MIRA
INFORM REPORT
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Report Date : |
15.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PRATEEK TEX SL MACHINERY PRIVATE LIMITED |
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Registered Office : |
Goplani Bhawan, Opposite Water Works, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.08.2001 |
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Com. Reg. No.: |
17-17155 |
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CIN No.: [Company
Identification No.] |
U29265RJ2001PTC017155 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHP02397D |
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PAN No.: [Permanent
Account No.] |
AACCP2633B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporters, Manufacturers and Importers of Textile Machinery,
Used Textile Machinery, Spinning & Weaving Machine, Spare Parts,
Embroidery Machines, Weft Accumulators, etc. |
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 5600 |
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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 records. 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 : |
Goplani Bhawan, Opposite Water Works, |
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E-Mail : |
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Head Office : |
S- 8 and 9, RICO 1st Stop, |
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Tel. No.: |
91-1482-242973/ 243973 |
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Fax No.: |
91-1482-253622/ 243973 |
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Email : |
Sanjaysomani_bhl@rediffmail.com |
DIRECTORS
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Name : |
Mr. Paras Jain |
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Designation : |
Director |
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Address : |
58, Main Sector, Shastri Nagar, Bhilwara-311001, |
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Date of Birth/Age : |
30.03.1977 |
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Date of Appointment : |
27.08.2001 |
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Name : |
Ms. Poonam Chand Jain |
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Designation : |
Director |
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Address : |
58, Main Sector, Shastri Nagar, Bhilwara-311001, |
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Date of Birth/Age : |
17.05.1972 |
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Date of Appointment : |
27.08.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Ms. Poonam Chand Jain |
6000 |
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Mr. Paras Jain |
4000 |
All the shares are held by directors and their relatives.
BUSINESS DETAILS
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Line of Business : |
Exporters, Manufacturers and Importers of Textile
Machinery, Used Textile Machinery, Spinning & Weaving Machine, Spare
Parts, Embroidery Machines, Weft Accumulators, etc. |
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Products : |
Loom Parts Trader Product range include : v
Textile Weaving Machine Accessories v
Used Textile
Machinery v
Spinning & Weaving
Machine v
Spare Parts v
Embroidery Machines Fabrics v
Weft Accumulators |
GENERAL INFORMATION
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No. of Employees : |
100 |
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Banker : |
ICICI Bank |
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Auditors : |
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Name : |
HKBS & Associates Chartered Accountants |
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Address : |
101, Singhvi Bhawan, Bazar No.2, Bhilwara-311001, |
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Sister Concerns
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Chetna Sales
Corporation Prateek Sulz. Private
Limited 39, Heera-Panna Market, Tel.:91-1482-247444, 247445
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.900 |
0.900 |
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3] Reserves & Surplus |
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0.401 |
0.310 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.401 |
1.310 |
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LOAN FUNDS |
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1] Secured Loans |
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0.631 |
0.360 |
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2] Unsecured Loans |
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0.020 |
0.020 |
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TOTAL BORROWING |
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0.651 |
0.380 |
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DEFERRED TAX LIABILITIES |
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0.118 |
0.102 |
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TOTAL |
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2.170 |
1.792 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.728 |
1.052 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.004 |
0.003 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.855 |
1.648 |
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Sundry Debtors |
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1.744 |
1.626 |
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Cash & Bank Balances |
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0.207 |
0.137 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.011 |
1.315 |
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Total
Current Assets |
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3.817 |
4.726 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.303 |
4.007 |
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Provisions |
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0.115 |
0.036 |
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Total
Current Liabilities |
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3.418 |
4.043 |
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Net Current Assets |
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0.399 |
0.683 |
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MISCELLANEOUS EXPENSES |
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0.039 |
0.054 |
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TOTAL |
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2.170 |
1.792 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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5.799 |
5.390 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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5.799 |
5.799 |
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Profit/(Loss) Before Tax |
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0.205 |
0.179 |
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Provision for Taxation |
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0.114 |
0.065 |
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Profit/(Loss) After Tax |
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0.091 |
0.114 |
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Expenditures : |
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Depreciation & Amortization |
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0.141 |
0.125 |
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Other Expenditure |
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5.312 |
4.961 |
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Total Expenditure |
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5.453 |
5.086 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.56
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2.11
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Net Profit Margin (PBT/Sales) |
(%) |
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3.53
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3.32
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.69
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3.09
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.13
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Debt Equity Ratio (Total Liability/Networth) |
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2.90 |
3.38 |
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Current Ratio (Current Asset/Current Liability) |
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1.12 |
1.12 |
LOCAL AGENCY FURTHER INFORMATION
Subject
is recognized as an enterprise engaged as a manufacturer, exporter and importer
of Textile Weaving Machine Accessories, Used
Textile Machinery, Spinning & Weaving Machine, Spare Parts, Embroidery
Machines Fabrics and Weft Accumulators. They look forward to the latest trend of demanding
quality of Textile products and manufacture machines accordingly. They
specialize in the production of main assemblies and spare parts and offer a
complete range of replacement parts of the Textile Weaving Industry. They give special
attention to the inspection of their products to ensure perfect results. This
insistence on quality enables to propose top performance products at
competitive prices.
They are the manufacturers, exporters and importers of the following product
range:
v
Textile Weaving
Machine Accessories
v
Used Textile Machinery
v
Spinning & Weaving
Machine
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Spare Parts
v
Embroidery Machines
Fabrics
v
Weft Accumulators
They are
the manufacturer of spare parts accessories & fabrics like:
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Healds |
Jacquard
Cards and other Technical Papers for weavings |
Drop
Wires |
Warper
Beams, Flanges,Cloth Roller,pick counter |
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Reeds,
Heald Frames |
Shedding
Cams suitable for Air Jet Looms, Projectile Looms |
Greippper
& Rapier Tapes for Shuttleless Looms & Cutter |
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Suitings
& Shirtings |
Readymade
Garmnets |
Tapestry
Cloths |
Bed
Sheets & Bed Covers |
Features
Textile Weaving Machine
Accessories
manufactured by possess features like lower operating cost, increase production
and improve fabric quality. Also possess high strength, light weight harness
Frames, Heald Wires that work with perfect finish, Light weight Reeds and Drop
Wires that are right for every type of yarn, fabric and entering equipment.
They are the manufacture of Accessories and
Spare Parts that are
suitable for almost all brands of Textile weaving machines.
Their Strength
They are always preferred by their clients for the special features and quality
standards of their product range and their performance. They possess high level
of expertise and easy access to resources to manufacture Textile Weaving Machine Accessories as per the international quality
standards. They have an extensive R&D facilities operated by a group of
experienced technocrats and efficient managers. They have in-house testing
capabilities that leave no chance for low quality level.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.93 |
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1 |
Rs.81.20 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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