MIRA
INFORM REPORT
|
Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
LAWATHERM FURNACE PRIVATE LIMITED |
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Registered
Office : |
Unit 3 N-108, Sector -5, DSIDC Industrial Area, Bawana, Delhi-110085, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.04.2008 |
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Com. Reg. No.: |
55-177439 |
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Capital Investment/
Paid-up Capital: |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U51103DL2008PTC177439 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELL04133D |
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PAN No.: [Permanent Account No.] |
AABCL4570G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer,
Trader, Exporter and Importer of Machinery Parts. |
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No. of
Employees: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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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 744 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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. The company can be considered for business dealings with some caution.
Latest Profit and Loss of the company is not available. |
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. Tilak Chawla |
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Designation : |
Director |
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Contact No.: |
91-9310243754 |
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Date : |
24.06.2011 |
LOCATIONS
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Registered/ Head Office/ Factory 1 : |
Unit 3 N-108, Sector -5, DSIDC Industrial Area, Bawana, Delhi-110085, |
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Tel. No.: |
91-11-27572754/ 27573754/ 27574754 |
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Mobile No.: |
91-9310243754 (Mr. Tilak Chawla) |
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Fax No.: |
91-11-27570754 |
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E-Mail : |
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Location : |
Owned |
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Factory 2: |
164, Vill and PO Punjab Khore, Delhi-110081, |
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Factory3: |
N -188, Sector – 5, DSIDC Industrial Area, Bawana, |
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Network Offices : |
Located at: v
v
v
Chennai v
v
v
Tata Nagar v
Mandi Gobindgarh |
DIRECTORS
(AS ON 29.09.2009)
|
Name : |
Mr. Naveen Kumar Chawla |
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Designation : |
Director |
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Address : |
B-47/76, Sector 11, Rohini Delhi-110085, |
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Date of Birth/Age : |
18.10.1975 |
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Qualification : |
Graduate |
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Date of Appointment : |
13.04.2008 |
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DIN No.: |
02088650 |
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Name : |
Mr. Tilak Raj Chawla |
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Designation : |
Director |
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Address : |
164, Punjab Khore Kanjahawala, Delhi-110086, |
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Date of Birth/Age : |
27.09.1976 |
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Qualification : |
Graduate |
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Date of Appointment : |
13.04.2008 |
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DIN No.: |
02088642 |
KEY EXECUTIVES
|
Name : |
Mr. T Majumder |
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Designation : |
Purchase Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2009)
|
Names of Shareholders |
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No. of Shares |
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Tilak Raj Chawla |
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5000 |
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Naveen Kumar Chawla |
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5000 |
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Total |
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10000 |
Equity Shares Breakup (Percentage of Total Equity)
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Trader, Exporter and Importer of Machinery Parts. |
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Products : |
Induction
Furnace/Arc Spares Electronics Spares:
Printed Circuit Board, Control
Transformer, HRC Fuse, Temperature Sensor, Starting Capacitor, WCR High Power
Resistor, Starting Module, Converter and Inverter Thyristor, Semi Conductor
Fuse, etc. Insulation Spares: Flexocoat Lebond 2216, Frp Insulation,
Syndaino Top Bottom, Spacer, Half Round Mica Top and Bottom, Insulation Pad,
Mica Tape, FRP Tape, Silicon Tape, Aluminium Tape, Woven Tape, Stainless
Steel Hose Clamp, Inter Connecting Busbar and Flexible Water Cooled Cable,
Changeover Switch, etc. Hydraulic Spares: Pipe and V Seal, Gear Pump, Direction
Control Valve, Flow Control Valve, etc. Cranes Spares: Electro Hydraulic Thrustor Brake,
Resistance Box, Master Controller, Lever Limit Switch, Rotary Geared Limit
Switch, Flexible Geared Coupling, etc. Sub Station
Equipments: Drop Out Fuse, Go
Switch, Current Transformer, Potential Transformer, etc. Cooling Tower
Spares: PVC Fill, Fan Hub,
Sprinkler, etc. Water Softening Plant Spares: Flexi Chem ION Exchange Resin, etc. Other Products: Axial Flow Fan, Spring Operated Cable
Reeling Drum, Magnet Wire, Magnet Spring, Drum Controller, Rail Line Clamp,
Cable Trolley, Current Collector, DSL Epoxy Insulator, DM Unit, Mix Bed
Resin, Anion and Cation Resin, etc. |
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Exports : |
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Products : |
Induction Furnace Sphere |
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Countries : |
·
·
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Imports : |
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Products : |
Finished 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) |
GENERAL INFORMATION
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Customers : |
End Users and
OEM’s v
Prakash Industries Limited v
Adhunik Ispat Limited v
Tulsyan Nec Limited v
Nalwa Sponge Iron Limited v
Haryana Ferro Alloys Limited v
Mohan Steel Limited v
Graystone Ispat Limited v
Monnet Ispat Limited v
Vandana Global Limited v
Jindal Steel And Power Limited v
Rathi Udyog Limited v
Bhushan Limited |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
ICICI Bank, Sector II, Rohini, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S B Shori and Company Chartered Accountant |
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Address : |
RZ-54, Ground Floor, Lane No.4, South Extension, Part -1, Uttam Nagar,
New Delhi – 110059, India |
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Fax No.: |
91-11-25333058 |
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Mobile No.: |
91-9312503764 |
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Email : |
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Associates/Subsidiaries : |
· Lava Engineers Legal Form : Sole Proprietory Concern Address :Rohini, Line of Business : Manufacturer of Induction Furnace Sphere |
CAPITAL STRUCTURE
As 0n 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- 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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|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.100 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.086 |
0.028 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
0.186 |
0.128 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
2.475 |
1.325 |
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TOTAL BORROWING |
|
2.475 |
1.325 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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2.661 |
1.453 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.043 |
0.020 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
1.234 |
1.375 |
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Sundry Debtors |
|
3.720 |
3.437 |
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Cash & Bank Balances |
|
0.344 |
0.500 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
1.142 |
0.277 |
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Total
Current Assets |
|
6.440 |
5.589 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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3.676 |
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Other Current Liabilities |
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|
0.306 |
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Provisions |
|
0.279 |
0.212 |
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Total
Current Liabilities |
|
3.851 |
4.194 |
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Net Current Assets |
|
2.589 |
1.395 |
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MISCELLANEOUS EXPENSES |
|
0.029 |
0.038 |
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TOTAL |
|
2.661 |
1.453 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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SALES |
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Income |
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16.172 |
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Other Income |
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|
0.011 |
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TOTAL (A) |
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16.183 |
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Less |
EXPENSES |
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Cost of Sales |
|
|
14.426 |
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Employees Remuneration and Benefits |
|
|
1.024 |
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Administrative and other expenses |
|
|
0.558 |
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Sales Expenses |
|
|
0.106 |
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TOTAL (B) |
|
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16.114 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
0.069 |
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Less |
FINANCIAL
EXPENSES (D) |
|
|
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
0.069 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.003 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
0.066 |
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Less |
TAX (H) |
|
|
0.038 |
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PROFIT AFTER TAX
(G-H) (I) |
|
|
0.028 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
|
0.028 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
|
|
0.272 |
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TOTAL EARNINGS |
|
|
0.272 |
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IMPORTS |
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Import Value |
|
|
0.270 |
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TOTAL IMPORTS |
|
|
0.270 |
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Earnings Per
Share (Rs.) |
|
|
2.8 |
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Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover |
|
100.000 |
65.000 |
The above information has been parted by Mr. Tilak Chawla (Director)
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
0.17 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.41 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.02 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.35 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
34.01 |
43.12 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.67 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The company has changed its registered office from N-108, Sector -5,
DSIDC Industrial Area, Bawana, Delhi-110085,
TRADE REFERENCE:
v Prakash Industries Limited
v Jindal Steel And Power Limited
v Bhushan Limited
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
NO |
|
--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 |
|
27 |
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.