MIRA
INFORM REPORT
|
Report Date : |
03.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
B FOURESS PRIVATE LIMITED (w.e.f. 03.03.2010) |
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Formerly Known
As : |
BOVING FOURESS PRIVATE LIMITED (w.e.f. 06.12.2007) BOVING FOURESS LIMITED |
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Registered
Office : |
Plot No,7, Phase-II, Peenya Industrial Area, Bangalore-560058,
Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.03.1985 |
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Com. Reg. No.: |
08-006747 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.757 Millions |
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CIN No.: [Company Identification
No.] |
U29119KA1985PTC006747 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Semi kaplan with siphon, aircraft fuel system,
fuel system icing inhibition, anti icing aircraft fuel system, fuel system
and also copper propellers etc |
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|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 1000000 |
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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 a well established company having satisfactory track. There
appears some dip in the turnover and profitability of the company. However, 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
Plot No,7, Phase-II, Peenya Industrial Area, Bangalore-560058,
Karnataka, India |
|
Tel. No.: |
91-80-27971641 / 46 / 28395734 / 27971528 |
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Fax No.: |
91-80-27971455 / 258 / 28395176 |
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E-Mail : |
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Branch Office : |
Plot No.7, KIADB Industrial Estate, Hoskote, Bangalore-562114,
Karnataka, India |
DIRECTORS
AS ON 16.09.2011
|
Name : |
Mr. Sameer Sadanand Shetty |
|
Designation : |
Managing Director |
|
Address : |
11-D, IL Palazzo, Little Gibbs Road, Malabar Hill, Mumbai-400006,
Maharashtra, India |
|
Date of Birth/Age : |
24.06.1970 |
|
Date of Appointment : |
01.04.1996 |
|
DIN No.: |
01306426 |
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 |
U29119KA1985PTC006747 |
B FOURESS
PRIVATE LIMITED |
Managing
director |
01-04-96 |
01-04-96 |
Active |
NO |
|
2 |
U74210MH1971PLC015196 |
FOURESS
ENGINEERING(INDIA)LIMITED |
Director |
26-10-98 |
26-10-98 |
Active |
NO |
|
3 |
L25100MH1965PLC013379 |
THE
RUBBER PRODUCTS LIMITED |
Director |
12-09-07 |
29-01-07 |
Active |
NO |
|
Name : |
Ms. Smitha Hari Prasad Shetty |
|
Designation : |
Director |
|
Address : |
777, 100 Feet Road, Hal 2nd Stage, Indiranagar,
Bangalore-560008, Karnataka, India |
|
Date of Birth/Age : |
01.12.1956 |
|
Date of Appointment : |
02.09.2007 |
|
DIN No.: |
01872542 |
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 |
U74210MH1971PLC015196 |
FOURESS
ENGINEERING(INDIA)LIMITED |
Managing
director |
26-10-98 |
26-10-98 |
- |
Active |
NO |
|
2 |
U34300KA2000PTC026289 |
S.H.P.
ENTERPRISES PRIVATE LIMITED |
Director |
28-01-00 |
28-01-00 |
15-06-08 |
Active |
NO |
|
3 |
L25100MH1965PLC013379 |
THE
RUBBER PRODUCTS LIMITED |
Director |
12-09-07 |
26-07-07 |
- |
Active |
NO |
|
4 |
U29119KA1985PTC006747 |
B
FOURESS PRIVATE LIMITED |
Director |
27-06-08 |
02-09-07 |
- |
Active |
NO |
|
Name : |
Ms. Sucharita Ramcrishna Hegde |
|
Designation : |
Director |
|
Address : |
No. 52, suraiya Apartments, Pochkhanwala Road, Mumbai-400025,
Maharashtra, India |
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Date of Birth/Age : |
16.09.1958 |
|
Date of Appointment : |
02.09.2007 |
|
DIN No.: |
01284570 |
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 |
U74210MH1971PLC015196 |
FOURESS
ENGINEERING(INDIA)LIMITED |
Director |
12-09-98 |
12-09-98 |
Active |
NO |
|
2 |
U74210MH1992PTC066374 |
CYBERDYNE
TECHNOLOGIES (INDIA) PRIVATE LIMITED |
Director |
13-12-05 |
13-12-05 |
Active |
NO |
|
3 |
L25100MH1965PLC013379 |
THE
RUBBER PRODUCTS LIMITED |
Director |
12-09-07 |
29-01-07 |
Active |
NO |
|
4 |
U29119KA1985PTC006747 |
B
FOURESS PRIVATE LIMITED |
Director |
27-06-08 |
02-09-07 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.09.2011
|
Names of Shareholders |
No. of Shares |
|
Hari Prasad Shetty |
30 |
|
Anshuman Anubhai Majmudar |
30 |
|
Foress Investments Private Limited, india |
300000 |
|
IDBI Trusteeship Services (IDBI Bank), India |
775590 |
|
Total |
1075650 |
AS ON 16.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Public financial companies |
72.00 |
|
Bodies corporate |
28.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Semi kaplan with siphon, aircraft fuel
system, fuel system icing inhibition, anti icing aircraft fuel system, fuel
system and also copper propellers etc |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Mini Hydro Tubines and Auxillaries up to 40 MW Unit |
Seat P.a. / Nos.
|
40 |
15 |
20 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
IDBI Bank Limited, 102, Shakhti Coforts Tower, K
H Road, Bangalore-560027, Karnataka, India ·
The Bank of Rajasthan Limited, Gandhinagar,
Bangalore-560005, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gowthama and Company Chartered Accountants |
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Address : |
No.23/57, 41st Cross, East End C Main, 9th Block
Jayanagar, Bangalore-560069, Karnataka, India |
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Pan No.: |
AANPG9369B |
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Subsidiaries : |
Maanisha Hydrodevelopment Company Pte Limited, Singapore |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1075650 |
Equity Shares |
Rs.10/- each |
Rs. 10.757
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.757 |
10.757 |
10.757 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
259.765 |
239.962 |
176.886 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
270.522 |
250.719 |
187.643 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
26.697 |
0.000 |
17.135 |
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2] Unsecured Loans |
4.221 |
8.703 |
6.120 |
|
|
TOTAL BORROWING |
30.918 |
8.703 |
23.255 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
301.440 |
259.422 |
210.898 |
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|
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
34.553 |
32.288 |
38.057 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
2.072 |
1.404 |
1.012 |
|
|
DEFERREX TAX ASSETS |
2.490 |
2.312 |
1.236 |
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.807
|
211.619 |
130.829 |
|
|
Sundry Debtors |
586.880
|
401.209 |
336.676 |
|
|
Cash & Bank Balances |
300.716
|
212.007 |
373.438 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
225.608
|
311.660 |
278.545 |
|
Total
Current Assets |
1142.011
|
1136.495 |
1119.488 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
113.227
|
131.866 |
166.906 |
|
|
Other Current Liabilities |
737.677
|
726.652 |
713.764 |
|
|
Provisions |
28.782
|
54.559 |
68.225 |
|
Total
Current Liabilities |
879.686
|
913.077 |
948.895 |
|
|
Net Current Assets |
262.325
|
223.418 |
170.593 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
301.440 |
259.422 |
210.898 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
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|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
1865.125 |
2105.090 |
1821.545 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1768.434 |
1951.936 |
1673.882 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
96.691 |
153.154 |
147.663 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.166 |
25.614 |
52.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
57.525 |
127.540 |
95.264 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.989 |
6.962 |
10.202 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
49.536 |
120.578 |
85.062 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.369 |
44.959 |
72.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
29.167 |
75.619 |
12.601 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
176.705 |
128.753 |
151.657 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.833 |
15.124 |
22.920 |
|
|
|
Dividend |
10.757 |
10.757 |
10.757 |
|
|
|
Tax on Dividend |
1.745 |
1.786 |
1.828 |
|
|
BALANCE CARRIED
TO THE B/S |
187.537 |
176.705 |
128.753 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
772.181 |
976.895 |
509.512 |
|
|
TOTAL EARNINGS |
772.181 |
976.895 |
509.512 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
258.045 |
432.722 |
378.730 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.12 |
70.30 |
11.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.56
|
3.59 |
0.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.20
|
10.30 |
7.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.48 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.37
|
3.68 |
5.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.24 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
OUTLOOK FOR THE YEAR 2012
As envisaged in
their earlier report the outlook for the next financial year is better than the
expected as new countries are being added in its map. The Directors are pleased
to inform that the company is setting up small hydropower plants in 9 countries
for its customers including Brazil a new country. The company could retain its
leadership position in Small Hydro Business despite of increased competition
and would be continuing to do so in the coming years. The Company is also
looking up of appointing Representative ‘s in different countries that would
help them in tapping the hydro markets.
Also the company
is focusing on outsourcing to meet the excess capacity requirement due to
increase in orders and this will help to increase the top line without any
further capital expenses.
MARKET EXPANSION
The company is
planning to open its first Foreign Branch office in Guatemala as it sees a lots
of potential in Central America. Further the company has engaged the services
of a Global Consulting Firm based in USA for global market research which will
help the company to tap the global markets and also to find suitable
Agents/Partners in various untapped countries. The company has ambition to add
at least 10 more countries in 2011 in its market list
INDUSTRIAL RELATIONS
Industrial
relationship remained cordial throughout the year with the employees. The Board
also wishes to place on record its appreciation to all the employees in the
Company, for their sustained efforts and immense contributions to the high
level of performance and increased profits that the company has achieved during
the year.
FORM 8
|
Corporate
identity number of the company |
U29119KA1985PTC006747 |
|
Name of the
company |
B Fouress Private
Limited |
|
Address of the
registered office or of the principal place of business in |
Plot No,7, Phase-II, Peenya Industrial Area, Bangalore-560058,
Karnataka |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
IDBI Bank Limited, 102, Shakhti Coforts Tower, K H Road, Bangalore-560027, Karnataka, India |
|
Nature of instrument
creating charge |
Deed of
hypothecation dated 27.01.2011 |
|
Date of
instrument Creating the charge |
27.01.2011 |
|
Amount secured by
the charge |
Rs. 520.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest As
applicable From Bank (BG-Rs.520.000
millions) Terms of repayment Return of
Original guarantee on Maturity Margin Margin 10% Extent and operation of the charge 100% Till the
Closure of the Loan |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Paripassu charge on the entire Current Assets and Paripassu IInd Charge on
the Movable and Immovable Assets of the Company. |
|
Charge
identification number of the charge to be modified |
10150811 |
|
Particulars of
the present modification |
Limit increased
from Rs.500.000 millions to Rs.520.000 millions. Pari-passu charge on the entire
Current Assets and Pari-passu IInd Charge on the Movable and Immovable
Assets. All other Terms, Conditions and Securities continues for the
increased limit of Rs.520.000 millions. |
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
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. 53.29 |
|
|
1 |
Rs. 82.66 |
|
Euro |
1 |
Rs. 68.90 |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.