MIRA
INFORM REPORT
|
Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
BRASSTECH ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 3081, GIDC, Phase-3, Dared, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
06.03.2007 |
|
|
|
|
Com. Reg. No.: |
050156 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27202GJ2007PTC050156 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTB01601F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHFB9663K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Special Turned Parts, Forged and Machined Parts. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. The Profit and Loss Account of 2009-10 is not available. |
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. Sujen Faldu |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9978913550 |
|
Date : |
12.01.2011 |
LOCATIONS
|
Registered Office/Factory : |
Plot No. 3081, GIDC, Phase-3, Dared, |
|
Tel. No.: |
91-288-2911050 |
|
Mobile No.: |
91-9978913550 / 9978914950 (Mr. Sujen Faldu) |
|
Fax No.: |
91-288-2568450 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.20140
|
Name : |
Mr. Mansukhlal P. Faldu |
|
Designation : |
Director |
|
Address : |
B-69, Janta Society, |
|
Date of Appointment : |
16.03.2007 |
|
|
|
|
Name : |
Mr. Chandulal P. Faldu |
|
Designation : |
Director |
|
Address : |
Flat No. 203, |
|
Date of Appointment : |
12.08.2008 |
|
|
|
|
Name : |
Mr. Girdhar P. Faldu |
|
Designation : |
Director |
|
Address : |
B-69, Janta Society, |
|
Date of Appointment : |
12.08.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ajay Patel |
|
5 |
|
Binita Faldu |
|
10 |
|
Chandubhai Faldu |
|
29970 |
|
Dilipbhai Faldu |
|
29970 |
|
Divyaben Faldu |
|
5 |
|
Giridhar Faldu |
|
29980 |
|
Girish Faldu |
|
5 |
|
Gopalbhai Modi |
|
5 |
|
Jayantilal Jani |
|
5 |
|
Jignaben Faldu |
|
5 |
|
Kalpesh Jani |
|
10 |
|
Kantaben Faldu |
|
10 |
|
Keshavlal Dhansadiya |
|
5 |
|
Mansukhlal Faldu |
|
29970 |
|
Motiben Faldu |
|
5 |
|
M. P. Faldu |
|
10 |
|
Naramdaben Bhadaniya |
|
10 |
|
N. D. Faldu (HUF) |
|
5 |
|
Neeta Jani |
|
10 |
|
Nitin Faldu |
|
29970 |
|
Rasilaben Jani |
|
10 |
|
Reekhaben Faldu |
|
5 |
|
Reenaben Faldu |
|
10 |
|
Sohil Jani |
|
5 |
|
S. V. Lalakiaya |
|
5 |
|
Total |
|
150000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Special Turned Parts, Forged and Machined Parts. |
|
|
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
|
Customers : |
End users and OEM’s |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
30 |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Maharshi and Company Chartered Accountant |
|
Address : |
Aparna, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.500 |
1.500 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(4.889) |
(1.813) |
0.000 |
|
|
NETWORTH |
(3.389) |
(0.313) |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.271 |
0.463 |
0.000 |
|
|
2] Unsecured Loans |
42.473 |
39.615 |
22.009 |
|
|
TOTAL BORROWING |
42.744 |
40.078 |
22.009 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
39.355 |
39.765 |
22.109 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
27.099 |
30.179 |
3.912 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
17.568 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.266 |
0.789 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.750
|
8.735 |
0.000 |
|
|
Sundry Debtors |
3.856
|
3.662 |
0.008 |
|
|
Cash & Bank Balances |
1.794
|
0.378 |
0.660 |
|
|
Other Current Assets |
0.000
|
0.000 |
3.366 |
|
|
Loans & Advances |
7.144
|
6.877 |
0.000 |
|
Total
Current Assets |
22.544
|
19.652 |
4.034 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
11.539
|
10.840 |
3.452 |
|
|
Provisions |
0.015
|
0.015 |
0.000 |
|
Total
Current Liabilities |
11.554
|
10.855 |
3.452 |
|
|
Net Current Assets |
10.990
|
8.797 |
0.582 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.047 |
|
|
|
|
|
|
|
|
TOTAL |
39.355 |
39.765 |
22.109 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
7.793 |
|
|
|
Other Income |
|
|
0.257 |
|
|
|
TOTAL (A) |
|
|
8.050 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
|
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
2.923 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
|
(1.813) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
--
|
(22.52) |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(16.02)
|
(162.72) |
254.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.81 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS :
- Coffee and Tea
Machine
- Computer
- Gantry Girder
- Strapping
Machine
- Swifter CNC
Machinery
- Punching Card
System
- Electric
Fittings
- Motor Bike
- Air
Compressor
- Air
Conditioner
- Bar code
Printer
- Telephone
- EPBAX
- Profile
Projector
- Weight Scale
- Generator Set
WEBSITE DETAILS :
PROFILE :
Established in 2007, the company
is basically a subsidiary of Patel Group of Industries, which was established
in 1971. The main idea for this establishment and to separate it was to
concentrate on Special Turned Parts and CNC Turning and Milling Components to
customer specifications, since all other sister concerned companies are
involved in manufacturing of standard fittings and we had no space to adjust
new customers with their old establishments.
Subject, located in the Industrial
Area with a space of 29000 Sq Feet and a construction of 12500 Sq Feet is a
perfect place with a better space for manufacturing special products. They have
kept all necessary equipments and instruments in-house to make sure that they
have a full control over all the processes. Currently they have a good number
of CNC’s both turning and milling machines, also turn-mill combined machines
from DMG Germany. They also have forging presses, manual machines, automatics,
Turnomats, drills and lathe machines to help their machining processes. They
are committed to increase the fleet of their machines, upgrade the technologies
in manufacturing and inspections.
They can supply casted, forged,
turned and milled parts in Brass, Bronze, Aluminium and Steel. They can also
outsource Bimetal Components and any ferrous or nonferrous components. However
they shall be sincere in declaring the products made in-house and the products
brought out.
They have well qualified engineers
and technicians, office staff and technical staff whose ability and
capabilities indirectly affect the quality of the product. They have training
sessions for better technical knowledge of application and engineering concepts
for all their staffs to ensure better quality.
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.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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.