MIRA
INFORM REPORT
|
Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ESPIC CONSULTING PRIVATE LIMITED |
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Registered
Office : |
201, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.04.1993 |
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Com. Reg. No.: |
11-175308 |
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CIN No.: [Company Identification
No.] |
U74210MH1993PTC175308 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Project Management Consultancy Services. |
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 |
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Maximum Credit Limit : |
USD 135000 |
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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 : |
201, |
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E-Mail : |
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Corporate Office : |
Sapphire Twins 3rd Floor, Plot No. 17, PU 3, Scheme No. 54,
A B Road, Indore 452010, Madhya Pradesh, India |
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Tel. No.: |
91-731-2444111 |
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Fax No.: |
91-731-2444222 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Eklavya Singh |
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Designation : |
Director |
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Date of Birth/Age : |
07.11.1963 |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mrs. Neelima Dixit |
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Designation : |
Director |
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Date of Birth/Age : |
02.09.1969 |
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Date of Appointment : |
04.04.2005 |
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Name : |
Mrs. Sandhya Singh |
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Designation : |
Director |
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Date of Birth/Age : |
27.12.1964 |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mr. Sanjay M Khandelwal |
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Designation : |
Director |
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Date of Birth/Age : |
03.06.1962 |
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Date of Appointment : |
01.10.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Eklavya Singh |
62200 |
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Mrs. Neelima Dixit |
4800 |
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Total |
67000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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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 : |
Providing Project Management Consultancy Services. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinod Runwal and Company Chartered Accountant |
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Address : |
102, Morya Heritage, Near 56 Shops Opposite UCO Bank, 10/5, New
Palasia, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
205000 |
Equity Shares |
Rs. 100 each |
Rs.20.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
67000 |
Equity Shares |
Rs. 100 each |
Rs.6.700 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
6.700 |
6.700 |
3.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.138 |
22.288 |
19.896 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.838 |
28.988 |
23.096 |
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LOAN FUNDS |
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1] Secured Loans |
22.921 |
25.060 |
24.851 |
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2] Unsecured Loans |
6.009 |
4.423 |
2.447 |
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TOTAL BORROWING |
28.930 |
29.483 |
27.298 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.185 |
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TOTAL |
62.768 |
58.471 |
50.579 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.285 |
25.383 |
29.278 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.638 |
3.638 |
3.094 |
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DEFERREX TAX ASSETS |
0.363 |
0.165 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
30.254
|
19.745 |
13.537 |
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Cash & Bank Balances |
8.654
|
7.215 |
8.886 |
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Other Current Assets |
1.942
|
2.054 |
1.966 |
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Loans & Advances |
12.646
|
10.240 |
7.050 |
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Total
Current Assets |
53.496
|
39.254 |
31.439 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.821
|
2.244 |
3.498 |
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Other Current Liabilities |
0.000 |
0.000 |
0.000 |
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Provisions |
10.193
|
7.725 |
9.734 |
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Total
Current Liabilities |
15.014
|
9.969 |
13.232 |
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Net Current Assets |
38.482
|
29.285 |
18.207 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
62.768 |
58.471 |
50.579 |
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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 |
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Sales |
80.889 |
83.060 |
82.830 |
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Other Income |
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TOTAL (A) |
80.889 |
83.060 |
82.830 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
73.274 |
79.155 |
72.890 |
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Advertising Expenses |
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TOTAL (B) |
73.274 |
79.155 |
72.890 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.615 |
3.905 |
9.940 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.615 |
3.905 |
9.940 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
7.615 |
3.905 |
9.940 |
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Less |
TAX (H) |
2.765 |
1.513 |
3.814 |
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PROFIT AFTER TAX
(G-H) (I) |
4.850 |
2.392 |
6.126 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.588 |
17.196 |
11.070 |
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BALANCE CARRIED
TO THE B/S |
24.438 |
19.588 |
17.196 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
18.727 |
23.115 |
21.185 |
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Earnings Per
Share (Rs.) |
72.00 |
35.00 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.99
|
2.87 |
7.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.41
|
4.70 |
12.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.32
|
6.04 |
16.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.13 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.29
|
1.36 |
1.76 |
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Current Ratio (Current Asset/Current Liability) |
|
3.56
|
3.93 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
PERFORMANCE
During the year
under review the company has earned the income of just more then Rs.80.000 millions
from the business activities and net profit of the Company has been increased
to almost double due to reduction in the overall expenses. The performance of
the company is bit satisfactory as far operational and financial position of
the company concerned. However the directors are exploring more avenues for the
growth of the company and hopeful for better performance in the forthcoming
years.
OPERATIONS AND
FUTURE OUTLOOK
The company has accepted
the challenges and continued to grow as compared to previous year and has
already bagged many national and international assignments of repute. The
directors are able to establish the brand in the international market and
exploring the avenues either for equity placement or for strategic partner. The
experience and professional prowess of the directors is conducive in organizing
their services in the international markets. The Directors expect more muted
growth for the coming years compared with the previous financial year.
NOTE:
Registered office of the company has been shifted from 405,
Kapadia Chambers, 599, J S S Road, Mumbai,
FIXED ASSETS:
- Furniture and
Fixtures
- Office
Equipments
- Air
Conditioner
- Car Software
- Electrical
Installation
- Computers
FORM 8
|
Corporate
identity number of the company |
U74210MH1993PTC175308 |
|
Name of the
company |
ESPIC CONSULTING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
201, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others – General
Counter Guarantee and Indemnity |
|
Particular of
charge holder |
Bank of Email: boikhj@yahoo.co.in |
|
Nature of instrument
creating charge |
Agreement of
General Counter Guarantee and Indemnity - LG-11 |
|
Date of
instrument Creating the charge |
13.03.2009 |
|
Amount secured by
the charge |
Rs. 10.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As per Bank
norms. Terms of repayment As per agreement Margin 10% (TDR) Extent and operation of the charge Security created
by way of first charge and to cover the principal amount together with
interest, charges, costs and expenses. Other Financial Bank
Guarantee of Rs.10.000 millions |
|
Short particulars
of the property charged (Including location of the property) |
Joint and several
general counter guarantee and indemnity by the Company for Financial BG in
favour of the Bank. |
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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--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 |
YES |
|
--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.