MIRA
INFORM REPORT
|
Report Date : |
26th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
ADROIT
WATER TREATMENT COMPANY |
|
|
|
|
Formerly
Known as: |
RENAISSANCE |
|
|
|
|
Registered Office : |
EU 29-A, Pitam Pura, Delhi – 110 034, India |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
1993 |
|
|
|
|
Legal Form : |
Sole
Proprietory Concern. |
|
|
|
|
Line of Business : |
The
company is engaged in the business of construction and maintenance of
swimming pool and undertaking water treatment. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Usually
Correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Renaissance is a proprietary concern and the given address is used for
official communication. For all other
business purposes, its address is A-24, Gulmohar Park, New Delhi. Subject concern is engaged in the business
as Construction and maintenance of Swimming Pools [for hotels] and
undertaking Water treatment. Identical
business is also being done in the name of “Renaissance Aqua Sports Private
Limited” and Mr. Punish Khanna, is the Managing Director of this
company. Both are inter-related. Input for this report was given by the
subject, but it is not supported by any audited statement of Accounts. Trade relations are reported as fair. Payments are reported as slow and delayed. It may be considered for small business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
EU 29-A, Pitam Pura, Delhi – 110 034, India |
|
Tel. No.: |
91-11-27346818 |
|
Mobile No.: |
|
|
Fax No.: |
91-11-26861444 |
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E-Mail : |
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|
Website : |
|
|
Area : |
500
sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate
Office : |
A-24, First Floor, Gulmohar Park, New Delhi – 110048, India |
|
Tel.
No.: |
91-11-26861444/26963757/26562920 |
|
Fax
No.: |
91-11- 26861444 |
|
E-Mail
: |
|
|
Area : |
1500
sq. ft. |
|
|
|
|
Factory
: |
35/7,
Shah Bad, Daulatpur, Delhi, India |
|
Tel.
No.: |
91-9312894635 |
|
Area : |
4000
sq. ft. |
|
|
|
|
Branch
: |
32,
Gulden Sagar, Bandra (west), Mumbai – 400 050, India. |
|
Tel.
No.: |
91-22-26406162 |
SOLE PROPRIETOR
|
Name : |
Mrs.
Kamlesh Khanna |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
55 years |
|
|
|
|
Name : |
Mr. Punish
Khanna |
|
Designation : |
Chief Executive
Officer |
|
Date of Birth/Age : |
38 years |
|
Tel. No.: |
91-11-27016382 |
|
Mobile No.: |
91-9811144452 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in the business of construction and maintenance of
swimming pool and undertaking water treatment. |
|
|
|
|
Imports from : |
China,
Spain and U.S.A. |
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|
|
|
Terms : |
|
|
Selling : |
Credit
[30 – 60 Days] |
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|
|
|
Purchasing : |
L/C at
site against [30 Days] |
GENERAL
INFORMATION
|
No. of Employees : |
25 |
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|
|
|
Bankers : |
Union
Bank of India, Yusuf Sarai Branch, New Delhi – 110016, India |
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|
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Facilities : |
The
concern do not enjoy facility from its bankers. |
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|
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Banking Relations : |
-- |
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|
|
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Auditors : |
Surender
Verma and Associates |
|
Qualification: |
Chartered
Accountants |
|
|
|
|
Associates: |
Renaisance
Aqua Sports Private Limited |
|
Date of Incorporation: |
23.11.1995 |
|
Corporate Office: |
A –24, First Floor, Gulmohar Park, New Delhi – 110048, India |
|
Email: |
|
|
Website: |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
5.000 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
17.500 |
15.000 |
12.500 |
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1.044 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1.044 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1.160 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
1.160 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2.204 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.150 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1.568 |
|
|
Sundry Debtors |
|
|
1.005 |
|
|
Cash & Bank Balances |
|
|
0.575 |
|
|
N.S.C |
|
|
0.181 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total Current Assets |
|
|
3.329 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
2.275 |
|
|
Provisions |
|
|
0.000 |
|
Total Current Liabilities |
|
|
2.275 |
|
|
Net Current Assets |
|
|
1.054 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2.204 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
|
Sales Turnover [including other income] |
|
|
8.049 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
|
0.451 |
|
Provision
for Taxation |
|
|
0.000 |
|
Profit/(Loss)
After Tax |
|
|
0.451 |
|
|
|
|
|
|
Total
Expenditure |
|
|
0.916 |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2005 |
|
PAT / Total Income |
(%) |
|
|
5.60 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
|
5.60 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
|
10.07 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
|
0.43 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
|
3.29 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
|
1.46 |
RENAISANCE AQUA SPORTS PRIVATE LIMITED
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.000 |
1.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2.207 |
1.670 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3.207 |
2.670 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
1.060 |
1.400 |
|
|
TOTAL BORROWING |
|
1.060 |
1.400 |
|
|
DEFERRED TAX LIABILITIES |
|
0.001 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
4.268 |
4.070 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.033 |
1.260 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
|
|
|
Sundry Debtors |
|
|
|
|
|
Cash & Bank Balances |
|
12.436 |
11.546 |
|
|
N.S.C |
|
|
|
|
|
Loans & Advances |
|
|
|
|
Total Current Assets |
|
12.436 |
11.546 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
9.201 |
8.738 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities |
|
9.201 |
8.738 |
|
|
Net Current Assets |
|
3.235 |
2.808 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.002 |
|
|
|
|
|
|
|
|
TOTAL |
|
4.268 |
4.070 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
14.774 |
7.309 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.537 |
0.403 |
|
Provision
for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
0.537 |
0.403 |
|
|
|
|
|
|
Total
Expenditure |
|
28.119 |
19.231 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
3.63 |
5.51 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
3.63 |
5.51 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
3.99 |
3.15 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.17 |
0.15 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
3.20 |
3.80 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.35 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject
is engaged in the business of construction and maintenance of swimming pool and
undertaking water treatment.
It imports
chemicals, swimming pool accessories and water treatment chemicals from China,
Spain and U.S.A.
It does
not export.
It
undertakes jobs in the domestic market.
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 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.46.34 |
|
UK
Pound |
1 |
Rs.84.27 |
|
Euro |
1 |
Rs.57.96 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
NO |
|
--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 |
|
TOTAL |
|
30 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |