MIRA
INFORM REPORT
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Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AIR BRIDGE SCAFFOLDING PRIVATE LIMITED |
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Registered Office : |
Ichapur Kamardanga Santragachi,
Howrah – 711 104, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.08.2005 |
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Com. Reg. No.: |
104486 |
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CIN No.: [Company
Identification No.] |
U27106WB2005PTC104486 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALA09010B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Scaffolding Components. |
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 36000 |
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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 meeting its smaller commitments
slightly over times as reported. Trade relations are fair. Business is
active. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. T K Das |
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Designation : |
Account Manager |
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Date : |
08.08.2008 |
LOCATIONS
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Registered Office / Branch / Warehouse / Factory : |
Ichapur Kamardanga
Santragachi, Howrah – 711 104, West Bengal, India |
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Tel. No.: |
91-33-26677208, 26773189 |
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Fax No.: |
91-33-26770902, 26773189 |
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E-Mail : |
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Website : |
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Area : |
4000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Tapas Porel |
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Designation : |
Director |
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Address : |
Pallavpukur (Kamardanga), Ward no-48, Jagachasadar, Howrah – 711 104,
West Bengal, India |
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Date of Birth/Age : |
02.01.1961 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mrs. Basanti Porel |
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Designation : |
Director |
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Address : |
Ichapur, Kamardanga, Santragachi, Howrah – 711 104, West Bengal, India |
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Date of Birth/Age : |
11.05.1971 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Sudip Kumar Ghosal |
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Designation : |
Director |
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Address : |
Rehabilation plot of HIT no 81/81, Zone 1, Brojnath lahiri lane,
Shibpur, Howrah – 711 104, West Bengal, India |
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Date of Birth/Age : |
10.06.1963 |
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Date of Appointment : |
01.08.2005 |
KEY EXECUTIVES
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Name : |
M/s Acharya S K and Associates |
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Designation : |
Company Secretary |
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Address : |
7/1 A, Grant Lane, 1st Floor, R.N. 18, Kolkata – 700012,
West Bengal, India. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
No. of Shares |
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Mr. Tapas Porel |
490000 |
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Mr. Sudip Kumar Ghosal |
5000 |
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Mrs. Basanti Porel |
5000 |
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Total |
500000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Scaffolding Components. |
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Products : |
· Unit Frame Type · Individual Component Type ·
Accessaries Ř
Right angle Coupler Ř
Swivel Coupler Ř
Forged Coupler Ř
Sheet Coupler Ř
Putlog coupler Ř
Sleeve coupler · Kwikstage Scaffold · Shoring · Light Duty Scaffolding |
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Exports : |
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Products : |
Scaffolding Components |
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Countries : |
·
Australia ·
Turkey ·
South Africa ·
UK |
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Terms : |
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Selling : |
Cash and Credit (90 days - 120 days) |
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Purchasing : |
Cash and Credit (90 days - 120 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
150 |
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Bankers : |
P B No.87, 158/6, Belilious Road, Howrah – 711 101, West Bengal, India
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Facilities : |
CC Rs.4.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Tushar Kanti Majumdar Chartered Accountants |
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Address : |
75, Y Road, Belgachia, Kolkata – 711 108, West Bengal, India |
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Associates/Subsidiaries
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.129 |
(0.057) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
7.129 |
4.943 |
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LOAN FUNDS |
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1] Secured Loans |
18.286 |
12.519 |
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2] Unsecured Loans |
6.271 |
3.219 |
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TOTAL BORROWING |
24.557 |
15.738 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
31.686 |
20.681 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.897 |
2.961 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
10.455 |
6.321 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.519
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10.408 |
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Sundry Debtors |
15.503
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12.099 |
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Cash & Bank Balances |
1.288
|
0.090 |
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Other Current Assets |
4.290
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0.663 |
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Loans & Advances |
0.919
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3.403 |
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Total
Current Assets |
33.519
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26.663 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.100
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15.385 |
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Provisions |
0.193
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0.000 |
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Total
Current Liabilities |
29.293
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15.385 |
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Net Current Assets |
4.226
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11.278 |
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MISCELLANEOUS EXPENSES |
0.108 |
0.121 |
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TOTAL |
31.686 |
20.681 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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NA |
0.432 |
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Other Income |
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NA |
0.000 |
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Total Income |
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NA |
0.432 |
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Profit/(Loss) Before Tax |
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2.379 |
(0.057) |
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Provision for Taxation |
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0.193 |
-- |
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Profit/(Loss) After Tax |
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2.186 |
(0.057) |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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NA |
0.163 |
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Other Expenditure |
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NA |
0.326 |
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Total Expenditure |
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NA |
0.489 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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NA |
(13.19) |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
(13.19) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.72 |
(0.19) |
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Return on Investment (ROI) (PBT/Networth) |
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0.33 |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
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7.55 |
6.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.14 |
1.73 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Mckane Tosh Burn India Limited – Kolkata
·
M S Construction Limited – Kolkata
·
K I Engineering - Kolkata
Form No. 8
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Corporate
identity number of the company |
U27106WB2005PTC104486 |
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Name of the
company |
AIR BRIDGE SCAFFOLDING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Ichapur Kamardanga Santragachi,
Howrah – 711 104, West Bengal, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
The Federal Bank Limited P B No.87, 158/6, Belilious Road, Howrah – 711 101, West Bengal, India |
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Nature of
instrument creating charge |
·
Agreement of
Cash Credit / Overdraft ·
Agreement
for Inland Letter of Credit ·
Single
Counter Guarantee ·
Term Loan
Agreement ·
Agreement for
Export Advances |
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Date of
instrument Creating the charge |
15.12.2007 |
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Amount secured by
the charge |
Rs.40.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest The Bank reserves the right to charge interest, commission, discount,
cost and charges at such rate(S) as may be determined by the Bank from time
to time according to Banking Norms and RBI Guidelines, the present rate of
interest being:- For PCL 10.00 (BPLR-3.75%) Upto 180 days) For PSL (LC/Order) 10.00 (BPLR-3.75%) UPto 180 days) FOR CC 13.25 BPLR – 0.5% ·
Terms of
repayment Term Loan is to be repaid in 66quarterly installments. ·
Margin The Borrower has to maintain appropriate margin at present being:- CC (Hyp. of Stock) – 25% CC (Hyp. of Book debts) – 50% PLC (Hyp. of stock procured with 25% margin) – 25% FUBPLC (Documents of title to goods/ Accepted Hundis / Hundis drawn
under LC’s) – NIL LC (20% cash margin) – 20% TL – 13.25 (BPLR-0.5%) ·
Extent and
operation of the charge The charge operates as first charge basis on the whole of the
hypothecated current assets and mortgaged immovable properties to secure the
maximum amount under the said charge fixed at Rs.40.000 millions together
with interests, costs and charges thereon. ·
Others The Borrower shall not do or allow anything which may prejudice the
security and shall comply with the terms and conditions of the Agreements. All other terms and conditions continue to remain as before in full
force and effect. |
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Particulars of
the property charged |
Hypothecation of
the Company’s entire stock of raw materials, stock in process, finished
goods, consumable stores and receivables of the Company including properties
both present and future. |
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Particulars of the
present modification |
By the present
modification the overall credit facilities is being increased from Rs.25.500
millions to Rs.40.000 millions as Stated under – Cash Credit
Rs.4.000 millions PSL Rs.10.000
millions PCL Rs.1.100
millions BG/LC Rs.5.000
millions TL Rs.10.000
millions Total Rs.40.000
millions |
Web Details
A Bridge of Quality Scaffolding of Individual Component Type, Unit Frame
Type, Accessories and Kwikstage Scaffolds based on Clamps, Prop, Base Plate, Span,
Stirrup Head, Many types of Frames, Joint Pin and all types of Fabricated Parts
associated with Scaffolding.
Started in 1991,
Subject has become a name to reckon with the Scaffolding business. They Export
to Europe, Australia, Africa and Large Parts of North America.
The products
Control the Scaffolding market and behind every High-rise Building, Dam Hotel,
Bridge where Scaffolding is Concern.
Subject aim is to
reach the highest level of client satisfaction in all areas and to work with the
clients, involving a proactive approach and move their service along with new
technology developments within the industry to ensure good quality Service.
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.43.38 |
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UK Pound |
1 |
Rs.81.34 |
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Euro |
1 |
Rs.64.55 |
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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