MIRA
INFORM REPORT
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Report Date : |
18.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TRUELINE APPLIANCES PRIVATE LIMITED |
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Registered Office : |
40 DLF, Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.03.2004 |
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Com. Reg. No.: |
55 – 125067 |
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CIN No.: [Company
Identification No.] |
U31909DL2004PTC125067 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT06852G |
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PAN No.: [Permanent
Account No.] |
AAACCT1720D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Electrical Items. |
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 2640 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track
records. Directors as reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
however reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
40 DLF, Industrial Area, |
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Tel. No.: |
91-11-25469540 / 25152614 |
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Mobile No.: |
91-9811118060 |
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Fax No.: |
91-11-25152718 |
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E – Mail: |
DIRECTORS
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Name : |
Mr. Sumit Sehgal |
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Designation : |
Director |
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Address : |
N – 16 A, Kirti Nagar, |
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Date of Birth/Age : |
24.11.1977 |
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Date of Appointment : |
09.03.2004 |
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Name : |
Mr. Puneet Sehgal |
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Designation : |
Director |
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Address : |
N – 16 A, Kirti Nagar, |
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Date of Birth/Age : |
24.12.1973 |
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Date of Appointment : |
31.12.2004 |
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Name : |
Mr. Amit Talwar |
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Designation : |
Director |
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Address : |
N – 16 A, Kirti Nagar, |
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Date of Birth/Age : |
15.11.1976 |
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Date of Appointment : |
09.03.2004 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sumit Sehgal |
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5000 |
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Mr. Amit Talwar |
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5000 |
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Category |
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Percentage of
Holding |
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Director or Relatives of Director |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Electrical Items. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Kumar Virender and Associates Chartered Accountants |
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Address : |
23 / 30 C, patram Nagar, Narwana – 126116, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10.00 each |
Rs.0.100 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10.00 each |
Rs.0.100 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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0.100 |
0.100 |
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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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0.000 |
0.001 |
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4] (Accumulated Losses) |
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(0.034) |
0.000 |
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NETWORTH |
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0.066 |
0.101 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.066 |
0.101 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.033 |
0.049 |
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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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0.017 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.008 |
0.000 |
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Cash & Bank Balances |
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0.011 |
0.008 |
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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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0.003 |
0.034 |
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Total
Current Assets |
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0.022 |
0.042 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.015 |
0.002 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.015 |
0.002 |
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Net Current Assets |
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0.007 |
0.040 |
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MISCELLANEOUS EXPENSES |
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0.009 |
0.012 |
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TOTAL |
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0.066 |
0.101 |
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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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0.056 |
0.022 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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0.056 |
0.022 |
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Profit/(Loss) Before Tax |
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(0.051) |
0.001 |
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Provision for Taxation |
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(0.017) |
0.000 |
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Profit/(Loss) After Tax |
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(0.034) |
0.001 |
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Total Expenditure |
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0.107 |
0.021 |
KEY RATIOS
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PARTICULARS |
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31.03.2006
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31.03.2005 |
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PAT / Total Income |
(%) |
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(60.71) |
4.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(91.07) |
4.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(92.71) |
1.09 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.77) |
0.000 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.22 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.46 |
0.21 |
LOCAL AGENCY FURTHER INFORMATION
Company Profile:
Water heaters are a necessity in homes and businesses. Consumers, now
first clear up the haze before buying these important items. Subject is a noteworthy manufacturer and exporter of unmatched electrical items such as gas water heater, irons, pumps, fans, etc.
The company is also engaged in importing
kitchenware, home appliances and
electronics goods. Their appliances have earned them a belief in
excellent quality that is duly subjected to the international standards,
providing an ultimate performance for the end users.
They represent the successful combination of elegant designs and easy handling
in their appliances. Their highly qualified workforce and better
infrastructural abilities strengthen them in fulfilling all their business
objectives. They are applauded for their superb products in the global market.
Their import markets are centered in
subject manufactures exports and imports
electrical, electronics, home appliances and kitchenware items while
maintaining the highest quality standards. Their catalog of superior products
includes:
- Gas Water Heaters
- Irons
- Pumps
- Fans
- Kitchenware
- Home Appliances
- Electronic Items
Superior
Quality....
Superior quality is a hallmark at Trueline Appliances (P) Ltd. They are
administered by highly experienced professionals throughout their manufacturing
process that facilitates flawless production from every stage. Their
uncompromising attention towards the product specifications assures their
clients of the best possible quality of products. Every product is manufactured
by employing world class machinery under the strict supervision of quality
inspectors. Moreover, their customer oriented approaches and timely delivery of
the products provide them an additional edge over the other competitors in
similar discipline.
Why Them?
- An array of
highly efficient, economical and durable solutions
- State-of-the-art
machinery and highly qualified workforce to deliver world class products
- Impeccable
quality to cater quality savvy client
- Wide
distribution network to ensure timely delivery
- Innovative
and distinctive designs
Infrastructure
They are powered by sophisticated machinery and highly experienced
technocrats that forms a perfect equation to deliver incomparable products.
Regular technological renovations are conducted in order to provide more
efficient products at most competitive price.
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.40.36 |
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1 |
Rs.82.23 |
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Euro |
1 |
Rs.55.65 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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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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
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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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