MIRA
INFORM REPORT
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Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHREE PRAYAG AIR CONTROLS PRIVATE LIMITED |
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Registered Office : |
25-B, Suraj Nagar, Behind Akash Cinema, Azadpur, Delhi – 110033,
India. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Unaudited) |
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Date of Incorporation : |
27.03.2002 |
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Com. Reg. No.: |
114727 |
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CIN No.: [Company
Identification No.] |
U31909DL2002PTC114727 |
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IEC No : |
0502022167 |
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PAN No.: [Permanent
Account No.] |
AAGCS1076B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and trader of pneumatic Controls Component i.e. Pneumatic
Actuators, Direction Control Valves, Air Treatment Connections Etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 51904 |
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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 satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitment. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
25-B, Suraj Nagar, Behind Akash Cinema, Azadpur, Delhi – 110033,
India. |
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Sales Office : |
I – 18, Near Metro Hospital, Sector – 12, Noida, 201301, Uttar
Pradesh, India. |
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Tel. No.: |
91-120-2523120/ 2532896/ 2541428 |
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Fax No.: |
91-120-2541156 |
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E-Mail : |
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Website: |
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Area: |
2500 Sq.ft |
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Location: |
Owned |
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E-Mail : |
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Factory : |
Plot No. 43, Sector-2, Sidcul Industrial Estate, Haridwar,
Uttarakhand, India. |
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Tel. No.: |
91-1334-233872 |
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Fax No.: |
91-1334-233873 |
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Area : |
12000Sq.ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Umesh Kumar Sardana |
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Designation : |
Director |
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Address : |
I – 18, Near Metro Hospital, Sector – 12, Noida, 201301, Uttar
Pradesh, India. |
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Date of Birth/Age : |
10/11/1963 |
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Qualification : |
Engg-BSC |
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Experience : |
25 Years |
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Date of Appointment : |
27.03.2002 |
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Name : |
Mr. Santosh Sardana |
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Designation : |
Director |
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Address : |
I – 18, Near Metro Hospital, Sector – 12, Noida, 201301, Uttar
Pradesh, India. |
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Date of Birth/Age : |
08/04/1963 |
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Qualification : |
B.A. Ecno. |
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Experience : |
15 Years |
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Date of Appointment : |
27.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
No. of Shares |
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320,000 |
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Mr. Santosh Sardana |
Equity Share breakup (Percentage of Total Equity)
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors. |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and trader of pneumatic Controls Component i.e. Pneumatic
Actuators, Direction Control Valves, Air Treatment Connections Etc. |
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Products : |
v Cylinders v Valves v Fittings Etc. |
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Brand Names : |
“Spac pneumatic” |
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Imports : |
v Cylinder, Valve
- China v FRLS, Shock
Absorbers, Fittings, etc - Korea |
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Terms : |
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Selling : |
Credit (60 Days / 90 Days) |
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Purchasing : |
Cash / Credit (30 Days). |
GENERAL
INFORMATION
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Suppliers : |
v STNC v XCPC v Easun v SDPC v S.W. Industries |
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Customers : |
v Wholesalers v Retailers |
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No. of Employees : |
Total : 30, Office : 18, Factory : 12 |
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Bankers : |
Punjab National Bank, |
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C-13, Sector-1, Noida, 201301, Uttar Pradesh, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
PCS and Associates, Chartered Accountant |
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Address : |
G-119, 1st Floor, Sector-9, Noida, 201301, Uttar Pradesh,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs.10/- Each |
Rs. 5.000 millions |
Subscribed & Paid-up Share Capital:
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No. of Shares |
Type |
Value |
Amount |
|
320000 |
Equity Shares |
Rs.10/- Each |
Rs. 3.200
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 (Un Audited) |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
3.200 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.976 |
5.196 |
2.735 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.976 |
8.396 |
4.235 |
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LOAN FUNDS |
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1] Secured Loans |
11.827 |
7.918 |
5.524 |
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2] Unsecured Loans |
1.520 |
2.371 |
1.388 |
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TOTAL BORROWING |
13.347 |
10.289 |
6.912 |
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DEFERRED TAX LIABILITIES |
0.187 |
0.170 |
0.137 |
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TOTAL |
26.510 |
18.855 |
11.284 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.645 |
2.502 |
2.357 |
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Capital work-in-progress |
0.000 |
3.838 |
0.415 |
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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 |
7.280 |
4.097 |
3.673
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Sundry Debtors |
11.485 |
10.666 |
5.814
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Cash & Bank Balances |
1.542 |
1.193 |
0.890
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Other Current Assets |
0.000 |
0.000 |
0.000
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Loans & Advances |
1.780 |
1.565 |
1.273
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Total
Current Assets |
22.087 |
17.521 |
11.650
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
2.630 |
3.109 |
2.286
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Provisions |
2.847 |
2.180 |
0.964
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Total
Current Liabilities |
5.477 |
5.289 |
3.250
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Net Current Assets |
16.610 |
12.232 |
8.400
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MISCELLANEOUS EXPENSES |
0.255 |
0.283 |
0.112 |
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TOTAL |
26.510 |
18.855 |
11.284 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 (Un Audited) |
31.03.2007 |
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Sales Turnover |
45.120 |
39.635 |
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Other Income |
0.000 |
0.000 |
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Total Income |
45.120 |
39.635 |
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Profit/(Loss) Before Tax |
4.530 |
3.842 |
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Provision for Taxation |
1.750 |
1.420 |
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Profit/(Loss) After Tax |
2.780 |
2.422 |
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Imports : |
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Raw Materials |
28.140 |
21.015 |
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Total Imports |
28.140 |
21.015 |
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Expenditures : |
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Cost of Goods Sold |
30.252 |
26.755 |
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Administrative Expenses |
8.617 |
7.941 |
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Interest |
1.480 |
0.906 |
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Depreciation & Amortization |
0.241 |
0.191 |
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Total Expenditure |
40.590 |
35.793 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 (Un Audited) |
31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
6.16
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6.12
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--
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Net Profit Margin (PBT/Sales) |
(%) |
10.04
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9.69
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--
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.04
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9.69
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--
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Return on Investment (ROI) (PBT/Networth) |
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0.35
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0.46
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--
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Debt Equity Ratio (Total Liability/Networth) |
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0.42
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0.63
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0.77
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Current Ratio (Current Asset/Current Liability) |
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4.03
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1.43
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1.39
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LOCAL AGENCY
FURTHER INFORMATION
Note: The Registered
Office of the Company has been shifted from 9/63.... to the present address
w.e.f. 11.12.2007
Trade References
v
Name : Technic Marketing
Address: 3, First Floor, Shah Chambers, Near Cross Road, Ahmedabad – 380
026, India
Phone No: .079-32922289
Fax No: 079-25855821
E-mail: sales@teemarpneumatic.com
Cont.Person: Mr. Bhupendra Khatri
v
Name : Eminent Enterprises
Address: 51, Sembudoss Street, Chennai – 600 001.
Tel No: 91-44-25245087/ 25214692
Fax No: 91-44-25214692
E-mail: eminent5@airtelbroadband.in
Cont. Person: Mr. Yousuf / Mr. Raja
v
Name : R. K. Enterprises
Address: 44, Bibijan Street, Mumbai – 400 003, India.
Tel No: 91-22-23446331/ 23407982
Fax No: 91-422-4399664/ 23112982
Cont. Person: Mr. Kalpesh Shah
v Name : SkyTech Engineering ,
Address: No.3, First Floor, Ramalingam
Layout, Puliakulam Road, Opp. Carmel Garden School,
Coimbatore, 641 045.
Tel No: 91-422-6531155/ 4399664
Fax No: 91-422-4399664/ 2222023
Cont. Person: Mr. Shiv Kumar
v Name : Tube Sales Corporation
Address: 1D/ 4BP-2 NIT, Near Hardware
Chowk, Faridabad
Tel No:
91-129-2415023/ 9810709380
Fax No: 91-129-2415023
Contact Person: Mr. Vikas
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This form is for |
Modification of Charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
80030640 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U31909DL2002PTC114727 |
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Name of the company |
SHREE PRAYAG AIR CONTROLS PRIVATE LIMITED |
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Address |
New Delhi 110031, India |
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Type of Charges |
v Book Debts v Movable Property (not being pledge) v Others |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : Punjab National Bank Address : C-13, Sector 1, City : Noida State : Uttar Pradesh ISO Country Code : IN Pin Code : 201301 e-mail ID : accounts@spacpneumatic.com |
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Nature or description of the instrument creating or modifying the charge |
Hypothecation of Current Assets. Hypothecation of Goods and Book Debts to secure Cash Credit Facility, Hypothecation of movable assets forming part of Fixed / Block Assets and Deed of Hypothecation to secure LC on DA basis all dated 04.05.2007. |
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Date of the instrument creating charge |
04.05.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 8.500 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest BPLR- 5% present 12.5% (b) Terms of repayment CC- Hypothecation of Stock – Rs. 4.500 millions CC- Hypothecation of Book Debts – Rs. 3.500 millions FLC – Rs. 0.500 millions (c) Margin 25% on stock and 30% on book debts (d) Extent and operation of the charge CC- Hypothecation of Stock – Rs. 4.500 millions CC- Hypothecation of Book Debts – Rs. 3.500 millions FLC – Rs.0.500 millions |
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Short particulars of the Property charged |
Goods and Book Debts, Movable Assets, Current Assets. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
02.02.2006 |
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Particulars of the present modification |
Enhancement of CC Limit from Rs. 5.000 millions to Rs. 8.000 millions. |
[Form 8 ]
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Name of the company |
SHREE PRAYAG AIR CONTROLS PRIVATE LIMITED |
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Presented By |
Mr.
UMESH KUMAR SARDANA (DIRECTOR) |
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1) Date and description of instrument creating the change |
v Hypothecation of Goods to secure a demand cash credit dated 20.09.2003 v Hypothecation of Goods and Book Debts to secure Cash Credit facility dated 20.09.2003(Date of Registration of Original Charge 16.10.2003) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.800 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 |
v As per Hypothecation of Goods and Book Debts to secure cash credit facility dated 20.09.2003 v Hypothecation of goods to secure a demand cash credit dated 20.09.2003 v Stock 25% Margin, Book Debts, 40% Margin. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank, Sector 1, Noida |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of Goods to Secure a demand cash credit dated 23.11.2004(Stock 25% Margin) |
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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. |
Enhance CC facility from Rs. 1.800 millions to Rs. 3.000 |
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 :
The 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.
The 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. 40.02 |
|
UK Pound |
1 |
Rs. 79.44 |
|
Euro |
1 |
Rs. 62.94 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|