MIRA
INFORM REPORT
|
Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
LOTUS KALEEN PRIVATE LIMITED |
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Registered
Office : |
Ahdus Hotel, Amnexe Hotel, Ahdus Residency Road, Sringar – 180 001, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.01.1993 |
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Com. Reg. No.: |
07-001337 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
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CIN No.: [Company Identification
No.] |
U17302JK1993PTC001337 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer of Floorings. |
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No. of Employees
: |
30 (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 78000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an 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 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Jasi |
|
Designation : |
Accountant |
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Contact No.: |
91-11-29839190 |
|
Date : |
17.01.2012 |
LOCATIONS
|
Registered Office : |
Ahdus Hotel, Amnexe Hotel, Ahdus Residency Road, Sringar – 180 001, |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
Rented |
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Corporate Office : |
M-59, 2nd Floor, Lajpat Nagar-II, |
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Tel. No.: |
91-11-29839190/ 29838085/ 29838919 |
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Fax No.: |
91-11-29832382 |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Avtar Dinanath Bhat |
|
Designation : |
Whole Time Director |
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Address : |
A/B-3212, Vasant Kunj, |
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Date of Birth/Age : |
22.01.1953 |
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Date of Appointment : |
12.01.1993 |
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DIN No.: |
01010951 |
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Name : |
Mrs. Shobha Avtar Bhat |
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Designation : |
Whole Time Director |
|
Address : |
A/B-3212, Vasant Kunj, |
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Date of Birth/Age : |
15.11.1956 |
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Date of Appointment : |
01.04.1994 |
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DIN No.: |
01010983 |
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Name : |
Mr. Adhir Avtar Bhat |
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Designation : |
Director |
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Address : |
A/B-3212, Vasant Kunj, |
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Date of Birth/Age : |
16.07.1980 |
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Date of Appointment : |
30.03.2007 |
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DIN No.: |
02043637 |
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Name : |
Mr. Ashim Avtar Bhat |
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Designation : |
Director |
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Address : |
A/B-3212, Vasant Kunj, |
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Date of Birth/Age : |
18.11.1985 |
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Date of Appointment : |
30.03.2007 |
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DIN No.: |
01993472 |
KEY EXECUTIVES
|
Name : |
Ms. Jasi |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Avtar Bhat |
|
12750 |
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Shobha Bhat |
|
6250 |
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Adhir Bhat |
|
3000 |
|
Ashim Bhat |
|
3000 |
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Total |
|
25000 |
As on 17.11.2011
|
Names of Allottees |
|
No. of Shares |
|
Avtar Bhat |
|
25500 |
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Shobha Bhat |
|
12500 |
|
Ashim Bhat |
|
6000 |
|
Adhir Bhat |
|
6000 |
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Total |
|
50000 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer of Floorings. |
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Products : |
v Hard Wood Flooring v Wall to wall carpets v Laminate Wooden Flooring v Carpet Tiles v Engineered Wooden Flooring v Fun Grass v Decking Wood |
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Imports : |
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Products : |
Floorings |
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Countries : |
v
v
v
v
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
v Manjeet International v Airtel v J.N. Engineering v Tata Indicom v Vito Parket v B.S. Furnishings v Deekay Handloom Industries v Desire Impex Trading Company v
Green Apple v Kamboj International v Lotus Creation v Marks Creation v Spreetrans International v United Exim Private Limited v Shalimar Flooring Private Limited v Crown Wood v Vishal Plastic and Packing Company v Shree Shyam Carpets v Pradeep International Inc |
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Customers : |
End Users v
Ajay Enterprises v
Aakar Interior v
Aayam v
ACE Marketing v
Aeon Decor v
Archee Group v
Bajaj Sons Limited v
B.D. Furnishers v
City Mart Hotel (Private) Limited v
Designer's v
Engrave Interior v
Hotel Marina v
House of Carpets v
Jai Maa Creations v
Kripani Carpets v
Miracle Flooring v
Narain Enterprises v
Samarth Constructions Private Limited v
Regency v
Serco BPO Private Limited v
The Khattar Associates v
v
Wall Solutions v
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No. of Employees : |
30 (Approximately) |
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Bankers : |
Jammu and Kashmir Bank Limited, G-40, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.K. Dudha and Company Chartered Accountants |
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Address : |
A-1/132, LGF Safdarjung Enclave, |
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Tel. No.: |
91-11-26106222/ 26167732/ 26172290 |
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Fax No.: |
91-11-26105946 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AATFS5681A |
CAPITAL STRUCTURE
After 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
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|
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As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
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|
|
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|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
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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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.926 |
11.893 |
8.224 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.426 |
14.393 |
10.724 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.900 |
23.922 |
19.719 |
|
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2] Unsecured Loans |
3.497 |
0.797 |
0.799 |
|
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TOTAL BORROWING |
25.397 |
24.719 |
20.518 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
44.823 |
39.112 |
31.242 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.669 |
3.106 |
2.215 |
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Capital work-in-progress |
2.730 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.182 |
0.137 |
0.101 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
23.459
|
20.804 |
20.456
|
|
|
Sundry Debtors |
47.545
|
35.444 |
32.010
|
|
|
Cash & Bank Balances |
6.016
|
6.096 |
5.224
|
|
|
Loans, Advances & Other Current Assets |
7.506
|
4.743 |
5.366
|
|
Total
Current Assets |
84.526
|
67.087 |
63.056 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
26.692
|
20.777 |
25.247
|
|
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Other Current Liabilities |
13.000
|
7.167 |
7.282
|
|
|
Provisions |
5.592
|
3.274 |
1.601
|
|
Total
Current Liabilities |
45.284
|
31.218 |
34.130 |
|
|
Net Current Assets |
39.242
|
35.869 |
28.926
|
|
|
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|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
44.823 |
39.112 |
31.242 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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TURNOVER |
127.199 |
100.140 |
93.890 |
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.002 |
6.019 |
5.594 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.696 |
0.697 |
0.541 |
|
|
|
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|
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|
PROFIT BEFORE
TAX |
7.306 |
5.322 |
5.053 |
|
|
|
|
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|
Less |
TAX |
2.273 |
1.653 |
1.747 |
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PROFIT AFTER TAX
|
5.033 |
3.669 |
3.306 |
|
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|
Earnings Per Share
(Rs.) |
201.00 |
146.74 |
132.24 |
Expected Sales (2011-2012): Rs.150.000 millions
The above information has been parted by Ms. Jasi (Accountant).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.38
|
7.58 |
7.74
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.37 |
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.64
|
3.89 |
5.09
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.87
|
2.15 |
1.85
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
-- |
|
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 |
-- |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
-- |
|
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 |
-- |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
OPERATIONS:
The company is running its business operations satisfactorily. The
business volume is expected to increase in the coming years and the directors
are confident of projecting better results in the future.
FORM 8:
|
Corporate
identity number of the company |
U17302JK1993PTC001337 |
|
Name of the
company |
LOTUS KALEEN PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ahdus Hotel, Amnexe Hotel, Ahdus Residency Road, Sringar – 180 001, E-Mail: lkaleen@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90324119 |
|
Type of charge |
Book Debts Others
(Hypothecation of fresh and saleable stock) |
|
Particular of
charge holder |
Jammu and Kashmir Bank Limited, G-40, E-Mail: circus@jkbmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Cash credit limit
Rs.16.000 millions and FLC limit Rs.14.000 millions. As per agreement |
|
Date of
instrument Creating the charge |
31.05.2011 |
|
Amount secured by
the charge |
Rs.30.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Base Rate +5.75%
with monthly rest Terms of
Repayment: One year subject
to renewal after review Margin: Stock 25% Book debt 40% FLC 15% Extent and Operation
of the charge: As per agreement Others: For FLC Extension of
charge on current assets held for cash credit facility Personal
Guarantee of Directors namely Mr. Avtar Bhat, Mrs. Shobha Bhat, Mr. Adhir
Bhat and Mr. Ashin Bhat |
|
Short particulars
of the property charged |
Hypothecation of
fresh and saleable stock in trade lying in godown, show room, factory and
other places in the name of the company. Hypothecation of
Book Debts of the company EMP bearing Plot No.35
Khasra No.208, 209, 210, Waka Mauja, Daulatabad Road, Tehsil and District Gurgaon in the name of Avtar
Bhat EMP of
residential Flat on First Floor, Bearing No.3212, Sector A, Pkt B, Vasant
Kunj in the name of Shoba Bhat Extension of
charge over residential Flat No.204 Second Floor Jubilee Place Cooperative
Housing Society Limited, Versova Andheri (West) Mumbai in the name of Shoba
Bhat Extension of
charge over residential Flat No.205 Second Floor Jubilee Place Cooperative
Housing Society Limited, Versova Andheri (West) Mumbai in the name of Avtar
Bhat EMP 2nd
floor of property bearing no S-2,S-3, S-5 of Plot No-59, Block M, Lajpat
Nagar II New Delhi in the name of Avtar Bhat EMP plot of land
1000 sq. yards out of khasra No.1448/2 Malikpur Kohi, Rangpuri, Tehsil
Mehrauli, |
|
Particulars of
the present modification |
Cash credit limit
enhanced to Rs.16.000 millions and FLC limit reduced to Rs.14.000 millions.
Total exposure Rs.30.000 millions against hypothecation of stock, Book debts
and extension of charges. |
TRADE REFERENCES:
v Manjeet International
v Ajay Enterprises
FIXED ASSETS:
·
Computers
o
Computer
o
Computer Printer
·
Plant and Machinery
o
Air Conditioner
o
Looms
o
Office Equipments
o
Sewing Machine
o
Wrapping Machine
o
Fax Machine
o
Invertor
o
Vaccum Cleaner
o
Telephone Equipments
o
o
Camera
o
Generator
o
Television
·
Vehicles
o
Car
o
Scooter/ Bike
·
Furniture and Fixtures
o
Furniture and Fixture
o
Electric Equipments
o
Hot and cold Machine
o
Fire Fighting Equipments
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.50.67 |
|
|
1 |
Rs.77.72 |
|
Euro |
1 |
Rs.64.63 |
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 |
NO |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.