MIRA
INFORM REPORT
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Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHAGSONS ENGINEERS AND CONSULTANTS PEIVATE LIMITED |
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Registered Office : |
9, Amar Park, Near Zakhira Flyover, Rohtak Roadm, New Delhi – 110035 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.08.1987 |
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Com. Reg. No.: |
029047 |
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CIN No.: [Company
Identification No.] |
U74899DL1987PTC029047 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB00991E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Stainless Steel Process Equipments such
as Tanks, Kettles, Vessels, Mixers, Shells, Tilting Pans, Vaccum pans. |
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 3532 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Scale of activity
is limited. Trade relations are fair. Payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office/ Factory : |
9, Amar Park, Near Zakhira Flyover, Rohtak Roadm, New Delhi – 110035,
India |
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Tel. No.: |
91-11-25412707/25112416 |
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Mobile No.: |
91-9313632707/ 9352200404/ 9350043139 |
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Fax No.: |
91-11-25412707 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sanjay Lakhani |
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Designation : |
Director |
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Address : |
48 – C, SFS Flats, Pocket – II, Sector – 6, Dwarka – 110046, India |
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Date of Birth/Age : |
22.04.1968 |
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Date of Appointment : |
28.08.1989 |
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Name : |
Mr. Vinod Lakhani |
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Designation : |
Director |
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Address : |
48 – C, SFS Flats, Pocket – II, Sector – 6, Dwarka – 110046, India |
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Date of Birth/Age : |
21.01.1967 |
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Date of Appointment : |
28.08.1987 |
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Name : |
Mr. Sunil Lal Chand |
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Designation : |
Director |
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Address : |
D – 70, Ajay Enclave, New Delhi – 110018, India |
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Date of Birth/Age : |
21.01.1967 |
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Date of Appointment : |
28.08.1987 |
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Name : |
Mr. Pramod Lakhani |
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Designation : |
Director |
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Address : |
48 – C, SFS Flats, Pocket – II, Sector – 6, Dwarka – 110046, India |
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Date of Birth/Age : |
10.10.1969 |
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Date of Appointment : |
02.08.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sanjay Lakhani |
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1366 |
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Mr. Vinod Lakhani |
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2111 |
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Mr. S. S. Ahluwalia |
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190 |
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Mrs. Bhagwati Lakhani |
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206 |
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Mr. Pramod Lakhani |
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420 |
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Total |
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4293 |
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Stainless Steel Process Equipments such
as Tanks, Kettles, Vessels, Mixers, Shells, Tilting Pans, Vaccum pans. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
ICICI Bank
Limited |
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Auditors : |
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Name : |
Bhupesh K. Dhingra and Company Chartered Accountant |
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Address : |
604, Padma Tower – II, Rajendra Place, New Delhi – 110008, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Share |
Rs.100/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4293 |
Equity Share |
Rs.100/- each |
Rs.0.429 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.429 |
0.429 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.454 |
0.489 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.883 |
0.918 |
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LOAN FUNDS |
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1] Secured Loans |
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0.587 |
0.675 |
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2] Unsecured Loans |
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0.599 |
1.374 |
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TOTAL BORROWING |
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1.186 |
2.049 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2.069 |
2.967 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.903 |
1.955 |
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Capital work-in-progress |
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0.136 |
0.128 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.259 |
0.230 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.923 |
2.828 |
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Sundry Debtors |
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1.208 |
2.079 |
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Cash & Bank Balances |
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1.928 |
0.078 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.499 |
1.749 |
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Total
Current Assets |
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12.558 |
6.734 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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12.746 |
6.077 |
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Provisions |
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0.041 |
0.003 |
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Total
Current Liabilities |
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12.787 |
6.080 |
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Net Current Assets |
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(0.229) |
0.654 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.069 |
2.967 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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15.82 |
8.85 |
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Current Ratio (Current Asset/Current Liability) |
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0.98 |
1.11 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
BHAGSONS ENGINEERS AND CONSULTANTS PEIVATE LIMITED |
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Presented By |
Mr. Vinod
Lakhani, Director |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation dated the 20 January, 2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.268 Million |
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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 |
The Properties
more particularly described in annexure/ hereto (hereinafter collectively
referred to as “ the assets”) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Covenant by the
borrower to comply to ensure compliance with all the terms and conditions set
out and/or referred to in the credit facility application (No.20041 dated
19.12.2005) submitted by the borrower to ICICI (hereinafter collectively
referred to as “ the Loan Terms”) The Borrower
shall pay/repay all amounts in respect of the facilities and pay interests
and all other monies in accordance with the loan Term and other Transaction
Documents (As defined in the Loan Terms) The Assets were
thereby hypothecation inter alia to ICICI as and by way of exclusive
first/second and exclusive charge as specified in thereto as security for and
be charge with the repayment of the company and other Transaction Documents. The Borrower to
keep the assets in marketable and goods condition and also insured as
provided in the deed of hypothecation/ the Loan Terms Power of entry. Power
to take charge and /or possession of recover, receive, appoint receive of and
remove and/or sale by auction or private contract. Dispatch for realization
of otherwise dispose of or deal with all or any part of the assets as
provided in the Deed of Hypothecation All other term
and conditions as contained in the Deed of Hypothecation (Copy of which is
attached hereto) |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited Reg. Office –Race
course circle, Vododam - 350007 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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 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.39.91 |
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UK Pound |
1 |
Rs.78.44 |
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Euro |
1 |
Rs.59.13 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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33 |
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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