MIRA INFORM REPORT

 

 

Report Date :

30.08.2011

 

IDENTIFICATION DETAILS

 

Name :

PASSIVE INFRA PROJECTS PRIVATE LIMITED

 

 

Registered Office :

105, Vaishali, Pitampura Delhi - 110034

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

14.06.2007

 

 

Com. Reg. No.:

55-164765

 

 

Capital Investment / Paid-up Capital :

Rs.10.515 Millions

 

 

CIN No.:

[Company Identification No.]

U45400DL2007PTC164765

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELP13930A

 

 

PAN No.:

[Permanent Account No.]

AAECP2809D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Fabrication of Iron Towers and Steel Structures 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B [29]

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

 

Maximum Credit Limit :

USD 262000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company moderate track. Profitability of company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The Company can be considered for business dealings with some cautions.

 

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

105, Vaishali, Pitampura Delhi - 110034, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

camanmohan@gmail.com

Website :

http://www.passiveinfra.com

 

 

Delhi Office / Correspondence Address  :

182, Vaishali Pitampura Delhi - 110088, India

Tel. No.:

91-11-27315598

Fax No.:

91-11-47029742

E-Mail :

info@passiveinfra.com

 

 

Corporate Office :

8th KM Stone, Sampla Kharkhoda Road, Village Hassangarh, District Rohtak, Haryana – 124404, India

 

 

DIRECTORS

 

As on 05.09.2010

 

Name :

Mr. Varun Agrawal

Designation :

Director

Address :

104, Vaishali, Pitampura Delhi - 110034, India

DIN :

00108238

Date of Appointment :

14.06.2007

 

 

Name :

Mr. Vindhyavasini Prasad Pandey

Designation :

Director

Address :

A – 3/80, Rohini, Sector 5, New Delhi – 110003, India

DIN :

02239657

Date of Appointment :

02.06.2008

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 05.09.2010

 

Names of Shareholders

 

No. of Shares

Varun Agrawal

 

1046500

Shiv Das Agrawal

 

5000

Total

 

1051500

 

As on 05.09.2010

 

Category

Percentage

 

 

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Fabrication of Iron Towers and Steel Structures 

 

 

PRODUCTION STATUS As on 31.03.2010

 

Particulars

 

Unit

 

 

 

 

Installed Capacity

MT

30000

 

 

 

Actual Production

MT

9753.34

 

 

 

 

 

GENERAL INFORMATION

 

Customers :

  • Bharat Heavy Electricals Limited
  • Indus Towers Limited
  • American Tower Company Limited          
  • ACME Tele Power Limited
  • Crompton Greaves Limited         
  • GTL
  • Sistema Shyam TeleServices Limited (SSTL)
  • Quippo Telecom Infrastructure Ltd (QTIL)
  • Reliance Infratel Limited .
  • Wireless TT Info Services Limited(TATA Group)
  • Tower Vision India Private Limited

 

 

No. of Employees :

Not Available

 

 

Bankers :
  • Small Industires Development Bank Of India, Videocon Tower, Ground Floor, E - 1, Rani Jhansi Road, Jhandewalan,, New Delhi - 110055, Delhi, India
  • HDFC Bank
  • PNB Bank
  • State Bank of Patiala

 

 

Facilities :

Secured Loan [Rs. in million]

31.03.2010

31.03.2009

SIDBI - Cash Credit with IDBI [against hypothecation of book debts, stock and personal guarantee of directors]

96.289

70.246

SIDBI - Term Loan [against hypothecation of land, building and plant and machinery and personal guarantee of directors]

24.000

20.000

HDFC Bank [against hypothecation of vehicles]

0.230

0.364

Reliance Capital (against hypothecation of vehicles)

1.518

2.049

Tata Motors Finance Limited

0.344

0.000

Total

122.381

92.659

 

Unsecured Loan [Rs. in million]

31.03.2010

31.03.2009

From Directors

0.197

0.197

From Others

26.230

0.000

Total

26.427

0.197

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Man Mohan Gupta and Company

Chartered Accountant    

Address :

Kirpal Cottage, Sant Nagar, Rohtak, Haryana – 124001, India

Mobile No.:

91-9212747271

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,000,000

Equity Shares

Rs.10/-each

Rs.20.000 millions

 

 

 

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,051,500

Equity Shares

Rs.10/-each

Rs.10.515 millions

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

Particulars

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

10.515

10.515

10.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

55.035

53.689

0.266

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

65.550

64.204

10.266

LOAN FUNDS

 

 

 

1] Secured Loans

122.381

92.659

0.000

2] Unsecured Loans

26.427

0.197

2.256

TOTAL BORROWING

148.808

92.856

2.256

DEFERRED TAX LIABILITIES

2.873

1.356

0.128

 

 

 

 

TOTAL

217.231

158.416

12.650

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

64.991

48.365

12.982

Capital work-in-progress

0.000

2.242

7.534

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
146.809

71.727

7.978

 

Sundry Debtors
110.769

77.263

4.296

 

Cash & Bank Balances
0.231

0.286

0.392

 

Other Current Assets
0.000

5.818

0.000

 

Loans & Advances
13.870

11.641

2.734

Total Current Assets
271.679

166.735

15.400

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
106.509

55.166

23.227

 

Other Current Liabilities
2.789

0.623

0.000

 

Provisions
10.145

3.144

0.047

Total Current Liabilities
119.443

58.933

23.274

Net Current Assets
152.236

107.802

[7.874]

 

 

 

 

MISCELLANEOUS EXPENSES

0.004

0.007

0.008

 

 

 

 

TOTAL

217.231

158.416

12.650

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

 

 

TURNOVER                                                       

449.674

271.590

239.400

 

 

 

 

 

 

PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION

5.212

5.141

NA

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION                    

2.287

1.289

NA

 

 

 

 

 

 

PROFIT / LOSS BEFORE TAX

2.888

3.816

NA

 

 

 

 

 

 

TAX                                                                 

0.433

0.399

NA

 

 

 

 

 

 

PROFIT / LOSS AFTER TAX

2.455

3.417

2.438

 

 

 

 

 

 

Deferred Tax Liability

1.517

0.472

 

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2.704

0.266

NA

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

55.035

2.704

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.28

2.32

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
0.54

1.26

1.02

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.64

1.40

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.86

1.77

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.04

0.06

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.09

2.36

2.49

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.27

2.83

0.66

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Operations : during the year the company has achieved a turnover of Rs.449.674 millions. The company has earned a net profit of Rs.2.455 millions during the year.

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U45400DL2007PTC164765

Name of the company

PASSIVE INFRA PROJECTS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

105, Vaishali, Pitam Pura, Delhi – 110034, Delhi, India

 

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10142513

Type of charge

  • Immovable Property
  • Book Debts
  • Movable Property

Particular of charge holder

Small Industires Development Bank Of India, Videocon Tower, Ground Floor, E - 1, Rani Jhansi Road, Jhandewalan, New Delhi - 110055, Delhi, India

Nature of instrument creating charge

Declaration and undertaking dated 07.01.2010.

Date of instrument Creating the charge

07.01.2010

Amount secured by the charge

Rs.127.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - Rate on interest will be @ 50bps above SIDBI'S PLR with monthly rests on WCL Rs.100.000 millions. Present effe. ROI is 11.50% p. a. ROI for the Term Loan of Rs. 27.000 million is 12.25% (fixed) with monthly rest.           

 

Terms of Repayment - Working Capital Limit payable on demand.

 

Margin - Margin in case of Stock:         30%

Margin in case of Book Debts:    30%

 

Extent and Operation of the charge - First charge on entire movable assets incl. plant and machinery, MFAs, current assets, actionable claims, book debts and immovable assets

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Extn of 1st chg on all current assets both present and future and incl but not limiting to, all stocks of raw materials, work-in-process, semi-finished and finished goods, packing materials, store etc.

 

extn of 1st chg over all present and future book-debts, receivables and other actionable claims;

 

extn of 1st mortg and chg of all immovable property of factory land and bldg at Vil Hassangarh, Kharkhoda-Sampla Road, Distt. Rohtak, Haryana, apprx.9.25 acres, both present and future as/ details: (i) Kila No.209/6 adm. 8 Kanal, Khewat No.238, Khatauni No.330 Kite 6 Salim meas 43 Kanal 17 Marla;

(ii) Kila No.209/8 adm 8 Kanal, Khewat No.1286, Khatauni No 1596 (iii) Kila No.149/1(8-0), 149/2(8-0) adm 8 Kanal bearing Khewat No.2341, Khatauni No.2892,

(iv) Kila No. 203//23,24/1,24/2  and 209//4,5 adm 33 Kanal 10 Marla, bearing Khewat No.152, Khatauni No.201

(v) Kila No. 209/7 measuring 8 Kanal part of property bearing Khewat No. 239, Khatauni No. 331,

(vi)Kila No.209/3 measuring 8 Kanal bearing Khewat No.1286, Khatauni No.1596, (vii) Killa No.210/11 (7-12), 210/20 (7-12)  admeasuring 15 Kanals and 4 Marlasbearing Khewat No.260, Khatauni No.363.

 

All the above mentioned assets being located mauza Hassangarh, Dist. Rohtak, Haryana.

 

1st chrg over all movable properties incl plant, machinery, machinery spares, tools and accessories, office equip, computers, furniture and fixtures etc both present and future.

Date of instrument modifying the charge

04.01.2010

Particulars of the present modification

The overall exposure of RS.127.000 millions [WCL of Rs.100.000 millions and Term Loan of Rs.27.000 millions stand additionally secured by way of Equitable Mortgage of Property bearing Killa No.210/11 (7-12), 210/20 (7-12)  admeasuring 15 Kanals and 4 Marlas bearing Khewat No.260, Khatauni No.363 together with building structures there on and plant and machinery attached to earth or permanently fastened to any thing attached to earth.

 

FIXED ASSETS :

·         Land

·         Building

·         Plant and Machinery

·         Dyes and Tools

·         Furniture and Fixtures

·         Computer

·         Car

·         Motor Cycle

·         Air Conditioner

·         Water Filter

·         Digital Camera

·         Weighing Machine

·         Mobile and Tele Phones

 

As per Website

 

Company Profile

 

Passive Infra specializes in Manufacturing of Structural Steels in India, and has developed a strong presence in supplying Fabricated and Galvanized Steel Structures to various companies involved in infrastructural projects. Backed by the international standards certification ISO 9001:2000 awarded for its manufacturing facility located in Haryana on the Delhi Border, the company is now growing in reputation and business, poised for occupying a prominent place among top steel fabricating companies in India.

 

Equipped with a perfect blend of state-of-the-art machines and man-power, the company enjoys a clear edge over others in delivering jobs that are totally in sync with the specifications of the clients. The manufacturing facilities @ passive Infra comprise of hot dip galvanizing, powder coating, sand blasting, and painting processes, apart from a well stocked tool room and in-house lab-testing, which is also available for chemical and physical testing of products at the company’s manufacturing plant.

 

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.45.87

UK Pound

1

Rs.75.14

Euro

1

Rs.66.67

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--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

 

29

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

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

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.