|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
FONTEC FOUNDRY PRIVATE LIMITED |
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|
|
Registered
Office : |
Survey No. 209, Opposite Rajoo’s Staff Quarter, Shapar,
Veraval-360002, Gujarat |
|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.05.1996 |
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|
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Com. Reg. No.: |
04-029602 |
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Capital
Investment / Paid-up Capital : |
Rs.2.944
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U27320GJ1996PTC029602 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTF00072C |
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|
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PAN No.: [Permanent Account No.] |
AABCM4344D |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of C.I. Centrifugally Cast Cylinder Liner. |
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No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 31000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small 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.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Manjibhai Jayantilal Sagparia |
|
Designation : |
Director |
|
Contact No.: |
91-9825311151 |
|
Date : |
03.03.2012 |
LOCATIONS
|
Registered Office : |
Survey No. 209, Opposite Rajoo’s Staff Quarter, Shapar,
Veraval-360002, Gujarat, India |
|
Tel. No.: |
91-2827-252101 |
|
Mobile No.: |
91-9825311151 [Manjibhai Jayantilal Sagparia] |
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Fax No.: |
91-2827-253181 |
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E-Mail : |
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Location : |
Owned |
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|
Factory : |
208, Behind Rajoo Engineers Road, Veraval (Shapar), Rajkot-360024,
Gujarat, India |
DIRECTORS
As on 09.09.2011
|
Name : |
Manubha Kishorsinh Jadeja |
|
Designation : |
Director |
|
Address : |
Manhar 3-Jaypark, Nana Mauva Road, Rajkot-360004, Gujarat, India |
|
Date of Birth/Age : |
01.05.1953 |
|
Date of Appointment : |
14.05.1996 |
|
Din No.: |
00413668 |
|
|
|
|
Name : |
Mr. Manjibhai Jayantilal Sagparia |
|
Designation : |
Director |
|
Address : |
Raj Hans, Block No. 70, Street No. 4, Amrut Park, Rajkot-360004,
Gujarat, India |
|
Date of Birth/Age : |
18.06.1962 |
|
Date of Appointment : |
14.05.1996 |
|
Din No.: |
00599804 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kishorsinh Jadeja Manubha Jadeja |
|
31556 |
|
Manjibhai Sagparia Hansarajbhai Sagparia |
|
100 |
|
Jayantilal Sagparia Manjibhai Sagparia |
|
23372 |
|
Kuldipkumar Sharma Bhagvatprasad Sharma |
|
55496 |
|
Mahima Sharma Kuldipkumar Sharma |
|
13000 |
|
Nirupama Sachdeva Rajivkumar Sachdeva |
|
18500 |
|
Rajivkumar Sachdeva Jagdishchandra Sachdeva |
|
47396 |
|
Hansaben Jadeja Kishorsinh Jadeja |
|
31940 |
|
Sudarshna Sachdeva Jagdishchandra Sachdeva |
|
12500 |
|
Mahesh Sharma Bhagvatprasad Sharma |
|
5000 |
|
Yogesh Sharma Bhagvatprasad Sharma |
|
5000 |
|
Yogeshbhai Sagparia Manjibhai Jayantilal Sagparia |
|
100 |
|
Rupal H. Sagparia Hareshbhai Sagparia |
|
500 |
|
Kailashben J. Sagparia Jayantilal Sagparia |
|
18900 |
|
Yashpalsinh Jadeja Kishorsinh Jadeja |
|
15000 |
As on 09.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
47.00 |
|
Other
top fifty shareholders |
|
53.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of C.I. Centrifugally Cast Cylinder Liner. |
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Products : |
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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 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
Liners |
No. |
150536 |
GENERAL INFORMATION
|
Suppliers: |
·
Ashutosh Rubber Private Limited ·
Arpita Traders ·
Bharat Enterprise ·
E D Systems ·
Ganga Transport Agency ·
Hansal Steels Private Limited ·
Jignasha Trading Company ·
Nirav Enterprises ·
Om Packaging ·
Orkla India Private Limited ·
Shiv Diesels ·
Shah Brothers ·
Shah Alloyes and Minerals |
|||||||||||||||||||||||||||||||||||||||
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Customers : |
Wholesaler and Retailers ·
Monarch Marketing Private Limited, Rajkot ·
Shriram Automotive Products Limited ·
Shriram Automotive Products Limited, Ghaziabad ·
Shriram Automotive Products Limited, Patna ·
Shriram Automotive Products Limited, Vijaywada ·
Shriram Automotive Products Limited,
Jalandhar |
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No. of Employees : |
50 [Approximately] |
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Bankers : |
·
Jivan Commercial Co-operative Bank Limited,
Vittalay Dhebar Road, Rajkot-360001, Gujarat, India ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Shirish Trivedi and Company Chartered Accountants |
|
Address : |
246, Royal Complex, 2nd Floor, Near Bhadlawala Petrol Pump,
Dhebar Road, Rajkot-360002, Gujarat, India |
|
Tel. No.: |
91-281-2229655 |
|
Pan No.: |
AASPT6163D |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
294360 |
Equity Shares |
Rs.10/- each |
Rs.2.944
Millions |
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 |
2.944 |
2.944 |
2.944 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.027 |
4.127 |
3.997 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7.971 |
7.071 |
6.941 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.299 |
12.399 |
9.131 |
|
|
2] Unsecured Loans |
1.776 |
1.738 |
2.525 |
|
|
TOTAL BORROWING |
17.075 |
14.137 |
11.656 |
|
|
DEFERRED TAX LIABILITIES |
1.885 |
1.861 |
1.868 |
|
|
|
|
|
|
|
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TOTAL |
26.931 |
23.069 |
20.465 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
12.410 |
9.759 |
10.232 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.462 |
0.375 |
0.290 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.562
|
9.135 |
6.714 |
|
|
Sundry Debtors |
4.796
|
6.824 |
3.478 |
|
|
Cash & Bank Balances |
1.342
|
0.202 |
0.466 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.652
|
1.281 |
1.797 |
|
Total
Current Assets |
18.352
|
17.442 |
12.455 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.330
|
4.109 |
2.233 |
|
|
Other Current Liabilities |
0.031
|
0.042 |
0.024 |
|
|
Provisions |
0.932
|
0.356 |
0.255 |
|
Total
Current Liabilities |
4.293
|
4.507 |
2.512 |
|
|
Net Current Assets |
14.059
|
12.935 |
9.943 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26.931 |
23.069 |
20.465 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
37.362 |
27.663 |
26.100 |
|
|
|
Other Income |
0.158 |
0.045 |
0.039 |
|
|
|
TOTAL (A) |
37.520 |
27.708 |
26.139 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
20.430 |
15.272 |
16.010 |
|
|
|
Foundry Material Consumed |
0.254 |
0.161 |
0.120 |
|
|
|
Stores and Spares Consumed |
0.106 |
0.124 |
0.164 |
|
|
|
Packing Material Consumed |
1.535 |
1.388 |
1.308 |
|
|
|
Manufacturing Expenses |
8.006 |
6.369 |
5.055 |
|
|
|
Administrative Expenses |
1.381 |
1.151 |
1.088 |
|
|
|
Employees Emoluments |
1.019 |
0.765 |
0.887 |
|
|
|
Increase/ Decrease in Stocks |
0.767 |
(0.163) |
(0.832) |
|
|
|
TOTAL (B) |
33.498 |
25.067 |
23.800 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.022 |
2.641 |
2.339 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.945 |
1.760 |
1.608 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.077 |
0.881 |
0.731 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.753 |
0.692 |
0.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.324 |
0.189 |
0.042 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.424 |
0.066 |
0.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.900 |
0.123 |
0.020 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.518 |
3.389 |
3.344 |
|
|
|
DEFERRED
TAX LIABILITY REVERSED |
0.000 |
0.006 |
0.025 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4.418 |
3.518 |
3.389 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.05 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.40
|
0.44 |
0.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.54
|
0.68 |
0.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.30
|
0.69 |
0.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.03 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
2.64 |
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.27
|
3.87 |
4.96 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
3.330
|
4.109 |
2.233 |
PARTIAL DETAILS OF SUNDRY CREDITORS
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Bhagirathsingh S.
Jadeja |
0.151
|
0.020 |
0.063 |
|
Dilipkumar
Chaudhary |
0.084
|
0.049 |
0.042 |
|
Gulabsingh P.
Jadeja |
0.192
|
0.000 |
0.000 |
|
Jay Shakti
Industries |
0.095
|
0.095 |
0.095 |
|
Naminath Scrap
Trader |
0.443
|
0.000 |
0.000 |
|
Marshal Eclectic
Company |
0.203
|
0.039 |
0.022 |
|
Om Packaging |
0.102
|
0.109 |
0.000 |
|
Shreeji
Enterprise |
0.419
|
0.199 |
0.382 |
|
Simron Prints
Private Limited |
0.130
|
0.104 |
0.062 |
|
Sesa Goa Limited
(Pig Iron Division) |
0.536
|
0.300 |
0.000 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
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 |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
OPERATION:
The operation of the company showed
satisfactory performance during the year even in the period of overall
recession in the market. The company could achieve sales around Rs.37.362
millions during the year ended 31.03.2011.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90108121 |
|
Corporate
identity number of the company |
U27320GJ1996PTC029602 |
|
Name of the
company |
FONTEC FOUNDRY
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No. 209, Opposite Rajoo’s Staff Quarter, Shapar,
Veraval-360002, Gujarat, India |
|
Type of charge |
Immovable
Property |
|
Particular of charge
holder |
Jivan Commercial Co-operative Bank Limited, Vittalay Dhebar Road,
Rajkot-360001, Gujarat, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Karar Dastaveg |
|
Date of
instrument Creating the charge |
28.08.2010 |
|
Amount secured by
the charge |
Rs.16.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.50 % Terms of
Repayment On Demand Extent and
Operation of the charge The charge of
equitable mortgage will cover plot no.1,2,5, and 8 admeasuring 4467.77 yards
in total along with building and construction thereon situated at survey no.
209 of Veraval Taluka Kotada Sangani, District -Rajkot |
|
Short particulars
of the property charged |
Plot No.1,2,5,
And 8 Admeasuring 4467.77 Yards in total along with building and construction
thereon situated at Survey No. 209 of Veraval Taluka Kotada Sangani, District
-Rajkot |
|
Date of latest
modification prior to the present modification |
08.08.2009 |
|
Particulars of
the present modification |
The charge of
equitable mortgage will now cover total finance of Rs.16.000 Millions as
under: Secured overdraft
Rs, 116.000 Millions Earlier the
charge of equitable mortgage was covering total finance of Rs.12.500 Millions
as under: Secured overdraft
Rs.12.500 Millions. |
Fixed Assets:
·
Land
·
Building
·
Machinery
·
Ferro Laboratory
·
Laboratory Equipments
·
Office Equipments
·
Software Tally 9.2
·
Air Conditioner
·
Generator Set
·
Water Cooler
·
Pump
·
Scooter Chetak
·
Mobile Phone
·
Strapping Machine
·
Cycle
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.