MIRA
INFORM REPORT
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Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PARGATI OFFSET PRIVATE LIMITED |
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Registered Office : |
17, Red Hills, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.02.1988 |
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Com. Reg. No.: |
01-8319 |
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CIN No.: [Company
Identification No.] |
U24220AP1988PTC008319 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDP00062G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in Printing of Stationery. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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
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Registered Office/ Factory : |
17, Red Hills, |
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Tel. No.: |
91-40-23304835 |
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Fax No.: |
91-40-23390230 |
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E-Mail : |
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Website : |
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Area : |
7000 Sq.ft. (Owned) |
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Branches : |
B-22 Royal Industrial Estate, Naigum X Roads, Wadala,
Mumbai - 400 031, |
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Tel. No.: |
91-22-24115711 |
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Area : |
26200 Sq.ft. (Owned) |
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Branches : |
Located at : v
v
v
Kolkata v
Mumbai v
v
Pune v
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DIRECTORS
|
Name : |
Mr. P. Hanumantha Rao |
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Designation : |
Director |
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Name : |
Mr. Paruchuri Narendra |
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Designation : |
CEO / Jt. Managing Director |
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Name : |
Mr. Paruchuri Mahendra |
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Designation : |
Managing Director |
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Name : |
Mr. Paruchuri Harsha |
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Designation : |
Executive Director |
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Name : |
Ms. P. Sasikala |
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Designation : |
Director |
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Name : |
Mr. P. Nagamani |
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Designation : |
Director |
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Name : |
Nagendra Nadella |
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Designation : |
Director – Press Operations |
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Address : |
F No.14/15, Maturu Apartments, A C Guards, Hyderabad-500004, |
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Date of Birth/Age : |
15.09.1959 |
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Date of Appointment : |
01.06.2004 |
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Name : |
Mr. Ramakrishna P Kodali |
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Designation : |
Director – IT & Prepress |
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Address : |
10-5-3/4, Flat No.303, KK Heights, Masabtank, Hyderabad-500028, |
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Date of Birth/Age : |
10.08.1964 |
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Date of Appointment : |
01.06.2004 |
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Name : |
Ms. Seetha Laxmi Paruchuri |
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Designation : |
Director |
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Address : |
11-5-401, Hill View, Red Hills, Hyderabad-500004, |
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Date of Birth/Age : |
24.04.1924 |
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Date of Appointment : |
17.02.1988 |
KEY EXECUTIVES
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Name : |
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Designation : |
Marketing/Account
Executives |
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Name : |
Mr.
K V Lata |
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Designation : |
Marketing/Account
Executives |
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Name : |
Mr.
N Kiranmayee |
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Designation : |
Marketing/Account
Executives |
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Name : |
Mr.
Venkataramana |
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Designation : |
Marketing/Account
Executives |
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Name : |
Mr.
K Ravi |
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Designation : |
Marketing/Account
Executives |
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Date of Appointment : |
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Name : |
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Designation : |
Production
Planners |
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Name : |
Mr.
T Sridhar |
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Designation : |
Production
Planners |
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Name : |
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Designation : |
Executive
(Mumbai Marketing Office) |
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Name : |
Mr.
Navin Dhanani |
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Designation : |
Executive
(Mumbai Marketing Office) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Printing of Stationery. |
GENERAL INFORMATION
|
Customers : |
Export
Clients :
Advertising-Designing Agencies
v
Advertising & Sales Promotion Company v
Akshara Advertising v
Bounce Design v
Cognito Advertising v
v
Elephant Design v v
Hitha Communications v
HR Enterprises v
Illum Design Projects v
v
Itu Chowdhry Design v
v
Lintas India Limited v
v
Mindset EYW Advertising Private Limited v
v
O&M v
v
Photo Ink v
v
Ramakanth Advertising Private Limited v
v
RK Swamy / BBDO Advertising Private Limited v
v
Satish Sud Graphics v
v
Tania Das Gupta v
v
Trisys Automotive
v
Bajaj Auto v
Ford v
v
Sundaram Clayton v
v
TVS
Banking
v
Citi Bank v
HSBC v
v
Standard Chartered Bank v
Consumer Electronics
v
IFB v
Philips Education
v
Flame v
ICFAI v
v
v
v
Nalsar v
v
Symbiosis
v Arvind Brands v
Benzer v
Brisa v
Deepam Silk International v
v
PanAmerica v
v
Pathi Saree Sadan v
Pathi Sarees v
Pathi Silk House v
Pathi Vastra Bhandar v
Priyadarshini Group v
v
Ritu Beri v
v
Rivaa Fashions v
v
Sheetal v
v
Stanza v
v
Tulasi Silks v
FMCG
v
Agrotech Foods Limited v
Haldiram Manufacturing v
ITC Foods v
The Global Green Company Limited v
VST Industries Greeting Cards
v
BNHS Mumbai v
Concern v
v
ITC Limited – Greeting Cards Division v
Health Care
v Apollo Hospitals v
Care Hospitals v
v
LV Prasad Eye Institute
Hospitality
v
Ananda-in the v
Hyatt v
v
Kumarakom v
v
Taj Group of Hotels v
IT & ITES
v
v
CMC Limited v
CommVault v
Conexant v
v
HelloSoft v
v
IBS v
v
Infosys Technologies Limited v
v
Microsoft v
v
Pramati Technologies v
v
Satyam Computer Services Limited. v
v
SunTec Business Solutions Inc v
v
Testek v
v
Vanenburg Manufacturing
v Agilent
Technologies v
Amber System Seating Private Limited v
v
CenturyPly v
v
HiDesign v
v
Magppie Exports v
Messung v
Xerox Media & Entertainment
v
Aditya Music v
BBC v
v
Eenadu group v
v
HMV Music v
v
NDTV v
v
v
Supreme Recording Company (Private) Limited v
Times of
v Biocon v
Biological E. Limited v Dr. Reddy's
Laboratories v
Himalaya Drug Company v
v
Matrix Laboratories v Ocimum Bio v
Pfizer v
Vivimed Labs
Publishing
v Bodhi Art v
Guide Publications v India Book
Distributors Limited v
v
Mapin Publishers v
Medical Communications ( v Orient &
Longman v
Scientific Communications v
StarkWorld
v
DLF Universal v
L&T v Lanco v
Mantri v Maytas v
MGF, EMAAR v NCC Construction v
Sew Constructions v Sobha Developers v
Uppal's Central Mall v
Vatika Landbase
v Hutch v
Idea Cellular Limited v
Tata Teleservices
Logistics
v
Gati Airlines
Lufthansa
v Sundaram Gallery v
Duggal Visual Solutions v
TamarindArt v
Zimmerili Musuem v Arlis v
Paper Arts v Sears Peyton
Gallery v
Amglobe v
DDS
v
CGP-R&A Developers v
Green Ink Publishers v v
Anthony Reynolds Gallery v Standford
Publishing v
Tandaori Magazine / Liquids
v Edgistic v
Explosive Marketing
v Warda v
Fara v
Book World |
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No. of Employees : |
239 |
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Bankers : |
ICICI Bank Limited, Himayat Nagar Branch, Tel. No. 91-40-23227128 The Bank of Tel. No. 91-40-23372265 Andhra Bank, Sultan Bazar, Koti, Tel. No. 91-40-24757363 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Shantilal Daga Chartered Accountants |
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Address : |
403, |
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Associates/Subsidiaries : |
v
Pragati Flexcarton Private Limited,
11-5-422/C/A Red Hills, v Pragati Flexo Private Limited v
Pragati Pack ( |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
41232 |
Equity Shares |
Rs.100/-
each |
Rs.4.123
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
4.123 |
4.123 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
658.688 |
582.496 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
662.811 |
586.619 |
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LOAN FUNDS |
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1] Secured Loans |
|
63.464 |
7.369 |
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2] Unsecured Loans |
|
6.734 |
20.795 |
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TOTAL BORROWING |
|
70.198 |
28.164 |
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DEFERRED TAX LIABILITIES |
|
26.132 |
28.935 |
|
|
|
|
|
|
|
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TOTAL |
|
759.141 |
643.718 |
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|
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
|
216.193 |
204.758 |
|
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Capital work-in-progress |
|
76.749 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
|
13.900 |
11.947 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
102.090 |
74.399 |
|
|
Sundry Debtors |
|
156.752 |
131.105 |
|
|
Cash & Bank Balances |
|
199.359 |
199.486 |
|
|
Other Current Assets |
|
3.469 |
8.656 |
|
|
Loans & Advances |
|
206.734 |
132.837 |
|
Total
Current Assets |
|
668.404 |
546.483 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
83.510 |
30.970 |
|
|
Provisions |
|
132.595 |
88.500 |
|
Total
Current Liabilities |
|
216.105 |
119.470 |
|
|
Net Current Assets |
|
452.299 |
427.013 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
759.141 |
643.718 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.43 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.09 |
4.57 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
|
Name of the company |
PRAGATI OFFSET
PRIVATE LIMITED |
|
Presented By |
P MAHNDRA, MANAGING DIRECTOR |
|
1) Date and description of instrument creating the change |
26.10.1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of stocks of raw materials, work in progress and finished goods Second charge on all tangible movable machinery and plant |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per agreement enclosed. Interest @ 17% p.a. Margin 10%, interest @ 9.5% p.a. for 180 days and for 181 days @ 17% p.a. and in case the export does not material @ 19% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Andhra Bank Sultan Bazar |
|
6) Date and brief description of instrument modifying the charge |
31.05.1993 PCL Agreement OCC Agreement Form No. SFC 6 Hypothecaion of movable machinery |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original limit of Rs.3.000 millions has been increased to Rs.5.000 millions. The break up of nature of facility is as follows : OCC Rs.2.500 millions FLC : Rs.2.500 millions The limits are secured by second charge on plant and
machinery. The first charge on which was given to APSPC and APIDC, |
BUSINESS
Subject is engaged in printing of stationery.
The company's installed capacity is 965 million impressions.
The company is in trade terms with :
v
Dr. Reddy's Laboratories Limited
Contact Person -Mr.
Satish Reddy - Chief Executive Officer
v
Corporate Communications
Contact Person - Mr.
B.M. Rao
v
Infosys Technologies Limited,
Website Details :
Subject is offering commercial offset print services since
1962, and has earned the loyalty of some of the top corporate houses in India,
giving the best of quality, service and meeting the committed delivery
schedules.
Subject diversified into Packaging printing and has set-up separate facilities
to handle offset packaging, flexo packaging and also specialised rigid boxes
for packing textile/graments, jewellery, export goods, etc.
They at Subject believe in creating value to their
customers. They understand the customer’s requirements fully, collaborate with
the customer and optimise the specifications of the print project – be it size,
paper selection, additional online/offline features, so as to optimise the cost
and still produce best-in class product.
Subject is a one-stop service provider offering entire range
of print services – Prepress, Printing, Finishing and Binding, using
state-of-the-art technology & solutions from industry leaders.
Best-in-class Presses from Mitsubishi and Komori are used
which care capable of printing upto 6 colours and upto 28.5”x40” size with
online coating, inter-deck UV drying, etc. A battery of 10 Presses with speeds
upto 15,000 impressions per hour running two shifts gives them the capacity and
redundancy to handle any complex print project with tight deadlines.
Subject’s Prepress is considered as one of the finest
facility running very high-end solutions to deliver high quality Scanning,
Color-retouching, Processing & Computer-to-Plate (CtP), backed up high
speed network, dedicated 2 Mbps bandwidth, dedicated FTP server, huge archiving
solution.
Subject always believed in delivering a product with fine
finishing & binding and invested heavily on top-of-the line binding
machinery which includes automatic machines from Kolbus, etc.
Subject has an efficient, commited and motivated team,
trained in-house to proficiently handle the latest and best technology.
Subject uses PrintERP – an in house developed ERP software
to manage operations throughout the plant which also helps capture real-time
information of every order status. Customers can view the status of their
orders on Subject web site transparently and also see shipping information.
Subject’s long-standing professionalism, loyalty, and
understanding of their needs, are the prominent aspects of Subject’s commitment
to its clientele.
Company History
Subject, meaning “progress” in Sanskrit, was started in 1962 by Shri
Paruchuri Hanumantha Rao, a journalist, with the dream of establishing a
top-of-the-line printing house.
Subject moved forward, with Shri
Hanumanth Rao’s sons Mr. Narendra Paruchuri and Mr. Mahendra Paruchuri pitching
in their expertise and knowledge to modernize Subject with a drive to keep pace
with the latest technology and to produce the best results, equipment and
material was sourced from leading international manufacturers and vendors.
Their passion for good quality printing and design, deep knowledge and understanding
of technology involved, combined with hands-on work experience at the shop
floor level, saw Shri Hanumantha Rao's dream come true.
Subject was the first company to introduce Phototypesetting in
The first 4-colour offset printing press was introduced in 1985, and Subject
went on to install
Subject was first to introduce high-end Computer-to-Plate technology in
A simple but focused philosophy, “Produce the highest quality product in the
least amount of time at a good price-performance ratio" has seen Subject
grow from strength to strength. And along the way, Subject has built up sound
client relationships – so much so that Subject is perceived not merely as a
supplier of printed materials, but as a partner.
As with clients, a strong relationship has been established with employees as
well. The work force at Subject is in fact its biggest asset - the first binder
and press operator are still employed & active.
Every aspect of Subject’s business exudes professionalism and progress, at the
same time not forgetting that it’s still the old-fashioned ideals like quality,
trust and loyalty that make Subject successful.
Their
Clients
Their customers vouch for their quality and service, and their customer
list speaks for itself. These are some of the reputed corporates and
advertising agencies who trust Subject for their print needs. Many of their
print jobs have won awards of excellence at Print Exhibitions and Competitions.
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 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.41.18 |
|
|
1 |
Rs.82.02 |
|
Euro |
1 |
Rs.56.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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/normal. |
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 |
|