MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
LEO ROAD EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
3 Amin Apartments, 27 Prakashnagar Society, Maninagar,
Ahmedabad – 380008, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.09.1996 |
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Com. Reg. No.: |
04-30760 |
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CIN No.: [Company Identification No.] |
U29246GJ1996PTC030760 |
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TAN No.: [Tax Deduction & Collection Account No.] |
AHML00240C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Road Construction Equipments and Allied
Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having moderate track.
Company’s profitability is under severe pressure. It continue to incur
losses. Payments are reported as slow but correct. The company can be considered for small business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
3 Amin Apartments, 27 Prakashnagar Society, Maninagar,
Ahmedabad – 380008, |
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Tel. No.: |
91-79-25841829 |
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Mobile No.: |
91-9825007324 / 9825016324 / 9426179983 |
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Fax No.: |
91-79-25842263 / 25463401 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 5105-5107, Phase IV, Ramol Four Cross, G.I.D.C.,VATVA,
Ahmedabad (Gujarat), |
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Tel. No.: |
91 - 79 – 25841829 |
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Fax No.: |
91 - 79 – 25842263 |
DIRECTORS
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Name : |
Mr. Sunil Bivalkar |
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Designation : |
Managing Director |
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Address : |
20, Kumud Apartments, Near |
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Name : |
Ms. Sarvari Bivalkar |
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Designation : |
Director |
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Address : |
20, Kumud Apartments, Near |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No.
of Shares |
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Sunil Bivalkar |
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32185 |
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Sarvari Bivalkar |
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17385 |
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Total
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49570 |
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Equity
Share Breakup |
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Category
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Road Construction Equipments and Allied
Products |
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Product : |
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GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name
: |
J R Purohit and Company Chartered Accountants |
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Address
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168, 3rd Floor, New Cloth market, Sarangpur,
Ahmedabad – 380002, |
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Tel.
No.: |
91-79-22167459 |
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Mobile
No.: |
91-9426078913 |
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Fax
No.: |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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49,570 |
Equity Shares |
Rs. 10/- each |
Rs.
0.496 Million |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.496 |
0.496 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.619 |
0.692 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.115 |
1.188 |
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LOAN FUNDS |
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1] Secured Loans |
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2.282 |
2.053 |
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2] Unsecured Loans |
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1.952 |
0.167 |
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TOTAL
BORROWING |
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4.234 |
2.220 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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5.349 |
3.408 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.484 |
5.356 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.301 |
3.187 |
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Sundry Debtors |
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0.000 |
0.073 |
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Cash & Bank Balances |
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0.028 |
0.022 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.284 |
0.354 |
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Total Current Assets |
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4.613 |
3.636 |
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Less :
CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.740 |
4.383 |
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Provisions |
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0.018 |
1.211 |
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Total Current Liabilities |
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4.758 |
5.594 |
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Net Current Assets |
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[0.145] |
[1.958] |
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MISCELLANEOUS EXPENSES |
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0.010 |
0.010 |
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TOTAL |
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5.349 |
3.408 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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13.340 |
4.363 |
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Other Income |
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0.354 |
0.688 |
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Total Income |
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13.694 |
5.051 |
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Profit/(Loss) Before Tax |
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[0.073] |
[0.037] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[0.073] |
[0.037] |
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Expenditures : |
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Consumption of Raw Materials |
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12.536 |
2.826 |
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Manufacturing Expenses |
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0.714 |
0.160 |
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Administrative and Other
Expenses |
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1.319 |
0.988 |
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Interest |
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0.171 |
0.580 |
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Depreciation & Amortization |
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0.141 |
0.141 |
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Total Expenditure |
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14.881 |
4.695 |
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KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[0.53] |
[0.73] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[0.55] |
[0.85] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[0.72] |
[0.41] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.07] |
[0.03] |
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Debt Equity Ratio (Total Liability/Networth) |
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8.06 |
6.58 |
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Current Ratio (Current Asset/Current
Liability) |
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0.97 |
0.65 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from
20, Kumud Apartments, Near Aaradhana High School, Daxini Society, Maninagar,
Ahmedabad to the present address
AS PER
WEBSITE
Overview
Subject is a manufacture of innovative, Fuel efficient and easy
maintenance range of road construction equipments that will meet your
requirements anywhere in the world. Adopting revolutionary new technology, it
maintains low temperature of exhaust fumes, prevents blue smoke or odor
emission whereby air pollution control is minimized. In other words products
are environment friendly.
The Manufacturing unit is situated in Vatva (Ahmedabad) in
the state of
The Company had human resources of talented and dedicated
employees within, who are committed to achieving high standards of technical
excellence at par with global standards as well as to provide products of
quality and value for money.
They also take pride in their selves as they have been
recently bestowed with the award of ARCH OF EUROPE GOLD STAR FOR QUALITY AND
TECHNOLOGY FRANKURT 2001
VISOIN
Consciously and continually evaluating the needs of
customers, they at strive to go beyond the limits of customer's satisfaction to
ensure enduring customer delight to their esteemed patrons. Responding promptly
to customer's call they provide flexible service from envelope around the core
products and effectively boost the entire operation gambit surpassing
customer's expectations. They value customer suggestions and make effort to
translate it in the betterment of their products.
THE
TEAM
The professionals are driven by a sense of commitment to
customer need and quality of service. Their solution seeking approach and world
class service has always been a motivating force. Their key professionals are:
MR.SUNIL. Y. BIVALKAR
Managing Director is a highly qualified Engineer with 25 years experience in the marketing and manufacturing of Road construction equipments of leading domestic and multinational companies. He is a dedicated and result oriented professional with great insight in planning, designing and guiding the buyers to sustain long term profitability of the Road construction Equipment.
MRS. SHARVARI S. BIVALKAR
Director of the company is qualified administrative and innovative executive looking after company’s Administration.
MR. HARDIK DESAI, Chief Accountant
MR.HARSHAD DAVE, R & D manager
Having an
experience of more than 20 years in the field of designing and Research &
Development
MR. R. MAHESH,
Regional Manager is a qualified B.E. Mech. Engineer in
charge of Southern region With 10 years of experience in Marketing. Looks
after Business promotion & after Sales Service network for entire
region with support of 3 service engineers.
MR. ROMMEL RICHARD,
Area
Manager with 10 years experience in Marketing looks after sales & service
Network with support of 2 service engineers for Jharkhand / Orissa state.
MR. PUNEET MIGLANI,
Looks after Business promotion and after sales service
network for
NETWORK
The companies products are sold and serviced by well spread
network of their service setups located all over
They are spreding
network in each is every state of
Their Endeavor is to ensure prompt after sales service to all their customers
located any where in the country.
EXPANSION
PLAN
Flushed with
enquiries of related equipments the company is having ambitious plans to
manufacture / market (imported) following products for which research and field
trials are on
Mobile RMC Plant
Stationary Concrete Batching plants up to 240 CU. M
Concrete Transit Mixer.
They are also in the process of upgrading their quality in line with ISO 9001 -
2000.
Automatic
Block Making Machine (Under technical collobration)
Marketing
Network for following imported products
Mobile Crushing
Plant (imported)
Mobile Vertical Shift Impactors (imported)
Mobile Screenig Plants (imported)
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
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
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Currency |
Unit
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Indian
Rupees |
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US Dollar |
1 |
Rs.40.40 |
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1 |
Rs.82.32 |
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Euro |
1 |
Rs.55.77 |
SCORE & RATING EXPLANATIONS
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SCORE
FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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26 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
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NR |
In view of the lack of information, we have no basis upon
which to recommend credit dealings |
No
Rating |
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