MIRA
INFORM REPORT
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Report Date : |
14.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ITP INFOTECH PRIVATE LIMITED |
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Registered
Office : |
15, DSIDC Shed, Okhla Industrial Area, Phase II, Scheme I, New
Delhi-110020 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.04.1995 |
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Com. Reg. No.: |
55-067131 |
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Paid-up Capital
: |
Rs. 14.195 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1995PTC067131 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKI00379B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of harness for
electronic computer and white goods industry, harness for inverter and UPS,
ferrite based transformers and coils, battery cables, moulded cards etc. |
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No. of Employees
: |
150 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 120000 |
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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. The company has
improved its performance in the current year. Trade relations are fair.
Business is active. Payments are reported to be slow but correct. The company can be considered small to mediocre 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 (GENERAL DETAILS)
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Name : |
Mr. Anil Batra |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-9971089819 |
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Date : |
13.07.2011 |
LOCATIONS
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Registered Office : |
15, DSIDC Shed, Okhla Industrial Area, Phase II, Scheme I, New
Delhi-110020, |
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Tel. No.: |
91-124-2456051/151/152 |
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Mobile No.: |
91-9971089819/9811006051 (Mr. Anil) |
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Fax No.: |
91-124-2456052 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory: |
40, 59 and 60, Harton Complex, Electronic City, Sector-18,
Gurgaon-122016, |
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Tel No.: |
91-124-2456051/151/152 |
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Fax No.: |
91-124-2456052 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Brij Mohan Vaish |
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Designation : |
Director |
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Address : |
Flat No. 4223, Block B, Pocket-5 and 6, Vasant Vihar, New
Delhi-110070, |
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Date of Birth/Age : |
25.08.1939 |
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Date of Appointment : |
04.04.1995 |
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DIN No.: |
00249306 |
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Name : |
Mr. Ila Vaish |
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Designation : |
Director |
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Address : |
J-1/17, DLF Qutab Enclave, Phase II, Gurgaon-122001, |
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Date of Birth/Age : |
14.03.1973 |
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Date of Appointment : |
01.04.2000 |
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DIN No.: |
00739422 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Batra |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
|
Brij Mohan Vaish |
|
237600 |
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Ila Vaish |
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300 |
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Pavan Vaish |
|
156600 |
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Quadrant Infotech ( |
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1025000 |
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Total |
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1419500 |
AS ON 30.09.2010
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Category |
Percentage |
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Bodies corporate |
72.20 |
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Directors or relatives of Directors |
27.80 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of harness for
electronic computer and white goods industry, harness for inverter and UPS,
ferrite based transformers and coils, battery cables, moulded cards etc. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit: 30 Days |
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Purchasing : |
L/C, Cash and Credit: 30 Days |
PRODUCTION STATUS (As on31.03.2010)
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Particulars |
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Unit
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Actual
Production |
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Wiring Harness |
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NOS |
3105444 |
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Wiring Harness (sets) |
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Sets |
291897 |
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Transformer |
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NOS |
499930 |
GENERAL INFORMATION
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No. of Employees : |
150 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Arora and Bansal Chartered Accountant |
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Address : |
1401 and 1407, |
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Tel. No.: |
91-11-66402000 (4 Lines) |
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Fax No.: |
91-11-25880460 |
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E-mail : |
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Pan No.: |
AAGFA7586B |
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Holding Company
(As On 31.03.2009) : |
CIN: U74899DL1994PTC059755) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1419500 |
Equity Shares |
Rs.10/- each |
Rs.14.195
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.195 |
14.195 |
14.195 |
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2] Share Application Money |
0.000 |
4.000 |
2.500 |
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3] Reserves & Surplus |
16.129 |
4.385 |
8.910 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30.324 |
22.580 |
25.605 |
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LOAN FUNDS |
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1] Secured Loans |
31.694 |
19.754 |
20.651 |
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2] Unsecured Loans |
35.682 |
29.160 |
1.525 |
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TOTAL BORROWING |
67.376 |
48.914 |
22.176 |
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DEFERRED TAX LIABILITIES |
0.338 |
0.662 |
0.485 |
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TOTAL |
98.038 |
72.156 |
48.266 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.223 |
52.811 |
17.183 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
26.900
|
14.853
|
13.282 |
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Sundry Debtors |
18.370
|
9.188
|
8.661 |
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Cash & Bank Balances |
11.733
|
1.604
|
1.860 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
3.476
|
2.623
|
2.593 |
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Total
Current Assets |
60.479
|
28.268
|
26.396 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
16.399
|
6.318
|
4.756 |
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Other Current Liabilities |
1.053
|
2.966
|
0.769 |
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Provisions |
0.832
|
0.337
|
0.288 |
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Total
Current Liabilities |
18.284
|
9.621
|
5.813 |
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Net Current Assets |
42.195
|
18.647
|
20.583 |
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MISCELLANEOUS EXPENSES |
0.620 |
0.698 |
0.000 |
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OTHERS |
0.000 |
0.000 |
10.500 |
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TOTAL |
98.038 |
72.156 |
48.266 |
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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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Income |
90.747 |
48.581 |
49.459 |
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Other Income |
1.124 |
0.005 |
0.126 |
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TOTAL (A) |
91.871 |
48.586 |
49.585 |
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Less |
EXPENSES |
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Manufacturing expenses |
58.167 |
36.383 |
35.865 |
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Administrative expenses |
3.726 |
2.287 |
2.475 |
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Employees remuneration and benefits |
7.870 |
2.959 |
1.818 |
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Selling and distribution expenses |
0.211 |
0.080 |
0.157 |
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Excise Duty and Cess Paid |
2.063 |
4.166 |
8.147 |
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TOTAL (B) |
72.037 |
45.875 |
48.462 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.834 |
2.711 |
1.123 |
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Less |
FINANCIAL
EXPENSES (D) |
2.969 |
2.727 |
2.372 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.865 |
(0.016) |
(1.249) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.445 |
4.255 |
2.317 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.420 |
(4.271) |
(3.566) |
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Less |
TAX (H) |
0.323 |
0.254 |
(0.008) |
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PROFIT AFTER TAX
(G-H) (I) |
11.743 |
(4.525) |
(3.558) |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.248) |
1.750 |
5.308 |
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BALANCE CARRIED
TO THE B/S |
11.495 |
(2.774) |
1.750 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
13.767 |
6.510 |
NA |
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TOTAL EARNINGS |
13.767 |
6.510 |
NA |
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Earnings Per
Share (Rs.) |
NA |
(1.40) |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.78
|
(9.31)
|
(7.17) |
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Net Profit Margin (PBT/Sales) |
(%) |
12.58
|
(8.79)
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(7.21) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.87
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(5.27)
|
(8.18) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.19
|
(0.14) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.82
|
2.59
|
1.09 |
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Current Ratio (Current Asset/Current Liability) |
|
3.31
|
2.94
|
4.54 |
LOCAL AGENCY FURTHER INFORMATION
Performance of the
Company:
During the year the company has earned profit of Rs 11.743 millions as compared to Rs 4.525 millions loss in the previous year. The directors of company are confident of growth in the business activities of the company in the years to come.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1995PTC067131 |
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Name of the
company |
ITP INFOTECH
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
15, DSIDC Shed, Okhla Industrial Area, Phase II, Scheme I, New
Delhi-110020, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Stock and Other
Current Assets Immovable
Property Any Interest in
Immovable Property |
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Particular of
charge holder |
State Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
1. Sanction
Letter Dated 09.04.2011 2. Sme -1 :
Letter Of Arrangement Dated 12.04.2011 3. Sme - 2 :
Agreement Of Loan Cum Hypothecation Dated 12.04.2011 4. Sme - 3 :
Guarantee Agreement Dated 12.04.2011 5. Sme - 8 :
Letter Of Confirmation For Extension Of Mortgage By Deposit Of Title Deeds
Dated 12.04.2011 6. Sme - 12 :
Link Letter Dated 12.04.2011 7. Agreement To
Mortgage Dated 12.04.2011 8. Board
Resolution Dated 11.04.2011 |
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Date of
instrument Creating the charge |
12.04.2011 |
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Amount secured by
the charge |
Rs.50.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit-
4.25% Above Base Rate Present Effective Rate 12.50% P.A. With Monthly Rest Term Loan- As Per
Existing Rate Terms of
Repayment Cash credit- repayable on demand Term loan - as
per existing terms Margin Cash Credit Proposed RM: 25% SIP 25% FG
25% Receivables(120days) 50% Letter Of
Credit 25% BG
25% Extent and
Operation of the charge 100% Charge |
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Short particulars
of the property charged |
Primary Security: Cash
Credit/LC/BG: Hyp. and Exclusive First Charge On Company's Stock Of Raw
Materials/Stores, Spares, Stock In Transit, Finished Goods, Present and
Future Book Debts, Receivables. Term Loan:
Exclusive First Charge Over The Company's Entire Fixed Assets, Present and
Future Moveable and Immoveable, Land and Building, Plant and Machinery and
Other Misc. Fixed Assets. Collateral: 1) Equitable Mortgage Of 2) Equitable Mortgage Of Guarantee: Personal
Guarantee Of All The Directors Of The Company- 1. Brij Mohan Vaish 2. Smt. Ila Vaish |
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Date of latest
modification prior to the present modification |
15.10.2009 |
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Particulars of
the present modification |
Total Facilities
Enhanced To Rs. 50.000 Millions Extended By The Bank In The Following
Manner:- Rs. In Millions
* Present Outstanding |
Fixed Assets:
- Buildings
- Software
- Furniture and Fixtures
- Electric Installation
- Vehicles
- Office Equipments
- Plant and machinery
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.44.59 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.40 |
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 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.