MIRA INFORM REPORT

 

 

Report Date :

27.01.2012

 

IDENTIFICATION DETAILS

 

Name :

ICON ENGINEERS PRIVATE LIMITED

 

 

Registered Office :

3B, Gobinda Ghosal Lane, Kolkata – 700025, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

22.08.1985

 

 

Com. Reg. No.:

21-039381

 

 

Capital Investment / Paid-up Capital :

Rs.1.446 Millions

 

 

CIN No.:

[Company Identification No.]

U31102WB1985PTC039381

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALI00064B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Automotive Voltage Regulator, Transformer

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 28000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and established company having 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 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Pankaj Karmakar Dey

Designation :

Director

Contact No.:

91-9831016416

Date :

27.01.2012

 

 

LOCATIONS

 

Registered Office / Factory :

3B, Gobinda Ghosal Lane, Kolkata – 700025, West Bengal, India

Tel. No.:

91-33-24548112/ 24869530

Mobile No.:

91-9831016416 (Mr. Pankaj)

Fax No.:

91-33-24548160/ 24551077

E-Mail :

icon@cal2.vsnl.net.in

Website :

www.iconengineers.com

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Pankaj Karmakar

Designation :

Director

Address :

1-5-16-1037/34, Malaraya Temple Road, Mangalore – 575006, Kolkata, India

Date of Birth/Age :

05.01.1949

Date of Appointment :

01.07.1988

DIN No.:

00639893

 

 

Name :

Mr. Mohandas Srinivashosdrug Kamath

Designation :

Director

Address :

LH-2, Old Doc Race Course, Kolkata – 700038, West Bengal, India

Date of Birth/Age :

08.02.1945

Date of Appointment :

01.07.1988

DIN No.:

01098035

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Pankaj Karmakar

 

3010

Mohandas Srinivashosdrug Kamath

 

870

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

Category

Percentage

Directors or relatives of Directors

90.00

Other top fifty shareholders

10.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Automotive Voltage Regulator, Transformer

 

GENERAL INFORMATION

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

State Bank of India, SMECCC, 4th Floor, 1 Strand Road, Kolkata, West Bengal. India

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

State Bank of India

2.178

1.911

Total

2.178

1.911

 

State Bank of India Cash Credit Facilities Rs.3.000 Millions

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Gobind Mohan Bhattacharya and Company

Chartered Accountant

Address :

Commerce House 2, Ganesh Chandra Avenue, Room No.4 and 4A, 1st Floor, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-22138656

Fax No.:

91-33-263216014

PAN.:

ADIPB4722F

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

20000

Equity Shares

Rs.100/- each

Rs.2.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

14460

Equity Shares

Rs.100/- each

Rs.1.446 Millions

 

 

 

 

 

 

 

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

1.446

1.446

1.446

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

5.494

4.469

3.434

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

6.940

5.915

4.880

LOAN FUNDS

 

 

 

1] Secured Loans

2.178

1.911

0.861

2] Unsecured Loans

0.000

0.000

0.049

TOTAL BORROWING

2.178

1.911

0.910

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

9.118

7.826

5.790

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.579

0.657

0.504

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

2.364

2.625

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
4.950

6.621

3.270

 

Sundry Debtors
5.350

7.106

3.909

 

Cash & Bank Balances
0.184

0.166

1.686

 

Other Current Assets
2.184

1.702

1.511

 

Loans & Advances
0.892

0.866

1.089

Total Current Assets
13.560

16.461

11.465

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
8.805

6.181

1.893

 

Other Current Liabilities
 

4.625

3.350

 

Provisions
1.580

1.111

0.936

Total Current Liabilities
10.385

11.917

6.179

Net Current Assets
3.175

4.544

5.286

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

9.118

7.826

5.790

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

 

 

 

 

 

 

Turnover

 

22.691

27.123

 

 

 

 

 

 

Net Profit

 

0.525

0.485

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.81

2.34

1.45

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.31

1.38

1.86

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

Yes
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

--
  1. Estimation for coming financial year

No
  1. Capital in Business

Yes
  1. Details of Sister Concern

No
  1. Major Suppliers

No
  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

Yes
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

Yes
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

ACTIVITIES AND PERFORMANCE

 

The company has registered a turnover of Rs.22.690 millions as against Rs.27.123 millions in the previous year. The company has achieved a gross profit Rs.5.199 millions as against Rs.5.216 millions. Even though the turnover was lower the gross profit become higher because of proper management of purchase and sales in transformer market. However, their company has earned a higher and net profit and it is Rs. 0.525 millions as against Rs.0.485 millions in the previous year.

 

FORM 8

 

Corporate identity number of the company

U31102WB1985PTC039381

Name of the company

ICON ENGINEERS PRIVATE LIMITED

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

3B, Gobinda Ghosal Lane, Kolkata – 700025, West Bengal, India

Email: icon@cal2.vsnl.net.in

This form is for

Creation of charge

Type of charge

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

Particular of charge holder

State Bank of India, SMECCC, 4th Floor, 1 Strand Road, Kolkata, West Bengal. India

Email: sbi.5011@sbi.co.in

Nature of instrument creating charge

Agreement of Loan-cum-Hypothecation - (SME-2).

Date of instrument Creating the charge

10.09.2011

Amount secured by the charge

Rs.3.500 Millions

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

Rate of Interest:

Cash Credit: At 5.00% spread above Base Rate, present effective rate 13.50% p.a.

 

Terms of Repayment:

Working Capital Limit is repayable on demand.

 

Margin:

As stipulated by the Bank for the respective assets from time to time.

Raw Materials (Imported & Indigenous) : 25%,

Semi Finished Goods : 25%,

Finished Goods : 25%,

Domestic Receivables : 40%,

Letter of Credit : 25%* and

Bank Guarantee: 25%*.

*Cash Margin

 

Extent and Operation of the charge:

The charge operates as first charge basis on the whole of the hypothecated current assets of the Company, both present and future to secure the maximum amount under the said charge fixed at Rs.3.500 millions together with interest, costs and charges thereon.

 

Others:

The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements.

The overall limit consists of Cash Credit: Rs.3.000 millions, Bank Guarantee: Rs.0.250 millions and Letter of Credit :Rs.0.250 millions

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

Hypothecation of stocks of manufacturing of transformer and voltage regulator and Book Debts

 

Fixed Assets

 

  • Plant and Machinery
  • Computer Software
  • Vehicles
  • Furniture and Fixture
  • Electrical Installation
  • Office Appliance
  • Computer Machine
  • Office Renovation

 

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.48.68

UK Pound

1

Rs.76.75

Euro

1

Rs.63.46

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--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

 

43

 

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.