MIRA
INFORM REPORT
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Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
YEEKAY TECHNOCRAFT PRIVATE LIMITED |
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Registered Office : |
SSI Plot No-4, Block – HNH-2, Opposite FCI, Godown NIT. Faridabad-121001,
Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.12.2002 |
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Com. Reg. No.: |
05-35006 |
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CIN No.: [Company
Identification No.] |
U34300HR2002PTC035006 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKY00069G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pipes and fittings, Susien fufions and Rubber and
Plastic Components. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 43000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitments. The company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Bhatiya |
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Designation : |
Account Officer |
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Contact No.: |
91-9311243557 |
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Date : |
26.06.2008 |
LOCATIONS
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Registered Office : |
SSO Plot No-4, Block – HNH-2, Opposite FCI, Godown NIT.
Faridabad-121001, Haryana, India |
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Tel. No.: |
91-129-4027609/ 610 |
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Mobile No.: |
91-9818763523 |
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Fax No.: |
91-129-4108917 |
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E-Mail : |
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Area : |
1000 sq ft ( Owned) |
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Factory : |
365, Galgal, A. D. Road, Raipur, Bhawenpur, Haridwar |
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Area : |
3000 sq. ft (Owned) |
DIRECTORS
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Name : |
Mr. Tarun Chandana |
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Designation : |
Director |
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Address : |
H. No. 3E/32A, B. P. NIT, Faridabad-121001, Haryana, India |
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Date of Birth/Age : |
10.10.1958 |
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Date of Appointment : |
12.12.2002 |
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Name : |
Mr. Tirlok Chand Chandana |
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Designation : |
Director |
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Address : |
H. No. 3E/32A, B. P. NIT, Faridabad-121001, Haryana, India |
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Date of Birth/Age : |
12.07.1957 |
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Qualification : |
E. Tech |
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Date of Appointment : |
12.12.2002 |
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Name : |
Mr. Karan Chandna |
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Designation : |
Director |
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Address : |
H. No. 3E/32A, B. P. NIT, Faridabad-121001, Haryana, India |
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Date of Birth/Age : |
07.10.1985 |
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Date of Appointment : |
01.12.2003 |
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Name : |
Mr. Yunik Chandna |
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Designation : |
Director |
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Address : |
H. No. 3E/32A, B. P. NIT, Faridabad-121001, Haryana, India |
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Date of Birth/Age : |
05.07.1982 |
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Qualification : |
E. Tech |
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Date of Appointment : |
01.12.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Bhatiya |
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Designation : |
Account Officer |
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Mobile No.: |
91-9311243557 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As per ‘ Company’ Records
|
Names of Shareholders |
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No. of Shares |
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Tarun Chandna |
|
165000 |
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Trilok Chand Chandna |
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210000 |
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Yunik Chandna |
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10000 |
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Karan Chandna |
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10000 |
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T.C.Chandana and Sons |
|
5000 |
|
Zenith Estates Limited |
|
5000 |
|
New Star Information System Pvt. Limited |
|
5000 |
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Taurus Iron and Steel Company Private Limited |
|
15000 |
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Tejasvi Investments Private Limited |
|
10000 |
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Total |
|
435000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
91.96 |
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Other top fifty (50) shareholders (other than listed above) |
|
8.04 |
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Total |
|
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pipes and fittings, Susien fufions |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China and Korea |
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Terms : |
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Selling : |
Credit ( 30 Days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Distributors |
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No. of Employees : |
80 ( office 25, Factory 65) |
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Bankers : |
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Facilities : |
CC Limit Rs. 10.000 Millions from Bank of India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Satish Gupta and Associates Chartered Accountant |
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Address : |
H. No. 1060, Sec – 16, Faridabad-121002, Haryana, India |
CAPITAL STRUCTURE
As on 24.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43500 |
Equity Shares |
Rs. 100/-
each |
Rs. 4.350
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
4.350 |
4.000 |
1.810 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.395 |
0.847 |
0.074 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.745 |
4.847 |
1.884 |
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LOAN FUNDS |
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1] Secured Loans |
23.891 |
17.563 |
12.794 |
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2] Unsecured Loans |
5.997 |
1.566 |
5.036 |
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TOTAL BORROWING |
29.888 |
19.129 |
17.830 |
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DEFERRED TAX LIABILITIES |
0.565 |
0.465 |
0.000 |
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TOTAL |
39.198 |
24.441 |
19.714 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.861 |
12.638 |
10.747 |
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Capital work-in-progress |
5.055 |
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 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.498
|
11.040 |
4.703 |
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Sundry Debtors |
14.602
|
7.622 |
6.543 |
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Cash & Bank Balances |
0.356
|
0.103 |
0.159 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
15.166
|
3.383 |
4.566 |
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Total
Current Assets |
31.622
|
22.148 |
15.971 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.909
|
9.835 |
5.975 |
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Provisions |
1.473
|
0.559 |
1.085 |
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Total
Current Liabilities |
11.382
|
10.394 |
7.060 |
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Net Current Assets |
20.240
|
11.754 |
8.911 |
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MISCELLANEOUS EXPENSES |
0.042 |
0.049 |
0.056 |
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TOTAL |
39.198 |
24.441 |
19.714 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
113.397 |
63.666 |
34.161 |
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Other Income |
0.276 |
0.031 |
0.208 |
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Total Income |
113.673 |
63.697 |
34.369 |
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Profit/(Loss) Before Tax |
0.943 |
0.746 |
0.465 |
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Provision for Taxation |
0.545 |
0.065 |
0.038 |
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Profit/(Loss) After Tax |
0.398 |
0.681 |
0.427 |
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CIF Value |
20.590 |
10.743 |
0.000 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
9.045 |
(7.494) |
0.000 |
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Raw Material Consumed |
0.000 |
46.892 |
24.301 |
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Salaries, Wages, Bonus, etc. |
0.000 |
2.049 |
1.237 |
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Managerial Remuneration |
0.000 |
0.600 |
0.390 |
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Payment to Auditors |
0.000 |
0.020 |
0.020 |
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Interest |
2.133 |
1.875 |
0.913 |
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Insurance Expenses |
0.000 |
0.121 |
0.124 |
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Power & Fuel |
0.000 |
3.179 |
1.784 |
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Depreciation & Amortization |
2.089 |
0.000 |
0.000 |
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Other Expenditure |
99.463 |
15.709 |
5.135 |
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Total Expenditure |
112.730 |
62.951 |
33.904 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.35
|
1.06 |
1.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.83
|
1.17 |
1.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.07
|
2.14 |
1.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.15 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.72
|
6.09 |
13.21 |
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Current Ratio (Current Asset/Current Liability) |
|
2.78
|
2.13 |
2.26 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
10032006 |
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Corporate
identity number of the company |
U34300HR2002PTC035006 |
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Name of the
company |
YEEKAY TECHNOCRAFT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
SSI Plot No-4, Block – HNH-2, Opposite FCI, Godown NIT.
Faridabad-121001, Haryana, India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of India,
2A/ 6, B. P, N.I.T.,Faridabad-121001, Haryana, India |
|
Nature of description
of the instrument creating or modifying the charge |
Letter Reference
No. FRB/ADV/ CC-570 dated 05.02.2008 Supplemental Deed
of Hypothecation of Tangible Movable Machinery ad Plant Dated 05.02.2008 |
|
Date of
instrument Creating the charge |
05.02.2008 |
|
Amount secured by
the charge |
Rs. 36.739
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
: At BPLR i.e. @13.25% p.a. with monthly rests subject to change form time to
time linked with BPLR / HO Guideline Penal Rate of
Interest : @ 2% p.a. over and above the normal rate of interest. Terms of
Repayment On Demand Margin Margin –Stock –
25%, Book Debts – 40% L/C – 15% Term Loan – As
per Agreement Extent and
Operation of the charge Equitable
Mortgage over immovable properties situated at Khata No. 123, Khasra No. 356,
Mauza Raipur, Pargana, Bhagwanpur, Tehsil Roorkee, Haridwar (Uttranchal)
comprising Landl and Building and Other Structures, Fixed Machinery and
Plant, Fixtures and Fittings erected/ installed (both present and future) Hypothecation of
Fixed assets of the company (both present and future) Others |
|
Short particulars
of the property charged |
Equitable
Mortgage over immovable properties situated at Khata No. 123, Khasra No. 356,
Mauza Raipur, Pargana, Bhagwanpur, Tehsil Roorkee, Haridwar (Uttranchal)
comprising Landl and Building and Other Structures, Fixed Machinery and
Plant, Fixtures and Fittings erected/ installed (both present and future) |
|
Date of latest
modification prior to the present modification |
12.12.2006 |
|
Particulars of
the present modification |
Limit of amount
secured enhanced from Rs. 26.739 Millions to Rs. 36.739 Millions as under.: Cash Credit (Stocks
and Book Debts) + L/C Max 24.000 Millions Term Loan Rs.
12.739 Millions Rate of Interest
: At BPLR i.e. @13.25% p.a. with monthly rests subject to change from time to
time linked with BPLR/ HO Guidelines |
Trade References:
- A I Specially, Bombay
- Pamanimi Sales, Faridabad
- K. G. Traders, Uttar Pradesh
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.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|