MIRA
INFORM REPORT
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Report Date : |
07.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRODUCIN PRIVATE LIMITED |
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Registered Office : |
13-C, 2nd Floor, Shrungar 12/12-A, M G Road, Bangalore –
560001, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.12.1980 |
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Com. Reg. No.: |
08-4048 |
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CIN No.: [Company
Identification No.] |
U01409KA1980PLC004048 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15660B |
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PAN No.: [Permanent
Account No.] |
AAACP8626C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Soyabean Meal, Salstearine, Maize, Rice |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 578756 |
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Status : |
Good |
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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 fine track.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Business is active. Fundamentals are strong and
healthy. Payments are reported as 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 : |
13-C, 2nd Floor, Shrungar 12/12-A, M G Road, Bangalore –
560001, Karnataka, India |
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Tel. No.: |
91-80-25589559 |
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E-Mail : |
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Website : |
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Factory : |
65 Maker Chamber VI, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Tel. No.: |
91-22-22816800 |
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Fax No.: |
91-22-22853016 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kirit J Jaitha |
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Designation : |
Director |
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Address : |
9 Kamla Niketan, N D Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
17.07.1949 |
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Date of Appointment : |
19.12.1980 |
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Email : |
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Name : |
Mr. A Shreesharan |
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Designation : |
Whole Time Director |
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Address : |
42, Krystal Blue, 11th Road, Santacruz (E), Mumbai –
400055, Maharashtra, India |
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Date of Birth/Age : |
14.06.1953 |
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Date of Appointment : |
30.08.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
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Names of Shareholders |
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No. of Shares |
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Sintra Limited |
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434 |
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A Arumugham |
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1 |
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Total |
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435 |
(As on 31.03.2007)
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Soyabean Meal, Salstearine, Maize, Rice |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Mumbai Samachar Marg Branch, 66/80 Mumbai Samachar Marg, Fort, Mumbai
– 400023, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B S Mehta and Company Chartered Accountant |
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Address : |
11/13 Botwala Building, 2nd Floor, Horniman Circle Fort,
Mumbai – 400001, Maharashtra, India |
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Holding Company : |
Sintra Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.1000/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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435 |
Equity Shares |
Rs.1000/- each |
Rs.0.435 Million |
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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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0.435 |
0.435 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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144.254 |
142.288 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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144.689 |
142.723 |
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LOAN FUNDS |
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1] Secured Loans |
|
59.263 |
32.146 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
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59.263 |
32.146 |
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DEFERRED TAX LIABILITIES |
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3.753 |
3.855 |
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TOTAL |
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207.705 |
178.724 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.673 |
31.809 |
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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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4.759 |
4.759 |
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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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28.333 |
16.940 |
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Sundry Debtors |
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22.319 |
19.803 |
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Cash & Bank Balances |
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1.964 |
1.702 |
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Other Current Assets |
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0.019 |
0.010 |
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Loans & Advances |
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159.346 |
130.498 |
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Total
Current Assets |
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211.981 |
168.953 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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30.370 |
22.106 |
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Provisions |
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9.338 |
4.691 |
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Total
Current Liabilities |
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39.708 |
26.797 |
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Net Current Assets |
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172.273 |
142.156 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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207.705 |
178.724 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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214.209 |
141.292 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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214.209 |
141.292 |
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Profit/(Loss) Before Tax |
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6.477 |
5.730 |
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Provision for Taxation |
|
1.038 |
6.974 |
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Profit/(Loss) After Tax |
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5.439 |
(1.244) |
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Export Value |
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157.446 |
120.140 |
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Expenditures : |
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Financial Charges |
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0.000 |
0.000 |
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Depreciation & Amortization |
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1.188 |
1.272 |
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Other Expenditure |
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206.544 |
134.290 |
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Total Expenditure |
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207.732 |
135.562 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
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2.54 |
(0.88) |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.02 |
(4.05) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.68 |
2.85 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.68 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
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5.33 |
6.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U01409KA1980PLC004048 |
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Name of the Company
|
PRODUCIN PRIVATE LIMITED |
|
Address |
13-C, 2nd Floor, Shrungar 12/12-A, M G Road, Bangalore –
560001, Karnataka, India |
|
This form is for |
Modification of
charge |
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Type of Charge |
Movable Property
(Not Being Pledge) |
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Particulars of
the charge holder |
Union Bank of India Mumbai Samachar Marg Branch, 66/80 Mumbai Samachar Marg, Fort, Mumbai
– 400023, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Packing Credit
Agreement |
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Date of the
instrument creating or modifying the charge |
20.07.2007 |
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Amount secured by
the charge |
Rs.120.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests at the
rate of 9.25% upto 180 days Term of
Repayment: On Demand Margin: 25% Extent and
operation of charge: To secure the
packing credit limit of Rs.120.000 Millions granted by the Bank to the
company |
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Short particulars
of the property charged (including location of the property) |
Hypothecation by
way of first charge in favour of the bank all those movable properties of the
borrower meant or intended for export of Good, such as agro based commodities
both present and future including raw materials, semi finished goods and
finished goods and or may any other goods meant, intended or being
manufactured for export lying or stored at the borrower factory shed godowns
at ashram Road, Mahasmund or wherever else the same may be. |
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Particular of the
present modification |
The Packing
credit limit has enhanced from Rs.66.000 Millions to Rs.120.000 Millions
against the security in column 14 above. |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.97 |
|
UK Pound |
1 |
Rs.79.78 |
|
Euro |
1 |
Rs.62.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
|
63 |
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. |
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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