MIRA
INFORM REPORT
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Report Date : |
05.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
FIBREX CONSTRUCTION CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
Plot No.218, Sector-21C, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.08.2007 |
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Com. Reg. No.: |
55-166598 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.100 Millions |
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CIN No.: [Company Identification
No.] |
U45209DL2007PTC166598 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELF03453C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Construction Chemicals. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 24000 |
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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 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
|
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 PARTED BY
|
Name : |
Mr. Deepak Dhar |
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Designation : |
Sales Manager |
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Contact No.: |
91-9871297405 |
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Date : |
25.08.2011 |
LOCATIONS
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Registered Office : |
Plot No.218, Sector-21C, |
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Tel. No.: |
91-129-4081412 |
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Mobile No.: |
91-9871297405 (Mr. Deepak Dhar) |
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Fax No.: |
91-129-4113488 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
Plot No.73, First Floor, New DLF Industrial Area, |
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Tel. No.: |
91-129-4081412 |
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Fax No.: |
91-129-4113488 |
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Factory : |
Village Sarai Khatela, |
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Tel. No.: |
91-129-4081412 |
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Fax No.: |
91-129-4113488 |
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E-Mail : |
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Area : |
50000 sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Puneet Maharaj Krishan Kakroo |
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Designation : |
Director |
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Address : |
H. No.218, Sector-21-C, |
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Date of Birth/Age : |
11.01.1976 |
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Qualification: |
Master English |
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Date of Appointment : |
03.08.2007 |
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DIN No.: |
01662848 |
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Name : |
Mrs. Krishna Kakroo |
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Designation : |
Director |
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Address : |
H. No.218, Sector-21-C, |
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Date of Birth/Age : |
08.01.1951 |
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Qualification: |
PHD |
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Date of Appointment : |
03.08.2007 |
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DIN No.: |
01662767 |
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Name : |
Mr. Maharaj Krishan Kakroo |
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Designation : |
Director |
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Address : |
H. No.218, Sector-21-C, |
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Date of Birth/Age : |
08.10.1947 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
02097313 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Dhar |
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Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Puneet Kakroo |
|
109000 |
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|
1000 |
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Total
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|
110000 |
As on 30.09.2010
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Construction Chemicals. |
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Products : |
v Epoxy Floorings / Coatings v
Floor
Hardeners v
Grouts v
Repair
Compounds v
Curing
And Sealing Compounds v
Waterproofing
Admixtures v
Tile Grouts
/ Adhesives v
Joint
Sealants v
Coatings
for Corrosion Protection v
Admixtures |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Production
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Construction Chemicals |
850541.80 |
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Licenced Capacity
is not applicable.
The company generates a large variety of different paints, chemicals and
other variants and as such the specific production capacity utilization ratios can
not reasonably made out.
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Particulars |
In
Metric Tons 31.03.2010 |
|
For workshop at
Sarai Khatela, Hodal, District
Palwal |
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a) The Production Capacity |
2000 |
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b) Actual Production |
851 |
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Overall Utilisation |
42.53% |
GENERAL INFORMATION
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Suppliers : (As on 31.03.2009) |
v Akash Trading Company v Aman Overseas v Anshu Tempo Services v Bajaj Auto Finance Limited v Bajaj Rubber Private Limited v Bindal Metachem v K.L. Traders v Khatana Labour Contractors v Landmark Infonet Private Limited |
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Customers : (As on 31.03.2009) |
Building Construction v Abhay Construction v Amcon Engineers Private Limited v Bhawan Construction v Chinar Construction Chemicals v
Design Tech v Mascot Footcare v S.R. Traders v S.S. Trimix v Xionn |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
v
Small Industries Development Bank of v
ICICI Bank, Branch Huda Market, v
HDFC Bank, Sector 15, v
Jammu and Kashmir Bank v
Centurion Bank of Punjab Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MLG Associates Chartered Accountants |
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Address : |
House No. 63, Sector 15, |
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Income-tax
PAN of auditor or auditor's firm : |
AAGFM1817M |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110000 |
Equity Shares |
Rs.10/- each |
Rs.1.100 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110000 |
Equity Shares |
Rs.10/- each |
Rs.1.100 Millions |
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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 |
1.100 |
1.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.886 |
2.924 |
1.135 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.986 |
4.024 |
1.235 |
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LOAN FUNDS |
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1] Secured Loans |
4.535 |
3.344 |
0.327 |
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2] Unsecured Loans |
1.384 |
1.155 |
1.554 |
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TOTAL BORROWING |
5.919 |
4.499 |
1.881 |
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DEFERRED TAX LIABILITIES |
0.166 |
0.000 |
0.000 |
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TOTAL |
12.071 |
8.523 |
3.116 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.731 |
5.332 |
1.211 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
1.650
|
0.354 |
0.541 |
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Sundry Debtors |
3.877
|
4.320 |
3.130 |
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Cash & Bank Balances |
2.751
|
2.102 |
1.855 |
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Other Current Assets |
1.006
|
1.478 |
0.114 |
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Loans & Advances |
0.176
|
0.169 |
0.263 |
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Total
Current Assets |
9.460
|
8.423 |
5.903 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.980
|
4.459 |
2.976 |
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Other Current Liabilities |
1.142
|
0.891 |
0.718 |
|
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Provisions |
0.001
|
(0.114) |
0.309 |
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Total
Current Liabilities |
7.123
|
5.236 |
4.003 |
|
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Net Current Assets |
2.337
|
3.187 |
1.900 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.004 |
0.005 |
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TOTAL |
12.071 |
8.523 |
3.116 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
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|
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Income |
27.205 |
26.405 |
13.394 |
|
|
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Other Income |
0.090 |
0.037 |
0.000 |
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|
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TOTAL (A) |
27.295 |
26.442 |
13.394 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
22.639 |
16.449 |
7.981 |
|
|
|
Manufacturing Expenses |
|
4.164 |
2.019 |
|
|
|
Administrative Expenses |
|
2.111 |
1.164 |
|
|
|
Selling and Distribution Expenses |
|
0.460 |
0.336 |
|
|
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TOTAL
(B) |
22.639 |
23.184 |
11.500 |
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|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.656 |
3.258 |
1.894 |
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Less |
FINANCIAL
EXPENSES (D) |
0.521 |
0.127 |
0.015 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.135 |
3.131 |
1.879 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.860 |
0.538 |
0.234 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.275 |
2.593 |
1.645 |
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Less |
TAX (H) |
1.066 |
0.804 |
0.510 |
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PROFIT AFTER TAX
(G-H) (I) |
2.209 |
1.789 |
1.135 |
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|
Earnings Per
Share (Rs.) |
20.09 |
16.27 |
113.48 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
50.000 |
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|
The above information has been parted by Mr. Deepak Dhar (Sales
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.09
|
6.77 |
8.47 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
12.04
|
9.82 |
12.28 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.07
|
18.85 |
23.12 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.64 |
1.33 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.18
|
2.42 |
4.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
2.64 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from BP-30, Maurya Enclave, Pitam Pura, New
Delhi-110 034 to the present address.
THE FINANCIALS:
The company started its commercial operations this year. The Directors
express satisfaction that in its maiden year of operations, the company has
clocked a Turnover from Rs.29.403 millions. The Company Generated EBDIT of
4.655 millions. After the charge towards the Deprecation and Interest Cost, the
Company generated net profit – (P.B.T.) for the year to the tune of Rs.3.274
millions.
BUSINESS OUTLOOK
FOR THE COMING YEAR:
The Company’s order book is healthy. And the company is planning to start
a larger plant to meet the increasing demand.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U45209DL2007PTC166598 |
|
Name of the
company |
FIBREX CONSTRUCTION
CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
BP-30 Maurya
Enclave Pitam Pura, New Delhi-110034, |
|
Type of charge |
Immovable
Property Movable Property (not
being pledge) Others (Lien of
FDR of Rs.0.800 million with SIDBI) |
|
Particular of
charge holder |
Small Industries Development Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of intent
dated November 28, 2008 and Modified LOI dated January 05 and 21, 2009. Deed of hypothecation,
dated January 06, 2009 Loan agreement,
dated January 06, 2009 Declaration and
undertaking, dated January 06, 2009 |
|
Date of
instrument Creating the charge |
06.01.2009 |
|
Amount secured by
the charge |
Rs.4.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.50% p.a. with
monthly rests, on the principal amount of the loan outstanding from time to
time. Terms of
Repayment The loan shall be
repaid in 50 monthly installments of Rs.0.080 million each commencing after
nine months from the date of first disbursement of loan. Margin The company shall
bring in Rs.2.408 millions as its contribution in the shape of additional
fresh capital of Rs.1.000 millions and internal accrual of Rs.1.408 millions,
towards the proposed project. Extent and
Operation of the charge 100% (first
charge on assets to secure term loan of Rs.4.000 millions) |
|
Short particulars
of the property charged |
1)
Exclusive
charge by way of hypothecation of all the movable including p and m and
equipments acquired / to be acquired under the project/ scheme. 2)
Exclusive
charge by way of equitable mortgage of immovable property (land and building)
at Mauza Kahatella Sarai, Tehsil Hodal, District Palwal, bearing Khewat No.
536/492, Khatoni No. 614, rect No.64, Killa no.8 min admeasuring 4 Kanals 4
Marlas. 3)
First
charge by way of hypothecation on current assess including book debts, stocks
etc. |
FIXED ASSETS:
v Plant and Machinery
v Inverter Generator
v Office Equipment
v Tools and Dies
v Furniture and Fixtures
v Computer
v Car
v Cycle
v Land
v Building
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.45.90 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
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 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.