MIRA
INFORM REPORT
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Report Date : |
04.01.2011 |
IDENTIFICATION DETAILS
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Name : |
NEW FIRE ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
16, T V Industrial Estates, K Ahire Marg, Worli, Mumbai-400 025, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.04.1975 |
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Com. Reg. No.: |
11-18306 |
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CIN No.: [Company Identification
No.] |
U74999MH1975PTC018306 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Supply, Erection, Installation and Detection of Various
Fire Fighting System |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 370000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well 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.
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 DECLINED BY
Management Non Co-Operative
LOCATIONS
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Registered Office : |
16, T V Industrial Estates, K Ahire Marg, Worli, Mumbai-400 025, |
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Tel. No.: |
91-22-24938293/24938296/24960889/24960891/66602856 |
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Fax No.: |
91-22-24932439/66602853 |
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E-Mail : |
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Website : |
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Factory : |
Unit No.4, Block II B Wing,
Technopark, Masat Industrial. Estate, Masat, Silvassa |
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Branches : |
Located At: ·
·
Kolkatta ·
Chennai ·
Secunderabad |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Atul Soomatichandra Shah |
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Designation : |
Director |
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Address : |
G.1 Eden Hall, |
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Date of Appointment : |
26.04.1975 |
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Name : |
Mrs. Ranjana Atul Shah |
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Designation : |
Director |
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Address : |
G.1 Eden Hall, |
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Date of Appointment : |
26.04.1975 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Atul Soomatichandra Shah |
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2025 |
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Ranjana Atul Shah |
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2475 |
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Total |
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4500 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Supply, Erection, Installation and Detection of Various
Fire Fighting System |
GENERAL INFORMATION
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Customers : |
Auto ·
Tata Enginnering and Locomotive Company Limited ·
Kinetic Honda Motor Limited ·
Maruti Udyog Limited ·
Bajaj Auto Limited Banks ·
Reserve Bank of ·
State Bank of ·
City Bank ·
Standard Chartered Bank Building ·
Oberoi Hotel, Mumbai ·
·
Time and Attendance Software ·
Cement ·
·
Cement Corporation of India Limited ·
Mangalam Cement ·
Grasim Industries Limited Steel ·
Steel Authority of India Limited ·
Essar Steel Limited ·
Bokaro Steel Limited ·
Vishakapattanam Steel Limited |
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No. of Employees : |
300 (Office-80, Factory-120) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
K. P. Kapadia and Company Chartered Accountants |
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Address : |
A Wing, 3rd Floor, Kakad House, New Marine Lines, Mumbai-400 020, |
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Tel. No.: |
91-22-85919694 |
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Fax No.: |
91-22-22014925/22019410 |
CAPITAL STRUCTURE
As on 39.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.100/- Each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
4500 |
Equity Shares |
Rs.100/- Each |
Rs.0.450
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.450 |
0.450 |
0.450 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
91.126 |
78.247 |
66.199 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
91.576 |
78.697 |
66.649 |
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LOAN FUNDS |
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1] Secured Loans |
59.903 |
63.999 |
58.676 |
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2] Unsecured Loans |
15.724 |
12.760 |
11.338 |
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TOTAL BORROWING |
75.627 |
76.759 |
70.014 |
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DEFERRED TAX LIABILITIES |
0.038 |
0.000 |
0.120 |
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TOTAL |
167.241 |
155.456 |
136.783 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.777 |
35.149 |
33.384 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.009 |
0.009 |
0.009 |
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DEFERREX TAX ASSETS |
0.000 |
0.0017 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
22.546
|
2.752 |
1.976 |
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Sundry Debtors |
258.627
|
236.884 |
172.177 |
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Cash & Bank Balances |
18.973
|
23.679 |
24.386 |
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Other Current Assets |
7.642
|
7.310 |
6.152 |
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Loans & Advances |
33.568
|
27.615 |
14.318 |
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Total
Current Assets |
341.356
|
298.240 |
219.009 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
149.487
|
122.799 |
95.184 |
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Other Current Liabilities |
37.162
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38.048 |
10.705 |
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Provisions |
23.252
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17.112 |
9.730 |
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Total
Current Liabilities |
209.901
|
177.959 |
115.619 |
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Net Current Assets |
131.455
|
120.281 |
103.390 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
167.241 |
155.456 |
136.783 |
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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 |
471.649 |
383.967 |
219.174 |
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Other Income |
4.429 |
5.412 |
5.005 |
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TOTAL (A) |
476.078 |
389.379 |
224.179 |
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Less |
EXPENSES |
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Material Consumed |
342.117 |
262.647 |
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Other Contract Expenses |
20.221 |
12.125 |
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Employee Expenses |
34.661 |
22.524 |
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Administrative Expenses |
20.579 |
16.446 |
NA |
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Selling and Distribution Expenses |
23.141 |
41.709 |
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Donation |
0.021 |
0.050 |
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Increase / Decrease in Stock |
0.092 |
(0.648) |
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TOTAL (B) |
440.832 |
354.853 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.246 |
34.526 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
13.131 |
12.536 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.115 |
21.990 |
NA |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
3.040 |
2.699 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
19.075 |
19.291 |
NA |
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Less |
TAX (H) |
6.195 |
7.244 |
NA |
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PROFIT AFTER TAX
(G-H) (I) |
12.880 |
12.047 |
10.330 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
71.937 |
59.890 |
NA |
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BALANCE CARRIED
TO THE B/S |
84.817 |
71.937 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
0.303 |
8.117 |
0.00 |
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IMPORTS |
128.880 |
67.823 |
NA |
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Earnings Per
Share (Rs.) |
2862.22 |
2677.17 |
- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.71
|
3.09 |
4.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.04
|
5.02 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.06
|
5.79 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.25 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.12
|
3.24 |
2.79 |
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Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.68 |
1.89 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
for Goods and Expenses |
149.487 |
122.799 |
95.184 |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90242818 |
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Corporate
identity number of the company |
U74999MH1975PTC018306 |
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Name of the
company |
NEW FIRE ENGINEERS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
16, T V Industrial Estates, K Ahire Marg, Worli, Mumbai-400 025, |
|
Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of India, Tardeo Road Branch, Hotel Rose Wood Building, Tulsiwadi
Road, Tardeo,, Mumbai - 400034, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Extension of equitable
mortgage |
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Date of
instrument Creating the charge |
11.05.2009 |
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Amount secured by
the charge |
Rs.230.800
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment Demand Extent and
Operation of the charge To secure the
aggregate amount of Rs.230.800 millions granted by the bank to the company |
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Short particulars
of the property charged |
Extension of
equitable mortgage in favour of the bank in respect of the company's property
viz. Flat No.21, 21st floor and 22nd floor, konark empress car parking spaces
1 and 2 and basement car parking space 1, 2, 3 and 4 situated at hains road,
worli, Mumbai - 400 018. |
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Date of latest
modification prior to the present modification |
19.02.2007 |
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Particulars of
the present modification |
in favour of the
bank in respect of the company's property viz. Flat No.21, 21st floor and
22nd floor, konark empress car parking spaces 1 and 2 and basement car
parking space 1, 2, 3 and 4 situated at hains road, worli, Mumbai - 400 018
to secure additional limit of Rs.30.000 millions, thereby enhancing the total
limit to Rs.230.800 millions granted by the bank to the company together with
interest / commission payable thereon |
Fixed assets:
·
Capital Work in Progress
·
Office building
·
Furniture and Fixture
·
Vehicle
·
Office Equipments
·
Electrical Installation
·
Office Premises
·
Computer Equipment
·
Air Conditioner
Website Details:
Profile:
Formed in 1975, Subject is one of
They, at New Fire, are a dedicated group and have adequate manpower restheirces
headed by a team of professionally qualified and experienced engineers in this
field who are capable of designing, procuring and executing large magnitude
projects right from concept to commissioning stages. New Fire is unrivalled in
its position as a one stop total solution company, with offices in Mumbai,
New Fire is driven by its zeal in contributing to the welfare and growth of the
nation by preventing the loss of life, property and at the same time enhancing
business continuity using emerging technologies and deployment of environmental
friendly extinguishing mechanisms.
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.44.67 |
|
|
1 |
Rs.69.45 |
|
Euro |
1 |
Rs.59.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.