MIRA INFORM REPORT

 

 

Report Date :

02.11.2007

 

IDENTIFICATION DETAILS

 

Name :

INCONE AGENCIES PRIVATE LIMITED

 

 

Registered Office :

S – 79, Greater Kailash – II, New Delhi – 110 048

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

15.06.1975

 

 

Com. Reg. No.:

55-7788

 

 

CIN No.:

[Company Identification No.]

U74899DL1975PTC007788

 

 

IEC No.:

0591018250

 

 

PAN No.:

[Permanent Account No.]

AAACI0127P

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of Writing Surfaces, Bailing Pressess, Textile Machinery Cutter, etc.

 

It also acts as consultancy of foreign Manufacturers.  

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. Payments are correct and as per commitments. The company can be considered good for normal business deaings at usual trade terms and conditions.  

 

 

LOCATIONS

 

Registered Office :

S – 79, Greater Kailash – II, New Delhi – 110 048, India

Tel. No.:

91-11-29214779

Fax No.:

91-11-29210430

E-Mail :

incone@vsnl.com , incone@eth.net

Area :

2000 sq. ft.

Location :

Rented

 

 

Warehouse :

Khasra No. 349, Old Marble Market, Village – Sultanpur, New Delhi – 110 030, India

Tel. No.:

91-11-26804654

Area :

17000 sq. ft.

Location :

Rented

Location :

 

 

 

DIRECTORS

 

Name :

Mr. S. K. Sodhani

Designation :

Director

Address :

S – 79, Greater Kailash – II, New Delhi – 110 048, India

Date of Birth/Age :

64 years

Qualification :

B. A.

Experience :

42 years

 

 

Name :

Mrs. Pushpa Sodhani 

Designation :

Director

Address :

S – 79, Greater Kailash – II, New Delhi – 110 048, India

Date of Birth/Age :

62 years

Qualification :

B. A.

Experience :

20 years

 

 

Name :

Mrs. Yamini Goenka

Designation :

Director

Address :

S – 79, Greater Kailash – II, New Delhi – 110 048, India

Date of Birth/Age :

38 years

Qualification :

B. Com.

Experience :

10 years

 

 

Name :

Mrs. Bhawna Nagar

Designation :

Director

Address :

S – 79, Greater Kailash – II, New Delhi – 110 048, India

Date of Birth/Age :

31 years

Qualification :

B. Com.

Experience :

7 years

 

 

KEY EXECUTIVES

 

Name :

H P Joshi and Company

Designation :

Company Secretary

Address :

S – 280 / B, School Block, Shakarpur, Delhi – 110092

Tel No.:

91-11-22481319

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Mrs. Pushpa Sodhani

 

13010

Mr. S. K. Sodhani

 

560

Mrs. Bhawna Nagar

 

150

Mrs. Yamini Goenka

 

420

 

 

 

 

 

 

Equity Share Breakup

Percentage

 

Directors or Relatives of Directors

78.00

 

Other top Fifty Shareholders

22.00

 

Total

100 %

 

 

 

BUSINESS DETAILS

 

Line of Business :

 

Manufacturer and Trader of Writing Surfaces, Bailing Pressess, Textile Machinery Cutter, etc.

 

It also acts as consultancy of foreign Manufacturers.  

 

 

Products :
  • Writing Surfaces
  • Bailing Pressess
  • Textile Machinery Cutter
  • Trading

 

 

Agencies Held :

v      Polyvision NV

      Zuiderring 56, Box 43, B – 3600, GENK, Belgium

 

v      Valvan Bailing Systems

Krommebeekstraat – 14, B – 8930, Menen, Belgium

 

v      DM and E Corporation

P O Box 580, Shelby, North Carolina, USA

 

 

Imports from :

Belgium and USA

 

 

Terms :

 

Selling :

Cash and Credit basis

 

 

Purchasing :

Credit upto 60-90 days basis

 

 

 

 

 

GENERAL INFORMATION

 

Suppliers :

ุ       Polyvision NV

ุ       Landmark Sign Boards Private Limited

ุ       Whitestar Display Systems

ุ       DM and E Corporation

 

 

Customers :

ุ       Wholesalers

ุ       Nav Shilp

ุ       Surbhi Display Systems

ุ       Spectra sign Systems

ุ       Soni Boards

 

 

No. of Employees :

28

 

 

Bankers :

Vijaya Bank

Greater Kailash – II, New Delhi, India

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

S. Sukhija and Associates

Chartered Accountants

Address :

E – 185, Basement, Lajpat Nagar – I, New Delhi – 110 024, India

Tel. No.:

91-11-29818072 / 32533505

Email :’

S_kapoor@vsnl.com

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30000

Equity Share

Rs.100/- Each

Rs.3.000 Millions 

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20800

Equity Share

Rs.100/- Each

Rs.2.080 Millions

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.080

2.080

2.080

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

6.129

4.749

3.486

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

8.209

6.829

5.566

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.063

0.180

2] Unsecured Loans

4.488

3.270

2.141

TOTAL BORROWING

4.488

3.333

2.321

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

12.697

10.162

7.887

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.794

2.239

1.684

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
11.212

7.100

1.564

 

Sundry Debtors
2.235

1.896

2.481

 

Cash & Bank Balances
2.251

2.635

2.416

 

Other Current Assets
0.000

0.000

0.538

 

Loans & Advances
0.917

0.795

0.103

Total Current Assets
16.615

12.426

7.102

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
4.521

3.468

0.200

 

Provisions
1.191

1.035

0.723

Total Current Liabilities
5.712

4.503

0.923

Net Current Assets
10.903

7.923

6.179

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.024

 

 

 

 

TOTAL

12.697

10.162

7.887

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover

40.512

27.467

N.A.

Other Income

0.000

0.000

N.A.

Total Income

40.512

27.467

N.A.

 

 

 

 

Profit/(Loss) Before Tax

2.366

1.989

N.A.

Provision for Taxation

1.034

0.740

 

Profit/(Loss) After Tax

1.332

1.249

N.A.

 

 

 

 

Import Value

25.413

22.632

N.A.

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
3.28

4.54

N.A.

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
5.84

7.24

N.A.

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
12.85

13.80

N.A.

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.28

0.29

N.A.

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.24

1.14

0.58

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.90

2.75

7.69

 

LOCAL AGENCY FURTHER INFORMATION

 

The company’s Fixed Assets of important value includes:

 

ุ       Furniture and Fixtures

ุ       Office Equipments

ุ       Typewriters

ุ       Motor Cars

ุ       Air Conditioners

ุ       Refrigerator

ุ       Computers

ุ       EPABX Telephone Systems

ุ       Plant and Machinery

ุ       Land

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.39.37

UK Pound

1

Rs.81.82

Euro

1

Rs.56.83

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

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.

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions