MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRANESH AGRO PIPES PRIVATE LIMITED |
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Registered Office : |
S. No. 191-193, 10th Mile Stone Nagar Kalyan Road, Ahmednagar
– 414001, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
26.11.1997 |
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Com. Reg. No.: |
112094 |
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CIN No.: [Company
Identification No.] |
U25209PN1997PTC112094 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of different types of pipes such as PVC pipes, AGP etc. They are also Merchant Exporter. |
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 214000 |
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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. Business is active. General financial position is satisfactory. Payments
are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Girish Kulkarni |
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Designation : |
Finance Manager |
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Date : |
08.12.2008 |
LOCATIONS
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Registered Office : |
S. No. 191-193, 10th Mile Stone Nagar Kalyan Road,
Ahmednagar – 414001, Maharashtra, India. |
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Tel. No.: |
91-241-2551466 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.fts. (approximately) |
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Location : |
Owned |
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Corporate Office : |
Bothra Compound Industrial Estate, Nagar Pune Road, Ahmednagar,
Maharashtra, India. |
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Tel. No.: |
91-241-2551932 |
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Factory : |
They Have Ø 2 Factory Units
At MIDC Ahmednagar (Gate No. 351 S.No. 80) Ø 3 At Bhalwani
Nagar, Ahmednagar Ø 2 At Ahmednagar
City |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Pemraj M. Bothara |
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Designation : |
Director |
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Address : |
Manisha, Opposite Poonam Moti Nagar, Behind Market Yard, Ahmednagar –
414001, Maharashtra, India. |
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Date of Birth/Age : |
21.01.1964 |
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Qualification : |
B.com |
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Date of Appointment : |
26.11.1997 |
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Name : |
Mr. Satish M. Bothara |
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Designation : |
Director |
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Address : |
Manisha, Opposite Poonam Moti Nagar, Behind Market Yard, Ahmednagar –
414001, Maharashtra, India. |
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Date of Birth/Age : |
21.04.1969 |
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Qualification : |
BME |
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Date of Appointment : |
26.11.1997 |
KEY EXECUTIVES
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Name : |
Mr. Girish Kulkarni |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Manakchand Bothara Jtly With Santosh Bothara |
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490 |
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Pemraj M. Bothara Jtly With Leena P. Bothara |
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1240 |
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Satish M. Bothara Jtly With Pratibha Bothara |
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1240 |
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Santosh M. Bothara Jtly With Mrs. Sangita S. Bothara |
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1250 |
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Leena P. Bothara Jtly With P. M. Bothara |
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10 |
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Mrs. Sangita S. Bothara Jtly With Santosh M. Bothara |
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10 |
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Pemraj M. Bothara (HUF) Jtly With Mrs. Leena Bothara |
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10 |
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Santosh M. Bothara (HUF) Jtly With Sangita S. Bothara |
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10 |
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Satish M. Bothara (HUF) Jtly With Mrs. Pratibha Bothara |
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10 |
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Devichand G. Lodha Jtly With Pemraj Bothara |
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10 |
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Pratibha S. Bothara Jtly With Satish Bithara |
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10 |
AS ON 31.03.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of different types of pipes such as PVC pipes, AGP etc. They are also Merchant Exporter. |
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Agencies Held : |
Ø Sameer
Enterprises, Mumbai Ø Shiwakramani
Exports |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Depends upon market. |
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Purchasing : |
Depends upon market. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
Ø H.D.F.C Bank
Limited Ø Ahmednagar
Merchant Co-Op. Bank Limited |
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Facilities : |
Secured Loans As
On 31.03.2008
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M.S.Barmecha and Company Chartered Accountant |
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Address : |
201/B, Mutha Cham, Market Yard, Ahmednagar – 414001, Maharashtra,
India. |
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Sister Concerns : |
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Parent Company : |
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CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- Each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4320 |
Equity Shares |
Rs. 100/- Each |
Rs.0.432 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.432 |
0.432 |
0.432 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.490 |
37.628 |
29.023 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
42.922 |
38.060 |
29.455 |
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LOAN FUNDS |
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1] Secured Loans |
12.335 |
24.879 |
9.134 |
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2] Unsecured Loans |
0.000 |
0.400 |
5.643 |
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TOTAL BORROWING |
12.335 |
25.279 |
14.777 |
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DEFERRED TAX LIABILITIES |
2.478 |
2.208 |
2.561 |
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TOTAL |
57.735 |
65.547 |
46.793 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.285 |
14.150 |
15.848 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.618 |
2.373 |
2.346 |
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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 |
37.792
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19.299 |
8.735 |
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Sundry Debtors |
23.752
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29.187 |
25.335 |
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Cash & Bank Balances |
0.854
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1.905 |
1.709 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
18.692
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6.837 |
6.268 |
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Total
Current Assets |
81.090
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57.228 |
42.047 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
45.935
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4.328 |
13.462 |
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Provisions |
2.323
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3.883 |
0.000 |
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Total
Current Liabilities |
48.258
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8.211 |
13.462 |
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Net Current Assets |
32.832
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49.017 |
28.585 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.007 |
0.014 |
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TOTAL |
57.735 |
65.547 |
46.793 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Total Income |
220.961 |
210.158 |
198.136 |
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Profit/(Loss) Before Tax |
6.084 |
9.346 |
8.653 |
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Provision for Taxation |
1.096 |
2.715 |
2.377 |
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Profit/(Loss) After Tax |
4.988 |
6.631 |
6.276 |
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Expenditures : |
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Depreciation & Amortization |
2.558 |
2.161 |
3.124 |
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Other Expenditure |
214.169 |
198.651 |
186.359 |
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Total Expenditure |
216.727 |
200.812 |
189.483 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.25
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3.15 |
3.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
-
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- |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.74
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12.67 |
14.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.24 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.41
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0.87 |
0.95 |
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Current Ratio (Current Asset/Current Liability) |
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1.68
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6.96 |
3.12 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PRANESH AGRO PIPES PRIVATE LIMITED |
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Presented
By |
Mr. Pemraj M.
Bothara |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation dated 07.08.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 27.000
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 |
All stocks of
goods and all the tangible movable property lying at the borrower premises at
post bhalvani. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 125 PER
ANNUM + 2% Penal Interest On Outstanding Amount. |
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5) Name and Address and description of the person entitled to the charge. |
The Ahmednagar Merchants
Co-Op Bank Limited, Ahmednagar – 414001. |
FIXED ASSETS
Ø
Land
Ø
Land (wind mill)
Ø
Building
Ø
Plant and machinery
Ø
Wind mill mach.
Ø
Dies and punchases
Ø
Electrical installation
Ø
Computer
Ø
Vehicles (M.cycle) (MH 16 – J4411)
Ø
Vehicles (tempo) (MH 16 – B 3952)
Ø
Office furniture And
equipment
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.49.12 |
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UK Pound |
1 |
Rs.72.59 |
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Euro |
1 |
Rs.63.52 |
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 |
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 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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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 |
NO |
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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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51 |
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 |
|
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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