MIRA
INFORM REPORT
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Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
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Name : |
LIBRA TECHCON LIMITED |
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Registered Office : |
2-F, Court Chambers, 35, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.06.2005 |
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Com. Reg. No.: |
153832 |
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CIN No.: [Company
Identification No.] |
U74210MH2005PTC153832 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML06263F |
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PAN No.: [Permanent
Account No.] |
AABCL0877G |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Supplier of Equipments and Machinery. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2000 |
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Status : |
Small company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 years old company and a part of medium-sized of Wazir Group.
Company is yet to establish itself. No further details or payment could be
made available. The company can be considered for small business dealings with slight
caution, initially. |
LOCATIONS
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Registered/ Corporate Office : |
2-F, Court Chambers, 35, |
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Tel. No.: |
91-22-22002935/ 22004739 |
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Fax No.: |
91-22-22008853 |
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E-Mail : |
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Website : |
http://www.libbraconsultancyservices.com,
http://www.libratechcon.com |
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Representative Office : |
Rusell House, |
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Tel. No.: |
(00-44) 870 747
9165 |
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E-Mail : |
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Corporate Office : |
1305 Berkeley Court, Plano,Texas-75023, |
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Tel. No.: |
(001) 972
5170527 |
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E-Mail : |
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Research & Development Centre : |
A-167, TTC Industrial Area,Village Khairne, Navi Mumbai 400
709. |
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Tel. No.: |
91-22)
27782122, 27782123 |
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Fax No.: |
91-22) 27781629 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Surinder Wazir |
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Designation : |
Chairman |
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Address : |
87/V, Jaldarshan, 51, Jagmohandas Marg, Mumbai-400036 |
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Date of Appointment : |
08.06.2005 |
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Name : |
Mrs. Asha Wazir |
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Designation : |
Director |
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Address : |
87/V, Jaldarshan, 51, Jagmohandas Marg, Mumbai-400036 |
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Date of Appointment : |
08.06.2005 |
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Name : |
Mr. Siddharth Wazir |
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Designation : |
Director |
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Address : |
87/V, Jaldarshan, 51, Jagmohandas Marg, Mumbai-400036 |
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Date of Appointment : |
08.06.2005 |
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Name : |
Mr. Narendra Manek |
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Designation : |
President |
KEY EXECUTIVES
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Name : |
Mr. Manoj A. Shah |
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Designation : |
Executive Vice President |
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Name : |
Mr. Siddharth Wazir |
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Designation : |
Director Business Development |
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Name : |
Mr. Vijay Maliwal |
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Designation : |
Group Vice President Finance |
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Name : |
Mr. Cyril Alvares |
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Designation : |
General Manager Commercial |
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Advisors : |
Mr. Bomi Dosabhoy – Laminates Mr. B.H. Chandan - Speciality Chemcials Mr. R. Sambasivam - Water Resources |
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Research & Development : |
Mr. Anil Birla - Manager. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Surinder Wazir |
10 |
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Mrs. Asha Wazir |
25000 |
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Mr. Siddharth Wazir |
20000 |
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Ms. Nibha Wazir |
4960 |
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Mr. Narendra Manek |
10 |
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Mr. Manoj Shah |
10 |
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Mr. Cyril Alvares |
10 |
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Total |
50000 |
All the shares are held by Bodies Corporate.
BUSINESS DETAILS
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Line of Business : |
Supplier of Equipments and Machinery. |
GENERAL INFORMATION
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Bankers : |
Dena Bank, Sharda Chambers, 33, New Marine Lines, Mumbai-400020, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
L D Joshi & Associates Chartered Accountants |
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Address : |
2 G, Court Chambers, 35, New Marine Lines, Mumbai-400020, |
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Parent Company : |
Libra (Agencies) Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.500 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.086 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.016 |
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Total
Current Assets |
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0.102 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
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Provisions |
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0.017 |
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Total
Current Liabilities |
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0.017 |
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Net Current Assets |
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0.085 |
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MISCELLANEOUS EXPENSES |
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0.415 |
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TOTAL |
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0.500 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.03 |
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Current Ratio (Current Asset/Current Liability) |
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6.00 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U74210MH2005PTC153832 |
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Name of the company |
LIBRA TECHCON LIMITED |
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Address |
2-F, Court Chambers, 35, |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property (not being pledge) |
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Particular of the charge holder |
Dena Bank, Sharda Chambers, 33, New Marine Lines, Mumbai-400020, |
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Nature or description of the instrument creating charge |
Hypothecation agreement, Letters of credit facility agreement. |
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Date of the instrument creating charge |
22.01.2007 |
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Amount Secure by the charge |
Rs.50.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Margin : 25% Cash margin on letters of credit to be opened. Extent and operation of the charge : Hypothecation of all goods stored or the movables purchased/ imported
under the letter of credit facility. |
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Particulars of the Property charged |
Movable property |
Website Details :
LIBRA the holding company for the Wazir Group of Companies was founded
in 1961 by Mr. Shyam Lal Wazir.
The basic objectives of the Company was to act as a Promoter of various
Group Companies as well as represent overseas companies in India in the fields of
Imports & Exports, Financial, Investment and Management Services.
LIBRA, entered the manufacturing field in 1971 by putting up its first
Formaldehyde Plant. The plant capacity was subsequently increased and the unit
diversified into production of Hexamine and Paraformaldehyde.
For 3 decades LIBRA supplies Technical Know How, Chemical Plants on TURN
KEY basis in
In 2005, LIBRA set up a new R&D complex outside Mumbai. This was
done to develop new technologies as well as improve existing ones. LIBRA also
plans to offer training for chemical engineers at this facility, as well as use
it for client’s who commission LIBRA to undertake R&D and technical work on
their behalf.
Besides Chemicals, the Group’s interests are in exports & imports,
supply of Chemical Plants on turn key basis including technology transfer,
consultancy on water resources and developing television software etc.
Recently the company has diversified unto the world of IT. Data Entry,
Transcription, Imaging and coding are a few of the services offered by their
subsidiary LIBRASYS SOLUTIONS.
Subject was promoted as a wholly owned subsidiary by LIBRA (AGENCIES) PRIVATE
LIMITED to take over the Engineering and Consultancy Business of its Division,
LIBRA Consultancy Services in 2005.
Riding the success of its Hexamine and Paraformaldehyde Plants, SFCCL has
signed a Contract in 2006 with LIBRA TECHCON LIMITED for supply of Technical
Know-How, Design, Engineering, supply of Equipment and Machinery for 12000 MTPA
Acetaldehyde Plant which is under execution.
Subject in 2006 has also signed a Contract with EURO GULF CONSTRUCTION
CHEMICALS COMPANY LIMITED,
Company Profile
A Single Window Company opening up a Vast Horizon of Chemical Processes,
Process Innovations, Design, Product and Project Management to the Client.
To strive for Customer Satisfaction through Excellence in Process Innovations,
Design and Development aided by Cost Efficient Product and Project Management.
Services
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.40.41 |
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1 |
Rs.81.37 |
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Euro |
1 |
Rs.54.98 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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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 |
NO |
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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 |
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18 |
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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