MIRA
INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
ELFA INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
2B, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.06.1999 |
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Com. Reg. No.: |
21-89637 |
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CIN No.: [Company
Identification No.] |
U31200WB1999PTC089637 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALE01553G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of Electrical Stampings, Sheet Metal
Components, Deep Drawn Sheet Metal Components, Automobile Fabricating
Components, Overhead Conveyor Spares, Electrical Lamination Stampings
etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 22000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a established company having moderate track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for normal business dealings at usual
trade terns and conditions with slight caution. |
LOCATIONS
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Registered Office : |
2B, |
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Tel. No.: |
91-33-65295662 / 23230040 |
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Fax No.: |
91-33-23349498 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vinod Khanna |
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Designation : |
Director |
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Address : |
FE-450, |
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Date of Birth/Age : |
11.09.1963 |
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Date of Appointment : |
16.06.1999 |
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Name : |
Mr. Mukesh Khanna |
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Designation : |
Director |
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Address : |
HA-263, |
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Date of Birth/Age : |
06.01.1963 |
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Date of Appointment : |
16.06.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
No. of Shares |
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Vinod Khanna |
50000 |
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Mukesh Khanna |
50000 |
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Total |
100000 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all kinds of Electrical Stampings, Sheet
Metal Components, Deep Drawn Sheet Metal Components, Automobile Fabricating
Components, Overhead Conveyor Spares, Electrical Lamination Stampings
etc. |
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Products : |
·
Sheet Metal Components ·
Engineering and Precision Components ·
Deep Drawn Sheet Metal Components ·
Automobile fabricating Components ·
Overhead Conveyor Spares ·
Electrical Stampings |
GENERAL INFORMATION
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Suppliers : |
·
A R Verma and Sons ·
Elrke Industrial Enterprises ·
Suku Controls Private Limited ·
Super Stamping Tools ·
Jai Trading Company ·
Shri Bihariji Cold Rollers Private Limited |
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No. of Employees : |
38 |
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Bankers : |
·
Oriental
Bank of Commerce Kankurgachi Branch, 190A ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sudhir Kumar Jain and Associates Chartered Accountant |
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Address : |
137, Canning Street, Suit No. 57, 4th Floor, Kolkata – 700
001, West |
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Tel. No.: |
91-33-22101731 |
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Fax No.: |
91-33-22433864 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.250 |
0.000 |
0.072 |
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3] Reserves & Surplus |
3.064 |
2.395 |
1.703 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.314 |
3.395 |
2.775 |
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LOAN FUNDS |
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1] Secured Loans |
2.756 |
1.577 |
1.116 |
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2] Unsecured Loans |
5.476 |
7.227 |
5.006 |
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TOTAL BORROWING |
8.232 |
8.804 |
6.122 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.546 |
12.199 |
8.897 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.193 |
5.958 |
6.713 |
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Capital work-in-progress |
0.117 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.101 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.472
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0.048 |
0.107 |
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Sundry Debtors |
4.771
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4.848 |
2.702 |
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Cash & Bank Balances |
0.057
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0.002 |
0.010 |
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Other Current Assets |
0.146
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0.154 |
0.000 |
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Loans & Advances |
2.442
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1.811 |
0.889 |
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Total
Current Assets |
8.888
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6.863 |
3.708 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.505
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0.458 |
1.387 |
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Provisions |
0.147
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0.164 |
0.238 |
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Total
Current Liabilities |
2.652
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0.622 |
1.625 |
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Net Current Assets |
6.236
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6.241 |
2.083 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.546 |
12.199 |
8.897 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
12.295 |
0.777 |
2.166 |
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Other Income |
1.472 |
7.482 |
5.504 |
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Total Income |
13.767 |
8.259 |
7.670 |
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Profit/(Loss) Before Tax |
0.894 |
0.895 |
0.908 |
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Provision for Taxation |
0.224 |
0.204 |
0.000 |
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Profit/(Loss) After Tax |
0.670 |
0.691 |
0.908 |
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Expenditures : |
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Opening Stock |
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0.104 |
0.277 |
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Purchases |
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0.456 |
1.592 |
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Electricity Charges |
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0.555 |
0.507 |
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Rent, Rates ands Taxes |
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0.120 |
0.096 |
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Director’s Remuneration |
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0.180 |
0.180 |
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Telephone Charges |
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0.046 |
0.034 |
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Repair and Maintenance |
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0.206 |
0.144 |
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Consultancy charges |
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0.060 |
0.056 |
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Insurance |
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0.420 |
0.163 |
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Depreciation & Amortization |
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0.924 |
0.804 |
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Other Expenditure |
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4.293 |
2.909 |
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Total Expenditure |
12.873 |
7.364 |
6.762 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.87
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8.37 |
11.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.27
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115.19 |
41.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.93
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6.98 |
8.71 |
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Return on Investment (ROI) (PBT/Networth) |
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0.21
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0.26 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.52
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2.78 |
2.79 |
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Current Ratio (Current Asset/Current Liability) |
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3.35
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11.03 |
2.28 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U31200WB1999PTC089637 |
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Name of the
company |
ELFA INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
2B, |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book
debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Oriental Bank of
Commerce Kankurgachi
Branch, 190A |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of Assets |
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Date of
instrument Creating the charge |
16.04.2007 |
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Amount secured by
the charge |
Rs.1.800 millions
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest Interest on cash credit will be charged @ 12% p.a. at present with
monthly rests. Interest may be changed in future if decided by RBI/bank.
Interest on other facilities will be changed as per sanction Letter. Penal interest @ 2% p.a. over and above the normal rate will be
charged on the irregular portion if the account becomes irregular. ·
Terms
of repayment As per sanctioned terms ·
Margin As per sanctioned terms ·
Extent
and operation of the charge The extent and operation of charge will be for the amount advanced by
the bank on the security furnished by the borrowing Company. |
Fixed Assets
·
Plant and Machinery
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Bicycle
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Computer
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Furniture and Fixture
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Factory Shed
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Office Accessories
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Electrical Equipments
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Air Conditioner
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.39 |
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1 |
Rs.70.65 |
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Euro |
1 |
Rs.66.33 |
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 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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39 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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