MIRA
INFORM REPORT
|
Report Date : |
29.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SCINTILLANT PROJECTS INDIA PRIVATE LIMITED |
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Registered
Office : |
28/1C, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.10.1994 |
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Com. Reg. No.: |
21-065429 |
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Capital Investment
/ Paid-up Capital : |
Rs. 3.000 Millions |
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CIN No.: [Company Identification
No.] |
U29199WB1994PTC065429 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALS12182C |
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PAN No.: [Permanent Account No.] |
AADCS6674E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Electrical Products, LLF/SISF, LLF/DIDW
Fans, Axial Flow Fan, Air Washer etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 69000 |
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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 condition. |
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 |
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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 |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. T K Bose |
|
Designation : |
Manager |
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Contact No.: |
91-9830725603 |
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Date : |
22.09.2012 |
LOCATIONS
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Registered Office : |
28/1C, Gariahat Road, P S Lake Police Station, Kolkatat-700029, West
Bengal, India |
|
Tel. No.: |
91-33-24402567 / 24600237 |
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Mobile No.: |
91-9830725603 (Mr. T K Bose) |
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Fax No.: |
91-33-24402785 |
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E-Mail : |
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Factory : |
Talpukur Road, Sarsunna, Kolkata-700061, West Bengal, India |
DIRECTORS
AS ON 20.09.2011
|
Name : |
Mr. Pradeip Kumar Sinha |
|
Designation : |
Managing Director |
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Address : |
131/24, N.S.C. Bose Road, Kolkata-700040, West Bengal, India |
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Date of Birth/Age : |
05.05.1943 |
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Date of Appointment : |
16.10.1994 |
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DIN No.: |
00386015 |
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Name : |
Ms. Sipra Sinha |
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Designation : |
Director |
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Address : |
131/24, N.S.C. Bose Road, Kolkata-700040, West Bengal, India |
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Date of Birth/Age : |
25.02.1948 |
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Date of Appointment : |
09.12.1998 |
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DIN No.: |
00386366 |
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Name : |
Mr. Prodyumna Sinha |
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Designation : |
Director |
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Address : |
131/24, N.S.C. Bose Road, Kolkata-700040, West Bengal, India |
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Date of Birth/Age : |
12.05.1986 |
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Date of Appointment : |
12.09.2011 |
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DIN No.: |
03500989 |
KEY EXECUTIVES
|
Name : |
Mr. T K Bose |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2011
|
Names of Shareholders |
No. of Shares |
|
Pradeip Kumar Sinha |
10567 |
|
Sipra Sinha |
9483 |
|
Prodyumna Sinha |
9650 |
|
Dhriti Sinha |
300 |
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TOTAL
|
30000 |
AS ON 20.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electrical Products, LLF/SISF, LLF/DIDW Fans,
Axial Flow Fan, Air Washer etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Baroda, Jodhpur Park Branch, 1/419 A,
Gariahat Road, Kolkata-700068, West Bengal, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhattacharyya and Company Chartered Accountant |
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Address : |
5, Dharmatala Road, Ground Floor, P O Kasba, Kolkata-700042, West
Bengal, India |
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Tel. No.: |
91-33-23442420 |
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E-Mail : |
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PAN No.: |
ACWPB9403G |
CAPITAL STRUCTURE
AS ON 20.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.100/- each |
Rs. 4.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000 |
Equity Shares |
Rs.100/-
each |
Rs. 3.000
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 |
|
|
|
|
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1] Share Capital |
3.000 |
3.000 |
2.970 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.333 |
11.995 |
9.775 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.333 |
14.995 |
12.745 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
20.184 |
19.726 |
18.651 |
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2] Unsecured Loans |
3.940 |
0.500 |
0.678 |
|
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TOTAL BORROWING |
24.124 |
20.226 |
19.329 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.096 |
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TOTAL |
41.457 |
35.221 |
32.170 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.425 |
6.682 |
8.062 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.042 |
0.017 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
Inventories |
12.429
|
14.529 |
9.092 |
|
|
Sundry Debtors |
32.308
|
21.169 |
21.119 |
|
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Cash & Bank Balances |
5.091
|
4.759 |
5.105 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
5.610
|
3.316 |
4.866 |
|
Total
Current Assets |
55.438
|
43.773 |
40.182 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
13.138 |
12.967 |
|
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Other Current Liabilities |
|
0.461 |
0.421 |
|
|
Provisions |
2.911
|
1.652 |
2.686 |
|
Total
Current Liabilities |
20.448
|
15.251 |
16.074 |
|
|
Net Current Assets |
34.990
|
28.522 |
24.108 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
41.457 |
35.221 |
32.170 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
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Income |
65.135 |
27.366 |
51.685 |
|
|
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Other Income |
|
2.954 |
0.542 |
|
|
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TOTAL |
65.135 |
30.320 |
52.227 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
61.385 |
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|
|
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
61.385 |
27.512 |
49.231 |
|
|
|
|
|
|
|
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PROFIT BEFORE
TAX |
3.750 |
2.808 |
2.996 |
|
|
|
|
|
|
|
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Less |
TAX |
1.225 |
0.392 |
1.007 |
|
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PROFIT AFTER TAX
|
2.525 |
2.416 |
1.989 |
|
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|
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|
Earnings Per
Share (Rs.) |
84.15 |
80.54 |
66.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.88
|
7.97 |
3.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
10.26 |
5.80 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.06
|
5.56 |
6.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.19 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.57
|
2.37 |
2.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.71
|
2.87 |
2.50 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
18] |
Major customers |
No |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
No |
FINANCIAL RESULT
The Sales and
other Income of Company was of Rs.65.135 Millions for the financial year ended
on 31.03.2011 as compared to Rs. 30.320 Millions during the previous financial year
ended on 31.03.2010. After charging of all expenses the Company earned a profit
before interest and depreciation of Rs. 7.113 Millions from which interest on
loan and depreciation were deducted and made a net profit ( before taxation) of
Rs. 3.750 Millions. Due to recession the some of the buyers have differed
lifting of finished products from the Company during the financial year as a
result the sales of the Company declined substantially The Directors are
hopeful for better results for the current financial year.
FORM 8
|
Corporate
identity number of the company |
U29199WB1994PTC065429 |
|
Name of the
company |
SCINTILLANT
PROJECTS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
28/1C, Gariahat Road, P S Lake Police Station, Kolkatat-700029, West Bengal, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90247923 |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Others |
|
Particular of
charge holder |
Bank of Baroda, Jodhpur Park Branch, 1/419 A, Gariahat Road, Kolkata-700068, West Bengal, India |
|
Nature of
instrument creating charge |
1. Instrument of
Hypothecation of Machinery ( LDOC 19 ) 2. Memorandum of
Entry - LDOC 90 (F) |
|
Date of
instrument Creating the charge |
20.01.2011 |
|
Amount secured by
the charge |
Rs. 47.444
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 1. At Base Rate +
4.25% for Cash Credit Limit and At Base Rate + 2% for Term Loan Limit
(Present Base Rate is 9.50%). Commission on Bank Guarantee is
as per Bank's Rules and Guidelines. Terms of repayment 1. Cash Credit
Limit is for 12 months subject to annual review. 2. Term Loan
shall be repaid in 36 installments. 3. Bank Guarantee
Limit is for 12 months. Margin 1. 25% on Stock
and Book Debts in case of Cash Credit Limit. 2. 25% on Motor
Car (Maruti Alto) in case of Term Loan Limit. 3. 15% Cash
Margin in case of Bank Guarantee Limit. Extent and operation of the charge 1. Cash Credit
Limit of Rs. 25.000 Millions shall be operated against hypothecation of Stock
and Book Debts. 2. Term Loan of
Rs. 0.044 Million shall be operated against hypothecation of Motor Car
(Maruti Alto). 3. Bank Guarantee
Limit of Rs. 22.400 Millions shall be operated against counter indemnity
signed by the company. Other Hypothecation of
Machinery valued Rs. 0.200 Million and Equitable Mortgage of Land and Shed
valued Rs. 1.708 Millions (details as per Second Schedule of Memorandum of
Entry attached) has been given to the Bank by the company in place of the
existing collateral security of Flat No. 4B, Premises No. 42/2, Ashoke Road,
Kolkata - 700084 valued Rs. 1.474 Millions. Other original instruments
creating evidence of earlier modification of charge dated 31/08/2008 shall
remain as it is and unchanged. |
|
Date of
instrument modifying the charge |
31.08.2008 |
|
Particulars of
the present modification |
By this
modification the overall Credit Limit secured by the charge has been revised
to Rs. 47.444 Millions comprising of (a) Cash Credit limit of Rs. 25.000
Millions and (b) Term Loan limit of Rs. 0.044 Million and (c) Bank Guarantee
limit of Rs. 22.400 Millions respectively. The other original instruments
creating evidence of earlier modification of charge dated 31.08.2008 shall
remain as it is and unchanged. |
FIXED ASSETS
·
Building
·
Computer
·
Furniture
·
Motor Car
·
Design Drawing Board with
Accessories
·
Air Conditioner
·
Office Equipments
·
Electrical Installation
·
Xerox Machine
·
Plotter Machine
·
Machinery
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. 52.69 |
|
|
1 |
Rs. 85.71 |
|
Euro |
1 |
Rs. 68.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
DPT |
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.