MIRA INFORM REPORT

 

 

Report Date :

14.03.2011

 

IDENTIFICATION DETAILS

 

Name :

BHAGSONS ENGINEERS AND CONSULTANTS PRIVATE LIMITED

 

 

Registered Office :

9, Amar Park, Near Zakhira Flyover, Rohtak Road, New Delhi – 110035

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

28.08.1987

 

 

Com. Reg. No.:

55-29047

 

 

CIN No.:

[Company Identification No.]

U74899DL1987PTC029047

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELB00991E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Stainless Steel Process Equipments such as Tanks, Kettles, Vessels, Mixers, Shells, Tilting Pans, Vaccum Pans.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 2344

 

 

Status :

Small company

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a small company having moderate track. There appears some losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow.

 

The company can be considered for small business dealings with some caution.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Management no-cooperative name not disclosed.

 

 

LOCATIONS

 

Registered Office :

9, Amar Park, Near Zakhira Flyover, Rohtak Road, New Delhi – 110035, India

Tel. No.:

91-11-25412707/25112416

Fax No.:

91-11-25412707

E-Mail :

bhagsons@gmail.com

bhagsons@bol.net.in

Area :

200 Sq. mt.

Location :

Owned

 

 

Factory  :

F 139, Matsey Industrial Area, Alwar – 301030

Tel. No.:

91-144-2882107

Area :

2000 Sq. ft

Location :

Owned

 

 

DIRECTORS

 

As on 25.09.2010

 

Name :

Mr. Sanjay Lakhani

Designation :

Director

Address :

48 – C, SFS Flats, Pocket _ II, Sector – 6, Dwarka, New Delhi – 110045, India

Date of Birth/Age :

22.04.1968

Qualification :

HSC

Date of Appointment :

28.08.1987

 

 

Name :

Mr. Vinod Lakhani

Designation :

Director

Address :

48 – C, SFS Flats, Pocket _ II, Sector – 6, Dwarka, New Delhi – 110045, India

Date of Birth/Age :

21.01.1967

Qualification :

HSC

Date of Appointment :

28.08.1987

 

 

Name :

Mr. Pramod Lakhani

Designation :

Director

Address :

48 – C, SFS Flats, Pocket _ II, Sector – 6, Dwarka, New Delhi – 110045, India

Date of Birth/Age :

10.10.1969

Qualification :

HSC

Date of Appointment :

02.08.2002

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 25.09.2010

 

Names of Shareholders

 

No. of Shares

Sanjay Lakhani

 

1366

Vinod Lakhani

 

2111

S. S. Ahluwalia

 

190

Bhagwati Lakhani

 

206

Pramod Lakhani

 

420

Total

 

4293

 

Equity share break-up as on 30.09.2010

 

Category

 

Percentage

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Stainless Steel Process Equipments such as Tanks, Kettles, Vessels, Mixers, Shells, Tilting Pans, Vaccum Pans.

 

 

Products :

v      Stainless Steel Process Equipment Fabricator

v      Customized/ Tailor Made Machines

v      Mixers

v      Dryers

v      Extruders

v      Kettles

v      Corrugated Shell and Tube Heat Exchanger

v      Vessels

v      Hydraulic Hemispherical Tilting Pan

v      Roatry/ Vertical Extractors

v      Tanks

v      Pharmaceutical/ Food/ Chemical Herbal Extraction Plants

v      Reactors

v      Pulverizer

v      Centrifugal Blowers

v      Screw/ Belt Conveyor

v      Dampener

 

 

GENERAL INFORMATION

 

No. of Employees :

25

 

 

Bankers :

v      ICICI Bank Limited, Punjabi Baugh

 

v      Punjab and Sind Bank, Roshanra Branch

 

v      State Bank of India, Najafgarh

 

 

Facilities :

Secured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Loan from HDFC Bank Limited

(Against hypothecation of Indica Visa Car Loan)

0.339

--

Loan from ICICI Bank Limited

(Against hypothecation of Maruti Car)

--

0.032

Loan from ICICI Bank Limited

(Against hypothecation of Sumo Car)

--

0.119

Total

0.339

0.151

 

 

 

Unsecured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

From shareholders/directors and relatives

1.492

1.351

Total

1.492

1.351

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Bhupesh K. Dhingra and Company

Chartered Accountants

Address :

604, Padma Tower – II, Rajendra Place, New Delhi – 110008, India

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

5000

Equity Shares

Rs. 100/- each

Rs. 0.500 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

4293

Equity Shares

Rs. 100/- each

Rs. 0.429 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

1] Share Capital

0.429

0.429

0.429

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.157

0.756

0.747

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

0.586

1.185

1.176

LOAN FUNDS

 

 

 

1] Secured Loans

0.339

0.151

0.312

2] Unsecured Loans

1.492

1.351

1.093

TOTAL BORROWING

1.831

1.502

1.405

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

2.417

2.687

2.581

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.833

1.632

1.834

Capital work-in-progress

0.138

0.137

0.136

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.315

0.310

0.289

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
3.638

2.151

2.196

 

Sundry Debtors
0.865

0.955

1.456

 

Cash & Bank Balances
0.301

0.068

0.146

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
3.987

1.897

1.920

Total Current Assets
8.791

5.071

5.718

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
4.232

2.605

3.420

 

Current Liabilities
4.428

1.841

1.973

 

Provisions
0.000

0.018

0.001

Total Current Liabilities
8.660

4.464

5.394

Net Current Assets
0.131

0.607

0.324

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

2.417

2.687

2.581

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Turnover

7.283

7.726

20.526

 

 

 

 

 

 

PROFIT AFTER TAX                            

(0.602)

0.040

0.761

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Net Profit Margin

(PBT/Sales)

(%)
(8.26)

0.51

3.70

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(5.66)

0.59

10.07

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(1.02)

0.03

0.64

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
17.90
3.77

4.59

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
1.01
1.13

1.06

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

FIXED ASSETS:

 

v      Land

v      Building

v      Generator

v      Generator 40KVA

v      Factory Electrical Installation

v      Car (Maruti 800)

v      Plastic Water Storage Tanks

v      Sumo Car

v      Computer and Software

v      Cycle

v      Electronic Typewriter

v      Digital Camera

v      Furniture and Fixtures

v      Office Equipments

v      Pager

v      Plant and Machinery

v      Printer

v      Scooter

v      Telephone (Mobile)

 

 

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 :

The 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.

 

The 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. 45.21

UK Pound

1

Rs. 72.54

Euro

1

Rs. 62.43

 

 

 

 

 

 

 

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

YES

--AFFILIATION

YES/NO

NO

--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

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.