MIRA
INFORM REPORT
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Report Date : |
25.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
LIBERTY
WHITEWARE PRIVATE LIMITED |
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Registered Office : |
40,
Sanjay Marg, Hathroi, Fort, Jaipur-302001, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.01.2003 |
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Com. Reg. No.: |
17-18046 |
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CIN No.: [Company
Identification No.] |
U2614RJ2003PLC018046 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELL02679F |
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PAN No.: [Permanent
Account No.] |
AAACL8935A |
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Legal Form : |
Public
Limited Liability Company |
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Line of Business : |
To
manufacture, process, use, buy or otherwise acquire, import, export, sell,
distribute, deal in and engage in the business of Manufacturing and Marketing
of all types and all kinds of Sanitary ware including Washbasins, Bathroom
and Toilet accessories and all other products of similar nature and
description. |
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 : |
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Status : |
New
Company |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and trying to establish itself. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Payments are reported as slow but correct. The
company can be considered for small business dealings at usual trade terms
and conditions, with slight cation initially. |
LOCATIONS
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Registered Office : |
40,
Sanjay Marg, Hathroi, Fort, Jaipur-302001, Rajasthan, India |
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Factory
1 : |
SP-30,
Riico Industrial Area, Neemrana, Alwar-301705, Rajasthan, India |
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E-Mail
: |
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Head
Office : |
Liberty House, Liberty Road, P.O. Box No. 103,
Karnal-132001, (Haryana) India. |
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Branches
: |
Liberty Shoes Limited Humantech Centre I:
Liberty Group Humantech Centre
II: Liberty Group |
DIRECTORS
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Name : |
Mr.
Adarsh Gupta |
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Designation : |
Director |
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Address : |
4/42,
Punjabi Bagh, New Delhi-110026, Delhi, India |
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Date of Birth/Age : |
25.12.1961 |
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Date of Appointment : |
20.01.2003 |
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Name : |
Mr.
Anupam Bansal |
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Designation : |
Director |
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Address : |
11/51,
Punjabi Bagh, New Delhi-110026, Delhi, India |
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Date of Birth/Age : |
26.12.1972 |
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Date of Appointment : |
20.01.2003 |
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Name : |
Mr.
Vivek Bansal |
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Designation : |
Additional
Director |
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Address : |
Saraswati
Bhawan, Vikram Marg, Karnal, Haryana, India |
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Date of Birth/Age : |
22.07.1965 |
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Date of Appointment : |
01.12.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Geofin
Investments Private Limited |
32000000 |
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Mr.
Adarsh Gupta |
24100000 |
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Inspiration
Idea Innovations and Productions Private Limited |
3800000 |
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Total |
59900000 |
BUSINESS DETAILS
|
Line of Business : |
To
manufacture, process, use, buy or otherwise acquire, import, export, sell,
distribute, deal in and engage in the business of Manufacturing and Marketing
of all types and all kinds of Sanitary ware including Washbasins, Bathroom
and Toilet accessories and all other products of similar nature and
description. |
GENERAL
INFORMATION
|
Suppliers : |
Ø
R.
K. Builders Ø
Startrek
Structures Ø
Sacmi
Cooperative Maccanici, Imola Ø
Kirby
Building System India Limited Ø
Futech
Consultants Private Limited Ø
Globe
Gas Equipments Industry Private Limited Ø
Grindwell
Norton Limited Ø
Kiln
and Machineries Ø
Neptune
Equipments Ø
Shiv
Steel Industries Ø
Surya
Engineering Company |
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Bankers : |
Ø
HDFC
Bank Limited Ø
Corporation
Bank, G.T. Karnal Road, Opposite Old Tehsil, Kernal-122009, Haryana, India |
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Facilities : |
Secured
Loans : Term
Loan : Rs.63.663 millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Pradeep
Tayal & Company Chartered
Accountants G.T.
Road, Panipat-132103, Haryana, India |
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Holding Company : |
Inspiration
Idea Innovations and Productions Private Limited |
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Associates/Subsidiaries : |
Ø
Geofin
Investments Private Limited Ø
Liberty
Footwear Company |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6500000 |
Equity
Shares |
Rs.10/- each |
Rs.65.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
649050 |
Equity
Shares |
Rs.10/- each |
Rs.64.905 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 (12 months) |
31.03.2004 (15 months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
64.905 |
60.505 |
3.105 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
64.905 |
60.505 |
3.105 |
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LOAN FUNDS |
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1] Secured Loans |
176.683 |
62.633 |
0.000 |
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2] Unsecured Loans |
237.653 |
0.000 |
0.000 |
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TOTAL BORROWING |
414.336 |
62.663 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
479.241 |
123.168 |
3.105 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.108 |
23.589 |
0.550 |
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Capital work-in-progress |
406.212 |
113.843 |
0.895 |
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INVESTMENT |
0.030 |
0.030 |
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 |
16.685
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0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
15.166
|
0.312 |
0.596 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
51.824
|
17.033 |
1.171 |
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Total Current Assets |
83.675
|
17.345 |
1.767 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
36.820
|
31.676 |
0.143 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total Current Liabilities |
36.820
|
31.676 |
0.143 |
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Net Current Assets |
46.855
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(14.331) |
1.624 |
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MISCELLANEOUS EXPENSES |
0.036 |
0.037 |
0.036 |
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TOTAL |
479.241 |
123.168 |
3.105 |
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KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
NA |
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Net
Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
NA |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
NA
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NA |
NA |
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Return
on Investment (ROI) (PBT/Networth) |
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NA
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NA |
NA |
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Debt
Equity Ratio (Total
Liability/Networth) |
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6.95
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1.56 |
0.05 |
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Current
Ratio (Current
Asset/Current Liability) |
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2.27
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0.55 |
12.36 |
LOCAL AGENCY
FURTHER INFORMATION
Company’s
important fixed assets include Land, Office Equipments, Furniture and Fixtures,
Vehicles, Capital Work in Progress and Building under construction and
advances.
Review of Operations of the company
During
the year under review the company has not commenced its commercial operations
and all the expenses incurred by the company during the financial tear 2004-05 are
capitalized, hence the statement of Profit and Loss Account for the period
ended 31.03.2005 has been prepared.
The
company as reported earlier has been incorporated with the main object of
manufacturing of sanitary ware products. During the year under review, the
company has taken the following effective steps to accomplish its main object :
The
location of the project has been identified at Neemrana Industrial Area,
Neemrana, Alwar (Rajasthan) and the requisite lease deed has been executed with
RICO for the acquisition of land.
The
project report envisaging the total cost of project and means of finance has
been finalized and submitted with Corporation Bank for financial closure.
Corporation Bank has sanctioned the term loan and the requisite working capital
to the company.
The
contract for construction of building has been placed and till 31.03.2005 the
amount spend towards the construction of the building has been considered as
building under construction.
The
letter of consent for the import of requisite plant and machinery, moulds and
the technical know how has been established in favour of Sacmi Cooperative
Meccanici Imola Societa Cooperativa, Imola, Italy through Corporation Bank.
The
other effective steps including obtaining of statutory approvals, engagement of
the staff etc. have also been initiated.
During
the year under review, the Authorised Capital has been increased from Rs.5.000
millions to Rs.65.000 millions divided into 6500000 Equity Shares of Rs.10/-
each. As on 31.03.2005 the total paid up share capital of the company stood at
Rs.5.000 millions consisting of 500000 Equity Shares of Rs.10/- each.
The
company has earlier acquired 2100 Equity Shares of Sukhprada Leasing and
Financial Private Limited and further 8356 Equity Shares of the same company
were acquired with an intention to set up the sanitary ware project at Jaipur
where this company has acquired another land at Neemrana for the implementation
of the project.
Form
8 Particular for creation or modification of charges
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Name of the company |
Liberty White ware Private Limited (hereinafter referred to as the company) |
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Presented By |
Adarsh Gupta, Director |
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1) Date and description of instrument creating the change |
Common deed of hypothecation of movables/ assets/ debts dated 21.09.2004 (Copy enclosed) Registered on 19.10.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.206.000 millions |
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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 Movables, both present and future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest 8%p.a. (Fixed) with a reset option after two years Exclusive charge on the fixed assets |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, Karnal Branch, Karnal (Haryana) |
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6) Date and brief description of instrument modifying the charge |
Memorandum of Deposit of Title Deeds dated 23.05.2005 |
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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. |
Deposit of Title deed of Plot No.29 and 30 situated at Industrial Area, Neemrana District, Alwar (Rajasthan) measuring 72.520 Square meters and proposed structure over the site to secure the sanction of Term Loan of Rs.206.000 millions |
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Corporation identity number or foreign company registrations number of the company |
U26914RJ2003PLC018046 |
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Name of the company |
Liberty White ware Private Limited |
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Address |
SP-30,
Riico Industrial Area, Neemrana, Alwar-301705, Rajasthan, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Corporation Bank, G.T. Karnal Road, Opposite Old
Tehsil, Kernal-122009, Haryana, India E-Mail : p11_pincha@rediffmail.com |
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Nature or description of the instrument creating charge |
Common deed of hypothecation for cash credit (Hypothecation) of Rs.44.000 millions and Import LC (DA/OP) of Rs.30.000 millions |
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Date of the instrument creating charge |
06.05.2006 |
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Amount Secure by the charge |
Rs.74.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest for Cash Credit 10.75% |
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Particulars of the Property charged |
Cash credit and Import charge on all present and future movable properties, Plant and Machinery, Stock and Book Debts and other movable owned by the company |
Website Details :
Just 90 minutes away
from New Delhi on the National Highway 8 that joins the country's political
capital with its business capital frenetic activity is on. It is where Liberty
White ware factory is fast taking shape. Liberty White ware is all set to
introduce in the domestic market some very up-market sanitary ware that will be
manufactured there. It will come with some obvious advantages. Like
international products at domestic prices for one and the opportunity for the
discerning customer to choose at leisure what would be seen first time in
India.
A part of Liberty's
diversification the investments in the project are to the tune of 10 Million
Euros and with production plans running ahead of schedule the cash registers
should soon start ringing well before time at Liberty White ware.
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.44.24 |
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UK
Pound |
1 |
Rs.86.95 |
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Euro |
1 |
Rs.57.33 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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 |
|