MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PARAMOUNT POWDERS PRIVATE LIMITED |
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Registered Office : |
Room No.209, 2nd Floor, A-103, Road No. 4, New Delhi 110037 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.06.1997 |
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Com. Reg. No.: |
55-088032 |
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CIN No.: [Company
Identification No.] |
U28910DL1997PTC088032 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP05722D |
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PAN No.: [Permanent
Account No.] |
AABCP2622D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Powder Coating |
RATING &
COMMENTS
|
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 155000 |
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Status : |
Satisfactory |
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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 records. Trade relations are
fair. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Room No.209, 2nd Floor, A-103, Road No. 4, New Delhi –
110037, India |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 58. I.D.C., Mehrauli Road,
Gurgaon, Haryana, India. |
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Tel. No.: |
91-124-2334575 /2334576 / 4080334 /
4086334 |
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Fax No.: |
91-124-4086335 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Tarlochan Singh Badyal |
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Designation : |
Director |
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Address : |
Ashirwad Farom House, Gadaipur Road, Gadaipur, New Delhi 110030, India
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Date of Birth/Age : |
01.04.1957 |
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Date of Appointment : |
19.06.1997 |
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Name : |
Mr. Gurpreet Singh |
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Designation : |
Director |
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Address : |
Ashirwad Farm House, Gadaipur Road, New Delhi 110030, India |
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Date of Birth/Age : |
21.06.1981 |
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Date of Appointment : |
16.08.2004 |
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Name : |
Mr. Sohan Badyal |
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Designation : |
Director |
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Address : |
Ashirwad Farm House, Gadaipur Road, New Delhi 110030, India |
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Date of Birth/Age : |
11.07.1926 |
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Date of Appointment : |
19.06.1997 |
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Date of Ceasing : |
20.11.2004 |
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Name : |
Mr. Haraender Singh |
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Designation : |
Director |
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Date of Birth/Age : |
21.06.1981 |
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Date of Appointment : |
16.08.2004 |
KEY EXECUTIVES
|
Name : |
Grover Ahuja and Associates |
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Designation : |
Company Secretary |
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Address : |
307, Welcom Chambers, 13/10, W.E.A Saraswati Marg, Karol Bagh, New
Delhi – 110005, India |
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Tel No.: |
91-11-25730034 |
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Fax No.: |
91-11-41547296 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
Tarlochan Singh Badyal |
|
548845 |
|
Santok Singh |
|
999990 |
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Malk Badyal Singh |
|
999990 |
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Gurpreet Singh |
|
30 |
|
Charan Badyal |
|
451145 |
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Total |
|
3000000 |
[As on 31.03.2007]
|
Equity Share
Break-up |
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Percentage |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Powder Coating |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Mayapuri New
Delhi 110065, India ·
ABN Amro
Bank ·
HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anil Malik and Company Chartered Accountants |
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Address : |
1/7, 2nd Floor, East Patel Nagar, New Delhi 110008, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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3000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 30.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
30.000 |
30.000 |
10.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.924 |
4.996 |
2.141 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
38.924 |
34.996 |
12.141 |
|
|
LOAN FUNDS |
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1] Secured Loans |
60.722 |
37.771 |
19.118 |
|
|
2] Unsecured Loans |
8.536 |
7.029 |
27.257 |
|
|
TOTAL BORROWING |
69.258 |
44.800 |
46.375 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
108.182 |
79.796 |
58.516 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.044 |
23.789 |
22.662 |
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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 |
33.481
|
27.380 |
21.555 |
|
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Sundry Debtors |
83.212
|
65.215 |
48.144 |
|
|
Cash & Bank Balances |
0.931
|
0.174 |
0.358 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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|
Loans & Advances |
8.275
|
4.332 |
3.126 |
|
Total
Current Assets |
125.899
|
97.101 |
73.183 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
|
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Current Liabilities |
46.205
|
41.699 |
37.902 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
46.205
|
41.699 |
37.902 |
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Net Current Assets |
79.694
|
55.402 |
35.281 |
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MISCELLANEOUS EXPENSES |
0.444 |
0.605 |
0.573 |
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TOTAL |
108.182 |
79.796 |
58.516 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
233.964 |
168.393 |
|
Other Income |
|
10.485 |
0.000 |
|
Total Income |
|
244.449 |
168.393 |
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|
|
Profit/(Loss) Before Tax |
|
7.097 |
4.804 |
|
Provision for Taxation |
|
1.510 |
0.000 |
|
Profit/(Loss) After Tax |
|
5.587 |
4.804 |
|
|
|
|
|
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Total Expenditure |
|
237.352 |
163.589 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.28
|
2.85 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.03
|
2.85 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.61
|
3.98 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.96
|
2.47 |
6.94 |
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Current Ratio (Current Asset/Current Liability) |
|
2.72
|
2.32 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
PARAMOUNT
POWDERS PRIVATE LIMITED |
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Presented By |
Syndicate bank Mayapuri New
Delhi 110065, India |
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1) Date and description of instrument creating the change |
Charged created
on 19.08.2002 and registered on 10.09.2002. previously modified on 01.09.2003
for SOD limit stands enhanced from Rs. 9.500 Millions to Rs. 12.000 Millions
and modification registered on 09.10.2003 and finally 07.12.2003 modified on
23.04.2004 for SOD limit stands enhanced from Rs. 12.000 Millions to Rs.
18.500 Millions and modification registered on 24.05.2004. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 9.500
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 of
stocks of the powder, raw materials, semi finished and finished now lying or
hereafter stored the company’s premises at 58, IDC, Mehrauli Road, Gurgaon or
at any other places including those in transit and all the borrower present
and future book debts, outstanding monies receivables, claims, bills,
contracts security investment rights and assts. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
The above is to
secure all amount payable under the follows credit facilities together with
interest @ 15.50% p.a. or at such other rate as may be specified by the bank
from time to time and all interest, costs, charges, expenses etc. SOD limit
of Rs. 9.000 Millions and COD Limit of Rs. 0.500 Million. Margin as may be stipulated by the bank
from time to time. Payable on demand |
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5) Name and Address and description of the person entitled to the charge.
|
Syndicate bank Mayapuri New
Delhi 110065, India |
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6) Date and brief description
of instrument modifying the charge |
Composite
hypothecation agreement, charge and hypothecation of book debts, agreement
dated 21.05.2005. |
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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. |
The SOD limit
stands enhanced from Rs. 18.500 Millions to Rs. 27.000 shall also secure all present and future
stocks of powder coatings etc. and collaterally secure existing and future
plant and machineries of the Company to be stored/installed of borrower’s
factory /godown at 58, IDC, Mahrauli
Road, Gurgaon and all book debts both present and future of the company rate
of interest PLR plus 2% i.e. 13% compounded monthly rests or such other rates
as may be specified by the bank from time to time. Margin 25% other terms and conditions remain the same. |
|
This Form is for |
Creation of charge |
|
Charge
identification number of the charge to be modified |
NA |
|
Corporate
identity number of the company |
U28910DL1997PTC088032 |
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Name of the
company |
PARAMOUNT
POWDERS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
New Delhi 110037,
India |
|
Type of charge |
Immovable
property Movable Property |
|
Particular of
charge holder |
Syndicate bank Mayapuri New
Delhi 110065, India |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
hypothecation agreement dated 05.03.2007, general agreement dated 05.03.2007
and letter evidencing extension of equitable mortgage dated 05.03.2007 |
|
Date of instrument
Creating the charge |
05.03.2007 |
|
Amount secured by
the charge |
Rs. 6.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest @1.50% p.a. over BPLR
of the bank with a minimum of 13.75% p.a. compounded monthly or at such rate
as may be specified by the bank from time to time. [b] Terms of
repayment The Term loan is
repayable in 36 monthly installments of Rs. 0.188 Million commencing from
05.04.2007. interest is to be repaid
as and when due. [c] Margin 30% on
machineries and 40% on other assets [d] Extent and
operation of the charge 100% [e] others The above is to
secure all amounts payable under term loan of Rs. 6.800 Millions granted to
the company together with all interests, costs, charges, expenses etc. |
|
Short particulars
of the property charged |
Hypothecation of
all machineries and other fixed assets created/acquired to be created out of the
term loan granted by the bank installed/stored or to be installed/stored at
Company’s premises at 58, IDC, Mahrauli Road, Gurgaon or wheresoever it may
be collaterally secured by equitable mortgage of immovable properties of the
company situated at 58, IDC, Mahrauli Road, Gurgaon |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
NA |
|
Corporate
identity number of the company |
U28910DL1997PTC088032 |
|
Name of the company
|
PARAMOUNT
POWDERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
A – 103, II
Floor, Road No. 4, Room No. 209, Mahipalpur, New Delhi 110037, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
|
Particular of
charge holder |
Syndicate bank Mayapuri New
Delhi 110065, India E-mail: ca_rcg@yahoo.co.in |
|
Nature of
instrument creating charge |
Composite
hypothecation agreement |
|
Date of
instrument Creating the charge |
19.08.2002 |
|
Amount secured by
the charge |
Rs. 9.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
The above is to
secure all amount payable under the following credit facilities together with
interest @ 15.50% p.a. or at such other rate as may be specified by the Bank from
time to time and all other interests, costs, charges, expenses etc. SOD Rs. 9.000
Millions CDD Rs. 0.500
Million Margin: as may be
stipulated by the bank from time to time. Payable on demand |
|
Description of
the property charged |
Immovable Properties
|
|
Particulars of
the property charged |
Hypothecation of
stocks of thermosetting powder now lying or hereafter stored at Company’s
premises at 58, IDC, Mehrauli Road, Gurgaon, Haryana or at any other place
including those in transit and all the borrowers present and future book
debts, outstanding monies, receivables, claims, bills, contracts, securities,
investments, goodwill, rights and assets. |
|
Modification of
charge |
Composite
hypothecation agreement dated 19.08.2002 registered on 10.09.2002 modified
01.09.2003, 01.09.2003, 23.04.2004, 23.04.2004, 21.05.2005 and finally on
21.05.2005 for collateral security of equitable mortgage of immovable
properties of the company situated at 58, IDC, Mehrauli Road, Gurgaon for SOD
limit of Rs. 27.000 Millions last modification registered on 30.06.2005 and
again modified on 05.05.2006 to enhance the charge on stock of all goods,
book debts, plant and machinery from Rs. 28.500 Millions to Rs. 54.500
Millions to secure the SOD limit of Rs. 44.500 Millions and FLC limit of Rs.
10.000 Millions. |
|
Date of
instrument modifying the charge |
05.05.2006 |
|
Particulars of
the present modification |
The collateral
security of equitable mortgage of immovable properties of the company situated
at 58, IDC, Mehrauli Road, Gurgaon and construction thereon stands extended
to secure all amounts payable under SOD limit of Rs. 44.500 Millions and FLC
limit of Rs. 10.000 Millions aggregating to Rs. 54.500 Millions together with
all interests, costs, charges, expenses, commission etc. Other terms and conditions remained the
same. |
AS PER WEBSITE
DETAILS:
Profile
Subject, with decades of experience in powder coating business at the national and international market, is a premier organization and recognized as the pioneers in yielding essential products for the metal finishing industry in the country. The organization, which began its operation in India on a humble note, gradually gained recognition to become one of the leading manufacturers of powder coating.
The technological transfer and latest inputs on scientific developments in
powder coating from the parent organization in UK has spurred the Indian
counterpart to assert itself with great quality and service.
The organization’s continual growth in business and an ever mounting turnover
annually, explains the optimal performance and resounding success behind its
dedicated efforts. The organization is ISO 9001: 2000 certified.
The factory located at Gurgaon with an area of 2043.81 Sq. mtr boasts of a
congenial infrastructure and communication facility to assist in the production
process. Equipped with ultra-modern machinery, equipment and a full-fledged
laboratory, the organization has the means and resources to meet the
international standards. The organization has the services of trained technical
professionals, who are capable to enhance production and maintain strict
quality control.
The organization specializes in the manufacturing of THERMOSETTING
POWDER COATINGS, based on epoxy resins & polyester resins,
having good mechanical strength and chemical resistance in various types and
finishes.
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. 42.63 |
|
UK Pound |
1 |
Rs. 83.40 |
|
Euro |
1 |
Rs. 65.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|