MIRA
INFORM REPORT
|
Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRAGATI GRAPHICS PRIVATE
LIMITED |
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|
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Registered Office : |
103, Rajguru Apartment,
Kamal Society, Baburao Parulekar Road, Dadar (West), Mumbai - 400 028,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.04.1994 |
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Com. Reg. No.: |
11-77899 |
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CIN No.: [Company
Identification No.] |
U22220MH1994PTC077899 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMP16013E |
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PAN No.: [Permanent Account
No.] |
AAACP3997 |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturer of Printing
and Packing Materials |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT
LINE |
|
|
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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Maximum Credit Limit : |
USD 58000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having moderate track. Trade relations are fair. Profit margin is
under severe pressure. Payments are usually
correct and as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions
with slight caution. |
LOCATIONS
|
Registered Office : |
103, Rajguru Apartment, Kamal
Society, Baburao Parulekar Road, Dadar (West), Mumbai - 400 028 |
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Tel. No.: |
91-22-56625281 |
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Email : |
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Factory : |
Prayas, 43/3, Kesar Bag Road,
Indore - 452 009, Madhya Pradesh |
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Tel. No.: |
91-731-2476633 / 433 |
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Fax No.: |
91-731-2476833 |
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E-Mail : |
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Area : |
20000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Jawaharlal P. Nema |
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Designation : |
Director |
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Address : |
43/4, Kesar Eaq Road,
Indore – 452009, Madhya Pradesh, India
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Date of Appointment : |
21.04.1994 |
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Name : |
Mr. Rohit Jawaharlal Nema |
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Designation : |
Director |
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Address : |
43/4, Kesar Eaq Road,
Indore – 452009, Madhya Pradesh, India
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Date of Appointment : |
21.04.1994 |
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|
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Name : |
Mr. Umesh Jawaharlal Nema |
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Designation : |
Director |
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Address : |
43/4, Kesar Eaq Road, Indore
– 452009, Madhya Pradesh, India |
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Date of Appointment : |
21.04.1994 |
MAJOR SHAREHOLDERS
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Ms. Rajani Nema |
7000 |
|
Ms. Vandana Nema |
7000 |
|
Ms. Shalini Nema |
7000 |
|
Mr. Jawaharlal P. Nema
(HUF) |
266000 |
|
Mr. Rohit J. Nema (HUF) |
203000 |
|
Mr. Umesh J. Nema (HUF) |
203000 |
|
Mr. Rajesh J. Nema |
7000 |
|
M/s. Eastwest Finvest
India Private Limited |
12500 |
|
M/s. Volatile Investment
and Finance Private Limited |
12500 |
|
M/s. Oswal Décor Private
Limited |
12500 |
|
M/s. Maya Nagar |
12500 |
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M/s. Motika Finance
Limited |
12500 |
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|
|
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Total |
762500 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
|
Category |
Percentage |
|
Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printing
and Packing Materials |
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Products : |
·
Cartons ·
Labels ·
Pack Insert |
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Imports from : |
Europe |
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Terms : |
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Purchasing : |
L/C terms |
GENERAL
INFORMATION
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No. of Employees : |
95 |
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Bankers : |
·
Bank of Maharashtra Lokmanya Nager, Indore – 452 009, Madhya Pradesh, India ·
HDFC Bank Limited |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bipin B. Shah Chartered Accountants |
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Address : |
103, Rajguru Apartments, Baburao Parulekar Road, Dadar
(West), Mumbai – 400 028, Maharashtra, India |
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Associates/Subsidiaries : |
·
Paper Box Private Limited ·
Print Master Private
Limited |
CAPITAL
STRUCTURE
(As on 30.09.2006)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs.10/- Each |
Rs.9.000 Millions |
Issued, Subscribed &
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
762500 |
Equity Shares |
Rs.10/- Each |
Rs.7.625 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
7.625 |
7.625 |
7.625 |
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2] Share Application
Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.938 |
7.137 |
6.485 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
11.563 |
14.762 |
14.110 |
|
|
LOAN FUNDS |
|
|
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|
1] Secured Loans |
36.781 |
36.844 |
16.013 |
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2] Unsecured Loans |
22.419 |
23.175 |
21.950 |
|
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TOTAL
BORROWING |
59.200 |
60.019 |
37.963 |
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DEFERRED TAX LIABILITIES |
5.196 |
5.877 |
6.091 |
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TOTAL |
75.959 |
80.658 |
58.164 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.428 |
63.579 |
38.835 |
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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 |
1.978 |
1.931 |
1.967 |
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Sundry Debtors |
15.821 |
12.957 |
16.355 |
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|
Cash & Bank Balances |
2.644 |
2.363 |
0.482 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
1.618 |
1.976 |
4.108 |
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Total Current Assets |
22.061 |
19.227 |
22.912 |
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Less :
CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
3.236 |
2.020 |
3.503 |
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|
Provisions |
0.300 |
0.140 |
0.100 |
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Total Current Liabilities |
3.536 |
2.160 |
3.603 |
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Net Current Assets |
18.525 |
17.067 |
19.309 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.012 |
0.020 |
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TOTAL |
75.959 |
80.658 |
58.164 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
52.064 |
48.141 |
51.615 |
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|
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Profit/(Loss) Before Tax |
(3.721) |
0.479 |
1.172 |
|
Provision for Taxation |
0.000 |
0.000 |
0.490 |
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Profit/(Loss) After Tax |
(3.721) |
0.479 |
0.682 |
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Expenditures : |
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|
5.101 |
3.467 |
0.000 |
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Depreciation & Amortization |
9.384 |
8.491 |
0.000 |
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Other Expenditure |
41.300 |
35.704 |
0.000 |
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Total Expenditure |
55.785 |
47.662 |
50.444 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
(7.15) |
0.99 |
1.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
(7.15) |
0.99 |
2.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.68) |
0.57 |
1.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.32) |
0.03 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.43 |
4.21 |
2.94 |
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Current Ratio (Current Asset/Current
Liability) |
|
6.24 |
8.90 |
6.35 |
LOCAL
AGENCY FURTHER INFORMATION
The company is in trade
terms with the following :
·
Alpine Industries Limited,
Indore
·
Ranbaxy Laboratories
Limited, Dewas
·
Ruchi Soya Industries
Limited, Dewas
·
United Ink & Varnish Company
Limited, Mumbai
Fixed Assets
·
Factory Building
·
Plant & Machinery
·
Computer
·
Furniture & Fixture
·
Vehicles
·
Office Equipment
Form No. 8
|
Name of the company |
PRAGATI GRAPHICS PRIVATE
LIMITED |
|
Presented By |
Jawaharlal Nema |
|
1) Date and description of instrument creating the
change |
Agreement of hypothecation for working capital
facilities bank guarantee facilities and term loan facilities dated
24.09.2004 |
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2) Amount secured by the charge/amount owing on the securities
of charge |
Rs.50.500 millions |
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3) Short particular of the property charged. If the
property acquired is subject to charge, date of the acquired of the property
should be given |
Hypothecation charges on present and future movable
plants and or machineries, stock and book debts etc. of the company |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
·
Interests payable at the rates specified by bank ·
Margin to be provided as specified by the bank ·
Total borrowing not to be exceed Rs. 50.500
millions |
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5) Name and Address and description of the person
entitled to the charge. |
Bank of Maharashtra Lokmanya Nager, Indore –
452 009, Madhya Pradesh, India |
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6) Date and
brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
Corporate
identity number of the company |
U22220MH1994PTC077899 |
|
Name of the
company |
PRAGATI
GRAPHICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
103, Rajguru Apartment, Kamal
Society, Baburao Parulekar Road, Dadar (West), Mumbai - 400 028, Maharashtra,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Bank of Maharashtra Lokmanya Nager, Indore – 452
009, Madhya Pradesh, India |
|
Nature of
instrument creating charge |
Composite Deed of
Hypothecation for all facilities |
|
Date of
instrument Creating the charge |
14.07.2006 |
|
Amount secured by
the charge |
Rs.4.600 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Interest Rate 10%
per annum, Margin 18% other terms and conditions as per agreement. |
|
Description of
the property charged indicating whether it is a charged on |
·
Plant and
Machinery ·
Stock in
trade ·
Book debts |
|
Particulars of
the property charged |
First and
exclusive charge and security by way of hypothecation charge over the
borrower’s present and future movable plants, and/or machineries, articles
installation, Equipments, tools, implements and vehicles such as 6 colour
offset printing machines. |
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 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.42.40 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.62.96 |
SCORE
& RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE
INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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, we have no basis upon which to
recommend credit dealings |
No Rating |
|