MIRA INFORM REPORT

 

 

 

Report Date :

06.12.2008

 

IDENTIFICATION DETAILS

 

Name :

PROGRESSIVE MARKETING

 

 

Registered Office :

G-1, Golden Tower – 33, Veer Sawarkar Nagar, Khatiwala Tank, Indore – 452 004, Madhya Pradesh.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

November 1993

 

 

Legal Form :

Sole Proprietory Concern.

 

 

Line of Business :

Trader Of All Kinds Of Medicines.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 13000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments.

 

Nothing adverse reported.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

INFORMATION PARTED BY

 

Name :

Dr.Kumar Arora

Designation :

Proprietor

Date :

02.12.2008

 

LOCATIONS

 

Registered Office :

G-1, Golden Tower – 33, Veer Sawarkar Nagar, Khatiwala Tank, Indore – 452 004, Madhya Pradesh, India.

Tel. No.:

91-731-2470037

Fax No.:

91-731-2407470

E-Mail :

progressive1200@yahoo.com

Area :

Owned

Location :

1500 sq.ft.

 

 

Branches :

They have 3 Branch Office

  • Indore-Devas Naka, Owned
  • Raipur-Owned
  • Anand (Gujarat –Owned)

 

SOLE PROPRIETOR

 

Name :

Dr.Kumar Arora

Designation :

Proprietor

Age :

43 years

Qualification :

Vetenary Doctor

 

BUSINESS DETAILS

 

Line of Business :

Trader Of All Kinds Of Medicines.

 

 

Imports :

 

Countries :
  • Belgium

 

 

Terms :

 

Selling :

Credit (30 days)

 

 

Purchasing :

Credit (30-60-90 days)

 

GENERAL INFORMATION

 

Customers :
  • Wholesalers
  • Abis Poultry Farm
  • Arora Agencies
  • Amresh Medical
  • Ashwin Poultry Farm
  • Maa Durga Distributor
  • Malikram Medical
  • Koty Medical
  • K.K. Medical
  • Jay Shree Broiler
  • Jay Maa Sharda Agency
  • Godrej Agro Vet
  • Dhruv Surgicals
  • Chirag Agencies
  • Barai Medical

 

 

No. of Employees :

16

 

 

Bankers :
  • Dena Bank, Indore Branch
  • IDBI Bank
  • City Bank
  • ICICI Bank
  • Standred Chartred Bank

 

 

Facilities :

They enjoy cash credit facilities of Rs.3.800 Millions from its bankers.

 

Secured Loans As On 31.03.2008

Particulars

Rs. In Million

Dena Bank A/Cc/C

1.875

City Bank

2.241

Total

4.116

 

Unsecured Loans As On 31.03.2008

Particulars

Rs. In Million

 

 

Mr. AVINASH Bilaspur

0.100

Gmac.Tccfc.Finance Limited Indore

0.002

HDFC Bank

0.248

ICICI Bank

0.562

IDBI Bank

0.335

Standred Chartred Bank

0.336

Shri Sanjay Arora

0.027

Smt. Minakshi Arora

0.027

Shri Kanhaiyalal Arora, Indore

0.013

Shri Vijaya Arora, Indore

0.017

Total

1.667

 

 

 

Banking Relations :

-

 

 

Auditors :

 

Name :

S.N.Goyal and Company

Chartered Accountant

 

 

Sister Concerns :

Name :

Mohit Enterprise

Address :

G-1, Golden Tower – 33, Veer Sawarkar Nagar, Khatiwala Tank, Indore – 452 004, Maharashtra, India.

Activity :

Trader Of All Kinds Of Medicines.

Facilities :

They enjoy cash credit facilities of Rs.3.200 millions.

 

CAPITAL STRUCTURE

 

PROPRIETOR CAPITAL ACCOUNT

 

Particulars

Rs. In Million

Rs. In Million

(31.03.2008)

 

 

 

Opening Balance

 

2.249

Add :- Profit During The Year

 

0.864

          Credit During The Year

 

0.001

 

 

3.114

Less :- Withdrawals

 

 

            Household Expenses

0.085

 

            T.D.S

0.104

 

            Life Insurance Premium

0.194

 

            Income Tax (2006-07)

0.003

 

            Advance Tax

0.028

0.414

Total

 

2.700

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Proprietor Capital

 

 

2.700

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

2.700

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

4.117

2] Unsecured Loans

 

 

1.671

TOTAL BORROWING

 

 

5.787

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

8.488

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

3.632

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

4.034

 

Sundry Debtors
 

 

3.331

 

Cash & Bank Balances
 

 

0.356

 

Other Current Assets
 

 

0.036

 

Loans & Advances
 

 

1.003

Total Current Assets
 

 

8.760

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

3.696

 

Provisions
 

 

0.209

Total Current Liabilities
 

 

3.904

Net Current Assets
 

 

4.856

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

8.488

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2008

Sales Turnover

 

 

28.434

Other Income

 

 

0.913

Total Income

 

 

29.347

 

 

 

 

Net Profit

 

 

0.865

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

 

25.360

 

Salaries, Wages, Bonus, etc.

 

 

0.518

 

Interest

 

 

0.903

 

Insurance Expenses

 

 

0.007

 

Depreciation & Amortization

 

 

0.175

 

Other Expenditure

 

 

1.519

Total Expenditure

 

 

28.482

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2008

PAT / Total Income

(%)
 

 

-

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

3.04

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

6.98

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.32

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

3.58

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

2.24

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCES

 

Ø       ABIS Export, Rajanand Gaon Raipur (Chhattisgarh)

Ø       Phoenix Poultry Private Limited, Jabalpur

 

FIXED ASSETS

 

Ø       Water Filter

Ø       Vaccume Cleaner

Ø       Fire Equip

Ø       Bicycle

Ø       U.P.S.Invertor

Ø       Computer

Ø       Epabax

Ø       Ganretor

Ø       Air Condition

Ø       Cellular Phone

Ø       Fridge

Ø       Fax

Ø       Plot At Cost

Ø       Motor Cycle

Ø       Furniture And Fixtures

Ø       Motor Car

Ø       Office Building

Ø       Flat At Cost

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.49.69

UK Pound

1

Rs.72.96

Euro

1

Rs.63.46

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

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, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions