MIRA
INFORM REPORT
|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
FORBES VYNCKE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
106th Mile Stone, Mumbai Pune Road, Kasarwadi, P B No. 29,
Pune-411034, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.11.2009 |
|
|
|
|
Com. Reg. No.: |
11-134958 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN2009PTC134958 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Steam Generating Boilers. |
|
|
|
|
No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 94000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 50-50 joint venture between “Forbes Marshall Private
Limited” and “Vyncke”. It is an established company having a satisfactory track record. The
company has performed well and wipe out its accumulated loss. The subject
gets strong technical and financial support from its holding companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. In view of experience promoters, the company can be considered normal
for business dealings. The company can be considered for normal business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ [Long Term] |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation. It carry moderate credit risk. |
|
Date |
29.02.2012 |
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. Damle |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-20-39858555 |
|
Date : |
19.04.2013 |
LOCATIONS
|
Registered Office/ Factory : |
106th Mile Stone, Mumbai Pune Road, Kasarwadi, P B No. 29,
Pune-411034, Maharashtra, India |
|
Tel. No.: |
91-20-39858555 /27442020 /39851100 /27145595 |
|
Fax No.: |
91-20-27442040 /27147413 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 20.09.2012
|
Name : |
Dr. Naushad Darius Forbes |
|
Designation : |
Director |
|
Address : |
74, Koregaon Park, Pune-411001, Maharashtra, India |
|
Date of Birth/Age : |
13.05.1960 |
|
Date of Appointment : |
12.11.2009 |
|
Din No.: |
00630825 |
|
|
|
|
Name : |
Mr. Farhad Darius Forbes |
|
Designation : |
Director |
|
Address : |
410, Sheridan Av, APT 454, Palo Alto, United States of America |
|
Date of Birth/Age : |
08.12.1955 |
|
Date of Appointment : |
12.11.2009 |
|
Din No.: |
00628951 |
|
|
|
|
Name : |
Mr. Peter Vyncke |
|
Designation : |
Director |
|
Address : |
Evangeliestraat (Har) 33, Harelbeke Belgium, Pin Code 8530 |
|
Date of Birth/Age : |
12.01.1971 |
|
Date of Appointment : |
12.11.2009 |
|
Din No.: |
00628951 |
|
|
|
|
Name : |
Dieter Vyncke |
|
Designation : |
Director |
|
Address : |
Gentsesteenweg (Har) 222, Harelbeke Belgium, Pin Code 8530 |
|
Date of Birth/Age : |
16.12.1978 |
|
Date of Appointment : |
12.11.2009 |
|
Din No.: |
02656178 |
|
|
|
|
Name : |
Frederik Renaat Cornelius Devisch |
|
Designation : |
Director |
|
Address : |
Kokelaarstraat 13, Roeselare Belgium, Pin Code 8800 |
|
Date of Birth/Age : |
16.05.1973 |
|
Date of Appointment : |
25.08.2010 |
|
Din No.: |
03256342 |
|
|
|
|
Name : |
Mateesh Kant Rai |
|
Designation : |
Director |
|
Address : |
Mathrani House, Flat No. 201, 7A Shankarsheth Road, Gurunanak Nagar,
Pune-411042, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1963 |
|
Date of Appointment : |
25.08.2010 |
|
Din No.: |
01215628 |
KEY EXECUTIVES
|
Name : |
Mr. Damle |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vyncke Expert N.V., Belgium |
|
1000000 |
|
Forbes Marshall Private Limited, India |
|
1000000 |
|
|
|
|
|
TOTAL
|
|
2000000 |
AS ON 20.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies
corporate |
|
50.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Steam Generating Boilers. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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|
|||||||||
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No. of Employees : |
50 [Approximately] |
|||||||||
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|||||||||
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Bankers : |
Corporation Bank, Wakdewadi, Pune, Maharashtra, India |
|||||||||
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|||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ford Rhodes Parks and Company Chartered Accountants |
|
Address : |
Sai Commercial Building, 312/313, 3rd Floor, BKS Devishi
Marg, Govandi (East), Mumbai-400088, Maharashtra, India |
|
PAN No: |
AAAFF1843L |
|
|
|
|
Sister Concern :
|
Forbes Marshall |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each
|
Rs.20.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.512 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(13.795) |
(0.982) |
|
|
NETWORTH |
23.512 |
6.205 |
19.018 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.435 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
14.435 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.011 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
37.947 |
6.216 |
19.018 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.522 |
1.720 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.644 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
99.165
|
31.955 |
0.000 |
|
|
Sundry Debtors |
30.600
|
25.688 |
0.000 |
|
|
Cash & Bank Balances |
0.177
|
10.940 |
19.974 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
36.799
|
13.751 |
0.025 |
|
Total
Current Assets |
166.741
|
82.334 |
19.999 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
74.933
|
60.914 |
0.981 |
|
|
Other Current Liabilities |
67.107
|
16.686 |
0.000 |
|
|
Provisions |
1.920
|
0.238 |
0.000 |
|
Total
Current Liabilities |
143.960
|
77.838 |
0.981 |
|
|
Net Current Assets |
22.781
|
4.496 |
19.018 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
37.947 |
6.216 |
19.018 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
570.470 |
138.900 |
(0.980) |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
549.360 |
151.700 |
0.000 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
21.110 |
(12.800) |
(0.980) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.300 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
16.810 |
(12.800) |
(0.980) |
|
|
|
|
|
|
|
|
|
Add/ Less |
PROVISION FOR
DEFERRED TAX ASSET / LIABILITY |
1.650 |
(0.010) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(13.790) |
(0.980) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.160 |
0.000 |
0.000 |
|
|
|
Final Dividend |
1.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3.510 |
(13.790) |
(0.980) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components |
0.705 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.550 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
1.255 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
The above information has been parted by Mr. Damle.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.95
|
(9.22) |
(100.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.58
|
(15.23) |
(4.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.90
|
(2.06) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.61
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.05 |
20.39 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
74.933
|
60.914 |
0.981 |
|
Sr. No. |
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 |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
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 |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS AND TOTAL QUALITY MANAGEMENT:
Quality has been a
focus area for several years. Keeping this in mind, various quality projects
had been taken up and plans initiated to get the required results. These results
were obtained by continuously ensuring that the listed activities do happen on
regular basis.
QUALITY MEETINGS- Each Quality issue is discussed in a
weekly quality meeting which also covers customer complaints, product quality
etc. Actions plans are decided and worked upon to address the root cause and
eliminate it. The technical discussions from these meetings are shared on a
weekly basis with the shop floor members who make the product, so that they too
are brought to the same level of awareness.
CUSTOMER COMPLAINTS- The CSD team logs
complaints in the system and analyses them. These complaints are then worked
upon and data recorded in the form of a running list by the supply team. Repeat
complaints are given top priority and are addressed by investigating the root
cause and finding ways to eliminate the cause. Complaints with a higher repeat
number which have been addressed successfully are still kept under observation
even though these have been fully resolved. Their product complaints show a downtrend
and we expect a significant drop this year too in these numbers.
PRODUCT AESTHETICS- The painting
process has been upgraded to achieve corrosion resistant longer lasting
painting and better visual appeal.
FIXED ASSETS:
·
Plant and Machinery
·
Vehicles
·
Office Equipments
·
Computer Equipments
·
Computer Software
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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.