MIRA
INFORM REPORT
|
Report Date : |
30th
May, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
ITE
ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
1678, Sector – 9, Faridabad – 121 006,
Haryana, India. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2002 |
|
|
|
|
Date of Incorporation : |
25.09.1996 |
|
|
|
|
Com. Reg. No.: |
05-33300 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74210HR1996PTC033300 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTKI00657G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAAFJ2971E |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
The
Company is engaged in the business of Manufacturing and Exporting of Castor
Wheels, Conveyors, Rollers and Material Handling Equipments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow
and Delayed |
|
|
|
|
Litigation : |
Unknown |
|
|
|
|
Comments : |
Subject
is a small company. It’s financial position is moderate. Payments are
reported as slow and delayed. The
company can be considered for small to mediocre business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
|
Registered Office : |
1678, Sector – 9, Faridabad – 121 006,
Haryana, India. |
|
Tel. No.: |
91-129-2413160/
2427903 |
|
Mobile No.: |
91-9811412889 |
|
Fax No.: |
91-129-2412955 |
DIRECTORS
|
Name : |
Mr.
Arora Ashwani |
|
Designation : |
Director |
|
Address : |
1678, Sector – 9, Faridabad – 121 006,
Haryana, India. |
|
Date of Birth/Age : |
28.05.1961 |
|
Date of Appointment : |
25.09.1996 |
|
|
|
|
Name : |
Mrs.
Arora Asha |
|
Designation : |
Director |
|
Address : |
1678, Sector – 9, Faridabad – 121 006,
Haryana, India. |
|
Date of Birth/Age : |
08.01.1963 |
|
Date of Appointment : |
10.03.2000 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Arora
Ashwani |
17100 |
|
Arora
Asha |
7350 |
BUSINESS DETAILS
|
Line of Business : |
The
Company is engaged in the business of Manufacturing and Exporting of Castor
Wheels, Conveyors, Rollers and Material Handling Equipments. |
GENERAL
INFORMATION
|
Bankers : |
Punjab
& Sind Bank |
|
|
|
|
Facilities : |
|
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
Garg
Bros. & Associates |
|
Qualification: |
Charted
Accountant |
|
Address: |
139,
Sector – 15A, Faridabad – 121 007, Haryana, India. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
150000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
24450 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.244 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2002 |
31.03.2001 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.244 |
0.244 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.032 |
|
|
4] (Accumulated Losses) |
|
(0.188) |
0.000 |
|
|
NETWORTH |
|
0.056 |
0.276 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.283 |
1.069 |
|
|
2] Unsecured Loans |
|
0.311 |
0.000 |
|
|
TOTAL BORROWING |
|
1.594 |
1.069 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1.650 |
1.345 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.178 |
0.132 |
|
|
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 |
|
1.198 |
1.180 |
|
|
Sundry Debtors |
|
0.907 |
1.072 |
|
|
Cash & Bank Balances |
|
0.109 |
0.008 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.179 |
0.239 |
|
Total Current Assets |
|
2.393 |
2.499 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1.929 |
1.295 |
|
|
Provisions |
|
0.000 |
0.001 |
|
Total Current Liabilities |
|
1.929 |
1.296 |
|
|
Net Current Assets |
|
0.464 |
1.203 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.008 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
|
1.650 |
1.345 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2002 |
31.03.2001 |
|
Sales Turnover [including other income] |
|
2.749 |
4.071 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
(0.220) |
0.033 |
|
Provision
for Taxation |
|
0.000 |
0.006 |
|
Profit/(Loss)
After Tax |
|
(0.220) |
0.027 |
|
|
|
|
|
|
Total
Expenditure |
|
2.970 |
4.038 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2002 |
31.03.2001 |
|
PAT / Total Income |
(%) |
|
(8.00) |
0.66 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
(8.00) |
0.81 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
(6.15) |
1.25 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
(3.93) |
0.12 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
62.91 |
8.57 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.24 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets:
Room Air
Conditioner, Computer, Machinery, Fridge, Scooter, Car, Doors & Drapers,
Telephone Instruments, Television, Water Filter etc.
Financial
Result & Future Prospects:
During
the period under review, company has made the turnover of Rs. 2.749 Millions
and directors are making their best efforts to increase the earning of the
company.
Dividend:
Considering
the financial performance of the company. The directors have decided not to pay
any dividend during the year.
Deposits:
The
company has neither invited nor accepted any deposit from public during the
period under report.
|
Name of the company |
ITE
ENGINEERS PRIVATE LIMITED |
|
Presented By |
Ashwani Kumar, Director |
|
1) Date and description of instrument creating the change |
Hypothecation of goods dated 27.03.2000 Form No. 193. Agreement for hypothecation of Book Debts dated 27.03.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
C/C (Hypothecation) Rs. 0.900 Millions. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of stock of caster wheels, rollers, and all kinds of bearing whether raw materials, or in process of manufacture and all articles manufactured there from stored at godowns or premises at H-338, 1st Floor, Faridabad. Hypothecation of present and future book debts, outstanding moneys, receivable claims, bills, contracts, securities, investments, bank deposits, rights and assets (except otherwise hypothecated) . Collateral Securities: Equitable mortgage of properties at H-338,Nehru ground, NIT Faridabad and Plot No. 53A, Faridabad. Second charge over property at plot No. 20, Sector – 59,Faridabad,First charge with Financial Corporation |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Chargeable @17.09% p.a. Margin 25% |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab & Sind Bank, H. O. New Delhi Throughout NIT faridabad Branch. |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
Name of the company |
ITE
ENGINEERS PRIVATE LIMITED |
|
Presented By |
Ashwani Kumar, Director |
|
1) Date and description of instrument creating the change |
Form No. 192,Letter of Hypothecation of Machinery & Goods dated 14.07.2001. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.400 Millions. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all kinds of Machinery existing as well as to be acquired in future lying at Factory/ Godown of the company. Hypothecation of stock of caster wheels, rollers, and all kinds of bearing whether raw materials, or in process of manufacture and all articles manufactured there from stored at godowns or premises at H-338, 1st Floor, N.I.T, Faridabad.
Collateral Securities: Equitable mortgage of properties at H-338,Nehru ground, NIT Faridabad and Plot No. 53A, Faridabad.& Plot No. 53A,S.M.I.E, Faridabad. Second charge over property at plot No. 20, Sector – 59,Faridabad,First charge with Financial Corporation |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is hypothecated to Secure Term Loan limit of Rs. 0.400 Millions granted to the company. Interest being payable @6.75% over Reserve Bank of India rate, with a minimum of 13.75% p.a. shall be charged. Margin - 25% |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab & Sind Bank, H. O. New Delhi Throughout NIT faridabad Branch. |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
AS
PER WEBSITE:
ITE ENGINEERS PVT. LTD.
They, ITE Engineers Pvt. Ltd. is pleased to
introduce as a manufacturing company engaged in the manufacture of Industrial
Grade Casters, Wheels, Conveyors, Rollers and Material Handling Equipments.
They have been in this business for over two decades and during this period,
they have gained the experience as well as the mastery to manufacture a gamut
of products known for their quality, efficiency and precision. This has been
possible through a continuous dialogue and interaction with their clients, who
have been kind enough to provide us with their valuable suggestions and inputs.
This has given us a valuable insight into the customer's need and the problems
they encounter and has provided us with an opportunity to not just improve
their products but also to offer customized services to their clients as per
their requirement.
At ITE Engineers Pvt. Ltd., they
always endeavor to provide their esteemed customers with products that
showcases their engineering excellence in terms of their quality, performance,
strength, longevity and innovative designs. Designed with the latest advance
technology and confirming to international standards, their comprehensive range
of products available in various dimensions, sizes and types includes:
Industrial Grade Casters
Wheels
Conveyors
Rollers
Material Handling Equipments
Thanks to the zealous teamwork, cordial
customer - vendor relationship, excellent after sales, sophisticated machinery
and a wide distribution network, they have become one of the leading and
respected name to reckon within the country. Today, they have gained credit as
a reputed big name from their clients.
Company Profile
|
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.46.19 |
|
UK
Pound |
1 |
Rs.86.51 |
|
Euro |
1 |
Rs.59.32 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
21 |
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 |