MIRA INFORM REPORT

 

 

Report Date :

21.11.2014

 

IDENTIFICATION DETAILS

 

Name :

H. FILLUNGER AND COMPANY PRIVATE LIMITED

 

 

Registered Office :

Opposite Empire Estate, Mumbai-Pune Road, Near Premier Limited, Pimpri, Pune – 411018, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.12.1957

 

 

Com. Reg. No.:

11-010994

 

 

Capital Investment / Paid-up Capital :

Rs. 0.500 Million

 

 

CIN No.:

[Company Identification No.]

U27106MH1957PTC010994

 

 

IEC No.:

0388171723

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEH04424A

 

 

PAN No.:

[Permanent Account No.]

AAACH5157J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Vacuum Components, Vacuum Systems, LPG Regulators, etc.

 

 

No. of Employees :

117 (Approximately) [In Office: 17 + In Factory: 91 + In Branch: 9]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The rating reflects sound financial risk profile marked by healthy net worth and fair profitability of the company.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct.

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

N E W S

 

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

 

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

 

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

 

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

 

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

 

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

 

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

 

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

 

 

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 31-03-2014.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Siddharth Savakare

Designation :

Assistant Manager (Marketing)

Contact No.:

91-9011004055

Date :

20.11.2014

 

 

LOCATIONS

 

Registered Office/ Factory  :

Opposite Empire Estate, Mumbai-Pune Road, Near Premier Limited, Pimpri, Pune – 411018, Maharashtra, India

Tel. No. :

91-20-27468616/ 17/ 30627084/ 30627085

Mobile No. :

91-9011004055 (Mr. Siddharth Savakare)

Fax No. :

91-20-27468614/ 30626175/ 76

E-Mail :

pune@fillumger.com

hfcpune@fillunger.com

lpg-sales@fillunger.com

vacuum-sales@fillunger.com

Website :

www.fillunger.com

Area :

5000 Sq.ft. (Registered Office)

Location :

Owned (Registered Office)

Area :

275000 Sq.ft. (Factory)

Location :

Owned (Factory)

 

 

Branch Office 1:

115/2, 3rd Main Road, 11th Cross, Malleswaram, Bangalore – 560003, Karnataka, India

Tel. No. :

91-80-23345889/ 23441963

Fax No.:

91-80-23346211

E-Mail :

bangalore@fillunger.com

Location :

Rented

 

 

Branch Office 2 :

16, B.E.S.T. Marg, Opposite Electric House, Colaba, Mumbai – 400039, Maharashtra, India

Tel. No. :

91-80-22856372

E-Mail :

hfcmumbai@gmail.com

Location :

Rented

 

 

Branch Office 3:

Also located at

 

·         New Delhi

 

 

DIRECTORS

 

Name :

Mr. Achyut Dattatray Marathe

4Designation :

Director

Address :

Saidham Apartment, Flat No. 2, Prabhat Road, Lane No 5, Deccan Gymkhana, Pune - 411004, Maharashtra, India

Date of Birth/Age :

30.05.1947

Qualification :

Graduate

Experience :

47 Years

Date of Appointment :

31.05.2012

DIN No. :

00360232

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U27106MH1957PTC010994

H FILLUNGER AND COMPANY PRIVATE LIMITED

Director

31-05-2012

18-08-2005

Active

NO

 

 

Name :

Shobhana Marathe Achyut

Designation :

Director

Address :

Saidham Apartments, Flat No. 2 Prabha Road, Lane No. 5 Deccan Gymkhana, Pune - 411004, Maharashtra, India

Date of Birth/Age :

05.06.1951

Qualification :

Graduate

Experience :

15 Years

Date of Appointment :

14.08.2006

DIN No. :

00360370

 

 

Name :

Mandar Achyut Marathe

Designation :

Managing director

Address :

Saidham Apartments, Flat No.2 ,Prabhat Road, Lane No. 5, Deccen Gymkhana, Pune - 411004, Maharashtra, India

Date of Birth/Age :

16.09.1977

Qualification :

B.E. Mech and M.B.A. (Marketing)

Experience :

14 Years

Date of Appointment :

01.06.2012

DIN No. :

00433013

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U27106MH1957PTC010994

H FILLUNGER AND COMPANY PRIVATE LIMITED

Managing director

01-06-2012

14-08-2006

Active

NO

 

 

Name :

Mr. Anant Shankar Pandit

Designation :

Director

Address :

A/302, Shri Anant Apartments,  3rd Floor, Near Lakadi Pul, Dandia Bazar, Vadodara - 390001, Gujarat, India

Date of Birth/Age :

70 Years

Qualification :

Graduate

Experience :

40 Years

Date of Appointment :

18.08.2006

DIN No. :

00433124

 

 

KEY EXECUTIVES

 

Name :

Mr. Siddharth Savakare

Designation :

Assistant Manager (Marketing)

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2014

 

Names of Shareholders

 

No. of Shares

Percentage of Holding

Ajit A. Marathe and Vivek A. Marathe Jointly

1693

33.86

Achyut D. Marathe and Shobhana A. Marathe Jointly

1612

32.24

Shobhana A. Marathe and Achyut D. Marathe Jointly

858

17.16

A.S. Pandit

306

6.12

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Vacuum Components, Vacuum Systems, LPG Regulators, etc.

 

 

Products :

Vaccum Division

·         Quick Coupling Flanges

·         ISO Flanges

·         ISO Fittings

·         CF Flanges

·         Valves

·         Sample Manipulationa and Motions

·         Helium Leak Detector

·         Custom Buillt Chamber

·         Plasma Cleaner

·         Magnetron Sputtering System

·         Reactive Ion Etching System

·         Thermal Evaporation System

 

LPG Division

·         LPG Regulators for Domestic Gas Applications, Adaptors/ Couplings and Valve Components

 

 

Exports :

 

Products :

Vaccum Division

·         Quick Coupling Flanges

·         ISO Flanges

·         ISO Fittings

·         CF Flanges

·         Valves

·         Sample Manipulationa and Motions

·         Helium Leak Detector

·         Custom Buillt Chamber

·         Plasma Cleaner

·         Magnetron Sputtering System

·         Reactive Ion Etching System

·         Thermal Evaporation System

Countries :

·         Germany

·         USA

 

 

Products :

LPG Division: LPG Regulators for Domestic Gas Applications, Adaptors/ Couplings and Valve Components

Countries :

·         China

·         Germany

·         Portugal, etc.

 

 

Imports :

--

 

 

Terms :

 

Selling :

Credit (60 Days)

 

 

Purchasing :

Credit (60 Days)

 

PRODUCTION STATUS (AS ON 31.03.2014)

 

Particulars

Unit

Actual Production

Adjusting Screws

Nos.

2549300

Horizontal/ Vertical Couplings

Nos.

43915

Regulators in CKD/ Assembled Condition

Nos.

15015

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

 

 

NOT DIVULGED

Name of the Person (with Designation):

Contact Number:

Since How Long Known:

Experience :

Maximum Limit Dealt:

 

 

Customers :

Reference:

 

 

NOT DIVULGED

Name of the Person (with Designation):

Contact Number:

Since How Long Known:

Experience :

Maximum Limit Dealt:

 

·         Wholesalers, Retailers and End Users

 

 

No. of Employees :

117 (Approximately) [In Office: 17 + In Factory: 91 + In Branch: 9]

 

 

Bankers :

Bank Name:

Bank of Maharashtra

Branch:

Bajirao Road, Pune, Maharashtra, India

Name of the Person (with Designation):

--

Contact Number:

--

Name of Account Holder:

--

Account Number:

--

Account Since (Date/ Year of A/c Opening):

--

Average Balance Maintained (Optional):

--

Credit Facilities Enjoyed (CC/OD/Term Loan):

Rs. 28.500 Millions

Account Operation:

--

Remarks:

--

 

·         ICICI Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

SHORT TERM BORROWINGS

 

 

ICICI Bank Limited

(Secured by hypothecation of Car)

0.000

0.162

Bank of Maharashtra – Cash Credit, Packing Credit and Export Bills Discounting

(Secured by hypothecation of Raw Material, Finished Goods and Debtors)

12.296

11.327

Total

12.296

11.489

 

Banking Relations :

--

 

 

Auditors :

 

Name :

P.G. Bhagwat

Chartered Accountants

Address :

Suite No.102/101, Orchid Dr. Pai Marg, Baner, Pune – 411045, Maharashtra, India

Mobile No. :

91-9850073202

Fax No. :

91-20-27291772

E-Mail :

s-athavale@vsnl.net

Income-tax PAN of auditor or auditor's firm :

AAAFB0762E

 

 

Related Parties :

·         NVS Tech

·         Versatile Systems

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000

Equity Shares

Rs.100/- each

Rs. 0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000

Equity Shares

Rs.100/- each

Rs. 0.500 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.500

0.500

0.500

(b) Reserves & Surplus

24.891

20.867

19.532

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

25.391

21.367

20.032

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.162

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

10.677

5.968

12.506

Total Non-current Liabilities (3)

10.677

5.968

12.668

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

15.796

17.054

15.582

(b) Trade payables

10.855

16.835

25.326

(c) Other current liabilities

10.322

10.770

5.870

(d) Short-term provisions

0.569

0.268

4.109

Total Current Liabilities (4)

37.542

44.927

50.887

 

 

 

 

TOTAL

73.610

72.262

83.587

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

22.364

19.556

17.265

(ii) Intangible Assets

0.302

0.471

0.165

(iii) Capital work-in-progress

4.626

4.542

4.913

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.013

0.013

0.013

(c) Deferred tax assets (net)

1.687

0.127

2.351

(d)  Long-term Loan and Advances

0.785

0.865

0.983

(e) Other Non-current assets

0.022

0.022

0.021

Total Non-Current Assets

29.799

25.596

25.711

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

20.831

18.994

16.370

(c) Trade receivables

15.228

21.448

31.921

(d) Cash and cash equivalents

5.156

3.973

4.994

(e) Short-term loans and advances

2.337

2.138

4.449

(f) Other current assets

0.259

0.113

0.142

Total Current Assets

43.811

46.666

57.876

 

 

 

 

TOTAL

73.610

72.262

83.587

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

148.371

140.557

98.818

 

 

Other Income

0.782

1.883

8.200

 

 

TOTAL                                     (A)

149.153

142.440

107.018

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Material Consumed

33.472

27.845

19.852

 

 

Changes in Inventories of Finished Goods, Work-in-Progress

(1.632)

(2.983)

(0.505)

 

 

Purchase of Stock in Trade

34.030

48.916

26.707

 

 

Manufacturing and Other Expenses

10.942

8.990

8.745

 

 

Remuneration to Directors

2.654

3.660

5.997

 

 

Employee Benefit Expenses

41.955

32.750

29.738

 

 

Other Expenses

19.839

15.040

14.465

 

 

TOTAL                                     (B)

141.260

134.218

104.999

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

7.893

8.222

2.019

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1.114

1.131

1.577

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

6.779

7.091

0.442

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3.905

3.082

3.173

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                (G)           

2.874

4.009

(2.731)

 

 

 

 

 

Less

TAX                                                                  (H)

(1.149)

2.674

0.659

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX (G-H)                  (I)

4.023

1.335

(3.390)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(11.633)

(12.968)

(9.578)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(7.610)

(11.633)

(12.968)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Agency Commission

19.124

19.257

21.499

 

 

Good Exported (FOB Value)

81.832

52.779

34.028

 

 

Service Charges

0.025

0.000

0.000

 

TOTAL EARNINGS

100.981

72.036

55.527

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Material

9.263

5.820

 

 

 

Consumables

0.082

0.053

 

 

 

Capital Goods

0.825

0.000

 

 

TOTAL IMPORTS

10.170

5.873

2.508

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

805.00

267.00

(546.00)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

2.71

0.95

(3.43)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

5.32

5.85

2.04

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.27

5.93

(3.58)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.19

(0.14)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.62

0.80

0.79

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.17

1.04

1.14

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

0.500

0.500

0.500

Reserves & Surplus

19.532

20.867

24.891

Net worth

20.032

21.367

25.391

 

 

 

 

long-term borrowings

0.162

0.000

0.000

Short term borrowings

15.582

17.054

15.796

Total borrowings

15.744

17.054

15.796

Debt/Equity ratio

0.786

0.798

0.622

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

98.818

140.557

148.371

 

 

42.238

5.559

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

98.818

140.557

148.371

Profit/ (Loss)

(3.390)

1.335

4.023

 

(3.43%)

0.95%

2.71%

 

 

 

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

Yes

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)

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

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

90093104

24/03/2005

5,000,000.00

BANK OF MAHARASHTRA

BAJIRAO ROAD BRANCH, PUNE, MAHARASHTRA - 411002, INDIA

-

2

90091474

05/02/2001

500,000.00

THE SARASWAT CO-OP. BANK LTD.

KARVE ROAD BRANCH, PUNE, MAHARASHTRA - 411004, INDIA

-

3

90090851

04/01/1999

400,000.00

BANK OF MAHARASHTRA

1177; BUDHWAR PETH, BAJIRAO ROAD BRANCH, PUNE, MA
HARASHTRA - 411002, INDIA

-

4

90089293

13/12/1985

400,000.00

THE UNITED WESTERN BANK LTD.

DECCAN GYMKHANA BRANCH, 893/8 GOKHALE SMARK CHOWK, PUNE, MAHARASHTRA - 411004, INDIA

-

5

90089280

01/07/1985

680,500.00

BANK OF MAHARASHTRA

1177; BUDHWAR PETH, BAJIRAO ROAD BRANCH, PUNE, MA
HARASHTRA - 411002, INDIA

-

6

90089268

21/12/1984

200,000.00

BANK OF MAHARASHTRA

1177; BUDHWAR PETH, BAJIRAO ROAD BRANCH, PUNE, MA
HARASHTRA - 411002, INDIA

-

7

90093494

26/10/1971

450,000.00

BANK OF MAHARASHTRA

1177; BUDHWAR PETH, POONA, MAHARASHTRA - 411002, INDIA

-

8

90083104

29/04/2008 *

13,500,000.00

BANK OF MAHARASHTRA

BAJIRAO ROAD BRANCH, PUNE, MAHARASHTRA - 411002, INDIA

A38471579

9

90089080

14/12/1985 *

30,000.00

BANK OF MAHARASHTRA

1177; BUDHWAR PETH, BAJIRAO ROAD BRANCH, PUNE, MA
HARASHTRA - 411002, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

SHORT TERM BORROWINGS

 

 

Loan from Directors

3.500

5.565

Total

3.500

5.565

 

 

PERFORMANCE

 

This year also, rupee devalued against Euro and US$ making the import expensive and therefore the orders for agency business reduced substantially. One of the principals from Germany whom they represented for last several years to market their products in India, established their own office in India and thus they lost the major stake of commission and trading business this year. Accordingly commission receipts reduced to an extent of 1% and trading business by 30.44% against the earlier year.

 

Their management have pleasure to state the turnover of LPG Division increased to an extent of 47% against earlier year because of automation, development of new products and customer base and long good cordial relationship with customers. Further LPG Division has substantial export orders in hand at the end of the year. Export turnover of Vacuum Division increased by 111% against last year whereas domestic business decreased by 28%. The overall turnover of Vacuum Division decreased by 5%. Further Vacuum Division has ventured into development of various vacuum systems this year and therefore expected to increase their business turnover in forthcoming years. The overall performance of three division resulted in profit of Rs. 2.873 Millions.

 

 

FIXED ASSETS

 

·         Land

·         Building

·         Compound Wall

·         Staff Quarters

·         Plant and Machinery

·         Electrical Installation

·         Electrical Fittings

·         Furniture and Dead Stock

·         Office Equipment

·         Vehicle

·         Garden Equipment

·         Tools and Attachment

·         Computer

·         Shop Equipment

·         Borewell

·         Temp Shed

·         Lift

·         Generator

·         Roads

·         Live Stock

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.62.10

UK Pound

1

Rs.97.32

Euro

1

Rs.77.91

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MRI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

4

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

46

 

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

 

--

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.