MIRA INFORM REPORT

 

 

Report Date :

18.10.2013

 

IDENTIFICATION DETAILS

 

Name :

LEELAVATI AUTOMATION PRIVATE LIMITED

 

 

Registered Office :

Unit 12 A-B, Plot No.1, Shivaji Fort CHS, Sion (East), Mumbai – 400 022, Maharashtra 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

07.04.2011

 

 

Com. Reg. No.:

11-215913

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 million

 

 

CIN No.:

[Company Identification No.]

U31908MH2011PTC215913

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUML08200D

 

 

PAN No.:

[Permanent Account No.]

AABCL9949B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Sensors, Switches and Automation products.

 

 

No. of Employees :

15 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 4000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively new company having moderate track record.

 

External borrowing of the company appears to be huge.

 

However, trade relation reported to be improving. Business is active. Payment terms are reported to be slow but correct.

 

The company can be considered for business dealing with some caution.

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

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. Manoj Meghraj Tembe

Designation :

Director

Contact No.:

91-22-24011370

Date :

17.10.2013

 

 

LOCATIONS

 

Registered Office/ Corporate Office/ Factory :

Unit 12 A-B, Plot No.1, Shivaji Fort CHS, Sion (East), Mumbai – 400 022, Maharashtra, India

Tel. No.:

91-22-24040416/ 24011370/ 24035288

Mobile No.:

91-9820062906 (Mr. Manoj Meghraj Tembe)

Fax No.:

91-22-24040416

E-Mail :

leelavati@vsnl.com

manoj@leelavati.com

Website :

http://www.leelavatiengineers.com

Location :

Owned

 

 

Branch Office :

Neel Lane View, Plot No.20, Sector 8, New Panvel, Navi Mumbai – 410 206, Maharashtra, India

 

 

DIRECTORS

 

AS ON 29.09.2012

 

Name :

Mr. Manoj Meghraj Tembe

Designation :

Director

Address :

30/1365, Panch Pushpa CHS, Sardar Nagar 3, Sion (East), Mumbai – 400 022, Maharashtra, India

Date of Birth/Age :

30.04.1965

Date of Appointment :

07.04.2011

Election Commission Identity Card No.: 

DCF0575910

DIN No.:

03470326

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31908MH2011PTC215913

LEELAVATI AUTOMATION PRIVATE LIMITED

Director

07/04/2011

07/04/2011

-

Active

NO

2

AAB-3336

LEELA MUSIC VISIONS LIMITED LIABILITY PARTNERSHIP

Designated Partner

28/01/2013

28/01/2013

-

Active

NO

 

 

Name :

Mrs. Neha Manoj Tembe

Designation :

Director

Address :

30/1365, Panch Pushpa CHS, Sardar Nagar 3, Sion (East), Mumbai – 400 022, Maharashtra, India

Date of Birth/Age :

14.05.1966

Date of Appointment :

07.04.2011

Election Commission Identity Card No.: 

DCF0575928

DIN No.:

03470348

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U31908MH2011PTC215913

LEELAVATI AUTOMATION PRIVATE LIMITED

Director

07/04/2011

07/04/2011

-

Active

NO

2

AAB-3336

LEELA MUSIC VISIONS LIMITED LIABILITY PARTNERSHIP

Designated Partner

28/01/2013

28/01/2013

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2012

 

Names of Shareholders

 

 

No. of Shares

Manoj Meghraj Tembe

 

5000

Neha Manoj Tembe

 

5000

Total

 

10000

 

AS ON 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Sensors, Switches and Automation products.

 

 

Exports :

 

Products :

Sensors, Switches, SSR Control

Countries :

·         Dubai

·         Kenya

 

 

Imports :

 

Products :

Raw Material

Countries :

·         Italy

·         China

·         Germany

 

 

Terms :

 

Selling :

Advance

 

 

Purchasing :

Advance

 

 

GENERAL INFORMATION

 

Customers :

Others

 

 

No. of Employees :

15 (Approximately)

 

 

Bankers :

Bank of India, Sion Branch, 29, Amba Bhavan, Rani Laxmi Chowk, Sion (East), Mumbai – 400 022, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2012

(Rs. in Millions)

SHORT TERM BORROWINGS

 

Cash Credit from Banks

5.819

Total

5.819

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

D.Y. Ranade and Company

Chartered Accountants

Address :

G-4, Motalibai Wadia Building, S.A. Brelvi Road, Fort, Mumbai – 400 001, Maharashtra, India

Tel. No.:

91-22-22837142

Fax No.:

91-22-22833309

E-Mail :

dhananjay@dyrco.org

PAN No.:

AABPR7465F

 

 

CAPITAL STRUCTURE

 

AFTER 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

250000

Equity Shares

Rs.10/- each

Rs.2.500 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs.10/- each

Rs.0.100 million

 

 

 

 

 

AS ON 29.09.2012

 

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

10000

Equity Shares

Rs.10/- each

Rs.0.100 million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2012

I.        EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

 

 

0.100

(b) Reserves & Surplus

 

 

0.997

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

1.097

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

 

4.000

(b) Deferred tax liabilities (Net)

 

 

0.004

(c) Other long term liabilities

 

 

0.000

(d) Long-term provisions

 

 

0.000

Total Non-current Liabilities (3)

 

 

4.004

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

5.968

(b) Trade payables

 

 

3.523

(c) Other current liabilities

 

 

0.240

(d) Short-term provisions

 

 

1.895

Total Current Liabilities (4)

 

 

11.626

 

 

 

 

TOTAL

 

 

16.727

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

0.335

(ii) Intangible Assets

 

 

0.000

(iii) Capital work-in-progress

 

 

0.000

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

0.000

(d)  Long-term Loan and Advances

 

 

0.200

(e) Other Non-current assets

 

 

0.000

Total Non-Current Assets

 

 

0.535

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

8.185

(c) Trade receivables

 

 

7.371

(d) Cash and cash equivalents

 

 

0.576

(e) Short-term loans and advances

 

 

0.060

(f) Other current assets

 

 

0.000

Total Current Assets

 

 

16.192

 

 

 

 

TOTAL

 

 

16.727

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

 

31.03.2012

 

SALES

 

 

 

 

 

Income

 

 

NA

 

 

Other Income

 

 

NA

 

 

TOTAL                                    

 

 

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

 

 

NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX

 

 

1.472

 

 

 

 

 

Less

TAX                                                                 

 

 

0.475

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

 

 

0.997

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

99.70

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

8.80

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

1.34

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
 

 

9.09

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

1.39

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

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

Yes

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 one year

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

Yes

20) Export / Import details (if applicable)

Yes

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

Yes

34) External Agency Rating, if available

No

 


Note:

The registered office of the company has been shifted from Unit 1 and Unit 2, Plot AB, Shivaji Fort Co-operative Eastern Express Highway, Sion, Mumbai – 400 022, Maharashtra, India to the present address w.e.f. 01.06.2011.

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10365086

03/08/2013 *

8,000,000.00

BANK OF INDIA

SION BRANCH, 29,AMBA BHAVAN, RANI LAXMI CHOWK, SION (EAST), MUMBAI, MAHARASHTRA - 400022, INDIA

B84846245

 

* Date of charge modification

 

Unsecured Loans

31.03.2012

(Rs. in Millions)

LONG TERM BORROWINGS

 

Loan from Directors

4.000

SHORT TERM BORROWINGS

 

Loan from Directors

0.149

Total

4.149

 

 

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.61.58

UK Pound

1

Rs.98.51

Euro

1

Rs.83.49

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

SMN


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

26

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.