MIRA
INFORM REPORT
|
Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
Insignia Towers, EN 1, Sector V, Salt Lake, Kolkata – 700091, West
Bengal |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.02.1996 |
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Com. Reg. No.: |
21-077670 |
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Paid up Capital
: |
Rs.313.060 Millions |
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|
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CIN No.: [Company Identification
No.] |
U51109WB1996PLC077670 |
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|
|
Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Granting of loans and advances and trading in shares and securities. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11606288 |
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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. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Insignia Towers, EN 1, Sector V, Salt Lake, Kolkata – 700091, West
Bengal, India |
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E-Mail : |
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Corporate Office : |
39, Ambazari Layout, Nagpur-440010, |
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Tel. No.: |
91-712-2249905/5570/7972/7760 |
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Fax No.: |
91-712-2236660 |
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Branch Office : |
Level 6, |
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Tel No.: |
91-712-3011400 |
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Fax No.: |
91-712-6639416 |
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Other Branches: |
Located At:
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DIRECTORS
As on 30.09.2010
|
Name : |
Ms. Akshya Kumar Parida |
|
Designation : |
Director |
|
Address : |
9/A, |
|
Date of Birth/Age : |
06.06.1971 |
|
Date of Appointment : |
15.03.2008 |
|
DIN: |
01651737 |
|
|
|
|
Name : |
Mr. Manoj Jayaswal |
|
Designation : |
Director |
|
Address : |
246, Usha Sadan Ptrss Marg, Nagpur-44001, |
|
Date of Appointment : |
30.04.2009 |
|
DIN: |
00127254 |
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|
|
|
Name : |
Mr. Arun Nath |
|
Designation : |
Director |
|
Address : |
Aashiana Apartment, |
|
Date of Birth/Age : |
28.10.1968 |
|
Date of Appointment : |
05.09.2008 |
|
DIN: |
02087215 |
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Name : |
Mr. Shiv Kumar Lakkar |
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Designation : |
Director |
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Address : |
888/1, |
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Date of Birth/Age : |
22.08.1953 |
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Date of Appointment : |
18.08.2008 |
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DIN: |
00397461 |
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Name : |
Mr. Abhishek Jayaswal |
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Designation : |
Director |
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Address : |
102, Apporva Apat., Near Jaripatka Police Station, Ring Road, Nagpur –
440014, Maharashtra, India |
|
Date of Birth/Age : |
30.07.1944 |
|
Date of Appointment : |
05.07.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Samar Ray |
|
100 |
|
Subhashish Chakraborty |
|
100 |
|
Indoinvest Vision Limited, Kolkata |
|
100 |
|
Splendor Power Limited, Kolkata |
|
100 |
|
Linkman Commtrade Private Limited, Kolkata |
|
100 |
|
Accurate Commercial Private Limited, Kolkata |
|
100 |
|
Cute Banijya Private Limited, Kolkata |
|
100 |
|
Abhijeet Ventures Limited, Kolkata |
|
31305250 |
|
Total |
|
31305950 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Granting of loans and advances and trading in shares and securities. |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
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Facilities : |
-- |
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Financial Institution: |
Srei Equipment Finance Private Limited, Vishwakarma, 886, |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
K.K. Chandak and Associates Chartered Accountant |
|
Address : |
404, Mangalam, 24, Hemant Basu Sarani, Kolkata-700001, West |
|
Tel. No.: |
91-33-22300695/1876 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,31,50,000 |
Equity Shares |
Rs.10/- each |
Rs.431.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,13,05,950 |
Equity Shares |
Rs.10/- each |
Rs.313.060
Millions |
|
|
|
|
|
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 |
313.060 |
61.284 |
54.599 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2588.512 |
321.232 |
261.067 |
|
|
4] (Accumulated Losses) |
0.000 |
(4.196) |
(4.272) |
|
|
NETWORTH |
2901.572 |
378.320 |
311.394 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.001 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2901.573 |
378.320 |
311.394 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
0.179 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1284.881
|
571.241 |
380.080 |
|
|
Sundry Debtors |
36.065
|
2.627 |
14.868 |
|
|
Cash & Bank Balances |
13.341
|
0.033 |
0.203 |
|
|
Other Current Assets |
0.000
|
4.683 |
204.530 |
|
|
Loans & Advances |
3761.706
|
0.100 |
12.000 |
|
Total
Current Assets |
5095.993
|
578.684 |
611.681 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.760
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
2189.629
|
200.172 |
300.134 |
|
|
Provisions |
3.210
|
0.192 |
0.153 |
|
Total
Current Liabilities |
2194.599
|
200.364 |
300.287 |
|
|
Net Current Assets |
2901.394
|
378.320 |
311.394 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2901.573 |
378.320 |
311.394 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
796.599 |
150.537 |
146.046 |
|
|
|
Other Income |
6.528 |
0.001 |
0.001 |
|
|
|
TOTAL (A) |
803.127 |
150.538 |
146.047 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Shares |
1476.021 |
341.400 |
341.675 |
|
|
|
Contract Wages |
14.232 |
0.000 |
0.000 |
|
|
|
Remuneration and Benefits to Employees |
4.181 |
0.060 |
0.000 |
|
|
|
Administrative Selling & Other Expenses |
13.630 |
0.113 |
0.163 |
|
|
|
Increase/(Decrease) in Stocks |
(713.639) |
(191.161) |
(196.160) |
|
|
|
TOTAL (B) |
794.425 |
150.412 |
145.678 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.702 |
0.126 |
0.369 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.076 |
0.010 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.626 |
0.116 |
0.369 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.004 |
-- |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.622 |
0.116 |
0.369 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.121 |
0.040 |
0.044 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5.501 |
0.076 |
0.325 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4.197) |
(4.273) |
(4.596) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.304 |
(4.197) |
(4.271) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.83 |
0.01 |
0.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.68
|
0.50 |
0.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.08
|
0.07 |
0.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.16
|
0.02 |
0.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
0.52 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.88 |
2.03 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from 10, Princep Street, 2nd Floor,
Kokata-700072, West Bengal, India to the present address w.e.f.
09.02.2011
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51109WB1996PLC077670 |
||||||
|
Name of the
company |
ABHIJEET PROJECTS LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Insignia Towers, EN 1, Sector V, Salt Lake, Kolkata – 700091, West
Bengal, India |
||||||
|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Book debts Movable property Floating charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Deed of
Hypothecation - DRI & Power Plant Project |
||||||
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Date of
instrument Creating the charge |
16.04.2011 |
||||||
|
Amount secured by
the charge |
Rs. 450.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter Terms of
Repayment As per sanction
letter Margin As per sanction letter
Extent and
Operation of the charge First exclusive
charge by way of hypothecation of Borrowers' current assets, namely, stocks
of raw material, semi-finished and finished goods, stores and spares not
relating to plant and machinery (consumable stores and spares), bills
receivable and book debts and all movable current assets, both present and
future excluding such movables as may be permitted by the Bank from time to
time, specific to DRI & Power Plant project awarded by Corporate Ispat
Alloys Ltd Others Nil |
||||||
|
Particulars of
the property charged |
First exclusive
charge by way of hypothecation of Borrowers' current assets etc. relating to
DRI & Power Plant project awarded by Corporate Ispat Alloys Ltd. Exclusive charge
on assignment/security interest on the firms' EPC agreement, Project
documents, licenses, permits, approval, consents and insurance policies in
respect of the project assisted by IDBI Borrower's
Current Assets includes entire stocks of raw materials, semi-finished and finished
goods, consumable stores and spares and such other movables including
book-debts, outstanding monies. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51109WB1996PLC077670 |
|
Name of the company
|
ABHIJEET
PROJECTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
10, |
|
Type of charge |
Movable Property (not
being pledge) |
|
Particular of
charge holder |
Srei Equipment Finance Private Limited, Vishwakarma, 886, |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
hypothecation.(lav563). |
|
Date of
instrument Creating the charge |
15.07.2010 |
|
Amount secured by
the charge |
Rs.15.135
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 9.25 percent per
annum. Terms of
Repayment Amount repayable
in 59 nos. installment, 1st 24 nos. installment of Rs.155,218.00
and balance 35 nos. installment of Rs.462,000.00 each per month. Margin Rs.1.681
millions. Extent and
Operation of the charge As per Deed of
Hypothecation. |
|
Short particulars
of the property charged |
Various assets as
per list attached.(within |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51109WB1996PLC077670 |
|
Name of the
company |
ABHIJEET
PROJECTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Uco Bank, Mid
Corporate Branch, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Agreement for extension
of charge by way of hypothecation over current assets to secure non-fund
based facilities. 2) Hypothecation
of goods to secure a demand cash credit. 3) Hypothecation
and book debts to secure demand cash - credit. |
|
Date of
instrument Creating the charge |
20.05.2010 |
|
Amount secured by
the charge |
Rs.720.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit - BPLR-0.25%
i.e. presently 12.25-0.25% = 12% p.a. Terms of
Repayment On Demand Margin 1. WC - 25% on
raw material, stock in process, finished goods, and other stores, 30% on
receivables not exceeding 90days. 2. LC - 10% at
the time of issue of the ILC/FLC by way of FDR with lien noted in favour of
the Bank. 3. BG - 10% in
cash/duly discharged FDR's with lien noted in favour of Bank. Extent and
Operation of the charge The balance due from
time to time on the Cash Credit limit actually utilised by the Company within
the limit of Rs. 420.000 millions together with interest and other charges.
The actual Non-fund based limits actually utilised by the Company within the
limit of Rs. 300.000 millions together with commission and service charges. |
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
30 |
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.