MIRA
INFORM REPORT
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Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
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Name : |
FIREPRO SYSTEMS
PRIVATE LIMITED |
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Registered Office : |
No. 10 and 11,
Service Road, Hal 2nd Stage, Indira Nagar, Bangalore – 560008,
Karnataka |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
27.12.2001 |
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Com. Reg. No.: |
08-29937 |
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CIN No.: [Company
Identification No.] |
U28999KA2001PTC029937 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM04985B |
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PAN No.: [Permanent
Account No.] |
AAACE7406Q |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer, Importer
and Installation of Fire Protection Systems. |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 4500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are 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 |
LOCATIONS
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Registered Office / Factory: |
No. 10 and 11,
Service Road, Hal 2nd Stage, Indira Nagar, Bangalore – 560008, Karnataka,
India |
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Tel. No.: |
91-80-41588800 /
51588800 |
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Fax No.: |
91-80-41153100 /
51153100 |
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E-Mail : |
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Website : |
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Area : |
4000 sq. fts. |
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Location : |
Owned |
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Corporate Office: |
C – 202, Mangalya Off |
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Branches : |
Located at – South – « Chennai « « « North – «
East – «
Kolkata «
Guwahati «
West – «
Mumbai «
Jaipur «
Pune «
Ahmedabad |
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Overseas
Offices : |
Located at – ¨
¨
UAE ¨
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DIRECTORS
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Name : |
Mr. Nambudumada
Subbaiah Narendra |
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Designation : |
Managing Director
and Chairman |
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Address : |
501, Embassy
Crown, |
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Date of Birth/Age : |
06.03.1966 |
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Date of Appointment : |
27.12.2001 |
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Din No.: |
00791195 |
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Name : |
Mr. Santosh Kumar
Senapti |
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Designation : |
Director |
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Address : |
34, 3rd
Floor, |
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Date of Birth/Age : |
30.07.1962 |
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Date of Appointment : |
31.03.2006 |
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Din No.: |
00076219 |
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Name: |
Mrs. Cauvery
Narendra Nambudumada |
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Designation : |
Director |
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Address : |
501, Embassy
Crown, |
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Date of Birth/Age : |
27.01.1972 |
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Date of Appointment : |
27.12.2001 |
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Din No.: |
00716963 |
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Name: |
Mr. Ashish Kumar |
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Designation : |
Director |
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Address : |
63, Valentina
Apartments, |
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Date of Birth/Age : |
06.03.1972 |
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Date of Appointment : |
31.03.2006 |
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Din No.: |
00139386 |
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Name: |
Mr. Ada Tse Koon
Hang |
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Designation : |
Director |
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Address : |
35/F, |
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Date of Birth/Age : |
09.09.1966 |
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Date of Appointment : |
31.03.2006 |
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Din No.: |
00074624 |
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Name: |
Mr. Machianda Calappa
Muthanna |
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Designation : |
Director |
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Address : |
725-A, Vinyka
Nagar, Hal Post, Bangalore-560017, |
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Date of Birth/Age : |
21.06.1967 |
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Date of Appointment : |
30.11.2009 |
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Din No.: |
02851997 |
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Name: |
Mr. Nainash Jaisingh |
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Designation : |
Director |
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Address : |
A-33, Meherina,
51-C, |
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Date of Birth/Age : |
24.04.1967 |
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Date of Appointment : |
15.12.2009 |
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Din No.: |
00061014 |
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Name: |
Mr. Dhiraj Vishwanath
Poddar |
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Designation : |
Director |
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Address : |
3rd
Floor, Standard Chartered |
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Date of Birth/Age : |
03.11.1974 |
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Date of Appointment : |
15.12.2009 |
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Din No.: |
01946905 |
KEY EXECUTIVES
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Name : |
Mr. Debasis Bhattacharya |
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Designation : |
Company Secretary |
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Address : |
Flat No. D-3, 75/15, S.T. Bed 100 Ft. Ring Road, Koramangala, |
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Date of Birth/Age : |
05.04.1957 |
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Date of Appointment : |
01.04.2005 |
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Din No.: |
ABKPB3412E |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.11.2009
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Names of Shareholders |
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No. of Shares |
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N |
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2625000 |
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Cauvery Narendra |
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2467325 |
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Ambadevi Mauritius Holdings Limited |
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367116 |
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Ashoka Investment Holdings Limited |
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1223744 |
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N S Narendra and Cauvery Narendra acting as trustee on behalf of
firepro employees trust |
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157500 |
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Total |
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6840685 |
As on 15.12.2009
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Names of Allottee |
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No. of Shares
allotted |
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Standard Chartered Private Equity ( |
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150000000 |
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Total |
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150000000 |
Equity Shares Breakup
As on (30.11.2009)
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
74.00 |
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2 |
Others |
26.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Importer and Installation of Fire Protection Systems. |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Advance Payment
and Customer Based Credit Line |
GENERAL INFORMATION
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Suppliers : |
·
Notified, ·
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Customers : |
IT Parks – «
«
JP Tech Park, «
Ascendas - «
Hospitality Industry – « The
Oberoi, « The
Oberoi, « The
Oberoi Grand, Kolkata « Trident
Oberoi, The Corporates – «
Agere System «
Wyse Technology, «
Quintant, «
Mphasis,
Esprit Showroom - Bangalore, Mumbai
Monsanto, Bangalore BM Birla Heart Research, Kolkata
Citilights - Knightbridge, Bangalore
Vysya Bank, Bangalore Commercial Complexes – «
Esprit Showroom - «
The Forum Mall, «
The Sigma Mall, «
Garuda Mall, Industrial – «
Monsanto, « Vedanta Alumina, Lanjigarh, Orissa «
Hindustan Lever Limited, «
Dumex, Hospitals – « BM Birla Heart Research, Kolkata «
«
Narayana Hrudalaya, «
Sagar Apollo,
Residential Apartments – « Citilights
- Knightbridge, « Citilights
- « « Renaissance
- Brindavan, Others – « Vysya
Bank, « ING
Vysya, « |
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No. of Employees : |
1400 (Approximately) |
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Bankers : |
· Canara Bank Cantonment Branch, No. 88, · Punjab National Bank Address: Large
Corporate Branch, ¨
Barclays
Bank PLC Address : 20/21, Kamaraj Salai,
Kanchipuram-631501, ¨
Standard
Chartered Bank Address : ¨
ING
Vyasa Bank Limited Address :
Emerging Corporates Division, ¨
The
HSBC Limited Address :
Corporate Banking Division, ¨
State
Bank of Address : ¨
DBS
Bank Limited Address : No.3, ¨
IDBI
Bank Limited Address : 58, ¨
AXIS
Bank Limited Address : No.9, ¨
YES
Bank Limited Address : |
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Facilities : |
Note : Cash Credit / Overdraft facilities from banks (a) On October 9, 2002. Canara Bank sanctioned cash credit
facility of Rs. 120 million for meeting working capital requirement, which
has been since revised to Rs. 340 million. On November 28,2007, the limit has
been enhanced to Rs. 440 million. The sanctioned limit has been enhanced to Rs. 512
million on May 9,2008. The Facility is repayable on demand and is secured by
pari passu charge over stocks, book
debts ant1 all fixed assets of the Company (save and except assets
exclusively hypothecated to banks and others) and equitable mortgage over lad
and building of the Company. The facility is also secured by the personal
guarantees of certain directors of the Company. During the previous year, the
Company had also availed overdraft against Fixed Deposits of Rs 200 million
other Company which has been repaid during the year. (b) On January 13, 2007. ING Vysya kink had sanctioned
cash credit facility of Rs. 200 million for meeting working capital
requirement, which as been enhanced to Us 250 million. The facility is
secured by pari passu charge over stocks, book debts, current assets and
movable fixed sets of the Company (save and except wets exclusively
hypothecated to banks and others). The facility is also secured by collateral
security of land and building of the Company and personal guarantee of
certain directors of the Company. (c) On January 11, 2007, Standard Chartered Bank has
sanctioned credit facility of Rs 100 million for meeting working capital
requirement which as enhanced to Ks 175 million. The facility repayable on
demand and is secured by pari passu charge over stocks, book debts, other
current assets, immovable and movable fixed assets of the Company (save and
except assets exclusively hypothecated to banks and others). The facility is
also secured by the personal guarantee of certain directors of the Company. (d) On February 2, 2007, Punjab National Bank has
sanctioned cash credit facility of Rs.
200 million for meeting working capital requirement. The
sanctioned limit has been further enhanced to Rs 250 million on March
09,2009. The facility is secured by charge over entire current assets of the
Company pari passu with other working capital lenders under multiple banking
arrangement The facility is collaterally secured by equitable mortgage of
land and building and pari passu charge on movable assets of the Company
(save and except assets exclusively hypothecated to banks and others). The
facility also carries personal guarantee of certain directors of the Company. (e) On November 27,
HSBC Bank has sanctioned overdraft facility of Rs. 10 million for meeting working capital requirement. The
facility secured by pari passu charge over stocks and receivables and movable
properties other Company (save and except assets exclusively hypothecated to
banks and others). The facility is also secured by equitable mortgage over
land and building and personal guarantees of certain directors of the
Company. (f) On September
11, 2008. SBI Bank had
sanctioned cash credit and LC facility of Rs 200 million and Rs 100 million
respectively for meeting working capital requirement. The facility can be
interchanged between each other subject to overall limit of Rs. 300 million.
The facility is secured by pari passu charge over stocks, book debts, current assets and
movable fixed assets of the Company
(save and except assets exclusively hypothecated to banks and others). The facility
is also secured by collateral security of land and Building of the company
and personal guarantees of certain directors of the Company. (g) On
December 6, 2008, AXIS
Bank had sanctioned cash credit facility/working capital demand loan facility
of Rs. 150 million for
meeting working capital requirement. The facility is secured by pari passu
charge over stocks, book debts, current assets and movable fixed assets of
the company (save and except assets exclusively hypothecated to banks and
others. The facility is also secured by collaterals security of Land and
Building of the Company and personal guarantee of certain directors of the
Company. (h) On February 11, 2009. IDBI Bank has sanctioned cash credit facility of Us
250 million for meeting working capital requirement. The facility is secured
by pari passu charge over stocks, receivables and movable properties (save
and except assets exclusively hypothecated to banks and others) and equitable
mortgage over land and building of the Company. The loan is also secured by
the personal guarantees of certain directors of the company. Term Loan (a) On April 11, 2007. HSBC Bank has sanctioned short tern loan of Rs. 100
million for meeting working capital requirement which was further enhanced to
Rs. 285 million
November 27, 2007. The
facility is secured by pari
passu charge over stocks, receivables and
movable properties (save and except assets exclusively
hypothecated to banks and others) and equitable mortgage over land and
building of the Company. The loan is also secured by the personal guarantees
of certain directors of the Company. (b) On June 24, 2008. Yes
Bank has sanctioned
cash credit facility and working capital demand loan of Rs 250 million for
meeting working capital requirement. The facility is secured by pari passu charge over
stocks, book debts, current assets and movable fixed assets of the Company
(save and except assets exclusively hypothecated to banks and others). The
facility is also secured by collateral security of land and building of the
Company and personal guarantee of certain directors of the Company. (c) On August 26, 2008, Barclays
Bank had sanctioned revolving working capital line of Rs. 200 million for
meeting working capital requirement. The facility is secured by pari passu
charge over stocks, book debts, current assets and movable fixed assets of
the Company (save and except assets exclusively hypothecated to banks and
others). The facility is also secured by collateral security of lend and
building the Company and personal guarantee of certain directors of the Company. (d) Vehicle loan are secured by hypothecation of respective assets,
i.e, vehicles, purchased there against. Buyers' credit from banks (a) On January 20, 2007, Canara Bank sanctioned buyer’s credit facility
of Rs 60 million for meeting working capital requirement. The facility is
secured by pari passu charge over stocks, book debts and all fixed assets of
the Company (save and except assets exclusively hypothecated to hanks and
others) and equitable mortgage over land and building of the Company. The
facility is also secured by the personal guarantees of certain directors of
the Company. (b) On February 2, 2007, Punjab
National Bank sanctioned buyer's credit facility of Rs 140 million for
meeting working capital requirement. The sanctioned limit has been further
enhanced to Rs 200 million on March 09, 2009. The facility is secured by
charge over entire current assets of the Company pan passu with other working
capital lenders under multiple banking arrangement and bill of exchange
payable at sight/usance. The facility is collaterally secured by equitable
mortgage of land and building and pari passu charge on movable assets of the
Company (save and except assets exclusively hypothecated to banks and others).
The facility also carries personal guarantee of certain directors of the
Company. (c) On December 6, 2008, Axis Bank had
sanctioned LC Buyer's credit facility of Rs 450 million for import/domestic purchase of equipment
and other normal business purposes. The facility is secured by pari passu
charge over stocks, book debts, current assets and movable fixed assets of
the Company (save and except assets exclusively hypothecated to banks and
others). The facility is also secured by collateral security of lard and building of the Company and
personal guarantee of certain directors of the Company. (d) On January 20, 2009. DBS Bank had
sanctioned Buyer’s credit facility of Rs.
2.5 million under External Commercial Borrowing (ECB) guidelines of
RBI for import goods into Finance Lease
Obligation (a) During the year, the company has obtained computer and other
related equipments under finance lease arrangement. The lease period ranges
from one to three years
and are secured by the respective assets acquired under the lease
arrangements
Note : 1. *Secured by personal guarantee certain directors of the
Company. 2. The above loans are short term in nature. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi
and Associates Chartered
Accountants |
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Address : |
“UB City”, |
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Tel No.: |
91-80-40275000 |
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Fax No.: |
91-80-22106000 |
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Associates/Subsidiaries : |
· Firepro
Systems Pty Limited, · Saffire Devices Private Limited ¨
Firepro Building Systems Pty Limited, ¨
Firepro Systems International LLC, |
CAPITAL STRUCTURE
As on 30.11.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity shares |
Rs. 10/- each |
Rs. 2000.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
156840685 |
Equity shares |
Rs. 10/- each |
Rs.1568.407 millions |
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As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55000100 |
Equity shares |
Rs. 10/- each |
Rs. 550.001 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
6840685 |
Equity shares |
Rs. 10/- each |
Rs.68.407 millions |
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Notes :
(i)
Pursuant to subscription agreement
dated March 30, 2006, the company issued 90906 Preference shares of Rs. 5500.19
each to financial investors. On April 18, 2008, the preference shares were
converted into 1590860 equity shares of Rs. 10/- each.
(ii)
2249925 (2008 - Nil)
equity shares of Rs. 10/- each are allotted as fully paid up bonus shares by
capitalization of General Reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
68.407 |
529.999 |
529.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1061.717 |
555.622 |
289.360 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1130.124 |
1085.621 |
819.359 |
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LOAN FUNDS |
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1] Secured Loans |
2661.723 |
1592.790 |
641.204 |
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2] Unsecured Loans |
72.894 |
24.700 |
0.000 |
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TOTAL BORROWING |
2734.617 |
1617.490 |
641.204 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3864.741 |
2703.111 |
1460.563 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
178.839 |
121.382 |
90.654 |
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Capital work-in-progress |
24.497 |
19.928 |
0.000 |
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INVESTMENT |
83.076 |
12.589 |
9.917 |
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DEFERREX TAX ASSETS |
27.157 |
11.608 |
0.918 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
261.208
|
85.205 |
44.103 |
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Sundry Debtors |
2034.335
|
1683.414 |
1260.189 |
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Cash & Bank Balances |
91.393
|
299.540 |
246.161 |
|
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Other Current Assets |
2019.127
|
1537.422 |
519.647 |
|
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Loans & Advances |
265.413
|
140.802 |
48.625 |
|
Total
Current Assets |
4671.476
|
3746.383 |
2118.725 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
1034.746
|
1091.849 |
670.825 |
|
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Provisions |
85.558
|
124.102 |
103.170 |
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Total
Current Liabilities |
1120.304
|
1215.951 |
773.995 |
|
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Net Current Assets |
3551.172
|
2530.432 |
1344.730 |
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MISCELLANEOUS EXPENSES |
0.000 |
7.172 |
14.344 |
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TOTAL |
3864.741 |
2703.111 |
1460.563 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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SALES |
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Income |
3004.470 |
3468.910 |
2294.380 |
|
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Other Income |
61.529 |
50.699 |
36.420 |
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TOTAL (A) |
3065.999 |
3519.609 |
2330.800 |
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Less |
EXPENSES |
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|
|
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|
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Administrative Expenses |
319.477 |
260.452 |
181.377 |
|
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Raw Material Consumed |
1701.740 |
2171.073 |
1515.403 |
|
|
|
Employee Remuneration and Benefits |
385.579 |
279.476 |
121.562 |
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|
Prior Period Items |
0.000 |
0.000 |
5.590 |
|
|
|
Other Expenditure |
168.051 |
197.332 |
93.227 |
|
|
|
TOTAL (B) |
2574.847 |
2908.333 |
1917.159 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
491.152 |
611.276 |
413.641 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
355.882 |
168.126 |
44..261 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
135.270 |
443.150 |
369.380 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.680 |
17.910 |
12.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
103.590 |
425.240 |
356.660 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.570 |
154.990 |
139.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
66.020 |
270.250 |
217.590 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Management Fees |
401.520 |
0.000 |
NA |
|
|
|
Commission Income |
1.283 |
0.000 |
NA |
|
|
|
Interest Income |
5.463 |
1.690 |
NA |
|
|
TOTAL EARNINGS |
408.266 |
1.690 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
215.236 |
252.247 |
139.999 |
|
|
TOTAL IMPORTS |
215.236 |
252.247 |
139.999 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
9.76 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.15 |
7.68 |
9.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.45 |
12.26 |
15.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.14 |
10.99 |
16.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.39 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.41 |
2.61 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.17 |
3.08 |
2.74 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS :
During the
year, the Turnover of the company is Rs.3004.470 millions as compared to Rs.
3468.910 millions in the previous year. The Profit after Tax is Rs.66.020
million as compared to Rs. 270.250 million in the previous year.
The
company has expanded its business horizon globally by forming a Wholly Owned
Subsidiary in
Bankers Charges
Report as per Registry
|
Name of the company |
FIREPRO SYSTEMS
PRIVATE LIMITED |
|
Presented By |
FIREPRO SYSTEMS
PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
09.10.2002 Common
Hypothecation Agreement (Doc. No.08/2002) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 30.000
Millions. [CC – Rs. 20.000
Millions, ILC (DA/DP) – Rs. 1.500 Millions and BG – Rs. 7.000 Millions] |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all the present and future of stocks of Raw Materials, Work-in-process,
Finished and Semi Finished goods, Book Debts, Outstanding, Money receivables,
Bills, Claims, etc. and all Fixed Assets, Furniture and Fixtures, Office
Equipments, Computers, etc. belonging to the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @2.75%
p.a. over PLR with a minimum of 14.25% p.a. Repayable on
Demand. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank Cantonment
Branch, No. 88, |
|
6) Date and brief description of instrument modifying the charge |
09.02.2005. Supplemental
Common Hypothecation Agreement |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
List increased
from Rs. 157.500 Millions to Rs. 162.500 Millions. All other terms,
conditions, securities continues for the enhanced limit of Rs. 162.500
Millions. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10118730 |
|
Corporation identity number or foreign company registrations number of
the company |
U28999KA2001PTC029937 |
|
Name of the company |
FIREPRO SYSTEMS PRIVATE LIMITED |
|
Address |
Address : No. 10 and 11, Service Road, Hal 2nd Stage,
Indira Nagar, Email : info@fireprosystems.com |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
· Immovable property |
|
Particular of the charge holder
|
Barclays Bank PLC Address : 20/21, Kamaraj Salai,
Kanchipuram-631501, Email ID: Kanakendu.banerjee@barclays.com
|
|
Nature or description of the instrument creating charge |
Memorandum of Entry |
|
Date of the instrument creating charge |
02.09.2009 |
|
Amount Secure by the charge |
Rs. 200.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: As may be specified by the Bank from time to time. Terms of repayment: As may be specified by the Bank from time to time. Margin: As may be specified by the Bank from time to time. Extent and operation of the
charge: Pari passu charge by way of mortgage on Immovable property of the
borrower, in favour of Barclays Bank PLC, to secure the repayment of
facilities granted by the Bank to the Borrower. |
|
Short particulars of the Property charged |
Survey No.10, 11, Totally measuring 486.23 Sq.mtrs, situated at
Service Road, Hal II Stage, Ward No.72, Jeevan Bhima Nagar, range Bangalore
Mahanagar Palika, |
|
Date of latest
modification prior to the present modification |
13.07.2009. |
|
Particulars of
the present modification |
The Bank had granted facilities of INR 200 Million to the Borrower
which was secured by hypothecation over assets vide Deed of Hypothecation
dated 27/08/2008. Said charge was converted from a subservient charge to a
first pari passu charge on 13/07/2009. Now additional security is offered by
way of mortgage of immovable property and said charge is modified
accordingly. |
FIXED
ASSETS :
¨
¨
Building
¨ Leasehold Improvements
¨
Furniture and Fixtures
¨ Computers and Fixtures
¨
Office Equipments
¨
Tools and Equipments
¨
Vehicles
¨ Software
WEB-DETAILS :
INTRODUCTION
Incorporated in 1992, Firepro has been at the forefront of integrated
solutions for fire protection, security and building management systems. In the
short span of less than two decades, the company has established itself as a
'thought leader' in the safety and security space.
With a strong backend in place and a sharp customer focus, today Firepro is not
only designing and building safety solutions but is integrating safety into the
life and ensuring that the world is safe. Firepro is therefore creating a sense
of future readiness through automated systems that ensure that they live and
work in spaces that are intelligent and safe.
Today Firepro is a leader in the Infrastructure
Protection and Safety (IPS) space, and offers integrated services and
solutions such as Fire Alarm and Detection, Fire Suppression, Access Control,
Video Surveillance, Intrusion Alarm, Building Management Systems, Consumer
Safety and Security along with complete managed services. The company has a
proactive team of over 1,400 people having specialized backgrounds and strong
domain expertise and operating through 14 offices country-wide. Firepro also
executes its operations globally through offices in UAE,
The company is driven by high values that include integrity, transparency,
respect and delivering the highest quality.
In a robust affirmation of its business model and growth intent, Firepro
Systems has received PE investment from AIG and Standard Chartered (SCPEL).
This financial strength provides them avenues to realise the vision.
PROFILE :
Towards intelligent environments
Buildings these days are coming
closer to being intelligent from the inside, providing an evolving platform for
safety and protection. And this is the space they operate in, at subject.
They're industry leaders with highly specialized solutions in water-based fire
protection systems, gas-based fire protection systems, fire detection and alarm
systems, building management systems, security and surveillance systems and
intrusion alarm systems.
Growing challenges in risk management
Over the last ten years, work and
living environments in the country have witnessed what they at subject call a
"change of skyline". There's been a redefinition in the profiling of architecture
and interiors. There's been a dramatic scaling up in terms of sheer size and
footprint of basic structures. And there's been a dynamic integration of
interfaces and technologies.
As work and living environments evolve,
a control and statutory framework grows around them. Ensuring that there is a
basic prevention and response system within and outside the framework.
But today's work spaces need a lot
more than basic solutions. Simply because they are dynamic and transient – a
lot more than four walls and a window. The increasing levels of sophistication
in safety and protection solutions are also a direct result of the need to
protect large and critical investments. In buildings and structures, systems
and equipment, people and property.
Solution Spectrum
«
Fire Detection and
Alarm
«
Fire Protection
«
Security
«
Integrated Building
Management Systems
«
Home Automation
«
P.A Systems
«
Services
Alliances:
One of the real measures of subject’s reliability and track record is the host of global leaders with whom subject has forged alliances. The wide spread experience and expertise of subject when combined with the world's leading safety and security products becomes an unbeatable solution. In effect, the synergies provided by these associations are expected to elevate subject as a premier Total Safety Solutions Company in the country.
Ansul, USA
Restaurant Fire Protection Systems, Gas Suppression Systems
BOSCH
Video Surveillance Systems, PA Systems
EST
Analog Addressable Fire Detection and Alarm Systems
Fike Corporation
Gas Suppression Systems
GE Security
Access Control Systems, Video Surveillance Systems, Intrusion Alarm Systems
Honeywell
Video Surveillance Systems, Home Automation, Security Solutions, Access Control
Systems
Ibex Gallagher
Perimeter Protection
System Sensor, USA
Conventional Fire Detection and Alarm Systems
Trend Control Systems Limited
Viking Corporation
Water based Fire Suppression Systems - Pre-Action Systems, Valves and
Sprinklers
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.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.