MIRA
INFORM REPORT
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Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDICA CONVEYORS LIMITED |
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Registered Office : |
Fatehgarh Sukar Chak Road, P O Verka , Amritsar- 143001, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.06.1998 |
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Com. Reg. No.: |
16-21538 |
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CIN No.: [Company
Identification No.] |
U25191PB1998PLC021538 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AMRI10005C |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of PVC Solid Woven Conveyor Belting |
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 18000 |
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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 having
satisfactory track records. Trade relations are fair. Business is active. The
company’s profitability is improving and is expected to wipe – off it
previous losses soon. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business at usual trade terms
and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajesh Daman |
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Designation : |
Chartered Accountants |
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Contact No.: |
91-9814049497 |
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Date : |
03.05.2008 |
LOCATIONS
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Registered Office / Factory : |
Fatehgarh Sukar Chak Road, P O Verka , Amritsar- 143001, Punjab, India
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Tel. No.: |
91-183-2263604/028 |
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Mobile No.: |
91-9814049497 |
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Fax No.: |
91-183-2263604 |
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E-Mail : |
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Area : |
4000 Sq.yds (approximately) |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Arvinder Singh |
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Designation : |
Director |
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Address : |
173, Shastri Nagar, Amritsar 143 001, Punjab , India |
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Date of Appointment : |
28.07.1998 |
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Name : |
Mr. Jasvinder Singh |
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Designation : |
Director |
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Address : |
27 New Arac Nagar, Sultanwand Road, Amritsar 143 001, Punjab , India |
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Date of Appointment : |
28.07.1998 |
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Name : |
Mr. Bhupinder Singh |
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Designation : |
Director |
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Name : |
Mr. Taranjit Singh |
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Designation : |
Director |
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Address : |
201 Shastri Nagar, Amritsar – 143 001, Punjab , India |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Jasbir singh |
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Designation : |
Director |
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Address : |
29- Basnt Avenue , Amritsar 143 001, Punjab , India |
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Date of Appointment : |
28.07.1998 |
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Date of Ceasing: |
26.03.2000 |
SHAREHOLDING
PATTERN
(as on 31.03.2007):-
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of PVC Solid Woven Conveyor Belting |
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Products : |
PVC Solid Woven Conveyor Belting |
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Imports : |
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Products : |
· Raw Materials · Machinery |
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Countries : |
· China · Korea |
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Terms : |
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Selling : |
L/C (90 Days), Cash, Credit (30 Days), D/A (90 Days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
Around 60 |
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Bankers : |
· Canara Bank, DS Market , Amritsar-143 001, Punjab, India · ICICI Bank, Mall Road, Amritsar-143 001, Punjab, India · Punjab National Bank, Lawrence Road, Amritsar-143 001, Punjab, India |
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Facilities : |
· C/C – Rs. 6.000 millions (ICICI Bank) · L/C Rs. 10.000 millions (ICICI Bank) · Term Loan – Rs. 15.000 millions (Canara bank) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh Dhawan and Associates Chartered Accountants |
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Address : |
20, I/s Sarhadi Complex, Opposite Canal Office, Amritsar – 143 001,
Punjab, India |
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E-Mail : |
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Associates/Subsidiaries : |
· NRC Industries Limited Address: Fatehgarh Sukar Chak Road, P O
Verka , Amritsar- 143 001, Punjab, India Activity: Manufacturer of rubber conveyor
belts Tel No.: 91-22-23880411 Mobile No.: 91-9322596605 Fax No.: 91-22-22080404 / 22078782 · National Exports Corporation Activity: Manufacturers of 100% EOU of
rubber items |
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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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344700 |
Equity shares |
Rs. 10/-
each |
Rs. 3.447
millions |
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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 |
3.447 |
3.447 |
3.447 |
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2] Share Application Money |
1.340 |
1.340 |
1.340 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[0.435] |
[1.635] |
[1.932] |
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NETWORTH |
4.352 |
3.152 |
2.855 |
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LOAN FUNDS |
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1] Secured Loans |
2.704 |
0.588 |
1.030 |
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2] Unsecured Loans |
4.334 |
0.789 |
3.752 |
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TOTAL BORROWING |
7.038 |
1.377 |
4.782 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.390 |
4.529 |
7.637 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.973 |
5.732 |
5.692 |
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Capital work-in-progress |
0.000 |
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 |
4.075
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6.202 |
3.268 |
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Sundry Debtors |
5.178
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1.802 |
1.160 |
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Cash & Bank Balances |
0.742
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0.284 |
0.021 |
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Other Current Assets |
0.000
|
0.195 |
0.187 |
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Loans & Advances |
2.314
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1.391 |
1.059 |
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Total
Current Assets |
12.309
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9.874 |
5.695 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.702
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10.830 |
3.604 |
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Provisions |
0.196
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0.255 |
0.157 |
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Total
Current Liabilities |
6.898
|
11.085 |
3.761 |
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Net Current Assets |
5.411
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[1.211] |
1.934 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.008 |
0.011 |
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TOTAL |
11.390 |
4.529 |
7.637 |
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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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15.947 |
9.805 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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15.947 |
9.805 |
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Profit/(Loss) Before Tax |
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1.199 |
2.118 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.199 |
2.118 |
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Expenditures : |
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Purchases made for re-sale |
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8.177 |
7.410 |
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Increase/(Decrease) in Finished Goods |
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2.127 |
0.000 |
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Salaries, Wages, Bonus, etc. |
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0.131 |
0.145 |
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Payment to Auditors |
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0.012 |
0.005 |
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Interest |
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0.122 |
0.090 |
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Insurance Expenses |
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0.016 |
0.022 |
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Power & Fuel |
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0.412 |
0.012 |
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Depreciation & Amortization |
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0.635 |
0.000 |
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Other Expenditure |
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3.112 |
0.000 |
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Total Expenditure |
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14.744 |
7.684 |
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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 |
(%) |
7.52
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21.60 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.52
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21.60 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.58
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13.57 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.67 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.20
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3.95 |
2.99 |
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Current Ratio (Current Asset/Current Liability) |
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1.78
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0.90 |
1.51 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporation identity number or foreign company registrations number of
the company |
U25191PB1998PLC021538 |
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Name of the company |
INDICA CONVEYORS
LIMITED |
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Address |
Fatehghar
Sukar Vhak Road, P O Verka, Amritsar, Punjab, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
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Canara Bank D S market, Amritsar – 143 001, Punjab, India Email: krishi.2003@gmail.com
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Nature or description of the instrument creating charge |
Deed of hypothecation of machinery |
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Date of the instrument creating charge |
27.09.2007 |
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Amount Secure by the charge |
Rs. 19.600 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 12.25% p.a Terms of Repayment: Repayable in 72 installments 71 Installments of Rs. 0.272 million and
last installments of Rs. 0.267 Million. Margin: As per bank norms Extent and operation of the charge; 100% |
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Short particulars of the Property charged |
New Heavy duty Solid Woven Conveyor Machines, 5 Second hand Rapier Weaving
Looms with spares And accessories and one twisting machine, 1 Wilson and long
bottom 100m and one set twister. |
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Name of the
company |
INDICA
CONVEYORS LIMITED |
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Presented By |
Mr. Arvinder Singh, Managing Director |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of movable assets forming part of fixed / bolo0ck assets dated
31.01.2001 and memorandum of deposit of title deed dated 31.01.2001 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 24.800
millions |
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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 |
Pari passu charge
of fixed / Block assets viz plant and machinery, furniture and fixtures,
office equipments, etc. extension of
equitable mortgage in respect of and together with buildings, super
structures, plant and machinery ,
contracted or to be constructed , installed or to be installed ,present and
future and or the properties covered thereby situated at Fategarh road, P O
Verka , Amritsar, covered by the title deeds nos. 6432 dated 21.10.1998 6429
dated 21.10.1998 and 6428 dated 21.10.1998 To secure the
credit facilities sanctioned to NRC Industries Limited |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Repayment on demand, Extent of charge, Pari passu with charge of Rs. 4.145
millions created in favour of Punjab National Bank, Lawrence Road, Amritsar. |
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5) Name and
Address and description of the person entitled to the charge. |
Punjab National Bank, Lawrence Road, Amritsar |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
TRADE REFERENCES:
· Subsidiaries of Coal India Limited
WEBSITE DETAILS:
About Sister Concern:- (NRC Industries Limited)
They introduce themselves as an ISO 9002
Manufacturers of rubber Conveyor Belts. They had started manufacturing 26 years
ago. They manufacture Rubber conveyor belts of various configuration upto a
width of 2400 mm and thickness varying from 3mm to 25mm. They manufacturer
rubber conveyor belts reinforced with cotton, nylon, and polyester (EP) fabric.
They are the only unit in India which has backward integrated all at one place
at Verka, Amritsar.
They will be manufacturing Steel Cord conveyor
belts of 2.5meter width and also plan top draw Nylon/ polyester yearn from
chips.
They supply their conveyor belts to various
Thermal power Stations Ports, Cement, Plants, mining and fertilizer companies
and export to Europe, Middle East, South Africa.
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.42.79 |
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UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|