MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PRIYANKA PROCESSORS PRIVATE LIMITED |
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Registered Office : |
Plot No. 495, GIDC, Pandesara, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.11.1990 |
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Com. Reg. No.: |
04-14688 |
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CIN No.: [Company
Identification No.] |
U17114GJ1990PTC014688 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTP00020G |
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PAN No.: [Permanent
Account No.] |
AABCP6357R |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of All Kinds of Fabrics -Polyster And Cotton Fabrics |
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 73000 |
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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 : |
Plot No. 495, GIDC, Pandesara, |
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Tel. No.: |
91-261-2890691 / 8690223 |
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Fax No.: |
91-261-2692690 / 2890691 / 8690223 |
DIRECTORS
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Name : |
Mr. Ramesh Kumar Bhagwandas Gupta |
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Designation : |
Director |
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Address : |
306, Pooja Abhishek, Athwalines, |
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Date of Birth/Age : |
22.07.1956 |
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Date of Appointment : |
20.07.1997 |
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Name : |
Mr. Ramcharan Bholaram Agarwal |
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Designation : |
Director |
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Address : |
1004, Adhrshila Apartments, Ghod – |
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Date of Birth/Age : |
20.10.1959 |
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Date of Appointment : |
08.10.1991 |
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Name : |
Mr. Ramesh Chandanbhan Agarwal |
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Designation : |
Director |
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Address : |
104, Divya Dharshan Apartments, Ghod – |
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Date of Birth/Age : |
17.01.1967 |
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Date of Appointment : |
08.10.1991 |
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Name : |
Mr. Rajesh Kumar Bhagwandas Gupta |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
M D Baid & Associates |
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Designation : |
Company Secretary |
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Address : |
1020, Ambaji Market, Kamela Darwaja, Ring Road, Surat-395005, |
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Tel. No.: |
91-261-552505/ 554205 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Suresh Kumar Gupta |
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20000 |
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Ramesh Kumar Bhagwandas Gupta |
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45000 |
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Naresh Kumar Gupta |
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30000 |
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Bharti S. Gupta |
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80015 |
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Manju R. Gupta |
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30000 |
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Saroj N. Gupta |
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30000 |
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Vivek N. Gupta |
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70000 |
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Nitin S. Gupta |
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65000 |
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Viakash R. Gupta |
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40000 |
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Naresh Kumar Gupta – HUF |
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35000 |
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Ramesh Kumar Bhagwandas Gupta – HUF |
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50000 |
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Chanderbhan Agarwal |
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57500 |
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Balmukund Agarwal HUF |
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20000 |
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Punamchand Agarwal |
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9500 |
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Punamchand Agarwal - HUF |
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20500 |
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Ramswaroop Agarwal |
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20000 |
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Ramswaroop Agarwal – HUF |
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20015 |
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Ramchand Agarwal |
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9960 |
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Ramesh Agarwal |
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25000 |
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Subhash Agarwal |
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25000 |
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Mukesh Agarwal |
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20000 |
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Suresh Kumar Agarwal |
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25000 |
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Ashwani Agarwal |
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2500 |
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Minor Nishant Agarwal |
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60000 |
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Bholaram Chanderbhan – HUF |
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75000 |
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Megha R Agarwal |
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10000 |
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Minor Vishal Agarwal |
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50000 |
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Ashesh Agarwal |
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10 |
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Nirmala Agarwal |
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10 |
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Saurabh Jain |
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10 |
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Vikash Gupta |
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15000 |
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Mamta Devi Merwal |
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10 |
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Minor Mehul Agarwal |
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30000 |
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Total |
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990030 |
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Category |
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Percentage of
Holding |
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Directors and relatives of
directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of All Kinds of Fabrics -Polyster And Cotton Fabrics |
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Products : |
All Kinds of Fabrics -Polyster And Cotton Fabrics |
GENERAL INFORMATION
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Bankers : |
Bank of Textile Market
Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
RKG and Company Chartered Accountants (Mr. Ramesh Kumar Goyal, Partner, M No.37747) |
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Address : |
409, Ajanta Shopping and Textile Arcade, |
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Tel. No.: |
91-261-2325901/ 2325902 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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990030 |
Equity Shares |
Rs. 10/- each |
Rs. 9.900
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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9.900 |
9.900 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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8.450 |
8.789 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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18.350 |
18.689 |
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LOAN FUNDS |
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1] Secured Loans |
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12.021 |
12.352 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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12.021 |
12.352 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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30.371 |
31.041 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.996 |
10.575 |
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DEFERREX TAX ASSETS |
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0.280 |
0.057 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.423 |
9.614 |
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Sundry Debtors |
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17.705 |
17.739 |
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Cash & Bank Balances |
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1.175 |
0.136 |
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Loans & Advances |
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5.634 |
4.264 |
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Total
Current Assets |
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30.937 |
31.753 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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12.664 |
11.186 |
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Provisions |
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0.178 |
0.158 |
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Total
Current Liabilities |
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12.842 |
11.344 |
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Net Current Assets |
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18.095 |
20.409 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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30.371 |
31.041 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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125.371 |
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Other Income |
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0.525 |
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Total Income |
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125.896 |
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Profit/(Loss) Before Tax |
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(0.340) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(0.340) |
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Total Expenditure |
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126.236 |
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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(0.27) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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(0.27) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.79) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.02) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.35 |
1.27 |
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Current Ratio (Current Asset/Current Liability) |
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2.41 |
2.80 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PRIYANKA
PROCESSORS PRIVATE LIMITED |
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Presented
By |
Mr. Ramesh Kumar
Gupta |
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1) Date and description of instrument creating the change |
Hypothecation of
stock / goods dated 19.12.1997 of Rs.
2.000 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Hypothecation of
stock / goods Rs. 2.000 Millions Hypothecation of
Book debts Rs. 5.000 Millions Total Rs. 7.000
Millions |
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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
grey cloth, stock in process, finished goods and chemicals. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin - 30 % Interest rate – 3.5 % over PLR Minimum – 17 %
p.a. payable with quarterly rest. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Instrument of
Hypothecation of Stock Goods dated 21.11.2002 |
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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. |
With this
agreement the charge on stock / goods of the company has increased from
10.000 millions to Rs. 15.000 Millions |
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Corporate
identity number of the company |
U17114GJ1990PTC014688 |
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Name of the
company |
PRIYANKA PROCESSORS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Bank of Textile Market
Branch, |
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Nature of
instrument creating charge |
Hypothecation
Agreement executed on 19.08.2006 between Priyanka Processors Private Limited
and Bank of Baroda, Textile Market Branch, |
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Date of
instrument Creating the charge |
19.08.2006 |
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Amount secured by
the charge |
Rs. 5.415
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Term loan – A/c 2
Rate of Interest
: 11.75 % Repayment : To be
repaid 57 monthly installment Term loan – A/c 3
Rate of Interest
: 11.75 % Repayment : To be
repaid 57 monthly installment |
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Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery |
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Particulars of
the property charged |
Machinery
proposed to be purchased valued Rs. 7.662 Millions Location :
Factory premises |
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 |
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US Dollar |
1 |
Rs.40.60 |
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|
1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
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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 |
|
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 |
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