MIRA INFORM REPORT
|
Report Date : |
18th May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
HEMLOCK
WOOD |
|
|
|
|
Registered Office : |
601,
6th Floor, Ansals Kirti Shikar, Plot # 11, District Centre,
Janakpuri, New Delhi-110058 |
|
|
|
|
Country : |
India
|
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
IEC No.: |
The
subject is yet to apply for the IEC No. |
|
|
|
|
Legal Form : |
A
Partnership Concern with an Unlimited Liability of Partners |
|
|
|
|
Line of Business : |
Importer
& trader of Engineered Hardware Flooring and Solid Hardware Flooring |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
New Concern |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a new concern and hence no track records are available. The concern can be
considered for any business dealings on safe and secured trade terms and conditions |
LOCATIONS
|
Registered Office : |
601,
6th Floor, Ansals Kirti Shikar, Plot # 11, District Centre,
Janakpuri, New Delhi-110058 |
|
Tel. No.: |
91-11-25533967 |
|
Fax No.: |
91-11-25549082 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
600
Sq. ft |
|
Location : |
Owned
(Commercial) |
|
|
|
PARTNERS
|
Name : |
Mr.
Rajeev Madan |
|
Designation : |
Partner |
|
Address : |
D-103,
Shubham Apartments, Plot No. 13, Sector 22, Phase I, Dwarka, New Delhi-110075 |
|
Date of Birth/Age : |
37
years |
|
Qualification : |
Graduate |
|
Experience : |
12
years |
|
|
|
|
Name : |
Mr.
Suraj Nagi |
|
Designation : |
Partner |
|
Address : |
C-410,
Dreams Apartments, Plot No. 14, Sector 22, Phase I, Dwarka, New Delhi-110075 |
|
Date of Birth/Age : |
34
years |
|
Qualification : |
BE |
|
Experience : |
10
years |
|
Mobile No.: |
91-9810000654 |
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Importer
& trader of Engineered Hardware Flooring and Solid Hardware Flooring |
|
|
|
|
Products : |
Engineered
Hardware Flooring and Solid Hardware Flooring |
|
|
|
|
Agencies held: |
Teal-Jones
Group, Canada |
|
|
|
|
Imports of: |
Engineered
Hardware Flooring and Solid Hardware Flooring |
|
|
|
|
Imports from : |
China,
Canada & Germany |
|
|
|
GENERAL INFORMATION
|
|
|
|
No. of Employees : |
8 |
|
|
|
|
Bankers : |
Hong
Kong Shanghai Banking Corporation Connaught
Place, New
Delhi-110001 |
|
|
|
|
Banking Relations : |
Unknown |
|
|
|
|
Auditors : |
M/s.
J S Johar & Associates Chartered
Accountant |
|
|
|
|
Address: |
M-16A,
Second Floor, Lajpat Nagar III, New Delhi-110024 |
|
|
|
|
Associates: |
|
|
Name of the Company: |
League
Imaging Systems & Technologies Private Limited |
|
Legal Status: |
A
Private Limited Company |
|
Date of Incorporation: |
10.12.1997 |
|
Line of Business: |
Importer
and Supplier of Imaging Solutions Software & Computer and Electronic
Peripheral |
|
Directors: |
v
Mr. Rajeev Madan v
Mr. Suraj Nagi v
Mrs. Harvinder Madan v
Mr. Omesh Chander
Mahan |
|
|
|
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.
1.000 millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
1.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
League Imaging Systems & Technologies Private
Limited
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.200 |
0.200 |
0.200 |
|
|
2] Share Application Money |
|
|
|
|
|
3] Reserves & Surplus |
(0.051) |
(0.041) |
(0.040) |
|
|
4] (Accumulated Losses) |
|
|
|
|
NETWORTH
|
0.149 |
0.159 |
0.160 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
- |
- |
- |
|
|
2] Unsecured Loans |
- |
- |
- |
|
TOTAL
BORROWING
|
- |
- |
- |
|
|
|
|
|
|
|
TOTAL
|
0.149 |
0.159 |
0.160 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
0.86 |
0.119 |
0.166 |
|
Capital work-in-progress
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
|
- |
- |
- |
|
DEFERREX TAX ASSETS
|
0.026 |
0.024 |
0.023 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
0.019
|
0.006 |
0.001 |
|
|
Sundry Debtors
|
0.300
|
0.198 |
0.098 |
|
|
Cash & Bank Balances
|
0.205
|
0.240 |
0.173 |
|
|
Loans & Advances
|
0.091
|
0.191 |
0.211 |
Total Current Assets
|
0.615
|
0.635 |
0.483 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
0.580
|
0.622 |
|
|
Total Current Liabilities
|
0.580
|
0.622 |
0.516 |
|
Net Current
Assets
|
0.035
|
0.013 |
(0.033) |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.002 |
0.003 |
0.004 |
|
|
|
|
|
|
|
TOTAL
|
0.149 |
0.159 |
0.160 |
|
PROFIT & LOSS ACCOUNT
League Imaging Systems & Technologies Private
Limited
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
0.894 |
1.767 |
0.674 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
(0.012) |
(0.002) |
(0.027) |
Provision for Taxation
|
0.002 |
0.001 |
0.022 |
Profit/(Loss) After Tax
|
(0.010) |
(0.001) |
(0.005) |
|
|
|
|
|
Total Expenditure
|
0.884 |
1.766 |
0.669 |
Financials of League Imaging Systems & Technologies Private Limited:
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
|
|
|
Networth
|
0.149 |
0.159 |
0.160 |
|
|
|
|
|
Variation
|
-6.29% |
-0.63% |
- |
|
|
|
|
|
Turnover
|
0.870 |
1.758 |
0.671 |
|
|
|
|
|
Variation
|
-50.51% |
162% |
- |
|
|
|
|
|
Total Income
|
0.894 |
1.767 |
0.674 |
|
|
|
|
|
Variation
|
-49.41% |
162.17% |
- |
|
|
|
|
|
Profit Before Tax
|
(0.012) |
(0.002) |
(0.027) |
|
|
|
|
|
Variation
|
-500% |
92.59% |
- |
|
|
|
|
|
Profit After Tax
|
(0.010) |
(0.001) |
(0.005) |
|
|
|
|
|
Variation
|
-900% |
80% |
- |
|
|
|
|
|
|
Import Value |
0.487 |
0.862 |
0.176 |
|
|
|
|
|
Variation
|
-43.50% |
389.77% |
- |
|
|
|
|
|
Export Value
|
- |
0.145 |
- |
|
|
|
|
|
KEY RATIOS
League Imaging Systems & Technologies Private
Limited
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
-1.12
|
-0.06 |
0.74 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
1.38
|
0.11 |
4.02 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
0.81
|
0.26 |
4.16 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.08
|
0.01 |
0.17 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
3.89
|
3.91 |
3.22 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
1.06
|
1.02 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
Business
dealings are permissible however initially on secured terms since the subject
was established recently and they have not applied for IEC. However the subject
is doing software related business in the name of League Imaging Systems &
Technologies Private Limited since 10th December, 1997
Projected
turnover:
Since no effective business activities took place so far the subject claims that it is too early to comment about the Projected Turnover of the company. The subject is going to apply for Import Export code number.
The Subject is an authorised distributor of Teal-Jones Group, Canada
Audited
financials will be made available next year.
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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
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 |