MIRA
INFORM REPORT
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Report Date : |
09.07.2011 |
IDENTIFICATION DETAILS
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Name : |
L COMPS AND IMPEX PRIVATE LIMITED |
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Formerly Known As : |
L-CON COMPONENTS PRIVATE LIMITED |
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Registered Office : |
182/63, Industrial Area, Phase I, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.10.1979 |
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Com. Reg. No.: |
05-004067 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.500
million |
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CIN No.: [Company
Identification No.] |
U31200CH1979PTC004067 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLL10326B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Food Items and Electrical
Goods like Relays and Thermostats. etc. |
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No. of Employees
: |
40 (30 in Office and 10 in Branches) Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 239000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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
regular 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 / Head Office |
182/63, Industrial Area, Phase I, |
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Tel. No.: |
91-172-2650026/2640573 |
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Fax No.: |
91-172-2653861 |
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E-Mail : |
garg_ca@hotmail.com |
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Area: |
2500 sq. yds. |
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Location: |
Owned |
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Mumbai Office / Factory: |
14, Paper Box House, Industrial Estate, Mahakali Caves
Road, Andheri East, |
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Tel. No.: |
91-22-24914073 |
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809-A, 8th Floor, |
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Tel. No.: |
91-11-26811108 / 26364632 /
26420044 / 26287003 / 26287004 |
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No. 5, Chamundi Krupa, 2nd. Floor, 4th Main, 9th
Cross, Malawian, |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Puneet Gupta |
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Designation : |
Director |
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Address : |
610, Sector 18 B, |
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Date of Birth/Age : |
31.08.1971 |
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Date of Appointment : |
05.04.1993 |
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DIN No. : |
00210806 |
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Name : |
Mr. Hari Bhushan Gupta |
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Designation : |
Director |
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Address : |
363, Sector 8,
Panchkula – 135 008, |
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Date of Birth/Age : |
15.03.1941 |
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Date of Appointment : |
15.03.2002 |
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DIN No. : |
01173797 |
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Name : |
Mr. Sanjay Singla |
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Designation : |
Director |
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Address : |
H No. 1229, Sector 18, |
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Date of Birth/Age : |
17.12.1971 |
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Date of Appointment : |
31.07.2009 |
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DIN No. : |
02319860 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sat Prakash Gupta |
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25 |
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Puneet Gupta |
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3260 |
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Sameer Gupta |
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1690 |
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Rattan Prasha |
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25 |
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Total
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5000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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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 Importer of Food Items and Electrical
Goods like Relays and Thermostats. etc. |
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Products : |
v
Jams v
Pascual-yougurts v
Conagra foods v
Keebler cookies v
Swisher cigars v
Zara v Fruit juices |
GENERAL INFORMATION
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Customers : |
v
Wholesalers v
Retailers v
End Users v
Distributors |
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No. of Employees : |
40 (30 in Office and 10 in Branches) Approximately |
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Bankers : |
Ř
State Bank of Ř Kotak Mahindra Bank Limited Ř HDFC Bank |
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Facilities : |
Note : * Secured by hypothecation of Stock, Book debt and personal Guarantee of Directors ** Secured by hypothecation of machinery and personal Guarantee of Directors *** Secured against Car finance |
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Banking
Relations : |
-- |
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Auditors : |
Garg Sanjeev and Associates Chartered Accountants |
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Address : |
Quiet Office No. 15, Sector 35-A, |
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Tel No.: |
91-172-2607931 |
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Pan No.: |
AAVFS8061J |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500
million |
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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 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
59.325 |
59.238 |
52.519 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.825 |
59.738 |
53.019 |
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LOAN FUNDS |
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1] Secured Loans |
34.881 |
24.444 |
12.223 |
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2] Unsecured Loans |
10.819 |
0.923 |
0.656 |
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TOTAL BORROWING |
45.700 |
25.367 |
12.879 |
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DEFERRED TAX LIABILITIES |
3.521 |
0.331 |
0.000 |
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TOTAL |
109.046 |
85.436 |
65.898 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.793 |
36.683 |
34.972 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.003 |
5.850 |
8.233 |
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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 |
30.814
|
20.896
|
17.486 |
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Sundry Debtors |
69.181
|
32.486
|
21.309 |
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Cash & Bank Balances |
7.418
|
3.229
|
2.335 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
23.533
|
10.935
|
4.867 |
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Total
Current Assets |
130.946
|
67.546
|
45.997 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Sundry Creditors |
|
18.130
|
17.585 |
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Other Current Liabilities |
56.016
|
5.519
|
5.718 |
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Provisions |
1.680
|
0.994
|
0.001 |
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Total
Current Liabilities |
57.696
|
24.643
|
23.304 |
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Net Current Assets |
73.250
|
42.903
|
22.693 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
109.046 |
85.436 |
65.898 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales and Other Income |
224.123 |
152.241 |
104.751 |
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TOTAL |
224.123 |
152.241 |
104.751 |
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Less |
EXPENSES |
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|
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Manufacturing Expenses |
213.504 |
140.525 |
101.292 |
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TOTAL |
213.504 |
140.525 |
101.292 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
10.619 |
11.716 |
3.459 |
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Less |
FINANCIAL
EXPENSES |
4.931 |
2.442 |
1.400 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.688 |
9.274 |
2.059 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.731 |
0.516 |
0.259 |
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PROFIT BEFORE
TAX |
4.957 |
8.758 |
1.800 |
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Add |
Profit / Loss
From Partnership Firm |
0.000 |
(00.114) |
0.582 |
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Less |
TAX |
1.680 |
0.994 |
0.000 |
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PROFIT AFTER TAX
|
3.277 |
7.650 |
2.382 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
26.795 |
19.443 |
17.714 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Income Tax Paid for Earlier Years |
0.000 |
0.000 |
0.020 |
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|
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Deferred Tax Provision |
3.190 |
0.297 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
26.882 |
26.796 |
20.076 |
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IMPORT VALUE |
NA |
100.729 |
73.592 |
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Earnings Per
Share (Rs.) |
655.50 |
1529.91 |
476.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.46
|
5.02 |
2.27
|
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Net Profit Margin (PBT/Sales) |
(%) |
2.21
|
5.75 |
1.72
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.10
|
8.40 |
2.22
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.15 |
0.03
|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
0.84
|
0.68 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
2.74
|
1.97 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The working of the
Company has resulted into a net profit of Rs. 4.956 millions after providing
the depreciation of Rs.0.731 millions. The share of Profit/ (Loss) from
partnership firm amounted to Rs. 0.000. The Net profit after tax of Rs.3.277
millions has been added to brought forward profits and total profit has been
transferred to Balance Sheet.
FORM 8
|
Corporate
identity number of the company |
U31200CH1979PTC004067 |
|
Name of the
company |
L COMPS AND IMPEX
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
182/63 Industrial
Areaphase I, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Immovable Property
|
|
Particular of
charge holder |
STATE BANK OF Industrial Area, Phase – I, |
|
Nature of
instrument creating charge |
Agreement of loan
for over all limit |
|
Date of
instrument Creating the charge |
15/12/2009 |
|
Amount secured by
the charge |
Rs.73.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital :
0.50% above SBAR Term Loan : 0.75%
above SBAR (present SBAR is 11.75%) Terms of
Repayment Term Loan of Rs.
4.000 millions repayable in 40 monthly installments of Rs. 10000.000 millions
each starting from April 2010. Cash credit
facility repayable on Demand. Margin Finished
Goods- 25% Receivable -
40% Non-Fund Based- 10% Term Loan - 30% Extent and
Operation of the charge 100% |
|
Short particulars
of the property charged |
Primary security:
Hypothecation of entire current assets including stocks, spares, parts,
receivables both present and future& also assets created out of Bank
finance. Collateral
Security: Equitable Mortgage of Residential Plot no 183, Sector 6, Panchkula
measuring 893 sq. meters and Plot no 45, saraswati Kung, wazirabad, Gurgaon
(Haryana) measuring 547 sq yards Collateral security
registered in the name of Sh. Puneet Gupta, director of the company |
|
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 Puneet Gupta |
|
Date of
instrument modifying the charge |
27/01/2009 |
|
Particulars of
the present modification |
Limit enhanced
from Rs.40.500 Millions to Rs. 73.000 Millions consist of following
(Amount in Millions)
C/C(Hyp) Rs.35.000 SLC
Rs.04.000 Term Loan Rs.04.000 Letter of
Credit
Rs.0.200 Forward
contract Rs.0.100 _________ TOTAL Rs.73.000
Millions |
FIXED ASSETS :
- Agricultural
Land
- Machinery
- Furniture and
Fixtures
- Office
Equipments
- Electric
Equipment and Installation
- Car
- Scooter
- Computers
- Truck, Tanks
and Trailers
- Air
Conditioner
WEBSITE DETAILS:
PROFILE
Subject is part of Prabha group
of companies a corporate with USD 10 million turnover. They are in business of
Hotels, Automobiles, Distribution, and Import.
The L'comps venture is a joint effort of a group of highly
qualified, experienced, young and dynamic professionals from the Engineering
and Marketing stream, who have worked for leading Indian and multinational
companies. They have been present in the Indian market for the last 35 years. A
young group, waiting in the wings to take off, L'COMPS represents a highly
professional and pragmatic approach to conducting trade with foreign companies
and customers. Each area they deal in is individually strong because of its
depth and the capabilities of their partners. Yet the group's overall strength
comes from the collaboration among these individuals, uniting their energies
and capabilities to solve complex problems.
· L-Comps has been in the market since 1971.
· Has a strong financial background.
· Group turnover USD 10 million.
· National presence with 5 offices.
· Retail reach of over 5000 A, B+ class outlets.
· Proven track record.
· They have an experience of over 10 years in importing.
· They have an excellent relation with all major retailers.
· Promoted by engineers and MBA with a over 20 years experience.
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.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.