MIRA
INFORM REPORT
|
Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ENRICH ENTERPRISES PRIVATE LIMITED |
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Formerly Known
As : |
INFINITE E SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
30, Gopal Bhuvan, 2nd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.02.2000 |
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Com. Reg. No.: |
11-160206 |
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CIN No.: [Company Identification
No.] |
U72900MH2000PTC160206 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME07388D |
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PAN No.: [Permanent Account No.] |
AABCI2035B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporting of Industrial Chemicals. |
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 |
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Maximum Credit Limit : |
USD 90000 |
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Status : |
Moderate |
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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 moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are slow but correct. The company can be considered for small to mediocre 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
|
Registered Office : |
30, Gopal Bhuvan, 2nd Floor, |
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Tel. No.: |
91-22-40223200/ 22036714 |
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Fax No.: |
91-22-22036713 |
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E-Mail : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Sunil Hariprasad Agrawal |
|
Designation : |
Director |
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Address : |
B – 602, Avon Majesty, |
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Date of Birth/Age : |
05.08.1979 |
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Date of Appointment : |
15.01.2004 |
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Name : |
Mr. Natwar Hariprasad Agrawal |
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Designation : |
Director |
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Address : |
B – 602, Avon Majesty, |
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Date of Birth/Age : |
01.07.1969 |
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Date of Appointment : |
15.01.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Sunil Hariprasad Agrawal |
|
178199 |
|
Rajesh C Shah |
|
1 |
|
AB and CO Corporate Services Limited, |
|
432000 |
|
Madanmohan N Bansal |
|
40000 |
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Bipin N. Patel |
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100000 |
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Hariprasad Agrawal |
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430000 |
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Natwar Hariprasad Agrawal |
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100000 |
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Total |
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1280200 |
(AS ON 30.09.2010)
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Category |
|
Percentage |
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|
|
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Bodies corporate |
|
33.74 |
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Directors or relatives of directors |
|
55.32 |
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Other top fifty shareholders |
|
10.94 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporting of Industrial Chemicals. |
GENERAL INFORMATION
|
Customers : |
· AB and CO Global Private Limited · Bokadia Textiles Mills Private Limited · Hazel Metals and Minerals Private Limited ·
Jaylon Impex ( · Kimes Trading International Inc. · Manali Enterprises · R D Electricals Private Limited · Sehgal Wires Sales (Private) Limited ·
Veritas ( |
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|
|
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Suppliers : |
· Ganesh Benzoplast Limited · Gulab Computers · Jayshree Enterprises ·
· Kartik Commercial and Financers Private Limited · Universal Petro Chemicals Limited · Santoshdevi Agrawal |
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Bankers : |
· Oriental Bank of Commerce B. S. Marg, Fort, Mumbai – 400001, · HDFC Bank ·
Union Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Yuvraj Singh and Associates Chartered Accountant |
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Address : |
C – 418, Suyog Apartment, Opposite Don Bosco School, New Link Road,
Borivali (West), Mumbai – 400091, Maharashtra, India |
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Tel No.: |
91-22-29890272 |
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Email : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1500000 |
Equity Share |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1280200 |
Equity Share |
Rs.10/- each |
Rs.12.802
Millions |
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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 |
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|
|
|
1] Share Capital |
12.802 |
12.482 |
12.482 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.605 |
1.179 |
0.531 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
22.407 |
13.661 |
13.013 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.135 |
0.135 |
0.135 |
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TOTAL BORROWING |
0.135 |
0.135 |
0.135 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.542 |
13.796 |
13.148 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.074 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.450 |
7.450 |
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 |
0.494
|
0.000 |
0.000 |
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Sundry Debtors |
14.106
|
1.921 |
0.574 |
|
|
Cash & Bank Balances |
1.018
|
0.247 |
0.277 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.448
|
6.791 |
18.187 |
|
Total
Current Assets |
16.066
|
8.959 |
19.038 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditor and Other Current Liabilities |
0.644
|
2.148 |
5.340 |
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Provisions |
0.404
|
0.465 |
0.550 |
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Total
Current Liabilities |
1.048
|
2.613 |
5.890 |
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Net Current Assets |
15.018
|
6.346 |
13.148 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
22.542 |
13.796 |
13.148 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
219.326 |
158.180 |
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Other Income |
|
0.374 |
1.038 |
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TOTAL |
|
219.700 |
159.218 |
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Less |
EXPENSES |
|
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Purchases |
|
217.736 |
156.563 |
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Other Expenses |
|
0.884 |
1.717 |
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TOTAL |
|
218.620 |
158.280 |
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PROFIT BEFORE
TAX |
|
1.080 |
0.938 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.49
|
0.59 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.69
|
10.47 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.05
|
0.20 |
0.46 |
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Current Ratio (Current Asset/Current Liability) |
|
15.33
|
3.43 |
3.23 |
LOCAL AGENCY FURTHER INFORMATION
NIL
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.45.53 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.60.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.