MIRA INFORM REPORT
|
Report Date : |
13.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
FASTO ENGINEERING PRIVATE LIMITED |
|
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Registered
Office : |
Plot No. A-322, Road No. 21, Wagle Industrial Estate, Thane (West),
Thane – 400604, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
04.02.1986 |
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Com. Reg. No.: |
11-038846 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1986PTC038846 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Hydraulic Cylinders. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
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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 an established company having a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. 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.
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 DECLINED
Management Non – Cooperative
LOCATIONS
|
Registered Office : |
Plot No. A-322, Road No. 21, Wagle Industrial Estate, Thane (West), Thane
– 400604, Maharashtra, India |
|
Tel. No.: |
91-22-25825198/ 25800299/ 25825117 |
|
Fax No.: |
91-22-25811340 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Hemant Tukaram Mondkar |
|
Designation : |
Director |
|
Address : |
504/ 505, Rajmahal Society, Panchpakhdi Thane (West), Thane – 400602,
Maharashtra, India |
|
Date of Birth/Age : |
30.12.1947 |
|
Date of Appointment : |
25.09.1989 |
|
DIN No.: |
00060995 |
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|
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Name : |
Mr. Jayant Tukaram Mondkar |
|
Designation : |
Director |
|
Address : |
9, Shivam Society, Nanepada Road, Mulund (East), Mumbai – 400081,
Maharashtra, India |
|
Date of Appointment : |
01.11.1990 |
|
DIN No.: |
00811824 |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Hemant Tukaram Mondkar |
|
3101 |
|
Ashwin Hemant Mondkar |
|
550 |
|
Darshan H Mondkar (JT) |
|
550 |
|
Jayant Tukaram Mondkar |
|
4101 |
|
Hemant Tukaram Mondakr (HUF) |
|
600 |
|
Surekha Hemant Mondkar |
|
1500 |
|
Netra Sumant Mondkar (JT) |
|
1300 |
|
Surekha H Mondkar (JT) |
|
1550 |
|
Netra Sumant Mondkar |
|
4300 |
|
Hy-Tech Engineers Private Limited, India |
|
4998 |
|
Darshan Hemant Mondkar |
|
1200 |
|
Ashwin Hemant Mondkar |
|
1250 |
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Total |
|
25000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
19.99 |
|
Directors or relatives of Directors |
80.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hydraulic Cylinders. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
R. G. Muley and Company Chartered Accountants |
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Address : |
221/222, Swastik Plaza, Pokharan Road No 2, Thane – 400601,
Maharashtra, India |
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Tel. No.: |
91-22-21731574 |
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PAN No.: |
AAPPM4897C |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
|
|
25000 |
Equity Shares |
Rs.100/-
each |
Rs.2.500
Millions |
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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 |
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|
|
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|
1] Share Capital |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.622 |
17.731 |
12.341 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
25.122 |
20.231 |
14.841 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
35.329 |
31.476 |
28.226 |
|
|
2] Unsecured Loans |
1.250 |
1.250 |
1.250 |
|
|
TOTAL BORROWING |
36.579 |
32.726 |
29.476 |
|
|
DEFERRED TAX LIABILITIES |
2.449 |
2.410 |
2.297 |
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TOTAL |
64.150 |
55.367 |
46.614 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.703 |
20.383 |
17.026 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.045 |
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INVESTMENT |
0.225 |
0.225 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
10.306
|
20.180 |
20.026 |
|
|
Sundry Debtors |
40.650
|
29.069 |
27.501 |
|
|
Cash & Bank Balances |
3.939
|
3.040 |
1.787 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.326
|
5.720 |
2.398 |
|
Total
Current Assets |
60.221
|
58.009 |
51.712 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
9.572
|
18.056 |
20.272 |
|
|
Other Current Liabilities |
1.095
|
1.315 |
0.857 |
|
|
Provisions |
6.332
|
3.879 |
1.150 |
|
Total
Current Liabilities |
16.999
|
23.250 |
22.279 |
|
|
Net Current Assets |
43.222
|
34.759 |
29.432 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.010 |
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TOTAL |
64.150 |
55.367 |
46.614 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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SALES |
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|
|
|
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Turnover |
116.600 |
99.700 |
64.500 |
|
|
|
Other Income |
1.173 |
0.234 |
5.879 |
|
|
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TOTAL |
117.773 |
99.934 |
70.379 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
90.879 |
|
|
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|
Administrative Expenses |
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Advertising Expenses |
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TOTAL |
108.579 |
90.879 |
66.662 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.194 |
9.055 |
3.717 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.864 |
1.640 |
1.359 |
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PROFIT BEFORE
TAX |
7.330 |
7.415 |
2.358 |
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Less |
TAX |
2.439 |
2.349 |
0.966 |
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PROFIT AFTER TAX
|
4.891 |
5.066 |
1.392 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.857 |
0.591 |
0.549 |
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|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.800 |
4.800 |
1.350 |
|
|
BALANCE CARRIED
TO THE B/S |
0.948 |
0.857 |
0.591 |
|
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|
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|
EARNINGS IN
FOREIGN CURRENCY |
1.389 |
1.034 |
NA |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
195.64 |
202.64 |
55.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.15
|
5.07 |
1.98 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.29 |
7.44 |
3.66 |
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.06
|
9.46 |
3.43 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.37 |
0.16 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
1.46
|
1.62 |
1.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.54
|
2.50 |
2.32 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry Creditors for goods and Services |
9.572
|
18.056 |
20.272 |
|
|
|
|
|
|
Total |
9.572
|
18.056 |
20.272 |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
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 |
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] |
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 |
PERFORMANCE DURING
THE FINANCIAL YEAR:
Turnover for the current year Rs. 116.600 Millions as compared to Rs. 99.700 Millions for the last year indicating the rise in turnover by 16.93%. The Company has made a profit of Rs.7.330 Millions during the current Financial Year 2011-12 as against the profit of Rs. 7.415 Millions made during the previous Financial Year 2010-11 indicating the decrease in profit before tax by 0.99%.
UNSECURED LOAN:
(Rs In Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances
from related parties |
|
|
|
J T Mondkar |
0.125 |
0.125 |
|
N S Mondkar |
1.125 |
1.125 |
|
Total |
1.250 |
1.250 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U99999MH1986PTC038846 |
|
Name of the
company |
FASTO ENGINEERING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No A-322road No 21, Wagle Industrial Estate, Thane (West), Thane – 400604, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
The Thane Janata Sahakari Bank Limited, TJSB House, Plot No. B-5, Road No. 2, Behind Aplab Lab, Wagle Industrial Estate, Thane (West), Thane - 400604, Maharashtra, India |
|
Nature of
instrument creating charge |
HYPOTHECATION
AGREEMENT |
|
Date of
instrument Creating the charge |
24.12.2012 |
|
Amount secured by
the charge |
Rs.0.900 Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 11% Floating i.e.
4.35% below PLR (PLR = 15.35% p. a.) Terms of Repayment 36 EMI of Rs.
29,197/- each (First installment upfront) Margin Initial margin
will be brought in by the applicant and the same will be confirmed by the
Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Charge is secured
by hypothecation of Vehicle - Hyundai Verna EX 16. |
FIXED ASSETS:
- Factory Buildings
- Plant and Machinery
- Electrical Instillation
- Electrical Transformer
- Vehicle
- Delivery Van
- Intercom
- Air Conditioners
- Fins
- Refrigerator
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.54.54 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
RAJ |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.