MIRA
INFORM REPORT
|
Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
INFINITY FAB ENGINEERING COMPANY PRIVATE LIMITED |
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Registered
Office : |
Plot No. 31, Machhe Industrial Area, Machhe, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.08.1992 |
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Com. Reg. No.: |
08-13449 |
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Capital Investment
/ Paid-up Capital : |
Rs.4.991
Millions |
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CIN No.: [Company Identification
No.] |
U85110KA1992PTC013449 |
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IEC No.: |
0701013168 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI02642D |
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PAN No.: [Permanent Account No.] |
AAAFI4806L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pre Fabricated Structures and Providing Various
Engineering Construction Services. |
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No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 91000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
|
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. Ravindra Vasantrao Ganamukhi |
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Designation : |
Director |
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Contact No.: |
91-9448281050 |
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Date : |
19.03.2012 |
LOCATIONS
|
Registered Office : |
Plot No. 31 and 47, Machhe Industrial Area, Machhe, |
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Tel. No.: |
91-831-2411967 / 2411976 / 2411702 |
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Mobile No.: |
91-9448281050 [Mr. Ravindra Vasantrao Ganamukhi] |
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Fax No.: |
91-831-2411020 / 4202754 |
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E-Mail : |
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Website : |
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Area: |
30000 sq. ft. |
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Location : |
Leased |
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Factory : |
G-1, Sukhsagar Apartments, Opposite 3rd Railway Gate, Tilakwadi, |
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Tel. No.: |
91-831-4202754 |
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Fax No.: |
91-831-4202754 |
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E-Mail : |
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Location : |
750 sq. ft. [Owned] |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ravindra Vasantrao Ganamukhi |
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Designation : |
Chairman cum Managing Director |
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Address : |
G 1, Sukhsagar Apartment, Near Third Railway Gate, Tilakwadi, |
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Date of Birth/Age : |
09.03.1970 |
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Qualification : |
B.E. (Mech) |
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Date of Appointment : |
17.08.1992 |
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Din No.: |
00068968 |
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Name : |
Mr. Vasantrao Gurubasappa Ganamukhi |
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Designation : |
Director |
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Address : |
G 1, Sukhsagar Apartment, Near Third Railway Gate, Tilakwadi, |
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Date of Birth/Age : |
27.12.1941 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
02.05.2005 |
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Din No.: |
00379259 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ravindra Vasantrao Ganamukhi |
|
2211 |
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Sangeeta Ravindra Ganamukhi |
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840 |
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Rashmi Ravi Talikoti |
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310 |
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Snehalata Vasantrao Ganamukhi |
|
280 |
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Vasantrao Gurubasappa Ganamukhi |
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904 |
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Irshad Mehboob Dakhani |
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200 |
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W Jambanna |
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246 |
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Total |
|
4991 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pre Fabricated Structures and Providing Various Engineering
Construction Services. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesaler |
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No. of Employees : |
100 [Approximately] |
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Bankers : |
v
State Bank of India, Commercial Branch, 55/B,
Halgekar Building, Opposite Mahaveer Bhavan, Goaves, Belgaum – 590 011,
Karnataka, India v
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G A Mekalke and Company Chartered Accountants |
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Address : |
14, Cantonment Complex, Opposite Fish Market, Camp, |
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Tel. No.: |
91-831-2431008 |
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Mobile No.: |
91-9448111698 |
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Pan No.: |
ACVPM1551B |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.1000/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4991 |
Equity Shares |
Rs.1000/- each |
Rs.4.991
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
4.991 |
4.991 |
4.391 |
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2] Share Application Money |
0.200 |
0.200 |
0.000 |
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3] Reserves & Surplus |
17.739 |
15.938 |
14.516 |
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4] (Accumulated Losses) |
0.000 |
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NETWORTH |
22.930 |
21.129 |
18.907 |
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LOAN FUNDS |
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1] Secured Loans |
34.084 |
31.813 |
21.481 |
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2] Unsecured Loans |
2.596 |
1.956 |
1.210 |
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TOTAL BORROWING |
36.680 |
33.769 |
22.691 |
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DEFERRED TAX LIABILITIES |
0.124 |
0.144 |
0.165 |
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TOTAL |
59.734 |
55.042
|
41.763 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.765 |
1.980 |
2.019 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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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Inventories |
34.102
|
23.462
|
18.463
|
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Sundry Debtors |
28.094
|
32.917
|
14.718
|
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Cash & Bank Balances |
0.416
|
0.974
|
1.391
|
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Other Current Assets |
16.185
|
10.297
|
11.489
|
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Loans & Advances |
0.209
|
0.982
|
1.326
|
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Total
Current Assets |
79.006
|
68.632
|
47.387
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
13.469
|
9.067 |
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Other Current Liabilities |
0.000
|
0.000
|
7.604
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Provisions |
9.569
|
6.504
|
0.040
|
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Total
Current Liabilities |
23.038
|
15.571
|
7.644
|
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Net Current Assets |
55.968
|
53.061
|
39.743
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
59.734 |
55.042 |
41.763 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
68.358 |
64.994 |
71.617 |
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Other Income |
0.115 |
0.121 |
0.115 |
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TOTAL (A) |
68.473 |
65.115 |
71.732 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Material |
|
15.331 |
9.303 |
|
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Manufacturing Expenses |
61.257 |
43.117 |
50.807 |
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|
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Administrative Expenses |
|
4.014 |
2.559 |
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Increase / (Decrease) in Stock |
|
(4.454) |
1.033 |
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TOTAL (B) |
61.257 |
58.008 |
63.702 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.216 |
7.107 |
8.030 |
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Less |
FINANCIAL
EXPENSES (D) |
4.926 |
5.397 |
4.602 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.290 |
1.710 |
3.428 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.509 |
0.310 |
0.323 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.781 |
1.400 |
3.105 |
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Less |
TAX (H) |
(0.020) |
(0.022) |
(0.025) |
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PROFIT AFTER TAX
(G-H) (I) |
1.801 |
1.422 |
3.130 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.424 |
14.002 |
10.872 |
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BALANCE CARRIED
TO THE B/S |
17.225 |
15.424 |
14.002 |
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|
Earnings Per
Share (Rs.) |
360.85 |
284.97 |
712.81 |
|
Expected Sales (2011-12) : Rs.90.000 Millions.
The above information has been parted by Mr. Ravindra Vasantrao
Ganamukhi.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.63
|
2.18
|
4.36
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.61
|
2.15
|
4.33
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.15
|
1.98
|
6.28
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.07
|
0.16
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.60
|
2.34
|
0.40
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.43
|
4.41
|
6.20
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
FINANCIAL RESULTS:
The working result
of the current year shows total turnover of Rs 68.473 Millions and net profit
of Rs 1.801 Millions as compared to turnover of Rs. 65.114 Millions and net
profit of Rs. 1.422 Millions for the previous year. The results for the year
under review are encouraging.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90198815 |
|
Corporate
identity number of the company |
U85110KA1992PTC013449 |
|
Name of the
company |
INFINITY FAB
ENGINEERING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 31 and 47, Machhe Industrial Area, Machhe, |
|
Type of charge |
Book Debts Movable Property
[not being pledge] |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, 55/B, Halgekar Building, Opposite
Mahaveer Bhavan, Goaves, Belgaum – 590 011, Karnataka, India Email: sbi.04160@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of loan-cum-hypothecation Letter of
arrangement Memorandum for
recording extention of mortgage by deposit of title deeds coverin Revival letter |
|
Date of
instrument Creating the charge |
01.03.2010 |
|
Amount secured by
the charge |
Rs.35.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On working
capital at 2.50% above SBAR at 11.75%. Present effective rate 14.25% p. a.
and on term loan at 3% above SBAR at 11.75%. Present effective rate 14.75% p.
a. Terms of
Repayment Working capital
repayable on demand. The facility which has been sanctioned on 22.01.2010 is
available for 12 months from the date, subject to review every 12 months,
when it may be cancelled/reduced depending upon the conduct and utilisation
of the advance, or as per the Bank's scheme. Term loan - to be
availed within a period of 6 months from the date of sanction. Term loan is
repayable in 60 monthly installments of Rs.0.040 Million each with the first
installment commencing on August 2010. Margin Raw
Materials:Imported-25% Raw
Materials:Indigenous-25% Semi-Finished
goods-25% Finished
goods-25% Components/Consumables/Spares-25% Domestic
Receivables-25% Export Packing
Credit-33.3% Term Loan-20% Bank Guarantee-20% Extent and
Operation of the charge First and
exclusive charge operates on Stocks, Finished goods, Semi-finished goods,
Receivables and Book debts stored at Infinity Fab Engineering Company Private
Limited; Plot No.31, Machhe Industrial Estate, Machhe, Belgaum – 590014 |
|
Short particulars
of the property charged |
Stocks, Finished
goods, Semi-finished goods, Receivables and Book debts stored at Infinity Fab
Engineering Company Private Limited; Plot No.31, Machhe Industrial Estate,
Machhe, Belgaum - 590014 |
|
Date of latest
modification prior to the present modification |
22.10.2009 |
|
Particulars of
the present modification |
The total
existing limit of Rs. 30.500 Millions is enhanced to Rs. 35.900 Millions by granting
below mentioned loans. Cash Credit -
Stocks - Rs.1.500 Millions Cash Credit -
Receivables - Rs.1.500 Millions Term Loan - Rs.
2.400 Millions. |
FIXED ASSETS:
·
Construction
·
Electrification
·
Furniture
·
Generator
·
Machinery
·
Vehicles
·
Vehicles (Scorpio)
·
Computer
·
Tools
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.51.27 |
|
|
1 |
Rs.81.38 |
|
Euro |
1 |
Rs.67.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--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 |
NO |
|
--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.