MIRA
INFORM REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
FIBERTECH COMPOSITE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No.20/21, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.06.2010 |
|
|
|
|
Com. Reg. No.: |
04-061062 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209GJ2010PTC061062 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTF00235E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of ERP Products like FRP Pipe and Equipment, Door, Roof
Sheet etc. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company and yet to established itself gradually.
Trade relations are reported as fair. Business is active. Payments are
unknown. The company can be considered for business dealings on a secured 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ankit |
|
Designation : |
Director |
|
Contact No.: |
91-9979400002 |
|
Date : |
04.03.2012 |
LOCATIONS
|
Registered Office / Factory : |
Survey No.20,21, Village-Piplana Taluka-Kotada Sangani, Rajkot-360002,
Gujarat, India |
|
Tel. No.: |
91-2827-2229310/2229311/2229313/293444 |
|
Mobile No.: |
91-9979400002 (Mr. Ankit) |
|
Fax No.: |
91-2827-2241016/293455 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Rajankumar Vallabhdas Vadalia |
|
Designation : |
Director |
|
Address : |
9-B, Shreenathji Tower, Panchavati society Main Road, Rajkot-360001,
Gujarat, India |
|
Date of Appointment : |
14.06.2010 |
|
DIN No.: |
00554219 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U26941GJ1997PTC032668 |
NEW
KISHAN CEMENT PRIVATE LIMITED |
Director |
15-07-97 |
15-07-97 |
31-03-10 |
Active |
NO |
|
2 |
U17110GJ1999PTC036377 |
SADGURU
COTTON PRIVATE LIMITED |
Director |
11-11-03 |
11-11-03 |
01-09-07 |
Active |
NO |
|
3 |
U26940GJ2007PTC050846 |
HI-BOND
CEMENT (INDIA) PRIVATE LIMITED |
Director |
01-04-10 |
01-04-10 |
- |
Active |
NO |
|
4 |
U25209GJ2010PTC061062 |
FIBERTECH
COMPOSITE PRIVATE LIMITED |
Director |
14-06-10 |
14-06-10 |
- |
Active |
NO |
|
Name : |
Mr. Anil Pranjivan Patel |
|
Designation : |
Director |
|
Address : |
Shreenathji Tower, 3rd Floor, Panchavati society Main Road,
Rajkot-360001, Gujarat, India |
|
Date of Appointment : |
14.06.2010 |
|
DIN No.: |
01179930 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U20210GJ2005PTC045667 |
ADVANCE
LAMINATES PRIVATE LIMITED |
Director |
14-03-05 |
14-03-05 |
Active |
NO |
|
2 |
U25209GJ2010PTC061062 |
FIBERTECH
COMPOSITE PRIVATE LIMITED |
Director |
14-06-10 |
14-06-10 |
Active |
NO |
|
Name : |
Mr. Hinesh Dhirajlal Patel |
|
Designation : |
Director |
|
Address : |
3-B, Shreenathji Tower, 3rd Floor, Panchavati society Main
Road, Rajkot-360001, Gujarat, India |
|
Date of Appointment : |
10.06.2010 |
|
DIN No.: |
01179974 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U20210GJ2005PTC045667 |
ADVANCE
LAMINATES PRIVATE LIMITED |
Director |
14-03-05 |
14-03-05 |
Active |
NO |
|
2 |
U25209GJ2010PTC061062 |
FIBERTECH
COMPOSITE PRIVATE LIMITED |
Director |
10-06-10 |
10-06-10 |
Active |
NO |
|
Name : |
Mr. Ankitkumar Jivanbhai Vadalia |
|
Designation : |
Director |
|
Address : |
8/B, Shreenathji Tower, 3rd Floor, Panchavati society Main
Road, Rajkot-360001, Gujarat, India |
|
Date of Appointment : |
10.06.2010 |
|
DIN No.: |
02683202 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Rajankumar Vallabhdas Vadalia |
85800 |
|
Pranjivanbhai Patel |
30000 |
|
Harshad Patel |
75000 |
|
Hinesh Patel |
20000 |
|
Suketaben Patel |
10000 |
|
Yogitaben Patel |
65000 |
|
Jyotsnaben Patel |
35000 |
|
Ankit Vadalla |
14300 |
|
Darshankumar Vadalia |
50800 |
|
Vallabhdas Vadalia |
800 |
|
Navneetbhai Vadalia |
800 |
|
Ketanbhai Vadalia |
41000 |
|
Dipakbhai Vadalia |
61000 |
|
Gokallbhai Vadalia |
10000 |
|
Laxmidas Vadalia |
10000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of ERP Products like FRP Pipe and Equipment, Door, Roof
Sheet etc. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 Days / 60 Days) |
|
|
|
|
Purchasing : |
Cash, Credit (30 Days / 60 Days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
GRP/FRP Pipes |
Mts. |
21600 |
|
Hand Laid Equipments |
Kgs. |
120000 |
|
SME / FRP Doors |
Nos. |
120000 |
|
Pultruded Products |
Mts. |
172800 |
|
Roffing Sheets |
Sheets |
48000 |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
||||||||||||||||||||||||
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No. of Employees : |
50 (Approximately) |
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Bankers : |
State Bank of India, Shapar (Veraval) Branch, Venus Industrial Park,
Survey No.205, Asian Paint Complex, Veraval Road, Veraval-360024, Gujarat,
India |
||||||||||||||||||||||||
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|
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
H. Jamnadas and Company Chartered Accountant |
|
Address : |
217-219, Heera Panna Complex, Dr. Yagnik Road, Rajkot-360001, Gujarat,
India |
|
Pan No.: |
AABFH2320P |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
10.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(2.153) |
|
|
NETWORTH |
|
|
7.847 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
20.795 |
|
|
2] Unsecured Loans |
|
|
16.213 |
|
|
TOTAL BORROWING |
|
|
37.008 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
44.855 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
28.310 |
|
|
Capital work-in-progress |
|
|
7.438 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.961 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3.366 |
|
|
Sundry Debtors |
|
|
0.145 |
|
|
Cash & Bank Balances |
|
|
6.228 |
|
|
Other Current Assets |
|
|
0.214 |
|
|
Loans & Advances |
|
|
2.158 |
|
Total
Current Assets |
|
|
12.111 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
4.321 |
|
|
Other Current Liabilities |
|
|
0.075 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
4.396 |
|
|
Net Current Assets |
|
|
7.715 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.431 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
44.855 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
|
|
0.711 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
|
2.178 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(1.467) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(2.064) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
1.051 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
|
(3.115) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
(0.962) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
|
(2.153) |
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
Per Share (Rs.) |
|
|
(2.15) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
(302.81) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(7.52) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.40) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
6.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.76 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
PRESENT STATUS AND
FUTURE OUTLOOK
During the
financial year covered under audit, the Company has achieved a turnover of Rs.
0.711 Million. The Company has incurred a loss of Rs.1.467 Millions before
depreciation and Interest and a Loss of Rs. 3.115 Million after providing for
depreciation and interest. The Directors are trying their level best to improve
the performance of the Company in terms of Turnover and Profitability. The
prospects of the Company’s business are bright and positive.
FORM 8
|
Corporate
identity number of the company |
U25209GJ2010PTC061062 |
|
Name of the
company |
FIBERTECH
COMPOSITE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No.20,21, Village-Piplana Taluka-Kotada Sangani, Rajkot-360002, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
State Bank of India, Shapar (Veraval) Branch, Venus Industrial Park, Survey No.205, Asian Paint Complex, Veraval Road, Veraval-360024, Gujarat, India |
|
Nature of
instrument creating charge |
Agreement of loan
cum hypothecation |
|
Date of instrument
Creating the charge |
21.08.2010 |
|
Amount secured by
the charge |
Rs. 55.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Working capital
facilities : 5.00% margin above base rate : present effective rate 12.50% Term loan :5.75%
margin above base rate : present effective rate 13.25% Terms of repayment Working capital
facilities : on demand subject to renewal every 12 months Term loan:
moratorium period 6 months, repayment period 66 months in structured monthly
installments of 60 months. Margin Working capital
facilities : Raw
materials : 25% SIP : 25% FG :
25% Receivables
(cover 45 days) : 50% Term loan : as per project Extent and operation of the charge The charge of the
bank operates to cover the repayment of entire credit facilities of Rs.55.000
Millions comprising of fund based working capital limits of Rs.30.000
Millions, term loan of Rs.25.000 Millions together with interest thereon and
all costs and charges |
FIXED ASSETS
·
Land
·
Building
·
Electrification
·
Machinery
·
Plant Equipment
·
Laboratory Equipment
·
D. G. Set
·
Computer
·
R. O. Water Plant
·
Motor Car
·
Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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. 51.20 |
|
|
1 |
Rs. 81.50 |
|
Euro |
1 |
Rs. 67.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
1 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
11 |
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.