|
Report Date : |
01.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
HIMACHAL ENVIRONMENTAL ENGINEERING COMPANY PRIVATE LIMITED |
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Registered
Office : |
Industrial Area Paonta Sahib, Himachal Pradesh - 173025 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.06.1993 |
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Com. Reg. No.: |
06-013454 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.198 Millions |
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CIN No.: [Company Identification
No.] |
U29199HP1993PTC013454 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Raw/ Waste Water , Air Pollution, Air Cooling Cum Ventilation
Systems for Sugar, Glass, Lighting, Papers, milk, Lime Steel, Textiles,
Pharmaceuticals and Hotel Industry, Pollution control and Monitoring
Equipment. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 160000 |
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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 |
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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 |
LOCATIONS
|
Registered Office : |
Industrial Area Paonta Sahib, Himachal Pradesh - 173025, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Head Office : |
202, Sagar Complex, New Rajdhani Enclave, Vikas Marg, Delhi – 110092,
India |
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Tel. No.: |
91-11-22549142/ 22500119 |
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Fax No.: |
91-11-22549130 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Raj Kumar Garg |
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Designation : |
Director |
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Address : |
Murariwala Kuan, Shamli, |
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Date of Appointment : |
22.06.1993 |
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DIN No.: |
01338330 |
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Name : |
Mr. Manoj Garg |
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Designation : |
Director |
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Address : |
G-39, Preet Vihar, |
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Date of Appointment : |
22.06.1993 |
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DIN No.: |
00979595 |
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Other Directorship : |
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Name : |
Mr. Lalita Garg |
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Designation : |
Director |
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Address : |
G-39, Preet Vihar, |
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Date of Appointment : |
22.06.1993 |
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DIN No.: |
00979536 |
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Other Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Manoj Garg |
|
9,360 |
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Lalita Garg |
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9,360 |
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Raj Kumar Garg |
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6,760 |
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Neelam Gupta |
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2,860 |
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Kanta Devi |
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2,600 |
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Babita Garg |
|
2,860 |
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Sunita Jain |
|
2,860 |
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Manisha Garg |
|
2,860 |
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Vijay Agarwal |
|
2,860 |
|
Himenviro Environmental Technologies Private Limited, |
|
16,000 |
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Himenviro |
|
13,600 |
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Total |
|
71,980 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
41.00 |
|
Directors
or relatives of directors |
|
59.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Raw/ Waste Water , Air Pollution, Air Cooling Cum
Ventilation Systems for Sugar, Glass, Lighting, Papers, milk, Lime Steel, Textiles,
Pharmaceuticals and Hotel Industry, Pollution control and Monitoring
Equipment. |
|
|
|
|
Products : |
v
Pollution
Control Equipments v Electrostatic Precipitators v
Fabric
Filters v
Hybrid
Electro Filters v
Reverse
Air Bag House v Air To Air Heat Exchanger v Waste Water Treatment |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pollution Control Equipment |
|
N.A. |
N.A. |
399 |
|
Part of Elevator |
|
N.A. |
N.A. |
65 |
GENERAL INFORMATION
|
Customers : |
v
Shree Cement v
DSCL v
FL Smidth v
Loesche v
GE v
Philips v
Birla v
JAY-PEE v
Holtec v
Binani v
COGENT v
DESEIN v
Larsen and Toubro v VARDHMAN |
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No. of Employees : |
Not Available |
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Bankers : |
Oriental Bank of Commerce, 7, Mahila Colony, Gandhi Nagar, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A. Sachdev and Company Chartered Accountants |
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Address : |
105, Chowdhary Complex, 9, |
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Tel. No.: |
91-11-22435866 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AABFA7598G |
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Enterprises over which KMP having significant influence : |
v
Himtech Air Filter Private Limited v
Himenviro Environmental Technologies Private
Limited v
Mblt Infotech private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71980 |
Equity Shares |
Rs. 100/- each |
Rs. 7.198
millions |
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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 |
|
|
|
|
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1] Share Capital |
7.198 |
7.198 |
6.238 |
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2] Share Application Money |
0.082 |
0.082 |
0.082 |
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3] Reserves & Surplus |
34.385 |
27.975 |
18.108 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
41.665 |
35.255 |
24.428 |
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LOAN FUNDS |
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|
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1] Secured Loans |
82.514 |
11.687 |
40.715 |
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2] Unsecured Loans |
22.148 |
22.579 |
1.590 |
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TOTAL BORROWING |
104.662 |
34.266 |
42.305 |
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DEFERRED TAX LIABILITIES |
1.329 |
1.112 |
0.632 |
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TOTAL |
147.656 |
70.633 |
67.365 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.887 |
16.496 |
15.349 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.949 |
2.288 |
0.448 |
|
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
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Inventories |
24.084
|
16.256 |
23.552 |
|
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Sundry Debtors |
67.666
|
30.020 |
28.547 |
|
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Cash & Bank Balances |
133.107
|
71.251 |
77.542 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
39.709
|
31.976 |
13.744 |
|
Total
Current Assets |
264.566
|
149.503 |
143.385 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
83.243
|
47.046 |
58.596 |
|
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Other Current Liabilities |
55.754
|
50.697 |
31.020 |
|
|
Provisions |
0.823
|
0.000 |
2.305 |
|
Total
Current Liabilities |
139.820
|
97.743 |
91.921 |
|
|
Net Current Assets |
124.746
|
51.760 |
51.464 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.074 |
0.089 |
0.104 |
|
|
|
|
|
|
|
|
TOTAL |
147.656 |
70.633 |
67.365 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
395.732 |
274.286 |
391.375 |
|
|
|
Other Income |
12.919 |
33.628 |
20.400 |
|
|
|
Closing stock |
24.084
|
16.256 |
23.552 |
|
|
|
TOTAL (A) |
432.735 |
324.170 |
435.327 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Opening stock |
16.256 |
29.552 |
40.579 |
|
|
|
Raw material and trading goods |
315.926 |
220.150 |
307.409 |
|
|
|
Other manufacturing expenses |
21.866 |
17.225 |
13.914 |
|
|
|
Employee cost |
16.205 |
12.495 |
13.271 |
|
|
|
Selling Administration and other
Expenses |
44.950 |
32.433 |
46.324 |
|
|
|
TOTAL (B) |
415.203 |
311.855 |
421.497 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.532 |
12.315 |
13.830 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.874 |
1.910 |
5.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.658 |
10.405 |
8.250 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.155 |
1.610 |
1.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.503 |
8.795 |
6.405 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.094 |
2.767 |
2.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.409 |
6.028 |
4.106 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.136 |
10.108 |
6.002 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
21.545 |
16.136 |
10.108 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
N.A. |
7.904 |
15.846 |
|
|
TOTAL EARNINGS |
N.A. |
7.904 |
15.846 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.676 |
26.562 |
30.850 |
|
|
TOTAL IMPORTS |
4.676 |
26.562 |
30.850 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
89.15 |
83.65 |
N.A. |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.25
|
1.86 |
0.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.40
|
3.21 |
1.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.36
|
5.30 |
4.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.25 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.87
|
3.74 |
5.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.53 |
1.56 |
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. Constitution of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
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 |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
Yes |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29199HP1993PTC013454 |
|
Name of the
company |
HIMACHAL
ENVIORNMENTAL ENGINEERING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Industrial Area,
Paonta Sahib, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10197181 |
|
Type of charge |
Immovable property
Any interest in immovable property |
|
Particular of
charge holder |
Oriental Bank Of Commerce,
7, Mahilla Colony, Gandhi Nagar, Email ID: info_infotech@yahoo.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of deposit
of title deeds (ltr. 22/18.2) |
|
Date of
instrument Creating the charge |
04.04.2011 |
|
Amount secured by
the charge |
Rs. 236.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest 3.5%
p.a. Over bank rate with a minimum13% p.a. Charged on monthly rest. In case of
default by the company, penal interest @ 2% p. A. Will be charged over and
above the normal interest rate. Terms of Repayment As per terms and
conditions stated by the bank time to time. The term loan will be repaid in
36 monthly installments for Rs. 0.722 millions and interest amount. There is
the six month moretorium period after the first disbursement of the term loan
amount. Margin Not Applicable Extent and Operation of the charge 100% He borrower has
agreed to provide security to the bank for due repayment of moneys advanced
by the bank and all the costs, charges, expenses and other moneys due and
payable by the borrower pursuant to the said credit facilities. Others Total limit for
Rs. 2360.000 millions includes cash credit Rs. 50.000 millions, bill
purchased Rs. 30.000 millions, letter of credit- Rs. 30.000 millions, bank
guarantee Rs. 100.000 millions and term loan Rs. 26.000 millions. |
|
Short particulars
of the property charged |
1. Equitable
mortgage on the property at 201-202, 2nd floor, sagar complex, new rajdhani
enclave, vikas marg, delhi -110092. 2. Equitable
mortgage on the property at g-39, ground floor, preet vihar, |
|
Date of latest
modification prior to the present modification |
30.12.2009 |
|
Particulars of
the present modification |
Total credit
limit have been enhanced to Rs. 236.000 Millions |
WORKING OF THE COMPANY
The global economy staged a remarkable rebound
in the last financial year reducing the fears of a double-dip recession that
some had forecast in 2009. The recovery was aided by the continuation of
stimulus measured adopted during 2008-09 by developed as well as emerging
economies including
However, globally, the year was also
characterized by periods of high uncertainty. The sovereign debt crisis that
engaged
The environment continues to remain
challenging on this front.
Despite being such several tight conditions
and roller-coaster economic situation during the year, the company has been
able to achieve a steep rise of 48.19% in its gross sales turnover this year
ending with Rs. 425.562 Millions as compared to Rs. 287.168 Millions in the
previous year. High inflation, soaring raw material prises and increased
interest rates have bear at bottom line a little bit but still the company was
able to uphold its net profit by 6.23% towards higher side at Rs. 6.409
Millions as against Rs, 6.028 Millions in the previous year.
CONTINGENT LIABILITIES
Contingent liabilities not provided for in
respect of outstanding bank guarantee as on March 31, 2011 Rs. 17.268 Millions
(Previous year Rs. 45.800)
FIXED ASSETS
v Building (office)
v Building (Rented)
v Furniture and Fixtures
v Office Equipments
v Air Conditioner
v Couse Fire Existing
v Fax Machine
v Tools
v Vehicles
v Computers
v Plant and Machinery
v Pager
v Scooter (old)
v Generator
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. 56.42 |
|
|
1 |
Rs. 87.38 |
|
Euro |
1 |
Rs. 69.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
48 |
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.