unit/ Shop
if so then state |
Commercial office |
||
|
|
|
||
|
Estimated future Life of the Building |
56 years (Subject to regular maintenance
of the building) |
||
|
|
|
||
|
Age and Conditions of Target property |
Age 4 years, conditions is satisfactory. |
||
|
|
|
||
|
Whether full consideration has been paid
and proper title documents obtained and Produced to verification. |
Yes as per documents refereed in point No.
6 |
||
|
|
|
||
|
VALUATION DETAILS AND FACTORS = (AREA 1550 SQ. FT. SBU) |
|||
|
Description |
Area |
Rates mentioned / Quoted (In Rs. per sq. ft.) |
Total Value |
|
|
|
|
|
|
Estate Agent |
|
28,000/- to
32,000/- |
|
|
Society Builder
person |
|
30,000/- |
|
|
New Construction
Rate |
|
32,000/- and
above |
|
|
|
|
|
|
|
The Current Fair Market value (FMV) |
1550 sq. ft. SBU |
30,000/- |
Rs.46.500 Millions |
|
|
|
||
|
Realisable / distress value of the said security (10% Less) |
Rs.41.850
Millions |
||
|
|
|
||
|
Value for
insurance Purpose |
1550 sq. ft. SBU |
Rs.1250/- |
Rs.1.938
Millions |
------------------------------------------------------------------------------------------------------------------------------
BRIEF NOTE ON THE
COMPANY
Subject a registered SSI unit established in the year 1964 by late Shri
Fatehchand Khanchandani for manufacture of candles under the brand name “FISH”
and “GOLD FISH”, well known brands in the candle industry and very popular in
the state of
Anticipating better prospects and potential in the candle industry Mr.
Naresh Khanchandani established his own unit under the name Himalaya Industries
for manufacture of candles in the industrial township of GIDC Umargoan in the
state of Gujarat in the year 2002, in line with prevailing industrial scenario
this unit is concentrating more on manufacture of Decorative and Scented
candles, this unit is also a small scale industrial unit, presently the
manufacturing activities are carried out at Bhandup, Mumbai and GIDC, Umargoan,
Gujarat.
A commercial property admeasuring 1550 sq ft located at Bandra (West) is
purchased for the purpose of retail outlet, the purchase of these premises is
partly financed by a term loan of Rs.6.000 Millions, the present outstanding
under the term loan is about Rs.4.200 Millions. They have since received the
possession of the premises and they propose to lease these premises as proposed
plans of retail outlet are deferred due to unavoidable reasons.
At GIDC, Umargoan they have four independent adjoining industrial galas,
in order to have more control on the production activities aTid also to cut
down on production and administrative cost they obtained approval from GIDC for
consolidating all the four galas and construction of a single structure
admeasuring 15000 sq fts approximately, cost of construction is part financed
by a term loan of Rs.7.500 Millions sanctioned by State Bank of India,
construction of the building was carried out by them appointing labour
contractors and material payments were made by them.
Subject is presently sanctioned and enjoying following credit limits
with State Bank of
1) Cash Credit Rs.12.500 Millions
2) LC limit for purchase of raw material Rs.4.000 Millions
3) Term Loan I Rs.6.000 Millions Present o/s Rs.4.200 Millions
Term Loan II Rs.7.500 Millions
The credit limits sanctioned are secured as under;
1) Hypothecation of stocks and book debts
2) Mortgage of commercial premises at Bandra, present market value
Rs.30.000 Millions
3) Mortgage of fixed assets at umargoan, approx market value Rs.20.000
Millions
4) Mortgage of industrial gala at Bhandup, approx market value Rs.15.000
Millions
A copy of sanction letter for the limits sanctioned with State Bank of
FRESH CAPITAL
EXPENDITURE
Industrial galas at Bhandup are located in Kala Udyog premised Coop
Society, the society has been receiving many offers from various builders for
outright purchase and or redevelopment of the premises, these talks are going
on for quite some time in fact some of the occupants have already shifted their
activities at alternate locations. They also propose to keep ready for the
eventuality, as they have quite huge space available at their existing location
at GIDC, Umargoan, they propose to construct another building to shift the
manufacturing activities presently carried out at Bhandup, to construct and set
up manufacturing shop they will have to incur a capital expenditure of about
Rs.20.000 Millions approximately, as against the sale proceeds of Rs.25.000 to
30.000 Millions expected from Bhandup galas as per the offers which are
received by the society. The construction of building may take about 8 to 10
months time and the new machineries can be installed in a months time they hope
the new location will become operational in about a year’s time, by that time
they are positive of offers getting crystallized and receipt of sale proceeds,
the term loan proposed to be availed for the capital expenditure shall be
repaid in one lump sum out of the sale proceeds by latest by sept’11.
PRESENT REQUEST
They request the sanction for the following credit limits;
1) Existing working capital limits as sanctioned by SBI.
2) Sanction of existing term loan outstanding with SB!, present
outstanding is approximately Rs.1.700 Millions (Rs75.00+Rs42.00).
3) Fresh term loan of Rs.20.000 Millions to finance the proposed capital
expenditure.
They are enclosing CMA data along with audited financial statements for
the year ended/ending 2008 and 2009.
FIXED ASSETS:
· Cycle
· Computers
· Car – Loan
· Plant and Machinery
· Fire Extinguishers
· Weighing Scale
· Calculators
· Generators
· Air Conditioner
· Furniture and Fixtures
· Electrical Fittings
· Factory Shed
WEBSITE DETAILS:
PROFILE:
Established in 1964 by Late Mr. Fatehchand Khanchandani,
Subject
has steadily expanded from a small cottage industry into one of the largest
manufacturer of plain and decorative candles in Maharashtra and
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.44.81 |
|
|
1 |
Rs.69.29 |
|
Euro |
1 |
Rs.59.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--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 |
|
45 |
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.