|
Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
CITY LIFT INDIA LIMITED |
|
|
|
|
Registered
Office : |
301/A, 3rd Floor, Patel Terrace, Pump House, Jija Mata Marg, Andheri (East), Mumbai- 400093, Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.1999 |
|
|
|
|
Date of
Incorporation : |
18.05.1985 |
|
|
|
|
Com. Reg. No.: |
11-36263 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 45.690 Millions |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
To manufacture, imports, buy, sell, distribute, export and carry on business in general, either directly or by means, and deal in elevators, escalators, hoists, cranes and part thereof and accessories thereto, and also to transports Furnish, mount, install, repair, maintain and inspect all the automation machinery and equipments |
|
|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C (7) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
-- |
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|
|
|
Litigation : |
Unknown |
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|
|
Comments : |
Though subject is publicly listed company, it is passing through difficult times. The company’s profitability is under severe pressure. The company can be considered for any business dealing on fully 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 |
LOCATIONS
|
Registered Office : |
301/A, 3rd Floor, Patel Terrace, Pump House, Jija Mata Marg, Andheri (East), Mumbai- 400093, Maharashtra, India |
|
Tel. No.: |
91-22-28365989/ 9661 |
|
Fax No.: |
91-22-28325065 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
48-A , Kheravi Road, Sakinaka, Mumbai – 400072, Maharashtra, India |
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|
|
|
Factory 1 : |
A-121, Ansa Industrial Estate, Saki Vihar Road, Mumbai – 400 072, Maharashtra, India |
|
Tel. No.: |
91-22-8365989/ 8521962/ 8369661/ 5821592/ 8520134/ 8383452/ 8225252/ 8520623/ 5821018 |
|
Fax No.: |
91-22-8325065 |
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|
|
|
Factory 2 : |
Plot B 74, Road No. 33, Wagle Industrial Estate, Thane 400604, Maharashtra, India |
|
Tel. No.: |
91-22-28365989 |
|
Fax No.: |
91-22-28325065 |
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|
|
|
Factory 3 : |
J- 207, Tarapur Industrial Area, Tarapur, District – Thane, Maharasthra |
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Branches : |
· Banglore - Chandrapur · Hyderabad – Noida · Jabalupur – Indore · Vishakhapatyan—Bhopal |
DIRECTORS
|
Name : |
Mr. V. Rajagopalan |
|
Designation : |
Managing Director |
|
Address : |
304/A, Panchsheel Apartment, Sir M. V. Road, Andheri (East), Mumbai -400093, Maharashtra, India |
|
Date of Birth/Age : |
06.08.1948 |
|
Date of Appointment : |
18.05.1985 |
|
|
|
|
Name : |
Mr. Navin Rajagopalan |
|
Designation : |
Director |
|
Address : |
304/A, Panchsheel Apartment, Sir M. V. Road, Andheri (East), Mumbai -400093, Maharashtra, India |
|
Date of Birth/Age : |
08.03.1980 |
|
Date of Appointment : |
25.03.2000 |
|
|
|
|
Name : |
Mr. Rajesh P. Joshi |
|
Designation : |
Director |
|
Address : |
Opposite Ramvilla, Sishy Mandir, Danda Baug, Bhuj, Kutch – 370001, Guajrat, India |
|
Date of Birth/Age : |
22.06.1964 |
|
Date of Appointment : |
12.08.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on:
|
Names of Shareholders |
|
No. of Shares |
|
Madhu K. Shah |
|
6720 |
|
V. Rajagoplan |
|
9100 |
|
Mukta Dedhia |
|
10000 |
|
Kumud Dedhia |
|
10000 |
|
Madhu K. Shah |
|
10400 |
|
Nitin Dedhia |
|
15000 |
|
Ketan Dedhia |
|
15000 |
|
K. K. Shah |
|
65000 |
|
Bhasker M. Pai |
|
20000 |
|
Sushila Rajagopalan |
|
20000 |
|
Total |
|
181220 |
BUSINESS DETAILS
|
Line of Business : |
To manufacture, imports, buy, sell, distribute, export and carry on business in general, either directly or by means, and deal in elevators, escalators, hoists, cranes and part thereof and accessories thereto, and also to transports Furnish, mount, install, repair, maintain and inspect all the automation machinery and equipments |
|
|
|
|
Products : |
· Elevator · Cables |
GENERAL INFORMATION
|
Suppliers : |
·
G. K. W. Limited ·
S. K. Enterprises ·
Industrial Corporate services ·
Industrial Construction India ·
Shree Vidhya Electrics ·
Shree Steels |
|
|
|
|
Customers : |
·
Cary Home Private Limited ·
Patil Groups ·
Southern Star construction ·
Ajit Construction ·
Hotel Gvard ·
Tehajdari Rubber Limited ·
Atul Reality Private Limited |
|
|
|
|
No. of Employees : |
40 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of India ·
Veeraghaiva Co-Operative Bank |
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
Badhniwall, Suvarna, Kawasia and Associate Chartered Accountants |
|
Address: |
80E, Mulji Mistry Building, 61, Tejpal Road, Vile Pane (East), Mumbai- 57, Maharastra, India |
|
Tel. No.: |
91-22-28373621 |
|
|
|
|
Sister Concern : |
City Lifts and Engineering Company Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs. 10 each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4596357 |
Equity Share |
Rs. 10 each |
Rs. 45.963 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.1999 |
31.03.1998 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
45.690 |
45.690 |
|
|
3] Reserves & Surplus |
17.364 |
38.771 |
|
|
NETWORTH |
63.054 |
84.461 |
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
30.572 |
30.931 |
|
|
2] Unsecured Loans |
1.770 |
1.983 |
|
|
TOTAL BORROWING |
32.342 |
32.914 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
TOTAL |
95.396 |
117.375 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
48.809 |
51.378 |
|
|
Capital work-in-progress |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.050 |
0.050 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
17.203 |
20.380 |
|
|
Sundry Debtors |
38.338 |
55.546 |
|
|
Cash & Bank Balances |
0.908 |
1.059 |
|
|
Loans & Advances |
8.562 |
9.543 |
|
Total Current Assets |
65.010 |
86.528 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities and Provisions |
20.567 |
23.085 |
|
Total Current Liabilities |
20.567 |
23.085 |
|
|
Net Current Assets |
44.442 |
63.443 |
|
|
|
|
|
|
|
PRELIMINATYH EXPENSES |
1.988 |
2.399 |
|
|
PRE OPERTATING EXPENSES |
0.105 |
0.105 |
|
|
|
|
|
|
|
TOTAL |
95.396 |
117.375 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.1999 |
31.03.1998 |
|
Sales Turnover [including other income] |
|
8.072 |
31.625 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(9.714) |
(2.905) |
|
Provision for Taxation |
|
-- |
-- |
|
Profit/(Loss) After Tax |
|
(9.714) |
(2.905) |
|
|
|
|
|
|
Total Expenditure |
|
17.787 |
34.531 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.1999 |
31.03.1998 |
|
PAT / Total Income |
(%) |
|
-- |
(9.185) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
-- |
(9.185) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(8.530) |
(2.105) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.154) |
(0.034) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
(0.839) |
(0.663) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
(3.160) |
(3.748) |
LOCAL AGENCY FURTHER INFORMATION
During the year sales and other income has further gone down due to severe recession in the construction industry which affected the demand for new elevators sales are manly of replacement of spare parts.
In the current year some sign of improvement is seen in construction in industry and in market conditions. Directors are hopeful to achieve satisfactory results in the current year.
Fixed Assets:
Land Furniture and Fixtures, Building , Premises, Plant and Machinery , Office Equipments, Vehicles, Computers.
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] 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.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
7 |
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.