MIRA
INFORM REPORT
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Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIRCON INFRASTRUCTURE PRIVATE LIMITED |
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Registered Office : |
505-506, Shalimar Moraya Park, New
Link Road, Andheri (West), Mumbai – 400053, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
08.06.2007 |
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Com. Reg. No.: |
171458 |
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CIN No.: [Company
Identification No.] |
U45400MH2007PTC171458 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Building Construction |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
New Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and yet to established track. The company has obtained loans from banks, successfully. Their trade relations are fair. Payments are reported as slow. The company can be considered for small to mediocre
business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Prashant Sawant |
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Designation : |
Purchase Manager |
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Contact No.: |
91-22432803 |
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Date : |
12.07.2008 |
LOCATIONS
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Registered Office : |
505-506, Shalimar Moraya Park,
New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-9224328035 |
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E-Mail : |
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Area : |
2000 sq. ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Harish H.
Mirchandani |
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Designation : |
Director |
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Address : |
505-506, Shalimar Moraya Park, New
Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
75 years |
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Name : |
Mr. Kishor H.
Mirchandani |
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Designation : |
Director |
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Address : |
505-506, Shalimar Moraya Park, New
Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
01.01.1961 |
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Name : |
Mr. Vijay H.
Mirchandani |
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Designation : |
Director |
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Address : |
505-506, Shalimar Moraya Park, New
Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
07.05.1962 |
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Name : |
Mr. Sanjay
Mirchandani |
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Designation : |
Director |
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Address : |
505-506, Shalimar Moraya Park, New
Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
40 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As On
10.04.2007)
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Names of
Shareholders |
No. of Shares |
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Mr. Kishor H. Mirchandani |
3400 |
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Mr. Vijay H.
Mirchandani |
3300 |
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Mr. Sanjay H.
Mirchandani |
3300 |
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Total |
10000 |
BUSINESS DETAILS
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Line of Business : |
Building Construction |
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Terms : |
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Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
30 |
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Bankers : |
· HDFC Bank Andheri (West), Mumbai, Maharashtra, India · State Bank of India Commercial Branch, 1548/A, Tilak
Road, Sadashiv Peth, Pune – 411030, Maharashtra, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Not Available |
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Associates/Subsidiaries : |
Prism Construction |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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Not Available |
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FINANCIAL DATA
[all figures are in Rupees Millions]
As
the subject is a new company, no financials are yet available.
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
· RMC Readyto Mix, Mumbai
· Relcon, Mumbai
·
Bhagwati Steels, Goregaon
Form No. 8
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Corporate
identity number of the company |
U45400MH2007PTC171458 |
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Name of the
company |
MIRCON INFRASTRUCTURE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
505-506, Shalimar Moraya Park,
New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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This form is for |
Creation of charge |
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Type of charge |
Book Debts Movable Property Floating Charge Stock in trade, other current assets |
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Particular of
charge holder |
State Bank of India Commercial Branch, 1548/A, Tilak Road, Sadashiv Peth, Pune – 411030, Maharashtra, India |
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Nature of
instrument creating charge |
Agreement of
Loan-cum-Hypothecation |
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Date of
instrument Creating the charge |
18.02.2008 |
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Amount secured by
the charge |
Rs.15.400
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Cash Credit –
0.75% above SBAR with a minimum of 13.50% p.a. Term Loan – 0.75%
above SBAR with a minimum of 13.50% p.a. Terms of
repayment: Working Capital:
Repayable on demand, Review every 12 months. Term Loan: In 33
monthly installments of Rs.0.125 Million each, next 21 monthly installment s
of Rs.0.150 each last installment and last installment of Rs.0.125 Million
with the first installment commencing on 31.07.2008 and last installment
falling due on 31.01.2013. Margin : Raw materials, Stock
in Progress, Finished Goods 25% , Receivable 90 days 40%, Term Loan 33.33% Extent and
operation of the charge: Hypothecation of
Stock of Raw materials, stock in process, finished goods, Receivable,
Construction equipments to be purchased out of bank finance. Details of
facilities: Cash Credit – Rs.3.000 Millions, Bank Guarantee – Rs.5.000
Millions, Term Loan – Rs.7.400 Millions |
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Particulars of
the property charged |
Cash Credit –
Hypothecation of Stock of Raw materials, Stock in Process, Finished Goods and
Receivable Term Loan –
Hypothecation of Construction equipments to be purchased out of bank finance. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.96 |
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UK Pound |
1 |
Rs.83.78 |
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Euro |
1 |
Rs.65.82 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
2 |
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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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8 |
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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