|
Report Date : |
26.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
CRADLE RUNWAYS ( |
|
|
|
|
Registered
Office : |
17, 2nd Floor, Hind Services Industries, Near |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.02.2004 |
|
|
|
|
Com. Reg. No.: |
11-144435 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.14.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26933MH2004PTC144435 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is an engineering company providing
solutions for accessing all kinds of facades. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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.
INFORMATION PARTED BY [PARTIAL DETAILS]
|
Name : |
Mr. Vidniyan |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-28474633 |
|
Date : |
24.03.2012 |
LOCATIONS
|
Registered / Corporate Office : |
17, 2nd Floor, Hind Services Industries, Near Shivaji Park
Seaface, Dadar (West), Mumbai-400028, Maharashtra, India |
|
Tel. No.: |
91-22-28474633 |
|
Fax No.: |
91-22-28472518 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branches : |
Located At : ·
·
·
Chennai ·
·
Pune ·
North ·
Kolkatta |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ashok Daulatram Khemlani |
|
Designation : |
Director |
|
Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050, |
|
Date of Birth/Age : |
07.01.1945 |
|
Date of Appointment : |
10.02.2004 |
|
Din No.: |
01296446 |
|
|
|
|
Name : |
Mr. Tarun Ashok Khemlani |
|
Designation : |
Director |
|
Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050, |
|
Date of Birth/Age : |
22.05.1975 |
|
Date of Appointment : |
28.04.2004 |
|
Din No.: |
00929128 |
|
|
|
|
Name : |
Mrs. Bindya Ashok Khemlani |
|
Designation : |
Director |
|
Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050, |
|
Date of Birth/Age : |
05.10.1949 |
|
Date of Appointment : |
10.02.2004 |
|
Din No.: |
01115489 |
|
|
|
|
Name : |
Suhag Ashok Khemlani |
|
Designation : |
Director |
|
Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050, |
|
Date of Appointment : |
28.04.2004 |
|
Din No.: |
00929158 |
KEY EXECUTIVES
|
Name : |
Mr. Vidniyan |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Daulatram Khemlani |
|
156000 |
|
Bindya Ashok Khemlani |
|
84000 |
|
Tarun Ashok Khemlani |
|
10000 |
|
Suhag Ashok Khemlani |
|
10000 |
|
|
|
|
|
Total |
|
260000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is an engineering company providing solutions
for accessing all kinds of facades. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Axis Bank Limited, Axis House, Ground Floor, Bombay Dyeing Mill
Compound, P.B. Marg, Worli, Mumbai-400025, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mayor R. Shah and Associates Chartered Accountants |
|
Address : |
3, Bethal Building, Chheda Nagar, Chembur, Mumbai-400089, Maharashtra,
India |
|
Tel No.: |
91-22-25259117 |
|
Mobile No.: |
91-9819228475 |
|
Email: |
|
|
Pan No.: |
AAPFM9575P |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
260000 |
Equity Shares |
Rs.100/- each |
Rs.26.000
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
145000 |
Equity Shares |
Rs.100/- each |
Rs.14.500
Millions |
|
|
Share Application Money |
|
Rs.11.500
Millions |
|
|
Total |
|
Rs.26.000 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 |
14.500 |
5.000 |
5.000 |
|
|
2] Share Application Money |
11.500 |
2.125 |
2.125 |
|
|
3] Reserves & Surplus |
7.156 |
9.575 |
8.987 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
33.156 |
16.700 |
16.112 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
39.138 |
21.761 |
21.421 |
|
|
2] Unsecured Loans |
0.150 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
39.288 |
21.761 |
21.421 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
72.444 |
38.461 |
37.533 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
47.665 |
37.854 |
8.558 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.020 |
0.020 |
0.020 |
|
|
DEFERREX TAX ASSETS |
0.193 |
0.305 |
0.217 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
53.152
|
86.299 |
52.010 |
|
|
Sundry Debtors |
81.601
|
48.349 |
43.546 |
|
|
Cash & Bank Balances |
4.472
|
3.598 |
4.081 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.023
|
23.203 |
23.128 |
|
Total
Current Assets |
156.248
|
161.449 |
122.765 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.941
|
23.968 |
31.702 |
|
|
Other Current Liabilities |
92.902
|
135.059 |
61.176 |
|
|
Provisions |
3.877
|
2.191 |
1.213 |
|
Total
Current Liabilities |
131.720
|
161.218 |
94.091 |
|
|
Net Current Assets |
24.528
|
0.231 |
28.674 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.038 |
0.051 |
0.064 |
|
|
|
|
|
|
|
|
TOTAL |
72.444 |
38.461 |
37.533 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
212.115 |
120.015 |
94.717 |
|
|
|
Other Income |
1.404 |
5.035 |
3.719 |
|
|
|
TOTAL (A) |
213.519 |
125.050 |
98.436 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
88.665 |
96.651 |
81.819 |
|
|
|
Payment to and Provision for Employees |
16.970 |
13.083 |
10.586 |
|
|
|
Other Direct Expenses |
8.289 |
7.851 |
5.061 |
|
|
|
Administrative and Selling Expenses |
42.250 |
26.449 |
16.783 |
|
|
|
Loss on Sale of Car |
0.008 |
0.000 |
0.344 |
|
|
|
Miscellaneous Expenditure Written Off |
0.013 |
0.013 |
0.013 |
|
|
|
Increase / Decrease in Stocks |
38.855 |
(32.590) |
(23.282) |
|
|
|
TOTAL (B) |
195.050 |
111.457 |
91.324 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.469 |
13.593 |
7.112 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.916 |
3.654 |
2.847 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.553 |
9.939 |
4.265 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.484 |
3.131 |
1.626 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.069 |
6.808 |
2.639 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.988 |
2.104 |
0.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.081 |
4.704 |
2.399 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
7.081 |
4.704 |
2.399 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
48.83 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.32
|
3.76 |
2.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.22
|
5.67 |
2.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.43
|
3.42 |
2.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.41 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.16
|
10.96 |
7.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.00 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
34.941
|
23.968 |
31.702 |
|
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 |
No |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
-- |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U26933MH2004PTC144435 |
|
Name of the
company |
CRADLE RUNWAYS
(INDIA) PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
17, 2nd Floor, Hind Services Industries, Near Shivaji Park
Seaface, Dadar (West), Mumbai-400028, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Others |
|
Particular of
charge holder |
Axis Bank Limited, Axis House, Ground Floor, Bombay Dyeing Mill
Compound, P.B. Marg, Worli, Mumbai-400025, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Current Assets (DOH) dated 31.01.2012 |
|
Date of
instrument Creating the charge |
31.01.2012 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Sanction
Letter No. AXIS/SME/MUM-1/MM/1131/2011-12 dated 07.01.2012 or As stipulated
by Bank from time to time. Terms of
Repayment As per Sanction
Letter No. AXIS/SME/MUM-1/MM/1131/2011-12 dated 07.01.2012 or As stipulated
by Bank from time to time. Margin As per Sanction
Letter No. AXIS/SME/MUM-1/MM/1131/2011-12 dated 07.01.2012 or As stipulated
by Bank from time to time. Extent and
Operation of the charge Bank granted
Credit Facilities agg. to Rs.50.000 Millions. secured by Hypothecation of all
present and future stocks of RM,SIP,FG, other current assets etc. whatsoever
situated at Co's premises or elsewhere or in transit and O/s monies,
receivables, claims bills etc. due and owing to the Co. in course of its
business. |
|
Short particulars
of the property charged |
Hypothecation of
all present and future stocks of RM, SIP, FG, other current assets etc.
whatsoever situated at Company's premises or elsewhere or in transit. Hypothecation of
all present and future O/s monies, receivables, claims bills etc. due and
owing to the Company in course of its business. |
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles-Tempo
·
Computers
·
Land
·
Motor Vehicles
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.50.91 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
|
46 |
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.