MIRA
INFORM REPORT
|
Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PANKAJ ENKA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
2161, Ragukal Market, Ring Road, Surat – 395002, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
30.01.1985 |
|
|
|
|
Com. Reg. No.: |
04 - 7609 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U70100GJ1985PTC007609 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTP00187F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Oil, Polyester and Nylon
Filament Yarn and Polyester Poy. |
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. |
Small |
|
Maximum Credit Limit : |
USD 105835 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Unknown |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profit margin
is under pressure. Payments are slow and delayed. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions, with some caution. |
LOCATIONS
|
Registered Office : |
2161, Ragukal Market, Ring Road, Surat – 395002, Gujarat, India |
|
Tel. No.: |
91-261-3095640 |
|
Fax No.: |
91-261-2630571 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Sunilkumar Shivprasad Sihotia |
|
Designation : |
Director |
|
Address : |
305 – B – 3, Vasant Vihar, Bhatar, Surat – 395001, Gujarat, India |
|
Date of Birth/Age : |
20.10.1972 |
|
Date of Appointment : |
28.05.2002 |
|
|
|
|
Name : |
Mr. Prabhukumar Pradhuymn Pandey |
|
Designation : |
Director |
|
Address : |
11-12, Kantipark, Althan-2, Surat – 395017, Gujarat, India |
|
Date of Birth/Age : |
24.03.1963 |
|
Date of Appointment : |
02.12.2002 |
KEY EXECUTIVES
|
Name : |
C R Sasidharan Pillai |
|
Designation : |
Company Secretary |
|
Address : |
C/o K Dalal and Company, 205, Pawan Hans, Sub Jail Char Rasta, Ring
Road, Surat – 395017, Gujarat, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. M C Chopra |
8000 |
|
Mr. Prabhukumar Pradhuymn Pandey |
265000 |
|
Sanu Tax and Developers Private Limited |
107000 |
|
Mr. A K Kejriwal |
12490 |
|
Mrs. Laxmidevi Kejriwal |
7500 |
|
Mr. Sanjay Agarwal |
10 |
|
Glourious Yarns Private Limited |
250000 |
|
Swati Processors private Limited |
350000 |
|
Hiteshwari Marketing Private Limited |
10000 |
|
JMD Merchantile Private Limited |
10000 |
|
Snflower Vinimay Private Limited |
10000 |
|
Sugam Commercial Private Limited |
10000 |
|
Edmond Commercial Private Limited |
10000 |
|
Bhagyalaxmi Merchantile Private Limited |
10000 |
|
Sturdy Sales Private Limited |
10000 |
|
Buniyad Chemicals Private Limited |
20000 |
|
Mihir Agency Private Limited |
22000 |
|
Komal Commercial Limited |
20000 |
|
Dhawani Marketing Limited |
30000 |
|
Karite Industries Limited |
30000 |
|
Emrold Systems Engineering Limited |
10000 |
|
Sapagossa Investment and Financial Private Limited |
10000 |
|
Total |
1212000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Bodies corporate (not mentioned above) |
75.82 |
|
2. |
Directors or relatives of directors. |
24.18 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Oil, Polyester and Nylon
Filament Yarn and Polyester Poy. |
GENERAL
INFORMATION
|
Bankers : |
v Bank of Baroda |
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
M. Bothra and Associates Chartered Accountants 313, Empire StaTE Building, Near Parag House, Ring Road, Surat –
395002, Gujarat, India N. Kumbhat and Company Chartered Accountants 5004, World Trade Center, Ring Road, Surat – 395002, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,00,000 |
Equity shares |
Rs. 10/- each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12,12,000 |
Equity shares |
Rs. 10/- each |
Rs. 12.120 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.120 |
12.120 |
12.120 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.047 |
9.016 |
9.059 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
21.167 |
21.136 |
21.179 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.666 |
11.085 |
3.932 |
|
|
2] Unsecured Loans |
3.875 |
2.275 |
5.470 |
|
|
TOTAL BORROWING |
8.541 |
13.360 |
9.401 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.025 |
0.027 |
|
|
|
|
|
|
|
|
TOTAL |
29.708 |
34.521 |
30.607 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.233 |
0.271 |
0.309 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.187 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
2.395 |
|
|
Sundry Debtors |
11.481
|
38.968 |
5.753 |
|
|
Cash & Bank Balances |
3.932
|
4.945 |
3.903 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
24.093
|
8.209 |
32.042 |
|
Total
Current Assets |
39.506
|
52.122 |
44.093 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
10.233
|
17.665 |
13.806 |
|
|
Provisions |
0.000
|
0.239 |
0.037 |
|
Total
Current Liabilities |
10.233
|
17.904 |
13.843 |
|
|
Net Current Assets |
29.273
|
34.218 |
30.250 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.015 |
0.031 |
0.047 |
|
|
|
|
|
|
|
|
TOTAL |
29.708 |
34.520 |
30.607 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover (Including Other Income) |
|
262.696 |
146.893 |
|
|
Total Income |
|
262.696 |
146.893 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.195 |
0.118 |
|
|
Provision for Taxation |
|
0.238 |
0.043 |
|
|
Profit/(Loss) After Tax |
|
(0.043) |
0.075 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
0.038 |
0.037 |
|
|
Other Expenditure |
|
262.463 |
146.738 |
|
Total Expenditure |
|
262.501 |
146.775 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
--
|
(0.02) |
0.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
0.07 |
0.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
0.07 |
0.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
--
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
0.85 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.86
|
2.91 |
3.18 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
PANKAJ ENKA PRIVATE LIMITED |
||||||||||||
|
Presented By |
Mr. Prabhat Kumar Pandey |
||||||||||||
|
1) Date and description of instrument creating the change |
Memorandum of Entry dated 25.06.2001 |
||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
1. CC (Stock and Book debts) – Rs. 7.500 millions 2.Fgn/ Inland LC – Rs. 10.000 millions (D P Basic) |
||||||||||||
|
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 |
E M of property as per memorandum of entry page no. 4 [Page no. (i)] [Page no 6, point no. (v)] |
||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest: CC Stock – 3% STPLR CC Book Debts – 3% STPLR Fgn/ Inland LC – As per FEDAI rules (D P Basic) Margin CC Stock – 30% CC Book debts – 50% Fgn / Inland LC – 20% (D P Basic) |
||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Khalodara Branch, Surat |
||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Memorandum of Entry dated 17.02.2004 |
||||||||||||
|
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. |
Rs. In millions
Rate of Interest
: CC (Stock) BPLR + 1.5% = 12.00% CC (Book debt) BPLR + 1.5% - 12.00% Margin : CC (Stock) =
30% CC (Book debts)
= 50% |
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. 43.37 |
|
UK Pound |
1 |
Rs. 85.51 |
|
Euro |
1 |
Rs. 68.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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 |
|