MIRA INFORM REPORT

 

 

Report No. :

322283

Report Date :

15.05.2015

 

IDENTIFICATION DETAILS

 

Name :

FURNACE FABRICA (INDIA) LIMITED

 

 

Registered Office :

Opposite MILMA Dairy, Koonamthai, Edapally, Kochi – 682024, Kerala

Tel. No.:

91-484-2543044

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

03.12.1985

 

 

Com. Reg. No.:

026752

 

 

Capital Investment / Paid-up Capital :

Rs. 200.000 Million

 

 

CIN No.:

[Company Identification No.]

U28123KL1985PLC026752

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

The Company is primarily engaged in the business of engineering, procurement and construction of plants for iron and steel, zinc, copper, alumina, sulphuric acid, power, cement, petrochemical, fertilizer and other industries also provides electrical and instrumentation services and insulation and refractory application/maintenance services.

 

 

No. of Employees :

Information decline by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 3500000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well stablished company having fine track.

 

As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31st March, 2014 but the documents related to the financials for the year 2014 is not available from any source.

 

As per available financial of 2013, the management has reported a better increase in its turnover and net profitability. The company has fair liquidity position marked by favourable gap between trade receivables and payables. Overall financial position of the company is satisfactory.

 

Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments.

 

In the view of aforesaid, subject can be considered 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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CRISIL

Rating

Long term rating : BBB+

Rating Explanation

Moderate degree of safety and carry moderate credit risk.

Date

12.03.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating : A2

Rating Explanation

Strong degree of safety and carry low credit risk.

Date

12.03.2015

 

 

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 DENIED BY

 

Name :

Mr. Omkar

Designation :

Deputy Manager – Purchase

Contact No.:

91-9004678411

Date :

13.05.2015

 

 

LOCATIONS

 

Registered Office :

Opposite MILMA Dairy, Koonamthai, Edapally, Kochi – 682024, Kerala, India

Tel. No.:

91-484-2543044

Fax No.:

91-484-2540131

E-Mail :

kpswamy@furnacefabrica.com

furfab@vsnl.com

Website :

http://www.furnacefabrica.com

 

 

Corporate Office/ EPC Centre/ Works:

C/16-3, TTC, MIDC Area, Pawane Village, Thane Belapur Road, Navi Mumbai -400705, Maharashtra, India

Tel. No.:

91-22-27612799/ 2805/ 27684149/ 6224/ 67931700

Fax No.:

91-22-27612056

Email:

furfab@bom3.vsnl.net

info@furnacefabrica.com

 

 

Branch :

97, Kailash Hills, Lower Ground, New Delhi - 110065, India

Tel. No.:

91-11-26831702

Fax No.:

91-11-26823165

Email:

ffildelhi@bol.net.in

 

 

Kandla Works : 

Plot No.:518 to 521, New Area, Kandla Special Economic Zone, Gandhidham, Kutch-370230, Gujarat, India

Tel. No.:

91-2836-253525

Fax No.:

91-2836-253525

Email:

info@furnacefabrica.com

 

 

Overseas Office:

Located At:

 

  • Middle East
  • Zambia
  • Sudan

 

 

 

DIRECTORS

 

AS ON 25.09.2014

 

Name :

Ibrahim Ali

Designation :

Director

Address :

10-E, Old Fatehpura, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

02.06.1934

Date of Appointment :

22.12.2005

Passport No.:

Z134842

DIN No.:

00009584

 

 

Name :

Avadhesh Chandra Mathur

Designation :

Director

Address :

B 23, Osiwara Tarapore Garden Co.Op. Hsg. Soc., New Link Road Andheri West, Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

01.02.1945

Date of Appointment :

08.04.2014

DIN No.:

00185689

 

 

Name :

Basheeruddin Abdul Rehman

Designation :

Director

Address :

2, Denoar Farm Road,, Zenith Park, Chembur, Mumbai - 400088, Maharashtra, India

Date of Birth/Age :

07.05.1941

Qualification :

B.E. Mechanical

Date of Appointment :

03.12.1985

DIN No.:

00307766

 

 

Name :

Badri Prasad

Designation :

Director

Address :

Flat No.802 8th Floor, Progressive Sea Lounge,, Plot 44/45, Sector 15 Cbd Belapur., Navi Mumbai - 400614, Maharashtra, India

Date of Birth/Age :

07.06.1942

Date of Appointment :

03.12.1985

PAN No.:

AAEPP8767D

DIN No.:

00329275

 

 

Name :

Shashikiran Badri Prasad

Designation :

Director

Address :

A/801, 8th Floor, Progressive Sea Lounge,, Plot No. 44/45, Sector 15 Cbd Belapur, Navi Mumbai, Navi Mumbai - 400614, Maharashtra, India

Date of Birth/Age :

18.02.1979

Date of Appointment :

10.04.2006

PAN No.:

AHNPP8378G

DIN No.:

00329392

 

 

Name :

Raiz Basheeruddin

Designation :

Director

Address :

2, Zenith Park, Deonar, Denoar Farm Road, Mumbai - 400088, Maharashtra, India

Date of Birth/Age :

11.07.1979

Date of Appointment :

01.10.2009

PAN No.:

AFOPB1631M

DIN No.:

01235524

 

 

Name :

Palaniswamy Kasilingam

Designation :

Director

Address :

B 703 Shailesh Tower Sector 19A, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Appointment :

08.04.2014

DIN No.:

02950129

 

 

KEY EXECUTIVES

 

Name :

Mr. Omkar

Designation :

Deputy Manager – Purchase

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 25.09.2014

 

Names of Shareholders

 

No. of Equity Shares

Badri Prasad

 

1500000

Basheeruddin Abdul Rehman

 

1500000

Mohammed Shajahan

 

100000

Dr. Sanam

 

600000

Shashikiran Badri Prasad

 

1200000

Archana Badri Prasad

 

800000

Raiz Basheeruddin

 

1300000

Nezee Basheeruddin

 

1500000

Sudha Badri Prasad

 

1000000

Ramesh Chandra

 

500000

 

 

 

Total

 

10000000

 

 

Names of Shareholders

 

No. of Preference Shares

Badri Prasad

 

100000

Basheeruddin Abdul Rehman

 

50000

Dr. Sanam

 

150000

Shashikiran Badri Prasad

 

200000

Archana Badri Prasad

 

100000

Raiz Basheeruddin

 

200000

Nezee Basheeruddin

 

100000

Sudha Badri Prasad

 

100000

 

 

 

Total

 

1000000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 25.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is primarily engaged in the business of engineering, procurement and construction of plants for iron and steel, zinc, copper, alumina, sulphuric acid, power, cement, petrochemical, fertilizer and other industries also provides electrical and instrumentation services and insulation and refractory application/maintenance services.

 

 

Products / Services  :

Item / Services  Code No.

Product Description

99833220

Designing, Engineering, Fabrication, Erection, Commissioning of all types of furnaceshe at exchangers, heating and allied equipment on turnkey contract basis or otherwise.

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS : NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Standard Chartered Bank 19, Rajaji Salai, Chennai - 600001, Tamilnadu, India

 

  • Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

 

  • State Bank of India Commercial Branch, Swastik Chamber,Chembur, Mumbai - 400071, Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2013

(Rs. in Million)

31.03.2012

(Rs. in Million)

Long-term Borrowings

 

 

Rupee term loans from banks

[Exclusive charge on present and future immovable properties & movable fixed assets at Kandla SEZ.]

83.778

125.667

Foreign currency term loans from banks

[Hypothecation of crane financed, Personal Guarantee given by Directors Dr. B. Prasad & Mr. A. Basheeruddin and lien marked on Fixed Deposits placed every half yearly.]

203.101

204.365

Loans taken for fixed assets

0.765

2.570

Short-term borrowings

 

 

Working capital loans from banks

[Secured against hypothecation of inventories, book debts, present and future; and chrge on the immovable properties of the company other than at Kandla SEZ both present and future and further secured by personal guarantee of two Directors.]

416.854

417.707

Total

704.498

750.309

 

Auditors :

 

Name :

Nisar & Kumar

Chartered Accountants

Address :

A/17 Everest, Tardeo Road, Tardeo, Mumbai – 400034, Maharashtra, India

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

AACFN8765B

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Company :
  • Furnace Fabrica FZC,UAE
  • Begg Cousland Holdings Limited, UK
  • Pacific Refractories Limited

 

 

Step-down Subsidiary :

Begg Cousland and Company Limited, UK

 

 

Company / Firm in which Directors/relatives have significant influence

/ Control :
  • Polyceramic Industries
  • Furnace Fabrica Company Zambia Limited, Zambia
  • Blue Opel Developers and Consulting Services Private Limited
  • Begg Cousland Private Limited
  • City Hospital Private Limited
  • Polyceramic (India) Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30,000,000

Equity Shares

Rs.10/- each

Rs.300.000 Million

1,000,000

2% Redeemable Preference Shares

Rs.100/- each

Rs.100.000 Million

 

 

 

 

 

Total

 

Rs.400.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000,000

Equity Shares

Rs.10/- each

Rs.100.000 Million

1,000,000

2% Redeemable Preference Shares

Rs.100/- each

Rs.100.000 Million

 

 

 

 

 

Total

 

Rs.200.000 Million

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

200.000

200.000

200.000

(b) Reserves & Surplus

1010.548

821.735

675.305

(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)

1210.548

1021.735

875.305

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

287.644

332.602

342.311

(b) Deferred tax liabilities (Net)

50.907

58.547

44.384

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

3.354

2.847

2.893

Total Non-current Liabilities (3)

341.905

393.996

389.588

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

416.854

417.707

294.219

(b) Trade payables

801.724

734.872

868.341

(c) Other current liabilities

1169.121

1173.081

1011.661

(d) Short-term provisions

164.318

41.275

60.080

Total Current Liabilities (4)

2552.017

2366.935

2234.301

 

 

 

 

TOTAL

4104.470

3782.666

3499.194

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

878.608

887.893

535.499

(ii) Intangible Assets

12.110

12.672

12.015

(iii) Capital work-in-progress

1.423

46.091

293.532

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

43.686

52.362

52.362

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

52.460

95.144

34.794

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

988.287

1094.162

928.202

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

73.965

109.435

436.805

(b) Inventories

1338.406

1687.613

1443.050

(c) Trade receivables

774.292

81.122

109.975

(d) Cash and cash equivalents

586.141

294.210

248.119

(e) Short-term loans and advances

339.932

482.211

312.074

(f) Other current assets

3.447

33.913

20.969

Total Current Assets

3116.183

2688.504

2570.992

 

 

 

 

TOTAL

4104.470

3782.666

3499.194

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

Income

3681.946

3115.759

3076.849

 

Other Income

25.674

49.118

78.875

 

TOTAL (A)

3707.620

3164.877

3155.724

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1486.482

1464.577

1530.177

 

Prior Period Items

(3.315)

2.119

(0.412)

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

13.369

37.221

(3.623)

 

Employees benefits expense

197.033

167.664

142.181

 

Other expenses

1424.171

1018.733

975.775

 

TOTAL (B)

3117.740

2690.314

2644.098

 

 

 

 

 

Less

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

589.880

474.563

511.626

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

123.008

104.391

76.519

 

 

 

 

 

 

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

466.872

370.172

435.107

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

86.771

44.791

37.458

 

 

 

 

 

 

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

380.101

325.381

397.649

 

 

 

 

 

Less

TAX (H)

107.066

95.270

139.997

 

 

 

 

 

 

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

273.035

230.111

257.652

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

1173.733

62.377

34.131

 

TOTAL EARNINGS

1173.733

62.377

34.131

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

404.460

223.302

742.565

 

Capital Goods

0.000

70.023

272.919

 

TOTAL IMPORTS

404.460

293.325

1015.484

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

27.30

23.01

25.77

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Net Profit Margin

(PAT / Sales)

(%)

7.42

7.39

8.37

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

16.02

15.23

16.63

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.36

8.83

12.61

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.31

0.32

0.45

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.58

0.73

0.73

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.22

1.14

1.15

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

200.000

200.000

200.000

Reserves & Surplus

675.305

821.735

1010.548

Share Application money pending allotment

0.000

0.000

0.000

Net worth

875.305

1021.735

1210.548

 

 

 

 

long-term borrowings

342.311

332.602

287.644

Short term borrowings

294.219

417.707

416.854

Total borrowings

636.530

750.309

704.498

Debt/Equity ratio

0.727

0.734

0.582

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3076.849

3115.759

3681.946

 

 

1.265

18.172

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3076.849

3115.759

3681.946

Profit

257.652

230.111

273.035

 

8.37%

7.39%

7.42%

 

 

 

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

No

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

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

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

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10314218

05/10/2011 *

386,600,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M 
UMBAI, MAHARASHTRA - 400021, INDIA

B24150203

2

10268627

04/02/2011

1,050,000,000.00

AXIS BANK LIMITED

MCMC AT 5TH FLOOR,, CHICAGO PLAZA, RAJAJI ROAD,, 
ERNAKULAM, KERALA - 682035, INDIA

B07053788

3

10270453

03/02/2011

1,866,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W 
, MUMBAI, MAHARASHTRA - 400013, INDIA

B07609282

4

10260263

16/12/2010

930,000,000.00

STATE BANK OF INDIA

COMMERCIAL BR. CHEMBUR, 118/121 SWASTIK CHAMBER,, 
SION TROMBAY ROAD, CHEMBUR, MUMBAI, MAHARASHTRA - 
400071, INDIA

B02627438

5

10241608

24/08/2010

350,000,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M 
UMBAI, MAHARASHTRA - 400021, INDIA

A95300075

6

10241105

11/10/2013 *

300,000,000.00

STANDARD CHARTERED BANK

19, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, IN 
DIA

B90722067

7

10223859

04/06/2010

192,700,000.00

EXPORT-IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE 
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 4000 
05, INDIA

A87069266

8

10222039

06/05/2010

882,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W 
, MUMBAI, MAHARASHTRA - 400013, INDIA

A86102340

9

10186324

30/11/2010 *

250,000,000.00

EXPORT-IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE 
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 4000 
05, INDIA

B01242551

10

10115331

26/06/2008

120,000,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M 
UMBAI, MAHARASHTRA - 400021, INDIA

A42830869

 

* Date of charge modification

 

REVIEW OF OPERATIONS [AS ON 31.03.2013]

 

The financial year 2012-13 was a challenging year for the industry as a whole and almost all the Companies had to face various external challenges in view of the global recession which witnessed a slower rate of economic growth. However, the company continued to register all time high turnover in sales and other income of Rs. 3707.619 Million as against Rs. 3164.878 Million for the previous year. The export turnover was Rs. 2038.982 Million which constituted 54.77% of the total gross turnover (inclusive of excise duty) of Rs. 3723.035 Million. The profit before taxes recorded an increase of 16.82% to Rs. 380.101 Million over the previous year. The profit during year was affected by Rs. 110.542 Million on account of impairment of fixed assets for Rs. 29.228 Million, loss on forward contract for Rs. 45.370 Million and provision for doubtful advances to subsidiary company for Rs. 359.44 Lacs. The profit after tax increased by 18.65% to Rs. 273.034 Million from Rs. 230.111 Million over the previous year.

 

During the year, the project progress of major contracts in Morocco, Tunisia and in Zambia are in advanced stage. The domestic operations have been affected mainly due to Government regulatory policies on environmental issues due to which the Company’s operations in Odisha and Tuticorin in Tamil Nadu could not take off.

 

The Company is committed to implement new systems and procedures so as to integrate and increase the efficiency of operations. As a part of this process, the Purchase, operations and stores activities have migrated to the new Microsoft ERP software package and during the current year the Accounting system also have migrated to this new package.

 

The Kandla workshop is accredited by the Indian Boiler Regulation (IBR) and ASME (U, U2, S, R). The company has also fabricated and supplied process equipements and pressure vessels under the Pressure Equipment Directive (PED) and is fully geared to obtain the CE mark for its manufactured products.

 

THE COMPANY IS AWARDED A-/STABLERATING FROM CRISIL [AS ON 31.03.2013]

 

Each operating business segment is continuously engaged in upgrading strategic capability to effectively address the challenge of growth in an increasingly competitive market scenario. Effective management of diversity enhances the Company’s adaptive capability and provides the intrinsic ability to effectively manage business risk.

 

Inspired by this vision, the Directors and employees look forward to the future with confidence and stand committed to creating an even brighter future for all stakeholders.

 

SUBSIDIARY COMPANIES [AS ON 31.03.2013]

The list of Subsidiary Companies and Investment made in them by your company as at 31st March, 2013 are as detailed below.

 

4000000 Equity Shares of Rs. 10/- each fully paid up in Pacific Refractories Limited

 

90 Equity shares of AED 1,000 each in Furnace Fabrica FZC, Dubai.

 

Provision for diminution in value of investment in Begg Cousland Holdings Limited, UK has been made as the said company is under liquidation process.

 

CORPORATE INFORMATION [AS ON 31.03.2013]

 

The company is a public Limited Company domiciled in India and incorporated on 3rd December, 1985 under the provisions of the Companies Act, 1956. The Company is primarily engaged in the business of engineering, procurement and construction of plants for iron and steel, zinc, copper, alumina, sulphuric acid, power, cement, petrochemical, fertilizer and other industries. The Company has mechanical fabrication and manufacturing facilities in Maharashtra and Gujarat. The Company also provides electrical & instrumentation services and insulation and refractory application/maintenance services to above industries.

 

 

NOTE

 

The registered office of the company has been shifted from 506-507, Swastik Chamberss, T Road, Chembur, Mumbai - 400071, Maharashtra, India to the present address w.e.f. 24.02.2010.

 

 

FIXED ASSETS:

 

  • Land
  • Temporary Structures
  • Plant and Machinery
  • Motor Vehicles
  • Electrical and Office Equipment
  • Furniture and Fixtures

 

 

 

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 records 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 records 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.63.84

UK Pound

1

Rs.100.65

Euro

1

Rs.72.88

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

SNT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

6

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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.