MIRA
INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FARIDABAD CONTROL ELECTRICALS PRIVATE LIMITED |
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Registered
Office : |
Plot No.17A, Industrial Area, Opposite Whirlpool Limited, Near |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.06.1982 |
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Com. Reg. No.: |
05-013908 |
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Capital
Investment / Paid-up Capital : |
Rs.2.013
millions |
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CIN No.: [Company Identification
No.] |
U31909HR1982PTC013908 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading of Machines, Tools and Electric Goods. |
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No. of Employees
: |
12 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
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 22000 |
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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 reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 : |
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Designation : |
Senior Accountant |
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Contact No.: |
91-129-4004787 |
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Date : |
12.07.2011 |
LOCATIONS
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Registered Office : |
Plot No.17A, Industrial Area, Opposite Whirlpool Limited, Near |
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Tel. No.: |
91-129-4004781/87/88 |
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Mobile No.: |
919811041171 (Mr. Anil Kumar Khullar - Director) |
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Fax No.: |
91-129-4034788 |
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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 27.09.2010
|
Name : |
Mr. Anil Kumar Khullar |
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Designation : |
Director |
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Address : |
297, Sector – 15, |
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Date of Birth/Age : |
24.05.1961 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.08.2004 |
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DIN No.: |
00129904 |
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Name : |
Mrs. Monica Khullar |
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Designation : |
Director |
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Address : |
297, Sector – 15, |
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Date of Birth/Age : |
15.04.1968 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.05.2001 |
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DIN No.: |
00129937 |
KEY EXECUTIVES
|
Name : |
|
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Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Monica Khullar |
|
1555 |
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Mangat Ram Khullar |
|
5575 |
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Anil Kumar Khullar |
|
8500 |
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Bhavya Khullar |
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4500 |
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Total |
|
20130 |
As on 27.09.2010
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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 |
BUSINESS DETAILS
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users v
GEMCO
Control Limited v
Tecumshah
Products ( v
Lift Lift
Limited
v
NHPC
Limited |
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No. of Employees : |
12 (Approximately) |
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Bankers : |
v Indian Overseas
Bank, YMCA Branch, Sector-6, v Oriental Bank of
Commerce, N.I.T., v CITI Bank v ICICI Bank
Limited v Barclays Bank |
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Facilities : |
+ Against hypothecation of stocks/debtors and
guarantee of directors ++ Against hypothecation of vehicles
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pramod Maheshwari and Company Chartered Accountants |
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Address : |
G-1, East of Kailash, |
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Tel. No.: |
91-11-41620055 |
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Fax No.: |
91-11-46570635 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AADFP3610N |
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Associates/Subsidiaries : |
Sathguru Machine
Tools Address: Line of Business: Manufacturer of Surface Grinders, Hydraulic Surface
Grinders. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20130 |
Equity Shares |
Rs.100/- each |
Rs.2.013
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 |
2.013 |
2.013 |
2.013 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.510 |
2.354 |
1.976 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.523 |
4.367 |
3.989 |
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LOAN FUNDS |
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1] Secured Loans |
14.869 |
7.755 |
6.539 |
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2] Unsecured Loans |
3.043 |
5.812 |
5.625 |
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TOTAL BORROWING |
17.912 |
13.567 |
12.164 |
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DEFERRED TAX LIABILITIES |
0.194 |
0.154 |
0.093 |
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TOTAL |
23.629 |
18.088 |
16.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.344 |
2.741 |
1.488 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.122 |
0.122 |
0.122 |
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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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|
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Inventories |
10.855
|
9.815 |
8.346 |
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Sundry Debtors |
16.203
|
10.838 |
10.565 |
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Cash & Bank Balances |
1.151
|
1.859 |
1.937 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.057
|
1.130 |
1.041 |
|
Total
Current Assets |
30.266
|
23.642 |
21.889 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
9.538
|
7.370 |
6.786 |
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Other Current Liabilities |
2.090
|
0.829 |
0.362 |
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Provisions |
0.475
|
0.230 |
0.130 |
|
Total
Current Liabilities |
12.103
|
8.429 |
7.278 |
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Net Current Assets |
18.163
|
14.213 |
14.611 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.012 |
0.025 |
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TOTAL |
23.629 |
18.088 |
16.246 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
151.406 |
90.589 |
49.665 |
|
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Claims/ Discount Received |
2.180 |
1.824 |
1.056 |
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Exchange Rate Difference |
0.689 |
0.000 |
0.549 |
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Other Income |
0.062 |
0.086 |
0.031 |
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|
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TOTAL (A) |
154.337 |
92.499 |
51.301 |
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Less |
EXPENSES |
|
|
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|
|
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Cost of Goods Sold |
142.436 |
84.376 |
48.238 |
|
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Commission Paid |
2.587 |
2.020 |
0.000 |
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|
Exchange Rate Difference |
0.000 |
0.299 |
0.000 |
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Freight & Cartage |
0.378 |
0.771 |
0.064 |
|
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Salaries & Wages |
1.450 |
0.703 |
0.571 |
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Director Remuneration |
0.240 |
0.120 |
0.120 |
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Staff Welfare |
0.109 |
0.021 |
0.014 |
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Postage & Telephone |
0.195 |
0.145 |
0.123 |
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Printing & Stationary |
0.089 |
0.026 |
0.026 |
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Advertisement & Publicity |
0.553 |
0.077 |
0.067 |
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Traveling & Conveyance |
0.546 |
0.174 |
0.007 |
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Business Promotion |
0.139 |
0.145 |
0.014 |
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Insurance Charges |
0.069 |
0.029 |
0.038 |
|
|
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Bank Charges |
0.252 |
0.201 |
0.204 |
|
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|
Legal & Professional |
0.156 |
0.108 |
0.081 |
|
|
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Miscellaneous Expenses |
0.028 |
0.119 |
0.015 |
|
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|
Repair & Maintenance |
0.298 |
0.019 |
0.043 |
|
|
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Repair & Maintenance-Vehicle |
0.370 |
0.123 |
0.042 |
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|
|
Rent |
0.162 |
0.144 |
0.115 |
|
|
|
Electricity & Water Charges |
0.062 |
0.051 |
0.039 |
|
|
|
Charity & Donations |
0.003 |
0.033 |
0.000 |
|
|
|
Loss on sale of Asset |
0.130 |
0.000 |
0.048 |
|
|
|
Auditors' Remuneration |
0.083 |
0.055 |
0.045 |
|
|
|
Installation Charges |
0.323 |
0.000 |
0.000 |
|
|
|
Sales Tax Expenses |
0.000 |
0.008 |
0.015 |
|
|
|
Bad Debts |
0.000 |
0.240 |
0.098 |
|
|
|
Preliminary Expenses Written Off |
0.012 |
0.013 |
0.013 |
|
|
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TOTAL (B) |
150.670 |
90.020 |
50.040 |
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|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.667 |
2.479 |
1.261 |
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Less |
INTEREST (D) |
1.658 |
1.543 |
0.702 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.009 |
0.936 |
0.559 |
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|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.338 |
0.268 |
0.167 |
|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1.671 |
0.668 |
0.392 |
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|
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|
|
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|
Less |
TAX (H) |
0.515 |
0.290 |
0.138 |
|
|
|
|
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
1.156 |
0.378 |
0.254 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.229 |
0.851 |
0.597 |
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|
|
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|
BALANCE CARRIED
TO THE B/S |
2.385 |
1.229 |
0.851 |
|
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|
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IMPORT VALUE |
45.942 |
45.942 |
9.076 |
|
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|
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|
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|
Earnings Per
Share (Rs.) |
57.43 |
18.77 |
NA |
|
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Particulars |
|
|
31.03.2011 (Approximately) |
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Sales Turnover |
|
|
200.000 |
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Expected Sales (2011-2012): Rs.250.000 millions
The above information has been parted by Mr. S.C. Rawat (Senior
Accountant).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.75
|
0.41 |
0.50 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.10
|
0.74 |
0.79 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.69
|
2.53 |
1.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.15 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.43
|
5.04 |
4.87 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.50
|
2.80 |
3.01 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 1, Krishna Palace, Neelam Flyover, Faridabad – 121 001, Haryana to the present address w.e.f. 14.08.2006.
FINANCIAL RESULTS:
The Company has
earned a net profit (Before tax) of Rs.1.671 millions (Previous Year Rs.0.668
million for the year ended 31st March, 2010.
FORM 8:
|
Corporate
identity number of the company |
U31909HR1982PTC013908 |
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|
Name of the
company |
FARIDABAD CONTROL ELECTRICALS PRIVATE LIMITED |
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|
Address of the registered
office or of the principal place of
business in |
Plot No.17A, Industrial Area, Opposite Whirlpool Limited, Near E-Mail: capramodindia@yahoo.co.in |
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|
This form is for |
Modification of
charge |
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|
Charge
identification number of the modified |
90058627 |
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|
Type of charge |
Book Debts Movable Property Floating Charge Others (Documents
of title to goods and accepted hundies.) |
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Particular of
charge holder |
Indian Overseas Bank, YMCA Branch, Sector-6, E-Mail: ymcabr@chasco.iobnet.co.in |
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Nature of description
of the instrument creating or modifying the charge |
Letter of
Hypothecation F 110 E. |
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Date of
instrument Creating the charge |
04.05.2010 |
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Amount secured by
the charge |
Rs.23.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest @
BPLR+2.25% p.a. with monthly rests. Commission on L/G and L/C as per
guidelines. Terms of
Repayment: On Demand. Margin: Margin on Stocks
@ 25%, on Book Debts @ 40%, on L/G @ 25%. Extent and
Operation of the charge: As per Agreement.
|
||||||||||||
|
Short particulars
of the property charged |
Hypothecation of
stocks of electrical goods, book debts, machineries and documents of title to
goods/ accepted hundies. |
||||||||||||
|
Date of latest
modification prior to the present modification |
18.04.2009 |
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|
Particulars of
the present modification |
Credit facilities
granted to the Company enhanced from Rs.20.000 millions to Rs.23.000 millions
detailed as under:
|
TRADE REFERENCES:
v
GEMCO
Control Limited
v
Tecumshah
Products (
v
Lift
Lift Limited
v
NHPC
Limited
Contingent
Liabilities not provided for: (As on 31.03.2010)
v Bank Guarantees –
Rs.3.766 millions
FIXED ASSETS:
v Cycle
v Furniture and Fixture
v Vehicle
v Computer and Printer
v Office Equipments
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.44.69 |
|
|
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--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 |
|
28 |
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.