|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
IED COMMUNICATION LIMITED |
|
|
|
|
Registered
Office : |
64, Mahendra Chambers, Dr. D.N. Road, Fort, Mumbai-400001,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.07.1996 |
|
|
|
|
Com. Reg. No.: |
11-101351 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22120MH1996PLC101351 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04811C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Trade Shows and Exhibition Organizers. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 89000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. It has recorded
a better increase in its sales turnover and profits during 2011. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
64, Mahendra Chambers, Dr. D.N. Road, Fort, Mumbai-400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22079567/22073370 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
243, Shiv Shakti Industrial Estate, Marol, Andheri Kurla Road,
Opposite Mittal Estate, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-28505138/28514673 |
|
|
|
|
Overseas Office : |
Located At: ·
UK ·
Italy ·
Turkey ·
Asia ·
China ·
Korea |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Arokiaswamy Mariannan Chettiar |
|
Designation : |
Director |
|
Address : |
F. No. 1, Sagar CHS, St. Francis Road, Vile Parle (West),
Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1939 |
|
Date of Appointment : |
24.07.1996 |
|
Din No.: |
02029896 |
|
|
|
|
Name : |
Ms. Bridget Chettiar |
|
Designation : |
Director |
|
Address : |
F. No. 1, Sagar CHS, St. Francis Road, Vile Parle (West),
Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
23.07.1971 |
|
Date of Appointment : |
24.07.1996 |
|
Din No.: |
02029899 |
|
|
|
|
Name : |
Ms. Bernadette Chettiar |
|
Designation : |
Director |
|
Address : |
F. No. 1, Sagar CHS, St. Francis Road, Vile Parle (West),
Mumbai-400012, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1979 |
|
Date of Appointment : |
24.07.1996 |
|
Din No.: |
02029902 |
|
|
|
|
Name : |
Ms. Benedicta Chettiar |
|
Designation : |
Director |
|
Address : |
204, Sunrise Apartments, Vishwes Nagar, Off Aarey Colony Road,
Goregaon (East), Mumbai-400063, Maharashtra, India |
|
Date of Birth/Age : |
08.04.1973 |
|
Date of Appointment : |
24.07.1996 |
|
Din No.: |
02029900 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Arokiaswamy Mariannan Chettiar |
|
19850 |
|
Bridget Chettiar |
|
10000 |
|
Bernadette Chettiar |
|
10000 |
|
Benedicta Chettiar |
|
10000 |
|
Anthony Joseph |
|
50 |
|
Andrew Chettiar |
|
50 |
|
Sanjay Paul |
|
50 |
|
|
|
|
|
TOTAL
|
|
50000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trade Shows and Exhibition Organizers. |
GENERAL INFORMATION
|
Suppliers : |
·
Asian Envelopes Manufactures ·
Atlanta Co-Operative Society ·
Atul Computers ·
Benedicta ·
Blue Dart Courier ·
Kavyatri Paper and Board Private Limited ·
Media-5 Global ·
Om Sai Book Binder ·
On Dot Courier ·
Professional Courier ·
Siddhesh Graphics ·
Sunshine Enterprises ·
TNT Express |
|
|
|
|
Customers : |
·
Caretech Advertisers ·
Delta Power Solutions ·
Connectwell Industries Private Limited ·
Gandhi Automation ·
Ganesh Electns and Elects ·
Group Advertising ·
Kevin Technologies ·
Madison Communications ·
Meco Instruments Private Limited ·
MTL Instruments ·
Reliable ·
Renu Electronics ·
Rockwell Automation |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Indian Bank ·
Karur Vysya Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D.N. Shah and Company Chartered Accountants |
|
Address : |
403/A, Amardeep Mahal, Nandapalkar Road, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
|
Pan No.: |
AARPS9405N |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs.0.500 Million |
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.997 |
14.684 |
13.088 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22.497 |
15.184 |
13.588 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.497 |
15.184 |
13.588 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.488 |
1.053 |
0.784 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
55.201 |
35.794 |
8.990 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Others (Deposits) |
0.084 |
0.588 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1.650
|
3.138 |
1.647 |
|
|
Cash & Bank Balances |
0.052
|
1.437 |
0.726 |
|
|
Other Current Assets |
4.243
|
0.920 |
10.216 |
|
|
Loans & Advances |
4.282
|
8.431 |
0.000 |
|
Total
Current Assets |
10.227
|
13.926 |
12.589 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.863
|
1.140 |
2.550 |
|
|
Other Current Liabilities |
38.425
|
33.734 |
0.000 |
|
|
Provisions |
4.216
|
1.304 |
6.226 |
|
Total
Current Liabilities |
44.504
|
36.178 |
8.776 |
|
|
Net Current Assets |
(34.277)
|
(22.252) |
3.813 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.001 |
0.001 |
0.001 |
|
|
|
|
|
|
|
|
TOTAL |
22.497 |
15.184 |
13.588 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
89.668 |
10.912 |
72.603 |
|
|
|
Other Income |
7.475 |
1.186 |
1.113 |
|
|
|
TOTAL |
97.143 |
12.098 |
73.716 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and Other Expenses |
85.812 |
9.574 |
57.410 |
|
|
|
TOTAL |
85.812 |
9.574 |
57.410 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.331 |
2.524 |
16.306 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.218 |
0.222 |
0.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
11.113 |
2.302 |
16.125 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.801 |
0.706 |
5.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
7.312 |
1.596 |
10.605 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.001 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.312 |
1.596 |
10.605 |
|
|
BALANCE CARRIED
TO THE B/S |
0.001 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
146.24 |
31.92 |
212.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.53
|
13.19 |
14.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.39
|
21.10 |
22.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
94.86
|
15.37 |
120.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.15 |
1.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
2.38 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.23
|
0.38 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
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 |
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 |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATION:
During the period ending 31st March 2011, the company
achieved turnover of Rs.97.143 Millions and earned profit before tax is
Rs.11.113 Millions.
Due to smallness of distributable fit directors feel that dividend be not
declared. Therefore out of distributable profit Rs.7.312 Millions is
transferred to general reserve and Rs.0.001 Million is carried forward to
profit and loss account.
The company had organized third largest Exhibition Automation 2010 in
the month of September 2010, the response was excellent and achieved more than
expectations. All the participants request the organizer of Automation
Exhibition to organize Exhibition every year. As per their request the
directors and board member of Automation decided to organize exhibition once in
a year instead of alternative year. Next Exhibition will be organized 4th
Exhibition in Automation 2011 in the month September 2011 and hopes of achieve
turnover of Rs.100.000 Millions in the year 2011-12.
FIXED ASSETS:
·
Furniture and Fixtures
·
Office Furniture
·
Computer Printer
·
Air Conditioner
·
Motor Car
·
Fax Machine
·
Computer
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.55.52 |
|
|
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|
44 |
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.