MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
LINK QUEST TELECOM PRIVATE LIMITED |
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Registered Office : |
4/80, Janpath, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.07.1996 |
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Com. Reg. No.: |
55-80683 |
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CIN No.: [Company
Identification No.] |
U64201DL1996PTC080683 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELL01174F |
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PAN No.: [Permanent
Account No.] |
AAACL1613M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Wireless Radio Modems, Wire line Radio
Modems and Encryption Products. |
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 86000 |
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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 : |
4/80, Janpath, |
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Tel. No.: |
91-11-23322685 / 23320601 |
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Fax No.: |
91-11-23322520 |
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E-Mail : |
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Website : |
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Area : |
2,000 sq.ft. - Residential Area |
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Head Office : |
747, 1st Floor, Udyog Vihar, Phase – 5, Gurgaon, |
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Tel. No.: |
91-124-4051155 / 56 / 57 / 58 |
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Factory 1 : |
A-27/4, Qutub Enclave, DLF Phase – I, Gurgaon – 122 002, |
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Tel. No.: |
91-124-2364614/15/16/5051159 / 4051155 – 58 |
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Fax No.: |
91-124-2364615 / 4051159 |
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Area : |
420 sq.mtr. Commercial Area |
DIRECTORS
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Name : |
Mr. Mashkoor Ahmed Khan ( |
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Designation : |
Managing Director |
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Address : |
25318, |
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Date of Birth/Age : |
01.06.1945 |
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Date of Appointment : |
20.03.1997 |
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Name : |
Mr. Partha Ranjan Das |
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Designation : |
Director |
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Address : |
AE-377, |
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Date of Birth/Age : |
06.06.1956 |
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Date of Appointment : |
17.07.2007 |
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Name : |
Mr. Debabrata Kumar Mitra |
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Designation : |
Additional Director |
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Address : |
19, Lansdowne Terrace, Flat 3A, Kolkata – 700026, West |
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Date of Birth/Age : |
14.11.1957 |
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Date of Appointment : |
17.07.2007 |
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Name : |
Mr. Ranjit Malik |
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Designation : |
Additional Director |
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Address : |
MA 1/7, Flat No. 1 C Garden Eastate, Gurgaon – 122002, |
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Date of Birth/Age : |
25.09.1957 |
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Date of Appointment : |
17.07.2007 |
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Name : |
Mr. Rathin Roy |
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Designation : |
Additional Director |
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Address : |
GD / 163, Sec – III, |
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Date of Birth/Age : |
26.06.1960 |
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Date of Appointment : |
17.07.2007 |
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Name : |
Mr. Satyabrata Saikia |
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Designation : |
Additional Director |
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Address : |
Bongolapukhuri, Jorhat – 785001, |
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Date of Birth/Age : |
10.02.1937 |
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Date of Appointment : |
17.07.2007 |
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Name : |
Mr. Shomenath Roychowdhury |
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Designation : |
Director |
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Address : |
15 B Mandeville Gardens, Kolkata – 700019, west |
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Date of Birth/Age : |
07.02.1959 |
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Date of Appointment : |
17.07.2007 |
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Name : |
Mr. Javed Ahmed Khan |
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Designation : |
Director |
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Address : |
E – 15, 1st Floor, Suncity, Gurgaon – 122002, |
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Date of Birth/Age : |
14.01.1953 |
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Date of Appointment : |
27.07.1996 |
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Name : |
Mr. Abid Saeed Khan |
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Designation : |
Director |
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Address : |
E – 15, 1st Floor, Suncity, Gurgaon – 122002, |
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Date of Appointment : |
26.07.1996 |
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Name : |
Mr. Saleem Iqbal Shervani |
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Designation : |
Director |
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Address : |
47 Lodhi Estate, |
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Date of Birth/Age : |
20.03.1953 |
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Date of Appointment : |
26.04.2003 |
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Name : |
Mr. Aseem Batla |
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Designation : |
Director |
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Address : |
U 24 A / 23, DLF Phase – III, Gurgaon, |
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Date of Birth/Age : |
15.09.1970 |
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Date of Appointment : |
24.04.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Equity
Shares |
No. of
preference Shares |
|
Mr.
Mashkoor Ahmed |
6,666 |
38962 |
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Mr. Javed Ahmed Khan |
5,000 |
-- |
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Mr. Mohammad Abid Saeed Khan |
5,000 |
-- |
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Mr. Aseem Batla |
1028 |
-- |
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Lilu Tahiliani |
1029 |
-- |
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Mr. Saleem Iqbal Shervani |
1,850 |
-- |
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Total |
20,573 |
38962 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Wireless Radio Modems, Wire line Radio
Modems and Encryption Products. |
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Imports : |
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Products : |
Communication Equipments |
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Countries : |
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Terms : |
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Selling : |
Cash, Contract or Credit (30 to 60 days) terms |
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Purchasing : |
Cash, L/C or Credit (30 to 45 days) terms |
GENERAL INFORMATION
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Customers : |
·
ITI Limited, ·
Arya communication Limited, ·
Icon Data Management Limited, ·
·
Gateway Systems Limited, |
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No. of Employees : |
30 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. N. Marwah & Company Chartered Accountants |
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Address : |
4/80, Janpath, neew |
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Tel. No.: |
91-11-23320601/23322685 |
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Fax No.: |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,900,000 |
Equity Shares |
Rs. 10/- each |
Rs. 19.000 Millions |
|
100,000 |
Preference Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
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Total |
|
Rs. 20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
718289 |
Equity Shares |
Rs. 10/- each |
Rs. 7.183
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
7.183 |
0.595 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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14.397 |
13.485 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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21.580 |
14.080 |
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LOAN FUNDS |
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1] Secured Loans |
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7.667 |
3.685 |
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2] Unsecured Loans |
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6.105 |
6.105 |
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TOTAL BORROWING |
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13.772 |
9.790 |
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DEFERREX TAX LIABILITY |
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0.000 |
0.025 |
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TOTAL |
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35.352 |
23.895 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.528 |
5.021 |
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DEFERREX TAX ASSETS |
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0.054 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.588 |
11.375 |
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Sundry Debtors |
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24.492 |
25.197 |
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Cash & Bank Balances |
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0.142 |
0.150 |
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Other Current Assets |
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9.564 |
8.922 |
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Loans & Advances |
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4.487 |
3.780 |
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Total
Current Assets |
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50.273 |
49.424 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.156 |
28.717 |
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Provisions |
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2.347 |
1.834 |
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Total
Current Liabilities |
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19.503 |
30.551 |
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Net Current Assets |
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30.770 |
18.873 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.001 |
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TOTAL |
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35.352 |
23.895 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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65.233 |
84.094 |
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Other Income |
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0.438 |
1.392 |
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Total Income |
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65.671 |
85.486 |
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Profit/(Loss) Before Tax |
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2.092 |
1.986 |
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Provision for Taxation |
|
1.124 |
0.736 |
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Profit/(Loss) After Tax |
|
0.968 |
1.250 |
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Earnings in Foreign Currency : |
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Total Earnings |
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9.125 |
3.093 |
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Imports : |
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Total Imports |
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24.010 |
32.038 |
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Expenditures : |
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Interest |
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2.282 |
1.541 |
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Depreciation & Amortization |
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1.183 |
1.194 |
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Other Expenditure |
|
60.327 |
79.214 |
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Total Expenditure |
|
63.792 |
81.949 |
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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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3.19 |
2.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.21 |
2.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.82 |
3.65 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.10 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.54 |
2.87 |
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Current Ratio (Current Asset/Current Liability) |
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2.58 |
1.62 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been shifted
from B – 7/107 A, Safdarjung Enclave,
Bankers Charges
Report as per Registry
|
Name of the company |
LINK
QUEST TELECOM PRIVATE LIMITED |
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Presented By |
Director |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation, charge and hypothecation of debts. Agreement and deed of
hypothecation of machinery dated 12.09.2001 registered on 02.11.2001,
modified on 07.06.2002, 03.07.2003, 05.05.2004 and 05.10.2004 registered on
29.07.2002, 07.08.2003, 30.06.2004 and 02.11.2004 last modified on 29.03.2005
and registered on 19.04.2005 upto Rs. 12.000 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500 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
all stock and book debts both present and future collaterally secured by way
of all the plant and machineries, tools accessories secreted or installed at
A – 27/4, Qutab Enclave DLF Phase – I, Gurgaon or at nay other place
wheresoever including those in transit.
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure cash credit limit of Rs. 1.000 Millions BG / LC limit of Rs. 0.500
Millions with interest @ 16 % p.a. or at such other rates as may be specified
by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Lord Krishna Bank Limited GF – 02, Tower – A, Global Mehrauli - Gurgaon - 122002, |
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6) Date and brief description of instrument modifying the charge |
LKBADV – 19- Deed
of Hypothecation of Movable Fixed Assets dated 21.09.2005 for Rs. 2.000
Millions. |
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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. |
The various
limits aggregating to Rs. 20.000 Millions sanctioned to the company are now
collaterally secured by Hypothecation of the unencumbered fixed assets of the
company including its movable plant and machinery, machinery spares, tools
and accessories and other movable both present and future , which are lying
or stored in about all the borrowers premises or godowns or where else the
same may be with WDV of Rs. 6.620 Millions as on 31.03.2005 other than
vehicles. Other terms and
conditions as per sanction letter no LKB GGN 2005 dated 19.09.2005 |
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This form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
90036752 |
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Corporate
identity number of the company |
U64201DL1996PTC080683 |
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Name of the
company |
LINK QUEST TELECOM PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
4/80, Janpath, |
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Type of charge |
Others |
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Particular of
charge holder |
Lord Krishna Bank Limited GF – 02, Tower – A, Global Mehrauli - Gurgaon - 122002, |
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Nature of description
of the instrument creating or modifying the charge |
LKBADV – 19- Deed
of hypothecation of movable fixed assets |
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Date of
instrument Creating the charge |
06.06.2007 |
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Amount secured by
the charge |
Rs. 12.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR Plus 3.50 % Terms of
repayment 3 Months to be
adjusted by 30.08.2007 Margin As per agreement Extent operation
of the charge Extension of
charge on existing securities to secure the adhoc limit. |
|
Short particulars
of the property charged |
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Date of latest modification
prior to the present modification |
06.06.2007 |
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Particulars of
the present modification |
An Adhoc Limit to
Rs. 2.000 Millions is sanctioned in additional to the existing limits for a
period of 3 months upto 30.08.2007. all other terms and conditions as per
sanction letter dated 04.06.2007 |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.49 |
|
|
1 |
Rs.82.38 |
|
Euro |
1 |
Rs.56.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
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
|
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 |
|