MIRA
INFORM REPORT
|
Report Date : |
22.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FIIT - JEE LIMITED |
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Registered Office : |
29-A, Kalu Sarai Sarva Priya Vihar, New Delhi – 110 016 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.10.1997 |
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Com. Reg. No.: |
55-90156 |
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CIN No.: [Company
Identification No.] |
U80211DL1997PLC090156 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELF02577B |
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PAN No.: [Permanent
Account No.] |
AAACF2659M |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Provider of services for Educational Coaching and Training for IIT and
Others. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 853324 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established educational training and coaching institute
having excellent track. Available information indicates high financial responsibility
of the company. Trade relations are fair. Payments are correct and as per commitments.
The company can be considered good for any normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
|
Registered Office : |
29-A, Kalu Sarai Sarva Priya Vihar, New Delhi – 110 016, India |
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E-Mail : |
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Website : |
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Head Office: |
ICES House, Kalu Sarai Sarvapriya Vihar, (Near Hauz Khas Bus
Terminal), New Delhi – 110 016, India |
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Tel No.: |
91-11-26515949 / 26569493 |
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Fax No.: |
91-11-26513942 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Dinesh Kumar Goel |
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Designation : |
Director |
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Address : |
D -6/5, Vasant Vihar, New Delhi – 110 057, Delhi, India |
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Date of Birth/Age : |
02.10.1963 |
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Date of Appointment : |
28.05.002 |
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Name : |
Mr. Lata Goel |
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Designation : |
Director |
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Address : |
D -6/5, Vasant Vihar, New Delhi – 110 057, Delhi, India |
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Date of Birth/Age : |
25.12.1937 |
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Date of Appointment : |
13.10.1997 |
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Name : |
Mr. Kanti Kumar Goyal |
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Designation : |
Director |
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Address : |
D -6/5, Vasant Vihar, New Delhi – 110 057, Delhi, India |
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Date of Birth/Age : |
06.08.1935 |
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Date of Appointment : |
13.10.1997 |
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Name : |
Mr. Nilesh Shah |
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Designation : |
Director |
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Address : |
7/2, Ground floor, Sarvapriya vihar, New Delhi – 110 016, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
|
No. of Shares |
|
Mr. Dinesh Kumar Goel |
|
3514270 |
|
Mrs. Lata Goel |
|
100 |
|
Mr. Kanti Kumar Goyal |
|
100 |
|
Mrs. Mamta Goel |
|
100 |
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Mr. Naveen Goel |
|
100 |
|
Mrs. Madhu Gupta |
|
100 |
|
Ms. Neha Gupta |
|
100 |
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Total
|
3514870 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of services for Educational Coaching and Training for IIT and
Others. |
GENERAL
INFORMATION
|
No. of Employees : |
7000 |
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Bankers : |
Canara Bank Address: A -27 Hauz Khas, New
Delhi – 110 016, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Gupta Goel and Associates Chartered accountants |
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Address : |
25-39, West Patel Nagar, New Delhi – 110 008, India |
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Associates/Subsidiaries : |
· Fiitjee (South Delhi Classes Limited) [CIN: U80301DL1997PLC086266] · Fiitjee Edusoft Limited [CIN: U72200DL2001PLC11905] · Fiitjee Franchise Network Limited [CIN : U80903DL2002PLC15562] · Fitjee (Ranchi Classes ) Limited [CIN: U80301DL2003PLC119982] · Fiitjee (Hyderabad Classes) Limited [CIN: U80903DL2004PLC125866] · Fiitjee (Kota Classes Limited) [CIN: U80903DL2004PLC125872] · Fiitjee Lucknow Classes Limited [CIN: U80301DL2004PLC130375] · Guru Education Limited [CIN: U80903DL2004PLC125872] |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3514870 |
Equity shares |
Rs. 10/-
each |
Rs.35.149 millions
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
35.149 |
35.149 |
35.149 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
178.182 |
74.993 |
65.475 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
213.331 |
110.142 |
100.624 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
69.518 |
31.176 |
27.810 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
69.518 |
31.176 |
27.810 |
|
|
DEFERRED TAX LIABILITIES |
15.300 |
15.141 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
298.149 |
156.459 |
128.434 |
|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
139.018 |
135.891 |
81.220 |
|
|
Capital work-in-progress |
18.686 |
0.000 |
0.000 |
|
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|
|
|
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INVESTMENT |
19.718 |
19.963 |
19.962 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
2.201 |
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.072
|
1.407 |
2.889 |
|
|
Sundry Debtors |
71.659
|
61.019 |
19.330 |
|
|
Cash & Bank Balances |
248.923
|
36.189 |
24.646 |
|
|
Other Current Assets |
0.000
|
0.000 |
55.754 |
|
|
Loans & Advances |
129.500
|
123.903 |
54.364 |
|
Total
Current Assets |
453.154
|
222.518 |
156.983 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
280.778
|
189.776 |
115.246 |
|
|
Provisions |
51.649
|
32.137 |
18.644 |
|
Total
Current Liabilities |
332.427
|
221.913 |
133.890 |
|
|
Net Current Assets |
120.727
|
0.605 |
23.093 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.958 |
|
|
|
|
|
|
|
|
TOTAL |
298.149 |
156.459 |
128.434 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
554.871 |
328.746 |
273.810 |
|
|
Other Income |
17.070 |
9.073 |
24.466 |
|
|
Total Income |
571.941 |
337.819 |
298.276 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
160.342 |
14.556 |
19.262 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
160.342 |
14.556 |
19.262 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
49.264 |
|
|
Consumption of stores and spares parts |
56.067 |
47.732 |
0.000 |
|
|
Managerial Remuneration |
171.887 |
123.329 |
0.000 |
|
|
Interest |
5.602 |
2.896 |
1.208 |
|
|
Depreciation & Amortization |
17.369 |
15.664 |
18.883 |
|
|
Other Expenditure |
160.674 |
133.642 |
209.659 |
|
Total Expenditure |
411.599 |
323.263 |
279.014 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
28.03
|
4.30 |
6.45 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
28.89
|
4.43 |
7.03 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.42
|
3.84 |
7.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
0.13 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.88
|
2.29 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.00 |
1.17 |
LOCAL AGENCY FURTHER
INFORMATION
FORM 8:-
|
Name of the
company |
FIIT - JEE LIMITED |
|
Presented By |
Canara Bank |
|
1) Date and
description of instrument creating the change |
Term Loan
agreement , deed of hypothecation
regarding Machinery and agreement cum deed of hypothecation and
agreement regarding collateral security machinery / vehicles all dated
07.03.2005 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 25.000
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 |
Equitable mortgage of property on 5th
Floor, Situated at plot No. 7 Distt Centre, Laxmi Nagar , New Delhi admeasuring 10000 sq.fts and other fixed
assets such as furniture , fixture, computers, equipments etc. including
electrical fittings stored at Office premises at 29-A, Kalu Sarai, IGES
House, New Delhi , India |
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
The above is to secure term loan of Rs.
25.000 millions with Interest @ 3.40% p.a over and above on going PLR with a
minimum of 14.05% or at such other rates as may be specified by the bank from
time to time. The term Loan is repayable in the 24th quarterly
installments of Rs. 1.050 millions each and last installments of Rs. 0.850
millions Moratorium period – 10 months. Interest as and when due. |
|
5) Name and
Address and description of the person entitled to the charge. |
Canara Bank, Hauz Khas, Delhi, India |
|
Corporation identity number or foreign company registrations number of
the company |
U80211DL1997PLC090156 |
|
Name of the company |
FIIT - JEE LIMITED |
|
Address |
29-A, Kalu Sarai Sarvapriya Vihar, Delhi – 110 016, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder
|
Canara Bank , A -27, Hauz Khas, New Delhi – 110 016,
India Email; delhk1445@canrabank.co.in |
|
Nature or description of the instrument creating charge |
Canmobile agreement |
|
Date of the instrument creating charge |
21.06.2006 |
|
Amount Secure by the charge |
Rs. 1.265 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest shall be 9.50% p.a
compounded |
|
Description of the property charge whether it is a charge on |
Vehicles |
|
Particulars of the Property charged
|
Hypothecation of Four Maruti Wagon – R |
WEBSITE DETAILS:
HISTORY
Subject was created
in 1992 by the vision and toil of Mr. D.K. Goel a Mechanical Engineering graduate
from IIT Delhi. It is not just an institute but a Forum for IIT-JEE. An ideal
launching pad for the serious JEE aspirants. Its genesis lies not in any
coincidence but in an urge to set standards of excellence and perfection in the
quest for a place in IITs. It is his vision that has made subject top of the
mind IIT-JEE training institute. Today subject is known not only for its
quality of teaching and study material but also for its corporatised systems
and structure. He is the man who looked at teaching from a different
perspective.
Ever since it was born, subject has been growing at a breathtaking pace. Over
the last 14 years 's Subject students
have shown achievements, which are unparalleled in the history of any
educational institution. The expertise and methodologies of subject have
generated a confidence among the students, parents and general public due to
which today it is considered a premier institution for IIT-JEE guidance in the
country.
Currently the faculty strength of the institute at present is nearly 300,
probably the highest for any IIT-JEE training institute in the country. Right
from the beginning subject had the vision of establishing a corporatised
structure and the underlying system. Subject knows the importance of constant grooming
of its employees and thus has very strong and systematic training programs.
Today subject stands for a healthy set of corporate values and is regarded as a
formidable education brand. They were the pioneers in designing a specific IQ
Test to test the temperament and potential of a student for IIT-JEE. The
student's score in this test helps them judge in the beginning itself his/her
potential and the level of input required for his/her success. This makes their
Classroom Programs very effective as they know in advance the level of input
needed for different students.
Popularity and demand for their programs has been increasing exponentially
throughout the country. The classroom contact programs are becoming
increasingly popular with large number of students from all over the country
coming to Delhi only for their classrooms programs. This has prompted them to
setup subject study centres in various cities all over India to provide
excellent training to aspirants for IIT-JEE and Engineering Entrance Exams.
Hostel / boarding and lodging facilities are also available for male students
at all subject Centres. Inspired by them many of their programs have been
replicated all over the country by other institutes. People attribute overall
improvement in the standards of education in this segment chiefly to them.
Subject Classroom /
School Programs are unique in themselves as they ensure the best possible
result depending upon the basic potential of the student and his/her ability to
work hard.
The methodology developed by them and which is followed in their classroom /
school programs for IIT-JEE preparation lays emphasis on making the students
imbibe the fundamental concepts of Science and
Maths and on sharpening their analytical skills and parallel thinking
process.
This makes them capable of creatively resolving complex and tricky problems by
mere application of basic concepts. Subject 's experience is that the IQ level
of the students is raised significantly in the process.
FIITJEE Classroom / School Programs
·
Classroom Teaching
·
Personalised
attention
·
Pattern - Proof Study
Material
·
Rank Potential Index
(RPI)
·
Chapter Practice
Problems (CPP)
·
Classroom Learning
Improvement Program (CLIP)
·
All India Test Series
(AITS)
·
Rank Enhancement
Program (REP)
·
Grand Masters Package (GMP)
·
Preparation for AIEEE ++ ...
MAJOR FEATURES OF CLASSROOM / SCHOOL PROGRAMS
· Right mix of classes, problem solving and doubt clearing sessions supplemented with in-depth and thoroughly revised study material. This helps the student develop comprehensive understanding of concepts and their applications.
· Graded levels of assignments of varying difficulty are given on each topic. These help one develop application and analytical skills required for IIT-JEE and any other competitive exam. Assignments contain objective as well as subjective type problems helping the students develop the core fundamental knowledge of the subject, so that the student can face any pattern of exam.
· Periodic tests on new IIT-JEE pattern which are supplemented with test analysis sessions. These not only give feedback on the students preparation level but also develop the examination temperament.
· Objective type quizzes on all topics.
· Classroom programs for IX, X, XI and XII students are designed in such a way that they help the students perform better in their school / board exams. Valuable inputs and additional practice test papers on board exams are given to all classroom program students.
· Grand Masters Package (GMP) and All India Test Series (AITS) are an integral part of all long/medium duration classroom programs.
·
Academics are planned in such a manner that the course
finishes much in advance of actual
IIT-JEE. This leaves enough time for self revision, polishing of examination
temperament and removal of last moment doubts.
· Subject this year has introduced an innovative concept of home assignments that are given to the students in the form of workbooks in all phases. The faculty evaluates the home assignments of each and every student on regular intervals during the coverage of a topic. This ensures more personalized monitoring by the faculty of all students of the batch resulting in better performance of each student.
Feedback / Performance Analysis
· Quizzes after every topic.
· Phase Test after completion of each phase.
· Evaluation of home assignment / work book.
· Mapping performance on the national level through a series of tests of All India Test Series.
· Lot of practice sessions and quick evaluation using OMR.
· Attendance and Phase Test Performance after every phase is sent to the parents.
· Dedicated academic operations team provide feedback at any point of time apart from scheduled parent teacher meetings.
Information
Indian Institutes of Technology (IITs) are one of the premier institute
providing the best academic and research programs all across the world. The
students graduating from IIT are placed at key positions in the industry in
India and abroad. The institutes impart training to students so that they become
competent and motivated engineers and scientists. The Institutes award
Bachelors, Masters and Doctoral degrees in various branches of technology and
science. It has been making special efforts to recruit talented faculty on a
worldwide basis and to admit bright students from all over the country by a
careful selection process (JEE).
Indian Institute of Technology conducts a Joint entrance examination every year
for admission to its B-Tech and other courses offered at the IIT Kanpur, Delhi,
Mumbai, Chennai, Kharakpur, Guwahati, Roorkee, IT Varanasi and ISM Dhanbad.
The general notion is that the JEE is a difficult examination and the questions
are complex and tough, this is not true. It is merely a different exam. All it
requires is a proper examination temperament and different approach to the
subject than most of the other exams.
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.39.89 |
|
UK Pound |
1 |
Rs.79.65 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|