MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PUSHPAK PRODUCTS INDIA PRIVATE LIMITED |
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Registered Office : |
No. 303, Pushpak,
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.07.2003 |
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Com. Reg. No.: |
08-10684 |
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CIN No.: [Company
Identification No.] |
U29150TZ2003PTC010684 |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturer of
Furniture for Office, Shop Floors, Shopping Malls, Homes, Canteens, School
and Industries |
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 39132 |
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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 an
established small company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. It can be considered
normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 303, Pushpak,
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Tel. No.: |
91-80-28382031/28384644/28389090 |
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91-9845048998 /
9845687775 |
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Fax No.: |
91-80-28389090/28384644 |
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E-Mail : |
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Website |
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Area : |
10,000 Sq. ft |
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Location : |
Owned |
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Factory 1 : |
296, |
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Area : |
100000 Sq. ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. C S Prakash |
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Designation : |
Managing Director
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Name : |
Mrs. Veena
Prakash |
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Designation : |
Director |
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Name : |
Mr. Sundara
Murthy |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Director 100%
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Furniture for Office, Shop Floors, Shopping Malls, Homes, Canteens, School
and Industries |
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Exports to : |
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Terms : |
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Selling : |
Credit (15 to 30 days)
for limited clients, mostly against delivery |
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Purchasing : |
Local (30 days) |
GENERAL INFORMATION
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Suppliers : |
v
Baburam
Premchand v
Shankara
Pipes v
v
Laxmi
Udyog |
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Customers : |
v
Volvo
v
Larsen
& Toubro v
v
Bosch
Electronics v
Indian
Space Research Organisation (ISRO) v
Hindustan
Aeromatics Limited v
Saint
Gobain v
Larsen
and Tubro |
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No. of Employees : |
96 |
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Bankers : |
State Bank of |
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Facilities : |
C /C Rs.30.000
millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Muralidharan
& Manogaran Chartered
Accountant |
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Associates/Subsidiaries : |
Pushpak
Industrial Services |
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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855000 |
Equity Shares |
Rs.10/-each |
Rs.8.550
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.550 |
1.950 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.233 |
0.323 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.783 |
2.273 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
8.492 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.872 |
0.000 |
0.000 |
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TOTAL BORROWING |
9.364 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.177 |
0.000 |
0.000 |
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TOTAL |
19.324 |
2.273 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.144 |
0.812 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.526 |
1.153 |
0.000 |
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Sundry Debtors |
5.858 |
2.406 |
0.000 |
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Cash & Bank Balances |
0.081 |
0.235 |
0.057 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
6.239 |
0.055 |
0.005 |
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Total
Current Assets |
15.705
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3.849 |
0.062 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.138 |
1.465 |
0.000 |
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Provisions |
1.387 |
0.966 |
0.005 |
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Total
Current Liabilities |
4.525
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2.431 |
0.005 |
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Net Current Assets |
11.180
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1.418 |
0.057 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.043 |
0.043 |
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TOTAL |
19.324 |
2.273 |
0.100 |
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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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20.359 |
6.686 |
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Other Income |
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0.054 |
0.000 |
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Total Income |
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20.413 |
6.686 |
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Profit/(Loss) Before Tax |
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1.517 |
0.477 |
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Provision for Taxation |
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0.310 |
0.100 |
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Profit/(Loss) After Tax |
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1.207 |
0.377 |
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Expenditures : |
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Operating Expenditure |
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15.789 |
4.555 |
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Payment to Employees |
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0.385 |
0.561 |
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Administration and Marketing Expenditure |
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2.533 |
1.088 |
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Depreciation |
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0.122 |
0.053 |
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Interest and Bank Charges |
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0.187 |
0.003 |
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Total Expenditure |
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19.016 |
6.260 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
5.91
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6.34 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
7.73
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7.13 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.60
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0.10 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.20 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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0.46
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1.06 |
0.05 |
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Current Ratio (Current Asset/Current Liability) |
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3.47
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1.58 |
12.40 |
LOCAL AGENCY FURTHER INFORMATION
As Per Website Details
Company Profile
The
company was established on 8th November 1992 by the proprietor Mr. C. S. Prakash as General
Fabrication Company with minimum infrastructure and zero working capital.
The sincere efforts of the company in meeting the
requirements of the customers resulted in gaining valuable confidence of the
customers like HAL (all divisions), Toyota Kirloskar Motor Limited, ISRO, LEOS,
ADA, GTRE, BEL, LPSC, Air Force, MICO, Kirloskar Toyota Textile Machinery, TG
Kirloskar, Kirloskar Systems Ltd., Hindustan Lever Limited, GE India Technology
Centre, Molex (India) Ltd., TVS Suzuki etc. This has lead to opening for
venturing into Technical Work Package Contracts.
The great patronage by the valuable customers and the
confidence shown by them on the quality of materials and services provided by
the company, has motivated the company to diversify its activities by
introducing production of Material Handling Equipments and Furniture.
The company has experienced a steady growth. During the last
9 years (as on 31st March 2002), the last year turnover was about Rs. 30.000
Millions .
Products
Following are the major activities carried out by the
company:
- Customized Fabrication
- Material Handling Equipment
- Office Equipment
- Furniture
- Carpentry
- Anodizing & Black Dyeing
- Buffing / SS Polishing
- Electro less Nickel Plating
- Turnkey
project for setting plant or office
Infrastructure
The company has all required infrastructure and facilities for smooth operation
of its activities. Most importantly the company has been blessed with highly
professional, dedicated & committed team consisting of Professionals,
Engineers, Supervisors, Trained Operators, Fitters, Turners, Carpenters,
Painters etc. to meet the challenges of the business.
The company is capable of
conceptualizing the customers dream requirements and put it into 3D Solid
Modeling so that the customer can feel product before it has been made. This
has made the company stand in front line in the industry.
The goal of the
company is to provide a Single Source Solution to all the requirements
of its customers under one shelter. Following efforts have been made to reach
the goal.
- Efforts have been taken to have a
bigger anodizing bath for providing anodizing services for large
components.
- The success of trial production of
Electro less Nickel Plating has boosted the company for planning for
having Electro less Nickel Plating Plant.
- Powder Coating Unit has been planned to
meet the increasing demand for powder coating.
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.40.26 |
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1 |
Rs.81.15 |
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Euro |
1 |
Rs.56.28 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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. |
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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