MIRA
INFORM REPORT
|
Report Date : |
26.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
REFLEX COMMUNICATIONS PRIVATE LIMITED |
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Registered
Office : |
356, Marshall House, 3rd Floor, 33/1, Netaji Subhas Road,
Kolkata- 700 001, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.01.2008 |
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Com. Reg. No.: |
21-121766 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.000 Million |
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CIN No.: [Company Identification
No.] |
U64201WB2008PTC121766 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALR07342G |
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|
Legal Form : |
Private Limited Liability of the Company |
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Line of Business
: |
Manufacturer of |
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No. of Employees
: |
60 (Office-8, Factory-52) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (17) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having moderate track. There
appears huge accumulated losses recorded by the company. Profitability of the
company is under pressure. However, business is active. Payments are reported
to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. Profit and Loss account for the year 2011 and 2010 is not available. |
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 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
356, Marshall House, 3rd Floor, 33/1, Netaji Subhas Road,
Kolkata- 700 001, West Bengal, India |
|
Tel. No.: |
91-33-22434035 |
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Fax No.: |
91-33-22305688 |
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E-Mail : |
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Area : |
4000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Subhash C. Shah |
|
Designation : |
Director |
|
Address : |
1/1, |
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Date of Birth/Age : |
21.12.1946 |
|
Date of Appointment : |
15.01.2008 |
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DIN No.: |
01895507 |
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|
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|
Name : |
Mr. Sunil Kumar Gupta |
|
Designation : |
Director |
|
Address : |
8, |
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Date of Birth/Age : |
05.12.1963 |
|
Date of Appointment : |
15.01.2008 |
|
DIN No.: |
00870474 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U65993WB1990PTC049330 |
KINNARI
HOLDINGS PRIVATE LIMITED |
Director |
06-10-98 |
06-10-98 |
Active |
NO |
|
2 |
U65993WB1990PTC049334 |
SARAU
HOLDINGS PRIVATE LIMITED |
Director |
03-01-08 |
03-01-08 |
Active |
NO |
|
3 |
U64201WB2008PTC121766 |
REFLEX
COMMUNICATIONS PRIVATE LIMITED |
Director |
15-01-08 |
15-01-08 |
Active |
NO |
|
Name : |
Mrs. Seema Gupta |
|
Designation : |
Director |
|
Address : |
8, |
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Date of Birth/Age : |
10.03.1966 |
|
Date of Appointment : |
01.09.2008 |
|
DIN No.: |
00870388 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U65993WB1990PTC049330 |
KINNARI
HOLDINGS PRIVATE LIMITED |
Director |
06-10-98 |
06-10-98 |
Active |
NO |
|
2 |
U65993WB1990PTC049334 |
SARAU
HOLDINGS PRIVATE LIMITED |
Director |
03-01-08 |
03-01-08 |
Active |
NO |
|
3 |
U64201WB2008PTC121766 |
REFLEX
COMMUNICATIONS PRIVATE LIMITED |
Director |
01-09-08 |
01-09-08 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Subhash C. Shah |
5000 |
|
Sunil Kumar Gupta |
5000 |
|
Total |
10000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of |
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Products : |
Mobile Antenna
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
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|
Micro Wave Antenna |
Nos. |
50000 |
4731 |
GENERAL INFORMATION
|
No. of Employees : |
60 (Office-8, Factory-52) (Approximately) |
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Bankers : |
HSBC Bank, Branch- Kolkata, West |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Jain and Associates Chartered Accountants |
|
Address : |
9/12, |
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PAN No.: |
AAGFM9405R |
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Associates : |
·
Simplex Engineering Company |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs. 1.000 Million |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs. 1.000 Million |
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|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.627 |
|
|
4] (Accumulated Losses) |
(6.016) |
(1.013) |
0.000 |
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|
NETWORTH |
(5.016) |
(0.013) |
1.627 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.006 |
37.314 |
27.213 |
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|
2] Unsecured Loans |
160.480 |
113.280 |
84.270 |
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TOTAL BORROWING |
190.486 |
150.594 |
111.483 |
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DEFERRED TAX LIABILITIES |
0.000 |
3.967 |
0.000 |
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|
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|
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TOTAL |
185.470 |
154.548 |
113.110 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
81.143 |
82.921 |
4.366 |
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Capital work-in-progress |
20.418 |
0.326 |
75.744 |
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INVESTMENT |
0.060 |
0.060 |
0.060 |
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|
DEFERREX TAX ASSETS |
2.760 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
93.775
|
38.011 |
20.098 |
|
|
Sundry Debtors |
0.877
|
41.492 |
0.000 |
|
|
Cash & Bank Balances |
37.934
|
34.707 |
25.767 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.163
|
8.240 |
5.134 |
|
Total
Current Assets |
149.749
|
122.450 |
50.999 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
68.416
|
50.949 |
17.815 |
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Other Current Liabilities |
|
|
|
|
|
Provisions |
0.267
|
0.291 |
0.281 |
|
Total
Current Liabilities |
68.683
|
51.240 |
18.096 |
|
|
Net Current Assets |
81.066
|
71.210 |
32.903 |
|
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|
MISCELLANEOUS EXPENSES |
0.023 |
0.031 |
0.037 |
|
|
|
|
|
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TOTAL |
185.470 |
154.548 |
113.110 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
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Income |
|
|
0.007 |
|
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Other Income |
|
|
1.493 |
|
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TOTAL |
NA |
NA |
1.500 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
NA |
|
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|
Power and Fuel |
|
|
|
|
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|
Salaries, Wages and Bonus |
|
|
0.591 |
|
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Rent |
|
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Rates and Taxes |
|
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Other Expenditure |
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TOTAL |
NA |
NA |
0.591 |
|
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|
|
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|
PROFIT BEFORE
TAX |
|
|
0.909 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.282 |
|
|
|
|
|
|
|
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PROFIT AFTER TAX
|
NA |
NA |
0.627 |
|
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|
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|
|
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|
EXPORT VALUE |
0.051 |
0.258 |
0.000 |
|
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
55.028 |
44.533 |
15.724 |
|
|
|
Capital Goods |
3.778 |
2.304 |
27.962 |
|
|
TOTAL IMPORTS |
58.806 |
46.837 |
43.686 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
62.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
41.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
12985.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
0.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(51.67)
|
(7337.46) |
79.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
2.39 |
2.82 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
·
Office Apartment
·
Plant and Machinery
·
Computers
·
Electrical Installations
·
Furniture and Fixtures
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 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. 52.16 |
|
|
1 |
Rs. 80.64 |
|
Euro |
1 |
Rs. 69.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
17 |
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.