MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
I P ENGINEERING CONTRACT COMPANY PRIVATE LIMITED |
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Registered Office : |
F – 28, Hauz Khas Encalve, New Delhi 110 016 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.02.1986 |
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Com. Reg. No.: |
55-23477 |
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CIN No.: [Company
Identification No.] |
U74210DL1986PTC023477 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI04790C |
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PAN No.: [Permanent
Account No.] |
AAACI7222F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer of Knitted Fabrics |
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 58100 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a an established company meeting its normal commitments
over time at present. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Shiv Kumar Raj Pal |
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Designation : |
Production Manager |
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Contact No.: |
91-9818125154 |
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Date : |
31.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
F – 28, Hauz Khas Encalve, New Delhi 110 016, India |
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Tel. No.: |
91-11-265561556/ 26533159 |
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Mobile No.: |
91-9818125154 |
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Fax No.: |
91-11-26533159 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mrs. Radha Oberoi |
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Designation : |
Director |
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Address : |
F – 28, Hauz Khas Encalve, New Delhi 110 016, India |
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Date of Birth/Age : |
15.11.1957 |
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Date of Appointment : |
24.02.1993 |
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Name : |
Mrs. Krishna Devi Bahl |
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Designation : |
Director |
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Address : |
F – 28, Hauz Khas Encalve, New Delhi 110 016, India |
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Date of Birth/Age : |
27.11.1929 |
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Date of Appointment : |
25.03.1996 |
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Name : |
Mr. Charanjit Singh (Col.) |
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Designation : |
E – 61, Sector 39, Noida, Gautam Budh Nagar, Uttar Pradesh, India |
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Address : |
18.04.1944 |
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Experience : |
01.04.1999 |
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Date of Appointment : |
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KEY EXECUTIVES
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Name : |
Mr. Shiv Kumar Raj Pal |
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Designation : |
Production Manager |
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Name : |
Choudhary Pankaj and Associates |
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Designation : |
Company Secretary |
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Address : |
A – 208, Navin Apartments, Sector 5, Plot No. 13, Dwarka, New Delhi
110 075, India |
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Tel. No.: |
91-11-25082016 |
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Mobile No.: |
91-9891353196 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mrs. Radha Oberoi |
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91297 |
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Mrs. Krishna Devi Bahl |
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83400 |
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Mr. Charanjit Singh |
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83900 |
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Ms. Rashmi Bahl |
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1 |
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Ms. Bindu Bahl |
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1 |
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Mr. Manjit Kaur |
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1 |
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Joy Oberoi Trust |
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19350 |
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Aditya Oberoi Trust |
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19350 |
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Job Knit Fab Private Limited |
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91000 |
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IEC Consultancy Limited |
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91700 |
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Total |
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480000 |
As on 30.09.2007
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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19.00 |
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Director or Relatives of Directors |
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73.00 |
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Other Top Fifty (50) shareholders |
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8.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer of Knitted Fabrics |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
European Countries, Asian Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
South Africa |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
About 56 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A K Nair and Company Chartered Accountants |
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Address : |
C-192, Sarvodaya Enclave, New Delhi 110 017, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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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 |
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480000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.800 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 |
4.800 |
4.800 |
4.800 |
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2] Share Application Money |
10.650 |
11.700 |
11.700 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.928) |
(0.919) |
(2.098) |
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NETWORTH |
14.522 |
15.581 |
14.402 |
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LOAN FUNDS |
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1] Secured Loans |
2.516 |
7.060 |
9.685 |
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2] Unsecured Loans |
12.615 |
12.938 |
13.624 |
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TOTAL BORROWING |
15.131 |
19.998 |
23.309 |
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DEFERRED TAX LIABILITIES |
0.892 |
1.038 |
0.721 |
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TOTAL |
30.545 |
36.617 |
38.432 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.857 |
24.982 |
26.942 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.304 |
0.304 |
0.304 |
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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 |
0.759
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1.477 |
2.829 |
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Sundry Debtors |
1.603
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9.739 |
13.277 |
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Cash & Bank Balances |
5.096
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5.984 |
6.363 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.781
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3.593 |
1.755 |
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Total
Current Assets |
13.239
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20.793 |
24.224 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.518
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9.175 |
13.111 |
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Provisions |
0.379
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0.343 |
0.000 |
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Total
Current Liabilities |
5.897
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9.518 |
13.111 |
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Net Current Assets |
7.342
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11.275 |
11.113 |
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MISCELLANEOUS EXPENSES |
0.042 |
0.058 |
0.073 |
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TOTAL |
30.545 |
36.619 |
38.432 |
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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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13.725 |
12.104 |
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Other Income |
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7.778 |
0.000 |
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Total Income |
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21.503 |
12.104 |
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Profit/(Loss) Before Tax |
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0.009 |
1.838 |
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Provision for Taxation |
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0.037 |
0.343 |
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Profit/(Loss) After Tax |
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(0.028) |
1.495 |
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Expenditures : |
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Financial Charges |
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0.945 |
1.157 |
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Depreciation & Amortization |
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2.192 |
2.467 |
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Other Expenditure |
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18.357 |
6.642 |
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Total Expenditure |
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21.494 |
10.266 |
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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 |
(%) |
(0.13) |
12.35 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
0.04 |
15.18 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.02
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3.99 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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0.01 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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2.51
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2.96 |
3.58 |
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Current Ratio (Current Asset/Current Liability) |
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2.24
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2.18 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
I P ENGINEERING CONTRACT COMPANY PRIVATE LIMITED |
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Presented By |
I P ENGINEERING CONTRACT COMPANY PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Common hypothecation agreement dated 11.08.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.000 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 stocks of goods such as raw materials, goods in process, finished and semi finished and manufactured goods and other items of stocks in trade and stores, spares, components machinery, vehicles, furniture and fixtures and all other movable goods and properties of every description of the borrower wherever situated whether at borrower factories, place of business, resident, godowns or in transit or in the custody of the processor, warehouse agents or others or wherever else the same may be situated, lying or being including any such raw materials, articles of goods, stores, spares, components, stock in trade and all description of movable property in the course of delivery to the borrower. All of the borrower present and future book debts, outstandings, monies, bills, contracts, securities, investments, cash, gold, silver, Jewellery, rights, and assets and rights relating to or in movable properties of whatever nature to which the borrower is entitle to during the continuance of the agreement |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on the items described above to secure packing credit limit of Rs. 3.000 millions. Interest to be charged @ 8.00% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank R K Puram New Delhi , India |
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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:
- OSI
- Taryoo
- Redington
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 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.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
YES |
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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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46 |
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 |
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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 |
|
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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