MIRA INFORM REPORT
|
Report
Date : |
16.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
MONNET PROJECTS
INDIA LIMITED |
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Registered
Office : |
302,
World Trade Centre, Babar Road, Nuova, New Delhi – 110001 |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
14.03.1995 |
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Com.
Reg. No.: |
55-66346 |
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CIN
No.: [Company Identification No.] |
U74899DL1995PLC066346 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
DELM08670E |
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PAN
No.: [Permanent Account No.] |
AAACM8559K |
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Legal
Form : |
A closely held public limited liability company |
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Line
of Business : |
Manufacturers, Exporters and Dealers of Educational Toys
and Generators set. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD 20000 |
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Status
: |
Satisfactory
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Payment
Behaviour : |
Usually
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established company having satisfactory
track records. Profit margin is under severe pressure. Trade relations are
fair. Payments are correct and as per commitments. The company can be considered normal for business dealings
at usual trade term and conditions. |
LOCATIONS
|
Registered
Office : |
302,
World Trade Centre, Babar Road, Nuova, New Delhi – 110001, India |
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Tel.
No.: |
91-11-23413905 / 23411728 / 23413913 |
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Fax
No.: |
91-11-23413726 / 23413046 |
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E-Mail
: |
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Location : |
Commercial |
DIRECTORS
|
Name : |
Shri. Narender Mohan Sharma |
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Designation
: |
Director |
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Date
of Birth/Age : |
21.06.1941 |
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Date
of Appointment : |
01.02.2005 |
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Name : |
Shri. Vijai Prakash Arora |
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Designation
: |
Whole Time Director |
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Date
of Birth/Age : |
09.05.1940 |
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Date of
Appointment : |
01.04.2005 |
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Name : |
Shri. Raman Kumar Govila |
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Designation
: |
Whole Time Director |
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Date
of Birth/Age : |
23.07.1955 |
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Date
of Appointment : |
01.11.1999 |
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Name : |
Shri. Radhey Shyam Sharam |
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Designation
: |
Director |
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Date
of Birth/Age : |
10.11.1936 |
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Date
of Appointment : |
14.03.1995 |
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Name : |
Shri. Rajesh Agarwal |
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Designation
: |
Director |
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Date
of Birth/Age : |
12.07.1963 |
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Date
of Appointment : |
06.03.1997 |
KEY EXECUTIVES
|
Name : |
Tumul Maheshwari and Associates |
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Designation
: |
Company Secretary |
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Name : |
R Rath
and Company |
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Designation
: |
Company
Secretary |
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Address
: |
E-164, 2nd
Floor, West Patel Nagar, New Delhi – 110008 |
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Mobile
: |
91-9818325183 |
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Email
: |
BUSINESS DETAILS
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Line of
Business : |
Manufacturer, Exporter and Dealers of Educational Toys and
Generators set. |
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Products
: |
Item Code No. (ITC Code) 9503.06 Product Description Educational
Toys |
GENERAL INFORMATION
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No. of
Employees : |
50 |
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Bankers
: |
The Bank of Rajasthan Limited, 85, Janpath, New Delhi –
110001 |
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Facilities : |
Availing
following facilities with this bank (i) Security
for all Advances & Loans. (ii) Term Loan Agreement (iii) Agreement of Hypothecation of Machinery & Goods Rs. 90.000 Millions dated
September 25, 2006 |
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Banking Relations : |
-- |
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Auditors
: |
O P Bagla and Company Chartered Accountants 8/12, Kalkaji Extension, New Delhi – 110 019 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
750,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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|
1] Share
Capital |
5.000 |
5.000 |
5.000 |
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3]
Reserves & Surplus |
0.134 |
0.000 |
0.000 |
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4]
(Accumulated Losses) |
0.000 |
(1.411) |
(4.679) |
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NETWORTH
|
5.134 |
3.589 |
0.321 |
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LOAN
FUNDS |
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1]
Secured Loans |
0.967 |
1.449 |
1.279 |
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2]
Unsecured Loans |
34.300 |
0.000 |
0.000 |
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TOTAL
BORROWING
|
35.267 |
1.449 |
1.279 |
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DEFERRED
TAX LIABILITIES |
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TOTAL
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40.401 |
5.038 |
1.600 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1.793 |
1.838 |
1.541 |
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Capital work-in-progress
|
37.800 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
0.396
|
0.396
|
0.437 |
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Sundry Debtors
|
1.409
|
0.191
|
0.469 |
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Cash & Bank Balances
|
2.569
|
4.610
|
1.779 |
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Loans & Advances
|
2.923
|
1.576
|
0.874 |
Total Current Assets
|
7.297 |
6.773 |
3.559 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
5.864
|
3.357
|
3.533 |
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Provisions
|
0.685
|
0.270
|
0.041 |
Total Current Liabilities
|
6.549 |
3.628 |
3.574 |
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Net
Current Assets
|
0.748 |
3.146 |
(0.015) |
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MISCELLANEOUS EXPENSES
|
0.060 |
0.054 |
0.074 |
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TOTAL
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40.401 |
5.038 |
1.600 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
12.296 |
13.224 |
2.873 |
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Profit/(Loss) Before Tax
|
2.226 |
3.542 |
0.679 |
Provision for Taxation
|
0.450 |
0.270 |
0.041 |
Profit/(Loss) After Tax
|
1.776 |
3.272 |
0.638 |
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Export Value
|
NA |
6.023 |
2.820 |
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Total Expenditure
|
9.592 |
9.592 |
2.194 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
14.44 |
24.74
|
22.21 |
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Net Profit Margin
(PBT/Sales) |
(%) |
18.10 |
26.78
|
23.63 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
3.78 |
32.47
|
13.31 |
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Return on Investment (ROI)
(PBT/Networth) |
|
34.59 |
65.44
|
2.12 |
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Debt Equity Ratio
(Total
Liability/Networth) |
|
6.87 |
0.29
|
3.94 |
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Current Ratio
(Current
Asset/Current Liability) |
|
1.11 |
1.87
|
(0.99) |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets :
Ř Car
Ř Computer
Ř Furniture and Fixture
Ř Office Equipments
Incorporated
on March 14, 1995 the subject is engaged in the business of Importers,
Exporters and
Traders
of Educational Toys.
Subject reportedly imports educational
toys.
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.45.34 |
|
UK Pound |
1 |
Rs.85.52 |
|
Euro |
1 |
Rs.58.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
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OPERATING
SCALE |
1~10 |
5 |
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FINANCIAL
CONDITION |
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|
--BUSINESS
SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |