MIRA INFORM REPORT
|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FIRETEX PROTECTIVE TECHNOLOGIES PRIVATE LIMITED |
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|
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Registered
Office : |
Dee Kay Estate, Lake Road, Bhandup , Mumbai – 400078, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.10.2007 |
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|
Com. Reg. No.: |
11-174655 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100 Million |
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|
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CIN No.: [Company Identification
No.] |
U17200MH2007PTC174655 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF06018F |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is a Manufacturer and Exporter of Fire and Heat Protective
garments various accessories of fire resistance textiles. |
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|
No. of Employees
: |
40 (Approximately) (Office – 20
and Factory – 20) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3160 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The management of the company has failed to file its financials with the
government department after 2011. As per previous year’s record (2011), the company’s financial position
appeared to be below – average due to low profits and more external
borrowings as compared to its net worth. However, trade relations are fair. Business is active. Payments terns
are unknown. The company can be considered for business dealings with some caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 (General Information)
|
Name : |
Ms. Mithila |
|
Designation : |
Self Co-coordinator |
|
Contact No.: |
91-22-41585959 |
|
Date : |
30.05.2013 |
LOCATIONS
|
Registered Office : |
Dee Kay Estate, Lake Road, Bhandup , Mumbai-400078, Maharashtra, India |
|
Tel. No.: |
91-22-41585959 |
|
Mobile No.: |
91-9892326651 (Mr. Gurvinder) |
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Fax No.: |
91-22-40243351 |
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E-Mail : |
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Web Site: |
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Location: |
Owned |
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|
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Factory: |
Village Sarmal, Opposite JSW on Mumbai Nashik Highway, Post Vashind,
Shahpur, Thane, Maharashtra, India |
DIRECTORS
(AS ON 27.09.2011)
|
Name : |
Mr. Gurvinder Singh Sachdev |
|
Designation : |
Director |
|
Address : |
A/17, Model Town, Balrajeshwar Road, Mulund (West), Mumbai-400080,
Maharashtra, India |
|
Date of Birth/Age : |
02.01.1974 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.10.2007 |
|
|
|
|
Name : |
Mrs. Bhavneet Kaur Sachdev |
|
Designation : |
Director |
|
Address : |
A/17, Model Town, Balrajeshwar Road, Mulund (West), Mumbai-400080,
Maharashtra, India |
|
Date of Birth/Age : |
08.12.1974 |
|
Date of Appointment : |
04.02.2011 |
KEY EXECUTIVES
|
Name : |
Ms. Mithila |
|
Designation : |
Self Co-coordinator |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 27.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Gurvinder Singh Sachdev |
|
500 |
|
Bhavneet Kaur Sachdev |
|
500 |
|
|
|
|
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Total |
|
1000 |
(AS ON 27.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of Directors |
|
100.00 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a Manufacturer and Exporter of Fire and Heat Protective
garments various accessories of fire resistance textiles. |
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|
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Exports : |
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Products : |
Fire and Heat Protective Garments |
|
Countries : |
· Germany · Gulf Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
· Germany · China |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
|
Suppliers : |
· Reliance Industries |
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Customers : |
End Users and Traders · ONGC |
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No. of Employees : |
40 (Approximately) (Office – 20
and Factory – 20) |
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Bankers : |
·
Vijaya Bank 17, Kumkum Building, R C Marg, Chembur (East), Mumbai 400071,
Maharashtra, India ·
Bank of Maharashtra |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Manikant V Nagda and Company Chartered Accountant |
|
Address : |
6 Nandja, 1st Floor, B P Cross Road No. 2, Behind Sharon
School, Mulund West, Mumbai 400080, Maharashtra, India |
|
|
|
|
Name : |
Kumardand and Company Chartered Accountant |
|
Address : |
Bhandup, Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
(AS ON 27.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 Million |
|
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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 |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.690 |
0.304 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.790 |
0.404 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
5.095 |
4.292 |
|
|
TOTAL BORROWING |
|
5.095 |
4.292 |
|
|
DEFERRED TAX LIABILITIES |
|
0.010 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
5.895 |
4.696 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
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|
FIXED ASSETS [Net Block] |
|
0.726 |
0.007 |
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|
Capital work-in-progress |
|
0.000 |
0.000 |
|
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|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.600 |
0.150 |
|
|
Sundry Debtors |
|
7.214 |
10.380 |
|
|
Cash & Bank Balances |
|
0.092 |
0.071 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.999 |
1.420 |
|
Total
Current Assets |
|
8.905 |
12.021 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1.252 |
6.194 |
|
|
Other Current Liabilities |
|
2.288 |
1.138 |
|
|
Provisions |
|
0.196 |
0.000 |
|
Total
Current Liabilities |
|
3.736 |
7.332 |
|
|
Net Current Assets |
|
5.169 |
4.689 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
5.895 |
4.696 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
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|
SALES |
|
|
|
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Income |
|
|
|
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|
Other Income |
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|
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|
TOTAL (A) |
|
18.613 |
19.152 |
|
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|
|
|
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|
Less |
EXPENSES |
|
|
|
|
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|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
17.967 |
18.672 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
|
17.967 |
18.672 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.646 |
0.480 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.646 |
0.480 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.049 |
0.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
0.597 |
0.479 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.209 |
0.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
0.388 |
0.304 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
2.08 |
1.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.19 |
29.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.75 |
1.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
11.19 |
28.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.38 |
0.22 |
LOCAL AGENCY FURTHER INFORMATION
|
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 two years |
Yes |
|
12] |
Profitability for last two 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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
|
Particular |
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
|
|
|
|
|
From Directors |
2.002 |
0.000 |
|
Others (including interest accrued Rs. Nil) |
3.093 |
4.292 |
|
|
|
|
|
Total |
5.095 |
4.292 |
PERFORMANCE OF THE COMPANY
This was the second year of operation for the company. Due to
overall slowdown in the economy and reduction in activities, the turnover of company
has decreased by 3% approx as compared to that of preceding year and the same
stood at Rs.18.613 millions (P.Y .Rs.19.146 millions). the company saved on
account of material cost and inspite of fair increase in manufacturing, fixed
and financial overheads it managed to earn a net profit to the tune of Rs.0.388
million (P.Y. Profit Rs.0.304 million) after providing Depreciation Rs.0.049
million (PY.Rs.0.058 million and Taxation Rs.0.208 million (P.Y. Rs.0.174
million). The performance of company is found quite satisfactory during first 5
months of current financial year 2011-12 and the directors are hopeful of
improvement in turnover and profitability in the ensuing year.
NATURE OF
OPERATION:
Subject is a manufacturer of Fire and Heat Protective garments various
accessories of fire resistance textiles. The company also carries trade in fire
blanket etc.
TRADE REFERENCE:
· Reliance Industries
· ONGC
FORM 8
|
Corporate
identity number of the company |
U17200MH2007PTC174655 |
|
Name of the
company |
FIRETEX PROTECTIVE TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Dee Kay Estate, Lake Road, Bhandup , Mumbai-400078, Maharashtra, India
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Vijaya Bank, 17, Kumkum Building, R C Marg, Chembur (East), Mumbai
400071, Maharashtra, India |
|
Nature of
instrument creating charge |
1. Agreement
for demand cash
credit against hypothecation of stocks
and book-debts and 2.Counter Indemnity |
|
Date of instrument
Creating the charge |
13.01.2012 |
|
Amount secured by
the charge |
Rs. 6.000
millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of interest Interest rate
on CCH Limits
is B.P.L.R.+3.60%P.A.=14.25%
P.A.(Floating) Terms of repayment C.C.H. Limit
Rs.3.000 millions and B.G. Limit Rs.3.000 millions are
sanctioned. Margin For CCH: 1) 25% on raw
material and finished goods 2)25 %
against book debts
outstanding upto three months. For B.G.: 1)25% Cash margin Extent and operation of the charge C.C.H. Limit
Rs.3.000 millions and B.G. Limit Rs.3.000 millions are
sanctioned. |
|
Short particulars
of the property charged (Including location of the property) |
For CCH Limit
: 1) Hypothecation of stocks
with 25% margin. 2) Hypothecation of book
debts outstanding upto three months with 25% margin. For B.G: 25 % Cash Margin |
FIXED ASSETS:
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment
·
Furniture and Fixture
·
Computer
·
Printer
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.57.78 |
|
|
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.