MIRA
INFORM REPORT
|
Report Date : |
19.12.2007 |
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) : |
31.03.2007 |
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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
|
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 80000 |
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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. 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/Factory : |
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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Address: |
C -9 / 9567,
Vasant Kunj, New Delhi – 110 070, India |
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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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Address: |
K – 1511, Palam Vihar,
Gurgaon – 122 017, Haryana, India |
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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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Address: |
D -239, Ashok
Vihar, Phase – I, Delhi – 110 052, India |
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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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Address: |
Jd – 51b, Sfs
Flats, Pitampura, Delhi – 110 034, India |
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Date of
Birth/Age : |
12.07.1963 |
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Date of
Appointment : |
06.03.1997 |
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Name : |
Mr. Subhash Chander Jolly |
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Designation : |
Director |
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Address : |
Flat No. 14-B, Block – B, Dda Flats , Janakpuri , New Delih – 110 058,
India |
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Date of Birth/Age : |
12.08.1942 |
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Date of Appointment : |
01.12.2006 |
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Name : |
Mr. Rajesh Agrawal |
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Designation : |
Director |
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Address : |
D -239, Ashok
Vihar, Phase – I, Delhi – 110 052, India |
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Date of Birth/Age : |
12.07.1963 |
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Date of Appointment : |
06.03.1997 |
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Name : |
Mr. Vijai Prakash Arora |
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Designation : |
Director |
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Address : |
A – 1 / 68, Safdarjung Enclave, New Delhi – 110 029, India |
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Date of Birth/Age : |
09.05.1940 |
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Date of Appointment : |
01.04.2005 |
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 : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Crystal Beverages Limited |
|
500 |
|
Pavitra Commercials Limited |
|
50500 |
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Jads Services Private Limited |
|
150000 |
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Mahendra Shipping Limited |
|
100000 |
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Monnet Properties Private Limited |
|
20000 |
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Mridul Estate Private Limited |
|
20000 |
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Annapurna Sales Private Limited |
|
15000 |
|
Chaturanan Industries Limited |
|
109000 |
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Bhasyashali Holdings Limited |
|
35000 |
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Total
|
500000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
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, India |
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Facilities : |
Availing following
facilities with this bank (i) Security for all Advances
and Loans. (ii) Term Loan Agreement (iii) Agreement of Hypothecation of Machinery and Goods Rs. 90.000 Millions dated September 25, 2006 |
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Banking Relations : |
---- |
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Auditors : |
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Name: |
O P Bagla and
Company Chartered Accountants |
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Address: |
8/12, Kalkaji
Extension, New Delhi – 110 019, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity shares |
Rs. 10/- each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs. 10/-
each |
Rs. 5.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.832 |
0.134 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(1.411) |
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NETWORTH |
19.832 |
5.134 |
3.589 |
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LOAN FUNDS |
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1] Secured Loans |
91.551 |
0.967 |
1.449 |
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2] Unsecured Loans |
13.200 |
34.300 |
0.000 |
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TOTAL BORROWING |
104.751 |
35.267 |
1.449 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
124.583 |
40.401 |
5.038 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
115.739 |
1.793 |
1.838 |
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Capital work-in-progress |
0.000 |
37.800 |
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 |
0.396
|
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Sundry Debtors |
6.511
|
1.410 |
0.191
|
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Cash & Bank Balances |
6.241
|
2.569 |
4.610
|
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.665
|
2.923 |
1.576
|
|
Total
Current Assets |
20.813
|
7.298 |
6.773 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Current Liabilities |
9.844
|
5.864 |
3.357
|
|
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Provisions |
2.160
|
0.685 |
0.270
|
|
Total
Current Liabilities |
12.004
|
6.549 |
3.627 |
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Net Current Assets |
8.809
|
0.749 |
3.146
|
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MISCELLANEOUS EXPENSES |
0.035 |
0.059 |
0.054 |
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TOTAL |
124.583 |
40.401 |
5.038 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
45.196 |
12.632 |
13.224 |
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Other Income |
0.287 |
0.000 |
0.000 |
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Total Income |
45.483 |
12.632 |
13.224 |
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Profit/(Loss) Before Tax |
17.000 |
2.225 |
3.542 |
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Provision for Taxation |
2.302 |
0.680 |
0.270 |
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Profit/(Loss) After Tax |
14.698 |
1.545 |
3.272 |
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Export Value |
40.249 |
0.000 |
6.023 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
2.073 |
3.460 |
0.000 |
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Inventory Variance |
0.000 |
0.000 |
0.040 |
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Personnel Expenses |
0.000 |
0.000 |
3.378 |
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Finance Expenses |
0.000 |
0.000 |
0.265 |
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Other Expenses |
0.000 |
0.000 |
5.766 |
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Loss on Sale of fixed assets |
0.000 |
0.000 |
0.034 |
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Managerial Remuneration |
0.938 |
0.433 |
0.000 |
|
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Payment to Auditors |
0.101 |
0.100 |
0.000 |
|
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Interest |
7.022 |
0.237 |
0.000 |
|
|
Insurance Expenses |
0.137 |
0.075 |
0.000 |
|
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Depreciation & Amortization |
12.619 |
0.209 |
0.197 |
|
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Other Expenditure |
5.590 |
5.619 |
0.000 |
|
Total Expenditure |
28.480 |
10.133 |
9.680 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
32.31
|
12.23 |
24.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
37.61
|
17.61 |
26.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.44
|
4.74 |
41.13 |
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|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.85
|
0.43 |
0.98 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.88
|
8.14 |
1.41 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.11 |
1.86 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U74899DL1995PLC066346 |
|
Name of the company |
MONNET PROJECTS INDIA LIMITED |
|
Address |
302, World Trade
Centre, Babar Road, Nuova, New Delhi – 110001, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
A charge on Immovable property, Movable
property (not being Pledge) |
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Particular of the charge holder
|
The Bank of Rajasthan Limited Address: 82, Janpath, New Delhi – 110 001,
India Email; rgsharma@emgpl.com
|
|
Nature or description of the instrument creating charge |
· Security for all advances and Loans · Term Loan Agreement · Agreement of hypothecation of machinery and goods. |
|
Date of the instrument creating charge |
25.09.2006 |
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Amount Secure by the charge |
Rs. 90.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: Rate of Interest @2% below the BPLR ,
presently 11% p.a with monthly rests, subject to change by the banks
directives from time to time Terms
of repayment: Repayable in 72 monthly installments of
Rs. 1.250 millions each commencing from September, 2007. Margin
: Term Loan – 20% Extent
and operation of charge Extent of operation -100% |
|
Short particulars of the Property charged |
Exclusive first charge by way of
hypothecation of entire plant and machinery / misc fixed assets created out
of the term loan. |
FIXED ASSETS:
Ř
Car
Ř
Computer
Ř
Furniture and
Fixture
Ř
Office
Equipments
OTHER INFORMATION:
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.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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
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 |
|