MIRA INFORM REPORT

 

 

Report Date :

09.01.2014

 

IDENTIFICATION DETAILS

 

Name :

MOHAN RAIL COMPONENTS PRIVATE LIMITED

 

 

Registered Office :

Opposite RCF Vill Dhiduankalan Hussainpur, Kapurthala – 144 602, Punjab

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

20.08.1991

 

 

Com. Reg. No.:

16-011578

 

 

Capital Investment / Paid-up Capital :

Rs.27.396 Millions

 

 

CIN No.:

[Company Identification No.]

U35203PB1991PTC011578

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JLDM02855G

 

 

PAN No.:

[Permanent Account No.]

AABCM6778K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Seller of Furniture Seats, Bath of Railways and Rail Components.

 

 

No. of Employees :

300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 100000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

There appears sharp dip in profit of the company. External borrowing of the company seems to be huge.

 

However, trade relations are fair. Business is active. Payment terms are slow.

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

 

India was ranked 94th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

 

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

 

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

 

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

 

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

 

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

 

Name :

Mr. Deepak

Designation :

Accounts Executive

Contact No.:

91-9872656403

Date :

07.01.2014

 

 

LOCATIONS

 

Registered Office :

Opposite RCF Vill Dhiduankalan Hussainpur, Kapurthala – 144 602, Punjab, India

Tel. No.:

Not Available

Mobile No.:

91-9872656403 (Mr. Deepak)

Fax No.:

Not Available

E-Mail :

info@mrcpl.com

mrc.kpt@gmail.com

Website :

www.mrcpl.com

Location :

Owned

 

 

Factory :

Opposite Rail Coach Factory, Hussainpur, Kapurthala – 144 602, Punjab, India

Tel. No.:

91-1822-506763

Fax No.:

91-1822-506762

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Amandeep Singh

Designation :

Director

Address :

Surjan Singh Street, P.O. Kartarpur, Jalandhar – 144 801, Punjab, India

Date of Birth/Age :

14.11.1978

Date of Appointment :

01.11.2001

DIN No.:

00955555

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

Company/ LLP Status

Defaulting status

1

U35203PB1991PTC011578

MOHAN RAIL COMPONENTS PRIVATE LIMITED

Director

01/11/2001

01/11/2001

Active

NO

2

U51410PB2005PTC027802

KESTREL ELECTRONICS PRIVATE LIMITED

Managing director

03/01/2005

03/01/2005

Strike off

NO

 

 

Name :

Mr. Jaspal Singh

Designation :

Director

Address :

2159, Surjan Singh Street, Kartarpur, Jalandhar – 144 801, Punjab, India

Date of Birth/Age :

17.05.1954

Date of Appointment :

20.08.1991

DIN No.:

00955591

 

 

Name :

Mr. Joginder Singh Bhambra

Designation :

Director

Address :

Mohan Singh and Company, G. T. Road, Kartarpur, Jalandhar – 144 801, Punjab, India

Date of Birth/Age :

01.03.1942

Date of Appointment :

20.08.1991

DIN No.:

00955528

 

 

KEY EXECUTIVES

 

Name :

Mr. Deepak

Designation :

Accounts Executive

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2013

 

Names of Shareholders

 

 

No. of Shares

Jaspal Singh

 

87417

Joginder Singh

 

56154

Jasbir Singh

 

1050

Balbir Singh

 

10110

Harjeet Singh

 

110

Narinder Kaur

 

35660

Dalbir Kaur

 

50

Amandeep Singh

 

22428

Satwinder Singh

 

29949

Kuljinder Kaur

 

10

Amritpal Kaur

 

10

Jasmeet Kaur

 

10

Anureet Kaur

 

4500

Jaspal Singh (HUF)

 

6500

Kuljeet Kaur

 

20000

 

 

 

Total

 

273958

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2013

 

 

Category

Percentage

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Seller of Furniture Seats, Bath of Railways and Rail Components.

 

 

Imports :

 

Products :

Raw Materials

Countries :

·         China

·         Hong Kong

·         Finland

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

·         Jindal Stainless Limited

·         Jagannath Steels

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :

Canara Bank, The Mall, Kapurthala – 144 601, Punjab, India

 

 

Facilities :

SECURED LOANS

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

Long Term Borrowings

 

 

Loans taken for Vehicles

2.000

0.199

Loans taken for other fixed assets

22.013

24.463

Short Term Borrowings

 

 

Cash Credit

123.547

80.666

Loans repayable on Demand

15.401

0.000

 

 

 

Total

162.961

105.328

 

NOTES:

Long Term Borrowings:

Nature of Security and terms of repayment for secured borrowings:

Sr. No.

Nature of Security

Terms of Repayment

1

Term loan from bank amounting to Rs.2.400 Millions is secured by first charge by way of hypothecation of machinery installed at company’s factory.

Repayment in 60 monthly installments of Rs.0.040 Millions plus interest as and when due which shall commence from June 2008

2

Term loan from bank amounting to Rs.11.500 Millions is secured by EMT of factory land and shed (Existing or to be constructed), hypothecation of Indigenous machinery. Tempo truck purchased and other collateral securities.

Repayable in 80 monthly installments commencing from April 2011 first 32 of Rs.0.050 Millions each and next 48 of Rs.0.206 Millions each. Interest to be paid as and when due.

3

Term loan from bank amounting to Rs.13.700 Millions is secured primarily by the way of hypothecation of machinery and collaterally by other fixed assets and book debts.

Repayable in 80 monthly installments of Rs.0.171 Millions each. Commencing from April 2011. Interest to be paid as and when due. 

4

Term loan from bank amounting to Rs.0.562 Millions is secured by the way of hypothecation of car.

Repayable in monthly installments of Rs.0.013 Millions each.

 

Short Term Borrowings:

Working Capital loans from banks are secured by hypothecation of inventories, book debts and receivables.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Nirmal Mahajan and Associates

Chartered Accountants

Address :

84-Radio Colony, Near Canara Bank, B M C Chowk, Jalandhar – 144 001, Punjab, India

Tel. No.:

91-181-2225502/ 5000038

Fax No.:

91-181-4619028

E-Mail :

nirmalmahajan@hotmail.com

nirmalmahajan@ymail.com

Website :

www.nirmalmahajan.com

PAN No.:

AADFN8229R

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2013

 

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

 

 

 

 

273958

Equity Shares

Rs. 100/- each

Rs.27.396 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

FINANCIAL DETAILS FILE ATTACHED

 

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

Yes

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

Yes

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

No

34]

External Agency Rating, if available

No

 

 

UNSECURED LOANS:

 

Particulars

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

Long Term Borrowings

 

 

Rupee Term Loans from Others

1.546

1.546

 

 

 

Total

1.546

1.546

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10331814

10/01/2012

25,000,000.00

CANARA BANK

THE MALL, KAPURTHALA - 144601, PUNJAB, INDIA

B30572572

2

10323894

24/11/2011

228,700,000.00

STATE BANK OF INDIA

INDUSTRIAL AREA, SODAL ROAD, JALANDHAR-144004, PUNJAB, INDIA

B28131076

3

10285859

10/01/2012 *

152,362,000.00

CANARA BANK

THE MALL, KAPURTHALA - 144601, PUNJAB, INDIA

B30569487

4

10269901

10/03/2011

1,084,000.00

CANARA BANK

THE MALL, KAPURTHALA - 144601, PUNJAB, INDIA

B07562366

5

10269899

10/03/2011

1,097,000.00

CANARA BANK

THE MALL, KAPURTHALA - 144601, PUNJAB, INDIA

B07562010

6

10269897

10/03/2011

3,673,000.00

CANARA BANK

THE MALL, KAPURTHALA - 144601, PUNJAB, INDIA

B07561103

7

10269895

10/03/2011

10,000,000.00

CANARA BANK

THE MALL, KAPURTHALA - 144601, PUNJAB, INDIA

B07560618

8

10269893

10/01/2012 *

180,000,000.00

CANARA BANK

THE MALL, KAPURTHALA - 144601, PUNJAB, INDIA

B30549125

9

10262025

13/01/2011

11,500,000.00

CANARA BANK

THE MALL, KAPURTHALA - 144601, PUNJAB, INDIA

B04175592

10

10262028

13/01/2011

13,700,000.00

CANARA BANK

THE MALL, KAPURTHALA - 144601, PUNJAB, INDIA

B04176319

 

* Date of charge modification

 

 

FIXED ASSETS:

 

·         Land

·         Factory Building

·         Office Building

·         Machinery

·         Dies and Pattern

·         Furnace

·         Generator

·         Tools and Impliments

·         Lab Equipments

·         Weight and Measurement

·         Electric Fittings

·         Furniture and Fixture

·         Car

·         Motor Car

·         Tempo

·         Scooter

·         Roller Truck

·         Air Conditioner

·         Intercom

·         Fax

·         Mobile Phone

·         Printer

·         Lawn Mover

·         Fan Coffers

·         Office Equipments

·         Photostat Machine

·         Library

·         Security System

·         Pump

·         Fire Extinguisher

·         Water Purifier

·         Television

·         Electric Temp Controller

·         Water Cooler

·         Computer

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 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.62.24

UK Pound

1

Rs.102.17

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

NKT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

28

 

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.