|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CROWN GASKETS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
7/267 Sunder Vihar, New Delhi – 110041 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
30.05.1991 |
|
|
|
|
Com. Reg. No.: |
044468 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1.499 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21022DL1991PLC044468 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturing of Gaskets and Allied Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having a poor track record. Mr. Vinod, the contacted person has confirmed that the company was
incorporated during 1991 and carried out its business activity only for few
years and ceased its activities from past some years. The management is
planning to close down the company very soon. Two directors of the subject company has resigned recently and are now
associated with another company by the name ‘Crown Gasket Private Limited’
which was established as a partnership concern during 1978 and it has
recently during 2013 has converted into a private limited. As per the government, it is confirmed that no business activity is
carried out from past some years and there appears accumulated loss. The company can be considered for business dealings on a safe and
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 – 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.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Vinod |
|
Designation : |
Partner (Crown Gasket (India)) |
|
Contact No.: |
91-9810411331 |
|
Date : |
01.04.2013 |
LOCATIONS
|
Registered Office : |
7/267 Sunder Vihar, New Delhi – 110041, India |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Sandeep Anand |
|
Designation : |
Director |
|
Address : |
7/267, Sunder Vihar, New Delhi – 110063, India |
|
Date of Birth/Age : |
24.08.1969 |
|
Date of Appointment : |
30.05.1991 |
|
DIN No.: |
01938027 |
|
|
|
|
Name : |
Ms. Archana Anand |
|
Designation : |
Director |
|
Address : |
7/267, Sunder Vihar, New Delhi – 110063, India |
|
Date of Birth/Age : |
15.05.1974 |
|
Date of Appointment : |
14.08.1997 |
|
DIN No.: |
01938006 |
|
|
|
|
Name : |
Ms. Shobha Anand |
|
Designation : |
Director |
|
Address : |
7/267, Sunder Vihar, New Delhi – 110063, India |
|
Date of Birth/Age : |
22.07.1946 |
|
Date of Appointment : |
30.05.1991 |
|
DIN No.: |
01938013 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vinod Anand |
|
2510 |
|
Shobha Anand |
|
2610 |
|
Saroj Anand |
|
139260 |
|
Sandeep Anand |
|
2760 |
|
Suraj Prakash Anand |
|
2600 |
|
Om Prakash Gandhi |
|
100 |
|
Ajay Prakash Gandhi |
|
100 |
|
Total |
|
149940 |
AS ON 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Gaskets and Allied Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Catholic Syrian Bank Limited, G-36 Connaught
Circus, New Delhi, New Delhi - 110001, Delhi, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Manoj Arora Chartered Accountant |
|
Address : |
Opposite Hanuman Mandir, Delhi Rohtak Road, Bahadurgarh – 124507,
Haryana, India |
|
|
|
|
Associates/Subsidiaries : |
---- |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,49,940 |
Equity Shares |
Rs.10/- each |
Rs. 1.499 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.499 |
1.499 |
1.499 |
|
|
2] Share Application Money |
0.275 |
0.275 |
0.275 |
|
|
3] Reserves & Surplus |
(3.247) |
(3.237) |
(3.226) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
(1.473) |
(1.463) |
(1.452) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.824 |
0.824 |
0.824 |
|
|
TOTAL BORROWING |
0.824 |
0.824 |
0.824 |
|
|
DEFERRED TAX LIABILITIES |
0.101 |
0.101 |
0.101 |
|
|
|
|
|
|
|
|
TOTAL |
(0.548) |
(0.538) |
(0.527) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.801 |
0.801 |
0.801 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.647
|
0.653 |
0.659 |
|
|
Other Current Assets |
0.447
|
0.451 |
0.532 |
|
|
Loans & Advances |
0.085
|
0.085 |
0.000 |
|
Total
Current Assets |
1.179
|
1.189 |
1.191 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.010
|
0.010 |
0.010 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
2.518
|
2.518 |
2.518 |
|
Total
Current Liabilities |
2.528
|
2.528 |
2.528 |
|
|
Net Current Assets |
(1.349)
|
(1.339) |
(1.337) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.009 |
|
|
|
|
|
|
|
|
TOTAL |
(0.548) |
(0.538) |
(0.527) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
--- |
--- |
---- |
|
|
|
Other Income |
--- |
---- |
---- |
|
|
|
TOTAL |
---- |
---- |
---- |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Manufacturing, Administrative & Other Expenses |
0.009 |
0.009 |
0.009 |
|
|
|
TOTAL |
0.009 |
0.009 |
0.009 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(0.010) |
(0.010) |
(0.010) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
-- |
---- |
--- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(0.010) |
(0.010) |
(0.010) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.50)
|
(0.50) |
(0.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.55)
|
(0.56) |
(0.56) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.46
|
0.47 |
0.47 |
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 |
No |
|
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 |
No |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U21022DL1991PLC044468 |
|
Name of the
company |
CROWN GASKETS (INDIA) LIMITED |
|
Address of the
registered office or of the principal place of business in |
7/267 Sunder Vihar, New Delhi – 110041, India |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10191809 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Catholic Syrian Bank Limited, G-36 Connaught Circus, New Delhi, New
Delhi - 110001, Delhi, India Email - newdelhi@csb.co.in |
|
Nature of
instrument creating charge |
Guarantee
Agreement, Letter Of Confirmation |
|
Date of
instrument Creating the charge |
25.11.2011 |
|
Amount secured by
the charge |
Rs. 2.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate Plus
875bps,Presently 19%Pa(Floating) Terms of
Repayment As Per Sanction
Terms Margin As Per Sanction
Terms Extent and
Operation of the charge First Charge By
Way of Equitable Mortgage of Factory Land And
Building Of Crown Gaskets(India)Ltd Bearing No. 1037 Situated At Mie,
Bahadurgarh, Haryana 124507 And
Corporate Guarantee Of The Company Is To Secure The Odm Limit Of Rs.2.500
millions (Increased From Rs. 0.900 millions) Sanctioned To M/S Viva
Exports,Proprietorship Concern Of Mr.Shrown Anand. Existing Cash Credit Limit
Of Rs.0.600 millions Is Closed Out Of The Proceeds Of The Enhanced Odm Limit. Others ---- |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First Charge By
Way of Equitable Mortgage of Factory Land And
Building of Crown Gaskets(India)Ltd Bearing No. 1037 Situated At Mie,
Bahadurgarh, Haryana 124507 And
Corporate Guarantee Of The Company |
|
Particulars of
the present modification |
Amount Secured Is
Increased To Rs.2.500 millions To
Secure The Odm Limit Of Rs.2.500 millions (Increased From Rs. 0.900 millions)
Sanctioned To M/S Viva Exports, Proprietorship
Concern Of Mr.Shrown Anand. Existing Cash Credit Limit Of Rs. 0.600 millions
Is Closed Out Of The Proceeds Of The Enhanced Odm Limit. Other Terms And
Conditions Remain Same. |
Fixed Assets
·
Land
·
Building
·
Tools and Dies
·
Computer
·
Cooler
·
Electric Installation
·
Furniture and Fixture
·
Motor Car-Mahindera
·
Plant and Machinery
·
Rickshaw and Cycle
·
Fire Equipment
·
Mobile Phone
·
Transformers
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 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.54.38 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NLM |
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.