MIRA
INFORM REPORT
|
Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
LEENA POWER - TECH ENGINEERS PRIVATE LIMITED (w.e.f.25.03.2004) |
|
|
|
|
Formerly Known
As : |
LEENA INFRATECH ENGINEERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
SHOP NO. 13, 14, Sai Chambers, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
02.02.1999 |
|
|
|
|
Com. Reg. No.: |
11-118098 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31103MH1999PTC118098 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04544B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC4054E |
|
|
|
|
Legal Form : |
Private limited liability company |
|
|
|
|
Line of Business
: |
Providing Electrical Engineer Services Like power Transmission, Distribution,
Building Electrification and Railway Electrification. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 260000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Amit Tech Chandani |
|
Designation : |
Director |
|
Contact No.: |
91-22-27579731 |
|
Date : |
17.02.2011 |
LOCATIONS
|
Registered Office : |
Shop No. 13, 14, Sai Chambers, |
|
Tel. No.: |
91-22-27579731/27579732/67939731/67939732 |
|
Fax No.: |
91-22-27578259 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4500 sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr. Amit A Teckchandani |
|
Designation : |
Managing Director |
|
Address : |
601, Shri Tirupati Chs, Plot No. 32,
Sector 19, Nerul, Navi Mumbai, 400706 |
|
Date of Birth/Age : |
22.07.1971 |
|
Date of Appointment : |
02.02.1999 |
|
|
|
|
Name : |
Mr. Ashok R Teckchandani |
|
Designation : |
Director |
|
Address : |
G.55, |
|
Date of Birth/Age : |
07.08.1945 |
|
Date of Appointment : |
02.02.1999 |
|
|
|
|
Name : |
Ms. Komal Amit Teckchandani |
|
Designation : |
Director |
|
Address : |
Flat No 601, 6th Flr, Shri Tirupati Chs;
Plot No 32, Sector 19, Nerul, Navi Mumbai, 400706 |
|
Date of Birth/Age : |
25.06.1975 |
|
Date of Appointment : |
01.04.2008 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
2nd Floor, Vidya Sagar A/68 |
|
Date of Birth/Age : |
04.09.1947 |
|
Date of Appointment : |
01.11.2008 |
|
|
|
|
Name : |
Mr. Ganapathy Venkatachalam |
|
Designation : |
Director |
|
Address : |
105/106 E Wing Pinewood, Vasant Gardens,
Near Swapna Nagari, Mulund West, Mumbai, 400080, Maharashtra, India |
|
Date of Birth/Age : |
05.01.1950 |
|
Date of Appointment : |
01.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Amit A Teckchandani |
|
2999772 |
|
Ashok R Teckchandani |
|
116 |
|
Komal Amit Teckchandani |
|
112 |
|
Total |
|
3000000 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Electrical Engineer Services Like power Transmission,
Distribution, Building Electrification and Railway Electrification. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 to 60 to 90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 to 60 to 90 Days) |
GENERAL INFORMATION
|
Customers : |
End Users , OEM’s, Others, Government Bodies ·
Reserve Bank of ·
Central Railway, Mumbai ·
CIDCO Limited, Navi Mumbai ·
L and T Limited, Mumbai ·
State Bank of |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
50 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
State Bank of |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Nair and Nair Associates Chartered Accountants |
|
Address : |
A - 108 Om Rachana Chs Sector 17, Vashi-400 705, Navi Mumbai, |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- Each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- Each |
Rs.30.000
millions |
Note:
Out of the above 2000000 Equity Shares are
allotted as fully paid up by way of Bonus shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.000 |
15.000 |
10.000 |
|
|
2] Share Application Money |
6.800 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
27.781 |
27.951 |
18.050 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
64.581 |
42.951 |
28.050 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
24.738 |
21.343 |
50.081 |
|
|
2] Unsecured Loans |
0.162 |
0.162 |
2.299 |
|
|
TOTAL BORROWING |
24.900 |
21.505 |
52.380 |
|
|
DEFERRED TAX LIABILITIES |
0.091 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89.572 |
64.456 |
80.430 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.701 |
7.619 |
4.146 |
|
|
|
123.945
|
123.225 |
132.961 |
|
|
|
145.646 |
130.844 |
137.107 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
13.730 |
9.245 |
2.650 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.021 |
0.035 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.628
|
6.492 |
6.658 |
|
|
Sundry Debtors |
70.126
|
68.037 |
75.558 |
|
|
Cash & Bank Balances |
0.853
|
0.040 |
0.496 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
50.338
|
48.656 |
50.249 |
|
Total
Current Assets |
123.945
|
123.225 |
132.961 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
53.532
|
61.668 |
47.069 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
16.796
|
14.675 |
12.427 |
|
Total
Current Liabilities |
70.328
|
76.343 |
59.496 |
|
|
Net Current Assets |
53.617
|
46.882 |
73.465 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.524 |
0.689 |
0.134 |
|
|
|
|
|
|
|
|
TOTAL |
89.572 |
64.456 |
80.430 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
GROSS INCOME |
352.436 |
228.300 |
324.049 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Directors Remuneration |
1.735 |
1.566 |
2.260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
29.110 |
22.436 |
20.833 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.099 |
5.932 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
25.011 |
16.504 |
20.833 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.696 |
0.836 |
2.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
23.313 |
15.668 |
18.573 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
8.264 |
5.311 |
6.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
15.049 |
10.357 |
12.460 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.02 |
- |
- |
|
Expected Sales (2010-2011) : Rs.500.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.01
|
11.97 |
13.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.36 |
0.66 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.47
|
2.28 |
3.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.61 |
2.23 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Subcontractors |
1.970 |
0.736 |
9.322 |
|
Other Creditors |
60.035 |
61.931 |
41.388 |
|
Advance to
Creditors |
(8.473) |
(0.999) |
(3.641) |
OPERATIONS:
The gross sales
for the financial year were Rs.352.400 millions as against Rs.228.200 millions for
the previous financial year registering an increase of 54 %. This increase is
mainly due to new contracts received at the fag end of the previous year and
also major part of CIDCO PSDI Kharghar Contract was completed in the financial
year. The Profit before tax (after interest and depreciation charges) of
Rs.23.313 millions and the Profit after tax of Rs.15.049 millions for the
financial year as against Rs.15.668 millions and Rs.9.913 millions respectively
for the previous financial year, improved by 49% and 52% respectively.
There has been
efficient accomplishment of our projects under the period of review. The major
projects include SBI New DG Set Projects and IVRCL Infra Project Ltd. CA-2.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U31103MH1999PTC118098 |
|
Name of the
company |
LEENA POWER-TECH
ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop No. 13, 14, Sai Chambers, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others Car namely
Volkswagen Polo |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Loan-Cum-Hypothecation
Agreement |
|
Date of instrument
Creating the charge |
21.09.2010 |
|
Amount secured by
the charge |
Rs.0.580 million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @9% for 1st yr,
@9.75% for 2nd yr, @10% for 3rd yr and more particularly described in the
bank's arrangement letter dated 21.09.10 Terms of
Repayment Loan to be repaid
in 36 principal equally distributed installments of Rs0.016 million each,
commencing from the month of October 2010. Margin @15% Extent and
Operation of the charge Security created
by way of first charge and to cover the principal amount together with
interest, charges, costs, expenses etc. Others Security created
in respect of term loan facility. |
|
Short particulars
of the property charged |
Car namely
Volkswagen Polo together with all its components, accessories, attachments
etc. |
Trade Reference:
·
CIDCO Limited, Navi Mumbai
·
Lanco Infotech Limited,
Mumbai
·
IVRCL Infrastructures and
Projects Limited,
·
Central Railway, Mumbai
Fixed Assets:
·
Building
·
Computer
·
Motor Vehicle
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixture
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.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.