MIRA
INFORM REPORT
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Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDE ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
745, Sector 8-B, Chandigarh 160009, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.06.1993 |
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Com. Reg. No.: |
53-13443 |
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CIN No.: [Company
Identification No.] |
U51909CH1993PTC013443 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLI10269A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Electronic Goods and Parts. |
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 160000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. Trade relations are fair.
Payments are reported as slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions, with slight caution, initially. |
LOCATIONS
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Registered Office : |
745, Sector 8-B, Chandigarh 160009, Punjab, India |
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Tel. No.: |
91-172-2544415 / 3134502 / 3135623 |
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Mobile No.: |
91-9815600745 / 9815599745 |
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Fax No.: |
91-172-4640415/ 2544878 / 2716939 |
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E-Mail : |
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Website : |
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Factory 1 : |
345, Industrial Area, Phase II, Panchkula 134109, India |
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Branches : |
Ř 202, Vikram
Tower, Rajendra Place, New Delhi, India Ř S-721, Manipal
Centre, Dickensen Road, Bangalore |
DIRECTORS
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Name : |
Mr. Baldev Singh Rana |
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Designation : |
Director |
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Address : |
House No. 1461, Chaman Colony, Dhanas, Chandigarh 160014, India |
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Date of Birth/Age : |
20.04.1958 |
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Name : |
Mr. Sulalit Kumar |
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Designation : |
Director |
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Address : |
House No. 1170, Sector 37 B, Chandigarh 160036, India |
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Date of Birth/Age : |
07.02.1969 |
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Date of Appointment : |
01.11.2007 |
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Name : |
Mr. Romesh Kumar Singhal |
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Designation : |
Director |
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Address : |
745, Sector 8 B, Chandigarh 160009, India |
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Date of Birth/Age : |
03.04.1947 |
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Date of Appointment : |
16.06.1993 |
KEY EXECUTIVES
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Name : |
Mr. J. K. Agarwal |
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Designation : |
Company Secretary |
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Address : |
186, Sector 38-A, Chandigarh |
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Tel. No. : |
91-172-2690671 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Equity Share
Break-up |
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Percentage of
Holding |
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Foreign Holdings |
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4.00 |
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Directors or relatives of the Directors |
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91.78 |
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Others |
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4.22 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electronic Goods and Parts. |
GENERAL
INFORMATION
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No. of Employees : |
64 |
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Bankers : |
Ř ICICI Bank
Limited, Sector 9, Chandigarh 160009 Ř Axis Bank Ř Hongkong and
Shanghai Banking Corporation Limited, Sector 9, Chandigarh 160009 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Mittal and Company Chartered Accountants |
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Address : |
B – XIX – 730, Dayanand Road, Civil Lines, Ludhiana, Punjab 141001,
India |
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Associates/Subsidiaries : |
Ř Inde Associates Private Limited 745, Sector 8B, Chandigarh – 160 009, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2400000 |
Equity Shares |
Rs. 10/- each |
Rs. 24.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1375000 |
Equity Shares |
Rs. 10/- each |
Rs. 13.750 Millions |
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 |
13.750 |
13.750 |
13.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.602 |
29.815 |
32.222 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.352 |
43.565 |
45.972 |
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LOAN FUNDS |
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1] Secured Loans |
0.385 |
2.377 |
3.276 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.385 |
2.377 |
3.276 |
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DEFERRED TAX LIABILITIES |
1.954 |
2.292 |
3.261 |
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TOTAL |
43.691 |
48.234 |
52.509 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.942 |
14.080 |
16.718 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.950 |
0.950 |
0.950 |
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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 |
32.185
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32.227 |
32.771 |
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Sundry Debtors |
0.000
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0.021 |
0.108 |
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Cash & Bank Balances |
0.735
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0.704 |
1.472 |
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Other Current Assets |
0.830
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0.701 |
1.090 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
33.750
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33.653 |
35.441 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
2.798
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0.296 |
0.449 |
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Provisions |
0.153
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0.153 |
0.151 |
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Total
Current Liabilities |
2.951
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0.449 |
0.600 |
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Net Current Assets |
30.799
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33.204 |
34.841 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.691 |
48.234 |
52.509 |
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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 |
1.638 |
1.533 |
8.187 |
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Total Income |
1.638 |
1.533 |
8.187 |
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Profit/(Loss) Before Tax |
[2.549] |
[3.375] |
[5.131] |
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Provision for Taxation |
0.337 |
0.968 |
0.030 |
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Profit/(Loss) After Tax |
[2.212] |
[2.407] |
[5.161] |
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Expenditures : |
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Financial Charges |
0.016 |
0.190 |
0.186 |
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Depreciation & Amortization |
2.291 |
2.779 |
3.298 |
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Other Expenditure |
1.880 |
1.939 |
9.834 |
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Total Expenditure |
4.187 |
4.908 |
13.318 |
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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 |
(%) |
[135.04]
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[157.01] |
[63.03] |
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Net Profit Margin (PBT/Sales) |
(%) |
[155.61]
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[220.15] |
[62.67] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[5.57]
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[7.07] |
[9.83] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.06]
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[0.07] |
[0.11] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.08
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0.06 |
0.08 |
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Current Ratio (Current Asset/Current Liability) |
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11.43
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74.95 |
59.06 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
INDE ENTERPRISES PRIVATE LIMITED |
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Presented By |
Mr. Romesh Kumar,
Director |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of goods and asset dated 03.08.1995 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 33.000
Millions Export Packing
Credit : Rs. 18.000 Millions Foreign Bills
Discounting : Rs. 6.000 Millions Foreign Letter of
Credit : Rs. 10.000 Millions Bank Guarantee
[Regular] : Rs. 5.000 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 |
All present and
future goods, book debts, and all other movable assets of the borrower
including documents of the title to the goods, outstanding moneys,
receivables including receivables by way of cash assistance and/or cash
incentives scheme or any other claims including claim by way of refund of
customs/Excise duties under the duty draw back credit scheme or any other
scheme, bills, invoices, documents, contracts, insurance policies,
guarantees, encashments, securities investments and rights shall stand
charged by way of first charge to the bank by way of hypothecation |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
I Export Packing Credit Limit Rs. 18.000
Millions A] Security:
Hypothecation of raw material required for production for export related
stocks in process and finished goods for exports. B] Interest: 13%
p.a. upto 180 days, 15% beyond 180 days and upto 270 days and thereafter
16.5% p.a. these rates are subject to
revision from time to time as per RBI Directives. C] Margin 25% II Foreign Bills Purchase/Discounting Limit
[within the overall export packing credit limit of Rs. 18.000 Millions] a. Maximum Period
of usance : 120 days b. Primary
Security : Title to good accepted bill of exchange c. interest : as
per banks RBI Instructions III. Foreign
Letter of Credit : Rs. 10.000 Millions
a. Maximum period
of usance : 180 days b. Margin : 15%
cash c. Security :
Documents cover consignment of imported raw materials. IV. Bank
Guarantee Limit : Rs. 5.000 Millions Security :
Counter Guarantee from the Company Margin : 15% in
the shape of lien on the terms
deposit in the case of financial guarantees 25% in the shape of lien
on term deposits in the case of performance guarantee. |
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5) Name and Address and description of the person entitled to the charge.
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NA |
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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 |
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.92 |
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UK Pound |
1 |
Rs. 79.31 |
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Euro |
1 |
Rs. 60.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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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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29 |
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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