MIRA
INFORM REPORT
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Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PREMIUM MOULDING AND PRESSING PRIVATE LIMITED |
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Registered Office : |
E-185, Vasant Vihar, Phase – I, Gurgaon, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.07.1988 |
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Com. Reg. No.: |
55-32513 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PTC032513 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP04523B / DELP08363F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Steering Wheels, Horn Caps, Pad Assembly and other
parts. |
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 184128 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Financial position is satisfactory. Payments are usually correct
and as per commitments. The company can be considered good for normal
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
E-185, Vasant Vihar, Phase – I, Gurgaon, Haryana, India |
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E-Mail : |
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Corporate Office : |
E-185, Udyog Vihar, Phase – I, Gurgaon, Haryana, India |
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Tel. No.: |
91-124-2341670 /2340356 |
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Fax No.: |
91-124-2341832 |
DIRECTORS
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Name : |
Mr. Gurpal S Singh |
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Designation : |
Director |
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Address : |
E-8/1, Vasant Vihar, new Delhi – 110 057, Delhi, India |
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Date of Birth/Age : |
09.12.1935 |
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Date of Appointment : |
20.07.1988 |
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Name : |
Mr. Wadi S Singh |
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Designation : |
Director |
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Address : |
E-8/1, Vasant Vihar, new Delhi – 110 057, Delhi, India |
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Date of Birth/Age : |
07.01.1967 |
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Date of Appointment : |
20.07.1988 |
KEY EXECUTIVES
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Name : |
M/s RMG and Associates |
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Designation : |
Company Secretary |
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Address : |
207, Suchet Chambers, 1224/5, Bank Street, Karol Bagh, New Delhi – 110
005 |
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Mobile No.: |
92-12221110 / 9868113870 |
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Fax No.: |
91-11-41450970 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. S Gurpal Singh |
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135860 |
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Mr. S Wadi Singh |
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14050 |
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Mrs. Sunita Singh |
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4170 |
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Mr. rawel Kaur |
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3770 |
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Mrs. Nona Singh |
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3000 |
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Mr. Gurpal Singh (HUF) |
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14150 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Steering Wheels, Horn Caps, Pad Assembly and other
parts. |
GENERAL
INFORMATION
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No. of Employees : |
700 |
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Bankers : |
· Standard Chartered Bank Address: 10, Parliament Street, New Delhi – 110 001, Delhi, India Email ID: gkjkain1234@rediffmail.com · ICICI Bank · State Bank of India Address: Mayapuri , Phase – II, New Delhi |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S C Verma and Company Chartered Accountants |
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Address : |
A -60, N DSE, Part – I, New Delhi – 110 049 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs.100/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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175000 |
Equity shares |
Rs.100/-
each |
Rs. 17.500
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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17.500 |
17.500 |
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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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28.532 |
22.280 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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46.032 |
39.780 |
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LOAN FUNDS |
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1] Secured Loans |
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136.558 |
45.925 |
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2] Unsecured Loans |
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0.446 |
15.297 |
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TOTAL BORROWING |
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137.004 |
61.222 |
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DEFERRED TAX LIABILITIES |
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8.877 |
5.606 |
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TOTAL |
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191.913 |
106.608 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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74.110 |
56.256 |
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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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4.500 |
0.000 |
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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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18.760 |
13.218 |
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Sundry Debtors |
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116.916 |
69.102 |
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Cash & Bank Balances |
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17.143 |
4.609 |
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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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8.976 |
5.670 |
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Total
Current Assets |
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161.795 |
92.599 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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47.399 |
42.247 |
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Provisions |
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1.093 |
0.000 |
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Total
Current Liabilities |
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48.492 |
42.247 |
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Net Current Assets |
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113.303 |
50.352 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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191.913 |
106.608 |
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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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328.015 |
299.854 |
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Other Income |
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3.607 |
3.351 |
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Total Income |
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331.622 |
303.205 |
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Profit/(Loss) Before Tax |
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13.427 |
17.970 |
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Provision for Taxation |
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7.175 |
6.554 |
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Profit/(Loss) After Tax |
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6.252 |
11.416 |
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Expenditures : |
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Depreciation & Amortization |
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7.522 |
5.426 |
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Other Expenditure |
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305.690 |
274.383 |
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Total Expenditure |
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313.212 |
279.809 |
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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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0.00 |
3.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.09 |
5.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.69 |
12.07 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.02 |
2.60 |
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Current Ratio (Current Asset/Current Liability) |
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3.33 |
2.19 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U74899DL1988PTC032513 |
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Name of the company |
PREMIUM MOULDINGS AND PRESSING PRIVATE LIMITED |
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Address |
E-8/1, Vasant Vihar, New Delhi – 110 057, India |
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This Form is for |
Creation of charge |
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Type of Charges |
· Book debt · Movable property · Others |
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Particular of the charge holder
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Standard Chartered Bank Address: 10, Parliament Street, New Delhi – 110 001, Delhi, India Email ID: gkjkain1234@rediffmail.com |
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Nature or description of the instrument creating charge |
Agreement of
hypothecation of stocks and book debts |
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Date of the instrument creating charge |
21.03.2007 |
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Amount Secure by the charge |
Rs. 142.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest: Rate of interest as may be determined by
the bank from time to time Terms
of repayment: Repayable on demand Margin: As per agreement Extent
and operation of charge Extent and operation – 100% Others: The above is to secure various credit
facilities |
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Short particulars of the
Property charged |
Hypothecation by way of first charge over
all present Stocks, Book Debts and Plant and Machinery of the company. |
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Name of the company |
PREMIUM MOULDINGS AND PRESSING PRIVATE LIMITED |
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Presented
By |
PREMIUM MOULDINGS AND PRESSING PRIVATE LIMITED |
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1) Date and
description of instrument creating the change |
General agreement
for the grant of small industrial advance and hypothecation of movables, book
debts and other assets, agreement for the small industrial advances and
hypothecation of goods, book debts movables and other assets for the grant of
small scale industrial advance letter of credit, guarantee and indernnities
and guarantee agreement dated 02.08.2001 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Total FB + NFB = 20.700 |
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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 |
· First charge on all the current assets of the company including stocks of raw material, semi finished goods, including goods in transit, book debts and other assets of the company · Equitable mortgage of factory land and building in the name of company situated at 185, Udyog Vihar Phase – I, Gurgaon · Personal guarantee from the Directors of the company |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interest for cash credit
(hypothecation of stocks and book debts) and term loan as applicable SBTL -3
rating |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Address: Mayapuri , Phase – II, New Delhi |
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6) Date and brief description of instrument
modifying the charge |
Supplemental
agreement of loan for increase in overall limit supplemental agreement of
hypothecation goods and assets for increase in overall limit, letter regarding
the grant of individual limit within overall limit dated 08.07.2005,
confirmation letter form B for Equitable mortgage of property in the name of
the company dated 08.07.2005 |
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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. |
Limit increased to Rs. 75.100 millions from Rs.
65.100 millions as under:-
· First charge on all the current assets of the company including stocks of raw material, semi finished goods, including goods in transit, book debts and other assets of the company · Equitable mortgage of factory land and building in the name of company situated at 185, Udyog Vihar Phase – I, Gurgaon Corporate Loan:- · Repayment -12th quarterly installments starting from September 2005 first 11 installments of Rs. 0.800 millions and 12th installment of Rs. 1.200 millions · Other term and conditions remain same |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.32.29 |
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UK Pound |
1 |
Rs.81.91 |
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Euro |
1 |
Rs.56.96 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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54 |
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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