MIRA
INFORM REPORT
|
Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
LLOYDS ENGINEERING CORPORATION PRIVATE LIMITED |
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Registered
Office : |
Room No. 515, Marshall House, 33/1, N.S. Road, Kolkata-700001, West
Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.03.2010 |
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Com. Reg. No.: |
21-144132 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
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CIN No.: [Company Identification
No.] |
U29253WB2010PTC144132 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributors and Stockiest of Timken Bearings, Seals, Mechatronics,
Lubricant Systems, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (18) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject has been takenover the running business of Lloyds Corporation,
Erstwhile a concern. It is a company having moderate track. There appears some accumulated losses recorded by
the company. However, trade relations are reported as fair. Business is
active. Payments are unknown. The company can be considered for business dealings on a secured 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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 DECLINED BY
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Name : |
Ms. Baishakhi |
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Designation : |
Customer Executive |
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Contact No.: |
91-33-22902131 |
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Date : |
18.01.2012 |
LOCATIONS
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Registered Office : |
Room No. 515, Marshall House, 33/1, N.S. Road, Kolkata-700001, West
Bengal, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 20.09.2011
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Name : |
Mr. Gopal Sitaram Sharma |
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Designation : |
Chairman cum Managing Director |
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Address : |
115, Manohar Pukar Road, Ridhi Sidhi Flat No. 3A, 3rd
Floor, Kolkata-700026, West Bengal, India |
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Date of Birth/Age : |
06.02.1948 |
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Date of Appointment : |
20.03.2010 |
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Din No.: |
00820833 |
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Other Directorship:
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Name : |
Mr. Manish Gopal Sharma |
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Designation : |
Director |
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Address : |
115, Manohar Pukar Road, Ridhi Sidhi Flat No. 3A, 3rd
Floor, Kolkata-700026, West Bengal, India |
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Date of Birth/Age : |
01.01.1975 |
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Date of Appointment : |
20.03.2010 |
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Din No.: |
00820459 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Ms. Baishakhi |
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Designation : |
Customer Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2011
|
Names of Shareholders |
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No. of Shares |
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Gopal Sitaram Sharma |
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5000 |
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Manish Gopal Sharma |
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5000 |
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Total |
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10000 |
As on 20.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributors and Stockiest of Timken Bearings, Seals, Mechatronics, Lubricant
Systems, etc. |
GENERAL INFORMATION
|
Bankers : |
Oriental Bank of Commerce, Strand Road Branch, 2, N.C. Dutta Sarani,
Kolkata-700001, West Bengal, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.K. Tekriwal and Company Chartered Accountants |
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Address : |
34, C.R. Avenue, Jabakusum House, 2nd Floor, Room No. 07,
Kolkata-700012, West Bengal, India |
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Tel. No.: |
91-33-22120050/22120377 |
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Fax No.: |
91-33-22120377 |
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E-Mail : |
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Pan No.: |
AAMFA5986H |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
As on 20.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6010000 |
Equity Shares |
Rs.10/- each |
Rs.60.100
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(0.187) |
(0.089) |
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NETWORTH |
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(0.087) |
0.011 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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(0.087) |
0.011 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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|
0.084 |
0.040 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
|
0.108 |
0.096 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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0.108 |
0.096 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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0.649 |
0.619 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.649 |
0.619 |
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Net Current Assets |
|
(0.541) |
(0.523) |
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MISCELLANEOUS EXPENSES |
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0.370 |
0.494 |
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TOTAL |
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(0.087) |
0.011 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
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NA |
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Other Income |
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TOTAL |
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NA |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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0.142 |
0.129 |
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Advertising Expenses |
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TOTAL |
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0.142 |
0.129 |
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PROFIT / (LOSS)
BEFORE TAX |
|
(0.142) |
(0.129) |
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Less |
TAX |
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(0.044) |
(0.040) |
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PROFIT / (LOSS)
AFTER TAX |
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(0.098) |
(0.089) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.089) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
(0.187) |
(0.089) |
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Earnings / (Loss)
Per Share (Rs.) |
|
(9.81) |
(12.90) |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(131.48) |
(134.37) |
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Return on Investment (ROI) (PBT/Networth) |
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|
1.63 |
(11.73) |
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Debt Equity Ratio (Total Liability/Networth) |
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(7.45) |
56.27 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.17 |
0.16 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The company suffered a loss of Rs.0.142 million on account of expenses
and write off of preliminary expenses during the period.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of charge
|
|
Corporate
identity number of the company |
U29253WB2010PTC144132 |
|
Name of the
company |
LLOYDS
ENGINEERING CORPORATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Room No. 515, Marshall House, 33/1, N.S. Road, Kolkata-700001, West
Bengal, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge Others |
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Particular of
charge holder |
Oriental Bank of Commerce, Strand Road Branch, 2, N.C. Dutta Sarani,
Kolkata-700001, West Bengal, India |
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Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Assets. Counter Guarantee
Agreement. |
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Date of
instrument Creating the charge |
18.11.2011 |
|
Amount secured by
the charge |
Rs.59.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit
(Hypo) : At 5.25% over Base Rate, present effective rate being 16.00% p.a.
with monthly rests. Terms of
Repayment Working Capital
Limit is repayable on demand. Margin As stipulated by the
Bank for the respective assets from time to time. Cash Credit
(Hypo) : 25% of stocks and receivables not older than 90 days, Bank Guarantee : Financial : 25% and Performance: 25%. Extent and
Operation of the charge The charge operates
as first charge basis on the whole of the hypothecated current assets and
movable fixed assets of the Company, both present and future to secure the
maximum amount under the said charge fixed at Rs.5,95,00,000/- 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. |
|
Short particulars
of the property charged |
Hypothecation of
stocks of raw materials, stock in process, semi finished and finished goods,
stores and spares and receivables and all other movable current assets both
present and future at the Company's
premises and at various places of works/godown. Hypothecation of all
fixed assets both present and future in the name of the Company. |
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.50.33 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.64.31 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
18 |
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.