MIRA
INFORM REPORT
|
Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
FIRE SAFETY DEVICES PRIVATE LIMITED |
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Registered
Office : |
B-4, IInd Floor, Rama Commercial Complex, Sector 20B, Azrodha Chowk,
Faridbad-121007, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.05.1999 |
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Com. Reg. No.: |
21-34245 |
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Capital
Investment / Paid-up Capital : |
Rs.3.588
Millions |
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CIN No.: [Company Identification
No.] |
U29193HR1999PTC034245 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKF00190B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Dry Chemical Powder, Sodium Bio Carbonate
Base, ABS Potassium Bio Carbonate Base of AFFF for fire Fighting. |
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No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 230000 |
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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. 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 |
|
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 |
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Ms. Priti |
|
Designation : |
Export Import Executive |
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Contact No.: |
91-129-2288198 |
|
Date : |
02.05.2012 |
LOCATIONS
|
Registered Office/ Factory 1 : |
B-4, IInd Floor, Rama Commercial Complex, Sector 20B, Azrodha Chowk,
Faridbad-121007, Haryana, India |
|
Tel. No.: |
91-129-2288196/2288197/2288198 |
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Mobile No.: |
91-9810391597 (Mr. Bharat) |
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Fax No.: |
91-129-2288700 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
Located at Faridabad, Haryana, India |
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Factory 3 : |
Located Haridwar, Uttarakhand, India |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bhart Parvin Chander Parekh |
|
Designation : |
Director |
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Address : |
House No. -726, Sector – 15, Faridabad-121007, |
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Date of Birth/Age : |
27.03.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
14.05.1999 |
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Din No.: |
00200412 |
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Name : |
Mr. Dhirendra Parvin Chander Parekh |
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Designation : |
Director |
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Address : |
House No. -726, Sector-15, Faridbad-121007, |
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Date of Birth/Age : |
01.01.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
14.05.1999 |
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Din No.: |
00200464 |
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|
|
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Name : |
Mr. Ashish Parvin Chander Parekh |
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Designation : |
Director |
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Address : |
House No. -726, Sector-15, Faridbad-121007, |
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Date of Birth/Age : |
13.04.1960 |
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Qualification : |
Graduate |
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Date of Appointment : |
14.05.1999 |
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Din No.: |
00200504 |
KEY EXECUTIVES
|
Name : |
Ms. Priti |
|
Designation : |
Export Import Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bhart Parvin Chander Parekh |
|
75750 |
|
Dhirendra Parvin Chander Parekh |
|
75750 |
|
Ashish Parvin Chander Parekh |
|
78750 |
|
Parul P Parekh |
|
78750 |
|
Aditya B Parekh |
|
3000 |
|
Harshit D Parekh |
|
3000 |
|
Aasheesh Capital Services Private Limited,
India |
|
11000 |
|
Sunny Cast And Forge Limited, India |
|
6000 |
|
Shalini Holdings Limited, India |
|
4000 |
|
Attractive Fin-Lease Limited, India |
|
1000 |
|
Rapchik Foods Private Limited, India |
|
4000 |
|
Pawansut Holdings Limited, India |
|
2000 |
|
Sawera Housing And Constructions (Private)
Limited, India |
|
3000 |
|
Euphoria Capital (Private) Limited, India |
|
2000 |
|
Hajima Resorts Limited, India |
|
2000 |
|
Simmi Infratech Corporation Limited, India |
|
8800 |
|
|
|
|
|
Total |
|
358800 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
87.79 |
|
Other
top fifty shareholders |
|
12.21 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Dry Chemical Powder, Sodium Bio Carbonate
Base, ABS Potassium Bio Carbonate Base of AFFF for fire Fighting. |
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Exports : |
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Products : |
Dry Chemical Powder, Sodium Bio Carbonate Base, ABS Potassium Bio Carbonate
Base of AFFF for fire Fighting |
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Countries : |
·
Thailand ·
Singapore ·
Kenya ·
Indonesia ·
Philippine
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Imports : |
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Products : |
Flore Surfactant |
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Countries : |
·
USA ·
Mexico |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
100 [Approximately] |
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Bankers : |
·
Bank of India, 2A/6, B.P. NIT, Faridabad-121001,
Haryana, India ·
ICICI Bank, 21 Sector, Faridabad, Haryana, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Chindalia and Associates Chartered Accountants |
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Address : |
B 402-403, IInd Floor, Nehru Ground, N.I.T. Faridabad-121001, Haryana,
India |
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Tel. No.: |
91-129-4037321 |
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Pan No.: |
AAPPC1276R |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1100000 |
Equity Shares |
Rs.10/- each |
Rs.11.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
358800 |
Equity Shares |
Rs.10/- each |
Rs.3.588
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 |
3.588 |
3.150 |
3.150 |
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2] Share Application Money |
0.000 |
13.500 |
0.000 |
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3] Reserves & Surplus |
56.124 |
27.739 |
19.074 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.712 |
44.389 |
22.224 |
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LOAN FUNDS |
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1] Secured Loans |
5.744 |
8.094 |
0.316 |
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2] Unsecured Loans |
0.000 |
0.964 |
1.361 |
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TOTAL BORROWING |
5.744 |
9.058 |
1.677 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.456 |
53.447 |
23.901 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.606 |
11.468 |
11.420 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
10.604 |
7.304 |
3.090 |
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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 |
21.160
|
18.586 |
16.287 |
|
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Sundry Debtors |
52.119
|
31.862 |
39.718 |
|
|
Cash & Bank Balances |
1.314
|
0.758 |
4.722 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
29.396
|
23.983 |
16.569 |
|
Total
Current Assets |
103.989
|
75.189 |
77.296 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
Sundry Creditors |
54.252
|
36.903 |
63.075 |
|
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Other Current Liabilities |
6.051
|
1.886 |
2.582 |
|
|
Provisions |
2.500
|
1.800 |
2.250 |
|
Total
Current Liabilities |
62.803
|
40.589 |
67.907 |
|
|
Net Current Assets |
41.186
|
34.600 |
9.389 |
|
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MISCELLANEOUS EXPENSES |
0.060 |
0.075 |
0.002 |
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TOTAL |
66.456 |
53.447 |
23.901 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
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Income |
176.100 |
116.924 |
133.941 |
|
|
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Other Income |
NA |
3.157 |
3.353 |
|
|
|
TOTAL (A) |
NA |
120.081 |
137.294 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
77.614 |
90.021 |
|
|
|
Selling and Administrative Expenses |
NA |
15.094 |
16.450 |
|
|
|
Direct Expenses |
|
15.560 |
16.008 |
|
|
|
TOTAL (B) |
NA |
108.268 |
122.479 |
|
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|
|
|
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|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
11.813 |
14.815 |
|
|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
NA |
0.823 |
1.507 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.115 |
10.990 |
13.308 |
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.673 |
1.195 |
1.104 |
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|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
9.442 |
9.795 |
12.204 |
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Less |
TAX (H) |
2.519 |
1.130 |
2.250 |
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
6.923 |
8.665 |
9.954 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
49.568 |
34.735 |
NA |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
19.29 |
27.51 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
7.22 |
7.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.36
|
8.37 |
9.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.96
|
11.30 |
13.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.22 |
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
1.12 |
3.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.85 |
1.14 |
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) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
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 |
|
9) Name of person contacted |
Yes |
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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% |
-- |
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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 (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
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 |
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29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
PERFORMANCE:
During the year
the Company had made sales of Rs.176.100 Millions as against Rs.116.924 Millions
for the previous Year. The transactions of the year have resulted in a Profit
(before Depreciation and taxes) of Rs.11.115 Millions as against the profit of
Rs.10.990 Millions for the previous year. The balance of profit has been
transferred to the Balance sheet. The Net Profit after providing Depreciation
and provision made for Income Tax and deferred income tax is Rs.6.923 Millions
and the balance of Profit and Loss in Reserve and Surplus stands at Rs.33.362
Millions.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10102239 |
|
Corporate
identity number of the company |
U29193HR1999PTC034245 |
|
Name of the
company |
FIRE SAFETY
DEVICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-4, IInd Floor, Rama Commercial Complex, Sector 20B, Azrodha Chowk,
Faridbad-121007, Haryana, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Immovable
Property Others |
|
Particular of
charge holder |
Bank of India, 2A/6, B.P. NIT, Faridabad-121001, Haryana, India |
|
Nature of
description of the instrument creating or modifying the charge |
As per the
documents dated 11.11.2011 between Bank of India and Fire Safety Devices
Private Limited |
|
Date of
instrument Creating the charge |
11.11.2011 |
|
Amount secured by
the charge |
Rs.95.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest T. Loan@ 3.25%
over Base rate including 0.50% tenor premium i.e. 14.00% p.a. CC-Stocks, Book
Debts-@ 2.75% over Base rate EPC,FBP- as per
guidelines of bank. Bank Guarantee,
LC- as per banks guidelines Terms of
Repayment T. Loan of Rs.
35.000 millions will be repaid in 84 monthly installments of Rs.0.416 million
-commencing from 12 months after 1st disbursement. Door to Door Tenor is 96
months. CC- Stock, Book
Debts, EPC, FBP, Bank Guarantee LC- will be subject to annual review and will
be paid as and when demanded by bank. Margin T. Loan-25% CC- Stocks-25% CC- Book
Debts-40% Bank Guarantee/
Letter of Credit-15% Extent and
Operation of the charge As per the
documents dated 11.11.2011 between Bank of India and Fire Safety Devices P
Ltd. |
|
Short particulars
of the property charged |
The Above
Facilities will be secured by 1. Hypothecation
of Stocks and Book Debts upto 90 days. 2. Cash Margin @
15% for Bank Guarantee/ LC Limit All the above
facilities will be collaterally secured by way of 1. EQM of House
No. 726, Sector-15, Faridabad 2. EQM of House No.
727,Sector-15, Faridabad 3. EQM of SF-4,
Rama Palace, Sector-20B Ajronda More,
Faridabad. 4. EQM of
Industrial Plot 19and20, Sector-3A, IIE, SIDCUL, BHEL, District- Hardiwar 5. Hypothecation
of Plant and Machinery |
|
Date of latest
modification prior to the present modification |
16.04.2008 |
|
Particulars of
the present modification |
a)
T.Loan-Rs.35.000 Millions b) CC- Stocks
from Rs.3.000 Millions to 20.000 Millions c) EPC from Rs.
5.000 Millions to 10.000 Millions d) Max.(b+c) from
Rs.5.500 Millions to 20.000 Millions e) CC- B. Debt
from Rs.2.500 Millions to 20.000 Millions f) FBP from
Rs.5.000 Millions to 10.000 Millions g) Total (e+f)
from Rs.55 Millions to 200 Millions h) maxi of (d and
g) from Rs.10.500 Millions to 20.000 Millions i) Total Fund
based (a+h) from Rs.10.500 Millions to 55.000 Millions j) Bank Guarantee
from Rs. 7.500 Millions to 30.000 Millions k) LC from Rs.
5.000 Millions to 10.000 Millions l) Max(j+k) from
Rs.12.500 Millions to 40.000 Millions Total from Rs.23.000 Millions to 95.000 Millions |
FIXED ASSETS:
·
Land
·
Building
·
Furniture and Fixtures
·
Electric Installation
·
Type Writer
·
Pager
·
Furniture and Fixtures
·
Mobile Phone
·
Generator
·
Inverter
·
Machinery
·
Refrigerator
·
Scooter
·
Vehicles
·
Water Filter
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.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.