MIRA
INFORM REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
INNOVATIVE ENGINEERING PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
305 / 306 Rajratna Complex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.02.2008 |
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Com. Reg. No.: |
04-052935 |
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CIN No.: [Company Identification
No.] |
U29100GJ2008PTC052935 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTI00328G |
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PAN No.: [Permanent Account No.] |
AABCI8355E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Industrial Consumables and Engineering
Parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 21000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but 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 slow but correct. 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Deepk Naik |
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Designation : |
Director |
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Contact No.: |
91-281-2480953 |
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Date : |
14.01.2011 |
LOCATIONS
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Registered Office/Factory : |
305 / 306 Rajratna Complex, |
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Tel. No.: |
91-281-2480953 |
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Fax No.: |
91-281-2460319 |
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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
AS ON 10.07.2010
|
Name : |
Mr. Deepak M Naik |
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Designation : |
Director |
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Date of Birth/Age : |
09.04.1967 |
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Date of Appointment : |
15.02.2008 |
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Name : |
Mr. Vinayak M Naik |
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Designation : |
Director |
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Date of Birth/Age : |
14.09.1961 |
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Date of Appointment : |
27.03.2009 |
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Name : |
Mrs. Supriya D Naik |
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Designation : |
Director |
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Date of Birth/Age : |
11.03.1969 |
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Date of Appointment : |
15.02.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.07.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Deepak M Naik |
7430 |
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Mrs. Supriya D Naik |
1870 |
|
Mrs. Sharmila V Naik |
1700 |
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Total
|
11000 |
AS ON 10.07.2010
|
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 : |
Manufacturer and Trader of Industrial Consumables and Engineering
Parts |
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Terms : |
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Selling : |
Cash, Credit (30-60-90 Days) |
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Purchasing : |
Cash, Credit (30-60-90 Days) |
GENERAL INFORMATION
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No. of Employees : |
35 Approximately |
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Bankers : |
State Bank of India, Commercial Branch, Noble House, Near Jalaram Petrol
Pump, Kalawad Road, Rajkot 360001, Gujarat, India |
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Facilities : |
Cash Credit Rs. 15.500 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S A D P and Company Chartered Accountant |
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Address : |
B B House, 5 Collegewadi, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 10.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
11000 |
Equity Shares |
Rs. 100 each |
Rs.1.100 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
11000 |
Equity Shares |
Rs. 100 each |
Rs.1.100 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.80.000 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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|
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|
1] Share Capital |
1.100 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.166 |
1.395 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.266 |
2.395 |
1.000 |
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LOAN FUNDS |
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1] Secured Loans |
9.879 |
4.908 |
0.000 |
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2] Unsecured Loans |
2.125 |
0.041 |
0.000 |
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TOTAL BORROWING |
12.004 |
4.949 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.087 |
0.037 |
0.000 |
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TOTAL |
17.357 |
7.381 |
1.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.050 |
1.089 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.016 |
0.000 |
0.000 |
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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 |
8.453
|
7.059 |
0.000 |
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Sundry Debtors |
12.768
|
7.100 |
0.000 |
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Cash & Bank Balances |
0.376
|
0.087 |
0.178 |
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Other Current Assets |
1.794
|
0.825 |
0.025 |
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Loans & Advances |
2.017
|
0.041 |
0.758 |
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Total
Current Assets |
25.408
|
15.112 |
0.961 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.000 |
0.000 |
0.000 |
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Other Current Liabilities |
9.481
|
8.341 |
0.007 |
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Provisions |
0.666
|
0.521 |
0.000 |
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Total
Current Liabilities |
10.147
|
8.862 |
0.007 |
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Net Current Assets |
15.261
|
6.250 |
0.954 |
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MISCELLANEOUS EXPENSES |
0.030 |
0.042 |
0.046 |
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TOTAL |
17.357 |
7.381 |
1.000 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
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|
31.03.2010 |
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SALES |
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Sales |
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|
68.978 |
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Other Income |
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|
0.000 |
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TOTAL (A) |
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|
68.978 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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|
59.236 |
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Advertising Expenses |
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TOTAL (B) |
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|
59.236 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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|
9.742 |
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Less |
FINANCIAL
EXPENSES (D) |
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NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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|
9.742 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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NA |
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PROFIT BEFORE
TAX (E-F) (G) |
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|
9.742 |
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Less |
TAX (H) |
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8.371 |
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PROFIT AFTER TAX
(G-H) (I) |
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|
1.371 |
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Earnings Per
Share (Rs.) |
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|
124.63 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.98
|
NA
|
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
14.12
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NA
|
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
35.47
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NA
|
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
1.84
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NA
|
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.22
|
5.78 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
|
2.50
|
1.70 |
137.28 |
LOCAL AGENCY FURTHER INFORMATION
Sundry creditor
details are not available.
FORM 8
|
Corporate
identity number of the company |
U29100GJ2008PTC052935 |
|
Name of the company
|
INNOVATIVE ENGINEERING PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
305 / 306 Rajratna Complex, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, Noble House, Near Jalaram Petrol
Pump, Kalawad Road, Rajkot 360001, Gujarat, India |
|
Nature of
instrument creating charge |
Supplemental
agreement of loan cum hypothecation. Memorandum of deposit of title deed for
creation of mortgage for term loan/overall limit |
|
Date of
instrument Creating the charge |
15.04.2010 |
|
Amount secured by
the charge |
Rs. 15.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Working Capital:
1.25% above SBAR Term Loan: 2%
above SBAR Terms of repayment Working capital
repayable on demand. Term loan to be repaid in 54 monthly installments. Margin Finished Goods:
25% Domestic
Receivables: 50% Bank Guarantee:
25% Extent and operation of the charge Extension of hypothecaiton
charge over stock and book debt and extention of equitable mortgage over the
immovable property already charged and creation of charge over property
sitauted at R S No 149 paiki plot no 4/b/2 and 4/b/3 with bank to secure
enhanced limit. Other As per supplement
agreement of loan cum hypothecation deed. |
|
Description of
the property charged indicating whether it is a charged on |
|
|
Short particulars
of the property charged (Including location of the property) |
Office No
305,306,307,313,314 at Rajratna Complex, Non Agriculture
Plot No 6,7,8 at Resi. Flat At 11k
Meghmalhar Apt, Pragati Soc, Opp Old Income Tax Soc, Sub Plot No 4/B/2
And 4/B/3 of Vavdi R S No 149 |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. If yes, in whose
name it is registers |
Yes, Director Mr.
Deepak Naik and Mrs Supriya Naik |
|
Particulars of
the present modification |
Total Credit
Facility Enhanced From Rs.9.500 millions To Rs.15.500 millions Accordingly
Present Charge Over The Stock, Book Debt And Em Extended Secure The Enhanced
Credit Facility. Enhanced Credit Facility Further Secured By Creation Of Em
Over Property Situated At R S No.149 Plot No 4/B/2 and 4/B/3 At Vavdi. Cash Credit Limit
Rs.9.500 millions, Term Loan Rs. 4.500 millions, Bank Guarantee Rs.1.500
millions |
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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 |
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.