MIRA INFORM REPORT

 

 

Report Date :

27.12.2012

 

IDENTIFICATION DETAILS

 

Name :

CLIF TOOLS PRIVATE LIMITED

 

 

Registered Office :

72 Narayan Dhuru Street, Mumbai – 400003, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

26.06.2009

 

 

Com. Reg. No.:

11-193585

 

 

Capital Investment / Paid-up Capital :

Rs. 2.550 Millions

 

 

CIN No.:

[Company Identification No.]

U74990MH2009PTC193585

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC17059A

 

 

PAN No.:

[Permanent Account No.]

AADCC7404N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Importer of all types of tools.

 

 

No. of Employees :

8 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 39000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. 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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Amit Gupta

Designation :

Director

Contact No.:

91-22-23449512

Date :

24.12.2012

 

 

LOCATIONS

 

Registered Office :

72 Narayan Dhuru Street, Mumbai – 400003, Maharashtra, India

Tel. No.:

91-22-23449512/ 23421520/ 23117510

Mobile No.:

91-9324233353 (Mr. Rajkumar)

Fax No.:

91-22-23421520

E-Mail :

gitools@vsnl.com

clif057@gmail.com

Website :

www.cliftools.com

Area :

1000 Sq. ft.

Location :

Owned

 

 

DIRECTORS

 

AS ON 29.09.2012

 

Name :

Mr. Rajkumar Omprakash Gupta

Designation :

Director

Address :

Chowpaty Chamber, 3rd Floor, F. No. 5, SVP Road, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

06.07.1950

Date of Appointment :

26.06.2009

DIN No.:

02633841

 

 

Name :

Mr. Ashish Rajkumar Gupta

Designation :

Director

Address :

Chowpaty Chamber, 3rd Floor, F. No. 5, SVP Road, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

24.01.1980

Date of Appointment :

26.06.2009

DIN No.:

02633847

 

 

Name :

Mr. Amit Rajkumar Gupta

Designation :

Director

Address :

Chowpaty Chamber, 3rd Floor, F. No. 5, SVP Road, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

15.08.1976

Date of Appointment :

26.06.2009

DIN No.:

02633854

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

Rajkumar Omprakash Gupta

 

165000

Ashish Rajkumar Gupta

 

42500

Amit Rajkumar Gupta

 

42500

Kanchan Rajkumar Gupta

 

1800

Neetu Amit Gupta

 

1600

Neha Ashish Gupta

 

1600

Total

 

255000

 

 

AS ON 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of all types of tools.

 

 

Imports :

 

Products :

Tools

Countries :

China

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

Ø       Ningbo Genin Industries Company Limited

 

 

Customers :

End Users

 

Ø       Paras Trading Company

 

 

No. of Employees :

8 (Approximately)

 

 

Bankers :

Union Bank of India, Mohammed Ali Road Branch, Karim Building, 1st Floor, 56, Mohammed Ali Road, Mumbai – 400003, Maharashtra, India

 

 

Facilities :

 

Secured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

Secured Loans – For Fixed assets

2.760

0.000

Union Bank of India O/D

9.153

4.542

Total

11.913

4.542

 

 

Unsecured Loans

31.03.2012

31.03.2011

 

 

(Rs. In Millions)

From Directors

6.206

10.407

From related parties

0.010

0.000

Total

6.216

10.407

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deepak M. Bansal and Company

Chartered Accountants

Address :

131/134, B Wing, 1st Floor, Rolex Shopping Centre, Opposite Prashant Hotel, Goregaon, Mumbai – 400062, Maharashtra, India

Tel. No.:

91-22-28765798

Mobile No.:

91-9320981019/ 9920104799

Fax No.:

91-22-28765798

E-Mail :

deepakmbansal@gmail.com

bansal_d@rediffmail.com

Income-tax PAN of auditor or auditor's firm :

AEWPB9864M

 

 

Sister Concern :

Seengle Hardware Stone

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

260000

Equity Shares

Rs. 10/- each

Rs. 2.600 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

255000

Equity Shares

Rs. 10/- each

Rs. 2.550 Millions

 

 

 

 

 

 

Reconciliation of shares outstanding at the beginning and at the end of the year

 

Particulars

31.03.2012

 

Number

Amount

At the beginning of the year

250000

2.500

Addition during the year

5000

0.050

Deduction during the year

0

0.000

Outstanding at the end of the year

255000

2.550

 

 

Details of shareholders holding more than 5% shares in the company

 

Particulars

31.03.2012

 

Number

% of Holding

Rajkumar Omprakash Gupta

165000

64.71

Ashish Rajkumar Gupta

42500

16.67

Amit Rajkumar Gupta

42500

16.67

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.550

2.500

0.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

7.242

1.197

0.126

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

9.792

3.697

0.226

LOAN FUNDS

 

 

 

1] Secured Loans

11.913

4.542

1.051

2] Unsecured Loans

6.216

10.407

4.632

TOTAL BORROWING

18.129

14.949

5.683

DEFERRED TAX LIABILITIES

0.041

0.000

0.000

 

 

 

 

TOTAL

27.962

18.646

5.909

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3.092

0.033

0.000

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
13.327

7.508

5.173

 

Sundry Debtors
14.087

12.498

0.552

 

Cash & Bank Balances
0.957

0.306

0.111

 

Other Current Assets
0.417

0.303

0.177

 

Loans & Advances
0.000

0.000

0.000

Total Current Assets
28.788

20.615

 6.013

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
2.741

0.153

 

Other Current Liabilities
0.750

1.362

0.047

 

Provisions
0.427

0.487

0.057

Total Current Liabilities
3.918

2.002

0.104

Net Current Assets
24.870

18.613

5.909

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

27.962

18.646

5.909

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

83.649

57.829

2.673

 

 

Other Income

0.000

0.000

0.000

 

 

TOTAL                                     (A)

83.649

57.829

2.673

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchase of stock-in-trade

80.645

53.453

 

 

Changes in inventories of FG/ WIP/ stock-in-trade

(5.820)

(2.335)

 

 

 

Employee Benefit Expenses

0.499

0.399

 

 

 

Other Expenses

5.652

4.215

 

 

 

TOTAL                                     (B)

80.976

55.732

2.467

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2.673

2.097

0.206

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.891

0.521

0.023

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1.782

1.576

0.183

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.217

0.018

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1.565

1.558

0.183

 

 

 

 

 

Less

TAX                                                                  (H)

0.470

0.487

0.058

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1.095

1.071

0.125

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.30

4.28

12.50

 

 

Expected Sales (2012-2013): Rs. 120.000 Millions

 

The above information has been parted by Mr. Amit Gupta (Director)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
1.31

1.85

4.68

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.87

2.69

6.85

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.91

7.55

3.04

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.16

0.42

0.81

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.25

4.59

25.61

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
7.35

10.30

57.82

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U74990MH2009PTC193585

Name of the company

CLIF TOOLS PRIVATE LIMITED

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

72 Narayan Dhuru Street, Mumbai – 400003, Maharashtra, India

Email: gitools@vsnl.com

This form is for

Modification of charge

Charge identification number of the modified 

10217352

Type of charge

Book debts

Movable property (not being pledge)

Particular of charge holder

Union Bank of India, Mohammed Ali Road Branch, Karim Building, 1st Floor, 56, Mohammed Ali Road, Mumbai – 400003, Maharashtra, India

Email: cbsmohamedaliroad@unionbankofindia.com

Nature of description of the instrument creating or modifying the charge

Supplementary Agreement to Hypothecation Agreement of Goods and Debts

Date of instrument Creating the charge

23.09.2011

Amount secured by the charge

Rs. 9.500 Millions

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

Rate of Interest

BR + 5% per annum with monthly rests or such other rate as may be revised by the Bank from time to time

 

Terms of Repayment

On Demand

 

Margin

As per sanction terms

 

Extent and Operation of the charge

To secure Revised Cash Credit (Hypothecation) Stocks/ Book-Debts (Under Union Trade) facility of Rs.9.500 Millions granted by the Bank to the Company.

Short particulars of the property charged

That the Hypothecated Goods, Book-Debts and Movable Property covered by the Principal Hypothecation shall continue to be a security for the Bank for the enhanced Cash Credit (Hypothecation) Stocks/Book-Debts  facility of Rs.9.500 Millions granted by the Bank to the Company

Particulars of the present modification 

The Original Charge Dated: 25.03.2010 for Rs.4.900 Millions is hereby modified by granting an additional sum of Rs.4.600 Millions thereby enhancing the Cash Credit (Hypothecation) Stocks/Book-Debts facility from Rs.4.900 Millions to Rs.9.500 Millions and That the Hypothecated Goods, Book-Debts and Movable Property covered by the Principal Hypothecation shall continue to be a security for the Bank for the enhanced Cash Credit (Hypothecation) Stocks/ Book-Debts  facility of Rs.9.500 Millions granted by the Bank to the Company

 

 

TRADE REFERENCES:

 

Ø       Ningbo Genin Industries Company Limited

Ø       Paras Trading Company

 

 

FIXED ASSETS:

 

Ø       Computer

Ø       Air Conditioner

Ø       Vehicles

 

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 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 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. 54.96

UK Pound

1

Rs. 88.68

Euro

1

Rs. 72.45

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

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

-

 

 

 

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.