MIRA
INFORM REPORT
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Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
LIK PROOF INDIA PRIVATE LIMITED |
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Registered Office : |
Cecil Court, 2nd FLRM, Kavi Bhushan Road, Colaba, Mumbai – 400039,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.09.1984 |
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Com. Reg. No.: |
34158 |
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CIN No.: [Company
Identification No.] |
U74999MH1984PTC034158 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04388G |
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PAN No.: [Permanent
Account No.] |
AAACL1873B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Construction of Commercial and Residential Complexes and also Glacing
Work. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 488144 |
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Status : |
Good |
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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 fine track.
Trade relations are fair. Business is active. General financial position is satisfactory.
Payments are reported as usually Correct and as per Commitments. The Company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Chandra Shekhar |
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Designation : |
Accounts Manager |
LOCATIONS
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Registered Office : |
Cecil Court, 2nd FLRM, Kavi Bhushan Road, Colaba, Mumbai –
400039, Maharashtra, India |
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Tel. No.: |
91-22-22020083, 23070509 |
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Mobile No.: |
91-9820184479 |
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Fax No.: |
91-22-22851866 |
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E-Mail : |
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Website : |
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Branches : |
Located at: v Kerala v Karnataka v Hyderabad v Rajasthan v Gujarat |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Wahid Gaffar Khan Chowhan |
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Designation : |
Managing Director |
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Address : |
501, West Garden View, CHS Limited, 23, Meghraj Shetty Marg, Mumbai
Central, Mumbai – 400 008, Maharashtra, India. |
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Date of Birth/Age : |
03.04.1949 |
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Date of Appointment : |
29.09.1984 |
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Name : |
Mrs. Rukhsana Wahid Chowhan |
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Designation : |
Director |
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Address : |
501, West Garden View, CHS Limited, 23, Meghraj Shetty Marg, Mumbai
Central, Mumbai – 400 008, Maharashtra, India. |
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Date of Birth/Age : |
10.05.1951 |
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Date of Appointment : |
29.09.1984 |
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Name : |
Mr. Rizwan Wahid Chowhan |
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Designation : |
Director |
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Address : |
501, West Garden View, CHS Limited, 23, Meghraj Shetty Marg, Mumbai
Central, Mumbai – 400 008, Maharashtra, India. |
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Date of Birth/Age : |
20.08.1977 |
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Date of Appointment : |
01.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Mr. Wahid Gaffar Khan Chowhan |
15990 |
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Mrs. Rukhsana Wahid Chowhan |
2510 |
|
Hindustan Hotels Limited |
3500 |
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Total Equity
Shares |
22000 |
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Mr. Ketan Sheth and Mr. Paresh Sheth |
50 |
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Total 8%
Cumulative Ref. Preference Shares |
50 |
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Bodies corporate (not mentioned above) |
16.00 |
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2. |
Directors or relatives of directors |
84.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Construction of Commercial and Residential Complexes and also Glacing
Work. |
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Imports : |
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Products : |
Raw Material for Glacing |
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Countries : |
v France v Germany |
GENERAL
INFORMATION
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Customers : |
Corporates |
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No. of Employees : |
250 |
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Bankers : |
Union Bank of India, Main Branch, Nariman Point |
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Facilities : |
C/C Rs. 90.000 millions Bank Guarantee Rs. 110.000 millions Term Loan Rs. 50.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N A Shah and Associates, Chartered Accountants |
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Address : |
65-C, Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Sister Concerns: |
v Hindustan Hotels
Limited Line of Business : Construction Activity v Development
Excellence Educational Foundation Line
of business: An Educational Institutions |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.400 millions |
|
1000 |
Preference Shares |
Rs. 100/- Each |
Rs. 0.100 million |
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Total |
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Rs. 2.500
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000 |
Equity Shares |
Rs. 100/-
Each |
Rs. 2.200
millions |
|
50 |
Preference Shares |
Rs. 100/-
Each |
Rs. 0.005
million |
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Total |
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Rs. 2.205 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 |
2.205 |
2.205 |
2.205 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
119.831 |
96.091 |
77.787 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
122.036 |
98.296 |
79.992 |
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LOAN FUNDS |
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1] Secured Loans |
64.959 |
50.616 |
29.375 |
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2] Unsecured Loans |
10.123 |
2.500 |
2.500 |
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TOTAL BORROWING |
75.082 |
53.116 |
31.875 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
197.118 |
151.412 |
111.867 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
114.461 |
84.173 |
62.789 |
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Capital work-in-progress |
12.786 |
10.764 |
0.011 |
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INVESTMENT |
10.948 |
6.893 |
6.782 |
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DEFERREX TAX ASSETS |
5.067 |
0.813 |
1.487 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.930
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36.679 |
5.445 |
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Sundry Debtors |
89.110
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61.644 |
70.601 |
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Cash & Bank Balances |
14.377
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7.655 |
7.436 |
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Other Current Assets |
2.203
|
0.000 |
0.000 |
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Loans & Advances |
41.855
|
24.984 |
28.706 |
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Total
Current Assets |
161.475
|
130.962 |
112.188 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
100.857
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79.930 |
69.915 |
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Provisions |
6.763
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2.265 |
1.475 |
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Total
Current Liabilities |
107.620
|
82.195 |
71.390 |
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Net Current Assets |
53.855
|
48.767 |
40.798 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
197.118 |
151.412 |
111.867 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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510.521 |
409.215 |
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Total Income |
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510.521 |
409.215 |
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Profit/(Loss) Before Tax |
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37.730 |
31.500 |
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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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37.730 |
31.500 |
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Expenditures : |
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Depreciation & Amortization |
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20.111 |
12.222 |
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Other Expenditure |
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452.680 |
365.493 |
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Total Expenditure |
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472.791 |
377.715 |
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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 |
(%) |
7.39
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7.70 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
7.39
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7.70 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.39
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7.70 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.31
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0.32 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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0.88
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0.84 |
0.89 |
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Current Ratio (Current Asset/Current Liability) |
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1.50
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1.59 |
1.57 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U74999MH1984PTC034158 |
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Name of the company |
LIK PROOF INDIA PRIVATE LIMITED |
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Address |
Cecil Court, Mahakavi Bhushan Road, Next to Regal Cinema, Mumbai – 400
039, Maharashtra, India |
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Type of Charges |
Movable property (not being pledge) |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : Union Bank Of India Address: Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point City : Mumbai State : Maharashtra ISO country code: IN Pin code: 400021 Email Id: cbsmmo@unionbankofindia.com |
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Nature or description of the instrument creating or modifying the charge |
Hypothecation of Vehicles Agreement |
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Date of the instrument creating charge |
16.05.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 49500.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest Interest at the rate 9.05% p.a. (b) Terms of repayment 36EMI of Rs. 16000/- Each (c) Margin As per Sanction Terms (d) Extent and operation of the charge To secure Term Loan for Rs. 495000/- granted by the bank to the company. |
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Short particulars of the Property charged |
Hypothecation of vehicle Mahindra Bolero Sport ZN Model 3200 Turbo Engine BS III KA 04 MD 4173 |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
Trade References
v
Krishna Enterprises – Mr. Parag Shah ( 9820047197)
v
Span Cement – Mr. Nikesh Parekh ( 9821014966)
v
Deepak Steels – Mr. Hitesh Sanghavi ( 9322658844)
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. 42.40 |
|
UK Pound |
1 |
Rs. 82.57 |
|
Euro |
1 |
Rs. 65.84 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
65 |
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 |
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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 |
|
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 |
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