MIRA INFORM REPORT

 

 

Report Date :

17.11.2011

 

IDENTIFICATION DETAILS

 

Name :

ELAN PROFESSIONAL APPLIANCES PRIVATE LIMITED

 

 

Registered Office :

1/3, Hameli Street, Vatika City, Sohna Road, Gurgaon – 122018, Haryana

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

19.05.2009

 

 

Com. Reg. No.:

05-039104

 

 

Capital Investment / Paid-up Capital :

Rs. 12.485 Millions

 

 

CIN No.:

[Company Identification No.]

U52310HR2009PTC039104

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RTKE01215E

 

 

PAN No.:

[Permanent Account No.]

AACCE1748C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Medical Sterilizers Autoclaves and Battery Storage Devices.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 99000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively new company having satisfactory track. The company is progressing well. 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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCATIONS

 

Registered Office :

1/3, Hameli Street, Vatika City, Sohna Road, Gurgaon – 122018, Haryana, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

sanjayjain2@gmail.com

Website :

www.elanpro.net

 

 

Corporate Office :

645/2, Ram Farm, Near New Coco Cola Godown, Zero Road, Ghitorni, New Delhi – 110030, India

Tel. No.:

91-11-26502532/26503752

Fax No.:

Not Available

E-Mail :

info@elanpro.net

 

 

Branch Office:

148, 2nd Main, 1st Cross, Kasturi Nagar, Bangalore, Karnataka, India

 

 

Service Network:

Located at

 

  • Mumbai
  • Chennai
  • Bangalore
  • Ahmedabad
  • Lucknow
  • Rajasthan

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Sanjay Jain

Designation :

Director

Address :

S-201, F.F, Uppal South End, Sohna Road, Gurgaon – 122101, Haryana

Date of Birth/Age :

22.12.1968

Date of Appointment :

18.05.2009

DIN No.:

00112119

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U29191HR2004PTC037804

Celfrost Innovations Private Limited

Director

01-06-04

01-06-04

11-09-09

Active

NO

2

U30005HR2007PTC037249

Koldstone Refrigeration Private Limited

Director

25-09-07

25-09-07

-

Active

NO

3

U52310HR2009PTC039104

Elan Professional Appliances Private Limited

Director

19-05-09

19-05-09

-

Active

NO

4

U74300HR2007PTC037104

Gokul Communications Private Limited

Director

30-09-10

28-08-09

-

Active

NO

 

 

Name :

Mr. Shashank Joshi

Designation :

Director

Address :

D-613, Jalvayu Towers, Sector 56, Gurgaon – 122003, Haryana, India

Date of Birth/Age :

31.08.1967

Date of Appointment :

19.05.2009

DIN No.:

00267458

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U29191HR2004PTC037804

Celfrost Innovations Private Limited

Director

24-05-06

24-05-06

11-09-09

Active

NO

2

U30005HR2007PTC037249

Koldstone Refrigeration Private Limited

Director

25-09-07

25-09-07

-

Active

NO

3

U52310HR2009PTC039104

Elan Professional Appliances Private Limited

Director

19-05-09

19-05-09

-

Active

NO

4

U74300HR2007PTC037104

Gokul Communications Private Limited

Director

30-09-10

28-08-09

-

Active

NO

 

 

Name :

Mrs. Ranjan Jain

Designation :

Director

Address :

A201, Aishwarya Lake View, 6th Cross, Kagdaspura, C V Raman Nagar, Bangalore – 560093, Karnataka, India

Date of Birth/Age :

04.12.1966

Date of Appointment :

30.07.2009

DIN No.:

02718750

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Sanjay Jain

 

339333

Shashank Jain

 

339334

Praveen Jain

 

33000

Ranjan Jain

 

339333

N.Shanmuga Sundaram

 

100000

Vipin Sethi

 

82500

Rakesh Chandra

 

15000

TOTAL

 

1248500

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

Category

Percentage

Directors or relatives of Directors

81.54

Other top fifty shareholders

18.46

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Medical Sterilizers Autoclaves and Battery Storage Devices.

 

 

Products:

  • Pharma
  • Hotels and Refrigeration
  • Coffee Shop
  • Retail
  • Special New Product

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Axis Bank Limited, No.30, 4th Cross, 2nd Block, CMR Road, HRBR Layout, Kalyan Nagar, Karnataka, India
  • HDFC Bank
  • Indian Overseas Bank

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Axis Bank CC A/C

4.614

0.000

Axis Bank Limited, LC A/C

3.998

0.000

Total

8.612

0.000

Unsecured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Ranjan Jain

0.200

0.202

Sanjay Jain

0.962

1.537

Shashank Jain

2.150

2.056

Total

3.312

3.795

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BAS Associates

Chartered Accountant

Address :

Shop No.9, Old Gurgaon Road, Opposite Police Station, New Delhi – 110037, India

PAN.:

AADFB4161G

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1250000

Equity Shares

Rs.10/- each

Rs. 12.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1248500

Equity Shares

Rs.10/- each

Rs. 12.485 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

12.485

11.160

2] Share Application Money

 

0.000

0.330

3] Reserves & Surplus

 

12.215

1.536

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

24.700

13.026

LOAN FUNDS

 

 

 

1] Secured Loans

 

8.612

0.000

2] Unsecured Loans

 

3.312

3.795

TOTAL BORROWING

 

11.924

3.795

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

36.624

16.821

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.822

0.457

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

27.377

10.493

 

Sundry Debtors
 

39.651

15.690

 

Cash & Bank Balances
 

0.255

0.210

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

4.513

1.636

Total Current Assets
 

71.796

28.029

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

15.810

1.026

 

Other Current Liabilities
 

15.508

10.105

 

Provisions
 

4.791

0.687

Total Current Liabilities
 

36.109

11.818

Net Current Assets
 

35.687

16.211

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.115

0.153

 

 

 

 

TOTAL

 

36.624

16.821

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

 

 

 

 

 

 

Turnover

 

245.900

52.300

 

 

 

 

 

 

PROFIT BEFORE TAX

 

15.400

2.223

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2011

31.03.2010

Return on Total Assets

(PBT/Total Assets}

(%)
 

21.21

7.82

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.62

0.17

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.94

1.20

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.99

1.73

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FINANCIAL

 

The company has during the year has a turnover of Rs. 245.900 Millions and earned a profit before tax and provision of Rs. 15.400 millions. Directors are hopeful of better results in future.

 

NOTES:

 

The registered office address has been changed from S-201, Uppal South End, Sohna Road, Behind Omaxe Mall, Gurgaon – 122018, Haryana, India to Present address w.e.f 30.07.2010

 

FORM 8

 

Corporate identity number of the company

U52310HR2009PTC039104

Name of the company

ELAN PROFESSIONAL APPLIANCES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

1/3, Hameli Street, Vatika City, Sohna Road, Gurgaon – 122018, Haryana, India

Email : sanjayjain2k@gmail.com

This form is for

Modification of Charge

Charge identification (ID) number of the charge to be modified

10259639

Type of charge

  • Book Debts
  • Movable Property (not being pledge)
  • Floating Charges

Particular of charge holder

Axis Bank Limited, No.30, 4th Cross, 2nd Block, CMR Road, HRBR Layout, Kalyan Nagar, Karnataka, India

Email : Lakshmi.Vasudevamurthy@axisbank.com

Nature of instrument creating charge

Supplemental Deed of Hypothecation

Date of instrument Creating the charge

21.03.2011

Amount secured by the charge

Rs. 14.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

CC - Base Rate + 3.75% i.e., 12.5% p.a.

 

Terms of Repayment :

CC - Running account repayable on demand

LC - Maximum usance upto 90 days

LER - Tenor of the contracts 12 months

 

Margin:

CC - 25%

LC - 15% to be collected up-front and kept in TDR with bank's lien noted thereon

 

Extent and operation of Charge:

The charge shall operate to the extent of the loan amount plus interest commission costs expenses and other charges thereon

 

Others:

The said amount of Rs.14.000 millions comprises CC Rs.10.000 millions (enhanced from Rs.6.000 millions) and LC Rs.4.000 millions  continued at existing level (with a sublimit of Rs.2.500 millions for LER limit)

Short particulars of the property or asset(s) charged (including complete address and location of the property)

First charge by way of hypothecation of (a) all the stock in trade both present and future consisting of stock including raw material, stock in process, finished goods, book debts/receivables and other current assets present and future stored at company premises at No.148, II floor, 2nd main, 1st cross, Kasturinagar, Bangalore - 560043 or at 1/3, Hamelia Street, Vatika City,Sohna Road, Gurgaon or at any other place

Date of instrument modifying the charge

 

Particulars of the present modification

By the above, the amount secured by charge stands enhanced from Rs.10.000 millions to Rs.14.000 millions

 

FIXED ASSETS

 

  • Air Conditioner
  • Computer
  • Mobile Phone
  • Inverter and Battery
  • Office Equipment
  • Furniture and Fixture
  • Printer and Scanner
  • Refrigerator
  • Desert Cooler
  • Computer Software
  • Batteries

 

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 :

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.50.90

UK Pound

1

Rs.80.30

Euro

1

Rs.68.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

44

 

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.