MIRA INFORM REPORT

 

 

Report Date :

21.08.2007

 

IDENTIFICATION DETAILS

 

Name :

PRADEEP FIBERS PRIVATE LIMITED   

 

 

Registered Office :

Plot No. 133, N – 3, CIDCO, Near high Court, Aurangabad – 431 003, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

24.08.2004

 

 

Com. Reg. No.:

148174

 

 

CIN No.:

[Company Identification No.]

U17110MH2004PTC148174

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

NSKP02294F

 

 

PAN No.:

[Permanent Account No.]

AADCP3567F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Exporters of Cotton Rui, Cotton Seed, Oil Cakes.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

 

Maximum Credit Limit :

USD 63000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

Plot No. 133, N – 3, CIDCO, Near high Court, Aurangabad – 431 003, Maharashtra

Tel. No.:

91-240-2482670

Mobile No.:

91-9422706359, 9422204946

Fax No.:

91-6621698

E-Mail :

pradeepfibers@yahoo.co.in

Website :

www.pradeepfibers.com

Location :

Rented

 

 

Factory 1/ Branch:

Gate No. 449, Dongargaon, Sillod, District – Aurangabad, Maharashtra, India

Tel. No.:

91-2430-222159

Fax No.:

91-2430-222159

Area :

3 Hector

Location :

Leased

 

 

Factory 2 :

Gate No. 241, 242, Chikani, Georai, District – Beed, Maharashtra, India

Mobile No.:

91-9422706359

Area :

3.20 Hector

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Pradeep Tayal

Designation :

Director

Address :

Plot No. 370 and 371, N – 3, CIDCO, Aurangabad, Maharashtra, India

Date of Birth/Age :

44 years

Qualification :

B. Com., L.L.B.

Experience :

23 years

 

 

Name :

Mr. Mohanlal Agrawal

Designation :

Director

Address :

“Godawari” Warla Road, Sendhwa – 451 666 Madhya Pradesh, India

Date of Birth/Age :

60 years

Qualification :

B.A.

Experience :

28 years

 

 

Name :

Mr. Govind Agrawal

Designation :

Director

Address :

“Godawari” Warla Road, Sendhwa – 451 666 Madhya Pradesh, India

Date of Birth/Age :

58 years

Qualification :

B.A.

Experience :

26 years

 

 

Name :

Mr. Ashish Tayal

Designation :

Director

Address :

“Godawari” Warla Road, Sendhwa – 451 666 Madhya Pradesh, India

Date of Birth/Age :

29 years

Qualification :

B. Com.

Experience :

6 years

 

 

Name :

Mr. Sunil Tayal

Designation :

Director

Address :

Plot No. 370 and 371, N – 3, CIDCO, Aurangabad, Maharashtra, India

Date of Birth/Age :

42 years

Qualification :

B. Com.

Experience :

18 years

 

 

Name :

Mr. Rishabh Tayal

Designation :

Director

Address :

“Godawari” Warla Road, Sendhwa – 451 666 Madhya Pradesh, India

Date of Birth/Age :

24 years

Qualification :

B. Com.

Experience :

4 years

 

 

Name :

Mr. Abhishek Tayal

Designation :

Director

Address :

“Godawari” Warla Road, Sendhawa – 451 666 Madhya Pradesh, India

Date of Birth/Age :

26 years

Qualification :

B. com.

Experience :

6 years

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Family Members

 

500000

Total

 

500000

 

Category

 

Percentage of Holding

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of Cotton Rui, Cotton Seed, Oil Cakes.

 

 

Exports :

 

Products :

Cotton Rui

Countries :

Pakistan

 

 

Terms :

 

Selling :

L/C, Credit (30 days – 60 days)

 

 

Purchasing :

L/C, Credit (30 days )

 

PRODUCTION STATUS

 

Products

 

 

 

Actual Production

Cotton Rui

 

 

 

As Per Demand

 

 

GENERAL INFORMATION

 

Customers :

·               Nahar Spininng Mills

·               Vardhman Spinning Mills

·               Maral Overseas Ltd.

·               Super Spinning Mills

·               Gangotri Textiles Ltd.

·               Indorama Synthesis

·               S.T.I. India Ltd.

·               Pratibha Synthesis

·               Sanghvi Spinners

·               K.P.R. Mills

·               Fenner India Ltd.

·               Srigopal Rameshkumar

·               Gill and Co., Mumbai

Apart from above esteemed clients, the Company has huge network of various cotton and spin mills in Maharashtra, Tamilnadu, Punjab and Orissa. And Also have considerable network from Abroad.

 

 

 

No. of Employees :

215 (Office: 15; Factory: 200)

 

 

Bankers :

State Bank of Indore

Kranti Chowk, Aurangabad, Maharashtra, India

 

 

Facilities :

v      Cash Credit

v      Hypothecation

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Mandovra and Associates

Chartered Accountants

Address :

21, White Church Colony, Indore, Madhya Pradesh, India

Tel. No.:

91-731-2701600

Fax No.:

91-731-2701603

 

 

Group Companies:

v      Pradeep Cottex Industries

Address: Warla Road, Sendhawa – 451 666, Madhya Pradesh, India

Tel. No.: 91-7281-228421-25

Fax No.: 91-7281-228426

Line of Business: Modern TMC Approved Ginning and Pressing Oil Mill Unit

 

v      Neha Cotton Industries

Address: Warla Road, Sendhawa, District – Barwani – 451 666, Madhya Pradesh, India

Line of Business: Modern Ginning and Pressing Oil Mill Unit

 

v      Kunal Cotton Company

Address: Gadi Road, At Majalgaon, District – Beed, Maharashtra, India

Line of Business: Ginning and Pressing Unit

Associates:

v      Shri. Salasar Cotton Corporation

Address: Pachora, District – Jalgaon, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs. 10.00 each

Rs. 5.000 millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs. 10.00 each

Rs. 5.000 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

5.000

5.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

10.759

1.155

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

15.759

6.155

LOAN FUNDS

 

 

 

1] Secured Loans

 

83.619

5.939

2] Unsecured Loans

 

128.091

53.647

TOTAL BORROWING

 

211.710

59.586

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

227.469

65.741

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

4.455

3.645

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

142.750

27.468

 

Sundry Debtors
 

56.947

31.258

 

Cash & Bank Balances
 

25.696

5.672

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

9.980

0.000

Total Current Assets
 

235.373

64.398

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

12.432

2.400

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

12.432

2.400

Net Current Assets
 

222.941

61.998

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.073

0.098

 

 

 

 

TOTAL

 

227.469

65.741

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

535.840

122.170

Other Income

 

96.909

3.572

Total Income

 

632.749 

156.972

 

 

 

 

Profit/(Loss) Before Tax

 

14.771

1.847

Provision for Taxation

 

5.147

0.692

Profit/(Loss) After Tax

 

9.624

1.155

 

 

 

 

Expenditures :

 

 

 

 

Depreciation

 

0.779

0.591

 

Interest

 

10.451

1.252

 

Administration and Selling Expenses

 

24.251

5.374

 

Other Expenses

 

582.497

147.908

Total Expenditure

 

617.978

155.125

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

1.52

0.74

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

2.76

1.51

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

6.16

2.71

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.94

0.30

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

14.22

10.07

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

18.93

26.83

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References

 

v      Shakarganj Mills Limited, Jhang

v      Nahar Spinning Mills, Mandideep, Madhya Pradesh, India

v      Shrigopal Rameshkumar Sales Private Limited, Saryadiya Cloth Market, Gandhi Baugh

v      Vijay Prathisthan, 103/104, Kalyan Apartment, Kanchan Bagugh, South Tuko Gunj, Indore, Madhya Pradesh, India

 

Website details attached:

 

Introduction

 

All know cotton is a soft natural fiber, used as a basic raw material for clothes. Fiber obtained is spun into thread and used to make a soft breathable textile.

 

Pradeep Fibers Private Limited is a Pioneer company established under Indian Companies Act 1956 in the midway of the year 2004. Company has its registered office in the fastest developing city of Asia namely Aurangabad which is situated in the Maharashtra state of India.

 

Pradeep Fibers Pvt. Ltd. is one of the best spinning star company amongst Pradeep Group. Pradeep Group is shining spirit Group having established and proved successful background of more than last half century years. The Group has special background for cotton Ginning and Pressing factories. The Founder of the Group was Shri. Maganlalji Tayal, a very innovative and forward looking entrepreneur. The Group is popularly known as PTC (Pradeep Trading Company) in Maharashtra, Madhya Pradesh and Punjab.

 

The Company has ultra modern set of ginning and pressing units up in the heart of cotton areas in Madhya Pradesh and Maharashtra and will be establishing units in Orissa in near future. The successful growth of Pradeep Group have young spirit which is manifesting to intensity, to win, acting with sensitivity and being unyielding on integrity all the time.

 

Intensity to win means the desire to stretch, to achieve that, which seems beyond our grasp. This is the ardor to do our best, the hunger to be the best.

 

The core of sensitivity is respect. The other sources of respect are trust. Trusting that each individual would like to grow, that every Individual strives for a meaningful life.

 

Integrity means delivering on the commitments, Commitment to search for and acting on truths.

 

Due to above background Pradeep Fibers Private Ltd. Now-a-days became most trustworthy and true company in part of Marathwada, mid Vidarbha, Khandesh and Madhya Pradesh for Cotton Ginning and Pressing Factories.

 

 

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 records 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. 41.57

UK Pound

1

Rs. 82.14

Euro

1

Rs. 55.74

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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