MIRA INFORM REPORT

 

 

Report Date :

23.04.2007

 

IDENTIFICATION DETAILS

 

Name :

AIKON TECHNOLOGIES PRIVATE LIMITED

 

 

Registered Office :

Flat No 58, Khan Market, New Delhi; 110003

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

13.10.1995

 

 

Com. Reg. No.:

55-73163

 

 

CIN No.:

[Company Identification No.]

U74899DL1995PTC073163

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELA12315C

 

 

PAN No.:

[Permanent Account No.]

AAACA8155B

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Subject acts as Technology and Engineering Consultants

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 150000

 

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is well established company having satisfactory track. Trade relations are fair. General financial position is good. Payments are usually correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Flat No 58, Khan Market, New Delhi; 110003

Website :

http://www.aikonindia.com

 

 

Corporate Office :

14/3, MAthura Road, Havellis Crossing, Faridabad;121003, Haryana, India

Tel. No.:

91-129-5048420-7

Fax No.:

91-129-5048430

E-Mail :

aikon@del3.vsnl.net

 

 

DIRECTORS

 

Name :

Mr. Jagpreet Lamba Singh

Designation :

Managing Director

Address :

Flat No.58, Khan Market, New Delhi:110003

Date of Birth/Age :

11.09.1972

Date of Appointment :

13.10.1995

 

 

Name :

Dr. Raminder Singh

Designation :

Director

Address :

Flat No.58, Khan Market, New Delhi:110003

Date of Birth/Age :

18.11.1941

Date of Appointment :

13.10.1995

 

 

Name :

Mr. Jasbir Pal Singh

Designation :

Director

Address :

Flat No.58, Khan Market, New Delhi:110003

Date of Birth/Age :

03.01.1940

Date of Appointment :

01.04.2001

 

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

 

No. of Shares

Mr. Lamba Singh Jagpreet

 

90100

Dr. Raminder Singh

 

45050

Mr. Jasbir Pal Singh

 

45050

 

 

Equity Sahre Break-Up:

Category

 Percentage

Directors or relative of Directors

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject acts as Technology and Engineering Consultants

 

 

GENERAL INFORMATION

 

No. of Employees :

About 400

 

 

Bankers :

Bank of India,

Khan Market Branch, New Delhi:110 003

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mr. Ravinder Kumar

Chartered Accountant

Address :

B-24, Sagar Apartments, 6, Tilak Marg, New Delhi;110001

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs.10/- each

Rs.5.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

180200

Equity shares

Rs10/- each

Rs. 1.802 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

1.802

1.802

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

36.908

26.203

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

38.710

28.005

LOAN FUNDS

 

 

 

1] Secured Loans

 

1.561

0.176

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

1.561

0.176

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

40.271

28.181

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

5.192

5.260

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

2.503

7.729

DEFERREX TAX ASSETS

 

0.141

0.057

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

8.142

1.098

 

Sundry Debtors
 

12.297

6.150

 

Cash & Bank Balances
 

1.270

7.808

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

11.326

0.833

Total Current Assets
 

33.035

15.889

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

0.600

0.754

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

0.600

0.754

Net Current Assets
 

32.435

15.135

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

40.271

28.181

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

40.000

25.000

Other Income

 

0.000

0.000

Total Income

 

40.000

25.000

 

 

 

 

Profit/(Loss) Before Tax

 

NA

NA

Provision for Taxation

 

NA

NA

Profit/(Loss) After Tax

 

NA

NA

 

 

 

 

 

 

 

 

Expenditures :

 

 

 

 

Other Expenditure

 

NA

NA

Total Expenditure

 

NA

NA

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.01

0.002

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.01

1.04

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Name of the company

AIKON TECHNOLOGIES PRIVATE LIMITED

Presented By

BANK OF INDIA, KHAN MARKET BRANCH, NEW DELHI; 110003

1) Date and description of instrument creating the change

28.12.2001

 

Agreement of Term Loan and Hypothecation of Movable Assets/ Goods/ Property/ Plant and Machinery.

 

Agreement of Hypothecation of Plant and Machinery, stocks and Book-Debts

2) Amount secured by the charge/amount owing on the securities of charge

Rs.9.750 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 the Following:

  • All Tangible moveable machineries and Plant both present and future whether installed or not not and whether lying loose or in cases at site or in transit, a short particulars of which are disclosed in part-A of the Schedule-II, hereunder written or which may at any during the continuances of this security being installed or lying loose or in cases or being in or upon or about the borrower’s primses/ godowns at 14/3

             Main Mathura Road, Faridabad or   

             wherever else the same may be.

  • All tangible moveable properties and assets of what soever nature of the borrower (both present and future) and including but WITHOUT PREJUDICE  TO the generality of the foregoing all stocks of raw-materials such asplide values, P.L.C. toilet Bowls, etc. and finished goods toilet sustems and windowunits, components (including spare-parts and stores relating to plant and machinery- both present and future) and stocks in process of the borrower wheresover situated at 14/3, Main Mathura Road, Faridabad.
  • All the present and future book-debts, outstanding money receivables, claims, bills which are now duc and owing or which may at any tiem hereafter during and owing may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of this business by any person, firm, company or body corporate or by the central Government or any state Government, or any Government or any State Government, or any Government Department or office or any  municipal or local or public or semi-governmental body or authority.

 

The above is hypothecated to secure the following credit facilities granted to the company on such terms and conditions as mentioned below:-

 

Sr. No

Nature of Facility

Limits sanctioned (Rs. in Million)

Margin

Rate of interest/commission

A)

Fund Based

 

 

 

a) l

Working Capita

 

 

 

1.

Cash Credit (Hyp.of Book-Debts)

3.000

25%

Presently applicable as over BOI PLR min.16% p.a

2.

Cash Credit (Hyp. Of Book-Debts)

1.500

35% upto 45 day 100% over 45 days

4% over BOI PLR Min. 16% p.a

b))

Term Loan

2.250

25%

4% over BOI PLTR Min. 16.50% p.a

B)

Non Fund Based

 

 

 

a)

Bank Guarantee (Inland)

3.000

25%

Commission Rs.150+0.50% Per quarter for performance guarantee and Rs. 150 + 0.75% per quarter  for non performance  guarant minimum for six digits

 

 

4) Gist of the terms and conditions and extent and operation of the charge.

--

5) Name and Address and description of the person entitled to the charge.

Bank of India

Khan Market Branch , New Delhi;110 003

6) Date  and brief description of instrument modifying the charge

--

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.

--

 

 

 

 

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.41.67

UK Pound

1

Rs.83.41

Euro

1

Rs.56.61

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

NO

TOTAL

 

52

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

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