MIRA
INFORM REPORT
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Report Date : |
11.05.2011 |
IDENTIFICATION DETAILS
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Name : |
CLIFF SCAFFOLDINGS PRIVATE LIMITED |
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Registered Office : |
11 Diwan Hall, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.05.2005 |
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Com. Reg. No.: |
55 - 136486 |
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Capital Investment / Paid-up Capital : |
Rs. 2.000 Millions |
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CIN No.: [Company
Identification No.] |
U29248DL2005PTC136486 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC09464A |
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PAN No.: [Permanent
Account No.] |
AACCC5956A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Steel Scaffoldings |
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No. of Employees : |
200 ( In Office – 15, In Factory – 185) (Approximately) |
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 274000 |
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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 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.
INFORMATION PARTED BY
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Name : |
Mr. Praveen |
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Designation : |
Account Department |
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Date : |
06.05.2011 |
LOCATIONS
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Registered Office : |
11 Diwan Hall, |
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Tel. No.: |
91-120-4282975 |
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Mobile No.: |
91-9313997407 (Mr. Nikhil Singla) |
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Fax No.: |
91-120-2563019 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
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Factory 2 : |
Plot No.-129 -A, Special Economic zone, Noida – 132103, |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Shagun Gupta |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
40 Years |
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Date of Appointment : |
20.05.2005 |
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DIN No.: |
00696336 |
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Name : |
Mr. Nikhil Shingla |
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Designation : |
Director |
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Address : |
Shingla House, |
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Date of Birth/Age : |
27.04.1985 |
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Date of Appointment : |
20.05.2006 |
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DIN No.: |
01067701 |
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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Mr. Shagun Gupta |
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5000 |
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Mr. Nikhil Singla |
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5000 |
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Mr. Surinder Kumar Shingla |
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190000 |
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Total |
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200000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Steel Scaffoldings |
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Product: |
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Exports : |
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Products : |
Steel Scaffoldings |
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Countries : |
Gulf Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Purchasing : |
Depands |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
200 ( In Office – 15, In Factory – 185) (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 : |
Atul Agarwal Chartered Accountant |
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Address : |
C-201, Flex Apartments, Block C, 58/22, Sector 62, Noida – 201301, |
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Tel. No.: |
91-120-2532066 |
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Fax No.: |
91-120-2542066 |
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PAN.: |
ABNPA9389C |
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Associates/Subsidiaries : |
Steel Krafts |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs. 4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs. 2.000 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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
4.200 |
2.450 |
0.000 |
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3] Reserves & Surplus |
62.400 |
31.683 |
7.631 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
68.600 |
36.133 |
9.631 |
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LOAN FUNDS |
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1] Secured Loans |
59.872 |
35.742 |
15.777 |
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2] Unsecured Loans |
29.335 |
3.080 |
4.163 |
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TOTAL BORROWING |
89.207 |
38.822 |
19.940 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
157.807 |
74.955 |
29.571 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.576 |
8.354 |
9.405 |
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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 |
14.846 |
7.708 |
1.572 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.080
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34.257 |
14.173 |
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Sundry Debtors |
155.213
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65.680 |
20.840 |
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Cash & Bank Balances |
12.514
|
2.608 |
0.859 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.918
|
1.509 |
4.348 |
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Total
Current Assets |
185.725
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104.054 |
40.220 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
32.508
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25.116 |
20.298 |
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Other Current Liabilities |
21.764
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19.826 |
1.256 |
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Provisions |
0.068
|
0.232 |
0.098 |
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Total
Current Liabilities |
54.340
|
45.174 |
21.652 |
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Net Current Assets |
131.385
|
58.880 |
18.568 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.013 |
0.026 |
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TOTAL |
157.807 |
74.955 |
29.571 |
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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 |
224.904 |
253.631 |
74.941 |
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Other Income |
0.610 |
2.799 |
0.015 |
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TOTAL (A) |
225.514 |
256.430 |
74.956 |
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Less |
EXPENSES |
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Cost of Goods Sold |
163.386 |
188.922 |
56.578 |
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Manufacturing Expenses |
10.241 |
16.061 |
5.273 |
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Payments and Benefits to Employees |
1.466 |
1.494 |
1.430 |
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Administrative Expenses |
22.691 |
27.519 |
4.351 |
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Preliminary Expenses |
0.013 |
0.013 |
0.013 |
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TOTAL (B) |
197.797 |
234.009 |
67.645 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27.717 |
22.421 |
7.311 |
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Less |
FINANCIAL
EXPENSES (D) |
2.794 |
3.140 |
1.031 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.923 |
19.281 |
6.280 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.343 |
1.310 |
1.436 |
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PROFIT BEFORE
TAX (E-F) (G) |
23.580 |
17.971 |
4.844 |
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Less |
TAX (I) |
(7.137) |
(6.080) |
(1.603) |
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PROFIT AFTER TAX
(G-I) (J) |
30.717 |
24.051 |
6.447 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.683 |
7.632 |
1.185 |
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BALANCE CARRIED
TO THE B/S |
62.400 |
31.683 |
7.632 |
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Earnings Per
Share (Rs.) |
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120.26 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
13.62
|
9.37 |
8.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.48
|
7.08 |
6.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.95
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15.99 |
9.76 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
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0.50 |
0.50 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.09
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2.32 |
6.25 |
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Current Ratio (Current Asset/Current Liability) |
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3.42
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2.30 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80006229 |
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Corporate
identity number of the company |
U29248DL2005PTC136486
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Name of the
company |
CLIFF SCAFFOLDINGS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
11 Diwan Hall, |
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Type of charge |
Immovable
property Book Debts Movable Property Floating Charge Other – Plant and
Machineries |
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Particular of
charge holder |
Canara Bank, Offshore Banking Units Branch, Nsez, Noida, |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Common
Hypothecation Agreement, Supplementary Agreement and Letter Evidencing
Deposit of Title Deeds |
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Date of
instrument Creating the charge |
16.05.2009 |
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Amount secured by
the charge |
Rs. 56.270
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 6 M LIBOR + 300
BPS to be reset every 6 months or at such other rated as may be specified by
the Bank from time to time. Terms of
Repayment On Demand Margin 25% on Stock 40% on Book Debts
Extent and
Operation of the charge 100% Others The above is to
secure cash credit overdraft / Term Loan Limit, aggregating to US$ 1148373
equivalent to Rs. 56.270 Millions. |
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Short particulars
of the property charged |
Charge on stock
and book debts building situated Plot No. 129 – A, NSEZ, Noida measuring
1901.25 Sq. Mtrs and plant and machineries.
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Particulars of
the present modification |
Charge on Stocks
and Book Debts, Building situated at plot no. 129-a, NSEZ, Noida measuring
1901.25 sq. mtrs. and Plant and Machinery to secure OCC Limit of us$ 1100000, Term loan of us$
48373, aggregating to us$ 1148373/- equivalent to Rs. 56.270 millions (1 USD
= Rs. 49). Other terms and conditions remain same. |
Fixed Assets:
- Air
Conditioner
- Plant and
Machinery
- Office
Equipments
- Electrical
Installation
- Building
- Cycle
- Furniture and
Fixture
- Generator
- Car
- Computer
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.44.78 |
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|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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.