MIRA
INFORM REPORT
|
Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
FOAM TECHNIQUES MANUFACTURING INDIA PRIVATE LIMITED |
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Registered
Office : |
Gut No.560, Village, Alonde, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.10.2007 |
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Com. Reg. No.: |
11-174814 |
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CIN No.: [Company Identification
No.] |
U3610MH2007FTC174814 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF05366E |
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PAN No.: [Permanent Account No.] |
AABCF1589M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Converters of Polyurethane foam, Expanded Polyurethane, Rubber and
Allied Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 23000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. It’s scale of activities are
limited. Trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for small 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
|
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 |
LOCATIONS
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Registered Office : |
Gut No.560, Village, Alonde, |
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Tel. No.: |
91-22-40143314 |
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Fax No.: |
91-22-40166614 |
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E-Mail : |
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Factory : |
303, Sarita II, B Wing, Prabhat Industrial Estate, Opposite Toll
Mumbai – 400068, |
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DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Vinod Kumar Relan |
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Designation : |
Director |
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Address : |
Relan Lodge, 700, |
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Date of Birth/Age : |
29.06.1941 |
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Date of Appointment : |
08.10.2007 |
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Name : |
Mr. Neil Colin Byeth |
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Designation : |
Director |
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Address : |
4, Medinah Close, Northamption, NN40YS, |
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Date of Birth/Age : |
09.03.1953 |
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Date of Appointment : |
08.10.2007 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Foam Techniques Limited, |
|
49998 |
|
Vinod Kumar Relan * |
|
1 |
|
Neil Colin Bythe * |
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1 |
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Total |
|
50000 |
Note : * Holding equity shares of the company
on behalf of Foam Techniques Limited
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
100.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Converters of Polyurethane foam, Expanded Polyurethane, Rubber and
Allied Products. |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.C. Sejpal and Company Chartered Accountant |
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Address : |
88, Anandilal Podar Marg, Big |
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Holding Company
: |
Foam Techniques Limited ( |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.500 |
0.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
5.364 |
3.457 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
5.864 |
3.957 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
14.486 |
14.633 |
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TOTAL BORROWING |
|
14.486 |
14.633 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
20.350 |
18.590 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
20.763 |
20.303 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.946
|
3.577 |
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Sundry Debtors |
|
8.309
|
5.741 |
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Cash & Bank Balances |
|
0.542
|
0.000 |
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Other Current Assets |
|
0.000
|
0.000 |
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Loans & Advances |
|
0.519
|
0.822 |
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Total
Current Assets |
|
12.316 |
10.140 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
|
12.760
|
11.893 |
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Provisions |
|
0.000
|
0.000 |
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Total
Current Liabilities |
|
12.760 |
11.893 |
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Net Current Assets |
|
(0.444) |
(1.753) |
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MISCELLANEOUS EXPENSES |
|
0.031 |
0.040 |
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TOTAL |
|
20.350 |
18.590 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
45.637 |
30.481 |
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Other Income |
|
1.047 |
1.198 |
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TOTAL (A) |
|
46.684 |
31.679 |
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Less |
EXPENSES |
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Cost of sales |
|
34.097 |
25.148 |
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Factory Expenses |
|
0.103 |
0.232 |
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Wages |
|
1.049 |
0.475 |
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Transportation Charges |
|
1.338 |
0.666 |
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Excise Duty |
|
0.026 |
0.043 |
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Insurance Charges |
|
0.109 |
0.039 |
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Rent |
|
0.154 |
0.662 |
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Salary |
|
3.818 |
2.885 |
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Commission and Brokerage |
|
-- |
0.169 |
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Computer Expenses |
|
0.020 |
0.009 |
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Postage and Courier Charges |
|
0.060 |
0.049 |
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Electricity Charges |
|
0.188 |
0.132 |
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Traveling Expenses |
|
0.276 |
0.093 |
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Motor car Expenses |
|
0.297 |
0.262 |
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Office Expenses |
|
0.217 |
0.200 |
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Printing and stationery |
|
0.039 |
0.069 |
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Legal and Professional Fees |
|
0.263 |
0.211 |
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Professional Tax |
|
0.003 |
0.002 |
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Business and Sales Promotion |
|
0.136 |
0.091 |
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Staff Welfare |
|
0.033 |
0.029 |
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Conveyance |
|
0.079 |
0.032 |
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Free Sample |
|
0.034 |
0.037 |
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Bad Debts |
|
0.536 |
0.015 |
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Loading and Unloading |
|
0.087 |
0.093 |
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Telephone and Internet Expenses |
|
0.380 |
0.245 |
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Repairs and Maintenance Charges |
|
0.258 |
0.108 |
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Auditors Remuneration |
|
0.110 |
0.110 |
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Preliminary Expenses W/off |
|
0.010 |
0.010 |
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Total |
|
43.720 |
32.116 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
2.964 |
(0.437) |
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Less |
FINANCIAL
EXPENSES (D) |
|
0.039 |
0.072 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2.925 |
(0.509) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.502 |
0.475 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
2.423 |
(0.984) |
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Less |
TAX (I) |
|
0.517 |
0.058 |
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PROFIT AFTER TAX
(G-I) (J) |
|
1.906 |
(1.042) |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
4.08 |
(3.28) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
5.30 |
(3.22) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.32 |
(3.23) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.41 |
(0.24) |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
4.64 |
(6.70) |
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Current Ratio (Current Asset/Current Liability) |
|
|
0.96 |
0.85 |
LOCAL AGENCY FURTHER INFORMATION
NOTE :
The registered office address of the company has been shifted from Shiv
Shankar Industrial Complex No.2, Building No.2, Unit No. 14 and 15, Off
National Highway No.8, Village Waliv Vasai (East),
Fixed Assets :
- Factory land
and Buildings
- Computer
- Air
Conditioner
- Electrical
Fittings
- Fax Machines
- Motor Car
(Skoda)
- Office
Equipments
- Plant and
Machinery
- Furniture and
Fixture
AS PER WEBSITE DETAILS :
Foam Techniques Manufacturing (
With over 10 years success in supplying the Indian market with quality acoustic solutions it was a key sign of the companies future plans, when in 2008 investment was put in place to purchase a manufacturing facility in Mumbai.
Now employing 22 people and producing foam components for the Indian and sub continental markets the company sees the future as one of great potential.
Their core business remains the production of acoustic panels and composites, building on the experience of 10 years and with a well respected name they are now offering components cut to specification, utilizing the latest cutting processes all from within their own production facility located in Mumbai.
Further investment has seen us lead the way in the production of quality roller products for the local and international market, a range of foams for specific applications are produced and stocked, with specialty sizes available on request.
With a growing range of foam grades sourced from manufactures around the world they can produce and supply bespoke products in both small and large volumes on a just in time basis.
Beyond their acoustic grades and roller products they supply high quality filtration, medical, packaging products, these can be supplied in sheet or as finished products produced to the highest standards.
Their parent company located in the
Ongoing investment in stock and machinery puts us at the forefront of product development, their dedicated and experienced sales team have many years of knowledge for you to call upon.
Having adopted many of the working practices of their
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 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 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 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. 45.74 |
|
|
1 |
Rs. 72.73 |
|
Euro |
1 |
Rs. 62.73 |
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 |
3 |
|
--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 |
NO |
|
--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.