MIRA
INFORM REPORT
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Report Date : |
01.04.2011 |
IDENTIFICATION DETAILS
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Name : |
CHOICE COPIERS PRIVATE LIMITED |
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Registered
Office : |
66, Parikh Vora Chambers, 1st Floor, Nagindas, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.10.1985 |
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Com. Reg. No.: |
11-037728 |
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CIN No.: [Company Identification
No.] |
U29299MH1985PTC037728 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Solder Wire, Sticks and Soldering
Materials |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 14700 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
66, Parikh Vora Chambers, 1st Floor, Nagindas, |
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E-Mail : |
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Head Office : |
D-91, Sector-10, Noida, Gautam Budh Nagar, Noida, |
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Tel. No.: |
91-120-2558205 / 4317404 / 2558265 |
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Fax No.: |
91-120-2544706 |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Vinod Goyal |
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Designation : |
Managing Director |
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Address : |
C 1 / 89, Sector 31, NOida, |
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Date of Birth/Age : |
28.05.1959 |
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Date of Appointment : |
01.05.1990 |
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DIN : |
00081005 |
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Name : |
Mrs. Neelam Goyal |
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Designation : |
Director |
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Address : |
C 1 / 89, Sector 31, NOida, |
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Date of Birth/Age : |
28.01.1952 |
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Date of Appointment : |
18.01.1991 |
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DIN : |
00081189 |
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Name : |
Mr. Harish Chandra Goyal |
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Designation : |
Director |
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Address : |
C 1 / 89, Sector 31, NOida, |
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Date of Birth/Age : |
23.03.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Vinod Goyal |
|
3175 |
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Mrs. Neelam Goyal |
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1460 |
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Mr. Harish Chandra Goyal |
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670 |
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Smt. Geeta Srivastav |
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50 |
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Mahesh Goyal |
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1150 |
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355 |
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Ratan Lal Dingli |
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100 |
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Aman Goyal |
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3570 |
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Sunita Agrawal |
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250 |
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Kamlesh Gupta |
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175 |
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Shivani Gupta |
|
500 |
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Ankit Goyal |
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2770 |
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Ashish Srivastav |
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100 |
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Total |
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14325 |
As on 29.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Solder Wire, Sticks and Soldering
Materials |
PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
Unit |
Actual
Production |
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Oldering Material |
Kgs. |
35296 |
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GENERAL INFORMATION
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Bankers : |
Corporation Bank, SME Branch, G-28/29, Sector – 18, Noida – 201301, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Verma and Associates Chartered Accountant |
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Address : |
G-53, Sarita Vihar, |
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PAN No.: |
AACHR5293L |
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Related Parties : |
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CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15,000 |
Equity Shares |
Rs.100/-each |
Rs.1.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14,325 |
Equity Shares |
Rs.100/-each |
Rs.1.433 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.433 |
1.433 |
1.433 |
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2] Share Application Money |
0.000
|
0.000 |
0.000 |
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3] Reserves & Surplus |
2.250 |
1.933 |
1.696 |
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4] (Accumulated Losses) |
0.000
|
0.000 |
0.000 |
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NETWORTH |
3.683 |
3.366 |
3.129 |
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LOAN FUNDS |
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1] Secured Loans |
7.536 |
5.230 |
2.962 |
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2] Unsecured Loans |
2.957 |
2.726 |
2.882 |
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TOTAL BORROWING |
10.493 |
7.956 |
5.844 |
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DEFERRED TAX LIABILITIES |
0.224 |
0.267 |
0.231 |
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TOTAL |
14.400 |
11.589 |
9.204 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.083 |
3.456 |
2.109 |
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Capital work-in-progress |
0.000
|
0.000 |
0.000 |
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INVESTMENT |
0.630 |
0.630 |
0.630 |
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DEFERREX TAX ASSETS |
0.000
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.263
|
1.019 |
1.223 |
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Sundry Debtors |
4.261
|
4.086 |
3.299 |
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Cash & Bank Balances |
0.686
|
0.739 |
0.584 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.675
|
7.164 |
2.796 |
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Total
Current Assets |
16.885
|
13.008 |
7.902 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.908
|
2.952 |
0.692 |
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Other Current Liabilities |
4.014
|
2.394 |
0.539 |
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Provisions |
0.276
|
0.159 |
0.206 |
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Total
Current Liabilities |
6.198
|
5.505 |
1.437 |
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Net Current Assets |
10.687
|
7.503 |
6.465 |
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MISCELLANEOUS EXPENSES |
0.000
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0.000 |
0.000 |
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TOTAL |
14.400 |
11.589 |
9.204 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES and MISC.
INCOME |
27.259 |
32.132 |
22.458 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Finance Expenses |
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TOTAL |
26.485 |
31.375 |
21.724 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.774 |
0.757 |
0.734 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.373 |
0.327 |
0.305 |
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PROFIT BEFORE
TAX |
0.401 |
0.430 |
0.429 |
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Less |
TAX |
0.084 |
0.193 |
0.167 |
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PROFIT AFTER TAX |
0.317 |
0.237 |
0.262 |
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BALANCE CARRIED
TO THE B/S |
0.317 |
0.237 |
0.262 |
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Earnings Per
Share (Rs.) |
22.12 |
16.53 |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.16
|
0.74 |
1.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.01
|
2.61 |
4.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
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0.13 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.53
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4.00 |
4.39 |
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Current Ratio (Current Asset/Current Liability) |
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2.72
|
2.36 |
5.50 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29299MH1985PTC037728 |
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Name of the
company |
CHOICE COPIERS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
66 Parekh Vora
Chambers 1st floor |
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This form is for |
Modification
of Charge |
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Charge
identification (ID) number of the charge to be modified |
90186935 |
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Type of charge |
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Particular of
charge holder |
Corporation Bank, SME Branch, G-28/29, Sector – 18, Noida – 201301, |
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Nature of
instrument creating charge |
Continuity
Letter. |
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Date of
instrument Creating the charge |
31.03.2011 |
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Amount secured by
the charge |
Rs.31.697 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- C.C. limit at 12.40% p. a .i. e. at 3.50% above Base Rate which is 8.90%
p.a.at present & TL at 13.45% p.a i. e at 4.25% above Base Rate which is
8.90% p. a. as at present(details in schedule-II ) Terms of
Repayment - As per sanction terms. Margin - As per
sanction terms. Extent and
Operation of the charge - The hypothecation assets and equitable mortgage of
property is to collaterally secure various credit facilities sanction by
Corporation Bank to following companies 1.M/s. Choice Chemtech Private Limited Rs.10.550 millions.2. M/s. Choice
Copiers Private Limited Rs.21.147
millions. Aggregate limit of Rs.31.697 milions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Exclusive first
charge by hypothecation of all the present and future entire movables comprising
plant and machineries, factory equipments, electrical installation/ fittings,
lab equipments. spares and tools etc. and hypothecation of stock of raw
materials, work in process, finished goods, stores and spares and book-debts
receivables which now belongs to and may hereafter during the subsistence of
the borrower liability belong to borrower and which are shall may be brought
into or stored or be in upon the borrowers and which are shall may be brought into or stored or be in upon
borrower premises situated at D-91, Sector-10, Noida-201301 and or at any other godowns or any other
premises or wherever else to be intimated by the company to the bank
from time to time or in course of
transit or delivery to the borrower. Collateral Security;-immovable property
at Plot No. D- 91, Block - D, Sector - 10, Noida admeasuring 114.00sq meter.
situated in Noida, tehsil Dadri,District Gautam Budh Nagar (UP) |
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Particulars of
the present modification |
Extent of
operation of charge on hypothecation assets and company immovable property as
mentioned in Col No. 15. above stands
enahnce from Rs.18.150 millions to Rs.31.697 millions sanction by Corporation Bank to M/s. Choice Chemtech
Private Limited and M/s. Choice Copiers Private Limited Other terms and conditions
mains the same. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
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|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.