MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PROGRESSIVE GEAR INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
K – 43, Udyog Nagar Industrial Area, Rohtak Road, New Delhi – 110041 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
04.10.1985 |
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Com. Reg. No.: |
55- 22170 |
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CIN No.: [Company
Identification No.] |
U74899DL1985PTC022170 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Forged and Machine Parts. |
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 15800 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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. No complaints have been
heard. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
K – 43, Udyog Nagar Industrial Area, Rohtak Road, New Delhi – 110041,
India |
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Tel. No.: |
91- 11- 25471270/ 25473335 |
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24 Hours : |
91- 9810059069 |
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Fax No.: |
91- 11- 25476006 |
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E-Mail : |
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Website : |
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Forging Unit : |
D B Forgings
Private Limited 40, 3 Km Stone Bahalgarh, Dist- Sonipat, Haryana, India |
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Fax No.: |
91- 130- 2381111 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sanjay Chawla |
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Designation : |
Director |
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Address : |
A- 1/ 267, Paschim Vihar, New Delhi – 110063, Delhi, India |
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Date of Birth/Age : |
28.07.1963 |
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Date of Appointment : |
30.08.1986 |
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Name : |
Mr. Manish Chawla |
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Designation : |
Director |
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Address : |
A- 1/ 267, Paschim Vihar, New Delhi – 110063, Delhi, India |
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Date of Birth/Age : |
10.11.1971 |
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Date of Appointment : |
06.04.1990 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2008
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Names of Shareholders |
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No. of Shares |
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Mr. Tilak Raj Chawla |
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3592 |
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Mr. Sanjay Chawla |
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1812 |
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Mrs. Sushila Chawla |
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950 |
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Mr. Indra Chawla |
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950 |
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Mr. Dharam Bir Chawla |
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150 |
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Mrs. Rekha Dhingra |
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250 |
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Mr. Manish Chawla |
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500 |
AS ON 30.09.2008
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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 |
AS ON 30.09.2008
Indebtness of the company as on the date of AGM or latest due date
thereof (Secured loans including interest outgoing and accured but not due for
payment) - Rs.4.013 Millions
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Forged and Machine Parts. |
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Products : |
Forged Products
Machined Products
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Exports : |
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Countries : |
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Standard
Certification : |
ISO 9001: 2001 |
GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
State Bank of Bikaner and Jaipur, Paschim Vihar, New Delhi – 110063, Delhi,
India Citi Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. M L Grover Chartered Accountant |
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Address : |
2759, Zorawar Sing Marg, Delhi – 110006, India |
CAPITAL STRUCTURE
AS ON 30.09.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- Each |
Rs.2.500
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9204 |
Equity Shares |
Rs. 100/- Each |
Rs.0.920 Million |
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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 |
0.920 |
0.920 |
0.920 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.255 |
1.951 |
1.763 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.175 |
2.871 |
2.683 |
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LOAN FUNDS |
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1] Secured Loans |
5.203 |
4.959 |
3.307 |
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2] Unsecured Loans |
0.200 |
0.200 |
0.200 |
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TOTAL BORROWING |
5.403 |
5.159 |
3.507 |
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DEFERRED TAX LIABILITIES |
0.078 |
0.131 |
0.118 |
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TOTAL |
8.656 |
8.161 |
6.308 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.377 |
1.769 |
1.099 |
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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 |
2.684
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2.763 |
0.929 |
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Sundry Debtors |
7.190
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5.382 |
2.981 |
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Cash & Bank Balances |
0.008
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0.002 |
0.041 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.790
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4.114 |
3.433 |
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Total
Current Assets |
12.672
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12.261 |
7.384 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.147
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5.685 |
1.945 |
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Provisions |
0.246 |
0.184 |
0.230 |
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Total
Current Liabilities |
6.393
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5.869 |
2.175 |
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Net Current Assets |
6.279
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6.392 |
5.209 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.655 |
8.161 |
6.308 |
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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 |
31.291 |
26.846 |
26.521 |
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Profit/(Loss) Before Tax |
0.537 |
0.498 |
0.838 |
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Provision for Taxation |
0.260 |
0.310 |
0.240 |
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Profit/(Loss) After Tax |
0.277 |
0.188 |
0.598 |
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Earnings in Foreign Currency : |
29.343 |
21.371 |
Nil
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Total Imports |
0.096 |
Nil |
Nil
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Expenditures : |
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Administrative Expenses |
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0.990 |
0.111 |
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Personal Expenses |
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0.772 |
0.880 |
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Financial Expenses |
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1.127 |
1.042 |
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Selling and Distribution Expenses |
30.754 |
1.321 |
1.205 |
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Depreciation & Amortization |
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0.264 |
0.214 |
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Other Expenditure |
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21.874 |
22.231 |
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Total Expenditure |
30.754 |
26.348 |
25.683 |
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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 |
(%) |
00.88
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00.70 |
02.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
01.71
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01.85 |
03.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
03.56
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03.54 |
09.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.17 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.71
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3.84 |
2.11 |
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Current Ratio (Current Asset/Current Liability) |
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1.98
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2.08 |
3.39 |
LOCAL AGENCY
FURTHER INFORMATION
Operations
The working result for the year show net profit of Rs.0.051 Million, after
providing depreciation amounting to Rs.0.537 against the net profit of Rs.0.510
during the preceding year. During the year under construction, the turnover of
the company was Rs.31.291 against Rs.26.846 during the preceding year. There is
a credit balance of Rs.2.247 in the profit and loss account after making
provision for taxation amounting to Rs.0.260 Million.
The director are hopeful that during the current year the sales would
much better as there will be considerable increase in export and the report for
the next year should be much better.
The company is not engaged in any business in which conservation of
energy or technical absorption is involved. There was foreign exchange earning
amounting to Rs.29.343 Millions ageist export of goods while there was foreign
exchange outgo amounting to Rs.0.165 Million during the year.
Form 8
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Corporate
identity number of the company |
U74899DL1985PTC022170 |
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Name of the
company |
PROGRESSIVE GEAR INDUSTRIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
K – 43, Udyog Nagar, Rohtak Road, New Delhi – 110041, India |
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This form is for |
Modification of Charge |
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Type of charge |
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Particular of
charge holder |
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Amount secured by
the charge |
Rs.7.500 Millions
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest: at par
BPLR 11.25% Margins: 25% on
stock, 50% on book debts |
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Particulars of
the property charged |
Fixed assets of
the company at registered office Current assets of
the firm including steel MS pipe, MS bar, Stock in process, finish goods,
stores and receivables and other current assets of the company Residential house
at A/1 - 256 |
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Charge
identification number of the charge to be modified |
80006461 |
Fixed Assets
- Land
- Factory Building
- Machinery
- Fans
- Furniture and Fixture
- Dies and Tools
- Computer/ Printer
- Computer Software
- Fire Fighting Equipment
- Fax Machine
- Paper
- Vehicles
- Telephone Equipment
- Paper Copier
- Office Equipment
- Inverter
- Air Conditioner
- Motor Cycles
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.71 |
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UK Pound |
1 |
Rs.72.58 |
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Euro |
1 |
Rs.64.70 |
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 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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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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45 |
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 |
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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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