MIRA
INFORM REPORT
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Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
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Name : |
AMBER ENTERPRISES INDIA PRIVATE LIMITED |
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Registered Office : |
C 1, Phase II, Focal Point, |
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Country : |
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Financials (as on) : |
31.03.2010 (Consolidated) |
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Date of Incorporation : |
02.04.1990 |
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Com. Reg. No.: |
16-10265 |
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Capital Investment / Paid-up Capital : |
Rs.16.505 Millions |
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CIN No.: [Company
Identification No.] |
U28910PB1990PTC010265 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLA11313B / PTLA11284A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Air Conditioners, Refrigerators, Washing Machines and
Microwave Oven. |
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No. of Employees : |
250 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Birinder |
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Designation : |
Senior Marketing Manager |
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Contact No.: |
91-9718521500 |
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Date : |
15.07.2011 |
LOCATIONS
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Registered
Office : |
C 1, Phase II, Focal Point, |
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Tel. No.: |
91-1762-22646 / 230570 |
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Mobile No. : |
91-9718521500 (Mr. Birinder) |
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Fax No.: |
91-1762-25570 |
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E-Mail : |
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Factory : |
C-38, Ecotech Part-2, Udyog Vihar, Noida –
201 305, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Kartar Singh |
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Designation : |
Whole Time Director |
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Address : |
20-A, SBS Colony, Rajpura – 140 401, |
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Date of
Birth/Age : |
02.08.1947 |
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Date of
Appointment : |
30.09.2010 |
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DIN No. : |
00183326 |
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Name : |
Mr. Jasbir Singh |
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Designation : |
Managing Director |
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Address : |
20-A, SBS Colony, Rajpura – 140 401, |
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Date of
Birth/Age : |
28.05.1975 |
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Date of
Appointment : |
30.09.2010 |
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DIN No. : |
00259632 |
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Name : |
Mr. Sukhmani Lakhat |
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Designation : |
Director |
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Address : |
20-A, SBS Colony, Rajpura – 140 401, |
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Date of
Birth/Age : |
27.11.1979 |
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Date of
Appointment : |
01.10.2009 |
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DIN No. : |
02738985 |
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Name : |
Mr. Kirpal Singh |
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Designation : |
Director |
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Address : |
Vill. Buta Singh Wala, P.O. Banur, Tehsil Rajpura, |
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Date of
Appointment : |
02.04.1990 |
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Name : |
Mr. Daljit Singh |
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Designation : |
Director |
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Address : |
20-A, SBS Colony, Rajpura, |
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Date of
Appointment : |
01.01.2008 |
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Name : |
Mr. Ranjit Kaur |
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Designation : |
Director |
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Address : |
20-A, SBS Colony, Rajpura, |
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Date of
Appointment : |
02.04.1990 |
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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Kartar Singh |
|
165040 |
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Kirpal Singh |
|
57100 |
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Jasbir Singh |
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775730 |
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Daljit Singh |
|
652610 |
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Total |
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1650480 |
List of Allotment as on 11.06.2011
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Names of Allottees |
|
No. of Shares |
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Kartar Singh |
|
1295280 |
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Kirpal Singh |
|
399700 |
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Jasbir Singh |
|
5850110 |
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Daljeet Singh |
|
4988270 |
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Total |
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12533360 |
List of Allotment as on 08.05.2011
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Names of Allottees |
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No. of Shares |
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Kartar Singh s/o Dayal Singh |
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20000 |
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Kirpal Singh s/o Dayal Singh |
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20000 |
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Jagdeep Singh s/o |
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80000 |
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Jasbir Singh s/o Kartar Singh |
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10000 |
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Dalip Kaur W/o Jasbir Singh |
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10000 |
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Total |
|
140000 |
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
|
Line of Business
: |
Manufacturer of Air Conditioners, Refrigerators, Washing Machines and
Microwave Oven. |
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Products : |
·
Air Conditioners ·
Refrigerators ·
Washing Machines |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
250 Approximately |
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Bankers : |
·
Citi Bank N.A. ·
The Hongkong and Shanghai Banking Corporation
Limited Birla House, ·
Standard Chartered Bank, Credit Risk Control,
Narian Manzil, 23 Barakhamba Road, New Delhi - 110001, India ·
HDFC Bank Limited ·
Kotak Mahindra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. K. Pahwa and Company |
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Designation : |
Chartered Accountant |
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Address : |
71, Dalima Vihar, Rajpura – 140 401, |
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Tel No. : |
91-1762-223217 (O) / 223417 (R) |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/-
each |
Rs.150.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14323840 |
Equity Shares |
Rs. 10/-
each |
Rs.143.238
millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1650480 |
Equity Shares |
Rs.10/- each |
Rs.16.505
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (Consolidated) |
31.03.2009 (Consolidated) |
31.03.2008 (Consolidated) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
16.505 |
16.505 |
16.505 |
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2] Share Application Money |
1.400 |
1.400 |
1.400 |
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3] Reserves & Surplus |
863.464 |
690.107 |
618.238 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
881.369 |
708.012 |
636.143 |
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LOAN FUNDS |
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1] Secured Loans |
286.400 |
162.372 |
83.725 |
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2] Unsecured Loans |
0.067 |
1.067 |
1.067 |
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TOTAL BORROWING |
286.467 |
163.439 |
84.792 |
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DEFERRED TAX LIABILITIES |
17.127 |
10.035 |
8.170 |
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TOTAL |
1184.963 |
881.486 |
729.105 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1033.997 |
772.997 |
659.241 |
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Capital work-in-progress |
23.800 |
0.000 |
0.000 |
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INVESTMENT |
14.750 |
14.750 |
14.750 |
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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 |
685.926
|
351.695 |
352.818 |
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Sundry Debtors |
435.524
|
487.151 |
651.449 |
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Cash & Bank Balances |
100.473
|
32.175 |
29.556 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
119.172
|
168.863 |
78.602 |
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Total
Current Assets |
1341.095
|
1039.884 |
1112.425 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
1162.372
|
904.110 |
896.023 |
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Other Current Liabilities |
54.774
|
34.362 |
152.040 |
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Provisions |
14.700
|
8.258 |
9.909 |
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Total
Current Liabilities |
1231.846
|
946.730 |
1057.972 |
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Net Current Assets |
109.249
|
93.154 |
54.453 |
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MISCELLANEOUS EXPENSES |
3.167 |
0.585 |
0.661 |
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TOTAL |
1184.963 |
881.486 |
729.105 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (Consolidated) |
31.03.2009 (Consolidated) |
31.03.2008 (Consolidated) |
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SALES |
|
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|
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Sales |
5430.830 |
3582.613 |
3438.637 |
|
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Other Income |
11.366 |
52.076 |
26.392 |
|
|
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TOTAL (A) |
5442.196 |
3634.689 |
3465.029 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
5291.340 |
3551.495 |
3288.979 |
|
|
|
Preliminary Expenses |
0.372 |
0.076 |
0.020 |
|
|
|
Increase / Decrease in Closing Stock |
(156.991) |
(43.658) |
16.771 |
|
|
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TOTAL (B) |
5134.721 |
3507.913 |
3305.770 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
307.475 |
126.776 |
159.259 |
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|
|
|
|
|
|
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Less |
INTEREST
(D) |
33.215 |
11.224 |
7.050 |
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
274.260 |
115.552 |
152.209 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
55.679 |
34.689 |
22.431 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
218.581 |
80.863 |
129.778 |
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Less |
TAX (H) |
45.223 |
11.034 |
18.710 |
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PROFIT AFTER TAX
(G-H) (I) |
173.358 |
69.829 |
111.068 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
291.969 |
222.140 |
111.072 |
|
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|
|
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|
|
BALANCE CARRIED
TO THE B/S |
465.327 |
291.969 |
222.140 |
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|
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|
Earnings Per
Share (Rs.) |
105.03 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (Consolidated) |
31.03.2009 (Consolidated) |
31.03.2008 (Consolidated) |
|
PAT / Total Income |
(%) |
3.19
|
1.92 |
3.21 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.02
|
2.26 |
3.77 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.20
|
4.46 |
7.33 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.11 |
0.20 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
1.57 |
1.80 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.10 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
·
Onida
·
LG
·
Video
Com
PERFORMANCE
The performance of
the company was encouraging during the year. The company made a turnover of
Rs.5430.800 millions during the year as compared to a turnover of Rs.3582.600
millions made during the previous year. On year to year basis the turnover
increased by 52%. On profitability front also the company achieved new heights.
It made a profit (before tax) of Rs.218.581 millions during the year as
compared to Rs.80.863 millions earned during the immidiately preceeding
previous year, which shows a handsome growth.
FORM 8
|
Corporate
identity number of the company |
U28910PB1990PTC010265 |
|
Name of the
company |
AMBER ENTERPRISES INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C 1, Phase II, Focal Point, |
|
This form is for |
Modification of charge |
|
Type of charge |
·
Immovable property ·
Book debts ·
Others o
Stocks, P and M, Off.
Equipment, Furniture and Fixtures |
|
Particular of
charge holder |
Citi Bank N.A. |
|
Nature of
instrument creating charge |
Deed of modification for Goods Security
Agreement. Deed of modification for Loan Agreement. |
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Date of
instrument Creating the charge |
14.06.2011 |
|
Amount secured
by the charge |
Rs.112.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per sanction terms and as may be decided
by the bank and company mutually from time to time. Terms of repayment Repayable on demand, annually renewable. Margin Borrower shall at all times during the continuance
of the security maintain a sufficient amount to provide the margin of
security as may from time to time advised by the Bank. Extent and operation of the charge First pari passu charge on the current
assets (including stocks and book debts) and movable fixed assets (including
plant and machinery, office equipment, furnitures and fixtures, etc.) of the
Borrower present and future. First pari-passu charge by way of Equitable
Mortgage on the properties situated at: (1) Plot No.C-1, Phase-II, Focal Point,
Rajpura, (2) Plot No.D-36-37-38, Selaqui, Deharadun,
Uttaranchal. Others The repayment of all monies in respect of
the banking facilities including outstanding balance and also all interests,
costs, charges, expenses and other moneys payable to Citibank N.A Delhi as
per Deed of modification for Goods Security Agreement and Deed of
modification for Loan Agreement attached is secured by the assets and
properties |
|
Particulars of
the property charged |
·
Current assets
(including stocks and book debts) and movable fixed assets (including plant
and machinery, office equipment, furnitures and fixtures, etc.) of the
Borrower present and future. ·
Equitable Mortgage on
the property situated at Plot No.C-1, Phase-II, Focal Point, Rajpura, ·
Equitable Mortgage on
the property Plot No.D-36-37-38, Selaqui, Deharadun, Uttaranchal. |
|
Particulars of the present modification |
By this modification the overall limit is
enhanced from Rs.67.500 millions to Rs.112.500 millions and the charge is
secured by first pari passu charge on the current assets (including stocks
and book debts) and movable fixed assets (including plant and machinery,
office equipment, furnitures and fixtures, etc.) of the Borrower present and
future and immovable properties situated at - (1) Plot No.C-1, Phase-II,
Focal Point, Rajpura, Punjab, (2) Plot No.D-36-37-38, Selaqui, Deharadun,
Uttaranchal. |
FIXED ASSETS
- Air Conditioner
- Building
- Computer
- Car
- Electrical Fittings
- Fire Fighting Equipment
- Furniture and Fixtures
- Generator
- Land
- Laboratory Equipments
- Office Equipments
- Plant and Machinery
- Scooter
- Cycle
- Tools and Dies
- Typewriter
- Tubewell
- Material Handling Trolly and Rack
- Water Cooler
- Water Pump Set
- Xerox Machine
- EPBAX
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.44.29 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.