MIRA INFORM REPORT
|
Report Date : |
28.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
NORTH STREET COOLING TOWERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-14, Meerut Road, Industrial Area,
Sector-22, Ghaziabad-201003, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
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|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of Incorporation
: |
02.04.1993 |
|
|
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|
Com. Reg. No.: |
20-015260 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 28.860 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29304UP1993PTC015260 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MRTN00263E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACN6016A |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of
Cooling Tower and Cooling Tower Spares. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 227000 |
|
|
|
|
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 a satisfactory track record.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal 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 |
|
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 : |
C-14, Meerut Road, Industrial Area,
Sector-22, Ghaziabad-201003, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2788571 / 72 |
|
Fax No.: |
91-120-2788574 |
|
E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Mukesh Pratap Chand Bansal |
|
Designation : |
Director |
|
Address : |
SA- 160, Shastri Nagar,
Ghaziabad-201002, Uttar Pradesh, India |
|
Date of Birth/Age : |
22.02.1960 |
|
Date of Appointment : |
02.04.1993 |
|
DIN No.: |
00467254 |
|
|
|
|
Name : |
Ms. Anjali Bansal |
|
Designation : |
Director |
|
Address : |
SA- 160, Shastri Nagar,
Ghaziabad-201002, Uttar Pradesh, India |
|
Date of Birth/Age : |
09.12.1963 |
|
Date of Appointment : |
27.04.2007 |
|
DIN No.: |
01511337 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mukesh Bansal |
|
212730 |
|
Anjali Bansal |
|
135870 |
|
Total |
|
348600 |
Allottees as on 10.10.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tushar (India) Private Limited, India |
|
20000 |
|
Evergreen Realcon Private Limited, India |
|
30000 |
|
Total |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Cooling Tower and Cooling Tower Spares. |
GENERAL INFORMATION
|
Customers : |
·
Mother Dairy ·
Amul ·
Nestle ·
JK Group ·
Century Pulp and Paper ·
Bilt Graphics ·
Braj Binani ·
Ambuja Cement ·
UltraTech Cement ·
NPCIL ·
Ranbaxy Laboratories
Limited ·
National Thermal Power Corporation ·
National Fertilizers Limited ·
Gun Engineering Private Limited ·
Indian Oil Corporation Limited ·
Tata Group ·
Steel Authority of India |
||||||||||||
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||||||||||||
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No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda, Gandhi Nagar, Ghaziabad -
201001, Uttar Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Ashok Shivansh and
Company Chartered Accountants |
|
Address : |
93, 1st Floor, Navyug Market,
Ghaziabad- 201001, Uttar
Pradesh, India |
|
PAN No.: |
ACEPG1405F |
CAPITAL STRUCTURE
After 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
398600 |
Equity Shares |
Rs.100/- each |
Rs. 39.860 Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
288600 |
Equity Shares |
Rs.100/- each |
Rs. 28.860 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 |
28.860 |
28.860 |
21.860 |
|
|
2] Share Application Money |
5.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.823 |
14.903 |
8.613 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
56.683 |
43.763 |
30.473 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.219 |
14.035 |
14.156 |
|
|
2] Unsecured Loans |
8.917 |
11.426 |
4.856 |
|
|
TOTAL BORROWING |
30.136 |
25.461 |
19.012 |
|
|
DEFERRED TAX LIABILITIES |
0.191 |
0.103 |
0.050 |
|
|
|
|
|
|
|
|
TOTAL |
87.010 |
69.327 |
49.535 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
37.071 |
32.113 |
19.421 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
3.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.102
|
38.726 |
35.192 |
|
|
Sundry Debtors |
51.156
|
37.983 |
26.241 |
|
|
Cash & Bank Balances |
0.961
|
1.103 |
4.852 |
|
|
Other Current Assets |
0.080
|
0.000 |
0.000 |
|
|
Loans & Advances |
30.749
|
32.536 |
21.537 |
|
Total
Current Assets |
128.048
|
110.348 |
87.822 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
70.656
|
67.505 |
57.161 |
|
|
Other Current Liabilities |
3.706
|
2.869 |
0.000 |
|
|
Provisions |
3.747
|
2.760 |
3.847 |
|
Total
Current Liabilities |
78.109
|
73.134 |
61.008 |
|
|
Net Current Assets |
49.939
|
37.214 |
26.814 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
87.010 |
69.327 |
49.535 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
230.702 |
196.329 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
230.702 |
196.329 |
132.979 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
213.264 |
182.724 |
122.981 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
213.264 |
182.724 |
122.981 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.438 |
13.605 |
9.998 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.506 |
2.315 |
2.987 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.932 |
11.290 |
7.011 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.099 |
2.187 |
1.791 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.833 |
9.103 |
5.220 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.913 |
2.813 |
1.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.920 |
6.290 |
3.403 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.903 |
8.613 |
5.210 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
22.823 |
14.903 |
8.613 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.44 |
21.79 |
15.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.43
|
3.20 |
2.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.17
|
4.64 |
1.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.21 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
2.25 |
2.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.23
|
1.51 |
1.44 |
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 |
No |
|
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] |
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 |
NOTE
The registered office of the company has been shifted from F-3 Kavi Nagar, Industrial Area,
Sector-17, Ghaziabad, Uttar Pradesh, India to the
present address w.e.f. 15.11.2010
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
From Directors |
8.527 |
5.616 |
|
From Banks |
0.390 |
5.810 |
|
Total |
8.917 |
11.426 |
BANKERS CHARGES REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U29304UP1993PTC015260 |
|
Name of the company |
NORTH STREET COOLING TOWERS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
C-14, Meerut Road, Industrial Area,
Sector-22, Ghaziabad-201003, Uttar Pradesh, India Email: ashoksanjeevca@gmail.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Movable propeprty (not being pledge) |
|
Particular of charge holder |
Bank of Baroda, Gandhi Nagar, Ghaziabad -
201001, Uttar Pradesh, India Email : ca_rcg@yahoo.co.in |
|
Nature of instrument creating charge |
Letter of hypothecation of vehicles dated 27.07.2012 |
|
Date of instrument Creating the charge |
27.07.2012 |
|
Amount secured by the charge |
Rs. 1.775 |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest @ 2% p.a. above Base Rate ie 12.50% p.a. at
monthly rest subject to change in Base Rate from time to time. Terms of Repayment Repayable in 60 equated monthly instalments
of Rs. 39,934/- each commencing from 27.08.2012
till the entire loan with interest and other charges is repaid in full. Margin 20% Extent and Operation of the charge 100% Others To secure all amounts payable under Term Loan of Rs.
1.775 millions granted to the Company together with all interests, costs,
charges, expenses etc. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation of the following vehicle purchased or to be purchased
out of the Term Loan granted by the Bank:- Outlander 7 Seater Car |
FIXED ASSETS
·
Land
·
Building
·
Air Conditioner
·
Car
·
Computer
·
Electric Installation
·
Fax Machine
·
Fire Extinguisher
·
Furniture and Fixtures
·
Generator
·
Office Equipment
·
Plant and Machinery
·
Refrigerator
·
Scooter
·
Temporary Building
·
Type Writer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 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.53.85 |
|
UK Pound |
1 |
Rs.82.26 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
|
42 |
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.