MIRA
INFORM REPORT
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Report Date : |
17.03.2011 |
IDENTIFICATION DETAILS
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Name : |
LEO TIMBER PRIVATE LIMITED |
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Registered
Office : |
50/16, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.12.1997 |
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Com. Reg. No.: |
55-91129 |
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CIN No.: [Company Identification
No.] |
U20299DL1997PTC091129 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELL01793B |
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PAN No.: [Permanent Account No.] |
AAACL7603F |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturer of Teak Wood, Pine Wood, Timber Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal 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
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Name : |
Mr. Ahinsak Singh |
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Designation : |
Director |
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Contact No.: |
91-9810410682 |
LOCATIONS
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Registered Office/ Factory : |
50/16, |
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Tel. No.: |
91-11-65465449/28345853 |
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Mobile No.: |
91-9810410682 (Mr. Devinder Singh) 91-9899328111 (Mr. Ahinsak Singh) |
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Fax No.: |
91-11-28345843 |
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E-Mail : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Branch : |
National Highway No.8/A, Sector No.9/C, Gandhidham-370 201, |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Davinder Singh |
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Designation : |
Director |
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Address : |
F-25, AB, Ground Floor, New Delhi-110 015, |
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Date of Birth/Age : |
15.07.1955 |
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Date of Appointment : |
12.12.1997 |
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Name : |
Mr. Ahinsar Singh |
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Designation : |
Director |
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Address : |
F-25, AB, Ground Floor, New Delhi-110 015, |
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Date of Birth/Age : |
07.06.1986 |
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Date of Appointment : |
02.12.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Davinder Singh |
142500 |
57.00 |
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Ranjeet Kaur |
42100 |
16.84 |
|
Anan Sharma |
100 |
0.04 |
|
Dipti Poply |
100 |
0.04 |
|
Jasbir Singh Kaur |
100 |
0.04 |
|
Neelam Sunil |
100 |
0.04 |
|
United White Metal Limited, |
65000 |
26.00 |
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Total |
250000 |
100.00 |
As on 29.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Bodies
corporate |
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26.00 |
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Directors
or relatives of directors |
|
73.88 |
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Other
top fifty shareholders |
|
0.12 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Teak Wood, Pine Wood, Timber Products. |
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Products: |
Timber |
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Terms : |
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Selling : |
Cash and Credit (30 to 60 to 90 days) |
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Purchasing : |
Cash and Credit (30 to 60 to 90 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
·
Oriental Bank of Commerce Limited, ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Sanjay Chopra and Company Chartered Accountants |
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Address : |
G-80, Lajpat Nagar-I, New Delhi-110 024, |
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Tel. No.: |
91-11-29818446/29817164 |
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Fax No.: |
91-11-29815857 |
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E-Mail : |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- Each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- Each |
Rs.2.500 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.500 |
1.850 |
1.850 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.652 |
2.070 |
0.729 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.152 |
3.920 |
2.579 |
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LOAN FUNDS |
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1] Secured Loans |
13.916 |
15.213 |
11.463 |
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2] Unsecured Loans |
8.709 |
3.872 |
5.353 |
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TOTAL BORROWING |
22.625 |
19.085 |
16.816 |
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DEFERRED TAX LIABILITIES |
0.165 |
0.096 |
0.049 |
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TOTAL |
28.942 |
23.101 |
19.444 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.231 |
2.526 |
2.091 |
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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 |
8.074
|
14.125 |
12.917 |
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Sundry Debtors |
29.391
|
13.890 |
12.094 |
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Cash & Bank Balances |
2.643
|
0.490 |
1.010 |
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Other Current Assets |
0.501
|
0.501 |
0.501 |
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Loans & Advances |
9.044
|
9.088 |
6.602 |
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Total
Current Assets |
49.653
|
38.094 |
33.124 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
21.873
|
9.069 |
10.764 |
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Other Current Liabilities |
2.418
|
7.808 |
4.542 |
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Provisions |
0.651
|
0.642 |
0.465 |
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Total
Current Liabilities |
24.942
|
17.519 |
15.771 |
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Net Current Assets |
24.711
|
20.575 |
17.353 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.942 |
23.101 |
19.444 |
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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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TOTAL (A) |
209.449 |
129.192 |
74.664 |
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Less |
EXPENSES |
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TOTAL (B) |
203.976 |
124.935 |
71.622 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.473 |
4.257 |
3.042 |
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Less |
FINANCIAL
EXPENSES (D) |
2.937 |
2.015 |
1.477 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.536 |
2.242 |
1.565 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.235 |
0.212 |
0.188 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.301 |
2.030 |
1.377 |
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Less |
TAX (H) |
0.651 |
0.842 |
0.464 |
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PROFIT AFTER TAX
(G-H) (I) |
1.650 |
1.188 |
0.913 |
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Expected Sales (2010-2011) : Rs.500.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.79
|
0.92 |
1.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.27
|
5.00 |
3.91 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.52 |
0.53 |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.73
|
9.34 |
12.64 |
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Current Ratio (Current Asset/Current Liability) |
|
1.99
|
2.17 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the company has been shifted from
R.No.22, Ground Floor, 40, QLF Industrial Area, Kirtinagar, New Delhi, Delhi, India
to the present address w.e.f. 22.10.2007
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U20299DL1997PTC091129 |
|
Name of the
company |
LEO TIMBER
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
50/16, |
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10046327 |
|
Type of charge |
Book Debts Movable Property Others All Stocks,
Spares, Receivables and Fixed Assets |
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Particular of
charge holder |
Oriental Bank of Commerce Limited, |
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Nature of
description of the instrument creating or modifying the charge |
Loan doc-13
supplemental agreement to secure credit/loan facilities |
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Date of
instrument Creating the charge |
21.09.2010 |
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Amount secured by
the charge |
Rs.35.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.5% p.a. on
monthly rest with penal interest @2% p.a. if the borrower violates any of the
terms and conditions of the agreement Terms of
Repayment On demand Margin 25% Extent and
Operation of the charge 100% |
|
Short particulars
of the property charged |
Stock of Rm, Fg,
Stores and Spares and Trade Receivables Third party cheques/demand
drafts Documents of
title to goods in case of Lc on DP basis Stocks in case of
lC on D.A. basis First charge on
existing and future entire fixed assets of the company |
|
Date of latest
modification prior to the present modification |
07.07.2010 |
|
Particulars of
the present modification |
The cash credit
facility has been enhanced by Rs.2.100 millions i.e., from Rs.32.900 millions
to Rs35.000 millions |
Fixed Assets:
·
Computer
·
Scooter
·
Generator
·
Air Conditioner
·
Car
·
Office Equipments
·
Motor Cycle
·
Furniture and Fixture
·
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.45.18 |
|
|
1 |
Rs.72.58 |
|
Euro |
1 |
Rs.63.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.