MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
LEPSY FINANCE AND INVESTMENT PRIVATE LIMITED |
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Registered Office : |
Vithal Sadan, 342, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.06.1993 |
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Com. Reg. No.: |
11-72498 |
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CIN No.: [Company
Identification No.] |
U65920MH1993PTC072498 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML02053C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject is engaged in the business of providing financial services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Vithal Sadan, 342, |
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Tel. No.: |
91-22-22051510 |
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Fax No.: |
91-22-22051510 |
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E-Mail : |
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Corporate Office : |
Carron – NX, |
DIRECTORS
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Name : |
Mr. Devji Keshavji Chheda |
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Designation : |
Chairman cum Managing Director |
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Address : |
6, Sadguru Sadan, 15, |
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Date of Birth/Age : |
23.07.1951 |
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Date of Appointment : |
01.07.1993 |
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Name : |
Mr. Babulal Keshavji Chheda |
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Designation : |
Director |
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Address : |
6, Sadguru Sadan, 15, |
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Date of Birth/Age : |
04.10.1959 |
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Date of Appointment : |
01.07.1993 |
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Name : |
Mr. Maganlal Keshavji Chheda |
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Designation : |
Director |
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Address : |
6, Sadguru Sadan, 15, |
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Date of Birth/Age : |
23.10.1961 |
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Date of Appointment : |
14.07.1993 |
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Name : |
Mr. Mansukh Keshavji Chheda |
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Designation : |
Director |
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Address : |
502, Kalpachandra, Near Shopper Stop, S. V. Road, Andheri [West],
Mumbai – 400058,Maharashtra, India |
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Date of Birth/Age : |
13.06.1963 |
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Date of Appointment : |
14.07.1993 |
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Name : |
Mr. Pravin Motilal Chhadva |
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Designation : |
Director |
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Address : |
Flat No. 14-A, 2nd Floor, Satyam Dadia Chsl, |
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Date of Birth/Age : |
14.10.1966 |
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Date of Appointment : |
22.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Devji K. Chheda |
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10501 |
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Mr. Babulal K. Chheda |
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7001 |
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Mr. Maganlal K. Chheda |
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8500 |
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Mr. Mansukh K. Chheda |
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7000 |
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Total |
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33002 |
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Equity Shares
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of providing financial services. |
GENERAL INFORMATION
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Bankers : |
Union Bank of Kalbadevi Branch,
319, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P R Kapadia and Associates Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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33002 |
Equity Shares |
Rs. 100/- each |
Rs. 3.300
Millions |
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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3.300 |
3.300 |
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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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1.864 |
1.639 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.164 |
4.939 |
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LOAN FUNDS |
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1] Secured Loans |
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0.883 |
1.026 |
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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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0.883 |
1.026 |
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DEFERRED TAX LIABILITIES |
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0.034 |
0.057 |
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TOTAL |
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6.081 |
6.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.815 |
0.873 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.149 |
5.245 |
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Sundry Debtors |
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0.027 |
0.001 |
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Cash & Bank Balances |
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0.205 |
0.223 |
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Other Current Assets |
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0.805 |
0.697 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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7.186 |
6.166 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.632 |
0.812 |
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Provisions |
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0.288 |
0.205 |
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Total
Current Liabilities |
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1.920 |
1.017 |
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Net Current Assets |
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5.266 |
5.149 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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6.081 |
6.022 |
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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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24.668 |
22.876 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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24.668 |
22.876 |
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Profit/(Loss) After Tax |
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0.386 |
0.233 |
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Total Expenditure |
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24.281 |
22.642 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.56 |
1.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.56 |
1.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.82 |
3.31 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.54 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
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3.74 |
6.06 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
LEPSY FINANCE
AND INVESTMENT PRIVATE LIMITED |
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Presented By |
UNION BANK OF |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement of Goods and Debts Dated 14.10.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000
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 by
way of first charge in favour of the Bank : Stock of Garments
and Fabrics of all types which expression shall include all raw materials,
semi finished and finished goods and movables property of any kind now or at
any time hereafter belonging to or at disposal of the Borrower and which are
now stored or being stored or being stored or which hereafter may from time
to time be brought into or stored or be in or about the Borrower’s premises
or Godown at Kalbadevi and at other places hired by the Borrower for the
purposes of storage in the Union of
India and all other places of storage whatsoever at or at any other place in
the Union of India or wherever else they may be including any of the said
goods with any of the Borrower’s agents or at any of the Borrower’s agencies
or in course of transit by the ship, rail or otherwise and The Borrower’s book
debts, outstanding, monies, deposit, receivables, claims and bills,
contracts, securities, investments which are now due and owing or which may
at any time hereafter during the continuance of this security becoming due
and owing to the borrower in the course of its business by any person or
party including any Government or any local or public body or authority all
of which are hereinafter collectively referred to as “the said debts” |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 12.75 % per annum with monthly rests or at such other revised rate as
may be prescribed by the Bank from time to time depending upon the changes in
the Prime Lending Rate of the Bank or the directives of Reserve Bank of India
from time to time or the policy of the bank on advances for Cash Credit limit
against Stocks and Book debts facility of Rs. 1.000 Millions garneted by the
Bank to the Company Margin : 25
% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of Kalbadevi Branch,
319, Mumbai – 400002 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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.40.95 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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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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