|
Report Date : |
15.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
FLOMETALLIC INDIA LIMITED |
|
|
|
|
Registered
Office : |
67, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.04.2010 |
|
|
|
|
Com. Reg. No.: |
18-075244 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.335.100
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28113TN2010PLC075244 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEF03985C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF5030D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Casting of Iron or Steel. |
|
|
|
|
No. of Employees
: |
Approximately 200 (In Office – 7, In Factory – 193) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
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 : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company and yet to commenced its
commercial operation. The company will commenced its business activity by
ending of March 2012. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Balaji |
|
Designation : |
Deputy Manager |
|
Contact No.: |
91-44-24908742 |
|
Date : |
14.03.2012 |
LOCATIONS
|
Registered Office : |
67, |
|
Tel. No.: |
91-44-24321315/ 24908741/ 24908742 |
|
Fax No.: |
91-44-24908719/ 24424217 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No.82, G.I.D.C., Jhagadia Mega Industrial Estate, Jhagadia,
District Bharuch – 393 110, |
DIRECTORS
As on 02.09.2011
|
Name : |
Ragavachary Ramanujam |
|
Designation : |
Director |
|
Address : |
No.4, Old No.17, |
|
Date of Birth/Age : |
29.07.1936 |
|
Qualification : |
B.Sc. |
|
Date of Appointment : |
05.04.2010 |
|
DIN No.: |
00365735 |
|
|
|
|
Name : |
Mr. Thiruvallur Thattai Srinivasaraghavan |
|
Designation : |
Director |
|
Address : |
New No.9, Old No.5, |
|
Date of Birth/Age : |
19.01.1955 |
|
Qualification : |
B.Com, M.B.A. |
|
Date of Appointment : |
02.09.2011 |
|
DIN No.: |
00018247 |
|
|
|
|
Name : |
Mrs. Harsha Viji |
|
Designation : |
Director |
|
Address : |
20, |
|
Date of Birth/Age : |
28.08.1975 |
|
Qualification : |
B.Com, ACA, M.B.A. |
|
Date of Appointment : |
02.09.2011 |
|
DIN No.: |
00602484 |
|
|
|
|
Name : |
Mr. Suryaprakashrao Kunapuli |
|
Designation : |
Director |
|
Address : |
Plot No.20, Yoga Narasimha Colony, Sholinghur – 631 102, |
|
Date of Birth/Age : |
17.12.1958 |
|
Qualification : |
B. Tech, PG Diploma in Management |
|
Date of Appointment : |
02.09.2011 |
|
DIN No.: |
00616868 |
|
|
|
|
Name : |
Mr. Ananth Ramanujam |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Vaidyanathan Balajikrishna |
|
Designation : |
Manager |
|
Address : |
B-14, Rail Nagar, Koyambedu, Chennai – 600 017, |
|
Date of Birth/Age : |
02.05.1970 |
|
Date of Appointment : |
01.09.2011 |
|
PAN No.: |
AAGPB9689Q |
|
|
|
|
Name : |
Balaji G. |
|
Designation : |
Secretary |
|
Address : |
New no.23, Old No.12/1, |
|
Date of Birth/Age : |
17.12.1976 |
|
Date of Appointment : |
26.03.2011 |
|
PAN No.: |
AKZPB0417D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
R. Ramanujam |
|
75 |
|
S. Ram |
|
50 |
|
S. Viji |
|
50 |
|
R. Srikanth |
|
1 |
|
T.T. Rangaswamy |
|
1 |
|
Turbo Energy Limited, |
|
525 |
|
ABI-Snowtech ( |
|
100 |
|
Sundaram Finance Limited, |
|
1600 |
|
Brakes India Limited, |
|
525 |
|
Prema Ramanujam |
|
50 |
|
Chitra Viji |
|
50 |
|
Harsha Viji |
|
50 |
|
Sriram Viji |
|
50 |
|
Gita Ram |
|
50 |
|
Nivedita Ram |
|
50 |
|
Srivats Ram |
|
50 |
|
Srikanth Ramanujam |
|
24 |
|
Ananth Ramanujam |
|
25 |
|
Srikanth Ramanujam and Ananth Ramanujam |
|
25 |
|
T.T. Rangaswamy and T.T. Hayagreevan |
|
49 |
|
C. Ramakrishna |
|
100 |
|
Total |
|
3500 |
As on 02.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
78.57 |
|
Directors
or relatives of directors |
|
12.86 |
|
Others
|
|
8.57 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Casting of Iron or Steel. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Approximately 200 (In Office – 7, In Factory – 193) |
|
|
|
|
Bankers : |
DBS Bank
Limited, 806, Anna Salai, Chennai – 600 002, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sundaram and Srinivasan Chartered Accountants |
|
Address : |
Chennai, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS8812J |
|
|
|
|
Associates/Subsidiaries : |
Brakes India Limited |
CAPITAL STRUCTURE
As on 02.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000 |
Equity Shares |
Rs.100000/- |
Rs.400.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500 |
Equity Shares |
Rs.100000/- |
Rs.350.000
millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000 |
Equity Shares |
Rs.100000/- |
Rs.400.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3351 |
Equity Shares |
Rs.100000/- |
Rs.335.100
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
335.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
335.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
335.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
123.385 |
|
|
Capital work-in-progress |
|
|
1.209 |
|
|
Expenditure pending allocation, net |
|
|
5.682 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
148.656 |
|
|
Other Current Assets |
|
|
0.376 |
|
|
Loans & Advances |
|
|
56.265 |
|
Total
Current Assets |
|
|
205.297 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.834 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.834 |
|
|
Net Current Assets |
|
|
204.463 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.361 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
335.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
246.16 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
|
|
31.03.2011 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Creditors due small micro enterprises |
|
|
0.000 |
|
- Creditors due others |
|
|
0.834 |
|
Totals |
|
|
0.834 |
|
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 |
-- |
|
12) Profitability
for last three years |
-- |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
No |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
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 |
-- |
FINANCIAL RESULTS
The Company was
incorporated on the 5th of April 2010 and obtained a certificate of
commencement of business on 14th May 2010. The Company is in the
process of setting up a foundry in the GIDC Industrial Estate in Jaghadia in
the State of
PROJECT PROGRESS
The process of
setting up a state of the art modern foundry in Jhagadia is progressing well as
planned. Ordering of the major plant, machinery and equipment has been
completed and a considerable proportion of the civil and structural work has
been executed.
Barring unforeseen circumstances, the Directors are confident that the
foundry will be commissioned in December 2011 as targeted.
CONTINGENT LIABILITIES AND PROVISIONS: (As on 31.03.2011)
v Estimated amount
of contracts remaining to be executed on capital accounts net of advances and
not provided for. Rs.298.028 millions
v Guarantee issued
by Bank Rs.0.020 million.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U28113TN2010PLC075244 |
|
Name of the
company |
FLOMETALLIC INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
67, E-Mail: sekar.k@brakesindia.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
DBS Bank
Limited, 806, Anna Salai, Chennai – 600 002, E-Mail: anilthomas@dbs.com |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 21.11.2011 creating first pari passu charge on all the
movable fixed assets of the company both present and future and DBS Bank
Limited letter dated 22.11.2011 with reference to clause 7 of hypothecation
deed. |
|
Date of
instrument Creating the charge |
21.11.2011 |
|
Amount secured by
the charge |
Rs.369.280
millions |
|
In case amount secured by the charge is in foreign currency, Details |
ECB loan of USD 8 Million from DBS Bank Limited as per facility
agreement dated 17.08.2011. |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 6 months Libor +
2.55% p.a. as per facility agreement dated 17.08.2011. Terms of
Repayment: Repayment of
facility amount of USD 8 Million in 10 equal half-yearly installments
starting 18 months from the date of 02.09.2011. Margin: As mutually
agreed. Extent and
Operation of the charge: First pari passu
charge on all the movable fixed assets of the company both present and
future. |
|
Short particulars
of the property charged |
First pari passu
charge on all the movable fixed assets of the company both present and future
as per schedule 1 of the hypothecation deed. |
FIXED ASSETS:
v
Land
v
Furniture and Fixtures
v
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 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.49.90 |
|
|
1 |
Rs.78.15 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
14 |
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.