MIRA
INFORM REPORT
|
Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDOM BUTTONS PRIVATE LIMITED |
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Registered Office : |
B - 57 -62 Peepalwala Road, Mohan Garden, New Delhi -110 059 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.09.1997 |
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Com. Reg. No.: |
55-89752 |
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CIN No.: [Company
Identification No.] |
U25209DL1997PTC089752 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI04426C |
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PAN No.: [Permanent
Account No.] |
AAACI5193F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of all kind of organic, inorganic chemicals, reagents,
catalysts, raw materials resins, polyster resins and all auxillary materials,
derivatives, intermediates and compositions. |
RATING &
COMMENTS
|
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 45000 |
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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. Trade relations are reported as fair. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
B - 57 -62 Peepalwala Road, Mohan Garden, New Delhi -110 059, India |
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Tel. No.: |
91-11-25358722 / 5358721 |
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Fax No.: |
91-11-5358723 / 5358721 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Inder Singh |
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Designation : |
Director |
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Address : |
B - 57 - 62 Peepalwala Road, Mohan Garden, Uttam Nagar, New Delhi -110
059, India |
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Date of Birth/Age : |
20.11.1952 |
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Date of Appointment : |
19.09.1997 |
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Name : |
Mr. Manjeet Singh |
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Designation : |
Director |
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Address : |
B - 57 -62 Peepalwala Road, Mohan Garden, New Delhi -110 059, India |
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Date of Birth/Age : |
04.02.1975 |
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Date of Appointment : |
19.09.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders [as on 31.03.2007]:- |
|
No. of Shares |
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Mr. Inder Singh |
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343400 |
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Mr. Manjeet Singh |
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158350 |
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Mr. Surinder Singh |
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52900 |
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Mr. Harvinder Singh |
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33600 |
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Mrs. Sheel |
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9000 |
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Mrs. Omwati |
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20000 |
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Mr. Daya Ram |
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20000 |
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Mr. Kartar Singh |
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10000 |
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Mr. Sanjay Sahu |
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25000 |
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Mr. Satish Kumar |
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20000 |
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Mr. Vijay Singh |
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20000 |
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Mr. Chhater Singh |
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24000 |
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Mr. Hari Singh |
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10000 |
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Mr .Hushar Singh |
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15000 |
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Mr. Virender Hudda |
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34750 |
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Mr. Katar Singh |
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25000 |
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Mr. Ajit Singh |
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20000 |
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Mr. Daya Nand |
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10000 |
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Mr. Devender Singh |
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14000 |
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Dr. Rita |
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10000 |
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Mr. Jagat Singh |
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10000 |
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Mr. Mukhtar Singh |
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20000 |
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Mr. Om Prakash |
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15000 |
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Mr. Rajbir Singh |
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10000 |
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Mr. Ram Phal |
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25000 |
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Mr. Randhir Singh |
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10000 |
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Mr. Suraj Mal |
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15000 |
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Mr. Suman Kadyan |
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15000 |
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Total
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995000 |
Equity Shares Breakup (Percentage of Total Equity): [as on 31.03.2007]:-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all kind of organic, inorganic chemicals, reagents,
catalysts, raw materials resins, polyster resins and all auxillary materials,
derivatives, intermediates and compositions. |
GENERAL
INFORMATION
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Bankers : |
· Bank of Baroda Address: SSI Specialised Branch, Rajendra
Place, New Delhi – 110 008, India · ICICI Bank · HDFC Bank |
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Financial Institutions: |
The Haryana Financial Corporation 17, 18 and 19 Sector 17-A, Chandigarh |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V Rawal and Company Chartered Accountants |
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Address : |
B -33-34, Arya Samaj Road, Uttam Nagar, New Delhi – 110 059, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
995000 |
Equity shares |
Rs. 10/- each |
Rs. 9.950
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 |
9.950 |
9.950 |
9.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.204 |
0.881 |
0.684 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.154 |
10.831 |
10.634 |
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LOAN FUNDS |
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1] Secured Loans |
13.371 |
15.858 |
18.610 |
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2] Unsecured Loans |
4.971 |
4.940 |
4.946 |
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TOTAL BORROWING |
18.342 |
20.798 |
23.556 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.496 |
31.629 |
34.190 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.592 |
23.204 |
30.567 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.695 |
0.459 |
0.415 |
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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 |
6.000
|
5.841 |
5.766 |
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Sundry Debtors |
11.902
|
6.670 |
18.754 |
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Cash & Bank Balances |
0.012
|
0.013 |
0.015 |
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Other Current Assets |
0.005
|
0.006 |
0.000 |
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Loans & Advances |
1.512
|
0.337 |
0.074 |
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Total
Current Assets |
19.431
|
12.867 |
24.609 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
12.433
|
5.217 |
21.822 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
12.433
|
5.217 |
21.822 |
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Net Current Assets |
6.998
|
7.650 |
2.787 |
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MISCELLANEOUS EXPENSES |
0.211 |
0.316 |
0.421 |
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TOTAL |
29.496 |
31.629 |
34.190 |
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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 |
23.994 |
20.133 |
20.062 |
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Other Income |
0.405 |
0.777 |
0.498 |
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Total Income |
24.399 |
20.910 |
20.560 |
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Profit/(Loss) Before Tax |
0.294 |
0.197 |
0.189 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.294 |
0.197 |
0.189 |
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Expenditures : |
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Financial Charges |
1.423 |
0.886 |
4.450 |
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Depreciation & Amortization |
1.624 |
1.623 |
2.055 |
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Other Expenditure |
18.011 |
15.695 |
7.361 |
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Total Expenditure |
21.058 |
18.204 |
13.866 |
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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 |
(%) |
1.20
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0.94 |
0.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.23
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0.97 |
0.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.70
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0.54 |
0.33 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.01 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.75
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2.40 |
4.26 |
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Current Ratio (Current Asset/Current Liability) |
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1.56
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2.46 |
1.13 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Name of the
company |
INDOM BUTTONS PRIVATE LIMITED, 125 Village Nawada, Uttam Nagar, New Delhi,
India |
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Presented By |
---- |
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1) Date and
description of instrument creating the change |
Loan agreement ,
Deed of hypothecation , general condition dated 05.08.1998 and 22.02.1999 executed
by M/s Indom Buttons Private Limited Jhajjar |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 3.250
millions and additional loan of Rs. 11.900 millions Total Rs. 15.150 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 |
Registered charge
on plot of land measuring 11 Kanals 08 Marlas bearing khewat No. 1 Min, Khata
No. 21, Min, Rect and Killa No. 24/3(3-8), 25 (8-0) situated at village
Durina, The and district Jhajjar with factory building constructed and
machinery installed therein in schedule VI and I to the loan agreement , deed
of hypothecation general condition date 05.08.1998 and 20.02.1999 (copy
already supplied) goodwill and other present and future assets S detailed in
the said indenture. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The principal sum of Rs. 15.150 millions
to be repaid as per schedule of repayment of the aforesaid loan agreement,
deed of hypothecation. General condition dated 05.08.1998 and 20.02.1999 along with Interest as mentioned in the
said indenture. |
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5) Name and
Address and description of the person entitled to the charge. |
The Haryana Financial Corporation 17, 18 and 19 Sector 17-A, Chandigarh |
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6) Date and brief description of instrument
modifying the charge |
Deed of
hypothecation dated 28.02.2001 for enhancement of loan from Rs. 15.150
millions to Rs. 18.050 millions. |
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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. |
Charge enhanced
from Rs. 15.150 millions to Rs.
18.050 millions vide deed of hypothecation dated 28.02.2001
additional loan of Rs. 2.900 millions is to be repaid in 29 equal
installments of Rs. 0.100 million each starting from 01.05.2002 together with
interest @ 17% p.a |
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Corporation identity number or foreign company registrations number of
the company |
U25209DL1997089752 |
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Name of the company |
INDOM BUTTONS PRIVATE LIMITED |
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Address |
B - 57 -62 Peepalwala Road, Mohan Garden, New Delhi -110 059, India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Book debts · Floating charge · Movable property |
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Particular of the charge holder
|
Bank of Baroda SSI Specialised Branch, Rajendra Place,
New Delhi – 110 008, India Email: ca_rcg@yahoo.co.in
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Nature or description of the instrument creating charge |
Hypothecation agreement dated 01.03.2007
for Rs. 2.000 millions. |
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Date of the instrument creating charge |
01.03.2007 |
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Amount Secure by the charge |
Rs. 5.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 0.25% p.a below BPLR of the Bank with a minimum of 12.25% p.a
compounded monthly or at such others rates as may be specified by the bank
from time to time. Terms of repayment: Payable on Demand Margin: 25% on stock of all goods or 40% on book
debts not older than 90 days Extent and operation of the charge: 100% Others: The above is to secure all amounts payable under enhanced cash credit
(hypothecation of stocks and book debts) limit Rs. 5.000 millions granted to
the company together with all Interest , costs, charges, expenses, etc. |
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Short particulars of the Property charged |
Hypothecation of stocks of raw materials, stock in process, finished
goods such as buttons, blanks, resins, pigments, DEG, MEG etc. now lying or
hereafter stored at Company premises at Jhajhar or at any place(s) including
those in transit and all book debts of the company – both present and future.
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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.40.10 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|