|
Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
FAB-TECH WORKS AND CONSTRUCTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
611-616, Swastik Disa Business Park, 6th Floor, LBS Marg, Opposite
Shreyas Cinema, Ghatkopar (West), Mumbai – 400086, Maharashtra, (Renovation) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.08.2009 |
|
|
|
|
Com. Reg. No.: |
11-195032 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29268MH2009PTC195032 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF05818B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF4137B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Fabrication of Various Engineering Jobs/ Equipments
required for Petro Chemical Industries, Refineries etc. |
|
|
|
|
No. of Employees
: |
150 (Approximately) (15 – in Office – In Factory -135) |
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 |
|
Maximum Credit Limit : |
USD 150000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
The latest financial for the current year is missing from government
department. However, from the previous year record the company performance seems to
be good. Financially appears to be satisfactory. 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB – (Cash Credit) |
|
Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation it carry moderate credit risk. |
|
Date |
April 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. S. M. Bag |
|
Designation : |
Deputy General Manager and Accountant |
|
Contact No.: |
91-22-25001952 |
|
Date : |
23.11.2012 |
LOCATIONS
|
Registered/ Head Office/ Factory : |
611-616, Swastik Disa Business Park, 6th Floor, LBS Marg,
Opposite Shreyas Cinema, Ghatkopar (West), Mumbai – 400086, Maharashtra,
India (Renovation) |
|
Tel. No.: |
91-22-25001951/ 52/ 53 |
|
Fax No.: |
91-22-25007553 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
NOTE : Following address is the temporary registered address of the company - 409-411, Swastik Disa Business Park, 4th Floor, LBS Marg,
Opposite Shreyas Cinema, Ghatkopar (West), Mumbai – 400086, Maharashtra,
India |
|
|
|
|
|
Factory : |
Plot No.H-44/43/42/36, MIDC, Additional Murbad, Village – Kudavali, Murbad,
District Thane – 421401, |
|
Tel. No.: |
91-2524-222637/ 223384 |
|
Fax No.: |
91-2524-222638 |
DIRECTORS
|
Name : |
Mr. Jayprakash Narsingdas Lakhani |
|
Designation : |
Managing Director |
|
Address : |
Block-A 975/1950, Kailash Colony, |
|
Date of Birth/Age : |
10.10.1956 |
|
Date of Appointment : |
19.08.2009 |
|
DIN No.: |
02439745 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Kusum Jayprakash Lakhani |
|
Designation : |
Director |
|
Address : |
Block-A 975/1950, Kailash Colony, |
|
Date of Birth/Age : |
07.12.1957 |
|
Date of Appointment : |
19.08.2009 |
|
DIN No.: |
02404501 |
|
|
|
|
Name : |
Mr. Aashish Jayprakash Lakhani |
|
Designation : |
Director |
|
Address : |
Block-A 975/1950, Kailash Colony, |
|
Date of Birth/Age : |
08.01.1985 |
|
Date of Appointment : |
19.08.2009 |
|
DIN No.: |
02379702 |
KEY EXECUTIVES
|
Name : |
Mr. S. M. Bag |
|
Designation : |
Deputy General Manager and Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Jayprakash Narsingdas Lakhani |
|
51300 |
|
Kusum Jayprakash Lakhani |
|
21850 |
|
Aashish Jayprakash Lakhani |
|
21850 |
|
|
|
|
|
Total |
|
95000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Fabrication of Various Engineering Jobs/ Equipments required
for Petro Chemical Industries, Refineries etc. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
150 (Approximately) (15 – in Office , In Factory -135) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Canara Bank, Nariandas Chambers, Dudh Naka, Near Old Bus Stop, Ulhasnagar (Head Office Bangalore) Ulhasnagar – 421005, Maharashtra, India · ICICI Bank ·
State Bank of |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
CC
–
Rs.130.000 Millions (From Canara Bank)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Hari Dudani and Company Chartered Accountant |
|
Address : |
C-5/10, |
|
Tel No.: |
91-251-2522374/ 2530165 |
|
PAN No.: |
ABDPD1707F |
|
Email : |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000 |
Equity Shares |
Rs.100/- each |
Rs.9.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000 |
Equity Shares |
Rs.100/- each |
Rs.9.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.500 |
4.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
27.887 |
7.040 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
37.387 |
11.040 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
62.211 |
0.000 |
|
|
2] Unsecured Loans |
|
9.291 |
21.170 |
|
|
TOTAL BORROWING |
|
71.502 |
21.170 |
|
|
DEFERRED TAX LIABILITIES |
|
6.545 |
0.240 |
|
|
|
|
|
|
|
|
TOTAL |
|
115.434 |
32.450 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
78.692 |
10.460 |
|
|
Capital work-in-progress |
|
32.126 |
36.141 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
10.182 |
0.909 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000
|
|
|
Sundry Debtors |
|
41.654
|
18.160 |
|
|
Cash & Bank Balances |
|
9.644
|
6.910 |
|
|
Other Current Assets |
|
21.173
|
3.360 |
|
|
Loans & Advances |
|
22.205
|
3.254 |
|
Total
Current Assets |
|
94.676
|
31.684 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
53.236 |
35.276 |
|
|
Other Current Liabilities |
|
21.869
|
(3.291) |
|
|
Provisions |
|
25.209
|
14.855 |
|
Total
Current Liabilities |
|
100.314
|
46.840 |
|
|
Net Current Assets |
|
(5.638)
|
(15.156) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.072 |
0.096 |
|
|
|
|
|
|
|
|
TOTAL |
|
115.434 |
32.450 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
TURNOVER |
|
404.228 |
90.715 |
|
|
|
|
|
|
|
|
GROSS PROFIT |
|
153.873 |
36.316 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
40.146 |
NA |
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
2.076 |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
38.070 |
10.217 |
|
|
|
|
|
|
|
|
TAX |
|
17.224 |
3.177 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
20.846 |
7.040 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
21.94 |
-- |
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
750.000 (Due to good and
big orders) |
Expected Sales (2012-2013) : Rs.580.000
The above information has been parted by Mr. S. M. Bag
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
21.96 |
24.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
1.02 |
0.93 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.60 |
6.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.94 |
0.68 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last two years |
Yes |
|
Reasons
for variation <> 20% |
Yes |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Sundry Creditors for Goods |
42.598 |
30.298 |
|
Sundry Creditors for Expenses |
10.638 |
4.978 |
|
|
|
|
|
Total |
53.236 |
35.276 |
DIVIDEND:
During this year, the profit after tax and depreciation
and after adjusting deferred tax profit amount to Rs.20.846 Millions i.e. after
making the provision for taxation at Rs.10.918 Millions Deferred Tax of
Rs.6.306 Millions and for depreciation on assets at Rs.2.076 Millions. The
directors propose this to be transferred to Reserve Fund and No Dividend is to
be declared for the year.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10266312 |
|
Corporate
identity number of the company |
U29268MH2009PTC195032 |
|
Name of the
company |
FAB-TECH WORKS
& CONSTRUCTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
611-616, Swastik
Disa Business Park, 6th Floor, LBS Marg, Opposite Shreyas Cinema, Ghatkopar,
Mumbai – 400086, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
10285155 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Canara Bank,
Nariandas Chambers, Dudh Naka, Near Old Bus Stop, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Mortgage
dated 13.06.2012 |
|
Date of
instrument Creating the charge |
13.06.2012 |
|
Amount secured by
the charge |
Rs.269.625
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Term Loan of
6.400 Millions 14.50% pa Compounded
Monthly floating Fresh Term of Loan
of 9.000 Millions, 13.25 % pa Compounded Monthly Floating. OCC Rs.130.000
Millions 14.75 % pa Float, Term Loan 4.225 Millions 14.25% pa Float Terms of Repayment 1. Earlier Term
Loan of Rs.6.400 Millions - 47 installments of Rs.0.133 Million plus interest
as and when due and last installments of Rs.0.133 Million + interest as and
when due. 2. Term Loan of
Rs.9.000 Millions - 50 Installments of Rs.180000 plus interest as and when
due. 3. Term Loan of
4.225 Millions - First 8 Installments of Rs.0.100 Million plus interest due,
next 27 installments of Rs.0.125 Million plus interest due and last
installment of Rs.0.050 Million plus interest due. Margin 1. Term Loan of
6.400 Millions, Margin 32.95 % 2. Term Loan of
Rs.9.000 Millions Margin 34.16 % 3. OCC Margin 40
% on Book Debts and 25 % on Stock. 4. Bank Guarantee
25 % 5. Term Loan of
Rs. 4.225 Millions Margin 25.12 %. Extent and Operation of the charge Bank has
sanctioned total limit of Rs.269.625 Millions including the earlier term loan
sanction of Rs.6.400 Millions, hence supplement common hypothecation
agreement for the total limits is obtained from the party from borrower.
Details are as follows. 1. Term loan
6.400 Millions 2. Term Loan
9.000 Millions 3. OCC 130.000
Millions (Increased from 95.000 Millions) 4. Bank Guarantee
120.000 Millions 5. Term Loan of
4.225 Millions Others Sub limit of
Advance payment Guarantee (APG) of Rs. 40.000 Millions is sanctioned out of
the total Bank guarantee limit of Rs.120.000 Millions |
|
Short particulars
of the property charged |
1. Plot H 44 MIDC, Additional Murbad, Village
Kudavali, Murbad 421401 Dist Thane. 2. Plot H 43 MIDC, Additional Murbad, Village
Kudavali, Murbad 421401 Dist Thane. |
|
Particulars of
the present modification |
OCC limit
enhanced to Rs.130.000 Millions from 95.000 Millions. 3. Plot H 42 MIDC, Additional Murbad, Village
Kudavali, Murbad 421401 Dist Thane. 4. Plot H 36 MIDC, Additional Murbad, Village
Kudavali, Murbad 421401 Dist Thane. |
|
Particulars of the present modification |
OCC limit enhanced TO RS 130.000Millions FROM 95.000 Millions |
FIXED ASSETS:
· Computer, Printer and Fax Machine
· Furniture and Fixture
· Land
· Office Equipment
· Plant and Machinery
· Vehicle
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 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.55.34 |
|
|
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--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.